Home Buying in Foster City>Question Details

dev.title, Home Buyer in Foster City, CA

Looking for a real estate agent,who can help to buy foreclosed home?

Asked by dev.title, Foster City, CA Tue Aug 13, 2013

We have a low budget(380k max).We are prequalified for loan but don't have agent to help,talked to an agent and we are told that now market is getting good,people are purchasing, so they are focusing on normal home sale.We would like to buy foreclosed house but how don't know? So people like us with a low budget should stop thinking of buying a house!

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9
I'm not in your area but I can give you unbiased assistance and refer you to an agent experienced in foreclosures. Contact me if you're interested.
0 votes Thank Flag Link Fri Dec 6, 2013
Any Realtor Member with the SFR designation will be able to help you. Contact your local Realtor Member.
0 votes Thank Flag Link Fri Dec 6, 2013
Why the focus on a foreclosure? If you could get a foreclosure for $390,000 and the exact same home next door that is not a foreclosure for $380,000 - wouldn't you choose the less expensive one?

It's not a good idea to assume that foreclosures are the best value. I'm writing blog posts about homes that come up for sale in my area and quite a bit I see homes listed as short sales for $350k and no deal is reached. The bank then takes the home back and lists it at $425k. Now does that make any sense? It didn't sell at $350k so why would it sell at $425k now that it's a full-blown bank-owned home?

This bizarre behavior by the banks is why you should look at everything your price range...whether it's a foreclosure or not. Foreclosures are not a guarantee of value.
0 votes Thank Flag Link Fri Dec 6, 2013
Sounds like you spoke to the wrong agent. Buying a foreclosure is no different than buying a traditional sale. I would recommend you interview agents until you find one you are comfortable with. Look at foreclosures as well as traditional sales to compare. You might be surprised by what you find.

Good luck
Tom
0 votes Thank Flag Link Fri Dec 6, 2013
Hi dev.title,
It depends where you are looking to buy? If you are looking in Foster City, the chances of finding a foreclosure is next to nothing today. I have been an REO and a Short Sale agent since 2008 and since 2012 I have seen my business of REO and short sales going down very drastically. There will be some foreclosures that will be popping out from time to time but I can tell you that you will not be able to find them in your price range and they will be gone in a split of a second.
I do not think that you should abandon the idea of buying but I think you should change your strategy in your financing or area or even type of properties that you are looking for. The idea is to buy something wait a couple of years, so you can build some equity than sell with profit. Take that profit, added to your original down payment and maybe in 2 years your income might increase, you will than be able to buy a bigger property in Foster City.
If you need help with all that process, give me a call so we can talk in detail about your situation and figure out what would be the best approach for you.
Zoey Tolu Relator, DRE#01063373 Cell (650) 619-3379 or zoeytolu@hotmail.com
0 votes Thank Flag Link Wed Sep 25, 2013
Good afternoon dev.title,

I've been helping First Time Buyers for 23 years as a mortgage professional and I will tell you what I have always told my clients here in New York: If you are a First Time Buyer, steer clear of foreclosures and short sales.

Foreclosures are someone else's headache. The home probably has not been well-maintained and you're a First Time Buyer adjusting to paying a mortgage. Do you really want to walk in the door to someone else's deferred maintenance that YOU will have to pay for? Also, if you're thinking there are deals to be had in terms of lower prices, mostly those "deals" go to professional investors who can pay cash, negotiate hard with a Lender, and close fast.

There are plenty of motivated Sellers with their homes listed on your local MLS. Go find a good Local Mortgage Banker, get prequalified, then find a great, experienced Realtor, and buy the home you want at the price you're willing to pay.

Trevor Curran
NMLS #40140

*If you thought my answer was helpful, please give me a “Thumbs Up” or “Best Answer.” Thanks!
0 votes Thank Flag Link Wed Aug 14, 2013
Best place to start is to hire an Exclusive Buyer Agent to represent you. EBAs represent home buyers only, and work to get you the best price and most favorable terms. You can go to NAEBA.org for a referral to an EBA in your area.

I'm an EBA and I wrote a book called "Buying a Home: Don't Let Them Make a Monkey Out of You". It will be the best $6 you've ever spent. Follow the link below.

Best of luck!
0 votes Thank Flag Link Tue Aug 13, 2013
There are lot of options out there. If you woul like I can help with foreclosure and short sale. Call me or send an email.


Regards,

Jain Rishab

Realtor (RE/MAX ACTIVE REALTY)
Short Sale and Foreclossure Resource
510 676 4770 (CELL)
0 votes Thank Flag Link Tue Aug 13, 2013
Please provide your email id.Thanks.
Flag Tue Aug 13, 2013
We are focusing on short sales,foreclosures in Foster City,CA.Thanks.
Flag Tue Aug 13, 2013
Are you pre-qualified or pre-approved? Much different things
0 votes Thank Flag Link Tue Aug 13, 2013
We are pre-approved.
Flag Tue Aug 13, 2013
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