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Foreclosure in Santa Clara : Real Estate Advice

  • All304
  • Local Info24
  • Home Buying165
  • Home Selling11
  • Market Conditions8

Activity 16
Juliana Lee, Real Estate Pro in Palo Alto, CA
Sat Jul 6, 2013
Juliana Lee answered:
Leases are not ended by foreclosure, however the owner will probably not maintain the property.
The short answer is that a 90 day notice is required. A good summary can be found at:
http://www.nolo.com/legal-encyclopedia/renters-foreclosure-what-are-their-30064.html

Santa Clara real estate information at http://julianalee.com/santa-clara.htm

Juliana Lee
Top 2 agent nationwide at Keller Williams Realty, the nations largest
Cell 650-857-1000

Over 20 years experience
Over 1,000 homes sold in Santa Clara County and San Mateo County
.
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0 votes 6 answers Share Flag
Mitchell Pea…, Real Estate Pro in San Jose, CA
Fri Feb 17, 2012
Mitchell Pearce answered:
Taza Guru:

The simple short answer is yes, if the senior lien forecloses and the value of the house is less than his lien, your lien gets wiped out.

Both Mark and Terri offer sound advice. However, the first step is a mathematical exercise of determining the value of the house, the value of the liens, the cost of clearing tax liens, and what you can get from the house if you come to own it. This usually takes a realtor. Then the next step, if there is value in owning the property, is to negotiate with the first lien holder to see if you can purchase its lien at a sufficient discount to make doing so financially worthwhile. Then you can foreclose on the owner. Then you can move in or rent it out. I can assist you through these computations and the negotiations for a fee.

Mitchell Pearce
mitchell@handsonrealtor.com
408-639-0211
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1 vote 3 answers Share Flag
Ruth and Per…, Real Estate Pro in Los Gatos, CA
Sat Sep 10, 2011
Ruth and Perry Mistry answered:
Regret to hear about the loss of your spouse.

Clearly, you do need to look at the implications of walking away which would be
Not a prudent step.

Prudent to talk to you accountant or a Realtor.

Feel free to call me and I will be able to guide you.

Regards
Ruth and Perry

www.ruthandperry.com
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0 votes 10 answers Share Flag
Ron Thomas, Real Estate Pro in Fresno, CA
Sat Aug 6, 2011
Ron Thomas answered:
You talk like you're from New York:
In California we use Realtors.
We feel an Attorney will get you out of trouble.
A Realtor will keep out of trouble.
0 votes 3 answers Share Flag
Christopher…, Real Estate Pro in San Jose, CA
Tue Feb 15, 2011
Christopher Cossitor answered:
Good deals abound, and some are not distressed sales. The best way is to call and discuss the options as each buyer is unique. I would like for you to call my office that I may learn more of your requirements and unique circumstances to more personally and privately serve your interest.

Kind regards,
Christopher
01873717
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0 votes 8 answers Share Flag
Kathy Weber, Real Estate Pro in Temecula, CA
Sat Nov 20, 2010
Kathy Weber answered:
Orion,

My husbands business for the past 2 1/2 years has been cleaning and repairing bank owned homes.

We don't receive "contracts" from the banks. We receive guidelines of what they want done to each property under the parameters of a "trash out" or "sales clean".

We do have to sign a W-9 with them for tax purposes. We also have to carry a license, bond, & $1 million dollar insurance policy.

Most jobs we've received come from REO agents that we've networked with and performed to their satisfaction. Tough biz to get into at this time as many large companies have come in and taken over.

Good luck though!
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0 votes 3 answers Share Flag
Sam Shueh,  in San Jose, CA
Wed Oct 13, 2010
Sam Shueh answered:
I agree with some helpful suggestions. Anything is negotiable. If you prove you got no money the choices from the lender is limited. Recently the bank requested $12,000 to be paid by both seller (who had no money) and from the buyer. Both rejected the suggestion, the negotiator was able to let the bank write off the loss ($300K)
and let the seller move out and the buyer got the property.

Good luck.
Sam Shueh, cdpe
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0 votes 12 answers Share Flag
Andrea Wince…, Real Estate Pro in Milpitas, CA
Fri May 21, 2010
Andrea Wince ~ Lic. 01439761 answered:
Hi Brenda, I recommend that you present this question in a Tennessee forum here within trulia. Just "search advice" state "tennesee" and then go from there. I';m not sure how many real estate professionals in Tennessee will actually see your post here. The laws in Tennessee are different than here in California. Here is another link that may be helpful...it's a list of Realtor Associations in that state:
http://www.realtracs.com/Association.aspx
And RealtyTrac who tracks foreclosure activity nationwide may also have some info:
http://www.realtytrac.com
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0 votes 2 answers Share Flag
Kamal Randha…, Real Estate Pro in El Sobrante, CA
Mon May 17, 2010
Kamal Randhawa answered:
Hello Donna,

There are a couple of different ways you can buy a foreclosure. One way is to show up at the auction they have to complete the foreclosure process and bid but this is very hard as you'll be competing with some hard core investors with cash. The second option is to go to an auction, they offer financing or will accept yours if you are already qualified. This is the link to the foreclosure auction. I'm registered with them so I can take you if you like. http://www.auction.com/
The third way is to work with a Realtor in finding a foreclosed property which may be a little bit better if you are a first time home buyer. good luck :)

