With Proper Due Diligence, Investment Risks Can Be Minimized

Many Californians have built fortunes in real estate.  Real estate investing can be highly profitable and it can be just as risky.  Even the most knowledgeable investor can make a mistake.  No one can eliminate risk, but with proper due diligence many mistakes can be avoided, or at the very least minimized.

What Does Exercising Due Diligence Mean?

Exercising due diligence is the process of investigating every potential aspect of the property or the transaction that can impact or influence the purchase decision.   Proper due diligence can reduce the risks and can help reduce the probability of expensive legal bills. 

Tip for San Mateo Real Estate Investors – Come Up with a Plan

Every investor should have an investment strategy, an efficient system and a coordinated plan to research and act on each investment opportunity.  It all starts with an intellectually honest look at your personal and financial objectives.  Are they compatible?  Does each support the other?  Do you have a backup plan and an exit strategy should things go soar?

Assemble a Team of Professionals and Refine Your Goals

Arriving at the answers may be facilitated by assembling a team of specialists: Financial Planner, Tax Advisor, Attorney and Real Estate Broker.  Each can contribute a particular viewpoint that can help sharpen your focus and fill in the blanks.  Then, determine your options, refine your goals and evaluate what is realistic and achievable.

7 Questions to Ask Yourself Before Investing in Real Estate

Here are several considerations that may help you make a better decision.

• Evaluate your investment alternatives based upon your personal and financial goals and capabilities.
  
• How soon do you need to realize a return on your investment?
  
• Do you prefer to focus on residential or commercial property?
  
• Do you prefer a particular geographic location?
  
• Do you want to buy hard money instruments, such as, trust deeds or tax liens?
  
• Do you want to invest individually or as part of a group?
  
• What is your source of funds: savings, personal line of credit, or self-directed IRA?
  

Once you have answered these questions, review your expectations and capabilities with each of your team.  Ask whether your expectations are realistic and is the risk tolerable?   If so, go for it.

Do Lots of Research and Utilize Knowledgeable Experts to Profit

Then, when you find an investment opportunity that is compatible with your strategy and your plan, do lots of research and utilize the knowledge and expertise of the team you have chosen.

Ready to Invest in San Mateo Real Estate?

Call us at (650) 655-2500 or email us at info@LivingWellinSanMateo.com to schedule a free, no obligation consultation.

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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.

Yesterday, we showed you the first 4 of our 8 critical factors affecting the San Mateo real estate market in 2010. Today, we’re going to give you the rest.

The Final 4

• Climbing Interest Rates
  
• Stricter FHA and Fannie Mae Underwriting Rules
  
• Rising Foreclosure Levels
  
• Loan Modifications Fail
  

Climbing Interest Rates

The cycle aberration of 5% money ends and by the 2nd quarter of 2010. San Mateo mortgage interest rates will begin to rise and the days of cheap money will be a historical footnote.  Buyers who hold fast to the notion that rates will drop again will lose that bet.  For buyers, this means mortgage money will be more expensive and qualifying for a new loan will be more difficult as rates climb ever higher.  Sellers who think that waiting until spring 2010 to sell will discover a smaller pool of financially qualified buyers.   For sellers, this means longer marketing times and fewer qualified buyers.

For a more detailed look at where San Mateo mortgage interest rates are headed in 2010, check out Chris Williamson’s post San Mateo Mortgage Interest Rates Predicted to Rise in 2010.

Stricter FHA and Fannie Mae Underwriting Rules

The financial problems for FHA, Fannie Mae and Freddie Mac will become acute as the impact of insufficient cash reserves and debt-to-equity ratio weighs heavily.   As mortgage defaults and foreclosure levels increase, losses will mount as FHA, Fannie Mae and Freddie Mac impose more stringent underwriting guidelines and tighter appraisal standards.  Banks will become more adamant about loaning money only to the most credit worthy borrowers.  Condominiums will be particularly vulnerable to value erosion as all condominiums must now be on the FHA or Fannie Mae approved list to be eligible for bank financing.

