Foreclosures a Reality in San Ramon
I was working the expired listings this morning and ran across my first expired foreclosure listing.
For those of you not familiar with the expired listing side of the real estate business here is the process:
- Expired listings appear on the MLS
- Agents with access can view the MLS history of the listing
- Agents can then access a title company's database and view info on the property owner
- Agents can then send a letter to the owner to see if they are considering changing agents (agents cannot do this if the property is already re-listed)
While looking at the title company database this morning, I saw my first expired listing with a Texas bank listed as the owner. This is the same bank that I heard was handling Rick's foreclosure.
It saddened me to come across this as it is just one more indication that San Ramon, Dublin, Pleasanton and other communities are not going to escape the problems besetting the housing industry. When clients in trouble come to us, we work very hard to try to keep them from losing their home. Sometimes the hardest part is getting the client to contact their attorney, accountant and lender to find out what their exact situation and options are.
Rick's house has yet to be auctioned. The neighbors are wondering. Many have shown an interest in possibly buying it. My research indicates that it may be priced about $100K below market value. Everything is a guess at this point.
Related posts on San Ramon Foreclosures:
