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Foreclosure in San Marcos : Real Estate Advice

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  • Home Buying38
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Activity 10
Thu Sep 8, 2016
Rich Reed answered:
If you're now month-to-month and the new owner via short sale intends to occupy the property you might only get a 30 day notice, and it will probably be issued before the escrow closes. If the new owner does not intend to occupy the property, then you might get a 60 day notice.
The owner might offer you a small amount of money instead of evicting you. You will have trouble renting for a long time if you get evicted. Your deposit should be handled in the same way as any termination of tenancy. If the property is foreclosed instead of a short sale then you might get a 90 day notice. It sounds like you have already read about that. A short sale would be in lieu of a foreclosure, that's why the rules could be different.
I am a real estate broker qualified to advise you on California real estate matters, not the law. If you desire legal advice, consult with an attorney.
Best of luck!
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Wed Sep 11, 2013
JR Thrasher answered:
I wrote a blog about "Finding Foreclosed Homes on Trulia" just last week. I'll put a link in the web reference. That should answer all of your questions.

J.R. Thrasher
www.SanDiegoRealEstateVeterans.com
619-929-0105
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Wed Feb 20, 2013
David Rudd answered:
Hi Sharon,

As a former bank executive, I can tell you there is little you can do to obtain the property until the bank lists it with their chosen agent (typically contracted for geographic areas).

Banks have created systems that meet legal and regulatory requirements. They do not "skip" steps (anymore) to get a property to market faster. In addition, they want the most offers (most money) for their asset as possible.

You can create a research request to receive an email as soon as the property does come on the market.

Hope this helps!

David Rudd
david@kindredre.com
858.395.6315
ca dre# 01402946
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Sun Dec 19, 2010
Pat & Steve Pribisko answered:
We have heard of some banks doing parallel short sale/foreclosures. This means that one department is working on the short sale and another department is working on the foreclosure, and which one is the fastest wins. Now, in regard to the short sale, the status of the listing may be contingent, meaning that the bank has accepted all of the purchase offers that it will consider. If you do not have a Buyer's Agent, you should retain one. A Buyer’s Agent will protect your interests and his/her commission is paid by the Seller. ... more
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Fri Dec 17, 2010
Tracey Martin answered:
A foreclosure always trumps a short sale. A lender will not allow a short sale once the foreclosure has occurred unless the lender foreclosed in error. We had a short sale listing in our office where a second, that had been paid off several years ago, foreclosed because the payoff was never recorded. Needless to say the foreclosure was rescinded because you can't foreclose on a paid off note. That being said, I agree with Ginger. Someone "is asleep at the wheel." If a property is listed as a foreclosure by a different Realtor, then the Realtor handling the short sale either doesn't know the foreclosure happened or they haven't removed the listing from the MLS. Believe it or not, there are times when sellers are not aware that the foreclosure has taken place. If both listings show the same listing agent, then it is probably an error in the listing information. Maybe they meant to say "pre-foreclosure." If you are getting the listing information from a source other than your local MLS, it could very likely be an error in the listing details. The best way to find out whether it is a short sale or a foreclosure is to call the listing agent or agents and ask them. It is a listing agents responsibility to make sure the MLS information is correct and I am sure they would appreciate the "heads up." Unfortunately, if the error is on a site other than your official MLS site, it is difficult, and sometimes impossible, to get it corrected ... more
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Thu Sep 16, 2010
Lorraine answered:
At this time I do not know of a lender/REO bank that is offering a situation such as the one that you are interested in. Once a home has gone back to the bank, most of the time there is "NO ZERO" down opportunities. The closest I have seen is HUD offering programs where you can purchase homes for $100, dollars down, I would recommend going to www.hudpemco.com and doing some research.

Crescent Moon Realty, Inc & Land N Sea Auctions.
ldksellssd@yahoo.com
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Thu May 6, 2010
Justin Brennan -Brennan Real Estate answered:
Hello Kimbra,
I am an asset manager and get calls from homeowners all the time wondering what happened because they thought they were going to get a short sale. The reality is that the left hand does not talk to the right hand at the bank which is why the home was foreclosed on. Your options are as follows
1) Stay in the home and let them evict you - 90 days
2) negotiate a relo assistance package for a couple thousand dollars depending on your home value - 14-30 days
3) get an attorney and try and rescind the FC sale... not likely, but it has happened

for more info you can go to my website at www.TheLaJollaLife.com
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Sun May 2, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
A short sale can become a foreclosue quickly if the mortgagor just gives up and does not try to do a workout or defend their position against the bank. However with hamp and hafa things can change. There has been a push to see if anyone in foreclosure can qualify under a modification before completing the foreclosure. The foreclosure process is quick in californa so if the borrower waives its defenses the process can be over in 100-120 days.

It also depends on the banks and how they are processing properties in foreclosure. Certain banks are taking longer than others.

Keith Manson
First Weber Group
Certified Distressed Property Expert
Metro Milwaukee

http://www.milwaukeebailout.com
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Sun Feb 21, 2010
Bonnie Maloney answered:
there is never a drawback to expanding your search as then you will see the full scope of the market. So look, it cannot hurt. However, FSBO's can be hard to handle on your own. there are disclosures, reports and inspections you should ask for. Your realtor knows the process and will not skip any of the steps. Often, however a FSBO will allow you to have a realtor. Ask the question and get representation. Buying a home is an important investment and you want to make sure you are satisfied. Banks can offer some great savings when buying a foreclosure but keep in mind the home is usually sold in an AS IS condition and there is often need for repairs. Usual and customary expectation is to replace flooring and paint interior. Hope this helps. ... more
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Sat Feb 7, 2009
Brian Richard answered:
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