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Foreclosure in 93004 : Real Estate Advice

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  • Home Buying5
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Activity 2
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.

http://www.trulia.com/blog/scott_godzyk/2008/08/so_you_want_to_buy_a_for


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

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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