Foreclosure in San Francisco>Question Details

Jena Beaver, Home Owner in Los Feliz, Los Angeles...

Looking for an agent that has SUCCESSFULLY represented buyers on foreclosure and/or REO properties in San Francisco and also on the peninsula.

Asked by Jena Beaver, Los Feliz, Los Angeles, CA Mon Apr 2, 2012

Currently living in SF but thinking of relocating to the peninsula. Need a knowledgeable agent to help identify viable neighborhoods and facilitate the purchase of a distressed property.

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Answers

10
Hi Jena,

I understand your point.

If it's an REO or a short sale, the lender will required it to have been listed with a Realtor and placed on the MLS before they will consider any offers. The only other options for distressed property is at the court steps (risky and the lenders usually want more than it is worth in my experience) and public auctions (these usually dont have homes from SF of highly sought after areas as they can get more on the open market).

Good luck
0 votes Thank Flag Link Tue Apr 3, 2012
Matthew, I've noticed that when these properties are listed on the MLS, their full address is not included (usually just the street name, no number), which makes initial drive-by's to check out the property almost impossible. Is listing it in this way also a requirement?
Flag Tue Apr 3, 2012
To be clear, I'm not looking at foreclosures/REO's to "get a good deal." I'm looking to expand the pool of homes I have to choose from, as inventory is low right now. I am not opposed to buying a regular home, I want to look at distressed properties as well though, since it almost doubles the home availability. And as such, I need an agent with relevant experience.
0 votes Thank Flag Link Tue Apr 3, 2012
Hi Jena,

I have sold many REO and short sales, but when I first meet with buyers I always discuss these option as well as the regular market. Just because it is a distressed property sale, it does not mean that it is the best deal. You may also want to consider new construction in the Peninsula as there are some good deals around especially on the financing side.

Feel free to call for a consultation as I may know someone who could help.

Matthew
0 votes Thank Flag Link Tue Apr 3, 2012
Other realtors have given you superb answers. I have only one thing to add: buying, or selling, real estate is a team effort. The team in this case consists of you, the client, and your realtor. If, for example, you expect to get a house for list or less in a multiple offer situation you will not succeed, no matter who the realtor is, how many REOs they have closed.
0 votes Thank Flag Link Mon Apr 2, 2012
I recommend looking for an agent who has a CDPE (Certified Distress Property Expert) designation. You can search for this designation... these agents (like myself) have taken extra time and dedication to understand how to help homeowners in distressed situations and REO's, so that when we see a property for a buyer, we know what questions to ask to avoid complications and wasting time.
0 votes Thank Flag Link Mon Apr 2, 2012
Thanks Susan, great advice. By the way, I'm originally from Venice, FL -- great to see an agent on here from Sarasota :)
Flag Mon Apr 2, 2012
There are plenty of great agents in the City that would be more than qualified. No doubt everyone is going to volunteer themselves, but without knowing exactly what you need, it's hard to say who would be the best match for you. I've been in real estate for more than 20 years, and would be more than happy to set someone up that works best for you, not me.

If you need some names, give me a shout...

Jack McLaughlin
jack@mybrokerdonates.com
0 votes Thank Flag Link Mon Apr 2, 2012
Jena,

Aside from REO experience, look for an agent who communicates well, who knows the market, and who understands what you are after.

Feel free to call me at 415-200-7202.

Best,

Gabrielle
.
0 votes Thank Flag Link Mon Apr 2, 2012
Hi Jena

I recently closed 2 REO properties representing the buyers. Both were multiple-offer situations (3 offers on one and 14 on the other). Both required aggressive and strategic negotiations. Feel free to call me later on today to discuss.

Best,

Oggi Kashi - 415.690.3792 direct
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
Web Reference: http://www.oggikashi.com/
0 votes Thank Flag Link Mon Apr 2, 2012
Hi Jena,

Great question, and Eric has explained the difference well. Besides looking for an agent who has experience with REO/ foreclosure properties. Ask the agents you are interviewing if they network with the investors so you get a jump on some of these properties before they even come on the market.

Best of luck.

Tap

http://www.zillow.com/profile/DavidTapper/Reviews/
0 votes Thank Flag Link Mon Apr 2, 2012
Good suggestion, David. Thanks!
Flag Mon Apr 2, 2012
Hi jena
That has the potential for a long answer.

There are two ways foreclosures get found:
1) on the court house steps-you need cash to buy those and you need to do all your due diligence before you buy it. Very few deals are found here.
2) on the market. These will be on the market just as any other property will be. With our shortage of inventory, you might not get a deal here either. What you will get is very minimal disclosure from the seller.

To find an agent, you should get a referral from friends you trust who have been through the buying process before, or go to open houses to meet agents to see what sort of experience they have.

If you have any questions, you are welcome to contact me.

All the best
Eric Castongia
Zephyr Real Estate
DRE No. 01188380
Eric@SFHotBuy.com
0 votes Thank Flag Link Mon Apr 2, 2012
Thanks Eric. Not looking to buy on the courthouse steps--more looking for an REO listed on the MLS. I'm also aware that we may or may NOT get a deal this way but interested in this route in hopes that there will be less competition + also, more inventory since we have lots of time to complete the transaction (and many other homebuyers don't have time on their side). Thanks for your response.
Flag Mon Apr 2, 2012
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