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91301 : Real Estate Advice

  • All22
  • Local Info1
  • Home Buying14
  • Home Selling0
  • Market Conditions0

Activity 21
Tue Jun 28, 2016
Nancy.breidert asked:
how to rent a property on Trulia?
0 votes 0 Answers Share Flag
Thu Jan 22, 2015
Jean-Leon Magnotto answered:
Are you an agent or broker ? Trulia does not allow FSBO's. A quick google search will bring up several sites that do. Good luck !
0 votes 2 answers Share Flag
Thu Oct 16, 2014
Alain Raynaud answered:
The contract usually provide a clause on whether personal property is included in the sale. Please review the contract and check that clause it will surely indicate which item of personal property is included. Also it is important to understand what is considered personal property and it refers to the way it is attached or is built in.(Method of attachment)
We cannot give legal advice but we hope our answer will clarify the situationiedsceg
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Wed Nov 13, 2013
Paul Watkins answered:
You may have found a loan officer by now but in case you haven't my bank does have a 2nd Chance loan that involves no seasoning after a short sale or foreclosure. We require 20% down and a 660 credit score.

We also offer all of the conventional loans with the standard seasoning requirements. We are a direct lender for Fannie, Freddie, FHA and VA . We also have bank backed products as well.

The rates are very competitive. I would be happy to give you more detail over the phone. Feel free to look over my website as well.
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Tue Sep 10, 2013
The Mark Moskowitz Team answered:
When possible we like to stay within one to two miles of like properties. In Agoura we try to stay within tracts or similar tracts that a buyer in that price point would be looking at. So if it is an older home we will do homes built before 1976, and if we're looking at homes in the Morrison subdivision we try to stay within that group of homes. If we are looking at standard sales we try to exclude short sales and distressed properties that can skew the analysis. Because of our expertise and knowledge of the area this is an easy task for us to do. ... more
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Tue Sep 10, 2013
The Mark Moskowitz Team answered:
Yes, short sales are sold as is. However, if there are serious problems with the home that could not be seen with the inspection you can request that the bank give you a credit for the repairs. For example, if all of a sudden the air conditioning is not working and it needs to be replaced, you can submit a request for a credit. You will need to get two bids to submit with your request and ask the bank to pay for 60%-70% of the repair. When the bank sees that you are trying to work with them and are willing to absorb part of the expense yourself, they are much more likely to issue a credit. We have found that more than 50% of the time we have been able to get the buyer a credit. ... more
0 votes 9 answers Share Flag
Sun Jul 21, 2013
Renee Delgado answered:
I lived in Woodland Hills for 29 years and just recently moved to Agoura a year ago. To be quite honest, I would rate them about the same. They both have all levels of dining, from casual to formal, and all ethnicities. There are great local spots at each. Agoura has a couple of breweries that are not chains, and has some good local health food spots. If you are looking for particular types of food, please let me know and I can be more specific. ... more
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Sat May 18, 2013
Ron Thomas answered:
It's been six months; I hope you landed on your feet.
0 votes 6 answers Share Flag
Wed Dec 7, 2011
Don Tepper answered:
The laws vary by state, county, and city. Presumably, your Realtor knows what the regulations are in Agoura Hills.

There's nothing you can do to speed up the law. The process is usually very specifically defined: You issue your "pay or quit" notice. Often it's a 3-day or 5-day notice, but again that'll vary. Then, if the tenant hasn't paid or left, you then can go to the court and get an order that'll lead to the sheriff coming out. But you can't (and shouldn't) cut any corners. Ten days is actually super-quick.

However, if the deed hasn't transferred yet, that's really the responsibility of the seller. First, at this point it's the seller who has standing with the court. You're just an interested party. The owner is the one in the position to evict. The tenant doesn't have a lease with you.

Further--and your Realtor can advise you, as can a lawyer--you shouldn't close on the property with a squatter in there.

There is one way, maybe, to speed up the process: Cash for keys. You pay the squatter to move. You don't pay until after the squatter has moved out, though. But you make an offer: $500, maybe. Or $500 and moving expenses. Or $1,000. Use your own judgment. Sometimes that's the quickest and easiest way to get a deadbeat out.

Again, check with your Realtor and with a lawyer.

Hope that helps.
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Mon Aug 8, 2011
Myfirsthome answered:
I too am a buyer and the owner does not seem willing to be making any progress on getting out. I was in the house on Saturday and there is NOTHING packed. We are supposed to close in 8 days so I am assuming that they are going to try and drag this out. What are my rights as the buyer? Can I call the police to get them out? What if they leave all of their stuff in the house? The contract says that they have to remove everything. I would think that it is a breach in the contract. What recourse can I take to have them hold to the contract and get them out with all of their stuff? ... more
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Wed Apr 13, 2011
Diane Wheatley answered:
Dear Allison,

Be sure to review your approval letter from Chase and the conditions of the lien release they agreed to. If this is a first trust deed on your primary residence you should have no further obligation. I've had many clients receive invoices and statements from their mortgage holder in an attempt to collect money from the borrower in hopes that they won't know any better and simply pay it.

But to be absolutely sure, you MUST consult with a real estate attorney and a tax consultant so that they can properly review your final documents, agreements and the terms of the invoice or statement you received from Chase. They will be able to tell you if you have any further obligations or not. Not likely that you do. Good luck!

Diane Wheatley, Broker
diane@moveupproperties.com
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Wed Jan 19, 2011
David Chiles answered:
Thank you for your question about tax lien foreclosure properties.

If you are looking for a possible investment I recommend using RealtyTrac.

Please be advised that I rarely recommend using RealtyTrac, however, the information they provide is necessary to 'level the playing field' because professional investors have saturated the auction market.

Based on my education and experience it is very hard to 'get a good deal' at an auction because professional investors know what to bid and when to stop bidding.

RealtyTrac provides loan and lien information on prospective properties. Loan information helpful because you still have to clear the loans. Furthermore, there database can show you comprable properties in the area that have outstanding liens.

If you do decide to sign up for RealtyTrac please do not forget to cancel when your free trial ends or when you find a property because they will continue to charge your account.
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0 votes 3 answers Share Flag
Tue Nov 16, 2010
Bandele Oguntomilade answered:
Hello Fkester:

I'm sorry that you are having some difficulty with this short sale transaction. The first answer below is correct in that your rights depends on what your purchase agreement says and the shortsale addendum. Here in California, our typical purchase agreement and shortsale addendum says that the transaction is subject to the seller's lender's approval of the transaction. Because the transaction is a shortsale, the seller will not know how much of the remaining debt will be forgiven by the seller's lender until the seller's lender sends the shortsale approval letter and terms. If the seller's lender refuses to forgive the remaining debt or deficiency, the seller may refuse to consumate the transaction because the seller's lender may still try to come after the seller for the remaining debt even after the sale is closed by garnishing the seller's wages, etc. As such, the seller has a right to review the terms of the shortsale approval to determine if they are agreeable for the seller.

The only type of shortsale that may insulate you from this risk is the HAFA shortsale which is a government subsidized shortsale approved by President Obama and enacted in April 2010. HAFA means Home Affordability Foreclosure Alternative Program. Approximately 100 lenders/servicers agreed to honor the HAFA shortsale. The HAFA Shortsale applies to owner occupied properties OINLY and the homeowner must have suffered a financial hardship that makes it difficult for the home owner to afford the mortgage such as loss of income, illness, forlough, death of income earner, etc. In a HAFA shortsale the remaining debt or deficiency must be forgiven by the seller's lenders. The government pays the services an amount for thier loss and the home owner gets up to $3000 for relocation and his debt is fully forgiven.

I will recommend that if you are unable to work out this current shortsale or if the seller cannot qualify for HAFA, you should limit your future search for homes to regular sales, foreclosures or HAFA shortsales to limit your risk of the the seller changing his/her mind after you have waited so long.

