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Foreclosure in Ventura : Real Estate Advice

  • All169
  • Local Info14
  • Home Buying52
  • Home Selling4
  • Market Conditions11

Activity 7
Mon May 23, 2011
Scott Godzyk answered:
Ted in many cases now the mortgage was insured by the bank, in most cases it is is by either fannie mae or freddie mac. Fannie has teh choice to take the house and pay off Deutsche bank and then Fannie sells the house or because they have so many, Deutsche sells the house and fannie pays teh difference between the insured amount (often 80%) of original loan amount) and what the house is sold for after foreclosure.

So you submit your offer, the asset manager working for Deutsche can only acceot with in a certain percentage , if you offe ris outside what they can approve, it needs to go to Fannie for final acceptance and sign off. On average i have seen it take 3-7 days but worst case i had one take 14 days. Hopfully your cash offer has no contingincies and they can approve ity quickly.

Please see my blog with tips and advice on buying bank owned homes.
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Sun Apr 24, 2011
Ted Mackel answered:

I felt it important to follow up as California Real Estate practice differs form other states. Title insurance here in southern California is customarily handled in the following manner:

The Seller buys the policy. The Title company shows and insures that the Seller can convey clear title. The Buyer's lender requires an additional policy or called the lender's endorsement.

There is not one single lender on property in California that will fund or approve financing without Title insurance, it is not optional if obtaining financing. The one exception would be a private loan, but that is seldom seen on purchases.

Since you are asking about getting pre-qualified, I can only assume you are not an all cash buyer. A cash transaction could be completed without Title insurance, but this is not advisable.
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Tue Feb 8, 2011
Tami Winbury answered:
I'm wondering... How do you feel about the market in retrospect 4 years after asking this question? DId you buy or sell since '07?Just curious!
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Tue Oct 12, 2010
Ken Wallis answered:
Hi Nate
you have gotten some good resources I just wanted to gve you another one or you to review. If yo still need some questions answered feel free to call me.
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Sat Feb 20, 2010
Rae Ainsworth answered:
Chuck, Generally in Ventura County taxes are based an average of .0125% of the roll value, some areas are much higher and some are lower. Each area is slightly different and there is no accurate figure to give but this average is what is quoted by the Assessor's office. Currently homes on Lehigh and Brookshire Sts are assessed an annual property tax based on approximately .10057% of the assessed value. This factor of .10057% is subject to change. In addition to your annual taxes, if you purchase a home, will be subject to a one time supplemental tax as well. This is based on the difference of the price paid (or market value) and the current assessment. The supplemental taxes are then allocated by the number of days you owned it in the fiscal year. This is a confusing calculation for most people. But remember, the supplemental tax is a one time tax for purchases (and assessable new construction). Under Proposition 13 the value of your home will be automatically increased for property taxes by no more than 2% per year. This increase is based on the Consumer Price Index. If the CPI does not go up 2% then the increase is less. For instance the 2010 value is basically going to stay the same or slightly less. Check the Assessor's website for more information. ... more
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Thu May 22, 2008
Ted Mackel answered:

You're letting your personality out........and that's a good thing!!!!
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Tue May 13, 2008
Ted Mackel answered:

If the bank put the house up for what they paid for it buyers will bid the house up to what a willing buyer will want to pay for the property and that will be much higher than 350K. The bank is a business and will look to make money on this if possible.

When the bank took the property back there were probably back property taxes and other issues (costs) it had to pay to straighten out Title. The bank has much more than $350k in the property.

The short answer is that they are asking $180k over what they got it back at the TD sale because they can start the asking price where ever they want.

The bank has already hired a couple of brokers to do a BPO (Broker Price Opinion) and that is most likely how they set the price. I just did a BPO for a bank last week and in the BPO they ask for a pricing strategy.
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