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Home Buying in 93065 : Real Estate Advice

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  • Local Info2
  • Home Buying16
  • Home Selling8
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Activity 15
Thu Jun 9, 2016
Soniajanki answered:
These are the tools and techniques to successfully when looking for pre-foreclosure and REO properties. Other real estate investors find them as useful.

Pre-foreclosures - The availability of pre-foreclosures depends largely upon the type of debt instrument recorded against property titles in each state, mortgages or deeds of trust (also called trust deeds or TDs).

1. Try contacting your local county court. Ask if Notices of Default (NODs) have to be recorded as court documents. If the answer is "yes," find out how you can search the new filings; if the answer is "no," try one of the other options below.
2. Find out if the County Recorder has data available online. An easy resource to use is netronline. com. Simply click on "Property Data Online," select the state you want, then click on the county, and voila! You'll be able to see what (if any) info is available over the Internet through the various real estate-related offices in that county.
3. Look in the "legal notice" section of the newspaper. Look for properties that are coming up for sale at public auction (sheriff's sale, trustee sale, whatever), jot down the addresses, the property owners' names, and the tax ID, or at least as much info as you can get from the ad.

http://ForeclosureProcess.net
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1 vote 20 answers Share Flag
Tue May 10, 2016
Sheryl Arndt answered:
Yes that would if you are using FHA 3.5% down financing. There are also closing costs as well. You can discuss your options of loan programs and make an informed decision.

You may consider a 3%-5% Sapphire Grant down payment program up to 417k from a minimum 620 fico score which does not have to be repaid. You could buy with minimum out of pocket expenses. You may qualify FHA from fico scores between 500-579 with 10% down or minimum 580 fico score may qualify FHA 3.5% down.

You will need to gather documentation such as one month paystubs, two month bank statements, last two year tax returns, 1040's, 1099's, W2's and all schedules, copies of drivers license/ID and social security card for each applicant.

Your qualifications will be determined by your credit profile, debt to income ratios, fico scores, loan program and how much you want to invest into the down payment and closing costs. Your fico scores can be raised within 3-4 days in most cases to qualify for programs, rates and terms as necessary.

It only takes a few dozen questions to qualify, go over your options and email you listings to study and consider. Here are some links to study about me as well as web reference links to many loan programs...

Sheryl Arndt, Real Estate Broker - Sr. Loan Officer CA only
Veteran & VA or CalVet loan specialist
REO & Short Sale Specialist
Credit Repair At No Cost
ALL Loan Programs Available
24+ Years Experience
BRE# 01140252
NMLS# 297251
760-486-4225
9am till 5pm by phone Monday thru Saturday, Sundays by appt., EMAIL ANYTIME 24/7
Under640FicoScoreLoans@gmail.com or HomeLoans4U@live.com
http://youtu.be/MrygA2_8fAY
http://www.trulia.com/profile/SherylArndt
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0 votes 5 answers Share Flag
Sun Mar 30, 2014
Robert Bluman answered:
Please Google the address and carefully sift through the answers that your Google search produces. If it says its on "Auction Terms", this means its being auctioned off as often a first attempt or a last attempt by lenders who have foreclosed on a property. Check Auction.Com which is the biggest auction site for foreclosed homes being sold at auction. DO NOT get swept away in their LOW starting bid prices; its a tease. A home that is worth lets say $100,000, they may show with a starting bid of $15,000. It may end up bringing at auction $70,000. Still a great value. But guess what? The bank who owns the property has the option of turning your highest bid down. Be aware that Auction.com may call you and ask you to pay even more for the property; the lender wants more. The ball is now in your court. You can give them a little more or leave the room; its your choice. Its not worth loosing any house for 2-5 thousand dollars is my advice. ... more
0 votes 2 answers Share Flag
Sun Mar 30, 2014
Robert Bluman answered:
Frankly, I have purchased three properties that HAD title insurance policies through Auction.com. I have gotten excellent buys, HOWEVER the homes that they offer WITHOUT title insurance ought not even be allowed! It just does not make sense as to why a lender who forecloses PROPERLY on a homeowner who is in arrears, would place themselves in a position of doing this! I agree with the other agents who have posted here. Also, PLEASE be aware that the OCCUPIED foreclosures that they offer at Auction.Com can also lead to a real mess What if a tenant is occupying the property and that legitimate tenant has a binding, legal rental agreement on the $300,000 home you have purchased, for $800. a month rent for 10 years? I have seen this. Proceed with caution Check out all the facts. Get a title insurance policy ready BEFORE the auction and do not get caught up in the opening bid $$$ figure they show! Its a teaser price. Expect the property if its in a desirable area to sell at 15-20% less than current market prices; generally not less than that. Good luck. ... more
0 votes 10 answers Share Flag
Wed May 22, 2013
Rick McGrath answered:
I am sure you have gotten a variety of answers from A to Z! I myself have several hats I where. I believe having your background brings added value to your clients and from a marketing perspective you can leverage your skill sets over your competitors. I believe you can effectively work it as a One Stop Shop kind of thing. You are on the right track my friend! ... more
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Sat Jun 2, 2012
Bigskysteve answered:
Recently the homeowners fees were decreased by a vote of the board to 199.50.
0 votes 5 answers Share Flag
Tue Apr 10, 2012
Janey Bishop answered:
Will he be staying there or is it his belongings? Your realtor should be negotiating this for you. You may be limited in a leaseback due to the short sale agreement but your realtor has all the paperwork to advise you. I hope have someone representing your interests other than the listing agent.

