Buying A Home in California; Foreclosure Deals

[Alexander]

I am interested in buying property in California. Am currently waiting to get my Green Card. Would like to take advantage of the housing market right now.

1. Does anybody know of any legitimate foreclosure agents in California?

2. How about any foreclosure tips?

3. Foreclosures aside, can anyone recommend reliable real estate agents in California?

4. Any idea on how California property tax is applied to Canadians? Are there any other surcharges imposed on Canadians buying property in CA?

5. Would it be better to wait till I get my Green Card before purchasing a home, or does it not matter?

6. Any info on home insurance? I'm gunning for Los Angeles.

7. Can anyone recommend a good real estate lawyer? I'm so paranoid
of the horror stories and scams I hear about.

Thanks!

[Steven]

Read this: Canadian resident- How to buy a home in USA?

Doesn't matter what your status is, anyone can buy a house in the US and the property tax is the same.

[david95391]

1. Does anybody know of any legitimate foreclosure agents in California?
Any license Realtor can help you buy bank owned properties.

2. How about any foreclosure tips?
The bank owned listings are really not that different from regular listings from the buyer's perspective.
There are some postings in my blog related to this topic, go to reo411.blogspot.com

3. Foreclosures aside, can anyone recommend reliable real estate agents in California?
You can go to trulia.com & check the local postings. You just need to find a local Realtor who knows the area.

5. Would it be better to wait till I get my Green Card before purchasing a home, or does it not matter?
It doesn't matter.

6. Any info on home insurance? I'm gunning for Los Angeles.
No different than Canada, just shop around.

7. Can anyone recommend a good real estate lawyer? I'm so paranoid
of the horror stories and scams I hear about.
Real Estate transactions are handle by Title Companies in the US. They act as a neutral third party. You rarely need a lawyer.

[tdyrsmid]

Hi David,

I'm a Canadian and full-time real estate investor living in San Diego. My website is in my signature file. Just google Kalomar Properties and you'll find it.

See my answers embedded below:

1. Does anybody know of any legitimate foreclosure agents in California?
There are many agents. They key to success in buying foreclosures hinges on your ability to make an all cash offer with no contingencies. You must also provide proof of funds and a copy of your earnest money deposit. Even with all that, expect to make 30 offers to get a deal.

2. How about any foreclosure tips?
KNOW YOUR MARKET. When I buy a property, I my formula is as follows: I bid 70% of the repaired value of the house, minus the cost of repairs. So, for a house that is worth $100,000 when its all fixed up, I would be $70.000 less the cost of the repairs to have it ready to resell to a first time buyer. Deviate from this formula and you will not like make money.

3. Foreclosures aside, can anyone recommend reliable real estate agents in California?
Your best bet is to let the listing agent double end the deal. Doing so puts you "ahead" of many of the other offers. Because of this, agent selection is less important than property selection.

4. Any idea on how California property tax is applied to Canadians? Are there any other surcharges imposed on Canadians buying property in CA?
not my area of expertise.

5. Would it be better to wait till I get my Green Card before purchasing a home, or does it not matter?
doesn't matter. I don't have my green card.

6. Any info on home insurance? I'm gunning for Los Angeles.
For a $180K house, I budget $360 per year for insurance and deal with a broker than another investor suggested to me.

7. Can anyone recommend a good real estate lawyer? I'm so paranoid
of the horror stories and scams I hear about.
Don't need a lawyer as the transactions are handled by title companies. I use Fidelity Title. Many of my friends also use Landwood Title.

[mfsweeney]

how are mortgages and avaibale limit allowed to borrow calculated in CA versus Ontario?
Thanks in advance