Rising Foreclosure Levels

A new wave – the 2nd of 3 – of mortgage defaults will bombard the market as a glut of ARM loans recast or reset beginning about the 2nd quarter of 2010.  Many of these home owners will find their monthly payment unaffordable and fall behind with no hope of refinancing as interest rates rise.  Foreclosures will spread into the mid-tier price ranges.  Interestingly enough, while distressed homes and foreclosures represent a significant portion of the housing inventory in many other parts of California.  In the past 6 months, only 27% – 654 of the 2,408 homes sold – are either short sales or bank owned properties.  By far, the bulk of the distressed homes sold (541) were sold for less than $600,000 and they were generally concentrated in three lower income Mid-Peninsula areas.

Loan Modifications Fail

Currently about half of the loan modifications made in the past 12 months are delinquent, and it’s predicted that 80% will fail.  The U.S. Treasury reports that even thought loan modifications reduced mortgage payments on average by 40%, many of these loans are in deep trouble.  Clearly, more loan modifications will be anticipated as the sub-prime meltdown continues through the 2nd and 3rd wave of ARM recast and resets.   What does this mean for home owners in trouble?  Don’t wait; Talk to an attorney, real estate professional and a reputable tax advisor now.  Waiting will only exacerbate your problem.

Never Forget…All Real Estate is Local – Really Local!

Each micro-market within San Mateo County will perform differently as seven critical factors affect the performance of each.  Ignore the national data and the mainstream media’s reportage of regional activity.  All real estate is local — I mean really local.   Applying national statistics to your local housing market is a little like asking your Dentist to do brain surgery because he’s in the area?   Home buyers and sellers can best understand what’s going on in their local area by using the most recent local market data because it’s the only market that matters – to them.

San Mateo Real Estate Market Updates

For more on the San Mateo real estate market, visit our San Mateo Real Estate Market Updates channel or click the button below.

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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.

The 2010 San Mateo County Housing Market will present challenges and opportunities as never before to home buyers, home sellers and real estate investors.  Here’s how we see the 2010 San Mateo County real estate market.

The First 4

Today, we’ll give you the first four of our 8 critical factors affecting the San Mateo real estate market in 2010.

• Bi-Focal Market Persists
  
• Upper End Price Tier Correction
  
• Cash Rich Investors
  
• Tax Credit Deflated
  

San Mateo is a Bi-Focal Market

The San Mateo County (CA) housing market is a tale of unique two markets.  In the most vigorous segment, we find home buyers and investors competing for the same single family homes but with different motivations.  Home buyers who may have been priced out of the market are clamoring to buy the most affordable homes in the past decade.  With more leverage are investors armed with cash who are aggressively purchasing single family homes for immediate cash flow and long term appreciation.  Multiple offers and over bidding in this price range will continue to frustrate buyers as they hear national stories about “fire sales” and “bargain deals”   that don’t exist in San Mateo, California.

The other segment in San Mateo County comprised of homes priced in the $800,000 – $1,100,000 price range – typically the trade-up market – will see prices stabilizing and a perceived degree of relative normalcy returning in 2010.   However disconcerting is a buyer pool that is not exuberant and contract price appraisals will not be a certainty.  With the new Fannie Mae and FHA appraisal guidelines, one or two foreclosures in a neighborhood can have significantly adverse effects on an individual home’s appraisal.   One foreclosure can diminish the value of a home.  This is a price sensitive market where buyers diligently comparison shop.  Sellers who are serious and committed to selling their home must recognize their home is only worth what a buyer will pay, and the seller’s need or desire to sell has no influence on the value of the property.

Upper End Price Tier Correction

The upper price tier of San Mateo County’s housing market will undergo a price correction due to increasing unemployment and a smaller, more cautious buyer pool.  Many trade-up home buyers are willing to rent while taking a wait and see attitude.   As mortgage interest rates climb, the buyers’ perception of home values diminish, the upper end of the housing market will experience added downward pressures as prices are more aggressively negotiated by buyers seeking greater value and return on investment.

Cash Rich Investors

Cash is king, but that’s not news.  The big news is the composition of the investor market where investment pools buying in bulk will begin to impact the San Mateo County foreclosure market.  Frustration will mount for the individual home buyer – especially the lower-end home buyer – who cannot compete with cash rich investors who can buy quickly with less concern for the condition of the property and more concern about the financial terms.  Many foreclosed homes will not be seen on the MLS as investors side step REALTORS by going directly to the asset managers and banks.

