Foreclosure in San Francisco : Advice

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J. Mario Pre…, Real Estate Pro in San Francisco, CA
J. Mario Preza, CRB, CDPE answered:
What is the difference between a Short Sale, a Foreclosure and a Bank-Owned home?
"Short sale (real estate) – the lender allows a property to be sold for less than the amount owed on a mortgage and takes a loss. This usually occurs when the market drops a ... more
0 votes Share Flag Tue Dec 27, 2011 Foreclosure in San Francisco
David Chiles, Real Estate Pro in Los Angeles, CA
David Chiles answered:
Realtor Q regarding pre-foreclosure listings on Trulia : how accurate is the status and what does it mean to a potential buyer?
The pre-foreclosure information on Trulia is as accurate as the court records they receive it from. That means that there are mistakes because many people have complained about paper wo ... more
0 votes Share Flag Tue Nov 29, 2011 Foreclosure in San Francisco
Rich Bennett…, Real Estate Pro in San Francisco, CA
Rich Bennett 415.305.4911-cell answered:
How do I find foreclosed homes?
Hey there Luke-

If you're still needing help regarding foreclosures, don't hesitate to call or email. An agent would be the best source for REOs (via MLS) and can make the ... more
0 votes Share Flag Sun Sep 18, 2011 Foreclosure in 94115
Paul Hwang, Real Estate Pro in 94105
Paul Hwang answered:
the 45 days for Short Sale Lender's Consent have passed and I haven't heard anything, what should I do?
short sales take a while and nothing is guaranteed. be patient and you will be rewarded. if not this onem then the next.
0 votes Share Flag Sun Aug 21, 2011 Foreclosure in 94109
Rich Bennett…, Real Estate Pro in San Francisco, CA
Rich Bennett 415.305.4911-cell answered:
is it possible to get information which houses in this area have been "condemned"?
Hi Eugenia-

There is no central realtor database with "condemned" homes (referring to homes that are not habitable). Your realtor can keep an eye out for distressed/fixer p ... more
0 votes Share Flag Sun Aug 21, 2011 Foreclosure in Silver Terrace
Ron Thomas, Real Estate Pro in Fresno, CA
Ron Thomas answered:
assignment of mortgage say assign to cis securities who is this and is this the correct way to show company holding mortgage.
Tom, you need more information;
they may be just a loan SERVICER>
0 votes Share Flag Sat Aug 6, 2011 Foreclosure in San Francisco
Rob Regan &a…, Real Estate Pro in San Francisco, CA
Rob Regan & Ciara Piron answered:
What is the best way to purchase a foreclosure in San Francisco?
Eric - as someone below mentioned the property you found was a "BMR" or Below Market Rate unit. So the price wasn't that low because it was an REO/foreclosure but becaus ... more
0 votes Share Flag Tue Jul 26, 2011 Foreclosure in San Francisco
Margaret Has…, Real Estate Pro in 33544
Margaret Hassani answered:
How does a bank decide whether to allow a property to go to auction or sell it as a foreclosure on MLS?
First it goes to auction, which, as previously written, is the foreclosure. Then the bank has a Realtor list it for sale on the MLS.
0 votes Share Flag Fri Jul 22, 2011 Foreclosure in San Francisco
Lance R King, Real Estate Pro in San Francisco, CA
Lance R King answered:
How does one buy a foreclosed property?
Julia,

There is a lot of misunderstanding on this topic, but essentially there are two kinds of foreclosure properties:

1. Buy at auction on the courthouse steps. This is not advi ... more
1 vote Share Flag Mon Jun 27, 2011 Foreclosure in San Francisco
Bill, Other/Just Looking in 92069
Bill answered:
where can i go to verify the accurate loan amount owed, on a property i want to bid on, at auction?
Funny, a bunch of Blood sucking Agents have responded!!
Try going down to the county office and searching public records..
Not only do you want to know how much is owed but also what ... more
0 votes Share Flag Mon May 16, 2011 Foreclosure in San Francisco
Oggi Kashi, Real Estate Pro in San Francisco, CA
Oggi Kashi answered:
I made an offer on a home that was accepted, the home is scheduled to be auctioned in June. Not a short sale, seller has equity. Any caveats ? Thx!
Yes, Shel-lee - you are right. If the seller has enough equity to cover the closing costs, transfer taxes, late fees, penalties, attorney's fees and sales commission, and it's ... more
0 votes Share Flag Sat May 14, 2011 Foreclosure in San Francisco
Oggi Kashi, Real Estate Pro in San Francisco, CA
Oggi Kashi answered:
what does it mean when your house is sold to foreclosing beneficiary?
Neely

