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Foreclosure in Antioch : Real Estate Advice

  • All247
  • Local Info22
  • Home Buying95
  • Home Selling6
  • Market Conditions9

Activity 23
Rosemary.jor…, Home Buyer in Kansas City, MO
Tue Apr 14, 2015
Rosemary.jordan1969 answered:
My home is in foreclosure sale the sale date is today April 14th 2015 is it to late for chapter 13
0 votes 12 answers Share Flag
takiya, Home Buyer in Ramona, CA
Tue Sep 9, 2014
takiya answered:
I am fighting the same thing here in San Diego. I've lost two homes that I was interested in to flippers. First listed at 205, when they got done it hit the market at 368. The second listed at 215 and hit the market at 425. Both are sitting on the market and now I hope they rot there. Problem is that they (flippers) think they know the market. I want a 2/1 not a flipped 3/2. I don't like the style of cabinets or the flooring that you put in and I'm a little upset that you think it needed another bathroom and a walk in closet and now the "master" bedroom is smaller than the 2nd bedroom. What I think is funny is that people are starting to realize that they can go a mile or less in any direction and find a home that has twice the square footage in a great neighborhood, with great schools for less money. Oh and to the agents (I know they are not supposed to but they are) who take the contract and run to the financial broker first so they get the deal and the agent collects a $10,000.00 finders fee. &*&(&($%## ... more
1 vote 25 answers Share Flag
Dan Tabit, Real Estate Pro in Issaquah, WA
Mon Apr 21, 2014
Dan Tabit answered:
Vilmita,
I've read this and most of the other post. We can't really offer you much help. First a short sale is always contingent upon the lienholders final approval. The seller receives no funds from the transaction unless approved by the lienholders. Commissions are often reduced, so agents tend not to like them. The wait for approval can be months, not weeks and approval is never guaranteed. I've had lenders demand higher prices, but usually only once, not as you've experienced.
To be brief, Terry gave you good advice. You're unhappy and have concerns. Your agent hasn't satisfied you. The only hope you have of getting clear answers may come from your agents managing broker. They may not be fully versed in the transaction right away, so your agent should be there too.
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0 votes 2 answers Share Flag
vilmita20878, Home Buyer in 90004
Mon Apr 21, 2014
vilmita20878 asked:
the date of my original offer. I sent it via email to my agent.
However, felt uneasy about the way the transaction was being handled and became suspicious. I immediately rescinded the…
0 votes 0 Answers Share Flag
tchyyna, Renter in Antioch, CA
Mon Feb 24, 2014
tchyyna answered:
Ever thought about listing it with your counties Section 8 Program. Lots of good people are looking for nice rentals but can't find quality houses for rent in the area. Plus it guaranteed. ... more
0 votes 20 answers Share Flag
Esther Kenne…, Real Estate Pro in Brentwood, CA
Sun Mar 10, 2013
Esther Kennedy answered:
Hi Joy, Yes, you need to contact a Real Estate Agent who is a Short Sale Specialist and who can assist you with the negotiation with the mortgage bank, as well as market your home for an acceptable sale price so you can successfully walk away with a short sale, rather than having your home foreclose. If you have any questions regarding the process, feel free to call me. ... more
0 votes 2 answers Share Flag
Keeper9112, Home Buyer in Browns Mills, NJ
Sun Aug 12, 2012
Keeper9112 answered:
The Medford…, Real Estate Pro in Fremont, CA
Fri Dec 30, 2011
The Medford Team answered:
Agree with Neil: Title doesn’t show beds, baths, etc. Title only shows who legally owns the deed and what encumbrances are filed against the property. Since the Title Co issues the title and it doesn’t contain references to actually property configuration, then I’d say you have no claim. As for the bank, I can’t think of a single reason why you’d be able to sue them – and you don’t clarify if the ‘bank’ you mention was the seller (RE) or if you want to go after the bank that gave you your loan. And good luck suing a bank anyway …

Sounds to me like someone did not consult the county records during the purchase process. Start with your Realtor. Talk to your county assessor. Check with the local building officials to see if work was done on the property without permits. Add all of your findings together, meet with your Realtor again and you will have a good idea how to respond and where to go next. I’m guessing it’s the county records that do not match, not the title.

