Foreclosure in Corte Madera>Question Details

Diana Lane, Home Buyer in Mill Valley, CA

seeking listings on forclosure's in marin couynty

Asked by Diana Lane, Mill Valley, CA Mon Jul 21, 2008

condominiums and free standing and duplexes

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11
Liz Williamson’s answer
There are websites such as Realtytrac.com or Forclosure.com that for a fee will let you know what properties are in foreclosure. Forclosures in Marin going to be few and far between. If you do find them, they will be more than likely listed with a realtor priced at market value based also on the condition of the property. You can also look in the newspaper and television for auctions. Lenders will have a weekend auction of homes at some convention type location where you can bid on them. These homes as well are not easy to get. You will be competing with professionals who will buy a bunch of properties at a time, paying all cash. You must also having your financing all in place and usually put a minium of 20% down in cash. Also, the home is sold as is, there is no inspection time, when you buy your home you will have no way of knowing what the true condition of the property is, you may be buying a real fixer that could extend way past your budget. The areas you will see forclosures are areas by the Civic Center and the Canal District in San Rafael and various areas in Novato. I don't know if you are looking to buy an investment property, but if you are I would consider looking Sonoma and Napa Counties as well. There are excellent opportunities in these areas right now. I know an agent in my office will be putting on a foreclosed condo in Novato for $260,000. It will also be on the Multiple Listing service in a few weeks. If you are interested at all, feel free to give me a call, I can see if you take a look at it early.
1 vote Thank Flag Link Mon Jul 21, 2008
Hi Diana:

I did a quick search on MLS and found the following:

REO (bank owned) and In foreclosure single family homes in Mairn

http://norcalmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Bar…

REO and In Foreclosure Condos in Mariin

http://norcalmls.rapmls.com/scripts/mgrqispi.dll?APPNAME=Bar…

There is none for 1-4 units.

There are many other properties in various short sale status. Some are not on multiple listing yet.

If you are interested in any of these properties, please email me or give me a call.

Thanks,
Sylvia Barry
1 vote Thank Flag Link Mon Jul 21, 2008
Sylvia Barry,…, Real Estate Pro in Marin County, CA
MVP'08
Contact
Hi Diane,
My webSite http://www.MargaretStafford.com offers a complimentary foreclosure search in any state, county and city.
Margaret Stafford
Realtor
Selling Marin & Sonoma Counties for over 18 years
0 votes Thank Flag Link Tue Aug 12, 2008
this site may be a resource for you....see below
0 votes Thank Flag Link Sun Aug 3, 2008
Cindi Hagley,…, Real Estate Pro in San Ramon, CA
MVP'08
Contact
Hi Shelley Anne:

Here is another good ink to use Rent vs. Buy Comparison. ..

http://www.sylviasellsmarin.com/RentvsBuyCalc

You can plug in a bit more information which includes property tax rate (around 1.2% in Marin, insurance rate, etc). The monthly payment might be higher once you plug in the numbers, but if you look at the chart about the After Tax Net Payment, the payment is closer to what you are thinking about.

Again, there are certain strategies when purchasing bank owned and/or short sale properties. You also need to be careful about the property and location of what you are buying and if they are really a good deal after all is said and done. Quite a few properties I would recommend my clients not even bother to go and see because they are either not what they want or they are just not worth it even at a great price - everything is relative.

There are a few nice articles about that recently in Marin IJ - the last week about the silver linings in Foreclosures which from what I heard via email, caught quite a few people's eyes. Most of those homes are in Novato but there are a few properties pop up in San Rafael.

