Foreclosure in San Francisco>Question Details

Dirk, Home Buyer in London, OH

foreclsoure process and players in the SF market

Asked by Dirk, London, OH Tue Nov 25, 2008

What is the US/CA foreclosure procedure in terms of timeline, parties involved? Are most of the assets in SF sold through PE funds which buy distressed loans in bulk off banks and work the portfolio with their respective Asset Manager, a la Lone Star?

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Hi Dirk,

One big difference in buying a foreclosed property is that the lender is exempt from providing some of the mandatory disclosures that are required with a normal sale, such as the Transfer Disclosure Statement (TDS) and the Seller’s Supplement to the TDS. This is due to the fact that the lender has never occupied the property. As a result, a buyer needs to rely even more so on doing thorough inspections. Otherwise, a buyer can still include the standard contingencies (finance, appraisal, inspections) and a 30 days or sooner close of escrow.

If you’re interested, I’m happy to set up a property search for you for S.F. neighborhoods. There have been a couple of foreclosures in the Sunnyside area, a neighborhood where I lived for 10+ years, that is within walking distance of Glen Park which offers great stores, restaurants and transportation options.
Web Reference: http://www.cbower.com
0 votes Thank Flag Link Fri Nov 28, 2008
Dirk,

If you are looking to buy a foreclosed home then the procedure is normal as the other regular sale. These foreclosed homes comes on the market (the asset manager assigns to their realtors to sell these homes) and you can look at those houses to buy and once you like it, your agent can help to write the offer for you and your agent will submit to the listing agent, which he submits to the bank for their approval. If your offer is good then they will approve your offer. What part of san francisco are you looking to buy? I work in east bay area and can help you to buy a home. You can reach me directly at 510-366-9405 or email me at blaison@blaisonsamuel.com.

If you have any other questions, please don't hesitate to contact me.

Blaison Samuel
Certified REO & Short Sale Expert
0 votes Thank Flag Link Tue Nov 25, 2008
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