And by the way, these are all things you should have done while you were in escrow. It’s incumbent on the buyer to duly investigate any property they are buying. Your Realtor should have explained this to you.
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0 votes 8 answers Share Flag
Bob Georgiou, Real Estate Pro in Danville, CA
Tue Oct 12, 2010
Bob Georgiou answered:
Tabitha,

The impound account is used to pay for HOA, insurance, and taxes. IF there is any money left the lender is likey to file a claim for it, if they don't already have (or jsut exploiting) language in the mass of loan docs you signed when you first bought the property. Don't count on it but if the money is legally yours, they will send it to you. ... more
0 votes 8 answers Share Flag
Bob Georgiou, Real Estate Pro in Danville, CA
Tue Sep 29, 2009
Bob Georgiou answered:
I'd answer this this way. As an investor who owns rentals (as the banks are). When someone is occupying a home in breach of a lease or rental agreement the cheapest way to get them out, after asking them nicely to leave, is to pay them to get out. After that, the only other option is a protracted and expensive ($2500 min legal plus the carry cost) eviction process.

While I am sure there are some banks with attorneys on reatiner for jsut that sort of thing, as in chases where owners tried to lease the property to someone else to stave off foreclosure. IN the situations where the owner is the occupyer, attorneys have little leverage agaisnt them other than eviction. The attorney would "threaten" an occupant with damaged credit and legal fees but since the credit is already damaged in the event of foreclosed owner and no legal fees are necessary since the laws favor the tenent in this state there is little incentive for a foreclosed owner or occupant for that matter to respond to bank eviction attorneys.
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0 votes 3 answers Share Flag
Bob McClure, Real Estate Pro in Walled Lake, MI
Mon Jun 15, 2009
Bob McClure answered:
good afternoon tammy.........why not call your lender?......you are entitled to know everything that has changed or been revised in regards to your loan.....see if they have granted a modification for your loan...have the hope orginization send you something in writing re; your modification....do not give anyone a postdated check.....bob mcclure- success mortgage partners- plymouth, michigan........ ... more
0 votes 6 answers Share Flag
Robert Chome…, Other/Just Looking in San Diego, CA
Wed Jun 10, 2009
Robert Chomentowski answered:
The price should be recorded with the county recorders I think. But some investors supress the price. You would have to have the title company pull it for you.

There is a opening bid a trustee sale auctions. ... more
1 vote 1 answer Share Flag
Bernard Gibb…, Real Estate Pro in Danville, CA
Mon Mar 23, 2009
Bernard Gibbons answered:
Hi Minnie:

You are most unlikely to get a bank to contribute to the cost of repairs as virtually all REO sales are "As Is". The other thing you need to watch out for is that when the bank accepts your offer, it will almost always be by way of a counter offer that accepts the price etc. you offer (or sometimes counters it) and also has a contract modification. This often changes contingency removals to "passive" rather than "active", frequently with a reduced inspection period to say 7 days. What this means is that unless you state that you are not removing contingencies, they are removed automatically and you are contractually obliged to continue with the purchase.

You really do need an agent to represent you who understands how to stucture an REO purchase.

Bernard Gibbons

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585
bernard@bernardgibbons.com
... more
0 votes 5 answers Share Flag
Dave Sutton, Real Estate Pro in Portland, OR
Fri Mar 6, 2009
Dave Sutton answered:
I represent a buyer with a current offer in on a short sale. We wrote the home warranty in to our original offer and it was countered to remove the seller doing either a pest report or any pest repair a report discovers, but the counter did not eliminate the home warranty. That's one deal with one bank, but it does happen. If you're a buyer, go for it, but don't let it sink your deal if the lender won't pay the $300-400. ... more
1 vote 6 answers Share Flag
Catherine My…, Real Estate Pro in Walnut Creek, CA
Fri Feb 27, 2009
Catherine Myers answered:
It depends what you mean by "foreclosure." Did they get a certified letter called a "notice of default?" Or did you actually have a "notice of trustee sale" taped to your door. Each can make a big difference as far as how much time there is before the bank actually forecloses. You could have weeks or months. THen the realtor/rep for bank may come and offer you cash for keys . If you want to buy it , that's possible perhaps once its listed. If its not too far, perhaps the owner can try for a short sale with you buying it if you think you are in the position to buy.

If you don't want to buy, you may just want to start looking for another place. But know they're not going to just show up to throw you on the street. If they want you out, and you won't go, they'd have to start formal eviction proceedings, but there are provisions for tenant rights after foreclosure so you'll have some time to actually move if need be.
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0 votes 2 answers Share Flag
Shel-lee Dav…, Real Estate Pro in Rolling Hills Estates,...
Fri Jul 18, 2008
Shel-lee Davis answered:
Lois:

When Wells Fargo took the home back, through the foreclosure process / auction, it shows on county records as a sale for the credit bid amount the bank made to recover this property. It has taken them approx 30 days to get the home on the market as an REO (which is about how long it usually takes, and can take as long as 60 - 90 days for some lenders). So the sold, most probably, is the sale of the home to Wells Fargo, who is now the new owner selling the home to someone like you.

