I'm looking to buy a REO or forclosure home in the city of Pleasanton or San Ramon. can anyone give me?

Asked by Julie, Pleasanton, CA Thu Jun 5, 2008

advice as where to look?

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8
The Hagley G…, Agent, Pleasanton, CA
Sun Jul 13, 2008
Start with shortsalesheep.com then click on the bank owned homes tab....you can sort by lender. Concentrate on Chase, World Savings, Country Wide, and Deutsche for these areas. This is the most anonymous way.

If you want Realtor assistance....Google 2 or 3 of us (by name only) and choose the one with the most experience. Very easy! Good luck!
Web Reference:  http://www.cindihagley.com
0 votes
Nahid Monahe…, Agent, Pleasanton, CA
Tue Jun 17, 2008
Julie,

Have you found what you were looking for? I have 2 of them. Give me a call(925-216-9380). I look forward to hear from you.

Thank you,

Nahid
0 votes
Charo Bhatt, Agent, Fremont, CA
Wed Jun 11, 2008
Hello Julie,

First of all, since you are looking to buy REO or foreclosure home that means you are looking for a bargain price, lower than the regular home sale.

To access the list of REO homes is free and convenient. Go my website at http://www.HomesByCharo.com and on left, click on Bank owned property. You will see a list of the bank owned properties.

If you can provide the specification and a price range of the home that wish to buy, I can email you list of homes in foreclosure. This would be a custom search per your specification. You can Google search foreclosure properties. Actually there are several sites for finding what you want in today’s market. Go to http://www.Foreclosurehomes.com

I think you will benefit by having a strong negotiator on your behalf, to find that bargain
and negotiate a good deal for you. If that sounds right to you, then pick up the phone
and call me at my cell phone 510-381-2105 or e-mail me at CharoBhatt@gmail.com to
make an appointment.

Good luck on home search.

Charo Bhatt
Web Reference:  http://www.HomesByCharo.com
0 votes
Steven Ornel…, Agent, Fremont, CA
Fri Jun 6, 2008
Hi Julie,

Your best bet is to start working with a licensed Realtor or Mortgage Banker for identifying a distressed property. Realtors will have access to the MLS listing the Short Sale and Foreclosures, while a Mortgage Banker (and some Realtors) will have access to the Bank's own databases of REOs. I’m both a Realtor and Mortgage Banker with access to these data sources.

GUT CHECK PLEASE!
However, while you might identify a Rose out in the Foreclosure garden, you should be fully aware of where the thorns are located that the media rarely covers when they are hyping these opportunities, as follows:

-- The process of buying a Short Sale/Foreclosure/REO (SS/F/REO) home is much slower (60+ days), and greater-than-normal documentation is required, as compared to buying from a private seller.

-- Most banks are notorious for NOT returning phone calls and obtaining status of the transaction is like shouting into a valley and not even hearing your own echo. In all fairness, Banks are inundated right now.

-- Only about 33%-50% of deals are actually accepted and close.

-- Water and/or electricity can be turned off, which makes it very difficult to confirm condition. There’s also not much effort to clean up or repair SS/F/REOs. They can be in pretty bad shape. Be careful of SS/F/REOs priced suspiciously low as the completed cost of the repairs may exceed the market value of the home after the repairs are done. Definitely consider finding a contractor you can trust and take her/him with you when you are viewing SS/F/REOs. True, some foreclosures are in better shape than others, and just when the excitement builds you realize you are going to be up against a 60-day bout of the Bank’s “silent treatment.” This is why many buyers “just say no” to SS/F/REOs, opting for a condition-verifiable, MLS listed home that is competitively priced.

If your stomach isn’t queasy and you want to move forward buying one of these properties I would suggest that you ask your friends and family for references of at least three people that have actually run the SS/F/REOs gauntlet.

On the other hand, if you are thinking, “just say no” and would like to find a condition-verifiable home that is competitively priced please give me a ring.

Best Regards,

Steven A. Ornellas, GRI, ABR, e-PRO, CMPS, RE Masters, MBA
REALTOR® / Mortgage Banker-Broker / Certified Mortgage Planning Specialist

Steven Anthony Real Estate & Financial Services
Cell: 510.461.6011 Skype: brokersteve
0 votes
Barbara Wils…, Agent, Danville, CA
Fri Jun 6, 2008
Regarding Realty trac - I have done a fair amount of research and have found their information to be somewhat old. For example, there were two homes on a particular street identified, one with a notice of default, one as a bank-owned property on the website during the week of May 24. There are no current homes listed on the market on that street, there are no current foreclosure notices on that street, and after a title search, no bank-owned properties on that street, except one that was sold to a buyer and closed in February. I am not sure I would spend money to get this information. Get the current listings sent to you, or go on realtor.com and check for current listings. You'll know the "bargain" when you see it.
0 votes
Meena Gujral, Agent, Pleasanton, CA
Fri Jun 6, 2008
Hi Julie,

You probably know foreclosures and short sale properties are in every city and there are plenty of them. There are some websites like Realty trac etc. that you can subscribe to for listings, however there is a lot to know before you take the plunge to buy one of these properties and they are not always a good deal.
It could take a very long time to close escrow and you need to do an extensive cleaning and remodeling after the condition some of these homes have been left in and it could be in the thousands of dollars.

Agents have access to Foreclosure and Short sale properties in the MLS and it really helps to work with and agent who can guide you through the process.

I live in Pleasanton and would be very happy to help you. You can reach me at 925-425-9491.

Meena Gujral
Help-U-Sell Achievers Realty
925-425-9491
0 votes
Eric Bryant, , Long Beach, CA
Fri Jun 6, 2008
Hi Julie, a local Realtor is a great idea, they live this stuff day after day. If you are not ready to make that choice, get on my website (or many others), and set up a search with your criteria. In m y case, you can use teh "Advanced Search" option and enter the "keywords" reo, or foreclosure and it will automatically send you updates when any properties matching that criteria hit the local MLS! It's simple. Best of Luck! The Coach
Web Reference:  http://askPCR.com
0 votes
Pacita Dimac…, Agent, Oakland, CA
Fri Jun 6, 2008
You have to have a well-defined goal and the tools to get there.

The best advice I can give you is to engage a realtor. Your realtor can also recommend some lenders who can prequalify/preapprove you for a loan so that you know what your budget is. And your Realtor can pull the information about REOs, in these cities, based on your budget parameter.

Understand what it entails to buy an REO. Start here: a link to a very good article and others like it http://homebuying.about.com/od/4closureshortsales/qt/foreclo… Best that you have clear expectations from the get-go.

Working with your realtor, you should do a focused search for homes in neighborhoods that suit your lifestyle and meet your requirements,. By being prepared and knowledgeable, you can maximize the efficiency of your search and selection.

As of this writing, there are only 24 REOs in Pleasanton and San Ramon, ranging from a low of $218,900 for a condo to detached 5 BR/4 BA home for $935,000. That's quite a range, isn't it? That's why it helps to finetune your search.

If you need recommendations for a realtor in these areas, let me know and I'll be happy to recommend someone.

Take care and good luck
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