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Foreclosure in Yolo County : Real Estate Advice

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  • Local Info1
  • Home Buying2
  • Home Selling0
  • Market Conditions1

Activity 20
Mon Jan 30, 2017
Sheryl Arndt answered:
Hello Sarah, where did you see it and what are you looking to find out? Each unit has a different number of bedrooms and bathrooms and square footage. You did not include a link or complete address of which unit? Are you looking to buy in Davis?

The purchase in Davis start from 329k for 2bd 2ba condo, 345k for 3bd 3ba condo and the single family homes start from 372k for 2bd 1ba home.

You will need to be pre-approved to be able to meet an agent to view and submit offers on any homes of your choice. You will need to gather some documentation for each applicant.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

Are you looking for a primary residence or investment?

If you figure out what cities/zip codes you are considering, minimum number of bedrooms and the maximum payment/price you are looking to achieve any agent can email listings to fit your search criteria. Your email address is needed to set you up for the automatic daily updates.

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran and VA/CalVet Loan Specialist
REO and Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
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Wed Jul 1, 2015
Dmag10 asked:
Sun Jun 1, 2014
Randall Ortiz answered:
Can you be more specific with your question? Is there a certain address that you are asking about?
0 votes 1 answer Share Flag
Sun Jun 1, 2014
Terri Vellios answered:
It could be anywhere from zero or more. Seriously, you did not give enough information to answer your question. It was not linked to any specific property.

Foreclosure homes are not the bargain they appear to be. If you are looking at Foreclosure Radar, Realty Trac or the like, these are sights designed to gather information to sell you a service or sell your information for a gain. Please keep that in mind.

There are Short Sales, Bank Owned, and Foreclosures. A real foreclosure is when the owner has defaulted on their debt and THAT debt is foreclosing. It doesn’t necessarily remove any superior liens over the subordinate lien. What that means if you go to the court house with your required cashier’s check you could be purchasing the foreclosed debt, along with the first, property taxes, contractor liens or any other combination of problems.

So I highly caution all buyers that that route is only designed for those with a lot of knowledge, resources, and are ok with the potential risk to liability, financially solid investors.
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Tue Jan 28, 2014
Jason Walter answered:
Hi Malkit, if you are looking to purchase a home the best option would be to contact a local Realtor to help with your home search. The information available online to the general public isn't a complete list of what's for sale and it's inaccurate at times. Realtors have direct access to the MLS which is the most accurate and up to date information. Feel free to search the MLS using my portal here (click on property search): http://jasonwalter.metrolistpro.com If you would like a more detailed search, then feel free to contact me. (916) 945-9243 ~Hope that helps! ... more
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Fri Jan 3, 2014
Randall Ortiz answered:
Do you have the address for the home? If you contact me at 916-529-3707 I can help you out.
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Fri Sep 13, 2013
Cherie Hunt answered:
I would love to assist you with this. I do not show a current listing in the regional MLS. The most recent one that sold was at 3019. If this is the one you are referring to, it closed escrow on 8/2/2013 for 448,000.00. If not, it is possible that the one you are looking at is either for rent or is coming soon. Which website did you find this listing on? Occasionally, there is a listing for an out of area agent that is not marketing the home in the right Multiple Listing Service. Let me know if you need to track it down further- just need the house number - Call Me 916-239-9182 ... more
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Sun Aug 11, 2013
Randall Ortiz answered:
What is the address of the property? Contact me if you need help with this.

916-529-3707
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Mon May 14, 2012
lorraine.grace answered:
Thanks Robert, I have called cal-vet, and so far no answer. I will try them again . Perhaps I can speak with a different person there and they will have some answers for me. I feel that there is no way for me to keep my home at this time or in the future, just trying to get a timeline on the whole process... ... more
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Fri Oct 21, 2011
Courtney Edwards answered:
I agree with Gerard. Any Realtor in the area can assist with out the use of Realtytrac.

I would be happy to assist.
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Fri Sep 30, 2011
Tanya Aguilera answered:
Well Erin from my experience if you are submitting an offer for a foreclosure "REO" If the bank doesn't have an accepted offer within 30 days they will lower the price 10k same with Fannie Mae the problem is that most of them are already pending by that time. I have experienced that banks will decline the offer if it is more than 10% less of the list price in the 1st 30 days. I would suggest working with an agent that isn't afraid to get on the phone with the listing agent and find out what the asset managers expectations are for the bank. It is easier for me when I call and talk with them so I can make sure my buyer has all the info before writing the offer.

