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Foreclosure in 90807 : Real Estate Advice

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  • Home Buying11
  • Home Selling1
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Activity 3
Thu Jan 19, 2017
Rich Reed answered:
Many Realtors can provide clients with a property profile report from a title company, which may be adequate for your needs. We offer as a service to our clients in the San Gabriel Valley, a full preliminary title report. Perhaps you can find a local Realtor in your desired area that offers similar service. ... more
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Tue Nov 19, 2013
Kawain Payne answered:
Hello Ade,

You may purchase a foreclosure home with financing.

I suggest you make your BEST AND FINAL offer upfront.

The bank will select what they feel is the best offer. If they get several offers they may only counter the top few. In some cases they do not counter anyone, they simply pick the one they feel is best.

Also keep in MIND these homes are sold as is. The seller (the bank) will make no repairs in most cases.

If you are using FHA financing you will have to make sure the home will meet FHA funding guidelines. If the home is in poor condition FHA will not fund a loan on it.

You will need a hard working buyer's agent, and a real good property inspector. Remember the seller (the bank) has never lived in the home, so they cannot give you any history on repairs done or the condition of the home.

I wish you the very best!!!

Kawain Payne, Realtor
... more
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Sat Sep 7, 2013
Alex Montelongo Real Estate Group answered:
If you are considering a Short Sale to get out of your home... You will need to prove an actual hardship to the banks. Loss of wages, Divorce, Separation, Health, etc, etc. You will need to get on it soon because the mortgage tax forgiveness law is set to expire on Dec 31st 2013.
In fact, I just read the date of the post. I am assuming that the decision was made a long time age. Please feel free to inform us of what you chose to do and how it worked out for you.

Recently, Aug 15th 2013 FHA changed its guidelines for purchasing a home 1 year after having done a short sale. Call me for the details. There are stipulations to qualifying.

All the best,

Alex Montelongo/Broker
Coldwell Banker Star Realty
562-810-7387 Cell
DRE Lic #01456982
... more
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