Foreclosure in San Francisco>Question Details

Eric Wu, Home Buyer in Russian Hill, San Fr...

What is the best way to purchase a foreclosure in San Francisco?

Asked by Eric Wu, Russian Hill, San Francisco, CA Mon Feb 6, 2012

What is the best way to find and purchase a foreclosure?

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The "best way", have all-cash or a sizable downpayment and be ready to commit on short notice. That's if you are looking for REO properties high up on the desirability scale.


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
1 vote Thank Flag Link Mon Feb 6, 2012
What percentage would a sizeable downpayment be?
Flag Thu Apr 19, 2012
I read the answers from other realtors, and they are all excellent. There is no mystery to foreclosures- they show up in the multiple listing system just as any other properties. And, just as with most estate sales, disclosures are not existent.

And, as with all sales, highest price, least contingencies, fastest close, strongest buyer (read biggest down) wins.

Astrid Lacitis
Keynote Properties 415 860 0765
1 vote Thank Flag Link Mon Feb 6, 2012
Buying a foreclosure isn't any different than a regular sale and any broker can do that for you. Your issue is what all buyers face: finding something you like that you can afford. You could buy a foreclosure by researching the court house and looking for the foreclosure sales that occur on the court house steps at an auction. You could also attend an auction at which many properties are for sale. I don't recommend these two ways because your ability to inspect the property is limited. Call me if you need some assistance. Buying a foreclosure is not a big deal. Just like any purchase you want to make sure you get what you want, pay a fair price, inspect the property, receive all the property disclosures and advisories that are due you, and make sure you broker writes your purchase offer properly.
1 vote Thank Flag Link Mon Feb 6, 2012
There are a number of things to consider when purchasing a foreclosure: 1. find a real estate agent who can send you foreclosure listings and who knows the process involved, 2. know the market the property is in, 3. inspect the property, 4. know what you will do with the property, e.g. live there yourself, hold it for investment purposes, or fix it up and sell it, 5. know your financing options.

There are few disclosures. The transaction is 'as-is.' You will be bound by the individual bank's process and generally their contract. And the transaction often has a somewhat longer timeline than a regular purchase.

Feel free to call me for more information. 415-200-7202
1 vote Thank Flag Link Mon Feb 6, 2012
Hi Eric,
I'm closing one REO deal this week and put offer to purchase another. I would be happy to help you to find the best deal. Please contact me at Ellie@ClimbSF.com or 415.948.1601
Look forward to working with you.
Ellie Kravets
Web Reference: http://climbSF.com
1 vote Thank Flag Link Mon Feb 6, 2012
Contact a realtor who specializes in working with foreclosed or REO (ie Bank owned properties). Most realtors should be able to identify for you foreclosed properties. The hard part is dealing with the disclosures (or lack there of), the Bank and the process, as it takes a lot longer than a normal real estate transaction.

I have had limited experience in this area, but if you want I can put you in touch with someone who specializes in foreclosed and short sale properties. Let me know and best of luck.

Greg Bryan JD/MBA
Broker Associate
GB and Associates/McGuire Real Estate/Urban Bay Properties
DRE#01797646
gregorybryan@gbandas.com
(415) 640-4341
http://www.gbandas.com
1 vote Thank Flag Link Mon Feb 6, 2012
Hello-

I agree, buying a foreclosure is pretty simple. these listings should appear in the local MLS. Once you find a property you like, it's always best to come in quickly and make the best offer you can if your realtor think there may be overbidding (it all is property specific so be sure you have a discussion with your agent regarding the specific of any particular property before you make an offer). all cash certainly helps these days. Patience too.

Thanks!

Rich
415.305.4911

Realtor in SF since 2002

Zephyr Real Estate
DRE#01358540
0 votes Thank Flag Link Tue Feb 7, 2012
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