Foreclosure in Pleasanton>Question Details

yx3zhu, Home Buyer in Pleasanton, CA

local agent who specialize foreclosures house?

Asked by yx3zhu, Pleasanton, CA Tue Jan 8, 2013

I noticed quite some foreclosures w/ good school, and the commute looks decent.I am curious if there are agents specializing in pre-foreclosure/foreclosure?

Best,
yx3zhu@yahoo.com

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6
Steve Ornellas’ answer
Hi yx3zhu,

I see this is your first post on Trulia; welcome to the Community!

Our latest "foreclosure market" has been with us since late 2007. Just about any full-time Realtor® working since 2008 today has the required "scar tissue" associated with Foreclosure property transactions. While there are still cases when transactions go a little sideways, for the most part these transactions follow well-known set of steps.

Basically, there are four types of "foreclosure" property.

Here's a quick relative risk/difficulty scale for distressed property (1 being the most risky):

1) Trustee Sale-
You personally go to the County court house and bid on a home you probably have never seen the inside of, nor will have the opportunity to fully investigate. Seasoned investors need only apply. Cash/Cashiers check only, no financing.

2) Auction Company Sale-
A little better, at least you have a seat in a packed room where the auctioneer’s primary job is to get the highest offer from a much larger group than #1 above has. You are buying “AS-IS”. Do you have the ability to gauge cost of repairs you might see? This option is best for those who can walk a home and calculate refurbishment costs on the fly IF an investigative period has been allowed. Perhaps, you might even attend one to see “how the sausage is made” and how comfortable you would be if you went this route.

3) REO-
When a property does not sell via #1 or #2 above you eventually see it come on market via a Realtor® MLS. You will still needs the skills to evaluate property condition and the good news is your Realtor® will be helping you to do so along with professional property inspectors you hire. The downside of an REO is the Bank typically only sells "AS IS" (meaning, the Bank will not typically make repairs even if you identify an issue) and the Seller's property disclosures are limited to what is statutorily required by law.

4) Short Sale-
While there is nothing chronologically short about this option (plan on 60-90+ days before a Lender approval) it nonetheless is the closest relative to the non-distressed sale. The only real risk with these transactions is the underwhelming boredom and the overwhelming mystery of why it takes so long to obtain an Approval(s).

Many Buyers make the mistake of only focusing on distressed property due to a belief they are cheaper and less difficult to buy than non-distressed property - this simply is not the case.


Got RealtyTrac? I hope not….

Yes, they have foreclosure listings; however, there is a process of getting to the status of an actual foreclosure for sale. See:
http://www.foreclosureradar.com/foreclosure-guides/foreclosu…

RealtyTrac looks to charge you a fee to obtain foreclosure information - this same property status information can be provided to you for FREE by most any Realtor®.

Also, as evidenced by RealtyTrac, be aware there are different levels of property information accuracy on the web. See:

“MLS Data Accuracy – Where to search if you’re “without Realtor®”
if you only want accurate information. http://tinyurl.com/ctr4d44

If you are serious about buying a property find a Realtor® and ask that a custom automated MLS search agent be set-up to make sure you are seeing property actually for sale.

Be sure to also obtain a "True Pre-Approval"?
http://www.Steven-Anthony.com/GettingStarted

-Steve
1 vote Thank Flag Link Wed Jan 9, 2013
As some agents have mentioned, foreclosures are no longer the deals they used to be a couple of years ago. They are selling for market price since inventory is so low. You will see short sales and foreclosures getting multiple offers and selling for way over asking price.

I am a Pleasanton resident and I would be happy to help you with your home purchase. I have sold many foreclosure properties to very satisfied buyers and it would be a pleasure to help you too.

Meena Gujral
Achievers Realty
925-425-9491
http://www.helpusellachievers.com
0 votes Thank Flag Link Wed Jan 9, 2013
I have helped numerous clients buy REO houses (houses that have been foreclosed and are being sold) and short sales (often called “pre-foreclosure” house) as well and equity sales (normal sales). REOs and short sales were a major proportion of the market for the last few years. While we still see plenty of distressed homes on the market they are a smaller percentage of the overall market than they have been in the recent past.

Many buyers seek REO or short sale homes because they think the will get a great deal on the purchase. Wrong! The current inventory in the Bay Area is severely constrained. Low supply (inventory) coupled with high demand (lots of interested buyers) has driven prices up. REO houses that sell for less than other houses in the neighborhood do so because they need work not because they are REOs. Think about it! If two houses are identical with the exception that one is an REO and the other is not should they not both have the same market value? REO sellers are motivated but they do not give the houses away nor do they accept low ball offers.

Short sales are a little different because of the time lag needed to get a sale approved but buyers have shown that they are willing to wait for the house that they want.

There are always exceptions but buying an REO or short sale is not necessarily a deal. You will need to pay market price in most cases.
0 votes Thank Flag Link Wed Jan 9, 2013
Hi there,
When you do a home search on a site like Trulia, the search results include ALLOT of Foreclosure/Pre-Foreclosure listings. However, the vast majority of those listings are simply 'link-bait' to get you to sign-up for a paid subscription to RealtyTrac.

As your question indicates, it's a great idea to work with a local agent that specializes in those types of properties. This type of agent will be able to search for legitimate foreclosure-type property listings that are actually available.

There are some great local agents who can help you (depending on where you're actively looking)...and guess what, I happen to be one of those agents! ;)

To get started, check-out this concise list of all active Foreclosure Listings (also known as REO) here: http://www.CalPacREO.com

When you're ready to look and buy, just message me:
Michael Koenig
510-681-3499
Michael@CalPacBrokers.com
Web Reference: http://www.CalPacREO.com
0 votes Thank Flag Link Wed Jan 9, 2013
This is a fantastic time to purchase a home. With mortgage interest rates near their all time lows and home prices recovering but still low, a market like this hasn't been seen in years. As you research foreclosure homes on thing to watch for on some of the major websites is that some of the homes you see listed are not truly for sale. They are Notice of Default listings and "may" some day be listed for sale. Our team get many of these calls each week from buyers. You best bet is to work with one local agent that can help you achieve your Real Estate goals.

Please feel free to you the below website to search Pleasanton Foreclosure listings that are truly for sale. None of the "possible" listings.

The Kruschke Team
0 votes Thank Flag Link Wed Jan 9, 2013
Because of the real estate climate in the last few years there are many agents who would be able to assist you. I personally have designations and experience with foreclosure and short sale properties. Please let me know if you'd like some information about the processes and I will be happy to assist you. You can reach me at carla@carlahunter.com , Tri-Valley-Homes.com
0 votes Thank Flag Link Wed Jan 9, 2013
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