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Regular Visitor
golfgal
Posts: 8
Registered: ‎02-17-2010
0

Stockton market - buying a foreclosure???

We may need to move/buy in the Stockton area very soon due to relocation.

Searching around for our needs - newer construction, ~3K sq ft, under $450K - It seems like 99% of the homes for sale there are FORECLOSURES!  

 

Some are listed as 1) bank owned, 2) auction, 3) notice of default.

So - how hard is it to buy one?
Our other house hasn't been listed yet (out of state) but should sell fairly quick as it's in a highly desirable area and price range.  Is "fast" simple impossible with any foreclosure/default property?

We do NOT want to move into a rental to wait for a bank to budge, and then move again.  So how does a contingent offer work in this situation?  What about concurrent closing?  OK you can stop laughing now.  

We would consider renting a foreclosure property we intended on buying....but that kind of "creative" deal is likely impossible.

Regular Contributor
PaulJi
Posts: 121
Registered: ‎12-25-2008
0

Re: Stockton market - buying a foreclosure???

are you serious you cant find a 3k house in stockton for 450k?? whatt. how are you searching. I may have to run a search but stockton last time i checked still cheaper than that
Contributor
MichelePeterson
Posts: 22
Registered: ‎07-24-2012
0

Re: Stockton market - buying a foreclosure???

[ Edited ]

Foreclosures are very simple to buy in Stockton.

Typically a fast close - you can be in the house in under 45 days after offer accepted.

More times than not, under 30 days with a great lender.

 

There are many options available in Stockton in your price and size.

 

Definitely contact a great Realtor in the Stockton area through Redfin.

#1. You get credit back for your purchase to help defer closing costs

#2. They are experts on that area

#3. They will have all of the trusted and reliable contacts you will need to finalize the transaction.

     -> Lender

     -> Home Inspector

     -> Title Company

     -> Appraiser

 

Plus the ability to take you through neighborhoods that meet you and your families shopping requirements will help to streamline the process and lower the amount of time needed to find your new home.

 

Welcome to California!

 

Michele Peterson

Keller Williams Realty

Michele Peterson
Redfin Partner Agent
Redfin Staff
rachel-musiker
Posts: 155
Registered: ‎05-19-2010
0

Re: Stockton market - buying a foreclosure???

Hi golfgal,

 

I'm Rachel with Redfin's PR team. A Bloomberg Businessweek reporter I'm in touch with would be interested in talking with you about how you're finding your home search. Would you be willing to have me connect you two?

 

Thank you,

Rachel

Rachel Musiker | Senior PR Specialist | Redfin

New Visitor
karolinainc
Posts: 1
Registered: ‎10-25-2012
0

Re: Stockton market - buying a foreclosure???

[ Edited ]

Hi

You are at the mercy of the bank when you submit an offer it could take days to months. 

 

Caroline

 

Regular Visitor
golfgal
Posts: 8
Registered: ‎02-17-2010
0

Re: Stockton market - buying a foreclosure???

Caroline,

As it turned out, my husband received multiple offers of employment simultaneously. He took an offer in Sarasota, FL instead - even though the folks in Stockton did their best to try to match.

 

A big part of this was considering quality of life and availability of suitable housing. That area is quite robust and recovering - while Stockton was quite the opposite.

 

In both cases, it seems one cannot buy any distressed property unless you are paying cash - or have sold your existing house and moved into a rental.   That way - when it does take months, you aren't out on the street.