Foreclosure

Bay Area
1

Here’s a REO in Daly City. 3/1/1140 asking for 700K. Should go higher. Rent estimate $3600. So yeah, cash flow neutral at asking price.

https://www.redfin.com/CA/Daly-City/454-89th-St-94015/home/1731716

Bank Owned. Fixer upper. 3 bed 1 bath home located in the Broadmoor Village neighborhood. Property needs work. Bring your vision and tools to make this one shine again. Walk to schools, shops, close to public trans. & minutes to SF or SFO!!

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2

This is also better one, fixer upper.

Contractors’ Special. Must be all cash offer. Please be careful if visiting back yard- some debris present. Conditions for Sale: 1. This is a Probate Sale. Court confirmation may be required 2. All offers must be accompanied by verification of funds. 3. All inspections must be completed and contingencies removed prior to submittal to heirs and/or submittal for Court Confirmation. 4. Sale approval subject to Attorney approval, within 48 hours of acceptance. 5. All offers will be reviewed by Administrator Wednesday March 8, 2017 6. Selling entity: Estate of Vernon Reid

3

Yea, looking at that one too. Its next door is a flip last year too. Did you do flip analysis on this one, @jil?

4

You mean some skeletons visible if you visit the back yard? :stuck_out_tongue_winking_eye:

5

I know the location. Unable to judge the home work estimate without pictures or a visit. One negative, for flipping, the home is small size 897 sqft !

With this statement “Contractors’ Special. Must be all cash offer.”, I guess work is high or like tear down !

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6

What about extending the sqft? Like adding 300 - 400 sqft gonna add a lot of value?

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7

Lot has 5300 sqft. For this too, we need to see the home, how it is built and the city setback limit. We can not assume that we can build without seeing the home and lot. Even, if you can add one more bath, you can easily flip.

Look at nearest home on sale

https://www.redfin.com/CA/Santa-Clara/2155-Monterey-Ave-95051/home/724142

The easier buy is here, again this is redfin hot home. This is one among the best, but will go to pending easily.

https://www.redfin.com/CA/San-Mateo/1536-Dix-St-94401/home/1476778

or

https://www.redfin.com/CA/San-Mateo/111-Huron-Ave-94401/home/1404582

Actually, these are not flip, but low listing.

8

If such a thing exists around here…

9

With the housing bubble burst and the subprime mortgage crisis, millions of homeowners found themselves unable to make their mortgage payments. Many found themselves owing more on the house than the home was worth. Many just walked away from their homes. As a result of these complicated issues, millions of homes were foreclosed.

10

Job market is still quite good. As long as that is happening, we can ride out any decline in home buying as that may be more related to rising interest rates or simply high pricing. Employment is key.

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11

Bubble? I don’t see no stinking bubble. Paraphrasing Humphrey Bogart.

12

Things you must do before buying a foreclosure:

  • Do a title search - make sure that when you purchase a foreclosure that you are the only person who has any ownership claim
  • Check for liens - find out if there are any liens against the property because you will be responsible for paying them
  • Check for a second mortgage - you don’t want to be surprised by an extra mortgage that you will need to pay
  • Know how good of a “bargain” you’re getting - foreclosures are sold “as is” and in many cases you will not be able to do a proper inspection. You may end up paying thousands of dollars repairing the property before it is fit to be lived in.
2 Likes
13

Sometimes I think you are spamming :slight_smile:
Your messages are on topic, but also not warranted.