Foreclosure Agent in Palo Alto?

Asked by Pabuyer, Palo Alto, CA Wed Aug 27, 2008

I'm looking for a realtor specialized in foreclosures in SF bay area, best be in Palo Alto. Would someone suggest a contact? Thx!!

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11
Janie and Jo…, Agent, Palo Alto, CA
Thu Aug 28, 2008
Life is never easy, of course.

Properties go though 3 general stages when ownership is going from an individual to a bank. These are:

Short sale - the seller will not earn enough on the transaction to cover the outstanding loans. Therefore, the seller and then the bank (or banks) have to approve the sale. Depending on whether there is a 1st and a 2nd loan on the property, these can be reasonably prompt or take months. They tend to take months when the 2nd loan is due to get nothing but are demanding something from the primary lender - and even if the 2nd is due to get nothing, they still have to sign off. Screwy, I agree.

Foreclosure comes next. NOTE: Coldwell Banker agents cannot be involved at the foreclosure stage. The big risk here is that you may not get clear title to a property if you buy in foreclosure. You may also have to evict any tenants living there, etc.. Basically, it is a big headache if you are unprepared for the eventualities.

Finally, a property becomes bank owned (REO) in the final stage. Here, you deal with a bank (representative) rather than a seller, but it essentially progresses like a normal transactions. Disclosures are usually a little light in this case.

Getting back to your question, I (or most agents) can help with short sales or REOs, but foreclosures are a no-no for us. As for web sites listing foreclosures, etc. (e.g. RealtyTrac), I find that much of this info is valid, but a lot of the time it is invalid as well.

If you want to try to contact sellers directly, that is your perrogative. Since the vast majority hit the MLS when they are ready to go on the market, that is when I (professional agents) usually can be of use.

Hope this helps!
Web Reference:  http://www.babblingbrook.com
1 vote
Janie and Jo…, Agent, Palo Alto, CA
Thu Aug 28, 2008
FYI, Palo Alto has very few foreclosures (unless you are talking East Palo Alto, which is a different city). In fact, Palo Alto has probably held and improved values the best of any city in California. If your thought is to pick up a foreclosure property in Palo Alto, it may be a challenge.

If you are seeking an agent in Palo Alto, the dialing prefix will be (650). Area code (408) is further south towards San Jose and (415) is north towards San Francisco.

Good Luck!
Web Reference:  http://www.babblingbrook.com
1 vote
Nicole, Both Buyer And Seller, Palo Alto, CA
Tue May 5, 2009
As someone who follows the foreclosures pretty closely (and purchased a couple), there are almost NEVER any foreclosures in Palo Alto.
0 votes
Pabuyer, Home Buyer, Palo Alto, CA
Fri Sep 19, 2008
It's good to hear a straight answer. With the economy and market like this, I'd sleep on my savings account for now.
0 votes
David Blockh…, Agent, Los Altos, CA
Wed Sep 17, 2008
Foreclosures in Palo Alto, forget about it! Foreclosures typically hit the lower end of the market, not the top. You will not be able to find more than a handful in the cities of Palo Alto, Los Altos, Los altos Hills, most of Cupertino, and Sunnyvale west of El Camino Real. Sorry.
Web Reference:  http://www.losaltoshomes.com
0 votes
Amir Shahkar…, Agent, Cupertino, CA
Sun Aug 31, 2008
I work in Cupertino and have lots of exerpience with forclosures. There are not that many forclosures in Palo Alto itself.


http://www.amirShahkarami.com
http://www.888siliconValley.com
0 votes
Pabuyer, Home Buyer, Palo Alto, CA
Thu Aug 28, 2008
John, we've been living in Palo Alto for a few months so I agree that there are not many foreclosure opportunities in here.

On the other hand I've recently a few foreclosures on various online resources, so been wondering are they real? Are they going to turn into real foreclosures (since they are now in the notice of default stage and seems like owners are still living in there)? What's the best way to find out? I don't want to cold-calling the owners since they might be upset with this harrassment, so I'm considering having an experienced agent to helping me.

Again I understand it's challenging, and that's why I need an agent that's really really patient and will stick with it even though it means that she/he might get a smaller commision out of a foreclosure.

Thanks for all your replies.
0 votes
Norman Aless…, Agent, San Jose, CA
Wed Aug 27, 2008
Hi Pabuyer,
My name is Allyson, I do specialize in bank owned (foreclosed) and short sales properties and I have found my buyers some very good deals. I have purchased Forclosed homes al over Santa Clara County.
I have the experience you may have been looking for.
You can check me out at my web site where you can also put in a search just for bank owned properties for your area of interest Palo Alto and receive up to date listings and daily updates automatically and it is FREE!!
You can check out my web site at http:// http://www.homesbyallyson.com and set up your search or just email me with your needs and wants what price range and area or areas you would like to search in and I will set it up for you. And as I have said you will receive up to date listings as well as any changes in price or status.

Sincerely,
Allyson Alessandrini
(408) 705-6578
allyson@homesbyallyson.com
0 votes
Vicky Le, Agent, Cupertino, CA
Wed Aug 27, 2008
I work with clients all over Santa Clara County, including Palo Alto. I do have experiences in Short Sales and REO/foreclosure properties. I have compiled a list of all NOD/NOT/REO homes currently on the market in Santa Clara County. I'd be happy to work with you. Please shoot me an email or call me if you would like a copy of the list.

Vicky Le
408.229.3666
Email: vle@interorealestate.com
0 votes
Linda Baker, Agent, Los Gatos, CA
Wed Aug 27, 2008
I work with clients from PA/MP and south. I am familiar with REO's as well as short sales & auctions.
I would be happy to talk with you about your needs.
Once we determine what you are looking for, I can set you up with a MLS push, delivering new REO listings straight to your e-mail inbox. If you want to see a sample, drop me a line and I will show you what I offer.

Linda Baker
Alain Pinel Realtors
408.712.3432
0 votes
Sj209, Both Buyer And Seller, California
Wed Aug 27, 2008
Try Michael Ames 650.343.1400
Web Reference:  http://www.michaelames.com/
0 votes
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