Adrian Huntington

You need to have your Realtor read the complete executed contract including all Addendum's etc.
In Sacramento County it is customary for the Seller to pay Escrow Charges, Title Fees(Owner's Policy), and Document Transfer Tax. You need to have your Realtor do his job and take care of this issue. This can be an issue for Mediation and if necessary Arbitration. Since I am not reading your executed contract , I cannot guarantee that the bank should pay. It is your Realtor's job to make sure that you understand what you sign. Have a Lawyer Read the Contract and they will inform you if you have a case for Mediation.

Best of Luck,

Adrian Huntington - Wed Oct 15 2008, 23:36

Ishwar,

The current Real Estate Market is Short Sales and REO's. Any realtor closing deals can help you with a foreclosure property. Before you have a bunch of Realtors email you with track records, may I suggest that you find a Realtor,, who is a CRS in the town you plan to buy in. The secret to closing an REO is being able to close quickly. Banks want you to be Pre-approved, show proof of downpayment funds, and submit an offer that shows you can close within 30 days or less. The trick to getting your offer accepted is looking at the List Price vs. Sold price of REO's in the area you plan to buy. Make a reasonable offer based on current statistics. If home prices are falling bid under the list. If the foreclosure homes are getting multiple offers, you need to put your Best Offer in. It is best to preview the REO listing in the first two to three days and have your Realtor submit the offer the same day you decide you like the home. Remember if the house is in good condition and priced below market value, it will get multiple offers. May I suggest that you ask the Realtors who are the top REO Listing Agents in Long Beach. The listing agents know they are getting a foreclosure listing a few weeks before they post it on the MLS. If you stay in touch with these agents you may be able to get the heads up on a hot property before it is listed. Good Luck!!

Sincerely,

Adrian Huntington
Welcome Home Real Estate & Finance
adrianh@americanfinancialfunding.com - Wed Oct 15 2008, 23:19

Ted,

This is the amount owed on the First Deed of Trust. The owner has not lost the home yet. If they can't get caught up in payments, this house will foreclose and go to a Trustee Sale. It will sell for a lot more then $147,000. At this point you could try to negotiate a purchase with the owner, to help them avoid making their credit worse with a Foreclosure. Of course they may not want to sell. It would not be considered a short sale because they have plenty of equity. I could find out more details if you would like.

Adrian Huntington
Welcome Home Real Estate & Finance
adrianh@americanfinancialfunding.com
925-212-6456 - Sun Sep 28 2008, 21:10

Opal,

I can send you a list of properties in that price range. Which areas would you consider?

Thanks,

Adrian Huntington
Welcome Home Real Estate & Finance
adrianh@americanfinancialfunding.com
925-212-6456 - Sun Sep 28 2008, 19:44

John,

I suspect that the prices are close to the bottom, but will drop some more. The Credit Crunch has struck again and the Fannie Mae, Freddie Mac, and FHA loan guidelines have gotten stricter since last week. The strict loan requirements will keep many from buying. With a shortage of qualified buyers, sellers will be force to drop the prices some more. Yet the interest rates are favorable. I would buy in the next few months. If you wait until January, the rates will most likely be higher. After the election I believe the Fed will raise rates to help stimulate foreign investment and strengthen the weak dollar. In turn oil prices will drop and inflation will be eased. It is extremely important to stimulate the dollar to gain Foreign Investment in order to help pay for the $700 Billion Dollar Bailout. Rates must go up.
Email me if you have any questions.

Adrian Huntington
Welcome Home Real Estate & Finance
adrianh@americanfinancialfunding.com - Sun Sep 28 2008, 19:40