If you made a good investment assume there could be a nick or two that can be easily fixed when you do your own decorating.
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0 votes 13 answers Share Flag
Tue Apr 10, 2012
Janey Bishop answered:
Are you in escrow? The only way to hold a rate is to lock it in but that is for a finite period and there is a charge. I agree with Scott - it is a balance of rate and fees that contribute to the total cost and then you factor in good, reliable service. Saving pennies may be more headache than its worth. ... more
0 votes 4 answers Share Flag
Sun Jul 17, 2011
Barry Shapiro answered:
This home ended up going to the trustee sale auction and was purchased for under $620K all-cash. The home was renovated, "flipped" and later resold by the investors for $720K to a retail Buyer on June 22 of this year. Short Sales offer an opportunity for a Seller and a Buyer to prevent a foreclosure while getting an approved price considerably below market. I hope your friend found their hope of choice! ... more
0 votes 11 answers Share Flag
Mon Jan 3, 2011
Myra Gouger answered:
I have seen many of them removed in Las Vegas homes when people were either short selling or the home was going to be foreclosed. I have seen them listed on Craig's list also. You won't see them everyday, but they are there. I don't know how much they should or do cost as I have never been in the market for them. I just know that I have seen them for sale on craig's List in Las Vegas. There are many models of sub zero. So just because it says subzero, might not mean that it is the one you want. As far as built-in is concerned - don't worry about that. People remove stove, cooktops, even toilets and bathtubs. All you have to do is unplug the refrigerator and slide it out. It is fairly simple as I have seen them installed many times. Try also looking on craig's for GE monogram as well. They are also a built-in fridge in the price range of the sub zeros. ... more
0 votes 6 answers Share Flag
Thu Jun 10, 2010
Bonnie Sterling answered:
Hi Gerald, I notice that you asked the question in Simi Valley, are noted to live in Salinas and your question was (well) answered by a couple Realtors who are not in either of those areas:-)

Are you relocating to Simi Valley? How is your short sale going? Was your agent able to answer your questions about short sales? I am always curious when people are in a contract and post here is there a lack of comfort asking their current Realtor or are they unsure and looking for confirmation.

I myself love a consensus opinion!
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0 votes 3 answers Share Flag
Wed Aug 5, 2009
Tim Mallon answered:
SimiLady,

Sorry about your situation. Unfortunately, this can be common place when working with BOA. I would tell the listing agent it's time to "Escalate the File." Hopefully he knows what that means. This is a term the lender and negotiators are very fimiliar with. It means you need to start going higher up to get results. Negotiators will move the file to the next up in command and keep going until results happen. Escalation needs to be done in writing and state the reasons why. The listing agent should have it delivered overnight and then call to make sure it was received. My experience with BOA is a negotiator only has 30 days to close a file or it gets reassigned. It might be the case on your file and that could be the reason for the delay. Best of luck to you. ... more
0 votes 3 answers Share Flag
Wed Apr 29, 2009
Barry Shapiro answered:
Similady,
#1) READ YOUR CONTRACT
#2) It is likely that you signed away your right to a trial, and elected Arbitration. It is also likely that your realtor did not explain to you the difference or the implications.
#3) If the agent has not obtained a written lender approval letter, you do not technically have an accepted contract, and you should not have opened escrow (there are some situations where you would open an escrow). If 50+ days have passed already, don't believe that the agent will wave a "magic short sale wand" over the negotiator's head, and that you'll have approval by May 2nd... Countrywide has multiple levels for the offer to continue up the chain -- and they work at their own pace. Ask any other buyer -- they will likely tell you the same thing.
#4) I find it hard to believe that you unknowingly performed a physical inspection, etc., without the written approval(s).
#5) Contact the agent's Broker immediately (leaving a message tonight), Sign a Form WO, and withdraw your offer. Look at it as an excellent (but unfortunate) lesson in real estate. be sure to get back the signed cancellation.

Stay calm, and stay in control. You deserve a better experience. Good luck!
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0 votes 1 answer Share Flag
Mon Apr 20, 2009
Paul Aragon answered:
Did you put in writing that you want a 24 hour notice to perform. If the agent doesn't comply, go to his broker and tell them that both their licenses are in jeopardy of possible violations. If he can't perform, they must cancel and return the deposit less the escrow fees (if that's how your contract was structured). Any real estate attorney would love to take on this case for you. In the future, don't open an escrow on a short sale until you have written approval from the lien holder. ... more
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Mon Aug 18, 2008
Bonnie Sterling answered:
Hi, I would recommend working with a lender in person on this loan. I had a buyer do a CalHFA earlier this year with Jenni Sherman at Countrywide in the Tapo Office. Sure Countrywide has gotten a lot of bad press but they are an approved lender and working with an actual person who has successfully closed a CalHFA is so much better than trying to do it online or with a lender you later find out has never done one. Plus, these are a little tricky. Countrywide has an inhouse pre-underwriting type process so, the really have it dialed in before they package up the loan to submit to CalHFA, if that makes sense. Jenni can be reached at 805-306-7520. You can make an appointment and sit down and talk with her. Its the best way to work on one of these loans.

Good luck and let me know if I can help you find a home once you get pre-approved. I have a great automated service that will send you homes that meet your criteria once you know more about what you can price range you can qualify to purchase. I have helped FHA and CalHFA buyers purchase bank owned foreclosures this year. You can find me on the #1 foreclosure web site online www.RealtyTrac.com. I am the local agent for RealtyTrac for Simi, Moorpark and the Conejo or you can contact me at my web site referenced here.
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