Finding seized properties for sale in Burbank, CA is not very difficult these days. According to RealtyTrac’s data, there are 184 properties that are in default, 304 trustee foreclosure auction sales and 168 bank owned REO’s for sale. Trulia.com reported the median sales price for a home in Burbank for February 11, 2011 to April 11, 2011 was $445,000. Sales prices have declined 27% over the last 5 years in the Burbank area. The average listing price for Burbank homes for sale the week ending May 4, 2011 was $592,433. The average price per square foot for a home in Burbank was $324. Nearby cities also offer good bargains. The median sales price for a Glendale home is $425,000, the median sales price for a La Crescenta home is $545,000, the median sales price for a Tujunga home is $321,250, the median sales price for a Shadow Hills home is $1,200,00, the median sales price for a Montrose home is $430,000 and the median sales price for a Sun Valley home is $255,000.
Where to Find Seized Properties?
Burbank foreclosure auctions offer investors a great way to find foreclosed homes at bargain prices. Auction homes are sold for 30% to 50% of market value. You do have to pay off liens and evict former owners or tenants, but you are getting a home at a deep discounted price with a built in equity. It is recommended that you obtain a home inspection to find out the condition of the home so you can budget for repairs. Title insurance is not available for the homes so be sure to do a title and lien search. Properties are sold as is. Have a property inspection before you bid on the home. A Burbank real estate agent can help you locate REO’s and short sales. Banks list their REO’s with local Burbank Realtors. Short sales are still owned by the current owner who may be in default on their mortgage. They list the property with a Realtor in the hope of finding a buyer and then sending the contract to their lender for approval. The reason they need the lender’s approval is they are selling the home for less than they owe on their mortgage because home prices declined. Both REO’s and short sales are sold at discounted prices. Short sales take longer to close anywhere between three months and six months or longer depending on when the lender gives their written approval. Just be patient if you really want the property expect to wait for awhile until you receive a response. It can give you a great way to get a property that you may have not been able to afford in a Burbank neighborhood of your choice. Most seized properties need work make sure you budget repair costs into you purchase price. When the market does turn around, you will have a property with a built in equity.