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Foreclosure in 92880 : Real Estate Advice

  • All49
  • Local Info1
  • Home Buying30
  • Home Selling4
  • Market Conditions1

Activity 3
Sun Jun 2, 2013
Margaret Amador answered:
Something similar happened to me; had an offer for 65K which was totally in line with sold comps on the same street but lender told me they needed 83K net. Result, they foreclosed.

Lenders are interested in the FINAL NET, not the selling price. That net gets influenced by factors we Realtors don't always know or are privy of knowing e.g. a portfolio insurance the investor purchased that this loan is part of. It may get triggered by foreclosure. That's a different insurance from the one a buyer purchases when the down payment is less than 20%.

The lender simply compares the FINAL NET for both, short sale vs foreclosure and goes with the highest net. What I object to is why am I not told at the beginning what kind of net the lender must have to accept a short sale. Not knowing that puts us in a volunteer category involuntarily!
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Tue Mar 1, 2011
Lydia Kray answered:
Hi Melissa,

I am a Realtor that lives in works in the Corona Eastvale area and it is unfortunately the case for MOST shortsale listings and foreclosures in 92880. I have to explain to my clients that shortsale listings and specifically in Eastvale list them lower than market value to get attention.
Ultimately you need a buyers Agent to represent you. Going around driving by signs and calling agents will only make you very frustrated.
Please let me know if you need an agent from 92880. I'd love to be of service.

Lydia Kray
Tarbell Realtors
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0 votes 21 answers Share Flag
Sat Mar 14, 2009
Josh Painter #1 Zillow Agent answered:
Yes, they can sell your LOAN to another servicing company. Of course, they can't sell your house, but servicing companies sell loans, not houses.
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