I've had this same situation going with buyers I'm working with in Florida. I assisted the buyers in making an offer to the trustee in bankruptcy while the bankruptcy estate was still open, as I believe your case to be. In each instance, the trustee elected to complete the bankruptcy and allow th foreclosure to resume.
After the discharge in bankruptcy, the lienholder will then resume the foreclosure proceedings. The owner of the real estate is still the owner and all requests for sale prior to the actual foreclosure must be made by the owner to the lienholder. If the owner will not assist in forwarding offers to lienholders, buyers will need to wait until the foreclosure auction as their next opportunity to acquire the property is my understanding.
If a sale date is approved by the Court having jurisdiction and there are no successful bidders at auction, the property will be acquired by the lienholder and sold at a later date.
Good luck,... more
The only way you're going to get a home actually worth $4.5-5m for only $3-3.5m, is if it's a real fixer upper.
Think about this: If the property were a short sale (not too many in this price range), the bank will still send out 1-3 appraisers to make sure they're netting the maximum they can to cover their losses. The home will likely be in better shape than an REO though.
REO property: Again, the bank's asset manager, prior to putting the home on the market for sale will also be obtaining appraisals, they will price it less than market, but chances are if the owner was going under in this price range, they probably lost at a MINIMUM $500-1m from their original down payment & have probably stripped the place, so you'll have missing light fixtures, kitchen cabinets, appliances, sinks, toilets, possibly tubs, staircase railings, garage door openers, heck maybe the entire garage door! etc)
The real deal on an REO like this is if you were able to pick it up at the actual auction, but then you will need to pay ALL CASH & make sure to investigate other liens that may be against the property. If you don't know a lot about foreclosures you should go to a few of these & just watch. Bear in mind you're going to up against other investors who make this their full time business & have staff to investigate each property.
In this economy, someone willing to lose 30% in this price range has got to be some fire sale of sorts, maybe a probate or trust sale. Even then, if you were heir to the throne would you say "ahh, what's another million, let's just dump it"
Your journey to find the pot of gold will be tough. There aren't many stupid sellers with $5m homes in great shape willing to sell for $3.5M. Even the soon to be Ex wants their full share plus your trousers & the shirt off your back!
When you're ready to float on down to reality-land, let me know. I do know of some homes that are not on the market. They all have defaulting owners.... more
Actually, yes: There are active listings (still available) including condos from $450K to $995K, and single family homes from $695K to $998K. I'd be happy to provide you with the property information. I am in Florida for the Century 21 Top Agent Retreat and will be back in CA on Tuesday...but can provide the information to you right away. What are you looking for specifically? I'd love to help.
Bonnie Scribner, 714.296.0513... more
I would love to help you with the process of purchasing a foreclosure or a regular sale. The biggest difference in purchasing a foreclosure is that the owner is now a bank and they have no previous knowledge about the property. It is very important that you do your due diligence and have the property inspected thoroughly, since you will not be getting the normal seller's disclosures regarding things they may know about the property.
Please feel free to call me at 310-277-6100 ext. 236. I would be glad to go over any other questions that you might have.
Jodie Francisco... more
I think West Los Angeles is a great place to live however there are certain pockets that I would avoid. Also, you are so close to good schools that one of my clients that was looking in West LA ended up buying in Westwood so their two young children could go to school at Westwood Charter.
Please let me know if you have any other questions and I'd be happy to assist you in the right area for you.
Keller Williams Realty
I am not exactly sure what you are looking for. Do you want a real estate agent in NY to partner with or refer clients to? When you say NY, do you mean the city? I am a mortgage loan officer, but my company is owned by Prudential Douglas Elliman. If you do not get a reply, I could send an e-mail out to some of our agents that I know, and I am sure that they would find someone for you.... more
There are many great, safe places to live in Los Angeles but I think a couple important questions for you are: Where do you work and have you thought about being pre-approved to see how much you could afford? These two questions will help guide you to many possibilities on the Westside, as well as: do you have any children? There are a lot of great places that I could recommend to you as I've sold property all over the Westside of Los Angeles. I'm available to talk with you about your best possibilities.
Keller Williams Realty
Hi there BH I would recommend you consult with an CPA or attorney of this. This would be your best source for the laws on this.
If you need some referrals for either please drop me a private e -mail
First Team Real Estate
(714) 552-6817... more
Which houses do you refer to?
The cheapest house in Beverly Hills currently on the market is listed at $1,100,000.-
You can check out my Beverly Hills Blog and see how the Beverly Hills housing market is doing.
Keller Williams Realty Beverly Hills
Get the inspection and sleep better at night. In some of our cities this is NOW required. Some actually have laws in place which will MAKE you replace any damaged sewer lines to the street. If you are in your due diligence period then get it done. Your agent, who might be right, should NOT be annoyed.... more
We know of a few- our company, Sotheby's Internatinal Realty, has a very strong presence in that area, with numerous listings, current and soon to be listed, as well as pocket listings. Feel free to send me an email or give me a call and I can set up some showings for you! All of our contact information can be found in our website (below)!... more
Property tax is about 1.25 of the price you pay for the home. Insurance is out of the area of my expertise but I'm sure you could probably search the internet to get a quote.
Are you planning to buy in BH or are you just curious?... more
From a qualification standpoint, you could probably qualify for a home price up to $850K or more with $100-$125K as a down payment. This is of course based on having at least a 660 FICO score and fully documenting your income and having sold your other home first. If you are willing to look at doing an interest only loan you can qualify for an even higher purchase price (if you need to) since it would reduce your monthly payment by over $600 per month. Good luck and I hope you find the house that fits all of your needs.... more