Foreclosure in Mountain View>Question Details

Denise Brown, Home Buyer in Mountain View, CA

I'm looking for a real estate agent who specializes or works with finding foreclosures?

Asked by Denise Brown, Mountain View, CA Fri Apr 5, 2013

I hope to stay in the Mountain View area, but I'm also willing to look in the surrounding Mountain View border areas.

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8
Denise,
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!
Marcy Moyer
Keller Williams Realty Palo Alto
marcy@marcymoyer.com
650-619-9285
DRE 01191194
Web Reference: http://www.marcymoyer.com
1 vote Thank Flag Link Sat Apr 6, 2013
Hi Denise,
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.
0 votes Thank Flag Link Mon Apr 8, 2013
In the current market, focusing only on foreclosures will not give you many choices. Right now in MV, there is one - a two bedroom condo. Sunnyvale currently has no active REO's.

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.

Good luck!
0 votes Thank Flag Link Fri Apr 5, 2013
Denise, I would echo the comments of other agents which I think are excellent. Builders and investors (who buy multiple properties a year) who are looking for value in the MV market are not focused on foreclosed properties. Supply is an issue and additionally the best "deals" are not always REO or foreclosed homes particularily now with the current conditions.
Finding a buyers agent who you trust is an important step in the process of finding a home in the Mountain View area.

Kindly,

Gretchen Swall
0 votes Thank Flag Link Fri Apr 5, 2013
When consumers say "foreclosures" they generally mean REO's. There aren't many foreclosrures left and they are all in the MLS. So any general agent knows as much about foreclosures as anyone. 2008-2011 was more the era of foreclosures. Now they are few and far between
0 votes Thank Flag Link Fri Apr 5, 2013
Anyone who has sold a lot of homes in the past few years has sold a lot of foreclosures – us included. No one actually “specializes” in them – unless they have been a foreclosure listing agent – and most of those don’t work with buyers. It's not a matter of “finding” them either – all REOs are on the MLS along with everything else. And they are priced just about the same. If you are thinking you will get a bargain by finding a foreclosed home … those days are pretty much gone.

Currently, there is only one foreclosure (REO) in Mountain View …

I would be interested in why you are specifically looking for a foreclosure?
0 votes Thank Flag Link Fri Apr 5, 2013
Foreclosures are REO or Bank Owned Properties. Pre-foreclosures are posted in the newspaper 3 months prior to auction on the court house.

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.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Fri Apr 5, 2013
Denise,

As the market improves, foreclosures are less likely to occur. I suggest you find an agent who knows the area to find you the best deal possible
0 votes Thank Flag Link Fri Apr 5, 2013
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