A Book "Poem of San Mateo" - 1

I like reading. I used to read 3-5 books a week. Now I am slowing down. I read both Japanese Books and English Books. In Japanese Books, I like historical books. I read mysteries both in English and Japanese. Due to a little bit of "addictive" personality, I need to be careful in picking up a book, now. If I like the book I bought on that day, I need to finish the book, no matter what I need to do on that day for business or end up staying up all night to finish it. But, as any reading lovers agree, I am so glad when I find a book which I can really enjoy.

San Mateo Bridge, Symbol of San Mateo
One of the categories which I have been looking for was history of Japanese immigrants in US. Central Library of San Mateo has collection of Japanese books in this category. I borrowed several Japanese books there in this category. One of the book was "Japanese Overseas". It told me there are about 1 million Japanese living outside of Japan in 1999. Some others were simply history book about Japanese immigrants in the US.

I was looking for a book telling the history of Japanese Americans centered on author's personal experience. And I have given the attention to this book "Poem of San Mateo" -Japanese Title, San Mateo-no-Uta- by Ms. Fujie Shinozaki, who has interesting immigration experience with his father.

I have been living in San Mateo County for more than 10 years now. So, I decided to pick up the book and read. Now I am very glad that I made a decision to borrow this book.

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Foreclosure Experience - 9

About one month has passed since we started to live in our new home. We are still finding something unexpected inside of home. Something, such as there are a hole in air ventilating net when we took our dog to walk in back yard. We were advised by the inspector that we should do something for termite. We called Pest Control Company, they said they should cover entire home to kill all harmful insects from our home. We decided to take care of the local area where the inspector pointed out, instead of covering all house to termite control and scaring our neighbors after upset them in constructions and repairs. But, basically the house is getting better day by day and we are enjoying it.

I thought it would be very good opportunity for ourselves to summarize what we learned from our experience in dealing with Foreclosure Property.

1. Foreclosure is not quick deal. It could take long time if you do not approach right.
2. Foreclosure is not simple deal. You may face multiple offers which complicate the offering process and it cause you to take more time.
3. Foreclosure is not necessarily price driven game. You may need to think about contents and quality of your offer in the way bank likes. Although I had an impression that we could offer lower than listed, it may not be the case.
4. Foreclosure requires additional process of inspection. Buyer can skip this process, but the buyer may end up facing bigger problem. So, buyers are usually careful. This means more cost and time factors for buyers.
5. Bank owner offers houses "as is". Even you find damage on the property, the owner bank will neither repair nor discuss about pricing even buyer found damages.
6. Foreclosure needs repair of the property for buyer to live in. Buyer needs to access the cost and time for the repair.

If you are an investor on foreclosure properties, these points must be kept in your mind. If you are a buyer, you may hope to take your time to plan schedule and assess risks and costs of the deal.


Related Post:
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-8.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-7.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-6.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-5.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-4.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-3.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-2.html
http://zheninternational.blogspot.com/2009/06/forecloure-experience-1.html


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Foreclosure Experience - 8

In conclusion of foreclosure homes as business, my honest opinion is that this business is not easy. It is not like buying same kind of old or pre-owned book or car. You may think the price is important. It is for sure. But, the price might be low due to damages or any reasons. You might have thought that priced low property would be sold easy. But it may be the case the higher priced homes may be moved better than low priced houses. Then, where you could get funding for high priced properties?

As one of my regular readers pointed out, if one is experienced with foreclosure homes, he might not touch it again. You may lose competition against regular homes. I think some point of time there were explanation I came across, which goes you buy the foreclosure home at low price and sell it with higher price. Only possibility you can do this would be you repair the damages. But, how and where you get money to repair it. If you show the property without repairing it, the possibility is that buyer hopes to get even lower prices.

My feeling is that this is not a business for everybody. If you have knowledgeable, experienced professional help, you may be able to play in this market. If not it is not easy ride. This is some unnecessary addition, but I have some emotional resistance to use foreclosure homes which previous owner needed to give up with lots of pains. Don't you?

