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Foreclosure in San Francisco : Real Estate Advice

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  • Home Buying991
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Activity 86
Mon Apr 14, 2014
Sandra Lehtonen answered:
Hi Alison,

Thank you for writing in. This is a great question. There are a few options available to the homeowner who is facing foreclosure. They are as follows:

For a temporary fix:
1. File Bankruptcy;

For a more permanent fix:
1. Contact your current lien holder to request a loan modification;
2. Contact your current lien holder to ask about a Deed in Lieu of Foreclosure;
3. Foreclosure.

I hope you find this information helpful.

Thank you,

Sandy
... more
0 votes 10 answers Share Flag
Mon Jan 21, 2013
Lance King answered:
Depends. If the prior liens were paid just cleared that is usually relatively easy to straighten out, and the lender can foreclose with the cloud on title if they like, and I have seen this several times. That said, I don't see them foreclosing if you have resumed payments and only behind on two. Talk with the lender ... more
0 votes 6 answers Share Flag
Mon Apr 8, 2013
Scott Godzyk answered:
First thing is the banks do not sell their ownhomes, they use asset management companiies to sell and manage them. No all offers have to be submitted to the bank until the time the bank signs one accepting it. The first key is if your offer was in writing, was accompanied by a deposit and a prequailfication letter. Oral offers are not considered a legal offer. Your next step is to contact the state real estate commission to quote any exact CA laws. Then you can contact the agents managing broker for some answers. ... more
0 votes 13 answers Share Flag
Thu Mar 20, 2014
Laura Feghali answered:
Hi jspy777,
Either an agent or a Broker but select the one to work with that has a lot of experience with the foreclosure process as it is different from a normal sale.

I suggest that you interview a few agent/Brokers to determine their market experience and then choose the one who knows the foreclosure market well, is readily available during your time frames, and who you feel most comfortable with.

Good luck to you!

Laura Feghali
Prudential Connecticut Realty
... more
0 votes 12 answers Share Flag
Wed May 30, 2012
Ron Thomas answered:
Two thoughts for you;
1. You probably cannot take over the payments
2. You undoubtedly do not WANT to take over the payments!

If they have defaulted, they are behind; and with things being as they are, they are probably also upside-down.
AND, they undoubtedly have a higher interest rate than you could get now-a-days.

Think about it.
... more
0 votes 5 answers Share Flag
Tue Apr 3, 2012
Eric Castongia answered:
Hi jena
That has the potential for a long answer.

There are two ways foreclosures get found:
1) on the court house steps-you need cash to buy those and you need to do all your due diligence before you buy it. Very few deals are found here.
2) on the market. These will be on the market just as any other property will be. With our shortage of inventory, you might not get a deal here either. What you will get is very minimal disclosure from the seller.

To find an agent, you should get a referral from friends you trust who have been through the buying process before, or go to open houses to meet agents to see what sort of experience they have.

If you have any questions, you are welcome to contact me.

All the best
Eric Castongia
Zephyr Real Estate
DRE No. 01188380
Eric@SFHotBuy.com
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0 votes 10 answers Share Flag
Tue Mar 20, 2012
Michael Yacobian answered:
Misael

If your looking for such an agent in the San Francisco Area we can help. Please call us tomorrow and we'll get the process started for you.

Stella and Mike
415.759.2527
Team@stellaandmike.com
... more
0 votes 5 answers Share Flag
Tue Feb 7, 2012
Greg Bryan JD/MBA answered:
Contact a realtor who specializes in working with foreclosed or REO (ie Bank owned properties). Most realtors should be able to identify for you foreclosed properties. The hard part is dealing with the disclosures (or lack there of), the Bank and the process, as it takes a lot longer than a normal real estate transaction.

I have had limited experience in this area, but if you want I can put you in touch with someone who specializes in foreclosed and short sale properties. Let me know and best of luck.