Short Sales remember just because it has a low list price its a deal not always the bank that holds the note will always have a BPO done its kind of a mini appraisal to make sure they are selling the home at market value so always have your agent look at the comps in the area to get a better idea of what the bank would counter back at. I hope this is helpful.
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1 vote 27 answers Share Flag
Sat Feb 5, 2011
Jane Grant answered:
Heidy: Foreclosure laws specifically allow timing for the borrower to "Cure the Debt", but you really do need to have the advice of a Real Estate Attorney on this one. The attorney can look at your original documents and also make sure that the proper procedures, notices, time lines were kept by the lender. If there is a slip up by the bank then you could have recourse to get your home back or at least make something on the transaction.
http://www.curtislawgroup.com will give you a free consultation, but I would seek out free consultations from at least two Real Estate Attorneys.

Good Luck!
~~~
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Sun Jan 24, 2010
Marty Swingle answered:
Other responses on this topic are good advice, but I'm concerned that the home you are comparing to may simply be a home that someone purchased at a foreclosure auction and those are 100% cash transactions and typically below market value. If you are using the county records to verify a sales price, you may only have half the story. As a Realtor actually in the city that this home is located in, I can tell you that our inventory is low and homes are selling at market value (sold comps from last 6 months). You will have some competition with other buyers for most homes in West Sacramento, so "low-ball" offers don't have much hope of ever being considered, because there are other buyers willing to pay market value.

If you forward property info to me, I'd be happy to do some more specific research for you so you can make a more informed decision on this property.
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Sun Dec 6, 2009
Carolyn Gjerde-Tu answered:
I know I'm answering this question really late, but I wanted to give some feedback as an agent working in Davis. Yes there does appear to be more homes in Davis receiving notice of defaults but the number that goes to foreclosure still remains relatively low. Short sale may be a viable option but there are not as many home owners in Davis who bought at the peak of the market who have gotten themselves into financial difficulty. The relative shortage of inventory in Davis also keeps home prices high because there tends to be more demand for homes here than what typically is for sale at any one time. It is a good problem if you already own a house in Davis but can be frustrating for buyers.

In a short sale a buyer submits an offer to the seller who then sends the offer (or offers) to their lender for approval. The short sale seller still considers and accepts or rejects the offer but does not have the ability to complete the sale without their lender approving the sale because the lender is going to be accepting less money than what they are owed.

I have a page dedicated to foreclosure listings in Davis and another that shows only short sales. These pages have stats data that is updated once a month that tracks just foreclosure or short sale activity.
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Mon Aug 31, 2009
Marty Swingle answered:
I am one of those guys who knocks on your door after the bank takes possesion of your home, so I may be meeting you soon. Since you are a tenant, new laws now allow you to stay in your home for 90 days, provided you can come up with a valid lease agreement and you are not related to the owner (person who lost the home). If you signed a one-year lease and still have more than 90 days left on that lease, you can stay for the term of your lease, but would still need to pay rent to the bank.

The bank does want to take possession of the property as soon as it can, but they will offer you cash for your keys and for you to leave the home empty and in broom clean condition. Banks are offering several thousand dollars these days, to make it worth your while. Contrary to some postings, we are not here "to do a job on you". Most of us want to help with your negotiation with the bank and work toward a solution that makes your transition not such a bad thing.

If you know that your home is going to auction on a certain date, you may want to contact your property management company to negotiate getting your deposit back NOW, because once it changes hands, your chances of getting your deposit back will vanish. If they won't give your deposit back (full or partial), then why would you pay rent, knowing that your landlord made a decision long ago to stop paying their mortgage payments?
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1 vote 4 answers Share Flag
Thu Apr 9, 2009
Kevin Cain answered:
My company offers a unique program designed to take your "upside down" loan and turn it "right-side-up" again! You don't have to be behind on your payments so your credit can stay intact. We buy your existing note from your bank and issue you a new loan with an equity position of between 7 and 25%! Your name never comes off title - Ours never goes on title! Your new loan we be equal to somewhere between 75-93% (depending on what we're able to purchase the note from your bank for) of the homes current market value. Best of all - the program is guaranteed 100%!

For example:
* Exisiting Loan = $500,000
* Current Value = $300,000
* Your New Loan = $279,000 (Worst Case Scenario @ 93%)
* Your Prin. reduction = $221,000
* Your Equity = $21,000
* Old Payment = $3,333
* New Payment = $1,846 (interest only @ 8% (worst case scenario is 8% cap)
* Monthly savings = $1,487
* Annual savings = $17,844

Call me for more info or to schedule a detailed and short webinar @ 916-473-8587 ask for Kevin Cain, GMPR INVESTMENTS
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