Tax Credit Deflated

The bubble of hype will burst as the $8,000 Tax Credit extended through April 2010 is tarnished by climbing interest rates and tighter underwriting standards.  For buyers, this means that the longer you wait to buy the less financial benefit will be available.  Interest rates – particularly increasing interest rates – will have a much more significant impact on purchasing a home than a one-time tax credit.  For sellers, this means just another reason for home buyers to move to the sidelines in hopes for better opportunities.

Want the Next 4? Check Out Part II

8 Critical Factors Affecting the Real Estate Market in 2010 Part I

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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.

The most potentially profitable and the most potentially dangerous way to buy real estate is buying a foreclosure on the court house steps.  In California, they are called Trustee’s Sales, in some states they are called Sheriff’s Sales.

What is a Trustee Sale?

A Trustee’s Sale is a non-judicial forced auction sale to the highest oral bidder conducted by the Trustee who has the power to sell the property. That’s a mouthful.  Savvy investors have learned that many of the most profitable opportunities are found at Trustee’s Sales; they’ll also admit that even the smartest can make costly mistakes.

10 Things You Should Know Before You Bid on the Court House Steps

Here are some things you should know about Trustee’s Sales before you start down the stairway of dreams.

• Only the Lien Position held by the Beneficiary (Lender) Is Being Sold; Lien Position Based on Recording Date
  
• Bids are All Cash; No Loan, No Lender and No Loan Contingency
  
• All Sales are Final; No Grounds for Rescission of Valid Trustee’s Sale
  
• Winning Bidder Responsible for All Senior Liens; Junior Liens Wiped Out
  
• Winning Bidder Receives a Trustee’s Deed; Similar to Quitclaim Deed
  
• No Title Report; No Title Insurance
  
• No Inspections; Accessibility to Interior of Property Highly Unusual
  
• No Disclosures; Beneficiary Exempt from Typical Disclosure Requirements
  
• No Warranty; Clear Title is Not Guaranteed
  
• Possession to the Property Is Not Automatic; It May be Subject to Tenant’s Rights
  

Clearly, Trustee’s Sales are the classic “high risk – high reward” investment endeavor.  As scary as that summary may appear, many investors – with a high tolerance for risk – have built substantial real estate portfolios buying on the court house steps.

Looking for More Info About Trustee Sales?

You may be interested in checking out our Trustee Sales Webinar. For our upcoming programs, you can visit our Class Schedule page or just head over to our Trustee Sales – Most Dangerous and Most Profitable Way to Buy San Mateo Real Estate information page which will be updated with our next class info.

Looking for Professional Representation for Your Trustee Sale?

We represent San Mateo home buyers in all types of real estate transactions, including Trustee’s Sales. To schedule a no obligation consultation, call us at (650) 655-2500 or email us at info@LivingWellinSanMateo.com.

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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.

Class Date/Time: Tuesday Feb. 16, 2010 at 7pm

Recently, we taught a class, How to Buy Bank Owned Homes, Short Sales and Foreclosures in San Mateo County at the College of San Mateo Community Education Program. We had such great feedback on the program, we decided to condense it and present it during our Home Buying Tuesdays series.

What Part of the Presentation Will We Include?

We’ll focus on bank owned homes in San Mateo County (post-foreclosures) because they offer the best value with the least risk for San Mateo County home buyers.

What Will You Learn?

Buying a foreclosure in San Mateo is not like buying a San Mateo home from a conventional seller. But, bank owned homes can present tremendous value to home buyers in San Mateo.

When you attend What You Need to Know About Buying Foreclosures in San Mateo, you’ll learn…

• What to watch out for when buying foreclosures in San Mateo County
  
• Some common myths about buying bank owned homes in San Mateo County
  
• What is really going on in the bank owned homes segment of the San Mateo County real estate market? – no hype, just real numbers
  
• Is buying a bank owned home in San Mateo County the right strategy for you?
  
