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70503 : Real Estate Advice

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  • Local Info0
  • Home Buying1
  • Home Selling1
  • Market Conditions0

Activity 6
Tue Jul 11, 2017
MonicaMartinezPetitjean asked:
Thu Feb 11, 2016
Michael Dryden answered:
The bank is "owed" the remaining principal balance, arrears in interest, any money paid out for taxes, forced placed insurance and late fees If you are the current homeowner and trying to avoid foreclosure, the bank may consider a loan modification that rolls the arrears into new loan terms and may even forgive part of the late fees or interest owed to date. .

If you are trying to buy the house, you may be able to buy the property for less:
1. If the house has not yet gone to foreclosure sale, the bank may agree to a "Short Sale", if the current homeowner agrees. The key is to offer the bank a way to take a smaller loss. If the bank forecloses, they will have expenses for the legal process, and have no money coming in until they get title to the home and manage to sell it as Real Estate Owned (often called REO or Bank-Owned property)
2. If the bank has already foreclosed, you will buy it like any other home on the market EXCEPT the bank is not required to provide any disclosures on the property condition. It is all up to you to make sure you have an accurate picture of the home's condition before you commit.

If you are the homeowner trying to save the house, call the mortgage company TODAY and get your options. If you are trying to buy the home either before or after the foreclosure, call a local agent who has experience with short sales and bank owned properties. The process can require some effort either way, but it is worth it!
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0 votes 1 answer Share Flag
Mon Jul 9, 2012
John Souerbry answered:
I agree with Mack - if a house is properly marketed BEFORE it is technically placed on the market, which we do 100% of the time - then selling in 1 day is common for good properties. In my area I see about 5 or 6 For Sale signs in yards that have the "Coming Soon" rider on top of it. Often the "Coming Soon" rider is replaced with a "Sold" or "In Escrow" rider in only a day or 2. ... more
0 votes 16 answers Share Flag
Sun Jul 1, 2012
Carla Muss-Jacobs, Principal Broker/Owner ~ Exclusive Buyers Agent ~ ABR, CEBA answered:
1) Your agent should have submitted your written offer if that's what you instructed them to do. Agents are only representing you, they are not calling the shots.

2) If your real estate agent and the listing agent are both Realtors, then they should know what the Code of Ethics states about offers and the submission of offers which are covered in the Standards of Practice.1-6 an 1-7.

When I represent my clients, I don't shirk my fiduciary duties -- one of those affirmative duties is that of "obedience." If you didn't instruct your agent to submit an offer, it's on you.

Doesn't sound like the used car business to me at all -- and unless you can justify the blanket remark and actually correlate references to substantiate that, it's meaningless. It does, however, sound like everyone involved in this are clueless on how to practice real estate.
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0 votes 13 answers Share Flag
Thu Jun 7, 2012
Jennifer Wade answered:
$1100-$1300/month is the average rent in this subdivision for a standard 3 bedroom home.
0 votes 1 answer Share Flag
Sat Jan 7, 2012
Joe B. answered:
just saw this - actually both Marilyn Park and Live Oak Park are correct - depends what block of Claymore you are on.
1 vote 4 answers Share Flag
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