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Foreclosure in Burlingame : Real Estate Advice

  • All52
  • Local Info5
  • Home Buying23
  • Home Selling2
  • Market Conditions3

Activity 4
Tue Dec 1, 2009
Frances Boscacci answered:
Hi Crisser,

Additionally, If you are willing to pay CASH, you could attend an auction- They are announced to the public. But even then it will be necessary to have done some research so as to know what market value is for the properties you are bidding on. It will be important to be patient and have a very strong agent representing you.

There are a couple of REALLY good deals in Burlingame on the market at this time.

Frances Boscacci
Associate Broker
Clay Herman Realtors
251 Park Road
Burlingame, CA 94010
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Sat Oct 3, 2009
The Laugesen Team answered:
Doug
If you are interested in purchasing forclosed properties, you may want to consider going direct to the banks.
Go to the local branches of Wells Fargo, Bank of America, Citi, and Chase and ask for a list of the bank owned properties. The banks have inventory of these properties and all have not been released for sale.
If you want to purchase in Burlingame, and you are not working with a real estate agent, give me a call, I have worked in the 94010 area for over 20 years and have knowledge of homes that are not in the mls.
Good luck to you!
Denise Laugesen
#1 Top Producing Agent
Cashin Company
Direct Line: 650-403-6225
Email: deniselaugesen@comcast.net
Web: http:/www.deniselaugesenteam.com
DRE: 01011089
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Wed Aug 19, 2009
Lenore and Alex Wilkas answered:
Burlingame has very few bank owned properties. Anyone that tells there are a lot of them is not truthful. Now, we know there will be a lot of them coming but maybe at the end of this year. Right now, there aren't any to speak of. ... more
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Sun Jun 28, 2009
Lee Ginsburg answered:
Newbie,
Short Sales are when the home is for sale for less than the loans on the home. In the peninsula most of the short sales involve 2 lien holders. That is the frustrating part. Getting 2 banks to agree to how much they receive from the sale. Banks prefer to sell a home as a short sale vs. foreclosing due to the cost involved in foreclosing. I have heard $30,000-$50,000. The big problem with Short Sales is that the banks are overwhelmed and it takes a minimm of 3 weeks just for the banks to look at the short sale package. The short sale package must include the detailed information on the seller's financiails, a hardship letter as why they cannot continue making the payments paystubs, bank tatements and more. The banks will not tell the seller or the agent what price they will accept (I understand this is changing in some areas but not yet in the Bay Area). After only receiving an offer will they respond and it usually takes 2-3 months. During this time they obtain apraisals or BPO (similar ot an appraisal. Many agents put a low list price to get an offer so they may begin a discussion with the bank. Banks may not accept many of the list prices on short sales. Someone commented that Short Sales are easy. I strongly disagree. A Deal? I won't necessarily say that. Banks are not here to sell something below market value. They do a lot of research before agreeing to accept. Remember with short sales or florclosures the owners were not able to make the payments so they most likely did not take care of the home. In general they need more work than an invidual seller and are therefore priced accordingly.

Many banks will leave the homes in a short sale position for many months. Some after 2-3 months of no payments may file the NOD (Notice of Default) to begin the foreclosure process.

I have heard that only 25% of short sales actually close. You may make offers on several short sales at the same time due to the length of time it takes banks to respond..

Follow the link for additional information on Short Sales and Foreclosures.
http://lginsburg.prucalbayarea.com/page/buyingintoday039smarketreo039sforeclosuresbankownedshortsales
I have represented buyers and sellers in short sales on the Peninsula. If I could be of any help please do not hesitate to contact me at 877-Lee-Sells or 650-358-3959. Lee Ginsburg
www.leesellsmore.com
Good Luck
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