• Where are bank owned homes located in San Mateo County?
  
• What you can expect when buying foreclosures in San Mateo County
  
• How you finance a foreclosure in San Mateo County
  
• and much, much more!
  

When?

This program will be presented on Tuesday, February 16th 2010 at 7pm at 1700 S El Camino Real in San Mateo.

Cost/Sign Up?

This program is free to attend, but we are limited as to how many people will fit in the room so sign up early to guarantee your space. You can sign up by filling out the form below, or by calling (650) 655-2500.

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Still Have Questions About Buying Foreclosures in San Mateo?

Have questions about buying foreclosures in San Mateo County? Ask us via email at info@LivingWellinSanMateo.com, phone (650) 655-2500 or via our question page.

Other Posts You May Enjoy

• Can You Really Buy San Mateo Foreclosures for Less than $20,000?
  
• How’s the San Mateo Foreclosure and Short Sale Market?
  
• What to Expect When Buying Bank Owned Homes in San Mateo – Including the Bank’s Addendum
  
• Can You Steal a Bank Owned Property?
  
• True or False: Banks Don’t Have to Provide Disclosures
  

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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.

Distressed Properties Have Little Impact on Overall San Mateo County Housing Market

With all the media reports of soaring unemployment, record defaults and the spiking California foreclosure rate, you would think the residential real estate market in San Mateo County is plummeting.  Well, we see a market that’s clearly not acting like it’s in free fall at all.  Let take a more critical look.

San Mateo County Real Estate is Not Like the Rest of California

Many California housing markets are strongly influenced by distressed homes.  Distressed meaning pre-foreclosures (short sales) and bank owned homes (REOs or Real Estate Owned by the Bank). Not distressed as in the angry, vindictive San Mateo County home owner losing his or her home in foreclosure that trashes and mutilates the property on the way out the door.  Here in San Mateo County we are having an entirely different experience than most of the rest of California.

How Many Distressed Properties are on the San Mateo County Real Estate Market Today?

Distressed properties in San Mateo County comprise only 250 (16.94%) of the 1,476 single family homes and condominiums currently on the market.  By any measure, this is an insignificant portion of the overall San Mateo County home resale market, and is primarily comprised of lower end properties in need of rehabilitation.

What Have We Seen in the Last 3 Months?

Number of Properties Listed in San Mateo County

Number of Properties Sold in San Mateo County

Buy Low, Rehab and Rent is Now a Viable Strategy in San Mateo County – Why?

Only about 1/3 of the short sale listings placed on the MLS actually close escrow.  The San Mateo short sales that don’t sell – about 2/3 – are usually foreclosed upon and end up being re-listed on the MLS as a bank owned property.  The numbers show that REO’s are selling in greater numbers than they are listed. Demand is out-stripping the supply which tells me the prices of single family homes and condominiums will increase – particularly among the most affordable segment of the market.  However, a critical look at the location and make up of these properties show they are concentrated in the least costly neighborhoods and in poor condition.  That’s why investor demand is so high – buy low, rehab and rent is now a viable strategy in San Mateo County.

Bank Owned Homes are Most Aggressively Sought Segment of the San Mateo Real Estate Market

As anyone who has tried to buy a San Mateo County bank owned home recently can attest, they are the most aggressively sought-after segment of the market. Especially those homes and condominiums priced under $600,000. It has become the norm, rather than the exception, to see new San Mateo County bank owned homes attract multiple offers within days of coming on the market.

2009 is the Time to Invest in or Buy San Mateo County Real Estate

If you are looking for a home to live in, or an investor seeking cash flow and appreciation potential, this current market in San Mateo County is the best buying opportunity I have seen in 31 years in the business.  Comparing median income versus median home values, we see homes more affordable than at any time since the early 1980’s.

Buying Bank Owned Homes Not So Straight Forward – Key: Educate Yourself First

Distressed properties are unconventional transactions with unusual rules and procedures.  You can reduce much of the frustration and avoid so many problems by doing your homework.  We share our passion for education by presenting a series of San Mateo County Home Buyer Education programs that are designed to inform and educate home buyers – and investors – about the things they really need to know about buying foreclosures, short sales, bank owned homes and condominiums. Check our San Mateo Real Estate class schedule for upcoming programs.

