If you are upside down, are you willing to wait until the market turns around in your area? If not, or you simply don't want to, other than selling, you can try to negotiate a new loan with your lender. You will need to prove that you have a financial need though, not simply because you owe more than the house is worth.
But if selling is your choice, then selling yourself is always an option. Even though 90% of all properties offered as for-sale-by-owner eventually get listed by a brokerage, in your case it would be worth the chance and effort.
Another option would be a short-sale, where the bank takes the loss AND pays the brokerage commission. One of our firm's specializations is in short-sales. It would be a good idea to speak with your tax pro about this as well.... more
Hopefully all areas in San Francisco are getting better, but the two neighborhoods you reference are down pretty significantly in price. So the best thing I can say about them is that you can do some serious bargain hunting.... and of course the better the deal, the safer your investment will be 8 years from now.
Overall, I'd imagine crime would not be too dissimilar to Venice... you get to learn which areas you're comfortable in, and which you are not. I'm a former New Yorker, so like you, almost nothing bothers me. But while almost all of SF seems safe to me, the majority of my friends argue otherwise about quite a few areas, and there are parts of Portola I know they'd avoid. But each of the two neighborhoods have a lot to look at, and you really just need to see it for yourself.
HOWEVER, I kind of look at those two areas as "sort of" suburbs to what I'd consider "city living". That may be the New Yorker in me.... SF seems like a tiny town.... but when areas like Portola and Excelsior are mostly Single Family Homes and not condos or multi-unit buildings of some kind, I don't really associate them with "city living". LA is more spread out, so you may feel differently. But if you really want the "city", on one extreme are the areas where all of the new construction is going on.... that's SOMA, South Beach and Mission Bay... quite urban with a lot more construction planned over the coming years.... a bunch of high-rises and mid-rises. Check out 81 Lansing and 555 4th for two of my listings.
Then there are lesser urban areas that I'd consider far more "city" living than Portola or Excelsior.... that includes all northern neighborhoods from North Beach to Russian Hill, to the Marina, Pac Heights, Cow Hollow and Presidio heights.... but if you think LA is expensive... these are probably more so.
More center of our peninsula (SF is a 7x7 area with water on 3 sides) are areas like Hayes Valley and Height Ashbury... definitely more "city" urban, yet some really cool and quaint areas.
Finally, you just might LOVE the Mission District. That is definitely city living, there is amazing night life, it's about as diverse of an area as we have in SF, and there are bargains to be had. It's one of those areas where my mid-western friends get uptight, but I absolutely love it because it reminds me of the NYC I grew up in.... and you might get a little bit of Venice vibe. It really has a lot going on and is very vibrant in all kinds of ways. Check out my home-finding sites at my reference site to get listings for any or all of the above.... more
Two thoughts for you;
1. You probably cannot take over the payments
2. You undoubtedly do not WANT to take over the payments!
If they have defaulted, they are behind; and with things being as they are, they are probably also upside-down.
AND, they undoubtedly have a higher interest rate than you could get now-a-days.
Think about it.... more
If you are planning to buy in 6 months you should start looking now. First two steps which you can do simultaneously:
* Speak with a lender to know how much you can qualify for - in many cases buyers overestimate what they can afford so it's an important piece of information to have starting out, and:
* Find a reputable, experienced Real Estate Broker to sit down with you and help you frame your search based upon your ultimate goals in buying.
It's important to get started now because you need time to look at enough places to get a feel for the market and help you hone in on what you do/don't like.
Call/email me for info on getting started and quality lender referrals.
Lance King/Owner-Managing Broker
DRE# 01384425... more
That sounds really frustrating, and seems like some communication was lost. I would take copies of all communications on this subject property to the agents Broker of record. If no concessions are granted and you still feel wronged, I would seek the assistance of a local real estate attorney, preferably one that works with the local board of Realtors. Importantly, raise this issue as soon as possible with the listing agent to give them an opportunity to correct.
Daniel K. Wyka
Keller Williams Elite Realty
24851 S. Tamiami Trail, Suite 1
Bonita Springs, FL 34134... more
Can you please clarify your situation. When you say you were awarded a Condo, are you saying you closed on the unit and discovered the listing agent was accepted other offers during the process? A good way to start mediating any issues is to first start with the agent them selves to see what they can to & get on the same page. If that does not work I would recommend speaking directly to the broker or local board of Realtors, hope this helps.
Daniel K. Wyka
Keller Williams Elite Realty
24851 S. Tamiami Trail, Suite 1
Bonita Springs, FL 34134... more
Sometimes advertisements can be deceiving. Typically, if a price for a home in California seems too good to be true, it most likely is too good to be true. I would definitely suggest contacting a real estate professional in your area if and when you decide to look seriously into buying a home. The home buying process can be confusing and it is a Realtors job to educate you on things you should know when you decide to invest in a home.
