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Foreclosure in 94108 : Real Estate Advice

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  • Home Buying1
  • Home Selling1
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Activity 86
Tue May 26, 2015
Scott Godzyk answered:
After the foreclosure, the banks require all properties to be vacant. They will begin eviction proceedings right away. In a case liuke this the tenant does not have any rights as there is no way to cure or remedy the eviction (to stop it). The tenants best bet is to ask for a cash for keys agreement from the bank. The bank will give you 14-30 days to vacate, you leave the property clean and free of belongings an dthey pay you from $500 to $1000 when you move it. At least you get something to help you move. Good luck. ... more
0 votes 7 answers Share Flag
Sat Nov 28, 2009
James Testa answered:
Hi Tim,

Please give me a call at 415.515.6097 and I can recommend my mortgage banker/broker who is very well qualified to help you. He has helped many of my clients through very difficult financial situations and he will be able to speak very intelligently about your options!

James
... more
0 votes 5 answers Share Flag
Wed Sep 24, 2008
Cheryl Bower answered:
Hi Sheila,

I'm not sure I understand your question. Are you interested in receiving properties from the MLS which are currently listed as active? If so, you can receive active listings by email which I'm happy to set up for you in the SF MLS. ... more
0 votes 2 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
0 votes 1 answer Share Flag
Wed Jul 30, 2008
Shel-lee Davis answered:
Natasha:

It is not unusual for a bank to file NOD even when the property is being considered for Short Sale. It takes 111 days in CA from NOD to Auction and the bank is just protecting their interest.

It is also very unusual to not know what is happening after 6 weeks. Are you staying on top of the listing agent? Has there been a BPO or Appraisal by the SS Lender? Is the Seller's complete package in to the SS Lender? Is your offer the highest and best submitted? Where is the lender in the process (ie. negotiator assigned, package reviewed, analysis submitted to investors, insurance notified and analysis submitted to insurer)? You should have the answers to all these questions by this time.

If you do not, then you could suggest that the listing agent add you to the list of authorized persons to contact the bank and you should be following up directly on these issues. (Be prepared, there are a lot of people doing short sales that feel if they let you help, somehow it will diminsh them. Just remind them that you are both after the same result, getting the home sold. This might get them to cooperate more fully with you.)

If the home does go to foreclosure, then the property is assigned to an asset manager, given to an REO agent and listed for sale. In most cases your buyer would be back at square one, making an offer on an REO. You have plenty of time between now and then to get this deal closed. Go for it and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
... more
0 votes 7 answers Share Flag
Tue Jun 10, 2008
Judy Tobolski answered:
Because of the extremely long time ti takes to work through the red tape, whether or not an agent will work with a foreclosure property often depends on the buyer.If it is someone who needs fairly immediate access to the property (less that 60 days), the agent may advise the clinet this is not a good choice for them. If the buyer can spend 2 - 6 months waiting because it is a good deal, they will probably urge them to go forward with an offer. ... more
0 votes 9 answers Share Flag
Tue Aug 25, 2015
Rebecca White answered:
Most people find me by googling either short sale or REO and San Francisco.

Are you wondering about pre-foreclosure properties (short sales--over 100 in San Francisco) or REOs (already foreclosed properties--less than a dozen)?

Short Sales (as of 4/21/08) SFRs--86, condos--17, 2-4 units--9
REOs (as of 4/21/08) SFRs--6, condos--3, 2-4 units--1

