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Foreclosure in San Francisco : Real Estate Advice

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Activity 133
Wed Feb 10, 2010
Harold Sharpe answered:
Sometimes yes and sometimes no.
HOA dues are a personal debt and the HOA can go after the old owner even after the home has been foreclosed upon. It is a common occurrence for this to happen.

Harold Sharpe
So Cal Homes Realty
951 821 8211
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0 votes 7 answers Share Flag
Sat Feb 6, 2010
Tomas Janik answered:
The price of 20K provided by Realty Trac, IS NOT misleading, it is transfer value price for the Bank. that means the price of last record in the history of property.

The real price of the property is higher, of course, however you can negotiate and submit a reasonable offer to the bank.

I am surprised that so many realtors dont know that.

I did subsribed to realty trac as a realtor, and it is a great source of REOs, and Foreclosures. So you can definitely find a bargain, but need to be financialy ready and have your funds together.

In FORECLOSURE you are dealing with the bank, basically you submit an offer (reasonable) and bank either accept or deny your offer.

We specialize in foreclosures, short sales, and REOs, please feel free to contact me.
I would be happy to answer any of your questions.

Good Luck & Happy new year!
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Wed Dec 23, 2009
blaison samuel answered:

Loan modification is taking longer times, sometimes more than 2-3 months. Try the NACA's direct toll-free number 1-888-404-6222 or (510) 652-6622 since your location is in San Francisco.

If you have received the Notice of Default or trustee sale notice from your lender then let NACA know about this and ask what to do next in order to postpone the trustee sale. I hope they can help you to achieve what you want.

Blaison Samuel
Certified Short Sale Specialist
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Sat Nov 28, 2009
Dean Gittleson answered:
As a CPA active in this subject, I have not seen a profit sharing model as part of a loan modification. In some cases the modification may require forbearance of part of the principal. The forbearance is a balloon payment. The forbearance is part of the total balance owed but not used in the payment calculation and is due either at the end of the loan term or on sale of the property. For example, let’s assume there is a balance of $300,000 owed on the property and the borrower agrees to a deal where $250,000 will be amortized for 30 years at a fixed 3% interest rate. The forbearance amount is a non-interest accruing balloon payment of $50,000. The interest and principal payment of $1,054.01 would be calculated on the $250,000. If the borrower sells the house 5 years from now for $400,000, the borrower would pay the lender the remainder of the amortized balance off $222,266 and the forbearance amount of $50,000 for a total due of $272,266. My recommendation is to have a competent local CPA or an attorney you have a good relationship with read the document carefully and answer all questions you might have. ... more
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Mon Nov 9, 2009
Michael Novia answered:
Hi Susan,

I can't imagine why an agent would not submit an offer when asked to do so. This is a very strange situation. Did they scan & email the offer in? If so, have your agent forward you that email. Did your agent fax it? Ask for the confirmation.

Good luck,
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Sun Oct 25, 2009
Dan Chase answered:
All the realtors seem to agree. No listings at that price at THIS time.

We now have 2 1/2 million foreclosures in the pipeline. We have 7 million foreclosures coming in the next 1-3 years. When those hit you should find prices dropping. Remember, we have big unemployment, we have poor loan availability. FHA is finding bottom line problems, low reserves, high defaults= less loans in the not to distant future. I bet if you wait intil 2011, maybe 2012 you will find much better prices. PLUS by then you should have even more saved for the purpose.

Be patient, be smart, wait, watch, and prepare. Save a great downpayment, live like the poorest person you know. Save all the money you can. Try shopping at goodwill. Eat much cheaper foods, and cut out any unnecessary expenses like coffe you do nor brew at home. Then in awhile you will be sitting pretty.
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Sun Oct 18, 2009
Grace Hanamoto answered:
Hi Dlec50 and thank for your post.

Unless you know exactly who is responsible for this home, you'll simply be spinning your wheels in trying to locate someone with whom you can negotiate the purchase of the property. Once the property has been foreclosed, its often sent directly to a local listing agent to clean up, prepare and make ready for sale. When all of the paperwork has been complete and the home is ready for sale, it will appear on the MLS here in San Francisco. Your Buyer's agent should be able to assist you in purchasing this home.

Deutsche Bank is usually quite fast in turning home, so I'd expect to see this property listed within 30-60 days from the date of foreclosure.

Good luck! And if you need any further information about a specfic address, please contact us--we're all here in California and can help you.

Grace Morioka, SRES, e-Pro
Co-Host of "Naked Real Estate" on
Area Pro Realty
Tel 408-426-1616
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Thu Oct 8, 2009
Mike Ackerman & Oliver Burgelman answered:
Dear Mary,

Certainly non-payment of rent is one of the 14 reasons to evict, but every detail must be done in accordance with the spirit, intent and letter of the law. You may also want to do a quick REVIEW of your HAZARD INSURANCE POLICY or call you insurance agent to ensure your policy includes a policy rider covering wrongful eviction - just in case. This will further give you peace of mind as you proceed.

I own rental property and represented many buyers and sellers of mult-unit properties. It is my standard of care to advise clients to seek out the assistance of a good SF Landlord/Tenant Law Specialist attorney, I reiterate that advice to YOU. This is not an arena for the Do-It-Yourself Landlord. There are so many resources available giving FREE LEGAL ADVICE is to TENANTS in this town. Don't jeopardize your investment any further without consulting a specialist. Jeff Woo is one of a few excellent attorneys who specialize in this arena of the law. - (Jeff, if you're reading this - I look forward to seeing you later today with my clients!)