Are you searching for a specific property that was foreclosed? You can ask a local realtor to monitor the address and notify you immediately when the bank puts it on the market ... more
0 votes Share Flag Thu Apr 14, 2011 Foreclosure in San Francisco
Lamont Duncan, Real Estate Pro in 80211
Lamont Duncan answered:
Does the trustee have to posses the actual promissory note to sale my house at public auction?
like the other agent stated, it is hard to offer a viable solution without knowing all the details. I guess the crux of this is "What is your real question?" If you are seekin ... more
0 votes Share Flag Thu Apr 14, 2011 Foreclosure in San Francisco
Mr_real_esta…, Real Estate Pro in New York
Mr_real_estate answered:
I live in a house that was foreclosed in January. The bank says it doesn't want rent "at this time." Will the bank make me pay back
If the bank advised you not to pay rent at this time then you should be saving all these missed payments in an account, which hopefully will help you to move before the bank initiates e ... more
0 votes Share Flag Wed Apr 6, 2011 Foreclosure in San Francisco
J. Mario Pre…, Real Estate Pro in San Francisco, CA
J. Mario Preza, CRB, CDPE answered:
Is there a procedure where you can sale the home back to the bank, for the amount left on mortgage?
That is sort of what happens with a foreclosure. The alternative for the homeowner is a deed in lieu of foreclosure where the bank, if they accept that proposal, will take the keys and ... more
0 votes Share Flag Thu Mar 31, 2011 Foreclosure in San Francisco
J. Mario Pre…, Real Estate Pro in San Francisco, CA
J. Mario Preza, CRB, CDPE answered:
Which professionals do most borrowers go to when they need help with loan modifications?
This is a sub-industry in the real estate arena brought on by the dramatic changes in either the real estate market or the stifled economy as a whole, however, typically such metamorpho ... more
0 votes Share Flag Thu Mar 31, 2011 Foreclosure in San Francisco
Tracey Martin, Real Estate Pro in Salinas, CA
Tracey Martin answered:
Do any of you Realtors have experience dealing with loan modification agencies?
I agree with Bob. A non-profit agency, such as HUD, is your best bet. The role of anyone assisting in a loan modification is essentially keeping the lines of communication between the s ... more
0 votes Share Flag Thu Dec 23, 2010 Foreclosure in San Francisco
Kenny Tan, Real Estate Pro in Diamond Bar, CA
Kenny Tan answered:
What's the truth about the ongoing loan modifications and "forensic audits"? Many are still being victimized by unscrupulous
You're absolutely right that the major stumbling block is lack of ability to qualify for loan modification.

I am a real estate attorney who has taken on the defense for some for ... more
0 votes Share Flag Fri Nov 26, 2010 Foreclosure in San Francisco
J. Mario Pre…, Real Estate Pro in San Francisco, CA
J. Mario Preza, CRB, CDPE answered:
Is 174 Victoria St 94132 still active forREO ? I got from realtytrac but dont know how to interprete all
The information on many of the foreclosure resources available can be confusing, particularly as to the true status of the property, e.g., is it truly foreclosed and if so, who the ulti ... more
0 votes Share Flag Thu Nov 11, 2010 Foreclosure in 94132
J. Mario Pre…, Real Estate Pro in San Francisco, CA
J. Mario Preza, CRB, CDPE answered:
Can business letters pose as personal letters?
The question about the types of correspondence that comes through the mail is interesting, but it may be a bit of a stretch for a Realtor to answer, particularly when you're asking ... more
0 votes Share Flag Thu Nov 11, 2010 Foreclosure in 94132
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