Kaye Thomas/ Real Estate West

If you haven't found a home yet then you may find that prices in Manhattan Beach are finally coming down. Prices have decided about 20% overall. Most sellers have realized that we are in a changing market and there are some deals to be had in Manhattan Beach.

Now that doesn't mean prices are not still on the high side... they are. Prices in most beach communities are well above those in surrounding communities. The good news is that lower prices and the return of jumbo loans to the market mean a buyer who wants to buy now may just find a deal or two or three. - Thu Apr 9 2009, 16:16

Avery,
It is doubtful the debts can be rolled into your loan at this point. If you paid the old debt then you will need to get it removed from your file. If you never paid the debt you are going to have to pay as it will always show up on your record. Depending on the amount of the debt and the situation you might see if the sellers would consider paying some of your closing costs.

If the loan is not an FHA loan then you might try an FHA with a lower down payment. If your lender can't come up with a solution then you may need to cancel escrow. Hopefully you have not released the loan contingency.
Good luck! - Mon Feb 16 2009, 20:44

Steve and Tony are correct. Times have changed and lenders are being very hardlines about making loans. The time frame has been 3 years if you have a foreclosure but I'm betting that this time it may be longer before a lender will make you a loan.

You may find that you need quite a bit of time to get your finances in order. There are new rules at Fannie and Freddie so you will also need to boost your FICO scores to well above 700 if you want a loan with a decent rate and lower mortgage costs. - Mon Feb 16 2009, 15:51

Hi Juan,
The answer to your question may depend on the rules of the Board of Realtors/MLS in your area. In the South Bay in LA County a listing is supposed to be marked online as pending , contingent or back up offer accepted as soon as an offer is accepted. If the property falls out of escrow it is usually immediately returned to the MLS as active.

The agent usually puts up a sign stating that the listing is "pending" or "in escrow" . Often the signs are remoced from the for sale sign..usually by neighborhood kids. - Mon Feb 16 2009, 15:43

Hi Randy,
Almost all foreclosed properties wind up listed with an agent so you can use a local agent you like. The process of foreclosure can take a long time ... often up to 6 months or more to complete.

Until the home has is owned by the bank ( the foreclosure process has been completed) you must still deal with the owner of record. If the home is listed then you it is easy to see. If the home is not listed then you might try to contact the current owner at the property address. However many owners who are in the process of foreclosure are in deep denial and will not talk to you as they are hoping to save their property until it actually goes to sale.

Once the property has gone to sale you can contact the lender but most lenders will not talk with you immediately but will wait until they complete an inspection and have at least 2 appraisals of value. Then they usually list the home with an agent who specialized in foreclosure properties. Most of these homes wind up on the MLS just like properties that are not in foreclosure.

You might want to find an agent who specializes in foreclosure properties and has a relationship with lenders in your local market. - Fri Dec 26 2008, 12:59