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Foreclosure in San Carlos : Real Estate Advice

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  • Local Info7
  • Home Buying16
  • Home Selling6
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Activity 7
Tue May 22, 2012
Michael Kaprielian answered:
Do yourself a favor and find a Realtor to work with on the purchase of a home. First of all, Realtors are a resource for buyers to use. Since the Sellers pay the commission's for both sides of the transaction their service is free to you.

Second, a Realtor's knowledge on the contracts needed to purchase a property is there for your protection and they are also backed by a team of legal staff in case you do get into trouble.

Finally, Realtors work hand in hand with lenders who it sounds like you will require to get the job done. Understand this, investors that are at the auctions daily still get burned from time to time and they have the cash. Can you afford that to happen to what you have in your pocket? Be smart, hire a professional.

Regards,
MK.
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Tue Nov 16, 2010
Donna Black answered:
Short sales...if they close....can be a good deal at the right price....probably what is more daunting to your
agent is the fact that only 8% of short sales actually close escrow.......if there is more than one loan on
the property and the first loan cannot negotiate a settlement with the holder of the second loan....it can
go on for months.....and still end up in foreclosure........plus the buyer has to be alert to the fact that these
can take time...that the lender is not going to make any concessions regarding the condition of the
property.....you really need to do your homework on them. Donna
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Mon Aug 23, 2010
Lisa Cannata answered:
Chances are he's selling as a Short Sale which means he is upside down on the house and is not making any money and owes more than its worth. However, I recommend two things #1 SPEAK TO YOUR ATTORNEY # 2 FILE A LEAN AGAINST THE PROPERTY INCASE THERE IS ANY EQUITY. Good luck...by the sounds of things you're better off without him. ... more
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Mon Aug 23, 2010
The Medford Team answered:
Any:

Let’s try a bit different tack here.

If you are starting the “pre-foreclosure process”, it sounds like you might be looking at doing a short sale. If that is the case, then the lenders who hold your note(s) will want full disclosure of all debts AND sources of income in order to determine if they should proceed with a short sale. If indeed this is what you are doing, debt must be disclosed to the lenders but NOT to a prospective buyer. In fact, it is in your best interest to disclose ALL debt to solidify your position as no longer being able to meet your obligations.

You asked, “Does the seller have to list all known debts to others before starting or going through the foreclosure process.”

No disclosure is required if you plan on allowing the bank to foreclose. They already know what they need to know – you are no longer paying your debt obligations and, under the contract you have with them, they have the recourse to foreclose. That is disclosure in and of itself.
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Sun Aug 22, 2010
Any asked:
Unfortunately I am supposed to get only Alimony, and WITHOUT Child Support there is no one who can help me. I am diagnosed as Fibromyagia, PTSD, and severe depression, and have to live…
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Mon Mar 29, 2010
Arn Cenedella answered:
Hi Karen:

There are two ways to buy foreclosures:
1. Go to trustee foreclosure sale on the "courthouse steps" with cash for any offer you may make.
2. Wait until bank forecloses takes title, and lists property for sale on mls (REO).

#1 is are not for inexperienced investors (not saying you are :-) )
#2 is a good way to go - depending on area there may be a good stream of new REO properties coming on market. you will work with a real estate agent to prepare offer just like you would on other non-REO houses on the market. competitive bidding on these. must be solid solid on financing or pay cash.

Please let me know if you have questions on the above.

Here's how the foreclosure process works in California and it will help you understand the dollar amounts quoted.

To start the foreclosure process, lender must file notice of default.

At the present time, I would say many lenders wait until 6 to 12 months of missing loan payments before filing NOD. By law, they can file after one missed payment, typically.

From that point, owner has 3 months to bring missing payments current.
During this period, the lender if they publish any amount is just the amount of the missed payments.
So I imagine the $11K and $30K in your ? are the total amount due on missing monthly payments.

After the 3 month period, owner has to pay off loan IN FULL including principal.

During this period, the numbers "published" will look like $254K or $586K - principal amount of loan plus all missed payments.

If owner does not pay in full 21 days after the end of the three month period, lender will set for sale at foreclosure auction. Typically opening big will be the total amount due. Buyers will need to pay cash on the spot. Recently, I hear reports of some sales going off below the total amount due.

Hope that helps explains the process.

Arn
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Sun May 3, 2009
Christina Cavins answered:
For great deals, http://www.nhmsi.com is a great website where you can find HUD foreclosures. Please feel free to contact me at anytime if you have any other questions.

Christina Asad Edwards, Realtor
Christina.Asad@RealLiving.com
Office 937-573-0082
Cell/Text 937-205-4741 http://www.DaytonOhioHouse.com
Real Living Realty Services
One of the fastest-growing real estate franchisors in the nation
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