Good luck,

Michael Ackerman, CRS, e-Pro
Zephyr Real Estate
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0 votes 4 answers Share Flag
Wed Sep 23, 2009
Jeff Woo answered:
You can do down to the Recorder's office and do a title search. You should be able to find who is the beneficiary of the deed of trust that has filed the Notice of Default. Also, the Notice of Default itself may tell you.

The process is not that easy for the uninitiated. If you know the name of your landlord, you would look up that name on the index. From there, you can follow the trail of title to find the deed of trust, etc.

If you want the easy way, you can use an online property search service, but there will be a charge.

By the way, as a tenant in San Francisco, you maintain all your rights as a tenant under the Rent Ordinance even if the property is foreclosed.

Jeffery Woo, Esq.
Complex Rental Property Group
Sedgwick, Detert, Moran & Arnold LLP
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1 vote 2 answers Share Flag
Wed Sep 2, 2009
Gregory Hayes Garver answered:
Tue Sep 1, 2009
Jeff Woo answered:
You have to separate the issues of death and default.

With a death, the property would fall under the control of the deceased's estate and distributed in accordance with the will or State law if there is not will, or in accordance with the terms of a "living trust" if there was one. Some TIC agreements may provide for a right of the other TIC owners to buy the interest from the estate or the trust. Obviously, if your TIC agreement so provides, that would be controling.

You must look to the loan documents to see if the transfer of ownership due to death is an event which would allow the bank to call the loan due. I believe that so long as the estate continues to hold title, the loan will not be in default.

As for a default, all TIC agreements have mechanisms in place to deal with such occurrances. The basic remedy is the the non-defauting TIC members have to make up the payments to keep the loan out of default and then to pursue the defaulting owner with a law suit or arbitration, procure a judgment and eventually foreclose on his interest in the property. It is one of the major drawbacks of TIC ownership and is often dealt with by requiring a substantial default fund to be maintained by the TIC partners.

Jeff Woo, Esq.
Complex Rental Property Group
Sedgwick, Detert, Moran & Arnold LLP
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1 vote 4 answers Share Flag
Mon Aug 17, 2009
Jesse Sierra answered:
We 350z

At times the foreclosed properties being auctioned will have a reserve price. Even if your client has the winning bid, your client will not be the lucky owner unless it meets the reserve. Although, the auctions have bank representatives which you can negotiate with and meet halfways. Also before your client goes to an auction, always do comps on the properties that they are interested in. There is a frenzy at the auction and bidders will over pay.

Just my 10 cents.

Jes Sierra, B.Sc., Realtor®
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Fri Aug 14, 2009
Gregory Hayes Garver answered:
Fri Jul 10, 2009
Jed Lane answered:
Thu Jul 2, 2009
Jeff Woo answered:
One other point you may want to consider. If the pool & patio were not built to code, or worst, built in a defective manner so as to increase the risk of injury or damage to your property, you of course want to know. So when you do your inspection, you want to mitigate this risk of liability by perhaps having more extensive inspection done by a expert specializing in concrete work or pool construction.

Jeffery Woo, Esq.
Sedgwick, Detert, Moran & Arnold LLP
Complex Rental Housing Group
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0 votes 4 answers Share Flag
Tue Jun 16, 2009
Voices Member answered:

You might want to give these a look..Tax sales... ...

Data for Bay Area, a must look at for comparable information, sales, foreclosures, prices ect... ...

For the Bank/Gov REo/Foreclosures try taking a look at these... ...

Fun stuff..Just remember due diligence ....

Good luck, Dunes
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Thu Jun 4, 2009
Peter Chovanes answered:
He is a smooth talker alright. If you stop paying your mortgage you will trigger a default, credit tanks and you are off on your way to either a modification of the loan or forclosure. A short sale involves none of the above. You may be hit with a tax bill but the property gets sold for less than the loan and you can move on. keep paying your mortgage and contact a realtor with one of the reputable brokerage houses and just ask if the agent has experience with short sales. The more short sales the better. There are not many agents with this experience. Most stay away from them, myself included however I am learning. I do know an agent who was doing short sales as far back as 2001 so I know she is experienced. Whoever you choose they will guide you and will be compensated witha commission. If you go the other route mentioned above once you modify your loan or even go to forclosure then you can begin the process of repairing you credit which can be done in some cases in as short as 3 years. I hope this helps. Good luck. ... more
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Sun Apr 26, 2009
Get-smart answered:
I am sure you have find an answer to your problem, however it is best to sell a house to an investor that knows about the short sale niche of foreclosures. If you don't have any offers on the table your lender will not postpone your foreclosure date. Investors are always willing to make offers to your mortgage lender and their offers can possibly stall the sale until you find another buyer. The best part of all is that when another buyer comes along the process has already begun. ... more
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Wed Apr 8, 2009
Hannah Fliegel answered:
Hi J,

You already got a very detailed answer. If you do go to an auction you may want to look at the property you will be bidding on the night before the auction or certainly the morning before. Shocking but people actually break windows to homes that are unoccupied. Also, make sure that the title is Free and Clear. If you go to an auction and think you got a good deal and then find out that their are other liens, not fun.
Finally, a new investor really got in trouble because he got an REO at auction and rehabbed the project went to flip it and it flopped. The previous owner had replaced sidewalks and outside light fixtures with no permits and what a mess. $40k later he wished he had partnered with someone experienced. Here is a referral for you for a Bay Area Investor who was featured on Kron 4 she has various programs including just assisting you with the purchase of the property and then you are your own. Or she can help you just get a tenant in the property. Very interesting what she does. Good luck!
Caroline Hegarty 707-704-4904
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