Handalicious, Home Buyer in San Francisco, CA

I am interested in a preforclosure property. How can I get more details to view and make offer?

Asked by Handalicious, San Francisco, CA Mon Jul 2, 2012

This question is about this property: http://www.trulia.com/foreclosure/3070722457--39th-Ave-San-F…

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Sorry to say that you are another person that has fallen for RealtyTrac's advertising. RealtyTrac's business plan is to sell subscriptions to it's newsletter or data feed. The infomration it provides is aggregated from public recordings. In this case there was a notice of default filed. The borrower has three months now to make good on the amount in arrears, arrange a short sale or sit on thier hands and do nothing. In reality the property isn't available unless you want to go to the county recorders office, find the owner of record and approach them to make them an offer. Obviously that is a messy way to buy property and most often futile because the owner is going to try to persevere and even if they know they will eventually lose the property they have high expectations and very high needs.
The most important factor for you to understand is that no one sells properties for less than they are worth, neither the upside down owner nor the bank will under sell. Why should they especially for San Francisco property.
So that house will not sell for $320,000. That is the amount of the loan that is in arrears. There could be more loans. That one could be a second or a home equity loan and not even be the primary loan on the property. If you want to buy a 1,600 SF house in the Sunset be prepared to pay over $800,000 even if it is in poor condition.
1 vote Thank Flag Link Mon Jul 2, 2012
Jed Lane, Real Estate Pro in San Francisco, CA
Hello Handalicious,

My colleagues are correct when they advise you not to believe anything on RealtyTrac. $320,000 is NOT the price, but the amount owed on a mortgage (there could be more than one).

Very few places with NOD's go to foreclosure right away. The seller can delay things for a long time, bring the loan current, etc.

IF this home were to go to "the courthouse" steps, it would be bought by an investor who not only does this for a living but who would likely be paying cash.

Bottom line, IGNORE RealtyTrac (I wasted money with them too and hate their mis-leading advertizing). Get with an agent who can counsel you about short sales and search specifically for pre-foreclosures for you.

Good luck!!
0 votes Thank Flag Link Mon Jul 2, 2012
Work with a real estate professional who has access to much more up-to-date information than does Realty Trac. Additionally, you'll be saving the monthly fees for the site's service.

Feel free to call me at 415-200-7202.
0 votes Thank Flag Link Mon Jul 2, 2012
Hi-This thread has excellent answers. I'd just like to add that this one's in the Richmond and would be worth even more than a similar home in the Sunset district. There might be some ways of finding value in this market, but this, unfortunately, isn't it for now. Check in with me for some other ideas or if you're just curious about the current market in this area. Thanks

Matt Ciganek

0 votes Thank Flag Link Mon Jul 2, 2012
This is a teaser ad. Don't fall for it - they just want to sign you up for their subscription services. A realtor or broker can provide the same information but accurately, more timely and for free.

Oggi Kashi - 415.690.3792 direct
Broker Associate, Paragon Real Estate Group CA DRE 01844627
All data from sources deemed reliable but subject to errors and omissions, and not warranted.
Web Reference: http://www.oggikashi.com
0 votes Thank Flag Link Mon Jul 2, 2012

This property is not for sale. It is an ad from a company for you to pay them money to get information that is publicly accessible. Just because a person misses a payment or two does not result in a property being for sale.

Find a Realtor who works in the area that you want to buy in and get educated about the process. I always remind people," If it is too good to be true, you can bet it is".

Good luck,

0 votes Thank Flag Link Mon Jul 2, 2012
To wrestle with a Shortsale, you will need a Realtor in your corner:

If you need a referral, please let me know.

Good luck and may God bless
0 votes Thank Flag Link Mon Jul 2, 2012
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