Michael | California Pacific Brokers

Buying a Foreclosure at the Court House? Here’s What You’ll Need:

January 31, 2012 By Michael

Alameda County Court House in Oakland CA

In a word: CASH.

Heading to the court house to buy the home of your dreams (or perhaps just a good solid investment)? Then here are a few tips to get you started.

To bid you need to qualify, which means you will be required to show the auctioneer identification, and cash or cashiers checks sufficient to cover the FULL AMOUNT you wish to bid. Yup, that’s allot of cash, but this endeavor is not for the faint of heart.
Most investors take cashiers checks made out to themselves. If you are not the winning bidder, you can easily redeposit the funds, and if you are the winning bidder, you can endorse the check over to the trustee.

Question: How do I know what properties are going up for auction? What is the opening bid amount?

The information is public, but can be a bit difficult to obtain. To get started, you can do a search right here on my PreForeclosure and Auction search page.

The lender gets to make the first bid, which is called the opening bid. Some now also refer to it as the drop bid, because lenders now often substantially discount the opening bid from the amount owed. The lender / trustee is under no legal obligation to announce the opening bid in advance of the sale.

They typically release the opening bid the day before or the morning of the sale. Sometimes the opening bid is not announced until the sale starts. The research team at ForeclosureRadar works diligently to post opening bids as quickly as possible. The information provided on my PreForeclosure and Auction search page comes from this valuable resource.

Want to see what happens at an auction? Check these video’s out:

Foreclosure Auction on the county courthouse steps

Foreclosure Auction – Take 2

Here’s my take: Buying a property at the county courthouse steps is best left to the professionals.

Don’t get me wrong, buying a home at discounted price is a great thing. There are numerous other aspects of the process that can potentially wreck your financial well-being.

For example:

What is the true condition of the home?
Who currently occupies the home? the previous owner? or tenant? or squatters??
What is the condition of title? is it clear or clouded? are there any other outstanding liens?
There is no refund! No inspection period. It’s a take it or leave it scenario.

A safe bet for budding investors and home buyers, is to simply buy a bank-owned home. This is known as an REO. These have already been through the foreclosure process, all liens wiped out, clear title is generally guaranteed and insured. The bonus: You get an inspection period, your deposit is refundable for a certain period of time, you can finance the purchase (instead of relying on cash only).

I’ve setup a GREAT REO / Bank Owned Search page: check it out here.

Here are few REO properties in the local area:

Showing properties 1 - 15 of 142. See more REO Random Bay Area Properties .
(all data current as of 2/3/2012)

