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Foreclosure in Dublin : Real Estate Advice

  • All334
  • Local Info17
  • Home Buying226
  • Home Selling9
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Activity 9
Phillip Baird, Real Estate Pro in Austin, TX
Fri Aug 27, 2010
Phillip Baird answered:
Just a few corrections. Foreclosures and short sales stay on your credit 7 years. Bankruptcies stay on your credit for 10.
0 votes 10 answers Share Flag
Ms. K, Home Buyer in Castro Valley, CA
Wed May 5, 2010
Ms. K answered:
5/5/2010
Wushu, get used to the fact that a true listing price is not always posted. Many, many times the listing price is very low in order to "generate interest" in the property. It's malicious and untruthful and wastes precious time of seller, buyer, agent and bank. False listing prices make the real estate game sordid. I don't know why a person would deliberately choose to mis-lead people, but in today's real estate market you will see a lot of this behaviour. It's very sad and this practice gives a very bad name to the real estate industry. ... more
0 votes 8 answers Share Flag
Ms. K, Home Buyer in Castro Valley, CA
Sat May 1, 2010
Ms. K answered:
This is what you do. Get on the Redfin website. That's REDFIN. If you are buying a home in the East Bay you need to "bookmark" Redfin and get yourself on that website before the sun sets today. Click on "FORUMS" , then click on "Bay Area" . This is the website where you'll really really learn things and it's not inundated with Realtors trying to get your business. It's designed for buyers like you who are counseled by other well-read and astute buyers. Specifically, in late April, 2010 thru May 1, 2010, a topic JUST like yours went on. The name of the thread was "Realtor Ethics/integrity" -- Something like that. It discusses this very thing. This particular thread may have "aged out" by the time you see my post. But it's still there, it just got buried. By the way, just go to the seller and ask and stop wondering. You know where they live. Ask 'em! ... more
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The Hagley G…, Real Estate Pro in Pleasanton, CA
Mon Jun 15, 2009
The Hagley Group answered:
You never know until you try. Send me an e-mail and I will send you a loan mod pac that will walk you through the process......don't pay for a loan mod....do it yourself!
0 votes 3 answers Share Flag
, Other/Just Looking in Dublin, CA
Mon Nov 24, 2008
asked:
Lost home and need advice regarding foreclosures. Do we have any rights/financial obligations? Also want to know how to find out the price our house sold for at auction.
0 votes 0 Answers Share Flag
Sylvia Barry,…, Real Estate Pro in Marin, CA
Fri Sep 26, 2008
Sylvia Barry, MAS,CIPS,SRES answered:
Hi Kiwisan:

I read the answers from Steven below and while it's very detailed, I still strongly advise you or anybody else to consult a tax accountant and/or attorney who handles these kind of situation. The properties being investment properties make it even more difficult to determine.

I and other Realtors in our office handle short sales and such. One realtor just told me two days ago that one of the major banks that she is dealing with told her they decided to go for all debts even primary residence. By that, she said they will not forgive the debt and will ask the owner to actually pay them the difference back. I have to admit that I did not drop everything to investigate this because I am not dealing with that specific bank. This is CA and a none recourse loan she's talking about.

The mortgage broker who has an office in our building explained to us on how different ways a short sale / foreclosure might affect the credit score - much depending on the credit score you currently have, whether the default is first, second, or ..,etc How long it will stay on your record is also very different depending on your specific situation.

As you can see, as nice as Steven is trying to give you the answers, things can be complicated and fluid, and you are dealing with such a big issue that it's very dangerous, in my mind, to take the answers and run with that.

I strongly suggest that you take the first route and find a good tax accountant and/or tax attorney that are familiar with this before you go forward.

Best,
Sylvia Barry
Marin Realtor
Web Reference: http://www.SylviaSellsMarin.com
... more
1 vote 5 answers Share Flag
The Medford…, Real Estate Pro in Fremont, CA
Thu Jun 26, 2008
The Medford Team answered:
Jason:

The simple answer to your first question is, “Not likely.” And if you are going to put an offer in on a short sale, patience is the order of the day. There is nothing “short” about a short sale.

