On the notice, were there any instructions pertaining to you as the renter or was it directed to the homeowner?
If there is a contact number there is also a Trustee Sale Order Number. Call the number and enter the TSO when prompted. This is also public record and you can go to your county clerk office and look up the information as well.
Another piece of advice is to enlist ist the help of a local real estate professional and connect the real estate professional with your landlord and try to get the home listed as a short sale. This will buy you some time to search for another property, or if you are able, get prequalfied and purchase the home yourself.
There is also a possibility that the home, if listed as a short sale, may be sold to an investor who may ask you to stay on as a tenant. Or, depending upon the short sale program your landlord qualfies for, you, as the tenant, may be entitled to receive relocation assistance from the bank upon a successful closed short sale for your cooperation as tenant.
Hope that helps.
Keisha Mathews, REALTOR®
CDPE®, HRC®, HAFA® Certified
"SAR Masters Club Member 2012"
Mathews & Co. Realty Group
@ Century 21 Landmark Network
keisha.mathews@century21.com
www.SheSoldItForMe.com
(916) 370-1803 cell
lic#: 01439130... more
Hello Swayla48, I don't know what you could mean by scamming? All agencies leave their signs up on their listings until it funds. Any home is going to sell within days especially with record low rates and low inventory and home prices on the rise. All offices leave signs on the properties to get their office phones ringing and offer which ones they have that aren't sold yet. They also take backup offers just in case for whatever reason the first buyer backs out. You may consider doing so as well as I have gotten a lot of backup offers closed.
If you are interested in buying, you must first be qualified. Do you have down payment and closing costs saved? If not, you may consider CHF Access half percent down payment program which can also contribute towards your closing costs as well. In a market like this, you will not be in consideration with an offer when your asking for closing costs from the seller. It may still be possible on some that offer but rare although HUD homes are still offering 3% towards your closing costs. I can go over my creative ways to get into escrow with your agent or I can refer one to you.
Let's go over how much you want to invest into the purchase and what your middle fico scores is. You only need a minimum 580 fico score to qualify for FHA half percent down or 3.5% down. You will need a minimum 660 fico to qualify for conventional financing 5% down and 700 fico for 3% down otherwise if your less than 660 fico and want conventional you will need 20% down.
You may also want to consider homes that need repair. If you can look at a home that has a good layout but needs carpet, paint, granite, new kitchen cabinets, updated bathrooms, new appliances, etc. You can use the streamline 203k which is one loan that you buy the home and can do all the remodeling within a 45 day escrow. A streamline 203k is for remodeling that is between 5k and 35k. A regular 203k for major remodeling or adding on the home is unlimited and with no payments for up to 6 months while the remodeling is going on. Let me know if you have any questions of this option as well. You can get into escrow on homes of this nature as the percentage of buyers who consider this option is low. I have many more ways to get you into escrow too...
http://www.under640ficoscoreloans.com/Pages/203K.aspx
Here is a link, flyer, maximum income limits for CHF Access and a needs list to gather for processing a loan approval. I offer many loan programs to assist home buyers with their individual needs. I only need to ask a few dozen questions to qualify you in minutes for the many loan programs I offer. Rates as low as 2.875% up to 2 million with a minimum 740 fico. Let me know if I can be of any assistance... You have to be aggressive if you want to buy today and look at homes immediately the first day they come available to buy.
http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx
CHF Access half percent down flyer, pdf
http://tinyurl.com/9ewk9nq
CHF Access income limits http://tinyurl.com/8lzf8he
Sheryl Arndt, standard needs list checked, pdf
http://tinyurl.com/9m2rsb2
Why Rent brochure
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure,%20outside.jpg
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure,%20inside.jpg
http://www.Under640FicoScoreLoans.com
http://www.FrankandSheryl.com
http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225
I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify for loan programs, rates and terms.... more
Hello Slroperboxers, Yes, homes under 100k are going to have a lot of comptetion with cash buyers in all cities. Some banks limit loaning to one person up to 10 homes but you can own as many homes as you want or can afford. You may consider HUD homes to buy, HUD homes are still paying 3% towards closing costs and also cash buyers are in the same boat as any other buyer. HUD homes bid winners are chosen by the most net of the sale by computer. Cash buyers are not offering full price on homes and buyers with financing are offering full price or over to get accepted so HUD homes are an alternative.
Do you have down payment and closing costs? If not, you may consider CHF Access half percent down payment program with a minimum 580 fico score which can also contribute towards your closing costs as well. You must pay your own closing costs in this market to be considered within all the multiple offers sellers are getting. I specialize in Under 640 Fico Score Loans and offer credit repair at no cost to raise fico scores to qualify. I can go over the many loan programs I offer and qualify you for the ones that benefit you the best financially.
Here is a link, flyer, maximum income limits and a needs list to gather for processing a loan approval. I only need to ask a few dozen questions to qualify you in minutes. I can share the many ways to get into escrow in a market like this...
http://www.under640ficoscoreloans.com/Pages/HalfPercentDown.aspx
CHF
Access half percent down flyer, pdf
http://tinyurl.com/9ewk9nq
CHF Access income limits http://tinyurl.com/8lzf8he
Sheryl Arndt, standard needs list checked, pdf
http://tinyurl.com/9m2rsb2
Why Rent brochure
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure,%20outside.jpg
http://www.frankandsheryl.com/Documents/Why%20Rent%20brochure,%20inside.jpg
http://www.under640ficoscoreloans.com/Pages/ContactSheryl.aspx
Sheryl Arndt, Real Estate Broker – Sr. Loan Officer CA only
REO & Short Sale Specialist
20+ Years Experience
DRE# 01140252
NMLS# 297251
760-486-4225... more
Jacqueline, are you looking on our MLS websites? or sites such as Trulia? The MLS websites are up-to-the minute current. Depending on how the person who set up the search for you did it, they could have listings drop off when the status changes.
