Arn Cenedella

Daily Update of New Foreclosure Listings

This post will update daily with new foreclosure listings in San Francisco mid-peninsula locations. Below you will find an introduction to buying a foreclosure property as a personal residence or investment.

• There are foreclosure properties available on the San Francisco Peninsula. In the mid-peninsula, many of these can be found in Menlo Park, Redwood City, and East Palo Alto – typically areas near and on both sides of Highway 101.
• More specifically, the majority of foreclosures are located in neighborhoods where the average price at the peak say 2006 was $700,000 and below. There have been very few foreclosures in neighborhoods and cities were average price was over $1,000,000 at the peak.
• Some are good buys, some are not. Some houses are totally destroyed and others are in reasonable condition. They can be a good opportunity for first-time buyer or small investor.
• Like any investment, one needs to understand that particular market to do well.  Any buyer interested in considering buying REO foreclosure homes, should find an agent who knows the market in the specific neighborhoods where foreclosures can be found. For investors, finding an agent with local specific neighborhood of rental values who performs property management functions including Section 8 rentals is of high importance.
• Foreclosure REOs are currently priced (depending on area) around 50% of previous sale price.
• Most REOs receive multiple offers, many of them cash offers. Most properties go quickly.
• REO banks require SOLID pre-qualification, proof of funds to close (bank or investment statements), both for offers that are financed and for all cash offers, and a copy of earnest money deposit check (EMD).
• If the condition of the property is poor, property probably will not qualify for FHA loan.
• Buyers of foreclosures need to understand any REO purchase contract is prepared by the REO bank, no changes allowed. Contract is totally structured to protect REO bank - we, the seller know nothing about the property, totally as is, no warranty, no repairs, buyer beware.

That’s OK. Buyer needs to do his own due diligence.

Below you find find new foreclosure listings on the San Francisco mid-Peninsula.

Showing properties 1 - 5 of 40. See more Only Foreclosures.
(all data current as of 9/9/2010)

1. $243,900 : 2744 Illinois St, East Palo Alto
   
   3 beds, 1 full bath

   Size: 970 sq ft

   Lot size: 7,150 sq ft
   
2. $394,900 : 3320 Hoover St, Redwood City
   
   3 beds, 1 full bath

   Size: 1,270 sq ft

   Lot size: 6,500 sq ft
   
3. $289,900 : 2088 Lincoln St, East Palo Alto
   
   0 beds, 0 baths

   Size: 1,925 sq ft

   Lot size: 5,000 sq ft
   
4. $489,000 : 945 Mouton Ci, East Palo Alto
   
   4 beds, 2 full, 1 part baths

   Size: 2,190 sq ft

   Lot size: 3,063 sq ft
   
5. $428,400 : 4016 Farm Hill Bl #107, Redwood City
   
   2 beds, 1 full bath

   Size: 916 sq ft

   Lot size: n/a
   

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

This entry was posted on Sunday, April 25th, 2010 at 6:11 pm and is filed under First-time home buyers, Foreclosures, Investment Real Estate, REO. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply

Name (required)

Email (will not be published) (required)

Website