If you're looking to buy a bank-owned condominium or town home in Marin, it's slim pickings right now1 Just 11 town homes and condos are presently listed for sale in Marin County, meaning competition is fierce! When you are perusing the MLS, a good way to spot a foreclosure is to look at the last 3 digits in the price. If they are anything other than 000, chances are good it is a foreclosure. I don't know why, but banks like to price homes at $XXX,900 or $XXX, 550, whereas homeowners typically price using round numbers (e.g.: $700,000 or $425,000) Anyway, it is a good way to spot foreclosures when it is not specifically disclosed in the listing.
If you are interested in purchasing a foreclosed property, there are lots of traps out there to watch out for. For instance, did you know that some foreclosure Sellers require would-be purchasers to get pre-qualified with them prior to submitting an offer/ For instance if Bank of America is selling one of its bank-owned properties, B of A may require the purchaser to get qualified to purchase the property with one of its account reps before it will even look at your offer!
Of course, a Buyer can obtain financing with anyone he/she wants, but these foreclosure Sellers want at least a crack at earning your business first! Do they give preference to Buyers who also finance their purchase with them? Of course, that's illegal and you'd never get them to admit it if they do, but lots of Buyers feel that if they are giving the bank their business, they may have a leg-up in buying the foreclosed property.
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