Home Buying in Malibu>Question Details

Red_haute, Home Buyer in Malibu, CA

how to safeguard buyer"s interest and prevent being cheated?

Asked by Red_haute, Malibu, CA Sat Jun 23, 2012

Hi guys !!! I am a foreign national n planning to buy a property in LA. Beverley hills or beach facing property. I will be buying on cash and does not require financing. I went through many posts and realized that its very trick here and you may get cheated...trustee sales which are not disclosed etc etc... Kindly advise how to safeguard buyer"s interest ?

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7
Rita Simpson’s answer
The best way to prevent fraud is to work with a reputable professional that specializes in the area you are interested in. A good agent has the fiduciary duty to the party he/she represents. That means he/she has an obligation to look after YOUR interests. When knowledgeable about the area she/he will help you not only navigate the process but also provide you with back up information and disclosures to equip you to make the right choices and decisions.
1 vote Thank Flag Link Sat Jun 23, 2012
Recently, we see more and more RE transactions done via electronic signatures( international or out of state buyers)
If you work with a licensed real estate agent, you should be fine. We have too many codes and regulations ( Endre mentioned some~agents must disclosure everything ++inspections+ title report+esrow= you work with the whole team of professionals!)
I usually start with initial consultation on the phone or skype to explain the whole process( no charge), if you have any questions about home~buying process, contact me at your earliest convenience.
Good luck!
Web Reference: http://innaivchenko.com/
0 votes Thank Flag Link Wed Sep 19, 2012
Red-haute, amazingly enough California is probably one of the safest places to buy property in the United States. Not too many other states have 12 pages of Purchase Agreements that were designed by the California Association of Realtors' Attorneys with collaboration of the largest Real Estate Company's Attorneys. In addition not too many other states can say that there are at least 18-20 pages of Disclosures with the Purchase Agreement....
Never the less the most important part of buying properties in the Greater Los Angeles area to Malibu is to have a Trusted Advisor. A good Realtor.
I work with a great many Foreign Nationals from Europe, Asia and Latin America. It takes patience to explain all the form. If you would like help. Please reach out to me directly.I am a Certified Relocation Specialist who represents buyers and sellers in the greater Los Angeles area from Beverly Hills to Malibu. I live in Marina Del Rey!

Endre Barath,Jr.
Prudential California Realty
Beverly Hills, CA 90212

homes@endrebarath.com
310.486.1002(m)
Web Reference: http://www.endrebarath.com
0 votes Thank Flag Link Sun Jun 24, 2012
We have worked with many foreign Buyers and yes you must have an Agency Disclosure but you must also have someone that knows navigation of the laws affecting a foreign Buyer. Contact us and we will easily assist you through this process.

Cormac and Wailani O'Herlihy
http://Www.candwoherlihy.com
Cormac @candwoherlihy.com
Wailani@candwoherlihy.com
Sotheby's International Realty
310-457-8501
310-980-1195
0 votes Thank Flag Link Sun Jun 24, 2012
Working with a reputable agent at a reputable brokerage is the best way to protect yourself.
There are many laws to protect the buyers, but be sure to have your home properly inspected, because conditions might exist that no one is aware of. If you need any help, feel free to contact me.

Brian Goldberg, CDPE
Broker Associate, Realtor®
Coldwell Banker Malibu Colony
23676 Malibu Road
Malibu, CA 90265
P: (310) 403-4623
F: (310) 356-4901
http://www.luxurymalibuproperty.com
http://www.brokermalibu.com
CA DRE #01900604
Web Reference: http://www.brokermalibu.com
0 votes Thank Flag Link Sat Jun 23, 2012
Red_haute;

There are three types of Agency; The Agent of Seller, The Agent of the Buyer, and a Dual agent who represents both. I recommend you get yourself a Buyer's Agent. You can sign a loyalty agreement and in that agreement you agree to have the Buyer Agent Represent you.

Typically, a Buyer's agent is paid from the offer Commission of the Seller. The Seller offers the Broker of a Buyer Agent Commission (think of it as a marketing fee). So you shouldn't have to pay your Buyer Broker unless the property is not on the multiple listing service advertised for sale.

a Trustee Sale is when a home is ready to go to foreclosure. You are going to have a lot more questions and they will only be answered piece meal here. By contacting a Buyer Agent in the area you are looking to buy you will get all your questions answered and then some.

I recommend you place a phone call instead of an email because like you, the agents get cheated too by people. Just stating the facts.

Have an amazing day.
Web Reference: http://www.terrivellios.com
0 votes Thank Flag Link Sat Jun 23, 2012
Thanx for your positive reply. But whats TRUSTEE SALE ... i read in the posts that many times when buyer buys a property he is not aware of this TRUSTEE SALE and Realtor is not obliged to disclose this fact unless until Realtor is representing buyer.
0 votes Thank Flag Link Sat Jun 23, 2012
Hello Red_haute,
To answer your question on Trustee's Sale, if you have a real estate broker assisting you and is aware of the property having been sold in a Trustee's Sale, he should disclose it at some point before writing up an offer. This information along with any other important information would or should be researched prior to writing up an offer. If something comes up later on and it's a deciding factor with purchasing the house, it may give you an option to back out of the sale or possibly to renegotiate the terms of the sale. It would depend on what the new piece of information is, how much it affects you as well as the seller. Hopefully, I was able to answer your question for you.

Feel free to contact me back if you have any additional questions. I would be more than happy to answer them for you.

Sincerely,

Adam Weintraub - Broker / Premier Estates Director
Malibu Estates
http://www.MalibuBeachEstates.com
Adam@MalibuBeachEstates.com
310-880-1255
DRE 01221622
Flag Mon Sep 24, 2012
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