Related Post:
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-7.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-6.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-5.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-4.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-3.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-2.html
http://zheninternational.blogspot.com/2009/06/forecloure-experience-1.html


Check my websites to find out what I am doing:
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http://vur.me/shawfunami/SF
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Foreclosure Experience - 7

As in my previous post of "What our new family member gave us 1-7 (Linked here to #1)", since we were kicked out of our apartment and the landlady gave us one month to move out, we were in a hurry. When our real estate agent, Naomi, visited us this month, she confessed that she never thought that we could make it.

House hunting => Offer => Inspection => Deal => Repair => Move in. All the process were done in less than a month. There are some things that we still do not like or repair more, but we could make the house livable. We were lucky. We like the new home including my wife's color pink paint. (LOL)

I never recommend anyone to do the same. There are too much risk to try rush and patch works in this major investment. You may grab something which you do not like. You may find the property major damaged after you bought it. You may be spending almost equal amount of money you spent for getting the house. You may be cheated by repair or construction people if they know you are in a hurry. If all I could do it again, I would like to spend 2-3 months to select, evaluate, and schedule the entire process.

Now the question is these foreclosure deals could be profitable investment?

Related Post:
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-6.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-5.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-4.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-3.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-2.html
http://zheninternational.blogspot.com/2009/06/forecloure-experience-1.html


Check my websites to find out what I am doing:
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http://vur.me/shawfunami/SF
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Foreclosure Experience -6

In case of bank owned property, planning of moving is different from moving in to regular house. It is more complicated. In the process of offering, you must have done inspection of the property. If you have major problem such as piping, roof, termite, etc ... you must solve these problems before moving in.

You also need to address damages. If your property has damages on walls, floors, bath rooms, etc... you want to repair them all before moving in. Therefore, the process of moving into a bank owned house requires more steps:

Deal completed ==> Review Inspection ==> Repair Major Damages ==> Address and repair all the damages ==> Moving in.

From offer to moving in, 3-5 more steps are necessary in case of foreclosure homes. In addition, including inspections by experts, any and all these additional steps are not simple and easy.

Related Post:
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-5.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-4.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-3.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-2.html
http://zheninternational.blogspot.com/2009/06/forecloure-experience-1.html


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Foreclosure Experience - 5

According to my real estate agent, usually offers are 2-3. 5 offers could be regarded to be many. More than that are too many, more than 10, crazy. 59 offers were definitely too crazy. Then how can you be the winning bid among 59 offers? Do you need to take top offer position on the offered amount? When foreclosure offers were not so popular, usually people bid lower prices than list, but could still get the property. This is no more the case. You definitely need to offer more amount than the listed.

It seemed to be the key was not just the amount of offer. Contents of the offer is also important. These days, due to the recent development of bank industry sub-prime loan issues which was said to trigger world wide recession, banks were careful to approve loans. In more plain English, I could say that you would not be approved for your loan application unless you have secured very good job and income.

Then, what about cash? You always can use cash for payment. I have seen several competing cash offers. Cash payment will be welcomed and well appreciated. But, owner banks of property are also watching if your cash offers are real. Because some can offer in cash, but still apply for banks for housing loan. It would be key if you can prove you have cash and you can use it. It looks to me that to be the winning bid, you need to have reasonably high amount of offer and good solid contents of payment capability.

Related Post:
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-4.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-3.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-2.html
http://zheninternational.blogspot.com/2009/06/forecloure-experience-1.html


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Foreclosure Experience - 4

The problem is not just damages. Even we found some house which we could imagine to repair, they were short sell listed which were attempted to be kept in the market for 4 months even with offers. As mentioned in my previous posts, we needed to move in one month, so they were not for us even we liked them. In case of short sell list, even you offered, you never know if you could get it until these 4 months period is over. So, after 4 months of waiting, you may have to start over house hunt from the very beginning.

The house which could not be sold after Short Sell Period would become "Bank Owned" meaning foreclosure. Owner family needs to leave and house would be under control of bank. There are problems there as well in addition to the damages leaving owners left. Bank is not regular seller. So, the bank conditions are "as is". You need to check there are vital damages in the house which might cost you more than you are paying for owning. Roof damages and pluming might be major ones. There might be termite problems. Even with one or more of these problems, owner bank will neither repair nor reduce the offered price. Any problem will become your own problem, if any.

