Three sites I use regularly are ForeclosureRadar.com, Auction.com and ReconTrustCo.com. Having worked in the East Bay for nearly 7 years prior to relocating to San Francisco, I've handled a number of REO/foreclosed and short sale properties. I also act as an investor and have access to larger group funds. Let me know if I can help.
Gina Landers, Broker, CDPE
DRE # 178500375 License # 01388614
1. Is the Listing agent "LEGALLY" required to submit all offers to the bank (especially at asking price) in California State?
Is so, could you point to me to the correct legal article or rule that says this?
I can't, but she can: http://activerain.com/blogsview/1813272/in-california-all-offers-must-be-presented-to-the-seller
2. What can I do ?
You can A) female dog & moan - makes you feel a little better, B) report their butt - if enough people take the time to do it with any luck they might just lose their license, C) sue, D) do what most people do which is sad - move on to the next one, E) be persistent and sneaky and figure out a way to get to the asset manager - (and perhaps their boss) which may or may not help any. Theoretically banks are supposed to be liquidating their non-performing assets - if the boss finds out the asset manager is doing a crappy job, they just might get a talking to - enough talks and maybe somebody will lose their job. Squeaky wheel gets the grease, make a big enough stink and maybe you'll get some satisfaction - though you probably won't get the property no matter what you do - with the exception of suing and then you take your chances. Is it worth it?
And surprise surprise, I'm not an agent. How do you know? Because I answered your question. I'm tired of stupid lazy agents that don't know their own job or obligations which seems to be pretty much 98% of them - present company excepted of course ;)... more
It basically means that the banks suspend the foreclosure proceedings. It's good for the homeowner who are facing foreclosure due to financial difficulties, at least they will get a chance to work with the bank for any alternatives like loan modification or short sale to avoid foreclosure from their credit.
It will also help the housing market to recover quickly and the house value will also be higher. Foreclosed properties are sold less than the other type of properties and bank also lose more money with the foreclosure proceedings. Overall, I would say the housing market will improve with less and less foreclosed properties on the market, which is already happening in this market.... more
As you can see from the answers below, do not go this direction or believe what you read in a "how to get rich book" it may work on tax lien properties in "who the heck know's town" but it does not happen here.
Please feel free to call and arrange a time to get educated on the foreclosure market as it happens here in SF and CA.
Foreclosures like this one will be listed with a real estate agent because the bank - whichever one that is - understands that that's the best way to sell property. Banks are sophisticated and often foreclosure properties get sold at market value or close to it.
If you are interested in foreclosed property, either my colleagues below or I can assist you because we all have access to foreclosure listings. It is also important to work with an agent who understands how foreclosures work and who guides you.
If it's an REO or a short sale, the lender will required it to have been listed with a Realtor and placed on the MLS before they will consider any offers. The only other options for distressed property is at the court steps (risky and the lenders usually want more than it is worth in my experience) and public auctions (these usually dont have homes from SF of highly sought after areas as they can get more on the open market).
Closing the second short sale listing this year, one of them a HAFA approval short sale. I was the listing agent for both of them.
I also represented numerous buyers while purchasing short sale properties.
SFR( Short Sale Foreclosure) certified.
Worked with investors before, I am very interested to hear bout your real estate investment buying plans.
Looking forward to hearing from you soon!
Alina Aeby- Top Producer 2011, San Francisco Office
Broker Associate, Realtor
Short Sale and Foreclosures Specialist (SFR)
Licensed in CA, #01729889
My Profile: http://www.ziprealty.com/agent/aaeby
Like us at http://www.facebook.com/sfhomezone... more
I agree, buying a foreclosure is pretty simple. these listings should appear in the local MLS. Once you find a property you like, it's always best to come in quickly and make the best offer you can if your realtor think there may be overbidding (it all is property specific so be sure you have a discussion with your agent regarding the specific of any particular property before you make an offer). all cash certainly helps these days. Patience too.
The pre-foreclosure information on Trulia is as accurate as the court records they receive it from. That means that there are mistakes because many people have complained about paper work errors. During the pre-foreclosure period the homeowner still has time to avoid foreclosure and may. Furthermore, banks are not putting many of the best properties back on the market as REO's because the financial loss due to market conditions would be too great. Therefore, the homes that you see on Trulia in Pre-Foreclosure are hit and miss at this point. There are some things a good real estate agent can do to get that specific home for you, but it is a long shot.... more
There is no central realtor database with "condemned" homes (referring to homes that are not habitable). Your realtor can keep an eye out for distressed/fixer properties for you. You may want to check with the City of SF directly, too, to see if they maintain a separate database of "condemned" homes and work from there. Your realtor can also keep an eye out for foreclosed homes as well. And yes, financing on condemned homes may be challenging at best but can you try FHA (your realtor can tell you more about that as well).
I recommend getting a buyer agent to start your searches as they will have access to all bank owned properties and will be able to represent you in the purchase and make sure you are the most protected in your purchase.... more
There is a lot of misunderstanding on this topic, but essentially there are two kinds of foreclosure properties:
1. Buy at auction on the courthouse steps. This is not advisable unless you really know what you're doing. You need to pay all cash, you will be bidding against experienced investors, and there may be issues with the property that you won't discover till after you own it. If you have an agent/broker help you with this you will need to pay them yourself.
2. Buy an MLS listed property that has been foreclosed on. While you won't get the same level of disclosure on these properties because the bank never occupied the property, you will get clear title and the ability to do inspections, and you can get a loan on the property. You would be best advised to use an experienced, knowledgeable agent/broker to help you as the process of buying a foreclosure has some differences than a regular purchase, and the commission is paid for by the bank. This is a far more advisable approach. If you would like more information our contact info is below.
Lance King/Owner-Managing Broker
DRE# 01384425... more
Funny, a bunch of Blood sucking Agents have responded!!
Try going down to the county office and searching public records..
Not only do you want to know how much is owed but also what are the comps in the neighborhood you are looking at. If the comparisons in the same neighborhood are less than what is owed, then you have some negotiating tools.
As far as Don Teppers advice that is does not matter....Baloney!
What if that house was bought Many years ago and it has less owed on it than many of the comps. Would you pay the comp price of the surrounding homes or would you offer less knowing that the amount owed was less than the surrounding houses??... more
Yes, Shel-lee - you are right. If the seller has enough equity to cover the closing costs, transfer taxes, late fees, penalties, attorney's fees and sales commission, and it's all paid in time, then there should be no problem.... more