Home Buying in 94618>Question Details

Mike, Home Buyer in Oakland, CA

How do I find out what houses are in foreclosure or are for shortsales in the Hiller highland townhome area of Oakland? I need actual contact details.

Asked by Mike, Oakland, CA Thu Feb 11, 2010

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11
It depends on what your model for purchase is. If you plan to get conventional financing, meaning a loan through a bank or other lender, then you really will be best served to find a realtor experienced with the area you want to purchase. That agent can help you shop the specific market and capture a good opporunity when it comes along. All short sales that I know of are sold through the MLS and with a licensed real estate agent, and many foreclosures are as well.

If you are a cash buyer/investor type, and you are hoping to buy at auction...that is an entirely different world. Frankly, it is not for the uninitiated, because there are no protections when you buy on the courthouse steps, and you have to be able to absorb all risk. You have to pay all cash the day of the auction, and you rarely have the opportunity to get inside the property before you purchase. There is NO title insurance. If you are still reading, you should be hearing alarm bells in your head at this point. When you buy it, you take responsibility for ALL liabilities. I tell most buyers this is really a fantasy scenario that it is best to not waste time on.

The people doing it are mostly professional and experienced investors, and most of them are pretty aggressive. Most use Foreclosure Radar as one of the resources for watching what is scheduled to come on the auction block. And, of that list, the vast majority gets pulled back at the last minute. Buying foreclosures requires a full time effort and an ability to leverage cash and absorb risk.

Hope this was useful, but feel free to contact me if you have further questions.
Web Reference: http://www.tomithomas.com
1 vote Thank Flag Link Wed Jul 25, 2012
A realtor is always the best way. But be advised that you will want realtors that have had actual experience with REOs and Short Sales. The reason why...they know how the banks think on the inside...they know what it will take to get the offer accepted...and in this market with multiple offers still occuring and over asking prices and all cash investors you need all the expertise that a good agent with experience in this can offer. Any agent can get you started on a search for REOs or Short Sales on their website so that you can receive the listings as they come on the MLS...but not every agent has had direct experience working as a listing agent with asset managers and know what they are looking for to get the deal done. I highly recommend checking out the credentials of your candidtes to make sure they can take you from beginning to a successful end. If you want more info, please feel free to contact me. I have gotten many of my clients in homes that they were in competition on for REOs or helped navigate them through the murky waters of a short sale. Rose Nied, Alain Pinel Realtors, 510 530 7011
1 vote Thank Flag Link Sat Feb 20, 2010
The best resource? Your realtor.

Regardless of what you read from RealtyTrac and other foreclosure websites, please note that you yourself cannot directly approach the bank holding the note (short sale) or who has foreclosed on a property.

On a short sale, the bank will require letter of authorization from the property owner before they speak to anyone other than the owner himself.

On a foreclosure, nearly all banks will have realtors post on the MLS the properties for sale, and have the realtors deal directly with interested parties.

So ask your realtor to inform you about such short sales and foreclosures.

Good luck!
1 vote Thank Flag Link Thu Feb 11, 2010
I can help you answer these foreclosure / shortsale questions. Are you still interested in looking at them ?
I am selling 105 Starview Court with 1757 sq. ft. drop dead view and clean pest control reports
go to http://www.105starview.court.com or email me at
paralegal2@me.com

Marcia 510 841 1255
0 votes Thank Flag Link Thu Jun 24, 2010
Hi Mike,

Follow Katie's advice, select a Realtor to work with and all the information regarding a home will be shown on the MLS. If you are trying to complete this task on your own it's going to be a long search.

Hope this helps!

Tim Ambrose
REALTOR
Windermere Welcome Home
510-258-8909
0 votes Thank Flag Link Tue Feb 23, 2010
Hello Mike,

If you like, I can set up a search engine so you receive listings for short sales and bank owned properties the moment they appear on the market. No obligations :) Anytime you wish to change your searh criteria, just shoot me an email and I will be happy to change it for you.

Kamal Randhawa
Broker
510-932-1066
"Straight answers every time "
0 votes Thank Flag Link Thu Feb 11, 2010
Mike,
I agree with the others that using a realtor is your best avenue for this information, However,
If you don't want to use a realtor for this you can use my website. It won't help with foreclosures but can with shortsales and reo's. I have searches set up son that you cna click a button and get all the short sales in a given location.
Good luck
0 votes Thank Flag Link Thu Feb 11, 2010
You should find a realtor who specializes in foreclosure sales and they should be able to provide all the information you want. Agents that specialize in foreclosures usually subscribe to programs such as "Foreclosure Radar" that allows them to identify and track homes that are going through the foreclosure process. Please call me at 510-847-7195 and I can recommend some realtors.
0 votes Thank Flag Link Thu Feb 11, 2010
Hi Mike,

This is easy to do. Your realtor can let you know the minute listings come up that match your criteria, including Short Sale and REO listings. I have a listing in Hiller and am in discussions with other owners. If you are interested in me keeping you posted please let me know.

All the best,

Linda Van Drent
Web Reference: http://LindaVanDrent.com
0 votes Thank Flag Link Thu Feb 11, 2010
Hello Mike,

Currently, there are no townhomes for sale on the MLS in Hiller Highlands. There are some spacious townhomes that are located in other parts of Oakland Hills that are short sales and foreclosures. Let me know if you'd like me to forward you info. on them.

Best,
Mary
DRE# 01439959
0 votes Thank Flag Link Thu Feb 11, 2010
hi Mike
Have your realtor look up the property(ies) on the mls ... all of the foreclosure/short sale info will be in confidential remarks.
Katie
homeswthkatie@me.com
0 votes Thank Flag Link Thu Feb 11, 2010
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