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Asked by Adam Chiltern, San Ramon, CA Wed Jun 4, 2008

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James Allan, Agent, Venice, CA
Wed Jun 4, 2008
When a bank takes possession of a home they will most times list it with an agent on the MLS or put it up for Auction which will too be listed most times on the MLS.
When a property is in default you can sometimes contact the owner and see if you can do a short pay with their lender to avoid foreclosure.
2 votes
Pacita Dimac…, Agent, Oakland, CA
Wed Jun 4, 2008
If you're focused on one area, and if you want to know about properties before they are marketed via the MLS, one of the best ways to find out about such notices of default and trustee sales is to check the city/county records because this info will be made public. There are notices for trustee sales where prospective buyers can bid on different properties.

As of this writing, there are 13 homes that are REO (bank owned) in San Ramon. 4 are condos, 6 are detached single family homes, 3 are townhouses. Lowest price is $218,900 for a condo, and highest price is $1,899,000 for a detached single family homes. Check them out:…

If you're looking at short sales, there are 56 offered at this time.

Lenders will always use realtors to market these properties if no one buys it at auction because this is the surest way to get the property on the MLS for the widest distribution. If you have a realtor working for you, that realtor may be able to send you an automated email notification whenever such properties hit the market. A realtor can also guide you through the maze of writing an offer on foreclosed homes. It's not for the faint of heart. We realtors can help.

Good luck
1 vote
Cherie Chass…, , 95945
Wed Jun 4, 2008
James is right. If the owner just received the "Notice of Default", they have 45 days before it goes into foreclosure. During that time, you can contact the owner to see if they want to deal with the bank for a "short pay" to prevent a foreclosure. After the bank owns the home, it is almost always listed on the MLS by a Realtor if it's for sale, or by an auction company if it's to be auctioned.
0 votes
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