Greg Bryan JD/MBA
Broker Associate
GB and Associates/McGuire Real Estate/Urban Bay Properties
DRE#01797646
gregorybryan@gbandas.com
(415) 640-4341
www.gbandas.com
... more
0 votes 7 answers Share Flag
Tue May 26, 2015
Ann Ryan answered:
0 votes 6 answers Share Flag
Tue Nov 29, 2011
Oggi Kashi answered:
As soon as a notice of default is recorded against a property, sites like RealtyTrac try to use the info to entice buyers to sign up for a paid memberships. The Info is usually accurate but just because a notice of default is recorded, it does not necessarily mean the property will become a foreclosure. Some may come on the market sooner as short sale listings, some are cured or delayed and some are finally foreclosed.


Oggi Kashi
Broker Associate, Paragon Real Estate Group
All data from sources deemed reliable but subject to error and omission, and not warranted. CA DRE 01844627
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0 votes 4 answers Share Flag
Sun Aug 21, 2011
Rudi Hofmann answered:
Simon,

What has your buyers agent told you? This is very common. You may wait several more months before you'll hear from the lender that they accepted, denied or are presenting you with a counter-offer.

Happy funding, Rudi
... more
0 votes 6 answers Share Flag
Sun Aug 21, 2011
K answered:
Hi Eugenia,

Try out this link below for some interesting info. Why are you searching for a condemned property?

http://www.wikihow.com/Squat-in-Abandoned-Property

Good Luck!

Kevin Cullen ... more
0 votes 4 answers Share Flag
Tue May 26, 2015
Richard Schulman answered:
Foreclosures are listed on the MLS just like any other properties. They will usually be designated with a "foreclosure" tag for the listing type. An agent can set up a search for you to pull up foreclosure listings with your desired criteria, and get new foreclosure listings emailed to you so that you are among the first to see them.

Good luck in your property search,

Richard Schulman
Keller Williams Realty
... more
0 votes 9 answers Share Flag
Fri Jul 22, 2011
Oggi Kashi answered:
They all got to auction. When the reserve price is not met at the auction, the bank buys the property and brings it back later on as a REO listing on the MLS.
0 votes 5 answers Share Flag
Sat May 14, 2011
Oggi Kashi answered:
Alex,

Is it a lender auction? If so, the seller must be in default and the bank will have to approve the sale. How did this happen? what does your agent say? Have you check the recent title records of the property? Has the seller brought the loan current?

Oggi Kashi
Paragon Real Estate Group
CA DRE 01844627
... more
0 votes 3 answers Share Flag
Fri Apr 15, 2011
Jonathan Katz answered:
Sold to the bank. You should contact their REO Department.
0 votes 3 answers Share Flag
Thu Apr 14, 2011
Jeannette Daniel answered:
Unfortunately you are in a bit of a pickle - without knowing the whole story it is hard to offer you a viable solution. My best advice for you is to try to find an attorney that can help you today and see what can be done with the bank... it may be that they advise you to file bankruptcy to postpone the sale but at almost 5 the night before the auction you may not have any options. An attorney can give you the best advice at this point. ... more
0 votes 4 answers Share Flag
Tue May 26, 2015
Tim Moore answered:
I suppose it can. I assume you have a lease that is still in affect and if so you owe rent to the owner who is now the bank. They might wave it and ask you to leave when the lease is up, you just need to talk with the new owner. Banks don't like being landlords. ... more
0 votes 15 answers Share Flag
Thu Aug 20, 2015
David Cooper answered:
NOD's is 3 months, followed by Notice of Trustee Sale 21 days, then the Trustees Auction when the deed gets transferred back to Wells Fargo. Staying in the house after Wells owns it could be Free Rent for up to a year, based on war stories on Foreclosure blogs. Short sale will NOT delay the foreclosure process


David Cooper. Las Vegas Real Estate Foreclosure Houses Cash Flow Investor -cherry picked- in Top 10 Neighborhoods Call Free List +1-7024997037 davidcooper@lasvegaswinner.org
... more
0 votes 14 answers Share Flag
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