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Property Q&A in San Francisco : Real Estate Advice

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Activity 7
Fri Mar 19, 2010
Wayde Gendreau asked:
--This question is about this property: http://www.trulia.com/rental-community/1098/255-King-St-Avalon-at-Mission-Bay-North-San-Francisco-CA-94107/
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Fri Mar 19, 2010
Sue Archer Reynolds answered:
For California, this is such a rare occurrence that I don't have a clear answer.

Most homes are on slabs so you just need to worry about pipes in the walls especially if they're running outside. Just this week we've been down in the 20's but that's so rare. Keep the home at about 50 degrees, even if it's vacant, wrap the outside faucets, as the home inspector had probably indicated on his report, and you should be fine. Again, I'd review your home inspection report for any areas that might have a risk in this rare weather we're having. ... more
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Fri Mar 19, 2010
James Ryan answered:
Hi Soccerdini...I have a client in the same boat, the two lenders we had ready to go when the deal was approved have ended their "short refi" programs. However, he was able to stay current on his mortgage. I would guess that your lates on the mortgage are going to make your short refi very difficult. I am sorry I do not have better news for you. Jim ... more
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Fri Mar 19, 2010
Kari Shea answered:
Hi Kenneth,

To be honest, it is possible to do and it is like finding a needle in a haystack. The one lender that is more open to selling to people with government backed loans is Fannie Mae. Given they are a government entity, you will have a higher chance of success with a property owned by Fannie Mae.

Otherwise, cash or conventional loans with a high down payment are winning the majority of REO offers accepted.

Best of luck,

Mark and Kari Shea
Real Estate Experts Serving San Diego County
Specialists in Investment Properties, Foreclosures, Short Sales,
Development Opportunities & Traditional Real Estate
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Fri Mar 19, 2010
Broker Dave answered:
Adaizee,

The bank is getting closer to foreclosure, they filed with the clerk of court and you more than likely had to respond with a letter to the clerk. After a set time they more the process along by filing for a summary judgment.

Call a real estate attorney to discuss further.

Are you in the process of a short sale?

Broker Dave
GRI, ePRO, Real Estate Broker & Realtor

Visit my Bio located here on Trulia, just scroll your mouse over my picture and left click, also visit my website for innovative tools helping with your real estate decision in the Central Florida area.
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Mon Mar 8, 2010
Bob Movin-On answered:
Well not much, but there was one well publicized case where the judge through the foreclosure out and considered the loan paid in full. Document everything you do and have it ready when you have your next court date it will make the bank look bad, I do not think you will get your foreclosure thrown out but it may buy you time. The not being able to provide proof card is a good one to play days before the sale date, it will buy you a month or so but after you call them on it they most likely will come up with the note. Good Luck Bob ... more
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Sun Nov 23, 2008
Cheryl Bower answered:
Hi there,

Are you referring to the lower space/unit? If so, it’s being marketed as a 2-br but from a tenant perspective the floor plan could be a bit challenging since you have to walk through one bedroom to get to the second bedroom.

Therefore, I’d market the lower unit as a 1-br rental & would estimate a rent range of $1700-2100/mo. If you went pet friendly, you could expect a higher rent range since there are limited pet friendly rentals. As an aside, I highly recommend renting to tenants with pets. I’ve had no problems in my 10+ years of renting my pet friendly units as a result of being very consistent with my pet screening process.

Craigslist is a great resource for helping to gauge current rent ranges as is your Realtor.

Good luck!
... more
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