Good Luck !
Lauren Dolly... more
I am not an attorney and am not trying to give legal advice, but I'm assuming that you are renting a single family home because you would presumably fall under the category of protected tenants, and the owner can only do an owner move in (OMI) on protected tenants if it's a single family home. There is a statutory amount, which I believe is around $5200, and they are required to give you 60 days notice.
You can talk to an attorney or contact the rent board for more info... more
Why yes of course you can buy a house in San Francisco with an FHA loan!
Point yourself in the direction of your 'favorite' bank with whom you already have a relationship. If you don't really have a 'favorite' bank then search out a good mortgage broker, I have several names I'd be happy to send you without obligation. FHA is restrictive with whom they certify, so make sure whomever you speak with is certified!
In addtion, FHA loans have substantially more complexity to them, but the reward is great when it means you can realize the goal of homeownership as a first time buyer with as little as 3.5% down.
Believe it or not, you can even buy 2 - 4 units with an FHA loan as the loan amounts step up with the addition of each unit up to 4 total. Honestly you will be surprised after talking with a lender at what YOU CAN AFFORD!
One-family Two-family Three-family Four-family
FHA Limits $729,750.00 $934,200.00 $1,129,250.00 $1,403,400.00
In some cases, FHA will allow you to count up to 95% of the income of rental property to quality. FHA is a complex program and NOT everyone is conversant in it's complexities and nuances. You definitely want to speak to a lender who knows the rules, after you are pre-approved, then you are in a position and ready to SHOP for your first home. }:-)
Zephyr Real Estate - Noe Valley
They would have to be subscribing to a service that feeds out the tax records. The tax records are a public document and there are a number of services that offer access for a fee. The data is usually a little old. You can't find out who boight and is moving in any faster than if you walked down the street and intorduced yourself.
The City & County hasn't moved into the 20th century yet and probably won't till we can get enough taxes in the kitty to pay for the access.
There is a "work in progress" at the CCSF Index of Records site but . . .... more
The answer to your question is really going to depend on your house's condition and pricing strategy during the marketing period. I have a listing coming up in the Excelsior so I have been watching these areas closely.
It is true that Portola and nearby districts like the Excelsior have seen amongst thebiggest declines since the peak back in 2005. However, there is more to the story. Yes, there are short sales and foreclosures nearby but there are also homes that are selling quickly and sometimes with multiple offers.
There is a great variance in the quality of the listings in your neighborhood, both the quality of the houses AND the quality of the agent's marketing plans.
Without seeing your house, I couldn't say exactly how it would fare in today's market but what I can say is that if you choose to properly present and price your home and list with a top-notch local SF Realtor, you should do just fine.
Of course, I am happy to discuss this with you further if you'd like to see how I can help.... more
District 10 has definitely been the hardest hit area of S.F. Southern S.F. has our entry level (IE: more “affordable”) properties which is the segment of the market that has seen the highest number of short sales & foreclosures.
District 10 has a very high number of REO’s & foreclosures which means that right now there is also good value for those buyers who have 20% down & solid credit.
There is a much smaller scattering of REO’s in other parts of the city such as Bernal Heights, Hayes Valley, & Potrero Hill.
I’m happy to provide data that shows market trends for the area if interested.
Cheryl Bower, Realtor , GRI, ABR
Zephyr Real Estate
Hi Annie--There are a few options in San Francisco for seniors. Here is one I recently covered in my blog, called The Carlisle:
There are also a few buildings that are geared toward seniors, but are predominantly 1BRs.
The Sequoias is a nice community in a central part of the city:
Please feel free to message me at firstname.lastname@example.org if you'd like to talk further. I have a Seniors Real Estate Designation and am also on the board at On Lok, a leading senior organization in San Francisco. I'd be happy to do my best to connect you to the resources you may need.
You are looking at homes adverised by Realty Trac that are in the process of being foreclosed.
They want you to subscribe to their list.
So to answer your question, yes the house is liveable. But the real question is whether in the end the home will be sold for $37K. The answer is likely not, not in San Francisco.
Best regards and have a wonderful weekend.
Ms. Dresser, Like FHA loans most likely you will need to wait two years to apply assuming you have maintained a perfect credit score. However, like the adage, it never hurts to ask, I would recommend that you make the inquiry because you may have a situation that falls outside the norm.
Good luck and best wishes,
Michele Peters... more
If you can afford it, keep it. All the economic forecasts I have been to recently predict a change coming soon. I hope you are not distressed and like living where you are. This is a down time but things will change. I wish you all the best.
Tanja Beck... more