Featured Properties | 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

Revamped HARP Program For Underwater Homeowners

October 25, 2011 By Michael

Are you an Underwater Homeowner? Read on to see if you qualify; it just may be the avenue of relief you’ve been waiting for.

Obama announced the new Mortgage Relief Refinance Plan yesterday, and it’s making quite a stir in the industry.

The Federal Home Finance Agency announced big changes to its Home Affordable Refinance Program Monday. More commonly called HARP, the Home Affordable Refinance Program is meant to give “underwater homeowners” opportunity to refinance.

With average, 30-year fixed rate mortgages still hovering near 4.000 percent, there are more than a million homeowners in Fremont and nationwide who stand to benefit from the program overhaul.

To qualify for the re-released HARP program, you must meet 4 basic criteria :

Your existing home loan must be guaranteed by Fannie Mae or Freddie Mac
Your home must be a 1- to 4-unit property
You must have a perfect mortgage payment history going back 6 months
You may not have had more than one 30-day late payment on your mortgage going back 12 months

Most notable about the new HARP refinance program, though, is that the government is waiving loan-to-value requirements on a HARP loans. Homeowners’ participation in the program are no longer restricted by their home’s appraised value. In fact, the new HARP doesn’t even require an appraisal, in most instances.

With the new HARP program, underwater mortgages can be refinanced without LTV limit or penalty.

According to the government’s press release, pricing considerations for the new HARP program will be released on or before November 15, 2011; and lenders are expected to be offering the program as of December 1, 2011.

If you think you may be eligible, first confirm that either Fannie Mae or Freddie Mac is backing your loan. Both groups provide a simple, online lookup.

Fannie Mae loan lookup : http://www.fanniemae.com/loanlookup/
Freddie Mac loan lookup : https://ww3.freddiemac.com/corporate/

If your loan cannot be located on either of these two sites, your current mortgage is not backed by Fannie Mae or Freddie Mac, and is not HARP-eligible.

The FHFA’s official press release contains an FAQ section. In it, you’ll find minimum qualification standards, as well as information related to condominiums and to mortgage insurance.

The HARP program is meant to help a wide group of homeowners, but each applicant’s situation is unique. For specific HARP questions, be sure to talk with a loan officer.

Filed Under: Featured Properties, Mortgage Guidelines Tagged With: HARP, Home Affordable Refinance Program, Making Home Affordable

Great Little Starter Condo in Fremont Near BART

October 20, 2011 By Michael

Lovely single level condo in Fremont.

Ground level home with private back patio.

Updated and in Move-In condition!

Large 12″ Tiles in Entry, Kitchen and Dining room.

All appliances included.

Walking distance to BART.

Stay tuned for additional info, pix and video.

Listing Price: 119,245
Address: 38627 Cherry Ln #74
City: Fremont
State: CA
ZIP: 94536

MLS # (if any): 40553193
Square Feet: 628
Bedrooms: 1
Bathrooms: 1
Garage: Carport

Filed Under: $100k-$250k, Condominium, Featured Properties, Fremont, REO

Great Opportunity in Sundale!

October 19, 2011 By Michael

Open House: October 29th, Saturday, 2-4pm.

Here’s a great opportunity to buy in the Sundale neighborhood of Fremont CA.

It’s a Remodeled home.

Granite Island and kitchen counters, recessed lighting, wood floors, double-pane windows, crown moulding.

Foreclosure Rate Drops For The 12th Straight Month

October 18, 2011 By Michael

Foreclosures by state September 2011 Foreclosure activity continues to slow throughout the United States.

According to data from RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings dipped below 215,000 in September 2011, a 6 percent decrease from August.

A “foreclosure filing” is defined as any foreclosure-related action including Notice of Default, Scheduled Auction, or Bank Repossession.

September marks the 12th straight month in which foreclosure filings fell year-over-year.

There are several reasons why foreclosure filings are down, including an increase in the amount of time it takes banks to move a foreclosure through its pipeline. It now takes a nationwide average of 336 days from the date of initial default notice to bank repossession.

Some states work quicker than others, however, because of a combination of state law and personnel.

Homes in New York take an average of 986 days to foreclose, for example, the longest in the country. Homes in Texas foreclose the quickest, registering just 86 days.

As in prior months, bank repossessions remain concentrated by state. Just 6 states accounted for half of the country’s REO last month:

California : 16.6 percent
Georgia : 8.5 percent
Florida : 8.3 percent
Texas : 6.2 percent
Michigan : 6.1 percent
Illinois : 5.2 percent

Collectively, these 6 states represent just 36 percent of the nation’s population.

By contrast, the bottom 6 states were home to just 192 repossessions last month — 0.3% of the national total. Those 6 states were Alaska, Wyoming, District of Columbia, North Dakota, South Dakota, and Vermont.

For home buyers in Pleasanton , shopping for foreclosed properties can be an excellent way to get “a deal”. Foreclosed homes typically sell at discounts as compared to “non-foreclosed” homes, but are often sold “as-is”. This means that homes listed for sale may be defective or out-of-code.

Before placing a bid on a foreclosed home, make sure that you’re represented by an experienced real estate professional.

Filed Under: Featured Properties, Housing Analysis Tagged With: Foreclosure, RealtyTrac, REO