Kim Pape

You may cancel your listing at anytime, even before December and you do not have to use the same agent when you decide to re-list the property. Remember that the agent works for you. - Mon Aug 18 2008, 08:17

Jessica,

When you use a mortgage broker, you may be charged a orgination fee along with a processing fee, but you can still be charged this when using the bank directly. There will always be fees when getting a mortgage loan. When you put in a offer on a home, ask for the seller to credit you either all or some of the closing costs. What you are looking for in a mortgage broker is the lowest rate for the lowest fees. Mortgage brokers are able to shop around and go to hundreds of different banks to find you the best deal. When you walk into the bank and ask for a loan, they just tell you what it is with no choices. Never pay more than 1% orgination fee for a loan. You can also ask for a good faith estimate so you can see what the charges might look like.

Any more questions, feel free to call me and I can explain more. Remember you are working as a team with your Realtor, lender, and yourself. - Mon Aug 18 2008, 08:07

Kendra, I am a Realtor with Vintage Sotheby's Realty. I have completed several short sales and completed the CSP (Certified Short Sale Professional) course. Short Sales can be hard and time consuming, but with a knowledgable Realtor, this process can be a lot easier. Feel free to contact me and we can talk about your options regarding your home. Call me at 661-212-2032 or email me at kimppape@msn.com - Fri May 23 2008, 09:14

You are right. You do have the right to do a full inspection. If your looking to live in the house then find the house you like at the best deal. That best deal can be with a REO.

You can check out reo.com or just interview agents. Ask them if they are certified in anything even if they have any designations. There are several but it just shows their focus is on their careers and being a better and more knowledgable Realtor. If they are not certified in REO's but are in Short Sales, then that is ok too as that tells you that they still know the process and how to deal with the banks. Most importantly, feel comfortable with a agent. You need to feel trust for them and remember, they work for you not the other way around. REO's can be very good deals but any home can be a good deal.

If you want, give me a call and I can give you more information on what to ask and where to find more answers.

Kim Pape - 661-212-2032 - Wed May 14 2008, 15:30

The state of California does not require a Realtor to be certified as a REO agent or a Short Sale agent. But those agents that do have the class and certifiation are showing you that they are learning everything on that subject. You want a Realtor is has Knowledge or that can find the answers. REO's can be a good deal. You will not know the history of the property but with a little more work on the part of you and your realtor together, you can find answers on the property. Some banks with not purchase a home warranty for the property but that is something that you can still purchase in closing to protect yourself. Home warranties cost less than $450 depending on the size of the house and if there is a pool. I have had dealings with some banks that gave my client everything he asked for even half of the cost to get a new roof put on the house and this was a major bank too. Banks can be willing to work with you, it depends on who the asset manager is and what relationship you realtor has with them or with the listing agent.

I do agree with Nick that interest rates are going to go up. Its a fact. The only problem is that no one can tell you when. But I would be willing to bet my life that they will go up after the national election. I do believe that this is the perfect time to buy, but you buy when it is right for you.

Kim - Wed May 14 2008, 14:46

Where you need to start is by defining where in the Los Angeles area you want to look at. Then I could either help you or refer you to a agent in that area. Yes, any agent can help you but it is better for you to find a agent that is cerified in REO's or Short Sales. These agents have taken the time to learn how to deal with the banks so that they can get answers faster. It does take longer to get answers from banks when you are buying/selling a short sale but if you are a position to take your time, then these can be good deals. Most REO's receive answers right away and there is a way to deal with the asset managers to get you the buyer more. There is a lot more about these types of deals and I would be more than happy to explain more for you and any other buyer who wants more information on these. Feel free to email me at kimppape@msn.com or call me at 661-212-2032 - Wed May 14 2008, 07:17

Carrie is right. It depends on where you are looking at. Parts of Val Verde are questionable and it is know for having gang activity. You may be able to find a rental for the same price and the same bedrooms in a different area close to Val Verde. If you want to call me with the address, I will be able to tell you how that area is or email me. - Wed Mar 12 2008, 15:44