Hi Crisser,

If you haven’t already, I’d interview a few agents (hopefully that you’ve found on Trulia!) & work with one who can help you in your search.

Even if you do find an REO (real estate owned) through a bank, you will want to have your own representation. Thorough inspections are even more important with REO’s since the lender has never lived at the property and won’t know about the nuances of the property or the neighborhood. Because of this, lenders are exempt from providing several standard disclosures.

As has been mentioned, there are several other buying opportunities out there besides foreclosures and an agent can help you will all types of properties. Just an FYI, that it’s very common for REO’s to have missing appliances, holes in the walls, mold and other types of damage. They aren’t for everyone since there can be a fair amount of work and money to get these properties habitable again.


Best wishes,


Cheryl Bower, Realtor , GRI, ABR
Cell 415.999.3450
Zephyr Real Estate
Cheryl@cbower.com http://www.cbower.com
DRE#: 01505551
To read my latest tips on eco-friendly renovations, market updates, community events & more visit: S.F. Bungalow

Dear Crisser

Another avenue to research is the banks. Many banks have not released all of their bank owned properties. Go to your local Citi Bank, Wells Fargo, Chase, and Bank of America. Ask them for their list of bank owned homes.
As Dave mentioned, make sure you are pre approved, you need to be in a position to get you own financing, these banks are not going to provide that, they want the homes off their books.
There are so many opportunities out there now, there is no need to just focus on foreclosures. Look at all the current inventory in the neighborhoods where you want to live. Great buying possibilities If you are not already working with a agent, feel free to give me a call.
Good luck to you.

denise laugesen
650-465-5742

Cashin Company
#1 Producing Agent
Denise Laugesen
Direct Line: 650-403-6225
Email: deniselaugesen@comcast.net
Web: http://www.deniselaugesenteam.com
Dre: 01011089

denise laugesen
650-465-5742

Trying to find foreclosure in Burlingame? For bank owned properties and short sales in Burlingame, listed on MLS go to: http://www.idxre.com/idx/hotsheets.cfm?cid=35077&hid=20007
You can also check San Mateo County public records.
If you already found the property, and just want to know how to proceed with a purchase, find an agent who is familiar with foreclosures. I will be happy to help you.

Depends how close to making a decision you are. If you have cash in hand and are ready to make an offer than pick up the phone and get out there. Get pre approved and go check out neighborhoods you are interested in. However, if you are still in the shopping frame of mind, then I think your best bet is to do your shopping online initially. It's easy and it'll save you time and gas money :)

Crisser
Buying a foreclosure is not much different from buying a home direct from the property owner.
Most if not all foreclosure REOs are listed on the multiple listing service.
Most REOs are priced very agressively so expect multiple offers.
So far this year, I have represented buyers on 6 REO purchases.

Properties will be sold "as is" with limited disclosures so be sure to have your own inspectors look at the property.

As David indicates, be sure you are pre-approved.
Many buyers for these REOs are all cash so unless you financing approval is "airtight" it will be hard to win in a multiple offer situation.

You can also try to buy a foreclosure at the trustee sale auction but you must be ready to buy all cash right there on the spot. I do not recommend this approach for people who are not professional foreclosure buyers.

One way would be for you to give me your criteria of how many bed and baths you need, minimum. I would also need your maximum price range. Once you provide that, I can email you the properties. Please also provide the areas you prefer.

I am willing to provide you the list of homes that are currently on the market as well as when new properties come on as well, if you are willing to work with me.

If you are already working with another agent, then ask them to provide you the list. Are you pre-approved for a loan yet? If not, you need to do this first, if you do not know anyone, I will be more than happy to refer you to a few lenders.

Good luck,

Dave "Tap" Tapper
Realtor
Cashin Company http://www.DavidTapper.com http://www.TeamTapper.com
redt4u@aol.com
650-403-6252
415-370-7195