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Home Buying in Fairfield : Real Estate Advice

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  • Local Info13
  • Home Buying52
  • Home Selling8
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Activity 68
Sun Sep 12, 2010
Eduardo Saavedra answered:
Do you have an agent? Where is he/she in the picture? If you don't have an agent How in the world did you make a short sale offer? This kind of transaction can be very complicated take that back is very complicated. If you do have an agent get rid of him/her because this agent is not performing the way a good agent would. Yes, here in California the bank can do anything they want even when an offer is accepted they can modify it at will. What you can do is expect the best and prepare for the worst. It should be illegal for the banks to behave this way but the government doesn't care. Good luck!!! ... more
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Wed Jun 30, 2010
Chris Lyon answered:

Good for yo0u for doing the right thing and refusing to sign fradulent documents.

From past experince you can get an extension from Fannie if you explain the situation. It can't hurt to ask. I would then report the original mortgage compnay to the state Bureau of Banking and Finance. companies like that are one of the reasons the mortgage industry is such a mess.

Good Luck
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Wed Mar 31, 2010
James Jacobson answered:
You made a good decision. Noe is the time to purchase a home and I believe Solano County has the lowest
prices. You can buy a New Home for $299,000, with a 10 year warranty. There mostly REOs and Short Sale resales now and the homes sell fast, because of the low inventory.
As far as what type of loan is best for you, I suggest you contact a loan officer now and have them find you the best loan that fits your income and finances. I recommend Wells Fargo and Century 21 Mortgage, both direct lenders.
Please email me for more information. <>, or check out my web site
For more information, please call me at 707 631 5883.
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Wed Feb 17, 2010
Ken answered:
Generally, it is not common practice for an extension to be granted. I'm dealing with a similar situation with BofA as well. First, it's likely that the seller has stopped making payments to the bank for a period of time now, so they're not going to like the idea of letting them live for free for any longer than they have to. You might be able to move up the closing date though, assuming you're ready. To answer your question, it should be the listing agent's job to convey the seller's wish to stay longer. ... more
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Sat Jan 30, 2010
Jacqueline Walker answered:
Joanne....generally, the listing agent is the one negotiating with the bank so I am not sure I understand why the bank would have called the seller direct with this information. However, BofA is having some difficulties right now after they merged their systems with the CW systems at the end of the year, so this could just be a case of the left hand not knowing what the right hand is doing.

Your agent definitely needs to get you something in writing from BofA. I would also want to know why BofA gave the seller a 30 day extension...did the seller request it?

As for your question regarding the seller putting money in escrow, Bill's answer is correct, this is a distress sale...the seller probably has no $$. In addition, the Short Sale Addendum that you submitted as part of your initial offer indicates that the sale will close "without requiring seller to place any funds into escrow."
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Wed Jan 27, 2010
Grace Hanamoto answered:
Hello Joanne and thanks for your post.

First, I am so sorry to learn of your situation, and you have demonstrated superior understanding by contacting a real estate attorney to assist you. Understanding contracts and providing you with solid legal advice with options can only be proferred by an attorney.

Now, lets talk about the practical aspect of this situation as I, in my wholly unlegal opinion, might suggest to you. Keep in mind that the road you choose will hinge greatly on how badly you want this particular home.

First, if the contract does not provide any provisions for the seller to stay in the home after close of escrow, then the seller has no legal right to the property after the escrow closes and the ownership transfers to the buyer as Joel pointed out below. However, the legal right to occupy and the physical act of occupying the home are two entirely different things. If you fail to come to agreement on the continued occupancy of the home by the seller AND the seller remains "dead set" on staying in the property, your own course of action will be an eviction of the homeowner from the home. This is both expensive as well as time consuming (45 days here in California), during which time, the homeowner is likely not to pay for any bills and can possibly damage the home. Since the owner is already in financial hardship, your likelihood of collecting the legal fees associated with the eviction and any back rent on the home are pretty slim.

Keep in mind, too, that the homeowner knows that 1) he might be able to cancel the sale, and even if the home is foreclosed, he'll still be able to stay in the home through about April--probably rent free; and 2) if you buy the home and refuse to let him rent, he can still stay in the home for about 45-60 days rent free until the eviction is processed and the sheriff forces him from the home. Either way, you lose, so wouldn't it be better--despite how incredibly offensive the situation may seem--for you to negotiate rent on the home.

Now, I need to caveat this comment by saying that it would probably be to your benefit to allow the homeowner to rent, but I also did not mean to imply that you, as the buyre, need to make this option comfortable to the seller--but rather that you make an option available. In this case, since there is no agreement in the purchase contract to allow rent of the home, you can treat this just like a "real" rental situation with a lease, first and last month's rent paid up front with a security deposit, which is not returned until you've confirmed that the home was not damaged by the tenant. In most cases, a seller occupying the home belonging to the buyer must keep the buyer "whole" financially, so he will be required to pay exactly what you pay for the home or property mortgage, insurance, taxes and insurance ("PITI"). In addition, you need a security deposit and first and last month's rent paid up front. Since the owner might want to decamp from the unit sooner than April 15, ask for payment of rent through April 15 and then refund what is not used when the seller finally vacates the property. By asking for a security deposit and first and last month's rent, in addition to rent during the occupancy period, you are ensuring that--if the Seller does not leave on time, there is sufficient funds to evict him AND the extra money will serve as incentive for the Seller to get out quickly in order to be reimbursed the funds that you, as the landlord, will be holding.

Of course, the final option is to choose to leave this transaction since the seller is being uncooperative, and to work with the listing agent to obtain reimbursements for your loss and out of pocket costs.

Always consult with your attorney regarding all of your options! Good luck!

Grace Morioka, SRES
Area Pro Realty
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Wed Jan 27, 2010
Joanne answered:
Hi Faten

If you haven't researched some realtors yet or bought your dream home, I have been working with one who is honest, very patient, aggressive when need be, she is very customer service oriented. Her name is ROSE KING (707)689-0851 she is with Sheuster Realty in Vacavile.

Good Luck to you :)
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Sun Jan 3, 2010
Joan Braunschweiger answered:
Usually the appraisal contingency is for the buyer's benefit so that you are not stuck with having to make up the difference between the appraisal and offer amount. It means YOU have a right to back out but it doesn't force the seller to accept the offer. If the seller doesn't want to reduce the price to the appraisal amount, then you have the option of coming up with the difference or walking away. ... more
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Sun Dec 13, 2009
Steer clear. Banks do not want to lend on homes with unpermitted additions. I just blogged about this today. Check it out
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Sun Dec 13, 2009
If your agent is filling out a loan application for you or getting you pre qualified that is a problem. You need to talk to the lender. Any ethical lender will want to speak with you about loan types and terms and your personal financial information needed to do a prequal. If you spoke with the lender and your agent is submitting your offer to the listing agent who is representing the bank that is fine. You are a touch vague so I covered both bases. Just so you know some of the crazy stuff. About a year ago I had a realtor approach me who said he would bring me all his clients, he would fill out their applications and get their documentation and give it to me for a fee that would be added to his clients closing costs. That is immoral and illegal. I declined. ... more
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Sun Dec 13, 2009
You cannot get around the VA. You either will have to get VA approval, switch loans or look for a new condo. Check out the web reference I posted. I actually just blooged about condo drama today. Sorry you are going through this. Next time make your lender gets the condo certification upfront. You may want to have your lender look into USDA. It is 100% financing but only available in certain areas. ... more
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Wed Aug 19, 2009
Deanna Fortney answered:
Buyers often walk away. My client just moved into first position because the first buyer just couldnt wait any longer. In the old days an offer was it and it went contingent. Active was supposed to mean the house was available. Today it may mean the agent is waiting for a call and something better before they decide, if at all, to change from active to contingent status. Your agent was either sitting on the offer or the negotiator was sitting on it and gave the agent no time to get it to you. Highly unlikely but possible. Your agent may not be staying on the ball. Can't say how you could intercept since your agent is not getting you the offer in time to counter. Clearly you need someone to work for you. Good luck with it. ... more
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Thu Jun 25, 2009
Kamal Randhawa answered:
Hi there! Short sales can be quite a headache because they take so long but if your agent is knowledgable and knows that you have first digs at this property, I would keep my hopes up. At the same time, because I've dealt with short sales quite often, you should never put all your eggs in the same basket. If you are a strong and qualified buyer, you should keep looking in the mean time. Good luck to you.

Kamal Randhawa
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Wed May 20, 2009
Erik Immel answered:
Did you get the home? If not please contact me and I will help you.
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Sat May 16, 2009
Keith Sorem answered:
The broker who controls the data feed can stipulate whether or not the address appears. No address means you have to contact the broker for the information (a marketing strategy). ... more
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Tue Feb 10, 2009
Bill Eckler answered:
These are issues, that as mentioned by my colleagues, could be resolved through working with a local real estate professional.

Good luck
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Mon Jan 5, 2009
Jeannie Mitchell answered:
Currently I am seeing that the prices are still dropping..and not a lot of REOs coming on the market right now. You can get a home in certain areas for less than $100K..fixer uppers of course... ... more
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Mon Nov 24, 2008
Jeff and Cheryl Fox answered:
Contact the local police department they are the most objective.
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Sun Oct 12, 2008
Glen Mitchell answered:
yes Chris, anyone can buy a house. When you go to sell they will hold back money to make sure taxes get paid. Glen
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Wed Aug 27, 2008
Shel-lee Davis answered:
Check with a local realtor on this. They should be able to sort it out for you. In our MLS, Foreclosure means REO. A short sale must be disclosed as a short sale. Often this is done in the agent notes only, which would not be available to a buyer viewing the listing. However, a Realtor would be able to give you this answer. Good luck on finding your new home and Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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