Tag Archives: foreclosure

TICs Avoid Foreclosure Wave

Last week, our reader The Real Estate Whisperer asked about the health of the TIC loan industry.

TICs apparently have an excellent track record when it comes to foreclosures, according to Henry Jeanes at Sterling Bank—one of the primary TIC lenders. Jeanes confirmed that apart from one TIC owner in Oakland who was heading for foreclosure (which was ultimately avoided), Jeanes isn’t aware of any lenders foreclosing on a TIC interest.

Good news, particularly with the mix of group and fractional loans. Jeanes attributes the loan success to the strict TIC loan requirements.

Mission Terrace Foreclosure Gets 30+ Offers

Mission Terrace Foreclosure Gets 30+ Offers

Within days of coming on the market at $586,575 last week, the 4BR/2BA 1930s home with 1766 square feet located at 1 Navajo, in Mission Terrace garnered more than 30 offers.

Obviously, those who need more than two bedrooms in San Francisco are actively seeking homes and are ready to pounce when the price is right. And this location within Mission Terrace is close to the BART & Muni stations, making it more attractive. Of course, an individual seller not involved in a short sale or foreclosure would probably never price his/her home this low. So buyers looking for deals will still have to rely on foreclosures to make their dreams happen.

Sellers Slip Under Water in Noe

In addition to the short sales and foreclosures that are creeping into San Francisco, there’s another trend afoot: Owners are putting their homes on the market at prices which indicate they’ll lose money or barely break even if their homes sell at list price.

One neighborhood where the trend is growing is Noe Valley. A check on the details behind the 38 single-family homes currently for sale reveals that 12 were purchased five or fewer years ago, at prices that don’t add up to appreciation now. Here’s the rundown: Continue Reading

Help for Homeowners in Foreclosure

Obama’s foreclosure fix is now open for business. If you’re a homeowner who’s potentially facing foreclosure, head on over to The Homeownership Preservation Foundation. The federal government, in conjunction with several non-profit organizations, is working with borrowers and their loan servicers to head off foreclosure situations. The goal is to prevent homeowners from having to default in order to get assistance.

If you’d like to actually speak with someone, you can call 1-888-995-HOPE (4673). There is also online counseling assistance.

Contact Eileen for Real Estate Help

Eileen Bermingham

Corcoran Global Living

415.823.4656

eileen@insidesfre.com

DRE# 01352627

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