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Foreclosure in Union City : Real Estate Advice

  • All121
  • Local Info16
  • Home Buying54
  • Home Selling4
  • Market Conditions4

Activity 4
Mon May 3, 2010
Bart Marchioni answered:
Hello Honeybee,
If you give me the property address, I can look it up for you in about 30 seconds. If you don't want to post it here on Trulia, you can email it to me at
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Fri Aug 7, 2009
The Medford Team answered:

The second issue is the actual condition of the property and how to proceed from here. I am going to assume that major renovations were done without permits, the city found out and then red-tagged the home. If that is indeed the case, then here are your options:

1. The city has the right to enforce the building code and zoning laws and force the legal owner of the property to remedy all know violations PRIOR to occupancy.

However, don’t expect the bank to provide the remedy. They will not be occupying the property and so will not be forced to remedy any violations. If the existence of the red-tagged items makes it impossible for a buyer to obtain a loan, then, once you back out and the property is back on the market, the bank may clarify that they will only accept cash offers.

2. If your offering price assumed that the renovations and/or additions would be legal and would stay in place, then you can try to renegotiate the price.

You state, “the violations if corrected to code will not be the same house that we made the offered on.” You are correct, and this is an unfortunate situation for sure. When you submit your request for a reduction in price, provide extensive documentation from the city and other sources such as Inspection Reports. If the property goes back on the market, the seller will have to disclose everything you’ve provided, which, in turn, could have a very negative impact on the future selling price.

See #5 in the previous section. And don’t hold your breath. Expect the bank to say, “Take it or leave it.”

3. There will not be enough time for you to gather the extensive contractor quotes required to properly assess the cost involved to remedy the situation.

Therefore, to protect yourself, you need to seriously consider walking away.

Since I am a licensed general contractor in addition to being a licensed Realtor, I’ve written a few posts on this subject that may be helpful:

You TOO Can Purchase A Ticking Time Bomb! One Easy Step!

What Might Your Next Home Purchase Have In Common With The Titanic?

Let me know if you have any other questions.
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Tue Nov 25, 2008
John J Dutra answered:
If you haven't walked away yet, check out the 90% refinance offered by FHA. There are a list of lenders cooperating with FHA on this. ACORN was a program specifically offered by Bank of America and I believe Citi. I know BofA is working with owners, not sure about Citi at this time.
In addition, with the news today that the Federal Government will be buying back mortgages from Fannie Mae, Freddie Mac and Ginny Mae, rates are dropping like a rock today and may continue for the near future
Best regards, John
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Sun Oct 26, 2008
Steven Ornellas answered:
Hi Sachin, Carl has provided an excellent response to your question. I'm not sure if you are absolutely only interested in Union City or other cities within Alameda, but here are some useful facts for both Alameda County as a whole and Union City specifically as of 10/24/08:

Alameda County Active/Pending Listings (detached): 3,247 / 1,433
Percent Distressed (short sale or REO): 49% / 71%
Alameda County Active/Pending Listings (attached): 1,434 / 440
Percent Distressed (short sale or REO): 71% / 75%

This definitely shows that the distressed segment is getting most of the Buyer attention in Alameda County.

Here's Union City's numbers, which are actually even higher percentage wise:

Union City Active/Pending Listings (detached): 201 / 103
Percent Distressed (short sale or REO): 61% / 81%
Union City Active/Pending Listings (attached): 103 / 51
Percent Distressed (short sale or REO): 80% / 94%

Market activity has certainly picked up recently in the "distressed" housing category, so being aware of market demand in the specific area of interest is very important. With 81% of detached SFRs being distressed in Union City you can bet multiple offers are happening. Banks certainly will counter if you are not ridiculously low-balling (any offer should be based on a CMA).

As JR points out, there's really no set strategy, each purchase should be handled on a case-by-case basis. Case in point: the first week of October I not only negotiated a 5% reduction in asking price on a detached Hayward SFR, I also negotiated a 6% Seller Credit where the percentage of Pending properties is even higher than Union City's (81%) at 89%.

Best Regards,

Steven A. Ornellas, GRI, ABR, e-PRO, CMPS, RE Masters, MBA
REALTOR® / Mortgage Banker-Broker / Certified Mortgage Planning Specialist

Steven Anthony Real Estate & Financial Services
Expect Excellence. Get What You Expect.â„¢
Cell: 510.461.6011
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