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Foreclosure in San Francisco : Real Estate Advice

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Activity 132
Tue Mar 3, 2009
Jeff K answered:
I agree with Gene. A general real estate agent will know little or nothing about foreclosures, REO, and short sales.

Tax liens is a different animal - and how those work varies by state. What works in NJ is completely different in PA. Gene's out of AZ but perhaps he knows how these work for CA - and perhaps they are worth your time to investigate. ... more
2 votes 7 answers Share Flag
Thu Feb 26, 2009
Jeff Woo answered:
Trying to find the right attorney is a bit like finding a good hair cutter or auto mechanic. You can seek referrals from trusted friends or other sources, but ultimately, you have to work with one to really know if he or she is the right attorney for you.

Some thing I recommend people who come to see me seek to determine is:
1. Does the attorney understand my sense of risk?
2. Do I feel rapport with him?
3. What is his experience with the particula subject matter?
4. Is the attorney able to give me a sense of the cost of my litigation?
5. Is the attorney able to give me a sense of the risk of my litigation?

There are many attorney in San Francisco who I'm sure could help you. While your description is understandably vague, be prepared to provide the attorney the following information to allow him to evaluate your case:

1. Amount of your actual "out of pocket" damages you suffered
2. What tangible evidence you have of the defendant's wrongdoings (as opposed to your opinion or belief of what the defendant thought, intended, or did.)
3. Written timeline or chronology of events you believe are relevent in your case.
4. Copy of relevent documents k
5. List of witnessess with contact information

Good luck.

Jeffery Woo, Esq.
Sedgwick, Detert, Moran & Arnold LLP
Complex Rental Property Group
415-627-3607
jeff.woo@sdma.com
... more
0 votes 1 answer Share Flag
Sun Feb 8, 2009
Jed Lane answered:
0 bedrooms is a studio. 0 baths flags this "listing" as an ad. RealtyTrac's business model is to sell subscriptions. This is an ad to attract you, Mazur, to subscribe.

If you are looking to buy and even if you only want a deal, work with a professional Realtor don't be duped into believing that any data service is better than a market savy professional. ... more
0 votes 2 answers Share Flag
Sat Feb 7, 2009
Dana Schuster answered:
It's listed as o brs,0 bas because Realty Trac does not have the information. they only have the info that appears in the public records. So,Mazur,you really need to connect with a local agent who can provide you with accurate information. As you can see from Peter's answer below,he knows the local market & was able to get you the info you needed. ... more
0 votes 3 answers Share Flag
Fri Feb 6, 2009
Dallas Texas answered:
Banks are not in business sale property for profit, you need have your taxes completed by a CPA who knows how to handle these types of returns. You may have a tax write offs you are not aware of. GREAT QUESTION ... more
0 votes 3 answers Share Flag
Fri Jan 2, 2009
Rebecca White answered:
Hey Pamela,

To put it very candidly: RealtyTrac sucks!

I subscribed to their leads for a while and without fail, people emailed me thinking that they could buy property in San Francisco for ridiculous amounts of money. Some guy was adamant about a condo near me on Franklin that he was convinced he could buy for less than $50,000!!

Almost every time that I checked something out, it was the loan amount—or default payments--that people were misconstruing as the price. Or the property was already “rescued” by someone or in escrow for $800,000 when someone thought that they could buy it for $200,000.

Bottom line, the RealtyTrac price is NOT a real price and—in my experience—their info is rarely accurate.

Other Realtors, don’t waste your time—or money—paying for these leads. Buyers—check it out with a reputable Realtor who has access to real data and frequently the story behind it.

Sincerely,
Rebecca
Keller Williams San Francisco Properties
... more
0 votes 2 answers Share Flag
Mon Dec 15, 2008
Nancy Corsaut answered:
I do not want to rain on your parade, but the information on Trulia appears to be incorrect according to the tax records. The sales price reflected in the public records is only a PARTIAL sales price. The new loan amount is $570,000 and the 08-09 tax debt is $9,600 and change. This property was not listed in the MLS so I am assuming it was a private sale and/or transfer. It doesn't appear that this was sold at auction or as an REO. I hope this helps. ... more
0 votes 2 answers Share Flag
Fri Nov 28, 2008
Cheryl Bower answered:
Hi Dirk,

One big difference in buying a foreclosed property is that the lender is exempt from providing some of the mandatory disclosures that are required with a normal sale, such as the Transfer Disclosure Statement (TDS) and the Seller’s Supplement to the TDS. This is due to the fact that the lender has never occupied the property. As a result, a buyer needs to rely even more so on doing thorough inspections. Otherwise, a buyer can still include the standard contingencies (finance, appraisal, inspections) and a 30 days or sooner close of escrow.

If you’re interested, I’m happy to set up a property search for you for S.F. neighborhoods. There have been a couple of foreclosures in the Sunnyside area, a neighborhood where I lived for 10+ years, that is within walking distance of Glen Park which offers great stores, restaurants and transportation options.
... more
0 votes 2 answers Share Flag
Fri Nov 21, 2008
Scott Godzyk answered:
usually after 60 days you receive the demand to cure mortgage, when it nears 90 days you will receiv a notice of foreclosure that gives you 21 days to cure the default or the foeclosure sale will take place on teh 22nd day. you can and should call your bank, ask for the home retention department and ask about forebearance or a loan modification. that may help you save your house. If you can not save it you should ask if you qualify for a short sale or discuss a deed in lieu of foreclosure if you want to just get out. good luck with working things out Gregor ... more
0 votes 3 answers Share Flag
Wed Sep 24, 2008
Luba Muzichenko answered:
Sheila,

Are you looking for pre-foreclosure properties (aka short sales?) If so, an agent can set up a search for you in the MLS and send you those. If you'd like, I'd be happy to do that for you and set you up with an automatic email alert. You can call me or email me directly for that information.

