Home Buying in 94044>Question Details

Wendy, Home Buyer in Pacifica, CA

We are a preapproved family in Pacifica looking to buy a single family home in Pacifica for no more than 500K

Asked by Wendy, Pacifica, CA Thu May 29, 2008

I've been told that a lot of foreclosures will be on the market in Pacifica at the end of 2008. What is your opinion on this? If true, how do people access foreclosure information. We are approved up to 500K. I am also wondering how accurate the homes listed that have sold in Pacifica on this web site are. Some are obviously extremely low. Thanks for the advice!

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BEST ANSWER
Hi there,
There are 5 single family homes on the market at this time under 500,000 and 6 condo's. Foreclosed properties are accessed by the local papers and finding an auction house that deals with tha area. Most of what you will find on the MLS is Short sale properties and distressed sales. Home sales through Truila are pulled directly from the MLS so I would say very correct. I work the coast so if you would need more information please email me

Thanks

Leanne
0 votes Thank Flag Link Fri May 30, 2008
Wendy,
You need a good Realtor that knows Pacifica. There are two points that allow the buyer to take advantage of foreclosures. Once is when the house is in pre-foreclosure, it is on the market and it is a short sale. At this point it is being sold for less than what is owed on the property and you are negotiating with the lenders. If the house does not sell at this point then the lenders foreclose and take possission. The second apportunity is when it has been forclosed and the bank ownes the property. At this point it is usually priced very agressive and you need to be in a position to act quickly because they are not on the market very long at this point.
1 vote Thank Flag Link Thu May 29, 2008
I am glad that some people can predict the future. With bailout and Incentives no one knows what will happen at the end of 2008. I am also mazed that a person from Tustin ,CA wants you to use him as an agent since he would realy have no clue about what is happening in Pacifica. Short sales are not foreclosures and one person correctly stated that. They are not short and should be called Long Sales. They can take 8 or 9 months and may end up as forecloures anyway. Real Estate Owned properties are also listed on the MLS so everyone has a chance to sell those properties. Make sure you choose an agent who is actualy in the area where you want to buy because they are the most knowledgeable about everything in the area.
Web Reference: http://PacificaHmeSales.com
0 votes Thank Flag Link Tue Nov 11, 2008
Hi Wendy,

I definitely agree that there will be more foreclosures by the end of 2008. Most of the adjustable rate mortgages are now coming due and the foreclosure process is lengthy. Therefore, I think if you are patient you will be able to find some great deals at the end of the year. If you have any questions feel free to contact me at peter_brunton@yahoo.com
0 votes Thank Flag Link Wed Jun 18, 2008
Hi Wendy,
There are several strategies to use in buying a home by using front end/back end of the deal as well as the front end/back end of the Loan. On Foreclosured Bank-ownded homes, it is best to use a Triple Offer Strategy.
Most of the Foreclosures in the Pacifica area are a "Short Sale"; with a totally different strategy used on these. And, typically, they take more time to close.
If you want to discuss Buyer Strategies appropriate for your situation, please email me at jhgrossman@msn.com
0 votes Thank Flag Link Tue Jun 3, 2008
Hi Wendy, you will need a Realtor who specialize in the San Mateo area which also cover Pacifica. One of the reason that homes listed in this Website are extremely low is because these are short sales listing. I can email you some foreclosures or bank owned houses in Pacifica with no cost to you if you want. My email address is cristyweg@comcast.net.
0 votes Thank Flag Link Thu May 29, 2008
Hi there Wendy. This is true for almost all cities unfortunately. You would really need to work with a realtor who not only has access to these homes but has experience with working them. There are many differences in working them than a normal home.

I can help you find them and review all the sales in the area in 2008.
Kind Regards
Michael Barron
First Team Real Estate
(714) 552-6817
E-mail : michael-barron@sbcglobal.net
0 votes Thank Flag Link Thu May 29, 2008
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