In 2013 there was one closed sale of a foreclosed home, and one closed condo. There are 2 pending sales of foreclosed condos, and one active condo listing. During that same time period there have been 54 single family home sales and 75 condo sales. None of these sales has been below market value. Unfortunately those days are over.
With every home and condo in Mountain View getting 5-20 offers it is very difficult to find a "deal." People feel lucky just to get an offer accepted.
Your other option would be to buy a foreclosed home at auction. There are several problems with this strategy.
1. You need all cash
2. You can not go inside the home to see it before making the offer
3. There is no title insurance so you may have liens agains the property you would be responsible for.
4. If there is equity in the home the homeowner could just sell it and not get foreclosed. Most foreclosures in the last few years were of homes with no equity so the owners just gave up. Since values are now at pre crash levels there are almost no homeowners underwater and therefore almost no foreclosures.
Best of luck with your search!
Keller Williams Realty Palo Alto
There are indeed very few good foreclosures now. Nevertheless, we search All good deals in this market, not only but including of foreclosures. You are not going to miss any, as long as you are not giving up to search good chances. Of course, you need to be financially very strong to catch the good ones.
In this market, REO's usually sell for prices similar to non-REO's. If you want to buy a home in Mtn View or the surrounding areas, you will therefore be best served by looking at the entire inventory.
Finding a buyers agent who you trust is an important step in the process of finding a home in the Mountain View area.
Currently, there is only one foreclosure (REO) in Mountain View â€¦
I would be interested in why you are specifically looking for a foreclosure?
Understand that the auction amount would need to be paid for in cash. Also, the winning bid takes the home in as-is condition, included all other liens attached to it, including any tenant leases. you could end up buying a lien at auction and still owe the mortgage. Auction properties do not have contingencies and it may be difficult to get an inspection prior to auction.
This is not something that the untrained should venture into. Even with my 15+ years of real estate experience, I would not bid on a house on the court steps. It requires a lot of research through public records and even that may not show every lien risk.
All the best to you.