Many Realtors who understand the difficulties with short sales do not like to show short sale listings to their buyers. There are a number of reasons for this:
(1) They may put an offer in, wait for weeks and never get a response.
(2) The offering price may be too low, and, after a wait of weeks, the bank may counter with a higher price that the buyer is either unwilling or unable to pay. We’ve done short sales where the bank raised the price twice after we were in contract.
(3) The initial price might seem like a good deal, but, after waiting for weeks or even months to close, market prices drop below the offering price and the short sale is no longer a deal.
(4) The property will more than likely be sold “as-is” – and usually there are no inspection reports available because no one wants to take the financial risk of doing reports up front. With no inspections in hand, you may be weeks down the road before you discover that your “bargain” is not such a good deal after all because of the cost of repairs.

Because many buyers’ agents do not readily show short sales to their buyers, some short sale listing agents often use a gimmick to attract buyers. They artificially lower prices WAY below market value. When this happens, buyers inundate their Realtors with calls asking to see the “deal of the century.” They descend on the property like flies and before the weekend is out, there are numerous offers written. And then the wait.

During the wait, a few things happen.
(1) The bank will eventually do a BPO (Broker Price Opinion). Realtors who do BPOs get their data straight from the local MLS and show current sales, actives and pendings. A BPO gives a decent snapshot of the market at the time it is done and gives the bank a good idea of comparable homes prices. The bank will use the BPO to set the price they’ll accept.
(2) If the listing agent is experienced with short sales, they’ll have submitted a short sale package to each bank involved and already have had extensive interaction BEFORE a property goes on the market. Once an offer is received, the bank goes through the extensive package required for short sales (hardship letter, complete financial statements, tax records, etc.). This takes time. Notice I said, “IF.” If the listing agent has collected this data up front, the wait can be shortened considerably. However, Realtors who do not have a lot of short sale experience may have a short sale listing that’s not been prepared, and then the tedious process of collecting everything happens AFTER offers come in. This lengthens the process considerably and reduces the chances of success. In addition, some properties will NEVER be approved by a bank as a short sale because of the circumstances of the sellers. If this is not sorted out properly UP FRONT by the listing agent, your wait could be in vain.

I know this is a long answer – hang in there. Once a BPO has been done, the bank evaluates the selling price and, if the offer is too low, will counter back with a price closer to market reality. You can try to counter back and forth, but this typically won’t work. And this all takes a long time. Banks are not motivated to dump short sales in the same way they want to get rid of REOs. They actually want to try to keep the seller in the home and come up with a solution that will save the loan(s). A loan kept on the books even at a loss is better than a foreclosure or a short sale.

Your best bet is as follows:
(1) Locate a local Realtor with a lot of short sale and REO experience. Once a Realtor has done a number of these types of transactions, they have a good feel for what banks will or will not accept. They know the questions to ask a listing Realtor to ensure that everything has been properly done up front. We’ve done a lot of these types of sales, and, if the circumstances are not right, will not recommend writing on specific homes.
(2) Locate a home that has been on the market a fairly long time. With your Realtor, carefully do your homework about the area and the home in question, then submit an offer. And then get ready to wait.
(3) Some buyers actually submit offers on any number of short sales and wait to see if one of them actually “lands.” Even though it happens frequently, this is not an accepted practice and has some real ethical difficulties. However, some buyer’s agents are now writing offers that state right in the offer that the buyer is writing on other properties at the same time. Listing agents hate to see this because they can put a lot of time and effort into a listing, get close to a sale and then have the buyer back out at the last minute because they landed another offer somewhere else.
... more
4 votes 3 answers Share Flag
Bruna Costa, Real Estate Pro in New york, NY
Tue Mar 11, 2008
Bruna Costa answered:
Hi Dear Janette ,
Savvy investors use a combination of maillings phone calls and site visits to reach owners and make lowball offers, if you arecurrent working with a Broker ask him to do so on your behalf

there are numerous tipes of foreclosure,but the three basic types that you will encounter for tax and mortgage forclosures are:

Judicial Foreclosure,Sheriff sales ,Trustee Sales

The first two types involve a lawsuit, a court process, and an auction held by either the court (judicial foreclosures) or the Sheriff(Sheriff sales) The third type is much speedier, since the property owner never really owns the property.In this case the lender simply files with the county recorder that the property is in default and within 120 days the property is auctioned off

There is also auctions held by HUD, the IRS,and homeowner,condo co-op associations(when someone stop paying their dues) these are far more rare and have diferent processes

Good luck with it, if you have any question please feel free to contact me
... more
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