San Francisco Real Estate and Community

Provided By Tom Carlson

Foreclosures in San Francisco?

Are there foreclosures in San Francisco? The answer is YES, but not a many as in other Bay Area counties.
While San Francisco property owners face market slow down, some sellers are caught on the uptick adjustments of subprime loans and/or credit crunches.

The majority of our foreclosure sales are on the lower priced homes and in the fringe neighborhoods. However, there are DEALS out there for those that are READY, WILLING, and ABLE to move fast. During the 1970’s and the early 1980’s, I purchased over 50 foreclosed properties and I will share my experience with you.

Foreclosure Tips:

Do your homework FIRST.

1. Find a good lender and get pre-qualified. Make sure that this lender will loan on “as is” or “fixer” properties.
2. Familiarize yourself with the market and the areas of preference. If you do not know the market, you will not know if the property is a good deal. If the property is a good deal, chances are that you will NOT be alone as there are other buyers out there to compete with.
3. Find good representation. The old saying of “BUYER BEWARE” applies. Foreclosures do not have the same disclosures required on non foreclosure real estate sales. Make sure your agent is experienced and knowledgeable in this area. A good Realtor can help provide you with competent contractors and inspectors to supplement the disclosures and guide you through the process.
4. Give yourself an “OUT” clause on the purchase contract. Property Inspection contingencies, Pest Inspection contingencies, appraisal and loan contingencies all allow for time frames to complete inspections and for deposits to be returned to the buyer if the buyer is not satisfied with the results.
5. Be thorough and comply with the purchase contract. Once lenders agree to the price and terms of a purchase contract on a foreclosure, they are less willing to make concessions.

Related posts:

1. Buying Foreclosures/Bank Owned Properties

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