Next Webinar: Trustee Sales – The Most Dangerous and Potentially the Most Profitable Way to Buy San Mateo Real Estate

Our next webinar to educate home buyers and investors about buying Trustee Sales (sometimes known as sheriff’s sales or buying on the courthouse steps) will be held on Tuesday November 17th at 6pm.

Sign up using the “Sign Up” button below.

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Raymond Stoklosa, Chela Stoklosa and Rebecca Williamson are Realtors with The RayChel Realty Group specializing in Santa Clara and San Mateo Real Estate.

Buying bank owned homes in San Mateo County may be your best chance of finding a good deal. But, because there are so few bank owned homes in San Mateo County compared to other counties in California, almost every bank owned home is a highly sought after property. To have a chance of getting one, you need to follow the bank’s rules. Otherwise, your offer may be thrown in the garbage.

A few weeks back, we taught a class at The College of San Mateo, What to Know Before Buying Foreclosures in San Mateo County where we presented the realities of and tips to buying bank owned homes to San Mateo County buyers and investors.

In this 3 Minute Coaching Moment, Raymond Stoklosa, Managing Broker and Co-Owner of The RayChel Realty Group in San Mateo gives six of the tips to buying bank owned homes in San Mateo County he gave to the attendees at The College of San Mateo.

Want More Information About Buying Bank Owned Homes in San Mateo County?

For starters, you can check our our Guide to Buying Bank Owned Homes in San Mateo County.

To download our Guide to Buying Bank Owned Homes in San Mateo County, click on the Adobe PDF logo below.

Download the Guide in PDF

For More Information – Attend a Class or Webinar

For even more information, you can check out our Class Schedule for classes and webinars about buying foreclosures in San Mateo County. Each program is an informative, educational, non-salesly program packed with money and time saving tips you can use to make your next real estate transaction a good one.

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A Trustee’s Sale is a public, open auction of the Trust Deed, or the loan, being foreclosed upon. Buying a home at a Trustee’s Sale is the most dangerous and potentially the most profitable way to buy San Mateo County real estate.

5 Things You Need to Know About Trustee’s Sales Before You Bid

Here are five things you need to know about Trustee’s Sales before you bid.

1. Trustee’s Sales are ALL CASH
   
2. The winning bidder takes the property subject to all senior liens
   
3. No Inspections
   
4. No Disclosures
   
5. No Warranty
   

Why These Five?

To learn more about Trustee Sales and why these five things are important to you, watch our latest 3 Minute Coaching Moment with Raymond Stoklosa, Managing Broker and Co-Owner of The RayChel Realty Group.

The bottom line is Trustee’s Sales are complex, complicated and considered by most people to be a legal mine field. There is much more to learn and a lot more to know before you bid.

Want to Learn More?

To learn more about Trustee Sales, attend our webinar, Trustee Sales: The Most Profitable and Potentially the Most Dangerous Way to Buy San Mateo County Real Estate on Tuesday November 17th at 6pm. Sign up on our Trustee Sale webinar registration page.

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Trustee sales are the most dangerous way to buy San Mateo real estate is potentially the most profitable. Let me explain. There are many ways to buy real estate.

5 Ways to Buy San Mateo Real Estate

You can buy San Mateo Real Estate…

• Directly from the owner – Those are properties offered for sale by the owner. We call those FSBO’s.
  
• Listed in the Multiple Listing Service – the MLS – either directly through the listing agent who represents the seller, or a better way to buy is to be professionally represented by a knowledgeable and experienced buyer’s agent
  
• In foreclosure – Those are properties that have had a Notice of Default Recorded against them. We call those pre-foreclosures or distressed real estate
  
• That’s already been foreclosed upon -Those are properties that the lender has repossessed because the borrower defaulted of his or her loan. We call those REO’s
  
• At the Trustee’s Sale (in some states called Sheriff’s Sales).
  

Without the slightest doubt, buying property at the Trustee’s Sale is the single most dangerous way to buy. And, it’s potentially the most profitable.

What is a Trustee’s Sale?

