Foreclosure in Sunnyvale>Question Details

Colia, Home Buyer in Sunnyvale, CA

do you have to subscribe to RealtyTrac to get foreclosure info? I want to buy an investment property, (my

Asked by Colia, Sunnyvale, CA Sat Jan 3, 2009

first), on the Peninsula in the 250-300k range and all the great deals seem to be by Realty Trac?

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I have two clients receiving REO list updates from me already, if you would like a copy (it generates automatically and then sends an e-mail to you with new foreclosure listings every day), just let me know.

As you are reading through the realtytrac data, you can become misled pretty easily because only certain information is released. For instance, a home in Los Altos may show up with a $350,000 default amount. You may not know the amount owed on the 2nd loan (many times homes have junior lienholders). And, homes will be priced to what the banks discern the market will bear, when they are actually for sale.

So you can spend a lot of energy being interested in homes that have begun to go into default that are not for sale when you look at all of this data (some of this information on defaults is also available on Trulia).

Realtors can send you homes that are for sale now -- or you can also find them yourself at http://www.REIL.com, the professional site that is updated every 15 minutes.

Good luck! Let me know if you'd like to be blind copied on the list I'm already sending! I grew up in Palo Alto (on the Peninsula) and I have to say that I am not seeing homes at the $250K price point except in EPA and Redwood City. I'm seeing this price point in areas of San Jose like 95116 (downtown) 95127 (east side, but not in the hills yet) and 95122 (near Santa Teresa/Silvercreek) and 95111 (Senter Road). Santa Clara has one home for $385K. Sunnyvale had one for $399K but it's gone (listed last week). Cupertino had one foreclosure for $599K but it's gone. Los Altos had one foreclosure for $945K recently.

At the price points you describe, on the Peninsula, we're seeing homes in East Palo Alto and Redwood City for the most part.

Erica Nelson
http://www.EricaNelsonEstates.com
408-416-7090
EricaNelsonEstates@gmail.com
0 votes Thank Flag Link Mon Feb 23, 2009
I am a Sunnyvale Native! I belong to the most up to date website for foreclosures. Call me for a current list.
You can also go to my websites and email me there.
David Rivas
(408) 431-7202

Go to; ultimatehomerequest.com or ServingSantaClaraCounty.com
0 votes Thank Flag Link Sun Feb 22, 2009
Hi Colia,
I specialize in purchasing REO/Short sales properties. The other realtors have basically covered RealtyTrac the only thing I would add is that the data is not always accurate or current. If you want a Free search for Reo's you can go to my web site and log-in exactly what your looking for, or if you need help with your search just email me and I would be happy to help.
Regards,
Allyson
(408)705-6578
allyson@homesbyallyson.com
0 votes Thank Flag Link Tue Jan 6, 2009
Colia

Realty Trac is an excellent tool if you are a serious foreclosure investor and buy a high number of homes.

I believe the cost is about $50 per month so it is probably money well spent.

That being said, most properties do end up being sold on mls - both REOs and short sales.

Of the two types, I would say look for REOs as you will get a quicker response from bank and often times can make a better buy. Lenders are sometimes reluctant to take less their their loan amount for the property as they would need to do in a short sale. Once the lender foreclosues and has the property on their books, they are eager to get rid of it.

I recently wrote an offer for a buyer on an East Palo Alto foreclosure REO - listed at $240K. This property sold for $640K in early 2006. There were 13 offers and the property sold for over $300K but less than $350K.

So foreclosure REO purchases are very competitive becvause the banks price them so low.

Goos luck.
0 votes Thank Flag Link Sun Jan 4, 2009
Absolutely not, Realty trac is not for the average every day person looking for a home for him or herself. It is for indusctry professionals or hardcore investors who are looking to track properties and foreclosures in certain area's. Your best bet as a buyer is to get a buyer broker who can monitior the local MLS for bankowned homes, new listings and price changes, they can update you daily and assist you through each step of the buying process. If you want to see what realty trac is about,l there is a lonk on my website for a 7 day free trial. If you are looking for future homes coming on teh market it is a good place to start however if you are looking now, a buyer agent will have more up to date information. good luck in your search
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Sun Jan 4, 2009
Colia, All of these answers are great. Nothing to add.

TA
0 votes Thank Flag Link Sun Jan 4, 2009
Hi Colia,

Realty Trac has some listing information, but they obtain that information from the local MLS. Any agent in the area which subscribes to that MLS can provide that information.

Realty Trac also give you information on Pre-Foreclosure homes, but that is an entirely different beast and not for all investors. My suggestions to you is to search bank owned properties and short sales. As an investor you can take advantage of this market and if you are diligent enough, you can get a good deal. You can search bank owned properties and short sales on my site, http://www.viniciusbraisl.com. Good luck.
0 votes Thank Flag Link Sat Jan 3, 2009
Colia:

Here is a recent post that outlines what RealtyTrac is really about and where to get foreclosures:

http://www.trulia.com/blog/carl_medford/2008/12/when_is_the_…

Let me know if you have any questions.
Web Reference: http://www.carlmedford.com
0 votes Thank Flag Link Sat Jan 3, 2009
FREE info. regarding foreclosures providing specifications to realtor who can place you on an automatic email. Many websites have out dated info., vs. MLS is current more detail info.
Web Reference: http://www.lynn911.com
0 votes Thank Flag Link Sat Jan 3, 2009
Colia, The answer is absolutely not..With the amount of foreclosures and as much as what's available in most markets seems to change everyday, your best bet is to find an agent you are comfortable working with and they can provide you any information you need.

Good luck, Dunes
0 votes Thank Flag Link Sat Jan 3, 2009
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