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Foreclosure in Beverly Hills : Real Estate Advice

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  • Local Info12
  • Home Buying51
  • Home Selling3
  • Market Conditions10

Activity 7
Ann_globenet…,  in Westminster, CA
Wed Aug 21, 2013
Ann_globenetrealty answered:
There are number of steps involved when looking to a buy a house in the US, these are as follows:

1. The buyer will make an offer to the seller for the property, your offer will usually require you to also provide the following:

• A Check Deposit, also known as an ‘Earnest Money Deposit’
• A Pre-Approval Letter from your lender (The Bank)
• A Proof of Funds Available (Bank Statement)
• Identification Documents

It is normal practice for both the buyer and the seller to have a real estate agent or broker working on their behalf; the offer for purchase will be made by the buyer’s broker to the seller’s broker.

2. If the seller accepts the buyers offer to purchase the property, the buyer’s broker will then deposit the check deposit into an escrow account.

3. Once the money has been deposited into the escrow account, the buyer will then make arrangements to have the property inspected for such things as structural damage, termite infestations, roof damage etc., etc. Once the buyer is satisfied that the property meets their approval they can remove any contingencies to the offer. It is at this stage that the ‘Earnest Money Deposit’ becomes non-refundable.

4. The buyer will now need make a loan application to his bank or mortgage company for the balance of the purchase price. Before approving the loan application, the lender will perform an appraisal and valuation of the property; if they are satisfied with the property then the loan underwriter will approve the loan.

5. The buyer will then sign all the necessary paperwork in front of a notary public witness at the escrow company. This will include such documents as the loan application from the bank as well as documents from the real estate agents and the seller. The loan will then get transferred by the bank, the seller will pay off any monies they currently owe to their own lender and then the seller will transfer the property ownership deeds to the buyer. This grant deed will then be recorded by the County Clerk Recorder service and the buyer becomes the legal owner of the property.

Web Reference : http://www.globenetrealty.com
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Nur Akman Ci…, Real Estate Pro in Beverly Hills, CA
Fri Aug 2, 2013
Nur Akman Cips TRC CNE SFR answered:
Hi, I keep getting phone calls, some people are looking at internet and their understanding is if a property is default for about $50,000 in Beverly Hills, and estimated price is $1,400,000, no the sale price is not free and clear $50,000. Also No, $200,000 doesn't buy $600,000 condo either. They show public records for information, it doesn't mean they are for sale either, it's up to the owner or bank based on the status of the property.
If you are looking for something like that, as Endre says, banks have their own designated real estate professional to identify the price, it may be little lower than market value, sometimes even higher, hard to believe, but won't be crazy low. Especially now, when the inventory super low, and 40 offers for 1 property is normal (82 offer the highest I heard) , there are people they offer all cash, even $100,000 more than asking price and still lose it, someone else get the property, these are normal sales. So, now, bank owned, they are not willing to sell all their inventory, some sells, some keep for later. Foreclosures are not popular nowadays, because no deal, prices are too high. Some short sale candidates are not in short sale situation any more. Some want to sell, but nothing to buy, so waiting.
So, if your low price is based on default amount of the public records, there is no such a thing, just as information. but I recommend to work with a good agent who knows distress properties, and talk about the details what you mean, and you will get more accurate information. I'm working in Beverly Hills, I have SFR certification (short sale foreclosure resource),I'm paid member to distress property websites, networks. If you want to talk more, my info
Nur Akman
Coldwell Banker
166 North Canon Drive
Beverly Hills, CA 90210
310 428 6573
Nur@NurAkman.com
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Simon Campbe…, Real Estate Pro in Miami Beach, FL
Mon Dec 24, 2012
Simon Campbell answered:
With the mortgage settlement agreement, lenders are encouraging short sales over foreclosure and are even offering cash incentives for struggling homeowners. As a result, more homeowners and lenders are agreeing to a short sale as opposed to foreclosure, which has contributed to the rise of short sale properties on the market.

To learn about why short sales are a good investment and why banks prefer them over foreclosure, you can check out an article I wrote on this entitled "Looking for Real Estate Deals? Consider Short Sales"

Simon Campbell - http://www.bankforeclosuressale.com
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Peaceandpow…, Real Estate Pro in Hurd, ME
Sat Sep 29, 2012
Peaceandpowerparenting asked:
Nils Rudovics, Real Estate Pro in Beverly Hills, CA
Thu Sep 27, 2012
Nils Rudovics answered:
I don’t know the full facts of your case but the short answer is yes, in California you can get a court order to stop a scheduled Trustee's sale. But in order to do so, you need to file a lawsuit. And in order to file a lawsuit you need ligitimate legal grounds where the facts show that the bank proceeded illegally, violated your rights, etc.

If the complaint alleges legitimate grounds which show you might win at trial, the court can issue a Temporary Restraining Order within days of filing. But approx 2 weeks later, you’ll have to convince the judge your lawsuit has real merit to turn that TRO into a Preliminary Injunction to stop the sale until the lawsuit is litigated or settled. The issues can be complex, the litigation expensive (even just the filing fees), so you need to determine your ultimate goal & the cost/benefit to both you and the bank. You will not succeed by simply filing a frivolous lawsuit.

Naturally this does not constitute legal advice but is merely posted as general information. Call me if you have any questions …

Nils S. Rudovics
Without Prejudice UCC 1-207
Attorney at Law - California License # 109753
Real Estate Broker - California DRE License # 01265091
323-850-Nils (6457)
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David Chiles, Real Estate Pro in Los Angeles, CA
Fri Nov 5, 2010
David Chiles answered:
Thank you for your question about unusually low foreclosure price listings. Please be advised that if it looks to good to be true it probably is. Many times an unusually low foreclosure price represents the amount the homeowner is behind on their mortgage or some other lien on the property.

RealtyTrac and Foreclosure Radar .com publish loan and lien information about properties in judicial foreclosure. Therefore, if you saw an unusually low price on a RealtyTrac listing the amount probably represents a default loan or lien.
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Ted Canto, Real Estate Pro in Scottsdale, AZ
Tue Dec 15, 2009
Ted Canto answered:
Grant, not knocking it but I was at the auction block and I can tell you that it is ran by a very well connected few and it takes a serious in-the-know to get what you want. However, it isn't impossible but it really isn't worth the hassle, it is worth the $2-3K that bidders charge. I have investor clients that get it after a few failed attempts and then trying bidders.. Experienced investors know better than to try and do it themselves. That is a fact. However, are there a few of them doing it on their own? Absolutely. Are they well connected? That would be an open ended discussion. ... more
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