$459,900 : 2548 Moraine Dr, Santa Clara

3 beds, 2 full baths

Home size: 1,464 sq ft

Lot size: 5,700 sq ft

Year built: 1954
$679,900 : 803 Intrepid Ln, Redwood City

2 beds, 2 full baths

Home size: 1,513 sq ft

Year built: 1989
$367,900 : 2525 Heron Ct, San Jose

4 beds, 4 full baths

Home size: 1,615 sq ft

Lot size: 1,742 sq ft

Year built: 2006
$482,700 : 15605 BAYPOINT AVE, SAN LEANDRO

4 beds, 2 full, 1 part baths

Home size: 2,564 sq ft

Lot size: 3,999 sq ft

Year built: 1999

Parking spots: 2

Days on market: 1
$566,900 : 3496 BYRON, PLEASANTON

3 beds, 2 full baths

Home size: 1,933 sq ft

Lot size: 6,969 sq ft

Year built: 1969

Parking spots: 2

Days on market: 1
$403,900 : 281 Sorge Park Pl, San Jose

4 beds, 2 full, 1 part baths

Home size: 1,609 sq ft

Lot size: 4,750 sq ft

Year built: 1989
$429,900 : 2731 Giuseppe Ct, San Jose

3 beds, 2 full, 1 part baths

Home size: 1,606 sq ft

Lot size: 3,300 sq ft

Year built: 2000
$414,900 : 1128 Homer Cm, San Jose

3 beds, 2 full, 1 part baths

Home size: 1,407 sq ft

Lot size: 2,613 sq ft

Year built: 1996
$435,000 : 3396 San Saba Dr, San Jose

3 beds, 2 full, 1 part baths

Home size: 1,592 sq ft

Lot size: 6,000 sq ft

Year built: 1984
$379,900 : 1658 Pinetree Ct, San Jose

3 beds, 2 full baths

Home size: 1,041 sq ft

Lot size: 7,000 sq ft

Year built: 1974
$622,500 : 2729 Darknell Wy, San Jose

4 beds, 3 full baths

Home size: 2,584 sq ft

Lot size: 6,098 sq ft

Year built: 1987
$544,900 : 4123 St Andrews Rd, OAKLAND

4 beds, 2 full, 2 part baths

Home size: 2,546 sq ft

Lot size: 7,405 sq ft

Year built: 2008

Parking spots: 2

Days on market: 2
$515,900 : 3106 ORWELL PL, FREMONT

4 beds, 2 full baths

Home size: 1,714 sq ft

Lot size: 7,385 sq ft

Year built: 1972

Parking spots: 2

Days on market: 2
$474,900 : 2385 PACIFICA CT, SAN LEANDRO

4 beds, 2 full, 1 part baths

Home size: 2,388 sq ft

Lot size: 6,725 sq ft

Year built: 1999

Parking spots: 3

Days on market: 2
$606,600 : 518 Cartagena Lane, SAN RAMON

4 beds, 2 full, 1 part baths

Home size: 2,718 sq ft

Lot size: 12,196 sq ft

Year built: 1979

Parking spots: 3

Days on market: 2

Listing information deemed reliable but not guaranteed. Read full disclaimer.

Filed Under: Featured Properties, Foreclosure Tagged With: alameda, auction, cashiers check, default, Foreclosure, oakland, pre-foreclosure, sale, trustee, video

Welcome the Newest Member of my Team: Sofia!

January 18, 2012 By Michael

Mejgan Z. Koenig liked this post

In case you haven’t seen or heard…

My wife and I just made our very first contribution to the population of the planet with our brand new baby girl, Sofia!

Yup, she is a New Year’s Day baby, born during the 49ers game, specifically during that fake field goal for a TouchDown play. (Yes, I’m a bit of a 49ers fan).

8 lbs 10 oz, 22″

Whereas the socio-economic-political status of this world seems quite uncertain; one thing IS certain: the unconditional love that we have for her.

What a total game changer! Whatever thoughts, ideas, preconceptions and feelings I had about what it means to be father…I can pretty much discard.

Something quite special happens at birth. I can’t explain it. Let’s be clear, I’m not one prone to being sentimental about things. But let’s just say, I didn’t quite bawl like a little child being denied his favorite treat, but my eyes did leak a bit.

This year, 2012, is not only shaping up to be a good year, but it’s the absolute best in my personal history book.

I wish you all the best this year! A year of change for the better! A year of turn-around from uncertainty, and a future of unsurpassed clarity!

Filed Under: Featured Properties

Spacious Charter Square Townhouse in Fremont

January 18, 2012 By Michael

Mejgan Z. Koenig, California Pacific Brokers liked this post

OpenHouse:
Saturday, February 4th 2-4pm.

Lovely Townhouse in the Charter Square development of Fremont.

2-Story Home with vaulted ceilings and plenty of Living Space.

2-Car Detached garage with private interior courtyard.

Recessed lighting, private courtyard, 2-car garage.

Great community amenities including tennis court and swimming pool.

Listing Price: 347,900
Address: 34232 Gadwall Common
City: Fremont
State: CA
ZIP: 94555

MLS # (if any): 40559558
Square Feet: 1,554
Bedrooms: 2
Bathrooms: 1.5
Garage: 2 Car Detached

Filed Under: Featured Properties, Fremont, REO

Unbelievable Views and Location in El Sobrante

January 4, 2012 By Michael

Large 2,796 SqFt of living space on a very flat and manageable 13,200 SqFt lot.

A place you’ll be happy to call your refuge and home
Interested? Zap a message to me.

Listing Price: 419,900
Address: 3601 Black Feather Drive
City: El Sobrante
State: California
ZIP: 94803

MLS # (if any): 40548417
Square Feet: 2,796
Bedrooms: 5
Bathrooms: 2.5
Garage: 3 Car Garage

Filed Under: $250k-$500k, 5+ Bedrooms, El Sobrante, Featured Properties, Single Family Home

Very Affordable and Updated Oakland Condo

December 26, 2011 By Michael

Very affordable!

Lower level condo in recently converted building to 4-unit condos.

All updated fixtures, laminate wood flooring throughout.

Close to Freeways.

Listing Price: 64,900
Address: 3310 Adeline Street
City: Oakland
State: CA
ZIP: 94608

MLS # (if any): 40555469
Square Feet: 795
Bedrooms: 2
Bathrooms: 1
Garage:

Filed Under: Featured Properties, Oakland, REO Tagged With: Bank Owned Listings, Bargain, condo, Foreclosure, oakland, REO

Great Home for First Time Buyers in Hayward

December 1, 2011 By Michael

Open House Saturday: December 3rd, 2-4pm.

Here’s a great opportunity to buy your first home on a nice quiet cul-de-sac street location!

It’s a Remodeled home.

Lovely stamped concrete from the sidewalk to the front door.

Gleaming hardwood floors.

Dual-Pane windows throughout.

Additional half-bath in the garage.

It’s a must-see!

Listing Price: 239,800
Address: 24823 Arvilla Lane
City: Hayward
State: CA
ZIP: 94544

MLS # (if any): 40553136
Square Feet: 1,139
Bedrooms: 3
Bathrooms: 1.5
Garage: 2 Car Attached

: Front Angled View

Filed Under: $100k-$250k, Hayward, Single Family Home

Happy Merry Thanksgivingfullness!