I also provide a weekly newsletter that has a link to many pre-foreclosure properties that are NOT on the MLS. It also provides readers with all new and sold listings for the previous week - it lets subscribers be informed about what's happening in the market. You can sign up for that newsletter by emailing me and requesting to be added, or by going to www.thecityupdate.com.

Please let me know if I can be of further assistance.

Luba Muzichenko
REALTOR®
Zephyr Real Estate
415-307-1392 (cell)
luba@zephyrsf.com
www.LubaSF.com
... more
0 votes 2 answers Share Flag
Sat Sep 13, 2008
Mary Salisbury answered:
IF I WANT TO BUY A HOME AT AN AUCTION WHAT DO I NEED AT THE TIME OF THE COURT DATE?
0 votes 12 answers Share Flag
Thu Sep 4, 2008
John Scott answered:
Hello Elle,
This condo was on market until June 2008 for $699,000, then the listing was cancelled. No other information available on the MLS. Prior to 8/1 it was owned by an individual, now it's owned by an investment company - sounds like a foreclosure auction. I'd need to see where you found the info to give a more definitive answer.
John Scott
... more
0 votes 1 answer Share Flag
Sun Aug 10, 2008
Jed Lane answered:
CAC,
Your deposit is either in the owners bank being held for you or if the property is under managment it is in a trust account with the property manager.
Review your lease and find out where it is. Write to the owner and the receiver at the same time to determine where it will be held as the process moves through.
One more thing you might want to do is get in touch with the rent board in SF to be sure you know what rights you have as a tenant.
... more
1 vote 1 answer Share Flag
Fri Aug 8, 2008
Jed Lane answered:
Nic,
As they say it depends. The significance is the same whether the owner is offering the property or a bank is offeriing the property. It could be what they expect, what they want or it could be set to attract attention and sell quickly. The only really significant peice of iniformation is what will a ready and willing buyer pay for the property. To get at that question one needs to have market knowledge and local market knowledge at that.
When an investor is buying in a new market to them, they have to do the due diligance on the specific market. Look at industry, employement, governance etc. before they can know what the price of an investment should be and what it will return.
... more
0 votes 4 answers Share Flag
Thu Jul 31, 2008
Scott Osborne answered:
You have to be very careful when sorting through foreclosure data & statistics. There are many sources and varying levels of accuracy. The best one I have have found for California is foreclosure radar, and it is available on my website. It will give you accurate general info for free. For more detailed reports, you need to register, but it is still free! ... more
1 vote 2 answers Share Flag
Wed Jul 30, 2008
Real Estate Investor answered:
Get a loss mitigation service...they are worth every penny...google a few or get recommended ones...I personally use the REO investmentment group here in los angeles...you can try ones near your area...good luck.

PS: instead of talk get people who take action..a lot of real estate agents and brokers just talk talk and don't give you what is real, demand deliverables and you will get what you want.
... more
0 votes 7 answers Share Flag
Wed Jul 16, 2008
Daniel answered:
You can buy anything you wish depending on your comfort level and intellegence!

All you need to do is to watch the pre-foreclosure web sites, get the address, knock on the door, make an offer!

Now, just because you see property owner in default of their loan and in pre-foreclosure status doesnt mean that their house is for sale...many will pay the necessary money to get their mortgage current.
... more
0 votes 2 answers Share Flag
Tue Jun 10, 2008
Peter Brunton answered:
HI Jim,

I wouldn't say there is hesitation because it's ultimately up to the client as to what property he/she would like to purchase and I would show every available property that fits their criteria. However, if someone was debating between a bank owned property vs. a normal sale I would much rather deal with the normal transaction. I'm helping a client with an reo right now and what is most frustrating is that not only does it take a long time to hear from the bank, but the bank's agent is often their sole agent and they have many foreclosed properties that they are trying to sell. This sometimes puts your contract on the backburner so that getting things done can be problematic.

That being said.......you can find some good deals!
... more
0 votes 9 answers Share Flag
Thu Mar 13, 2008
Bill Williams answered:
Unfortunately, it does take months in this market. The banks are swamped. In my recent short sale, the bank took over a month simply to acknowledge an offer. If you want to get a property under the market value, you must be really patient. A short sale isn't for someone who needs to move quickly. So if you buy a short sale, it has to clearly be worth while for you which is your motivation for being so patient. If you want convenience, buy a property that is on the open market. But if you want to start out with, say, 20k in equity, wait. As an investor, I would love to buy some of the short sales I've seen lately but I have my hands full with current properties. ... more
0 votes 6 answers Share Flag
Wed Mar 12, 2008
John answered:
Market will be substantially down. Looking at historical norms of income and prices, homes are over-priced. Should see a 25-50% decline, in general according to Case-Schiller. I would not believe anything NAR says, b/c they are biased. (they are interested in seeing a strong market and lots of homes selling)

Ask you self this "does the average joe in the bay area have enough income to afford the average home?"
... more
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