General Area in 94582>Question Details

suong00, Home Buyer in San Ramon, CA

How can I get access to the foreclosure houses? There is very limited images and data about those houses.

Asked by suong00, San Ramon, CA Fri Mar 29, 2013

We are currently living abroad and will move back to San Ramon this summer. We want to buy a house there. Most of the house I feel comfortable with (the price) are the foreclosure ones. Is there any hidden risk to buy those house? Thank you.
Sue.

Help the community by answering this question:

Answers

8
The Medford Team’s answer
There are many prices on the internet showing prices for “foreclosed” homes – in reality, most of these are ads for foreclosure data companies. If the property you are looking at has the red tag, RealtyTrac, then it’s not a real listing and there is no way you will get the property for the price shown – the number shown is typically for a loan, not the actual property.

Truth is, all the foreclosures that you would have access to are on the MLS along with all the other local listings … and are priced the same. The days of foreclosures with low prices are long gone. In fact, the days of foreclosures themselves are almost gone – currently, there is only 1 foreclosure listed for sale in San Ramon, and it so many offers in on it they are not accepting any more.

If you want to live in San Ramon, you will need to pay the prevailing prices for a home – there are no deals or shortcuts. Additionally, it’s a seller’s market right now and prices are spiking upward due to the severe lack of inventory. It may not be the news you wanted to hear, but it’s very, very real.
0 votes Thank Flag Link Fri Mar 29, 2013
You should not be buying a foreclosure wityhout looking at it and inspecting it before making an offer. There is a lot of hidden risks if not done properly
0 votes Thank Flag Link Sat Mar 30, 2013
I recently bid on a a foreclosure that got 31 offers and sol for 10% over asking price. Foreclosures are no bargains these days. You are still paying the top dollar the market will bear and get no repairs.

Believe me, those list prices are going are not going to be the sales price. Everything is selling OVER LIST these days,
0 votes Thank Flag Link Sat Mar 30, 2013
Everyone is looking for a "deal" but frankly those days are over. Too many buyers are fighting for too few homes and everything is fast and moving quick.

There are foreclosure resources from the courthouses, private auctions, internet and MLS. Buying from and through agents are the least risky approach to foreclosures because when you close you know what you are getting.

If you are not so concerned about that, have cash to buy, and have experience fixing homes, there is nothing wrong with the other approaches.
0 votes Thank Flag Link Sat Mar 30, 2013
All foreclosed houses will appear on the MLS as an REO. There is no other way to buy "foreclosures" other than bidding at the county courthouse steps and paying all cash, which is a super expert game. So best way to find foreclosures is to talk to a Realtor. And there are less and less foreclosures left and they are often priced just as high as normal sales and can need a lot of work and you will get no disclosures since the bank owns it. The time for foreclosures was more in 2008-2011.
0 votes Thank Flag Link Fri Mar 29, 2013
Hi Sue,

We are currently in a Sellers market so there are no deals to be had. Prices have spiked across the board and Foreclosures no longer offer the appeal they did before. We have very low inventory so all the properties that come on the market are getting multiple offers.

If you are looking to buy you should find a realtor locally and start the process rolling. You will need a pre-approval from a lender if you are requiring a loan. The more prepared you are when you get here you can hit the ground running.

I am a Realtor in San Ramon, Pleasanton, Danville and surrounding areas, so if you need any assistance please email me.

JoAnn Wheeler
925-699-3337
joann@joannwheeler.com
0 votes Thank Flag Link Fri Mar 29, 2013
Don't believe what you see on Zillow, Trulia etc. regarding foreclosures. Most of them are just homes in default and may sell as short sales or foreclosures down the line or may even never sell if the owners bring their loans back up to date.

If you want to know what is really available for sale in San Ramon, you can get an accurate picture from a good Realtor website such as mine at http://www.sellingsanramonhomes.com. My datafeed is updated multiple times every day from the local MLS.

I should warn you that prices are rising in San Ramon. I have been selling homes here over 12 years and I have never seen such an active market (and so few homes for sale).

Good luck to you.

Bernard Gibbons
J Rockcliff Realtors
0 votes Thank Flag Link Fri Mar 29, 2013
There are very few foreclosures available in most markets. I can isolate foreclosed homes on a search for you if you want to contact me offline. The reality is that banks selling foreclosed homes are looking for fair market let value as with a equity seller, so often. , there is little advantage buying one.
Suzanne Looker
0 votes Thank Flag Link Fri Mar 29, 2013
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2016 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer