Buying A Home in California; Foreclosure Deals

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!

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.

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.

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.

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

Thanks so much for the great tips.

Insurance
Another question about insurance in California ... forgive my ignorance, but is insurance against earthquakes normal and affordable, or do companies in CA shy away from this?

Hi

I am a real estate broker in the Sacramento, San Francisco regions in Northern California.
I can help you find foreclosures in these regions. The prices are very cheap, for $200k you can get a 4 bed/2 bath/2 car garage which can be rented out for $1800-2000 per month. You can get a mortgage as a foreign national, but the down payment is 40-50%. the interest rate is around 6%, for a 5/1 ARM it is around 5% p.a. You can also get a home equity line of credit in Canada and buy the property cash.

1. Does anybody know of any legitimate foreclosure agents in California?
Anybody can help you. As mentioned by another person, CASH is an advantage, without any contingencies. Inspection period for foreclosures is usually 10 days. The key is to find the right area to invest which has potential, I can help you with that.

2. How about any foreclosure tips?
There are Govt (FNMA, Freddie Mac, HUD) homes, or private bank owned homes.
The former gives preference to first time buyers, the latter gives preference to cash investors.

3. Foreclosures aside, can anyone recommend reliable real estate agents in California?
It used to be that letting the listing agent double end the deal, would give buyer an advantage. The banks (sellers) are now scrutinizing more and would not allow that anymore.

4. Any idea on how California property tax is applied to Canadians? Are there any other surcharges imposed on Canadians buying property in CA?
CA property taxes are the same for foreigners and US nationals. Some properties have mello-roos tax, (additional taxes) for building the schools, etc.

5. Would it be better to wait till I get my Green Card before purchasing a home, or does it not matter? Green Card does not matter. However having US income and filing US taxes and a Tax ID would.

6. Any info on home insurance? I'm gunning for Los Angeles.
Home Insurance (Fire Insurance) would typically be in the $1,000 (plus/minus) range, check with your local insurance agent such as Farmers Insurance, etc.

7. Can anyone recommend a good real estate lawyer?
Transactions in CA are handled by reputable title companies (Fidelity National Title, e.g.)
They take care of the funds and recording of the grant deed. Dont worry CA is highly regulated, and investors are in safe hands. The CA Department of Real Estate governs the real estate brokers and transactions.

Send me an e-mail if you have any more questions.

Regards,

James

BTW check my website www.BuyHomeInUS.com for more info on foreigners buying homes in US.
Also www.BethanyREInvestments.com for my info.

regards,
James