Kamal Randhawa
Broker
510-932-1066
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0 votes 10 answers Share Flag
Jim Hamilton, Real Estate Pro in Los Gatos, CA
Sun Jan 24, 2010
Jim Hamilton answered:
Angie,
With all due respect to Scott's answer, I specialize in listing and selling REO's. His answer number 1 is on the money. Number 2 and 3 are where we differ. (I do know that different areas can have very different experiences) I'll respond to number 3 next. I've seen the "flipped houses" and they are at market price - they're clean, repaired, and generally in above average condition - and priced accordingly. Number 2 - this is primarily the field I do business in - I have seen buyer's with FHA finacing, cash buyers, buyers with conventional loans, all buy REO properties - in all different neighborhoods. It's true that the asset managers like all cash deals - who wouldn't? The majority of properties I've been listing lately haven't been bought by cash buyers. They're probably people just like you - looking for their first house. Some have been sold at over list price - some well below appraised (and listed ) price. As far as how long a property must be on the MLS before an offer is accepted, it really depends on the asset company and the owner of the property. I've had offers accepted right away. I've had REO's with only one offer in good neighborhoods and good condition. (not 7-50 offers) In fact, I'm closing a house in your zipcode that is 9 years old, in very clean condition, and the buyers are getting the house well below their own appraisal. I don't want to paint a picture that this happens every time, or there's never an issue , or you'll buy the first one you see. It can be frustrating, but I certainly wouldn't rule them out. My point is - don't rule these properties out, because of preconceived ideas. I also wouldn't make them my only focus.
Now to answer your question!
You do need to do thorough inspections of the property - just like you would do in a conventional sale.
You need to be preapproved with a lender, and show statements showing you down payment.
Banks generally won't renegotiate, even if there are issues after the inspection (but this isn't an absolute)
Your inpections time frames are usually shorter than a conventional sale - but you can still get them done
Banks don't do disclosures - they don't know anything abou the property (that's why you want to have a profesional inspection done)
Lastly - and most importantly - you need someone with expertise in this area ( doing a number of REO listings, you'd be amazed at some of the questions, offers, and responses I get).
No matter the transaction you choose - and it's allways your choice - find someone you can trust, has the expertise, and you like (you'll be spending a lot of time together).
As with any written response, it's difficult to interact, but I hope I've given you some good information to make an educated decision about how to proceed. If you'd like to actually have I live conversation and get information to help you make a well informed decision about how to proceed, I'm a phone call away.

Jim Hamilton
Alain Pinel Realtors
(408) 888-4389
2005 President
California Association of Realtors
Realtor of the Year - South Bay, California, and National Association of Realtors
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1 vote 10 answers Share Flag
Norman Aless…, Real Estate Pro in San  Jose, CA
Tue Sep 30, 2008
Norman Alessandrini answered:
Hi Tom,
My name is Allyson, I do specialize in bank owned and short sales properties. With interest rates still very low this is the perfect time to buy an REO. I really take the time to educate my buyers on REO purchases and what the banks are looking for along with whats happening in the market so you will feel confident and sure when you make an offer.
I have the experience you may be looking for. I have a web site where you can check me out and if you would like to put in a search just for bank owned ( foreclosed) properties it's FREE!
You can check out my web site at http://www.homesbyallyson.com and set up your search or just email me with your needs and wants what price range and area or areas you would like to search in and I will set it up for you. You will receive up to date listings as well as any changes in price or status.

If you need any assistance or questions anwered feel free to email or call me.

Sincerely,
Allyson Alessandrini
(408) 705-6578
allyson@homesbyallyson.com
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0 votes 6 answers Share Flag
Linda Baker, Real Estate Pro in Los Gatos, CA
Sun Aug 17, 2008
Linda Baker answered:
Hi Tom,
Have your agent check with the Title Company to make sure (s)he has the most up-to-date preliminary title report. If you are purchasing an REO, then, most likely, the bank would have taken care of the pre-existing liens, such as property taxes, etc. Most CA contracts mandate that the seller provide you a clean title. Your agent can find out the specifics.
I am sure it will all work out to your favor.
Cheers,
Linda Baker
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0 votes 3 answers Share Flag
Alice Wu,  in 95129
Mon Aug 4, 2008
Alice Wu answered:
Submit $25 to Santa Clara county to get the list, the next tax lien auction is in Spring 2009.
Check the website for detail information
0 votes 1 answer Share Flag
Hannah Flieg…, Real Estate Pro in Larkspur, CA
Sat Jul 5, 2008
Hannah Fliegel answered:
Hi Shawna,

There is a new law in California. If you are the previous owner then you have 30 days to remain after foreclosure. If you are a tenant in the property then it used to be 90 days. However, if you have a lease with the previous owner then the bank has to honor your lease agreement for 1 year or more depending on what you have in writing. Good luck! ... more
0 votes 8 answers Share Flag
Rashid, Home Seller in Santa Clara, CA
Thu Jun 5, 2008
Rashid answered:
it's confidential info, only agents access it on the MLS. Buyers don't see all info.
Rashid
0 votes 5 answers Share Flag
Ali Moein, Real Estate Pro in Saratoga, CA
Sat Jan 26, 2008
Ali Moein answered:
Hello De,
I work with RE investors on many different levels, from single to multi units properties, large development projects and small fixers. I have access to contractors, handymen and lenders who will provide services at unbeatable prices. What you must do is to interview a few Realtors and decide for yourself who will be able to serve your needs best. I'd be happy to share with you in details what I can do for you. ... more
0 votes 3 answers Share Flag
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