The answer, not to be cagey, but in truth, to everything real estate is...it depends. It depends on who the owner is and how they approach the market. It depends on whether it is handled by a listing agent and in the local MLS, or by on-line auction, or by auction on the court-house steps. I do not recommend the latter two to inexperienced buyers, because you do not get the benefit of title insurance or inspections, and that can set you up for expensive mistakes. Homes listed in the MLS are typically handled exactly the same way as other locally marketed properties, other than the fact that they are usually not spruced up or staged before the sale...and the seller does not provide any inspections, unless another buyer has written an offer, paid for inspections and then walked away. It can be a good way to get a better deal on a property, but you will usually earn any benefit you gain, because you take it in AS IS condition.
Good luck.... more
Awesome, your kid's going to berkeley.
I was a berkeley grad, 2002 :)
Anyway, I cater to foreign nationals and I can easily assist you on this situation. Please give me a call at 949-870-2882.
Whether you're a first time homebuyer or seasoned investor, the fall and winter months may be the new peak seasons for you. You've probably been thinking that spring and summer are best because of all
The 2 first things I would do are to;
1. Speak to a lender to find out what you can afford.
2. Familiarize yourself with the Berkeley rent control laws.
Berkeley has very stringent rent control, and that may affect which properties you are going to make an offer on, especially if the building has tenants.
After that, find an agent you can work with, and move forward. But those 2 first steps will be your foundation.... more
GREAT question - I recommend that you prepare flyers and drop them off personally at the offices that are doing business in your area of interest. Personally, I hate getting unsolictied emails from service providers that I have not met or invited info. I don't mind phone calls, as long as they are respectful of my time. Agents respect personal contact, and repeated contact shows that the person is serious. So, a flyer, then period very short drop ins. Target agents that are currently listing REO properties, and ask them what they need. Once you have one or two, they will provide your name to others if you do a good job.... more
Unfortunately, if the home is sold by the current owner or the owners lose the home through foreclosure, all tenants within the home must vacate the property, including any renters within the home. Your lease agreement, while good with the current owners, does not become a burden or obligation of the next owner. In some cases, buyers want to keep the tenants in place to ensure continued income on the property, but that is not always the case, and if the owners have lost the home, you should make plans to vacate soon.
Sorry for the bad news. If you can talk with the new owner to see if there is any possibility of negotiating a new lease on the home.
Grace Morioka, SRES, e-Pro
Area Pro Realty... more
BERKELEY CA is not immune from housing slumps.It used to be that state capitals and university towns were seen as stable real estate markets where the main industry is state government and schools. But
Try calling the county court house your interested in and ask about the foreclosure process. It might cost a few bucks for the list and you might have to spend some time researching. From my experience the court wants full payment within a day. Financing might not be a option. Send me an e-mail and I will put you in contact with a good agent.... more
There are two ways to buy a foreclosed proper. The first you don't want anything to do with, the second is easy.
The first way is to buy at the foreclosure auction, on the steps of the courthouse. Here you are almost buying sight unseen and there are no refunds, no inspections and no guarantees. There are no mortgages. You have to pay cash or cashier's check for the full amount right away. It's a high-riisk business for anyone except the lender which has the mortgage on the property being sold, which is almost always the purchaser, to protect themself.
The second is to wait until that process is complete, the property is owned by the bank and listed by a Realtor. Then you can buy it pretty much like any other home. That's my recommendation by far.
Finally, don't be confused by really low prices on properties from RealtyTrac. For a full explanation see my friend Carl Medford's blog entry at http://www.trulia.com/blog/carl_medford/2008/12/when_is_the_price_not_th... more
there are not too many in Berkeley - one large home on Josephine Street has been on the market for more than 60 days and is in the mid stages of foreclosure. Oakland is a better bet. Try Realtytrac.com for lists of properties in all stages of foreclosure. Be aware that the bank owned properties have fewer obstacles (like owners or tenants refusing to leave, and surprise liens on the properties.) If I can help, please let me know. Neighborhood knowledge will matter as you look at properties. All the best. Liz... more