I did a quick search on MLS and found the following:
REO (bank owned) and In foreclosure single family homes in Mairn
REO and In Foreclosure Condos in Mariin
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.
My webSite http://www.MargaretStafford.com offers a complimentary foreclosure search in any state, county and city.
Selling Marin & Sonoma Counties for over 18 years
Here is another good ink to use Rent vs. Buy Comparison. ..
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.
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
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.
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.
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
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.
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.
Kathy & Mary Kay Yamamoto