Hello. I'm Marco and I write from Italy. Can you explain me the pre-foreclosure? What does it mean?

Asked by marco.cucchi, San Francisco, CA Wed Oct 26, 2011

If I were interested to buy this propert, what I have to do? If I pay $ 6.475, what will happen after? I have to pay the rest of the loan? And if yes, how much is this rest? Is there something else that I have to know about this kind of operation? Thank you very much.

This question is about this property: http://www.trulia.com/foreclosure/3061079059--La-Salle-Ave-S…

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Ugo Baldassa…, , San Francisco, CA
Wed Oct 26, 2011
Carissimo Marco,

Le precedenti risposte sono valide. Se tu stai cercando un acquisto immobiliare in San Francisco a buon mercato ci sarebbero altri mezzi piu diretti con ottimi risultati. Sono un agente con venticinq'anni d' esperienza in questa bella citta. Sono bilinguale, e sarei completamente alla tua disposizione.

Distinti saluti,

Ugo Baldassari
Paragon Real Estate Group
email: ugo@ugo4homes.com
Web Reference:  http://ugo4homes.com
0 votes
Oggi Kashi, Agent, San Francisco, CA
Wed Oct 26, 2011

Just because a property is in pre-foreclosure, it does not necessarily mean it's up for sale. Also, the default amount shown usually has nothing to do with the property value or the probable price if it ever comes up for sale. RealtyTrac uses these types of ads to attract paid membership for their services.

For true foreclosure and short sale listings, here are 2 reliable links that are free of charge:

SF Foreclosures- http://bit.ly/SFREOmap

SF Short Sales- http://bit.ly/SFShortSaleMap

Feel free to contact me directly with any questions.


Oggi Kashi
Broker Associate, Paragon Real Estate Group
All data from sources deemed reliable but subject to error and omission, and not warranted. CA DRE 01844627
Web Reference:  http://www.oggikashi.com/
0 votes
Jed Lane, Agent, Petaluma, CA
Wed Oct 26, 2011
There is so much more that you need to know!
A foreclosure starts with a notice of default being recorded with the county so that the owner can't transfer title without the defaulted loan being paid. You can't buy the property for that amount. Even if the owner has no money and the property is taken in full foreclosure the property will sell at the market value.
There can be "deals" in this segment of the whole market but the "deal" isn't that great. No one buys real estate valued at hundreds of thousands of dollars for huge discounts. Ask yourself why would a bank or mortgage investor sell so low? They wouldn't.
So I guess what you need to know is that this amount is not the sale price. If you want to know more about values in SF hook up with a local agent. We can advise you and help you greatly.
0 votes
Mike Ackerman…, Agent, San Francisco, CA
Wed Oct 26, 2011
Dear Marco,

This is simply a notice that the property owner is in default by the amount. It is not up for sale. Many of us on Trulia dislike the Realty TRAC feed as it leads buyers into thinking they can buy this for the payment amount defaulted. It just feeds Realty Trac's subscription base of buyers looking for that leprechaun to show them that pot of gold at the end of the rainbow.

I know, because I sell short sales and bank owned properties and hide nothing. Our clients get the real deals.

If you want a real estate site that shows a more accurate picture of what SF real estate is about, then check out http://www.sfarmls.com (the only true source) or send me your email and I'd be happy to send you a link where you can create searches and save favorites.


Mike Ackerman
Zephyr Real Estate
0 votes
Rich Bennett, Agent, San Francisco, CA
Wed Oct 26, 2011
Hi Marco,

Pre-foreclosure means the owner of the property is, most likely, behind in their mortgage payments and the bank may have filed a Notice of Default. The owner of the property can pay what is due to save their house. If the property is not listed for sale, you can try to approach the sellers to see if they want to sell. Chances are the property may not be worth what is owed on it. Often, buyers will wait to see if the bank forecloses on the property and then will purchase it directly from the bank at that time.

Pre-foreclosure information is simply that, a heads up that a particular property may be moving in the direction of foreclosure at some point down the road.

Hope this helps clarify things a bit.

Rich Bennett, Realtor

http://www.76-78Prosper.com http://www.LansingStCondo.com http://www.115-117States.com

Zephyr Real Estate
Web Reference:  http://www.RichBennettSF.com
0 votes
Lance King, Agent, San Francisco, CA
Wed Oct 26, 2011

Pre-foreclosure means the owners are in behind on their note and a notice of default has been filed, but the bank has not yet foreclosed. I need more info to answer the rest of your questions.
0 votes
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