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Foreclosure in San Antonio : Real Estate Advice

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  • Home Buying690
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Activity 76
Sat Oct 15, 2011
Chris Hutchinson answered:
I agree with Ramiro Burr, Banks will contract with Realtors to get the property up to a presentable state at their expense and most Realtors and Real Estate Agents that do this type of deal have teams they work with, but you may want to target some of the ones that you know are listing foreclosures. But if you can always identify new Real Estate Investors especially the wholesalers. They just want the property broom swept clean so they can flip it to the rehabber that will make it beautiful. ... more
0 votes 4 answers Share Flag
Sun Oct 2, 2011
Don Tepper answered:
None of your darn business. Keep your nose out of your neighbors' lives.

Ellen and Doc provided a nice, sensitive, helpful answer . . . if, in fact, your interest is in helping out your neighbors. But I didn't see any indication of that in your question. Instead, you just seem to be baffled by their actions: "weird . . .why do spasific [sic] work . . . i noticed on facebook. . ." And you identify yourself as "Just Wondering," not "Concerned Neighbor" or "Worried Friend" or similar.

Sure, it could be a foreclosure. Or maybe they sold it privately. Or maybe they sold it conventionally, but for privacy reasons chose not to have a sign put out front. Or maybe they're renting out their current home and moving to a new one. Or maybe they're moving because of their child's health problems. Could be a lot of things.

None of which are any of your business.
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Mon Aug 15, 2011
Ron Thomas answered:
The houses (REO's) are usually owned by Banks and they may different approaches to LISTING the houses.

Understand that the LISTING PRICE has one primary objective, to attract attention: It is not intended to be set in stone, and in many cases it is not even a good guideline toward the SELLING PRICE.

Some Sellers believe that by setting the LISTING PRICE high, they can always come down, and people will make an offer anyway: WRONG! Buyers will just bypass the property and look at houses that are within their price range. And six months from now, the Seller will slowly start lowering the PRICE, (this is called “chasing the curve”) and Buyers will be asking the question; “What’s wrong with that house?” and “Why has it been on the Market so long?”

Other Sellers set the LISTING PRICE low, to attract multiple offers. (The correct strategy.) We are asked; “Aren’t you obligated to sell at this price if someone offers it?” The answer is probably not; for that to happen, you would first have to have only one offer, and secondly, the offer would have be exactly the same, down to the smallest detail, (please discuss this with your Realtor).
Another thought; Buyer will search for potential properties by groups; for example, $400,000 to $450,000, and $250,000 to $300,000. If your house is priced at $460,000 or $310,000, the Buyers will never see it. (something else to discuss with your Agent.)

We have found that extremely often, the LISTING PRICE that is set on SHORTSALES and REO’s are not determined, nor even discussed with the Bank: The banks play their cards very close to the vest, they will not tell the Listing Agents any more than they have to; they will not give us their lower limits. So usually, the LISTING PRICE on a distressed property is a number taken out of the air.

If you are considering a property, have a Realtor do a CMA, (Comparative Market Analysis) to help you determine your Offering Price. If you look at enough CMA’s, you will see the trends.

You will not be privy to the though processes of the Bankers:

What you will have access to, is the Market Value of the House as determined by your CMA.
What you should be concerned about is not paying too much; you don't care what the Bank VALUES the house, but rather what YOU value the house!

Good luck and may God bless
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Mon Aug 1, 2011
Emily Erekuff answered:
Hi Dolores,

According to USPS, 78429 isn't a valid zip code. I think you might have meant to inquire about 78249 instead and have included a link to the foreclosure properties that are displayed on Trulia in that zip code below.

I hope this helps you.

Best Wishes,

Emily Erekuff
Community Moderator
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0 votes 1 answer Share Flag
Thu Jul 14, 2011
Cassandra Black, Consultant answered:
Hi Jaylynn,

You have to start by doing your initial industry research, then formally setting up your business. Don't start without at, minimum, a BASIC business plan... doesn�39;t have to be formal or fancy, but you'll need a road map -- otherwise you’ll be “driving” all over the place with no direction at all. Then, get your licensing and insurance and start marketing the heck out of your business (have a loud mouthpiece, or the competition will eat you up!). A "shoestring" budget is fine for starting a foreclosure cleanup business. (It’s one of the best things about starting a business cleaning foreclosures.) Tons of foreclosure cleaning information, advice, JOBS & SMALL BUSINESS CONTRACTS, including "How to Start a Foreclosure Cleanup Business Quickly and On a Shoestring Budget" below. Also, visit Trulia Foreclosure Cleanup Blog for a plethora of start-up information. http://www.trulia.com/profile/foreclosurecleanup/blog/.

