| Welcome to my web site. |
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Whether you are just browsing, or have specific real estate needs, I hope you find the tools and content here helpful.
Please take your time to look around, and I sincerely hope to hear from you, or answer any questions you have regarding real estate in the Bay Area.
Sincerely,
Faye Weng |
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Tenant suffers damages in plumbing remodel
Thu, 28 Aug 08 00:00:00 -0700 |
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Homeowners, is your estate planning in order?
Thu, 28 Aug 08 00:00:00 -0700 |
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Employer willing to buy out tenant's lease
Thu, 28 Aug 08 00:00:00 -0700 |
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Get rid of 'buyer's block'
Thu, 28 Aug 08 00:00:00 -0700 |
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Eliminate heat loss through floors
Wed, 27 Aug 08 00:00:00 -0700 |
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Refi canceled after surprise changes
Wed, 27 Aug 08 00:00:00 -0700 |
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Don't rely on agent's choice for loan, title services
Wed, 27 Aug 08 00:00:00 -0700 |
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Home inspection nightmare: Attic access denied
Tue, 26 Aug 08 00:00:00 -0700 |
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Better choice: fund IRA or pay down mortgage?
Tue, 26 Aug 08 00:00:00 -0700 |
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Not married? Buy home as tenants in common
Mon, 25 Aug 08 00:00:00 -0700 |
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Why do most lenders sell their mortgages?
Mon, 25 Aug 08 00:00:00 -0700 |
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Must I contract with agent showing open house?
Mon, 25 Aug 08 00:00:00 -0700 |
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| I am a realtor who believes in continuous education, and I am committed to perfecting my services. Here are some of the on-going awards and designations I’ve earned: |
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| Browse Blogs |
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Buyer FAQ |
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Foreclosures |
 Are foreclosures an option?
Can I get a HUD home for as little as $100 down?
Do you have to buy HUD homes through a realty agent?
How do you find government-repossessed homes?
How do you get financing for a foreclosure?
What
about buying a foreclosure "as is"?
What happens at a trustee sale?
What types of foreclosure are there?
Where can you find foreclosed HUD homes?
Where can you find foreclosures?
Where do I learn about HUD foreclosures?
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Question: Are
foreclosures an option?
Answer: A
foreclosure property is a home
that has been repossessed by the
lender because the owners failed
to pay the mortgage. Thousands
of homes end up in foreclosure
every year. Economic conditions
affect the number of foreclosures,
too. Many people lose their homes
due to job loss, credit problems
or unexpected expenses.
It is wise
to be cautious when considering
a foreclosure. Many experts, in fact,
advise inexperienced buyers to hire
an expert to take them through the
process. It is important to have
the house thoroughly inspected and
to be sure that any liens, undisclosed
mortgages or court judgements are
cleared or at least disclosed. |
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 Back to top |
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Question: Can
I get a HUD home for as little as $100 down?
Answer: If
you are strapped for cash and looking
for a bargain, you may be able to
buy a foreclosure property acquired
by the U.S. Department of Housing
and Urban Development for as little
as $100 down.
With
HUD foreclosures, down payments
vary depending on whether the property
is eligible for FHA insurance.
If not, payments range from 5 to
20 percent. But when the property
is FHA-insured, the down payment
can go much lower.
Each offer must
be accompanied by an "earnest money" deposit
equal to 5 percent of the bid price,
not to exceed $2,000 but not less
than $500.
The U.S. Department of
Veterans Affairs also offers foreclosure
properties which can be purchased
directly from the VA often well
below market value and with a down
payment amount as low as 2 percent
for owner-occupants. Investors
may be required to pay up to 10
percent of the purchase price as
a down payment. This is because
the VA guarantees home loans and
often ends up owning the property
if the veteran defaults.
If you
are interested in purchasing a
VA foreclosure, call (800) 827-1000
or visit foreclosurefreesearch.com for a current listing. About 100
new properties are listed every
two weeks.
You should be aware that
foreclosure properties are sold "as is," meaning
limited repairs have been made but
no structural or mechanical warranties
are implied. |
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Back to top |
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Question: Do
you have to buy HUD homes through a realty agent?
Answer: You
can only purchase a U.S. Department
of Housing and Urban Development
property through a licensed real
estate broker. HUD will pay the broker's
commission up to 6 percent of the
sales price. |
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Back to top |
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Question: How
do you find government-repossessed homes?
Answer: The
U.S. Department of Housing and Urban
Development acquires properties from
lenders who foreclose on mortgages
insured by HUD. These properties
are available for sale to both homeowner-occupants
and investors.
You can only purchase
HUD-owned properties through a
licensed real estate broker. HUD
will pay the broker's commission
up to 6 percent of the sales price.
Down payments
vary depending on whether the property
is eligible for FHA insurance.
If not, payments range from the
conventional market's 5 to 20 percent.
One caution. HUD
homes are sold "as
is," meaning limited repairs
have been made made but no structural
or mechanical warranties are implied.
