Hi Posiguy! Hi Nicole and David!

Everyone has a lot of great ideas and feedback regarding foreclosers (REOs) I am wondering if you are also questioning the "short sale" as well. I often hear people ask about foreclosures when they are actually talking about "pre-foreclosures" or "short sales. This is when the owner still ownes the home but is trying to negotiate with his lender to take less money than is owed due to the vaules going down.

An REO, or a bank owned home, is a lot easier to purchase and are the ones that are usually priced the most attractively. Lots of competition in San Bruno and South San Francisco so hire a good agent to help you!

Good luck!

I think Nicole and Fiona hit the nail on the head. If I were you, I would consider any good deal whether it be a foreclosure, short sale, or normal transaction. Home values are down and interest rates are fantanstic.

If you are not already working with an agent, I can send you a list of bank owned properties and other good buys in SSF and San Bruno.

# 1 Agent in the City of San Bruno since 2001



Good luck,

Dave Tap Tapper
Realtor
Cashin Company http://www.DavidTapper.com http://www.TeamTapper.com
650-403-6252

Hi there. The biggest consideration when it comes to buying a foreclosure home are the repairs needed in order for it to be in move-in condition. Sure, they're much much cheaper but are you prepared to spend for repairs? Most foreclosure properties are in bad shape, although not all, so you have to choose carefully. This is also one reason why a lot of buyers cannot get a loan for these kinds of properties because lenders, especially for FHA loans are very strict when it comes to the condition of the property. They require termite inspection reports and it has to be clean. The seller will not spend for any of the costs for repairs, that's for sure, and most of the time will not give credit for it either. All-cash buyers and those with 20% or bigger downpayment have the advantage even if their offer is lower than other buyers who have lower downpayments and they will always be favored by sellers especially on multiple offers. So just be prepared to put more downpayment and put aside money for repairs when purchasing a foreclosure.

Hope that helps. If you're interested to receive foreclosure listings in San Bruno and South San Francisco, just call or e-mail me at fiona@fionasantosrealty.com.

Regards,
Fiona

Great question. Some of the pitfalls of purchasing a REO (foreclosure) are that you are purchasing the property as-is. More often then not a lender will not make any repairs or give credits for repairs in escrow. This statement is not to say they won't. I have had experiences with both cases. Another pitfall is that you will receive limited disclosures, so you won't get any detailed information in regards to the home, such as the Real Estate Transfer Disclosure or the Seller Supplemental Disclosure which are disclosures the home owners fills out which devulges information the homeowner specifically knows about the property and surrounding neighborhood. The escrow may take a bit longer then a normal sale would depending on the turn around time of the lender. Although there are pitfalls, foreclosed properties are a great option to look at when you are searching for your new home. It is important you hire a Realtor that has experience with foreclosed properties as the lender's have their own contract and you want to make sure you understand all of the fine print, time frames and any per diem penalties you may inquire if escrow does not close on time. Your Realtor should be able to explain these issues so that you can make informed decisions and feel comfortable moving forward. Good Luck!

Dear Posi Guy

when buying a foreclosure you would want an agent that is experienced in this area, as it is a time consumming project and reguires patience and experience. Also you would want the ability to inspect the property, as many foreclosed homes reguire work, lots of times the previous owners have removed appliances, bathroom fixtures, light fixtures etc..... Also most important, have loan approval and be ready to go. these banks will not carry the financing. If you have any further questions, feel free to give me a call or if you are not working with an real estate agent, I would love to represent you in this transaction.

Good Luck
Denise Laugesen
650-465-5742

Cashin Company
# l Producing Agent
direct line: 650-403-6225
Email: deniselaugesen@comcast.net
Web : http://www.deniselaugesenteam.com