I am a retired real estate broker who returned to help her son buy a home. I am upset with the current contract used and written by Calif. Association of Real Estate. It allows the seller to keep your deposit even if you do not obtain the loan, get the appraisal price, or if you find a serious problem on a home inspection. The normal Buyer's rights I worked under for years have been removed. Buyers are exposed to the loss of their deposit in ways I have never seen before. Perhaps consulting an attorney before writing an offer would be a good idea.... more
My name is Mrs Angelina Ferraro and i am talking as the happiest person in the whole wide world, and i told my self that any lender that rescue my family from our poor situation, i will tell the name to the whole wild world and i am so happy to say that my family is back for good because i was in need of a loan of £ 20000 to start my life over with 1 kid and the whole world seemed like it was hanging on me until i met the GOD sent loan lender that changed my life and that of my family, a GOD fearing lender, Mr Oscar he was the Savior GOD sent to rescue my family and at first i thought it was not going to be possible until i received my loan of £ 20000 on the 29/March/2015 and i will advise any one who is in genuine need of a loan to contact Mr.Oscar via email at firstname.lastname@example.org because he is the most understanding and kind hearten lender.... more
There are some great city programs that offer down payment assistance. Definitely speak with a lender and (actually speak to a few lenders) so you can see what options you have. It never hurts to plan ahead and you may be pleasantly surprised at what you can do now!... more
I think that you would need to contact someone in the financial services. Those people keep tabs on how the market is doing and what all of the best prices are. My wife contacted one of them recently trying to find out about commercial real estate prices. I am sure that there are many professionals in your area that have the knowledge that you seek.
I would recommend talking to a bankruptcy lawyer rather than a real estate lawyer in this case. Filing for bankruptcy is a big decision, so it's good to talk to someone who can tell you how it will help you and whether it's a good idea. It's a better plan for some than others.
Actually I was looking at a cute house and we put in a bid and we got the same thing. Basically he flipped the house and he doesn't know, but I would assume that a long with the upgrading I'm sure he ran into something seeing how the house was built in the 70's. I want to see that. Also I would rather have an appraiser go in before I agree. They are trying to get us to agree before we get an appraiser then what ever needs to be fixed they can tell him to fix then, but I don't want to lock into that before it's looked at. Finally since he is a flipper, We only get 24 hours to decide if we will pay the amount that he wants which is our ceiling. Before he wanted less you know the bargaining game, but if someone is going to get my ceiling I want everything that I want before hand. Sorry this isn't an answer I just wanted to piggy back on this one.... more
I don't know because I have been searching for about an hour and one-half and even though I put in Columbia, SC real estate with mothers-in-law-suite, but get NOTHING. It is really frustrating!... more
It doesn't sound fair when you are the buyer. The short sale lender wants to get the most they can even if it is unreasonable. But, they have the power to agree to your price. You need your agent/broker to push for you. Good luck!... more
Exactly, it goes both way. I just had a colleague of mine just purchase a rent-to-own and made about 20% equity. I have also see people do a rent-to-own and couldn't get financing because the purchase price wouldn't comp out or was definitely under current value.
Watching the market, purchasing at the appropriate time is importune. Understand the seller wont want to give the property up if values have gone up.
You need to work with someone who understands the market as well as the pitfalls of the rent-to-own contract.
Hi Cedric, I know this post is a bit old, but if you'd like an update on 92867 (Serrano Heights area) I am a specialist there and still hold the record for the highest sale price back to 2005. I'd be happy to help you find a home there - it is a great community! My contact info is below:
Larry Webb, Ph.D., MBA
Broker Associate/Agent – REALTOR®
Century 21 Award - Fine Homes & Estates
Orange County, California
Video Biography: www.DrLarryWebb.com
See my professional recommendations on Trulia.com
CalBRE Real Estate Broker’s License: 01413405... more
In California there are so many laws and court cases that affect the ability to foreclose (either as a bank or a private lender) that doing so without the help of an attorney or a Trust Deed Services Company (which employs attorneys who do nothing but work on foreclosures) would be foolhardy.
Just a few of the issues to consider are wrongful foreclosure suits that can be brought by the borrower if you don't follow all the pre-foreclosure notice requirements in the California Civil Code. Or California Anti-Deficiency Laws for seller carryback loans. And a maze of other laws, legal precedents, and court cases that might impact you.
Also, if the seller financing did not include specific wording about the right to foreclose, or if the seller financing was done through a contract of sale and not a note and deed of trust, other laws might apply. This is a very complex area of the law, made even more complex by the State and Federal Government's many attempts to legislate protection of the home owner. Do not attempt to proceed without the proper legal assistance.
Of course, if you are the homeowner being foreclosed on, legal advice regarding your recourse in this situation is also highly recommended.
Shel-lee Davis BRE #01817412
Real Estate Consultant
International Real Estate Specialist - IRES®
Senior Real Estate Specialist - SRES®
Certified Home Seller Advisor - CHSA®
Certified Home Buyer Advisor - CHBA®
Member - National Association of Certified Expert Advisors - NAEA®
Certified Distressed Property Expert - CDPE®
RE/MAX Estate Properties
424-2HELP12 (424-243-5712)... more
The land will definitely increase the appraisal. As James noted, lots of .47 acres are selling for over $500k. And neighborhoods with large lots tend to keep and increase their value more in the long run because people will improve and add on to the houses rather than move. As Orange County gets built out, more people will look for older houses with large lots to tear down and replace the house or remodel the house completely. You can always add on to the house if you have land, but you can't add more land.... more
I would read the addendum to your purchase contract that the bank likely would have made you sign, or consult with an attorney to explain it to you.
Typically, REO properties are sold "as-is", and the seller (bank) makes no representation as to the condition or possible issues with the property. They are exempt from providing disclosures, because they have not occupied the property. Either you, your agent, or attorney should have also done a little research on any insurance claims that were previously made on the home. Had this been done, you would have been aware of the potential of this problem prior to purchase.
Additionally - was an inspection done on this property? I am a little confused by the fact that it seems like you had no indication that anything was wrong with the property prior to occupying the home. Foundation issues don't happen "overnight" - so any issue, or potential of issue, should have been uncovered during the inspection period generally built into your contract - to allow you an "out" if you were uncomfortable with anything.
Either you bought this property completely "blind" - or I am missing some critical information. I would consult with an attorney to review your contract/addendum and determine an appropriate course of action.... more