November 25, 2011 By Michael

Happy Thanksgiving!

Please be safe out there in all that shopping madness.

Just want to take a moment and thank all of you whose lives we’ve touched; whether it through business or personal contact.

Wishing you all blessings of health, happiness and success!

Are you a present or past client? Send a message to me, I’ve got something for ya

Peace out.

Filed Under: Around The Home Tagged With: happiness, health, shopping madness, thanksgiving

Bank Owned in a Wine Country Setting

November 23, 2011 By Michael

Here’s a great opportunity to buy in the heart of the Livermore Wine Country.

Yup, this home got totally tore-up by the previous occupants. Fortunately, it’s pretty much all cosmetic damage. The bank’s loss is your GAIN! With the money you save on the purchase, you’ll be able to fix it up and install the hardware and finishes YOU want

This is an REO / Bank Owned Property.

Listing Price: 639,000
Address: 2450 Detert Street
City: Livermore
State: CA
ZIP: 94550

MLS # (if any): 40551920
Square Feet: 3,774
Bedrooms: 5
Bathrooms: 3
Garage: 2

Filed Under: Video Clip Tagged With: fixer upper, Foreclosure, REO, video, wine country

Safety Advice for Space Heater Use

November 22, 2011 By Michael

Space heater safety tips Space heaters are popular among homeowners in Fremont because, as portable appliances, they can heat a small space quickly and inexpensively. It requires less energy to run a space heater than to raise the temperature of an entire home by a few degrees.

However, space heaters can be dangerous, too.

In its November 2011 report, the National Fire Protection Association reveals that heating equipment was involved in an estimated 58,900 home structure fires, 480 civilian deaths, 1,520 civilian injuries and more than $1.1 billion in damage.

Space heaters caused a disproportionate percentage of the accidents :

79% of all home heating-related civilian deaths
66% of all home heating-related civilian injuries
52% of all home heating-related property damage

If you use space heaters, therefore, please remember to read (and follow) the manufacturer’s instructions for proper usage, and to obey basic safety standards.

First, never place anything flammable within three feet of a space heater. Space heaters get very hot, very quickly and can ignite rugs, paper and curtains.

Next, make sure your space heater is placed on the floor, on level ground. Do not rest it on books, or on furniture.

Also, make sure to turn space heaters off when leaving a room, or when going to bed. Space heaters are not meant to replace whole-home heating and should not be left unattended under any circumstance.

The Underwriters Laboratory makes a list of general safety tips available on its website. Considering how much damage space heaters can cause, the list is worth committing to memory.

Filed Under: Around The Home Tagged With: Home Safety, NFPA, Space Heater

Additional HARP Guidance For Underwater Homeowners

November 16, 2011 By Michael

Tuesday, Fannie Mae and Freddie Mac unveiled lender instructions for the government’s revamped HARP program, kick-starting a potential refinance frenzy across California and nationwide.

HARP stands for Home Affordable Refinance Program. The updated program is meant to give “underwater homeowners” an opportunity to refinance at today’s low mortgage rates.

In the two-plus years since its launch, HARP’s first iteration helped fewer than 900,000 homeowners. HARP II, by contrast, is expected to reach millions.

Lenders begin taking HARP II loan applications December 1, 2011.

To apply for HARP, applicants must first meet 4 basic criteria :

The existing mortgage must be guaranteed by Fannie Mae or by Freddie Mac
The existing mortgage must have been securitized by Fannie Mae or Freddie Mac prior to June 1, 2009
The mortgage payment history must be perfect going back 6 months
The mortgage payment history may not include more than one 30-day late payment going back 12 months

If the above criteria are met, HARP applicants will like what they see.

For HARP applicants, loan-level pricing adjustments are waived in full for loans with terms of 20 years or fewer; and maxed at 0.75 for loans with terms in excess of 20 years.

This will result in dramatically lower mortgages rates for HARP applicants — especially those with credit scores below 740. Some applicants will find HARP mortgage rates lower than for a “traditional” conventional mortgage.

In addition, HARP applicants are exempted from the standard waiting period following a bankruptcy or foreclosure, which is 4 years and 7 years, respectively.

These two items are inclusionary and should help HARP reach a broader U.S. audience.

HARP contains exclusionary policies, too.

The “unlimited LTV” feature only applies to fixed rate loans or 30 years or fewer. ARMs are capped at 105% loan-to-value.
Applicants must be “requalified” if the proposed mortgage payment exceeds the current payment by 20%.
Applicants must benefit from either a lower payment, or a “more stable” product to qualify

And, of course, HARP can only be used once.

Fannie Mae and Freddie Mac will adopt slight variations of the same HARP guidelines so make sure to check with your loan officer for the complete list of HARP eligibility requirements.

Filed Under: Mortgage Guidelines Tagged With: FHFA, HARP, Home Affordable Refinance Program