Home Buying in Redwood City>Question Details

David Simmons, Home Buyer in Belmont, CA

It seems like there are a lot of pre REO listing on Trulia for the Redwood City area. Are most of these really going to go through default?

Asked by David Simmons, Belmont, CA Thu Apr 11, 2013

If you specialize in short sales, let me know.

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There have been numerous short sales and REO sales in Redwood City. However Redwood City real estate prices have been climbing:
http://julianalee.com/redwood-city/redwood-city-statistics.htm

There should be fewer of these sales in the future. You can see mls listings for short sale/REO homes for sale in Redwood City at
http://www.silicon-valley-homes-for-sale.com/listings/areas/27859…

There are companies whose business is to sell information to consumers who promote pre REO properties on Trulia and elsewhere. The number of "advertisements" does not necessarily correspond to actual real estate sales.

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty
Cell: 650-857-1000

Over 30 years experience
Over 1,000 homes sold in San Mateo and Santa Clara Counties
.
Web Reference: http://julianalee.com
0 votes Thank Flag Link Wed Apr 24, 2013
If a property is available, it will be on the MLS.

Best,

Tap
0 votes Thank Flag Link Thu Apr 11, 2013
If a home shows up on Trulia as a pre-foreclosure, that means they are already in default. What you are seeing are advertisements from RealtyTrac – they are actually trying to sell you a subscription to their services. Most often the numbers shown are for loans – NOT actual property values – thus potential buyers think they can actual get a deal on one of these.

Just because a home is in pre-foreclosure status does not mean it will end up for sale. If, in fact, it does come on the market, it will most likely show up as a short sale and will end up on the MLS along with all the other listings. And it will be at market price.

There are many companies that contact home owners once a notice of default has been filed – we’re one of them, in fact – but most owners going into default are not interested in selling – they want to stay put and try to work things out with the bank. Thus the number of “pre-foreclosure” homes that actually hit the market is a very small percentage of those that get a notice of default.

Yes, we work with pre-foreclosures – just like any other realtor in the area as well.
0 votes Thank Flag Link Thu Apr 11, 2013
Hi David -

What Flavio said is true.

I look at a lot of tax records when I'm listing and selling. It's amazing how many homeowners in the past 6 years have been in default. Most have been able to re-instate the loan by bring the payments current.

In the current market, an owner in default may actually be able to sell their home quickly. They may even receive multiple offers if the property is in good condition, has a good location or other desirable factors. I've seen short sales, where the property is worth less than the amount of the mortgage, get multiple offers way over asking and true market value and by the closing date, it's no longer a short sale and can close in normal time frame without lender approval.

Anything's possible in this market. What's true to day may not be tomorrow.

Good luck.
0 votes Thank Flag Link Thu Apr 11, 2013
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