90503 : Advice

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Scott Aubin, Real Estate Pro in Rancho Santa Margarita...
Scott Aubin answered:
After a foreclosure, is a deficiency judgment permitted in California?
My understanding is it depends on whether or not the loan was a purchase loan. If the loan was a purchase loan, there should be no deficiency judgement, but if the loan is a cash out r ... more
0 votes Share Flag Fri Oct 8, 2010 Foreclosure in 90503
Voices Member,  in
Voices Member answered:
Can a seller back out of a short sale agreement after accepting our offer?
In Short Sales, the contract is between buyer and a bank. If seller decides not to proceed with the short sale, Bank usually requires to bring defaulted payments to current status or pr ... more
0 votes Share Flag Wed Mar 31, 2010 Home Buying in 90501
Dianne Hicks, Real Estate Pro in San Diego, CA
Dianne Hicks answered:
Is that true that you don't have to pay taxes when u buy a property cash ( First time buyer)?
Curios123
There is no escaping property tax, cash or any other way. A home has an assessed value and you will pay property tax on that assessed value.
0 votes Share Flag Sun Mar 21, 2010 Home Buying in Torrance
…, Real Estate Pro in Long Beach, CA
Monet Castañeda answered:
What is the home price outlook for Torrance through 2010?
Home prices in torrance have seen the smallest year-to-year decline from last quarter 2008 to last qtr 2009...-8%. We are seeing price stabiliazation and some appreciation in the south ... more
0 votes Share Flag Tue Jul 6, 2010 Home Buying in Torrance
Mark & Paula…, Real Estate Pro in Louisville, KY
Mark & Paula Atteberry answered:
Have a old property inspection report from listing agent (6 months old from buyer who backed out). Should I spend money on another property?
I am ALWAYS going to recommend a home inspection. Above all, in many states the Home Inspector is only liable to the party that purchased their services. This means that if they misse ... more
0 votes Share Flag Sun Feb 28, 2010 Home Buying in Torrance
Lydia Yaffe, Real Estate Pro in San Francisco, CA
Lydia Yaffe answered:
We're in a short sale escrow. The buyers bank has said our condo doesn't have a HOA, therefore we're violating the law.
I'm not sure you would be consider a condo without an HOA. You may want to consult a real estate attorney on this one.
0 votes Share Flag Sat Mar 13, 2010 Home Selling in Torrance
Lezlie Brazil, Real Estate Pro in Culver City, CA
Lezlie Brazil answered:
I be moving to south bay in January. I will be working in Torrance and am looking for a 2 bed. townhome location. Location for resale is prime. 600k?
Bailey,

Congratulations on your relocation! I grew up in the South Bay and still have family there. I can tell you that it's completely different from Playa Vista, but with lo ... more
0 votes Share Flag Tue Dec 8, 2009 Home Buying in Torrance
Carl Medford, Real Estate Pro in Fremont, CA
Carl Medford answered:
What happens to the second lender (80/20) when a short sale is effected?
Art:

A settlement has to be negotiated with BOTH lenders. In most cases, the first usually signs off fairly quickly. We’ve found it is the second that gives us the most troubl ... more
0 votes Share Flag Fri Jan 10, 2014 Home Selling in 90504
Michael Magaw, Real Estate Pro in 90505
Michael Magaw answered:
Can I stop making payments to my lender once I enter into a "short sale" process?
You signed loan papers stating that you agreed to make your payments. No bank is going to tell you that you can stop making payments. If you do stop making payments, the bank will rep ... more
0 votes Share Flag Fri Oct 8, 2010 Foreclosure in Torrance Beach
Michael Magaw, Real Estate Pro in 90505
Michael Magaw answered:
After trying to get a loan modification since March our lender finally came clean and said we didn't qualify that we should try and re-fi.
Art,

I am a short sale specialist here in Torrance. Honestly, it is difficult to offer advice this way. There are several questions that I would need to ask first. I would be happ ... more
0 votes Share Flag Fri Sep 17, 2010 Foreclosure in Torrance Beach
Scott Forcier, Real Estate Pro in Kent, WA
Scott Forcier answered:
What is the best way for a buyer's agent to get proof that the listing agent actually presented the offer to his/her seller client?
The listing agent should provide the buyer with the first page of their rejected offer, with a big ol scratch across it that says "Rejected" at the bottom next to the Seller i ... more
0 votes Share Flag Wed Sep 9, 2009 Home Buying in Torrance
Carl Snyder, Real Estate Pro in San Diego, CA
Carl Snyder answered:
What does back to the Beneficiary means at a trustee sale?
The foreclosing lender is the beneficiary.
In Nevada, the eviction process is initiated with a 3 day notice to quit after the Trustee Sale is finalized. If there is no response, the n ... more
0 votes Share Flag Thu Aug 6, 2009 Foreclosure in Torrance
Nunzio Zappo…, Real Estate Pro in East Hampton, NY
Nunzio Zappola answered:
Whats a renter to do when the owner is selling the home and a 1 year lease is still in affect?
You will be asked to show the apartment to potential customers during this period. It would be in your best intrest to make sure it is presentable. You will either be having a new landl ... more
0 votes Share Flag Mon Aug 3, 2009 Rental Basics in Torrance
Shel-lee Dav…, Real Estate Pro in 90274
Shel-lee Davis - BRE #01817412 answered:
I am putting up 3.5% downpayment, do we need to pay for the mortgage insurance?
This is correct. As with any other insurance, you pay the first year's premium at the time of purchase and then you pay a monthly "impound" amount. It sounds like you are doing an FHA ... more
0 votes Share Flag Thu Aug 6, 2009 Home Buying in Torrance
Robin Silver…, Real Estate Pro in Garden City, NY
Robin Silverberg answered:
Who should pay the appraisal fee?
You are responsible for that payment, and it is considered a closing cost even though you are paying it up-front. Unless you have a large down payment and are using a lender who allows ... more
0 votes Share Flag Tue Jul 28, 2009 Home Buying in Torrance
Yanni raz, Real Estate Pro in Sherman Oaks, CA
Yanni raz answered:
can a homeowner rent his home out and buy another one. are there restrictions? our credit is very good.
Of course you can sell and buy, but the question is if you can qualify for a new mortgage.
Can you?
I understand you have great credit, but if you will short sale your home your credi ... more
0 votes Share Flag Tue Aug 18, 2009 Home Selling in Torrance
Minna Reid, Real Estate Pro in 06107
Minna Reid answered:
Can the new homeowner break into the property the day after my foreclosure sale date and throw out my?
You mean the bank? If you abandoned the property and it is now theirs - sure. However if you are still living there, they would need to evict you first.
0 votes Share Flag Thu May 6, 2010 Foreclosure in Torrance
Shel-lee Dav…, Real Estate Pro in 90274
Shel-lee Davis - BRE #01817412 answered:
Can someone please help me to get a foreclosure or short sales property? (for my own use) - south bay area:
Bob:

Distress property is my specialty AND the South Bay is my stomping grounds. Of course, you must have more on wish list than just "a property". Give me a call, or contact me di ... more
0 votes Share Flag Mon Jul 13, 2009 Home Buying in Torrance
Dyanna, Real Estate Pro in California
Dyanna answered:
When a trustee sale of a foreclosed property goes "off calendar" what does it mean?
We can not tell you what that means for the long run. Unfortunately, we can really help you much because the bank will not speak to anyone about this file due to the bankruptcy, its ill ... more
0 votes Share Flag Sat May 16, 2009 Foreclosure in Torrance
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