just finished 6 Broker Price Opinions (BPOs) for various lenders, on properties in Tiburon, Mill Valley, San Anselmo, Woodacre and San Geronimo. These are similar to an appraisal, but don't go into such detail as applying additions and substractions for each feature that differs from a property to which it is being compared. In fact, most often, the lender does not even require that I get inside a home to price it. Usually, they require a front photo, a photo to verify the address, and one of the "street scene" -- which in Marin is usually a pretty boring site in most quiet neighborhoods! And, they typically ask for the MLS photos and the details on 3 recent comparable property sales and 3 comparable properties that are listed for sale, and the MLS photos for each of these. Sometimes these requests are part of the due diligence performed by the lender before making a loan or doing a re-finance, and other times, it is to get a handle on the current value of a home if they are going to foreclose on it, or if it's already been foreclosed and they are going to list it for sale with a Realtor. BPOs are similar to the "Comparative Market Analyses (CMA)" that real estate agents provide when meeting with potential sellers. If you'd like a CMA to get a handle on the value of your home in this changing market, give me a call!
There are currently 25 single family homes in Mariin that have been foreclosed and are now bank-owned and listed on the MLS. They range from a 1BR/2BA, 608 sq.ft. home in Forest Knolls to a 4BR/4BA, 4425 sq.ft. home in Novato. The banks have already taken their losses on these REO (Real Estate Owned) homes and are eager to get them off their books! Buying after foreclosure through a Realtor gives you the protections of being able to inspect a home prior to purchase, make the offer contingent upon financing, insure that the home is vacant when transferred and affords other protections that are typically not available at auctions or when purchasing while homes are in the pre-forclosure stage.
Contact me if you would like to receive a complete report, including photos, addresses and prices of all of the foreclosed single-family homes in Marin that are currently available for purchase.
Believe it or not, it's possible to own a home in Marin for under $100,000 -- a mobile home! This is a bit of a misnomer, since they typically are only mobile while traveling from the manufacturer to the lot or mobile home park on which they will sit. Some mobile homes are not considered real estate until they have had a foundation added to permanently afix them to a specific site. Those that are not officially classified as real estate do not have to pay property taxes. Instead they pay a license fee, similar to that for automobiles. If your mobile home is situated in a mobile home park, as is the case for most in Marin, then you need to rent the space on which it sits.
At the moment there are 31 mobile homes on the market in Marin that are priced under $150,000. I've just listed one in Greenbrae, within walking distance to the ferry. It's listed for $74,500 and has a space rental fee of $667/mo. You can find complete info on my website at Marin Realty Experts.
As today is the start of a new year, it seems a great day to begin my real estate blog on ActiveRain.com. My focus is on real estate in Marin County, California, just over the Golden Gate Bridge from San Francisco. I'll be commenting on issues that I deal with on a day to day basis and on the state of the market in this county. If I've set this up correctly, my postings here will feed automatically to the blog on my website, at www.MarinRealtyExperts.com!
Your Marin County Real Estate Expert!
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2009 ActiveRain Corp. All Rights Reserved