Foreclosure houses look like having new problem this time. Because people are paying attention to the lower cost of bank owned houses market, people tends to bid any and many properties. Then, it became like auction of foreclosure home. Actually, the house we offered had 59 offers. This tendency inevitably push up the price.

Related Post:
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-3.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-2.html
http://zheninternational.blogspot.com/2009/06/forecloure-experience-1.html


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Foreclosure Experience - 3

My wife who were excited about the house hunting tour was pretty much disappointed and discouraged finding the houses damaged. One of the houses was located on the top of the hill with beautiful view over San Francisco Bay. It was two-story house, but walking into the house it was full of bad smell of dust and mold. Kitchen island is full of dust and bugs were everywhere. My wife told me that she did not feel like touching anything in that house. I thought it would make more sense to rebuild entire house.

The other one has problem in bath room. There was no bath tab there, there was just a big hole. I could not imagine how we could fix it. Inside of house were full of sweaters, left over mattress, cushions, etc... private items. There was the one which had holes all over walls. People left painted walls and carpets with strange colors with some meaningless or obscene graffiti. Large part of ceilings were hanging down and black mold stains were everywhere. I remember there was one part of a roof was peeled and curled up to the sky. Front garden of most houses were not cared and many of them looked like being Jurassic Park the movie. We planned we should visit at least 10 houses a day, but without finishing half, my wife started to say that it was enough.

Despite of all badly damaged houses, there were ones still better. Or we might have come across too many bad ones so that they could look better. It was the 3rd house we visited in the first day. Kitchen was hard floored, therefore there was not so much damage. Walls were oddly colored and there was a hole in hall way ceiling. But it looked much better than the other one.

Related Post:
http://zheninternational.blogspot.com/2009/06/forecloure-experience-1.html
http://zheninternational.blogspot.com/2009/06/foreclosure-experience-2.html

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Foreclosure Experience - 2

Everybody is talking about Foreclosure Home. It is true that now is the best time to buy home. House prices are historically low and interest rate getting down. There are lists of bank owned short sell homes and foreclosure houses which are lower priced than regular housing market.

If this is the case, everyone can buy house and it would push up economy. But there are problems. Big ones. #1. People do not have money for down payment. Even people have money for down payment, bank does not accept any housing loan. It looks banks are too sensitive on approving housing loans, right now. House owners do not want to sell their houses with lower prices. So, regular market other than bank related are not active.

As a result, seeing the house price and interest rate keep coming down, people still cannot buy houses. That is very frustrating phenomenon. Our information is telling us that banks rejecting any and all loans even for the people whose credit score is more than 700.

The other things which I hope to point out is there are some advertisement or rumor floating in the net there are foreclosure houses available at the ridiculously low price as low as $10,000 or even lower. It looks to us there is no such low priced house is available. I did not do any research or anything, but I did not come across any of these through professional real estate people.

The last but not least important thing I wanted to mention is the fact that Foreclosure Houses were pretty much damaged. In the worst case scenario, you may have to spend same amount of money as you bought for repairing it.

Related Post:
http://zheninternational.blogspot.com/2009/06/forecloure-experience-1.html

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Foreclosure Experience - 1

Moving is always a pain in my neck. I have moved long distance, short distance, long stay, short stay, and everything as I had been international business staff. Moving was always hectic, troublesome, and tiring. But, I have never had moving experience like this time. It was good and bad experience. Above all, this time moving had kept me away from even writing this blog for the period of time longer than I thought.

As I explained in my previous series of articles "What our puppy gave us", this new house was almost like "God-sent" "Puppy-sent?", I know I should not have complained much about the move. Still, it was not easy for both my wife and me to move in "Foreclosure House", though I know that so many people are looking for this kind of deal of housings.

First of all, we were lucky that we could in time for the time limit set by the owner of our previous rent. It was one month time limit, due to "Pet Keeping Breach of Contract". If you have any kind of reason or background to quickly find home, buy, and move in in a short time limit, I do not recommend "Short Sell List" or "Bank Owned".

For coming articles, I would like to share what we have experienced in getting deal done and move in.

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