Do not hesiate to call me at 818-825-6996 or visit my website at http://www.BogunRealtyAndLuxuryHomes.com.

Kind regard
Bandele Oguntomilade
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0 votes 3 answers Share Flag
Tue Nov 16, 2010
Scott Godzyk answered:
Jason 3 years is way out of whack... do you have someone negotiating on your behalf, a short sale can take a while but 6 months is usually the limit whether this will go or not go. If you have a lease, you are suppose dto be paying rent, now i have heard people who have withheld their rent and gone to court more than happy to tel the judge they were paying rent but the landlord was not paying the mortgage, just as you have the responsibility to pay your rent, the owner has a responsibility to pay his mortgage, they put the money aside in case the judge ruled against them, i havent heard how they made out as the judge was mailing his ruling within 30 days but you may want to ask a lawyer so you can protect yourself and your rights.

As far as the short sale you will want to get some things in writing immediately, if you do move out, your short sale may be dead before arrival. You need to talk to your agent and teh person negotiating the short sale for some answers, 3 years is extremely abnormal

please see my blog for advice and tiups on short sales
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0 votes 5 answers Share Flag
Tue Nov 16, 2010
Scott Godzyk answered:
Each bank has their own policy, some banks will only want 1 offer submitted at a time while other banks will want all offers submitted as they come in. You will need to ask the negotiator for the sellers bank how they want to handle this. This is one of teh first questions that should be asked before any offers come in.

Please see my blog for more info, advice and tips on getting a short sale approved
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0 votes 7 answers Share Flag
Tue Aug 25, 2009
Richelle Briasco answered:
My first question to you would be do you have an accepted offer? Did the owner of the property accept your offer? Did the negotiator for the bank/the bank accept the offer? If the owner accepted the offer, but the bank did not, there is no legal and binding contract. You may move on. If your Real Estate agent was working to protect your best interests, there would be a "Short Sale Addendum." Through negotiation, the deposit should not have entered into escrow until there was an accepted offer from the bank. If these are the conditions, you may move on. If you do not have an experienced Short Sale negotiator working for you, you may still move on under certain conditions. You will need to read the purchase contract and address the conditions of the sale. Are there appraisal contingencies, loan contingencies, inspection contingencies? Feel free to post more details so that you can get better advice. If you would like to get more information please feel free to call or email me with no obligations. Have a positively wonderful day.

Richelle Briasco
RE/MAX Estates
richellebriasco@yahoo.com
818-923-8921
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0 votes 1 answer Share Flag
Tue Aug 25, 2009
Nona Green answered:
You didn't say whether your offer was accepted by the seller. It should take no longer than a week for a seller to respond to a bonafide offer.
If your offer has been accepted, under the Home Affordable Foreclosure Alternatives Program or HAFA, established by the Treasury Department in 2009, the loan servicer is mandated to respond to a short sale package and offer within 30 days.
If the borrower (seller of the property) is not eligible for HAFA (seller cannot demonstrate a hardship, for example), then some lenders will take 60 days on average.
What will make the most difference in the time it takes is the listing agent's tenacity and follow-up. I will call every 2 or 3 days to make sure that the short sale lienholder has all the paperwork. It's amazing but not uncommon for items to disappear and require re-submission. Sometimes I need to expedite a file if it is not progressing.
When representing a buyer for a short sale, I include in the offer a requirement that I see copies of all correspondence with the lienholder. If the listing agent declines, then this is a major red flag, and I will advise my buyer accordingly.
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Sun May 31, 2009
Bill Eckler answered:
We find the typical home buyer has a very poor understanding of the home inspection process. Our feeling is that inspectors would benefit from having a brochure or information card the provides a brief explanation of the inspection process, the areas it covers, what it doesn't cover and an explanation of the fee structure.

We encourage our customers to be present for the inspection but to not get in the way of the inspector as he/she does their job. This provides the buyer with a feeling of comfort, seeing the process....on the roof, in the attic, in the cellar, etc.
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