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Foreclosure in Fountain Valley : Real Estate Advice

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  • Local Info6
  • Home Buying7
  • Home Selling3
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Activity 4
Thu May 29, 2014
doyle davison answered:
In real estate everything is suppose to be "transparent and disclosed" What do you mean by hidden?

Review all documents submitted to escrow and review all disclosures, make sure you hire an inspector you trust and goes over all his findings.

Each person to the transaction has his/herr own duties and responsibilities and a good agent will have no problem reviewing the paperwork as it's submitted to escrow.

doyle davison
surf city realty
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Wed Jan 29, 2014
Steven Ornellas answered:
Hi Kayla,

I agree with the consensus; this is probably the default amount.

To be fully informed of your options please review this blog post covering the 4 ways you can purchase distressed property:

"Distressed Property Purchasing: Understand Your 4 Risk Options!"

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Sun Jul 17, 2011
Bob Phillips answered:
Hi Carolnash. It really depends upon the attorney. Many cajole their way into a short sale transaction, charging exorbitant fees, which only serves to complicate things.

Some attorneys suggest that they will be able to audit the lender's paperwork, and come up with something to hold against them, but in my experience that is frequently nothing more than a bluff. When the attorney tries to get the lender to "cover" their involvement, the lenders frequently reject them - leading to a situation such as the one you seem to be experiencing

On the other hand, are attorney based "groups" which specialize in short sale negotiation, and typically only charge a 1% fee. I frequently rely on such a group in a more complicated transaction - one with more than one loan, for example - and that one percent can be paid by the agents ( reducing a 3% share, to 2.5% each.) or by the buyer. That 1% should not be a deal breaker, however.

I tried to sell a $650k short sale in Coto that had an attorney's bill of $25k, tacked on, that they were asking a buyer to come up with, which killed the deal. That house eventually went to foreclosure, and my guess is that the attorney either got nothing, or the former owner is now stuck with that bill. ( cough-BK-cough.).

If you're the potential buyer, you just might wait until the house goes to foreclosure, and then get a "cleaner" deal buying it as an REO, ( Bank owned property.) instead of a short sale.

The Coto property I mentioned, came back as an REO, at a lower price, and in better condition.

The above is strictly MY opinion, and should not be construed as legal advice.

Good luck in finding solutions to your problem.
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Tue Sep 29, 2009
Rich Littlefield answered:
They probably will not foreclose anyway, even though as you say they property is worth more than is owed on the 1st. It would have to be very obvious that they could net out some money if they do.

Most junior liens are waiting these things out and hoping the 1st will foreclose, because then the debt becomes unsecured debt and believe it or not they have a better chance of collecting.
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