Copyright © 2004
Inman News Features |
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Back to top |
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Question: How do you get financing for a foreclosure?
Answer: One
reason there are few bidders at foreclosure
sales is that it is next to impossible
to get financing for such a property.
You generally need to show up with
cash and lots of it, or a line of
credit with your bank upon which
you can draw cashier's checks. |
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Back to top |
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Question: What
about buying a foreclosure "as is"?
Answer: Buying
a foreclosure property can be risky,
especially for the novice. Usually,
you buy a foreclosure property as
is, which means there is no warranty
implied for the condition of the
property (in other words, you can't
go back to the seller for repairs).
The condition of foreclosure properties
is usually not known because an inspection
of the interior of the house is
not possible before the sale.
In
addition, there may be problems
with the title, though that is something
you can check out before the purchase. |
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Back to top |
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Question: What
happens at a trustee sale?
Answer: Trustee
sales are advertised in advance and
require an all-cash bid. The sale
is usually conducted by a sheriff,
a constable or lawyer acting as trustee.
This kind of sale, which usually
attracts savvy investors, is not
for the novice.
In
a trustee sale, the lender who
holds the first loan on the property
starts the bidding at the amount
of the loan being foreclosed. Successful
bidders receive a trustee's deed. |
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Back to top |
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Question: What
types of foreclosure are there?
Answer: Judicial
foreclosure action is a proceeding
in which a mortgagee, a trustee
or another lienholder on property
requests a court-supervised sale
of the property to cover the unpaid
balance of a delinquent debt.
Nonjudicial
foreclosure is the process of selling
real property under a power of
sale in a mortgage or deed of trust
that is in default. In such a foreclosure,
however, the lender is unable to
obtain a deficiency judgment, which
makes some title insurance companies
reluctant to issue a policy. |
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Back to top |
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Question: Where can you find foreclosed HUD homes?
Answer: The
U.S. Department of Housing and Urban Development
acquires properties from lenders who foreclose
on mortgages insured by HUD. These properties
are available for sale to both homeowner-occupants
and investors.
You
can only buy HUD-owned properties through
a licensed real estate broker, whose commission
will be paid by HUD.
Down payments vary depending
on whether the property is eligible for FHA
insurance. If not, payments range 5 to 20
percent. When the property is FHA-insured,
the down payment can go much lower. Each
accepted offer must be accompanied by an "earnest money" deposit
equal to 5 percent of the bid price not to
exceed $2,000, but not less than $500.
You
should be aware that HUD homes are sold "as
is," meaning limited repairs have been
made but no structural or mechanical warranties
are implied. |
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Back to top |
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Question: Where can you find foreclosures?
Answer: In
most states, a foreclosure notice must be published
in the legal notices section of a local newspaper
where the property is located or in the nearest
city. Also, foreclosure notices are usually
posted on the property itself and somewhere
in the city where the sale is to take place.
When a homeowner is
late on three payments, the bank will record
a notice of default against the property.
When the owner fails to pay up, a trustee
sale is held, and the property is sold to
the highest bidder. The financial institution
that has initiated foreclosure proceedings
usually will set the bid price at the loan
amount.
Despite
these seemingly straightforward rules, buying
foreclosures is not easy as it may sound.
Sophisticated investors use the technique so
novices may find themselves among stiff competition. |
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Question: Where do I learn about HUD foreclosures?
Answer: One
good source is their Web page hud.gov |
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HOME VALUATION |
| Monitor the value of your property, get an
idea of what your home is worth today. |
 Contact
Faye Today |
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LETTERS FROM CLIENTS |
| Nothing makes me more proud and satisfied
to know that I've served my clients well. |
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FEATURED PROPERTIES |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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N/A |
| Asking Price |
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$549,000 |
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| Virtual Tour |
| Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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1,434 |
| Asking Price |
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$698,500 |
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| Virtual Tour |
| Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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1,024 |
| Asking Price |
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$486,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2 |
| Sq ft |
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1213 |
| Asking Price |
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$535,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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3/2.5 |
| Sq ft |
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1312 |
| Asking Price |
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$775,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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Redwood City |
| Bed/Bath |
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5/3 |
| Sq ft |
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N/A |
| Asking Price |
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$1,399,950 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/2.5 |
| Sq ft |
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1,254 |
| Asking Price |
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$750,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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San Mateo |
| Bed/Bath |
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2/1 |
| Sq ft |
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1,130 |
| Asking Price |
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$935,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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Redwood City |
| Bed/Bath |
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4/3.5 |
| Sq ft |
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2,951 |
| Asking Price |
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$1,626,000 |
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Virtual Tour |
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Contact Faye |
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| City |
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S. San Francisco |
| Bed/Bath |
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4/.3.5 |
| Sq ft |
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2,783 |
| Asking Price |
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$1,275,000 |
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Virtual Tour |
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Contact Faye |
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