Is there a list out there on forclosures in my area?

Asked by Klea Klea, San Jose, CA Tue Aug 21, 2007

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Bart Marchio…, Agent, Mountain View, CA
Tue Aug 21, 2007
BEST ANSWER
Hello Klea,
I specialize in foreclosures in the Willow Glen area (I live and work here), and I wrote an article on my blog recently, regarding "Questions and Answers About Foreclosures" which should answer many questions you might have about how to buy a foreclosure. Also, I provide a list of Bay Area foreclosures for my clients as well - visit the link below to my blog article, where you will also find the link to sign up for my weekly distribution of foreclosures.
If you'd like to tackle buying a foreclosure, a lot of how you approach the process will depend on your objectives -- i.e., Are you an investor? Is it something you want to buy as your primary residence? Do you have experience with fixer-uppers? What is your financial purchasing power (mortgage and/or cash)? These and many other topics are what I discuss with my clients as we put together a strategy to achieve their goals. I'd be happy to help guide you through the process as well, just let me know!
-Bart
3 votes
Andy Kaufman, Agent, Berkeley, CA
Tue Aug 21, 2007
Hi Klea- Yes there are lists, but in order to get exactly what you're looking for you would need to be a bit more specific with your request.

When a homeowner is in default and before the property is sold at auction, it is known as a pre-foreclosure situation. You can pay for lists of pre-foreclosures by subscribing to sites like realtytrac.com & foreclosures.com, but I've found these services to be incomplete and dated. Luckily, you can also get the same information by going down to your local county recorder's office and searching through the "Notice of Defaults".

However, finding the information is the easy part. As soon as a notice of default is filed, every investor and wannabe investor is going to be sending these owners mail, calling them and knocking on their door in hopes of getting a deal. Unless you know exactly what you're doing, I wouldn't bother with pre-foreclosures.

If a property goes to auction and doesn't sell, it will go back to the bank who owns the note and becomes what is known as an REO (Real Estate Owned) property . The bank will then hire an asset management company, who will hire a local agent to list and market the property just like any other. If you can find a good local agent, they should be able to get you a list of bank owned homes in your area.

Be careful though. REO's are also not for the faint of heart. A lot of times they're run down and have deferred maintenance. Additionally, they're almost always AS-IS sales and usually won't have any inspections or disclosures either.

Hope that helps. Good luck!
4 votes
Ute Ferdig, Agent, Newcastle, CA
Tue Aug 21, 2007
My recommendation to you would be to establish a relationship with a local real estate agent who can provide you with automatic e-mail updates for REOs in the areas that you might be interested in. Since REOs are typically sold through the MLS, you'll have to work with an agent anyway when you purchase and you might as well work with an agent who you know and trust already. The agent can filter the MLS data and search for only REO properties. I am not sure where Willow Glen is. I only know a Willow Glen in San Jose as I used to live in San Jose (Rosegarden area) and if you your Willow Glen is the one in San Jose, I have a good real estate agent recommendation for you. He was my agent when I bought and sold my home in San Jose (that was before I became a real estate agent myself). I was impressed with his ethics and knowledge of the area. Let me know if you are interested in getting contact info.
Web Reference:  http://www.go2kw.com
1 vote
Antonio Car…, Agent, San Leandro, CA
Tue Aug 21, 2007
Yes, go to realtrack.com and sign up for a list of homes available on your zip code,for free via e-mail, for a fee they will give you all kinds of information regarding the loan amount, state of the forclosure process and the like. This is a very informative place and you'll find almost everything you might need there. Good luck.
1 vote
Carrie Crowe…, Agent, Southaven, MS
Tue Aug 21, 2007
Google foreclosures in Willow Glen. If that does not get you the answers you need call your local Sheriff Dept. and ask them if they have a website for foreclosures. Most of them do now. It is usually a free site and easy to navigate. Good luck
Web Reference:  http://carriecrowelll.com
1 vote
Bryan Robert…, Agent, Los Altos, CA
Sun Aug 29, 2010
Yes, there is and there are multiple places to get that list. Here are some of the best services available in this area:

RealtyTrac http://www.realtytrac.com

Trulia
- Click on "More search options" under the "Search" button on the main page. In the "Listing Type" section you'll see options to search for Foreclosure listings.

As an alternative you can use an agent. They'll give you more insight into the history of the property and may give you insight into homes about to be foreclosed.

Another option not presented here is buying homes at the courthouse steps. I've written about this before, just recently in fact, so you've welcome to read my blog here in Trulia to get a little perspective.

Hope that helps.
0 votes
David Chiles, Other Pro, Los Angeles, CA
Sat Aug 28, 2010
Thank you for your questions about Foreclosures in your area. Please be advised that your best source for Foreclosure information is a good local agent. Banks do list REO's on their websites as well. Bank of America, Chase, and Fannie Mae post REO listing on their respective websites.
0 votes
Sam Shueh, , San Jose, CA
Sat Aug 28, 2010
As of 8/18/2010
NOD: notice of default
auction: Sheriff sale
REO:bank owned
Rate is total defaults per owner occupied residence

NOD auction REO rate
N Valley 95131 58 102 36 3.4%
N Valley 95132 93 135 61 3.5%
N Valley 95133 55 105 49 3.7%

dontn 95110 59 64 48 5.2%

east 95116 128 200 112 5.2%
east 95127 172 292 141 5.6%
east 95122 150 243 77 5.6%
east 95148 105 218 63 5.0%
east 95136 97 125 50 3.0%
east 95111 172 271 159 6.0%
east 95112 88 124 116 2.7%
east 95135 33 52 21 2.5%
BV 95123 187 241 141 5.7%
east 95138 45 120 53 6.3%

South 95119 25 33 16 1.0%
South 95139 20 18 7 0.9%
South 95121 125 204 63 1.5%

central 95126 47 76 36 2.0%
central 95128 75 95 41 2.4%
central 95125 80 114 53 1.8%


west SJ 95124 80 108 38 2.0%
west SJ 95117 24 48 15 1.1%
west SJ 95118 66 69 38 2.2%
west SJ 95129 11 16 13 0.4%

Almaden95120 45 52 31 1.5%

SCC ∑ 2894 4471 2337 2.6% <--cnty

Conclusion:
The REO inventory is 20% less than 6 months ago, or 60% less than 1 year ago
The total defaults is 31% less than 6 months ago,
Due to Obabma's programs and loan mod the default will continue to dwindle.
0 votes
Emily Erekuff, Home Owner, Menifee, CA
Wed Nov 21, 2007
Hi Klea,

You can now use Trulia to find foreclosure listings. On our results page you'll now find a selection for 'Resale', 'New Homes' and 'Foreclosure'. Access the link below to review our blog post to find out more and check out the link further below to view foreclosure listings in your area.

http://www.truliablog.com/?p=245

Best Wishes,

Emily Gibson
Customer Service Representative
0 votes
Infinity Rea…, , Saratoga, CA
Fri Oct 12, 2007
If you cant find foreclosures in your area, try searching for short sales or NOD properties.
0 votes
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