I don't know of any list of us, but check out my website and let me know if I can further assist you. There is a lot of good resource material available.
... more
0 votes 5 answers Share Flag
Thu Jul 31, 2008
Ms. K answered:
I too am suspicious of these foreclosure listings offered by RealtyTrak for example. RealtyTrak shows all the foreclosed properties on this website called Trulia.com. But in order to get any real information, you must sign up for their services and you are FORCED to give your credit card number ahead of time EVEN WHEN YOU want to sign up for the "free" 7-day trial period. I can't get anyone to answer. ... more
0 votes 2 answers Share Flag
Wed Mar 12, 2008
Mike Kelly Allison Norman answered:
Tax Foreclosures? Please explain. Are you referring to property tax sales? IRS liens which result in siezure of property?
0 votes 2 answers Share Flag
Thu Nov 11, 2010
Gregory Hayes Garver answered:
0 votes 2 answers Share Flag
Thu Mar 13, 2008
Christine answered:
To clarify. The 2nd bank has accepted. In my resarch thruout Trulia I am finding that if the 2nd bank has approved then it should be a much smoother process. Your thoughts?
0 votes 6 answers Share Flag
Sat Sep 13, 2008
Mike Ackerman & Oliver Burgelman answered:
James,

You're asking questions the late night infomercials put on whole seminars about. They want to get you hooked into the programs, software and seminars they sell. Let's just say foreclosures are for the big boys with bucks and fortitude and leave it at that. You certainly don't expect to go into a championship poker game thinking you're going to win, armed only with the knowledge of the game that two queens and a three jacks make a full house would you?

There are many many web sites where you can read to your hearts content, but they tend to overlook the many risks, pitfalls and chances to lose your money and your shirt. If you want bargains that are safer, email me about REO's. They're you're better bet, in my humble opinion.

Michael Ackerman, Zephyr Real Estate
... more
0 votes 14 answers Share Flag
Wed Feb 1, 2017
Gregory Hayes Garver answered:
Quick sales are quick and short sales short.

Quick sale is when the seller sells at a lower price, and a short sale is when the mortgage company reduces the note and you buy the note from them. ... more
0 votes 16 answers Share Flag
Tue Jan 15, 2008
Gregory Hayes Garver answered:
Sun Jan 20, 2008
Gregory Hayes Garver answered:
You answered it yourself. Another year, maybe 18 months.
0 votes 8 answers Share Flag
Mon Jan 7, 2008
Team Forss, #1 in SoCal answered:
Just research the values & the home very closely with your Realtor. I love the bank owned properties but buyer beware...they are exempt from most disclosures. You'll have no idea if there were ever any major leaks, material facts, death on the property etc.. Also don't forget to check the rental rates in the area so you make sure you are covering what you expect to cover in the form of expenses. ... more
0 votes 8 answers Share Flag
Thu Jun 4, 2009
Mike Kelly Allison Norman answered:
Run, fleeing into the night from this joker!! We just had a broker/managers meeting in the NorthBay and we had over half of the brokers negociating "short-sales" WITHOUT having to "stop" making your payments. That this "short-sales specialist" asked you to do this is proves to me he is sleeze!! He can't be a Realtor or Licensee and be advising you as to these actions. Taking a "fee" upfront needs prior DRE approval. Telling you to now be "late" on your mortgage payments is ridiculous.
But there is more here than meets the eye. Why are you going "shor"? How did this "shark" get your names? Are you in default on one of the "lofts"? Did you call him? Any Realtor/Licensee can conduct a "Short-Sale" for you without up front fees. Did you sign anything with this clown? Last bit of advice--you cannot REPAIR your credit!!
Tell this guy to take a long walk off Pier 39!!!
... more
0 votes 20 answers Share Flag
Sun Apr 26, 2009
Vicki Moore answered:
A short sale will ruin your credit just like a foreclosure will making it nearly impossible to purchase another home in the near future. Ask your realtor what he/she thinks about the possibility of a short payoff. ... more
0 votes 4 answers Share Flag
Tue Oct 16, 2007
Mario Pinedo, Ccim answered:
There are many towns to consider. Price range and type of home is definitely a factor. Also, the ages of your children impact this decision as some neighborhoods have very strong elementary schools and maybe not as strong high school. I love Menlo Park, Palo Alto, Moutain View and Los Altos to the south. To the north you can consider Foster City itself and the western sides of the Peninsula in cities like Belmont, San Carlos and Burlingame. What is your price range and what are your requirements in a home? ... more
0 votes 6 answers Share Flag
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