Much success to you!

Cassandra Black, Foreclosure Cleanup, LLC
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Mon May 23, 2011
Jason Campbell answered:
24810 Night Arrow - The property condition indicates that you will need Cash or a Conventional Loan Only. If you are a first time homebuyer, this home may not the right choice financing-wise. Most lenders require a 20% down payment on any home that the appraiser deems to be anything less than "average" condition. Seller will not do any repairs of any kind, and will not allow any to be made prior to closing... So getting the right lender is VERY important. (I can guide you there) Just something to keep in mind.

If the home still fits what you are looking for.. You have comps as high as $236,000 for the same square footage (1326 Burning Arrow- Sold, $236,000 in 16 days on the market). There was one other sale that was the same price and it sold for $190,000 (24807 Flying Arrow - Sold in 148 days for $190,000) .

To place an offer on this property.. you will need to have proof of funds to close (if paying cash) or a loan pre-approval from a bank. Offers are placed online. You will want to work with an Agent who does TONS of these transactions, as they can get very complicated, and if you don't know what you are doing, you can run into all kinds of problems. I sold 103 foreclosures last year, and all of them were "fun" to say the least. Before you select your agent, be sure you ask them some solid questions... How many have you actualy sold and closed on? How familiar are you with the lending rules associated with foreclosed properties? Etc. You really don't want to work with a novice agent on a foreclosure. The details can kill you and empty your wallet if not properly prepared. I've seen it too many times!

Give me a call when you get a moment and I will go over all the minute details with you.. Items like - Inspections, De-Winterizing, Power and Water Procedures for Inspections, Lending Rules, Offer procedures, paperwork you will need, etc. If you get it right the first time... it won't be a nightmare purchase. Better to get all of this stuff ready up front, than to get extremely frustrated later.

Jason C Campbell
Realtor / Mortgage Loan Officer
Keller Williams Realty
210-389-5266
jcampbell0674@yahoo.com
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0 votes 10 answers Share Flag
Tue May 17, 2011
Scott Butcher answered:
You don't have to register. All you need to do is show up with your monopoly money cashier's checks and be ready to bid on the 1st Tuesday of the Month at the Bexar County Courthouse steps. All monies are due immediately upon purchase and you don't have time to go to the Bank to get a Cashier's check for the exact amount.

I suggest you get a copy of either the "REX Report" or "Roddy Report" in advance as they will help you navigate the fast paced auction that will take place. Also, I suggest going to an auction first before showing up ready to bid so you can get a feel for how it works. It's an organized chaos and you need to understand how the process works and suggest you speak to some of the other bidders to learn from them about the process as well.

Not many properties actually get sold to 3rd party investors in these auctions based on my prior experiences with the monthly foreclosure auctions (in Travis Co.) ~ maybe up to 3-5% of the total listed properties. The Banks tend to buy up most of the inventory.

Good luck.
... more
0 votes 1 answer Share Flag
Wed May 11, 2011
Tommy Burris answered:
Why were you denied?

The foreclosure is NOT the reason.


MANY lenders have programs that allow this.
0 votes 12 answers Share Flag
Fri Feb 4, 2011
Jason Campbell answered:
Michael!! You are in the right place my friend.. Every investor that I work with just loves me to to death because I shoot quick and duck fast! ;)

I have personally bought and sold 1498 homes in San Antonio and surrounding areas... I no longer fix up homes and sell them at a profit because I'd like to keep the rest of my hair... but I find tons of them faster than you can buy them. But, I need to qualify myself... speed is the key to winning the investor race in San Antonio. I will only work with you if you are willing to go see a home at the drop of a hat... when I run into one that has a huge spread on it... you have to be ready to get out there THAT DAY or you will miss it!

I have several investors I work with now, and we go through them like hotcakes.. give me a call if you would like to met up sometime and talk over lunch... I can always use another investor to throw in the mix.

I bring some experience to the table that is unmatched in this arena... too many details to throw down on trulia... but if you want to shoot me an e-mail we can talk.

I have 5 homes right now that you can pick up for less than HALF what they are worth! Gotta love those 40cents on the dollar homes!
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0 votes 5 answers Share Flag
Wed Jan 19, 2011
Susan Casas answered:
Hey there Chris, looks like you have geat advise here, we all have great lenders with whom we work with.
If I may add, I have a few names for you as well. Agents have access to great lenders.
Good Luck on your search. I work with Adriana Mills, Yvonne Godina, and a few others.