Have a great Realtor check the title records to confirm this, I am in So Cal and do not have access to your title records in Contra Costa County. However, after 4.5 years of working almost exclusively with pre-foreclosure and foreclosed properties, I am pretty confident with this answer.

If you like that house, get an agent to put in an offer for you. It has been on the market since 07/01/2008. Banks like to sell quickly. So find out what a reasonable offer would be, make that offer, have your realtor negotiate hard for you and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
... more
1 vote 4 answers Share Flag
John D Fink, Real Estate Pro in Brentwood, CA
Mon Jul 14, 2008
John D Fink answered:
Yes there are. If you give me an area you wish to focus on, I can send you what ever you need. My number is 925-550-8479. Thank you,
0 votes 5 answers Share Flag
Janice Spenc…,  in 94531
Mon Apr 14, 2008
Janice Spencer answered:
Laura,

I can't give you legal advise, but I can tell you that the situation you are in is happening to many an unsuspecting tenant. I would cantact the Department of Housing (HUD) and ask them about how to obtain free legal advise in this situation. You can find them in the phone book in the U.S. Government pages under "housing." You may also want to contact the District Attorney's office. They have created a foreclosure fraud division that may have some helpful information for tenants as well. You can find the DA in the County Government Pages of the phone book. With all that is going on in today's market place, I am encouraging anyone with any kind of housing need to work with a reputable real estate agent, even if it is for finding a home to rent. A good agent can research the status of the title on the property to make sure there are no notices of default (the first step in foreclosure). I wish the best for you, and I hope you are able to find the help you need.
Warmly,
Janice
... more
0 votes 4 answers Share Flag
Janice Spenc…,  in 94531
Mon Mar 24, 2008
Janice Spencer answered:
Just jumping in on this discussion. I've seen quite a number of multiple offers on REO's and some over the asking price, but I'd like to qualify that by saying that they were listings that were priced under current market value and were in great condition. I agree with Don that there are still many REO listings cluttering up inventory right now, so if you are a Buyer, don't just assume that if it is a foreclosure, it's a good deal.

Also, feel free to check out the free classes available online regarding foreclosures, short sales, and auctions at learn2ownit.com.
... more
0 votes 14 answers Share Flag
Perry Hender…, Real Estate Pro in Austin, TX
Wed Feb 6, 2008
Perry Henderson answered:
FORECLOSURE REALITY CHECK.... Seasoned investors who buy foreclosures know the REO manager at the bank and get "off market" deals. They never have to bid or find a place to learn what's available.

FOR ALL OTHERS: The only "sellers market" in america is the foreclosure market. Don't expect any deals from a foreclosure as the bidding process brings 20-30 people to bid on almost every deal. A deal that was already priced at market. For government foreclosed homes, by law, they have to be priced "at market".

The REO manager has a short list of "cash/close in 2 day buyers", they always get the first right to bid. Then they have to wait for the "public auction" Which drives up those prices. After a 30-60 day period. Then the REO picks the best bid. Sometimes, only sometimes does a REO manager take a property directly to a buyer he knows peronsally. Why should he, he has a bunch of people bidding and driving up the prices.

My REO manager friend likes to joke about all the "first timers" who continue to drive up the bid when they don't hear anything from the bank. Every time I see the "how come I haven't heard from the bank about accepting my foreclosure bid after 30+ days" on trulia, I have to let out a chuckle because he's so right. For those newbies, this is real. They know that when you don't hear from them that a large percentage of people drop a second or third offer higher than the previous one. **WARNING, YOU ARE BEING TAKEN ADVANTAGE OF HERE**

You want a deal on a property right, everyone wants that.... So the moral of this story is:
1. the 60 days you have to wait to hear from a REO, you could have made 2 or 3 better deals with a property that has been on the market for a long period of time. Any realtor can help you drop a crazy offer.
2. You are attempting to make a deal in a house covered in a cloud of bad energy, don't be surprised when it rubs off. Personally I stay away from these for this reason entirely.
3. One way to get a deal is dropping a hand written note on ANY house in a neighborhood you want to buy that says "my girlfriend and I want to buy a house in this neighborhood and yours looks cute from the outside. Do you know anyone that is looking to sell?" I always get responses, better prices and positive energy into the home.
... more
0 votes 3 answers Share Flag
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