Burlingame has very few bank owned properties. Anyone that tells there are a lot of them is not truthful. Now, we know there will be a lot of them coming but maybe at the end of this year. Right now, there aren't any to speak of.

Maryann, shoot me an email and I will forward you bank owned and short sale properties in Burlingame and Hillsborough.

Dave Tapper
Realtor
Cashin Company http://www.DavidTapper.com
redt4u@aol.com
650-403-6252

Hi, what cities are you interested in?

"Foreclosure properties" is a pretty broad category. You'll need to decide which of the three stages of foreclosure you'll want to operate in. All involve varying degrees of risk, capital, and personal effort. Here's an overview of them; and I'll give you a link where they're described in more detail.

1. Pre-foreclosure. Owner is behind on payments; lender is somewhere in the continuum of threatening foreclosure to planning to foreclose.
2. Sheriff sale. Home is auctioned by the county sheriff. Depending on your state's laws, this may or may not require a judical action (mortgage state - judicial foreclosure; trust deed state - no judicial action necessary). Home is auctioned to the highest bidder... which more often than not is the foreclosing lienholder.
3. Post-foreclosure. If the lender takes back the home at the sheriff's auction, it becomes a "REO" - Real Estate Owned by the lender. Most often they'll list it with a Realtor in the area, and put it on the local Multiple Listing Service.

Hope this is helpful. Check out the link below for more info.

Maryann,

The Banks and the Gov. have created sites to provide the Public access to information about their Properties for sale (REO/Foreclosure) and the purchase/bid process.

Sites like these.... http://www.homepath.com/ .... http://www.wamuproperties.com/ ... http://hud1.towerauction.net/CA.htm ... http://www.countrywide.com/purchase/f_reo.asp

You can browse these sites at your leisure and there is much information provided for the Public...

You can find the links to the Bank/Gov sites here... http://www.mortgagenewsdaily.com/wiki/REO_Database_List.asp ... http://www.biggerpockets.com/bank-reo.html

If you are interested in learning about Tax sales in Ca. you may wish to give this a look...
http://www.sco.ca.gov/ardtax_public_auction.html
http://www.sanmateocountytaxcollector.org/index.html

http://publicrecords.onlinesearches.com/California-Foreclosu…

Good hunting, Dunes

Maryann
Buying foreclosure properties is generally very similar to buying non-foreclosure properties with the exception of seller disclosure. The owners of foreclosure properties (REOs) typically financial institutions are exempt from many of the CA mandated disclosures. Most REOs are very competitively priced so expect multiple offers. As noted below, the vast majority of REOs are sold thru the MLS. So get pre-qualified or have lots of cash (many REO investor buyers pay cash) and work with a real estate agent in the area you wish to buy.
I have closed about 6 REO purchases so far this year for some of my buyer clients.

You need to have lender qualify you for ability purchase a home with those specifications a Realtor can program MLS for automatice search based on your specificaitons.

Maryann,

There is no better way than getting in contact with a real estate professional from your target location. They will have the expertise you are looking for and the ability to support your interest in each corner of the real estate market.

Get started today.....

Best wishes,
The Eckler team
Michael Saunders & Company