If you are looking at sites that are manually updated, such as Trulia, then they aren't as accurate anyway. It's best to move quickly to see homes that you see because days on market is very low right now. But it there was one in particular, and it happend to be a short sale, there's a possibility to put in a back up offer just in case that first buyer walks.... more
Alfonso, great concept. With the economic uncertainty, anything is possible in the future (we may be headed that way but, to my knowledge, we are not there now, lol). The closest concept to that which exists currently would be rent-to-own or lease-to-own. So, unless you had a prior contractual agreement with the owner to rent for later purchase, in the state of California, I don't believe there is such a "law".
Now is definitely a great time to consider owning/purchasing. Especially since it is on your mind. Find a reputable loan officer and start there.
My best to you!
Keisha Mathews, REALTOR
CDPE, HAFA, HRC
Century 21 Landmark Network
Lic#01439130... more
Contact Sacramento County Planning Department and discuss re-zoning. It is very complicated and costs a significant amount of money to apply for a variance in order to "re-zone."
You need to carefully review the property's economics:
1) Rents?
2) Expenses?
3) Can you live with the cost of investment mortgage financing?
4) What happens when you have a vacancy?
5) Is there enough cash flow to cover it?
6) Are you putting money aside in a reserve account?
7) How much money do you have to spend on repairs?
You should have an exit strategy, preferably more than one, when you buy property. You need to have a vision showing when you will sell, if you will take the money and pay taxes or complete an IRS 1031 tax deferred exchange. Is your plan to have enough money for retirement? Are you going to pay off the property or refinance it and use the proceeds to buy another investment?
Your exit strategy will help you make a better decision as you invest into the future. Pick a property you can live with into eternity. Worst case, if the market does not move the direction you expect and the value does not go up, at least your tenants are paying off the loan.... more
Maria, Each of the agents have provided you with information that is all correct.
1. Assumable loans are rare these days, so verify that the loan is indeed assumable.
2. With your recent BK filing, you more than likely will not qualify for a loan for another few years, possibly 3 to 5 years. Meet with a reputable lender to see when you will qualify again. Since you are in Rio Linda, I recommend Eddie Fairchild of Summit Funding at (916) 504-9636.
3. Do not sign any paperwork without professional representation from a REALTOR and reputable ttle company.
4. DO NOT give up any money with the intention of potentially owning the home.
5. Divorce the property. Be prepared to leave the property. From a professional vantagepoint, and based upon the information you have provided, the circumstance is not leaning in your favor.
With the holidays upon us, you may want to think about being settled and look ahead. Start looking for another property to rent, and cut your loses now rather than allow any more time to go buy and watch your hard earned money go down the drain on a property that has no interest in you. Sorry to deliver the message so hard, but I'm just the messenger, by profession I might add! :)
My best to you!... more
There are two listings of home with acreage in Rio Linda in MLS that offer owner financing. The 2200 square foot house on 2 acres is listed at $440,000. Another listing is a 2060 square foot house on 1.2 acres, priced at $198,999 (with additional acreage available for more money.... more
Hi Charlenem.
Sue has a point. Don't stop paying your rent. I am suggesting that you first find out if the home you are living in is going into forecllosure first. The landlord might have other property that is in foreclosure, your dwelling might not be the one, even if mail came to that house.
Once you confirm the property is in foreclosue then you will want to start planning what is best for you and your family. By hiring an attorney it might buy you more time in the home, but it will cost you money in legal fees. If this is a good use of your money then perhaps this is an option for you. If you have some free legal assistance in your area that is also an option. You have to decide if you want to put in a good fight and buy yourself more time in the house that eventually will foreclose and the new owner or lender will ask you t leave and eventually you will have to move from.
Or do you want to get prepared for a move and see how you can best set yourself up for success in order to take control of a situation that I am sure is unpleasant at the moment. This is why you must know the facts first. You can start with a free search here.
http://www.rentalforeclosurecom
Good luck! Remember lemons make great lemonade.... more
As Fred said, you did not give any specifics on which home you were writing about. But as a general rule in this market, most homes are short sales, meaning that they are selling for less than the sellers owe the bank. Therefore, a Rent to own is probably not an option that they can offer. However, if you find someone who is selling for other reasons, the rent to own option may be a viable alternative.
You should research some other discussions here on Trulia for the specifics of rent to own contracts, but essentially, you are completing a lease agreeement in total, with a separate option agreement such that, within a specified period of time, you can purchase the property at a specified price. That right will most likely cost you an upfront fee of, maybe, $!0,000 and will be nonrefundable should you decide not to purchase the property during the option period. There's pro and cons to the rent to own agreement for both the buyer and seller. You will not be eligible for rights as a homeowner (the first time homebuyer tax credit, or other tax breaks) until you execute the purchase on the home.
But in any case, whatever home you're interested in, this question is best answered by the homeowner and a matter of negotiation.... more
Hi Candace,
It looks like your question was duplicated and you received some additional answers at the link below.
Best Wishes,
Emily Gibson
Community Moderator