Best,
Sylvia
0 votes Thank Flag Link Sat Aug 2, 2008
Sylvia Barry,…, Real Estate Pro in Marin County, CA
MVP'08
Contact
Hi Shelley Anne,
Looks like your question might have ended up in an ongoing discussion about foreclosures in Marin- rather than as a new question. There are some 10% loans out there-- and you do have an adequate credit score. Generally I think you'd be looking at a purchase price of around $400, 000. However only a lender could give you an accurate answer. There several other variables that lenders would use to pre-approve you. It is always best to compare at least 2-3 lenders. If you would like help choosing one---I know of several good ones- and I know of a great REO for around that price. Please contact me. Warm Regards, Leslie
0 votes Thank Flag Link Sat Aug 2, 2008
Hi Shelley:

You can go to my website and use the mortgage calculator there. I plug in $400,000 as purchase price, $40,000 down payment, 6.5% interest rate, 30 years fix. We are looking at $2,275 monthly payment.

http://www.32stasia.com/default.aspx?pp=644329

HOA can run $250+ a month, then you have to figure in the insurance. If it's SFR, the insurance will be higher as you have to insure the building, but you don't have to pay HOA. For condo/town homes, you will be paying personal property insurance (sort of like rental insurance for content only), but you have to pay HOA fee.

You also can figure in the write offs and depreciation of the house if you own.

So I think we will be looking at $400K, but then again, I am not a mortgage broker - I have a few I can recommend to you if needed - I just received an email (Saturday night, no less,) from a mortgage broker who is working on my other client's pre-approval.

There are a few more REOs coming on market in Novato (town home / SFR $400K +/-). I will be taking my other clients to see them tomorrow morning. One is not yet on market.

Sylvia
0 votes Thank Flag Link Sat Aug 2, 2008
Sylvia Barry,…, Real Estate Pro in Marin County, CA
MVP'08
Contact
Looking for a sfh in Novato. 2 plus bedrooms. have 40k in cash and 700's credit score. but need to be pre approved. just curious that price range i can look in with a monthly payment of 2250.00 incl . all HOA fees and insurance.
0 votes Thank Flag Link Sat Aug 2, 2008
Hi Diana,
I've been working with a buyer looking at bank owned properties in Novato. One property in particular is in great condition and the bank was accepting offers with inspection contingencies. In other words you could have the property inspected before committing to proceed with purchase. There are some exceptional values out there. If you are interested in Novato --please email me directly and I'll tell you about the ones I have looked at. Warm Regards, Leslie
0 votes Thank Flag Link Mon Jul 21, 2008
Hi Diana:

I believe the ins and outs of short sales, notice of default, foreclosures, etc, are very complicated and should be explained in person. The ones I included below are REOs and in Foreclosures, not Short Sale, Notice of Default, etc.

As you probably have already seen on recent Marin IJ article (more to come per reporter with whom I just talked to), there are many short sales and some foreclosures in certain parts of Marin.

Interesting thing is that although the articles concentrate more on affordable housing (mainly condos/town homes in certain areas which was much harder to reach but the softer market makes it more manageable), there are also distressed properties in mid-range and even high-end homes that are coming out in if not daily basis, weekly basis; again, more concentrated in certain areas. I have a couple short sales at this moment which I will be very happy to show you if you are interested. .

Foreclosure websites can have misleading information where the price listed could be due to many reasons (specific liens, list price, amount owed, etc) and the condition and comp of the properties should be researched to protect your interest. One of my clients just went to an auction and came back empty handed - I actually took him to see the property (listed on MLS) knowing that's what he planned to do so he could have an idea of what he was getting since he thought that's where to get the best deals and I was not going to dissuade him. He came back and sounded like the eventual price was not something he was willing to pay in in an Auction - much risk involved.

Be sure you get professional advise when you dive into short sale/foreclosure route. Make sure the comps are done with certain degree of forecasting. Depending on the status of the property, there are also different strategies in going about purchasing one. Be familiar with the area you are purchasing. As an investment property, do make sure that what you purchase meet your investment goal, whether it's for appreciation or cash flow purposes.

Best,
Sylvia
0 votes Thank Flag Link Mon Jul 21, 2008
Sylvia Barry,…, Real Estate Pro in Marin County, CA
MVP'08
Contact
Diana,

Thank you for posting your needs on Trulia Voices. We would be happy to send you a list of foreclosure listings in Marin. It would also be helpful to know what price range you are looking in. All we need is your e-mail address, so please contact us and we'll get to work right away.

Best Regards,

Kathy & Mary Kay Yamamoto
0 votes Thank Flag Link Mon Jul 21, 2008
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