In layman’s terms, a Trustee’s Sale is a public, open auction of the Trust Deed – that is, the Loan – being foreclosed upon. Why is the lender foreclosing – Because the borrower did not make the payments as agreed upon?

A Few Things You Need to Know About Trustee’s Sales

Here are a few things you need to know about Trustee’s Sales.

1. Trustee’s Sales are ALL CASH – no exceptions. Bring a Certified Cashier’s Check for the exact amount of your bid.
   
2. The winning bidder takes the property subject to all senior liens. All junior liens are wiped out. The person conducting the sale will never divulge the position of the trust deed, only the amount of the opening bid.
   
3. No Inspections – rarely can you peak inside the property so you’ll have to make a very un-informed guess at the fix-up costs necessary to bring the property into livable or saleable condition.
   
4. No Disclosures – Trustee’s sales are exempt from disclosure laws so no representations will be made about defects, deficiencies, neighborhood nuisances or any factor – positive or negative – affecting the value of the property.
   
5. No Warranty – The winning bidder receives a Trustee’s Deed which contains no warranties regarding title, possession, encumbrances or property condition. What you see and don’t see, what you know and don’t know – is what you get. You are buying only the lien position being sold. So, you could be “Queen for a Day.”
   

The bottom line is Trustee’s sales are complex, complicated and considered by most people to be a legal mine field. There is much more to learn and a lot more to know before you bid.

Want to Learn More About Buying Trustee Sales? Attend Our Free Webinar

We will be hosting a free webinar, Trustee Sales – The Most Dangerous and Most Profitable Way to Buy San Mateo Real Estate, on Tuesday November 17th at 6pm.

Topics Discussed

In this non-salesy, education based webinar, we’ll be discussing:

• What is a trustee sale?
  
• Who should consider buying one
  
• What to expect when buying one
  
• The risks associated with buying trustee sales
  

Sign Up Information

To Sign Up for this Webinar, visit our Trustee Sales – The Most Dangerous and Most Profitable Way to Buy San Mateo Real Estate registration page.

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The headlines shout “Foreclosures Mount”, while the talking heads proclaim “Falling Home Prices and Rising Inventories.” Well, in the words of College Football’s GameDay host Lee Corso, “not so fast, my friend.”

What About the San Mateo County Real Estate Market?

Certainly, in some parts of the United States foreclosures are at all time highs and home values have declined with alarming speed. However, economists note that all real estate is local and nowhere is that statement more profound than San Mateo County, California. Here’s what I mean. Let’s take a look at the real numbers for San Mateo County’s foreclosure market.

Two Types of Foreclosures in San Mateo

The San Mateo real estate market is comprised of the homes in “pre-foreclosure” – known in the industry as short sales and those “post-foreclosure” properties that are now owned by the bank who has repossessed the property as a result of a foreclosure proceeding – known in the industry as an REO (real estate owned) bank owned foreclosure.

San Mateo County Real Estate Market Data

San Mateo Bank Owned Homes Market Data

What Does the Data Mean?

Short sales and REOs (bank-owned homes) make up a very small percentage of the overall San Mateo County single family home market. Most of the San Mateo short sale homes will go to foreclosure sale and become bank owned REOs. On average, San Mateo County bank owned sales yield more than their listed price and take half the time to sell when compared with San Mateo County short sale properties. That, however, is just the beginning of the story.

How Can I Get More Info?

For lots more information about Short sales and Bank-Owned (REO) foreclosures, the College of San Mateo is sponsoring a short course entitled The Risks and Rewards of Buying Short Sales and Bank Owned (REO) Homes on Saturday, September 26th. For more information, visit our blog post, How to Buy Bank Owned Homes, Short Sales and Foreclosures in San Mateo County.

Search Foreclosures in San Mateo County

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Other Posts You May Enjoy

• What to Expect When Buying Bank Owned Homes in San Mateo – Including the Bank’s Addendum
  
• Can You Steal a Bank Owned Property?
  
• True or False: Banks Don’t Have to Provide Disclosures
  
• 15 Questions to Ask Before Making an Offer on a Short Sale in San Mateo
  
• Why Are REOs Better than Short Sales?
  

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