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Foreclosure in 94132 : Real Estate Advice

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Activity 2
Thu Nov 11, 2010
J Mario Preza answered:
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 ultimate "buyer" was at auction (if not the lender who filed the foreclosure). I would caution any buyer, especially those unfamiliar with this process, to do a thorough review of the facts prior to entertaining bidding on foreclosures. Recently another fellow who sought help here on Trulia shared a nightmare of a story how he wound up bidding on the wrong loan and instead of buying a "great deal" wound up with a (potential) major loss. As for what you can do -- go to the county recorder's office where they should be able to direct you to the actual filings for the foreclosures you may be interested in. That is what many savvy investors in this arena do. Oh, and remember to go see the house too. ... more
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Thu Nov 11, 2010
J Mario Preza answered:
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 about legality. Realtors, for the most part, are not attorneys, and, to boot, they're not experts on U.S. Postal regulations. Having said that, the question about practices in the marketing world, you would probably see these activities by an imaginative Realtor as mild compared to some of the more aggressive tactics used by major mailing houses, you know, those hocking magazines by telling you you've won a million dollars; or those that pose as U.S. Government mail to have the unsuspecting consumer open the piece, etc. Now here's a slogan that reminisces what the intent of our relationship ought to be, taken from another industry to promote their services... "...the best business calls are personal..." (AT&T). Probably not the answer you might have wanted, but in business you'll see all kinds of imaginative ways to reach out and touch someone, particularly when there is a blaring sign at the county courthouse saying, not in so many words, I NEED HELP, I'm about to lose my house! ... more
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