Susan Casas
210-835-6696
susan.casas@century21.com
... more
0 votes 8 answers Share Flag
Fri Dec 31, 2010
Heather Paul answered:
Contact local real estate agents in your area that list bank owned homes, "REO agents", also apply your company to the banks and national asset management companies to be placed on their reo vendors list. Learn as much as you can about this business first, try the foreclosure cleanup network, it's free. Also search other questions here on trulia. ... more
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Wed Oct 27, 2010
Tony Z - In The Field answered:
If you are an investor, you probably know you don't need a "buyers agent", as the sellers agent will do all the paperwork for you. All the buyers agent will do is step in and glean 3% paid by the bank. Since you now know this, you can ask the sellers agent to take 4% (instead of 6%) to make your offer more attractive to the bank, or (what I like to do) give an early Christmass present to a realtor that pulls comps for you and have them submit the paperwork and yell love you for the bonus.

And to answer the question... If you are working with the bank REO, send the SS offer to the REO agent or Realtor and keep up with them each week. If the "owner" is still in the house (pre foreclosure), you have to put together a SS packet (with contract, hardship letters, etc.) and submit to the bank. Let me know if you need help putting a packet together. Good Luck!
... more
0 votes 4 answers Share Flag
Tue Oct 26, 2010
Scott Godzyk answered:
If it is a secone mortgage or equity line secured by a mortgage and note, they do have the right to foreclose if you do not make your payments, they would notify the first lien holder as required by TX state law. You may not get a copy of that notification though. you should consult a lawyer to protect yoru rights and your home. ... more
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Wed Sep 22, 2010
Jaime Marin answered:
Boo,
Seeing to me like you need to interview a real estate agent to conduct a market analysis of the property and find out if the is enough money to pay the mortgage, the taxes and see if there is any profit left to the estate. If theres is enought money to cover all items you need an agreesive martketing plan to sale the property asap. Call me I have the tools necessary to help you ...
Jaime Marin
(210)219-0509
JaimeMarinRealtor.com
... more
0 votes 8 answers Share Flag
Sat Sep 4, 2010
Jim Johnson answered:
Send an invoice to the person who hired you for the amount they agreed to pay.
0 votes 1 answer Share Flag
Wed Sep 1, 2010
Justin Padgett answered:
Are you interested in buying a particular property that has been foreclosed on or are you trying to get the best deal? If you are waiting for a particular property to come on the market, I would suggest going to your county's records department. They have the original mortgage holder on record. I would then contact that particular lender and ask for the asset management department. If you are looking at foreclosures for the best "deal", many foreclosures go at or just below fair market value. The lender will have the property appraised and get as close to that value as possible. If you are looking for the "best" deal, I would consider looking for a realtor who is experienced in handling short sales. I have found that the deepest discounts on properties are found with these. The lender wins because they did not have to pay to go through foreclosure proceedings, thus they are willing to let the property go at a deeper discount. Good luck on your journey and I hope that this information is useful. ... more
0 votes 9 answers Share Flag
Fri Aug 13, 2010
Don Tepper answered:
Sun Jul 4, 2010
Danny T Thompson answered:
HOA's are high,y regulated by the state, as they are a non-profit entity. I would definitely notify the HOA that you need some time to seek legal counsel. It is important to keep the lines of communication open and do not present yourself as harsh person, as later, if it were to go before a judge, that would look bad. At all times, be rational and reasonable, but be clear that the fence has been as such for 6 years... Your defense may very well rest on that fact. I cannot see how other HOA can claim default on you when they have had ample time to press the issue with you.
However, you should defer to a lawyer who specializes in HOA issues... I know in San Antonio, there are a few respected lawyers who do this... You just need to make sure the lawyer has no afiliation with the HOA community.. Hoepfully, he or she would let you know that in advance, but it should be asked up front.
For what it is worth, I agree with you. I have been on several HOA boards, have been president of one, and have finally learned that it is a thankless job...

All the best to you.

DannyT@Kw.com
... more
0 votes 5 answers Share Flag
Mon Jun 7, 2010
Eric Blossman answered:
Let me suggest going to www.homepath.com The FNMA Home Path program gives buyers 97% financing with no MI on FNMA owned homes. The prices are well under market and a great way to pick up a property less than market, and get the most competitive financing available. You can also finance renovations right into the loan. If anyone would like more information, just let me know. ... more
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