California law allows lenders to foreclose in an attempt to recoup losses sustained when a mortgaged home owner goes into default. As a major Southern California city, Long Beach has many foreclosure sales throughout the year. Those seeking to buy Long Beach foreclosures first need to find the public foreclosure listings. They can then prepare money for bidding and bid at auction to buy foreclosed homes in Long Beach, California.
Find Long Beach foreclosure listings. Unlike many states, California does not mandate foreclosure newspaper advertisements. Nonetheless, the lender must post the notice of foreclosure sale in a public place. Long Beach is located in Los Angeles county. Therefore, you should contact the Los Angeles County Court Clerk to start your Long Beach foreclosure notices search. Ask that office where to find listings of L.A. County and Long Beach foreclosures.
Sites like Foreclosure.com also have an online listing service for foreclosures. You can even take a free trial to see if you are happy with the Long Beach-area foreclosure listings provided through this service.
Note that a relatively small number of Long Beach foreclosures may involve a judicial lawsuit. Check with the Los Angeles county sheriff to find judicial foreclosures in the Long Beach area. The sheriff also sells some tax-delinquent properties. A sheriff’s tax sale may also have foreclosures in Long Beach that you can bid on just the same as bank foreclosures.
Look at the individual listings to find the address of specific Long Beach foreclosed properties. These notices also tell you exactly when and where to go to participate in the foreclosure auction.
Visit the Long Beach foreclosed properties to help decide whether you would like to bid. As in most states, there is no right to inspect a California foreclosure before bidding on it at auction. But you need to at least drive by and talk to neighbors or area real estate professionals to get an estimate of the property’s fair market value. You should then set a maximum bid in between that value and the amount due on the foreclosed home in Long Beach.
Make preparations to pay for any bids that win at the Long Beach foreclosure auctions. In this state, the payment rule says in essence that you can pay by cash or certified funds drawn on a California bank or credit union. Look at each listing to determine the amount due on sale day and, if any, the details of follow-up payment schedules.
Step 5:Bid and pay when you win an auction to buy a Long Beach foreclosure. In California, it is very important to protect your property rights in real estate by filing a property deed. Get a property deed from the seller after completing your purchase of the foreclosed property. You can then file the deed with the Los Angeles County recorder’s office.
Foreclosure.com Page on California Foreclosures