I think if you look for something like a "short sale", you may come accross a good deal in the price range you want. On the other hand, if you are diligent and just take your time, you will find something.. It's a buyer's market, so don't be scared to submit an offer and see what sticks. You are in the drivers seat.

thanks

First, schedule a consultation with me, Pierce Smith, Broker, to get you Prequalified with a good lender.
I have been working in your price catagory in your market of choice and am very familiar with how to help you buy. Please phone 415-302-2138 to schedule a meeting.

Sincerely,
Pierce

REOs or Short Sales are probably your best bet.

I think the low 500s are available and my guess is if you wait until December, you will probably find the deal you are looking for. I am helping someone else right at this moment find something in South San Francisco, who had the same criteria as you and in fact just made an offer yesterday. It's a short sale. It's actual list price is over 600K, ;however, our offer is in his price range. Short Sales allow you to make low offers, and they are becomming easier..

Call me - if you want some help..

Herb Schmulewicz
Pacific Coast Real Estate
(650)784-1849

I live in Pacifica (Linda Mar) in a 3 bedroom, 1 bath rancher, which is the standard setup around here. Most such homes are now in the 550K and up range (down from around 650K and up a year ago), so you'd have to be pretty lucky to find something at 500K and below. We got ours at 400K back in 2000.

With that said, Pacifica is a pretty awesome place to live. Good schools, beaches, low crime rate, the feel of a small town yet so close to SF. Plus, it's actually sunny here in the LM area.

I have one right now that may fit your criteria. Please contact me...

Thanks everyone for your answers.

Hello CHB -

Trulia RE Specialists to the rescue!

I have some additional information that might be helpful-

1. Definitely get pre-approved. But for the sake of making the process easier for you interview a few specialists who understand the current marketplace and have EXPERIENCE! It is so imperative that you work with people who build strong relationships with their clients for life and can work through this volatile time in the lending industry.

2. There are some great homes in the neighborhoods you mentioned that are diamonds in the rough. Did you see the new one on Nelson?

3. Of course you should be looking at REO's that are currently active on the MLS! Why not? The only caveat is to be prepared and patient should you ever make an offer. It takes time...I am working with one that has taken more than 2 months for a response.

Be confused no more -

Nate

Hello confused buyer,

It is very natural with this market to be confused about with all the short sales, foreclosure, bank owned etc.,etc. But the bottom line is it is still the best time to buy a house now. With regards to your questions:

1) Is it better to pre-qualify first before starting to lookfor a house? the answer is definitely a "Yes". This way you will know how much you are qualified for to spend for a house.

2) There are not many foreclosures and bank own properties in the Linda Mar/Manor Pacifica locations which makes the the areas a more desirable place to live. These locations are one of the good sunny places to live in Pacifica.

3) with regards to your price range that you are looking for, I would suggest that if you are looking for a move in condition property already, try to raised your limit between 600k-700k. Again these areas that you like in Pacifica are good locations and it is worth it to buy now.

If you want I can email you some listings around the area of your choice so you can get the feel of the properties around as far as prices too. My email address is weglinsc@hotmail.com.

Hello Confused Home Buyer - There's a lot to navigate so I can understand the confusion.

You should definitely get pre-approved prior to starting the process. It's not your credit that may or may not be an issue but the lenders who are over-burdened with files, making it take longer than what we're used to. Without that, it's not wise to even start looking.

Sounds like you just need a bit more information. It would be helpful for you to take a more detailed look at what you get for the money; a close look at available inventory, statistics and market conditions. Bottom line is that to get what you want you're going to have to spend more than 500k - or, of course, alter your expectations.

REO's are a possibility and much easier to deal with than short sales. My suggestion is that you stay far away from short sales. Foreclosures are not a possibility because those require a full cash payment.

I hope that information is helpful. In order to get started in the right direction, your best bet is to hire a professional to guide you.

Best regards,
Vicki