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Foreclosure in Laguna Beach : Real Estate Advice

  • All154
  • Local Info5
  • Home Buying40
  • Home Selling5
  • Market Conditions13

Activity 10
Fri Aug 21, 2015
Danielle Purcell answered:
My guess is that it will not effect you. The foreclosure will go on title.. I would start looking for a new place.. Less risk..
0 votes 3 answers Share Flag
Fri Oct 24, 2014
Debra (Debbie) Rose answered:
Hi Bret

What property? You didn't give an address, but even if you did - you need to find an agent who can represent you.

Trulia is NOT a real estate company!!! - they only compile listings from other sources, and post them here - agents are responsible for their listings, or........any local agent can advise you in regard to the home you want to bid on.

I am curious - Have you seen it?????
If you have, you can ask that agent to prepare your offer.
Have you been pre-approved for a loan as yet?

If the answers are no, you really do need to sit down with an agent and go over the process.

Best wishes!
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0 votes 1 answer Share Flag
Tue Sep 25, 2012
Moni Dabbagh answered:
Have you tried to contact the trustee to find out why it has been postponed, and if they have scheduled a new date? I work for an attorney's office who specializes in real estate. Please feel free to call me if you need help.
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0 votes 4 answers Share Flag
Mon May 21, 2012
Brian Wilson answered:
Hello Jon,

As a non-attorney Realtor I agree with Thom's answer the most. As any subordinate lien holder you assume some risk and you can foreclose but there is still the superior first lien holder to deal with. The property taxes appear current and you already stated the first is also current, or at least no Notice of Default "NOD" has been filed by the bank.

My personal non attorney thoughts are that is sounds like the borrower is not trying to work with you at all, I was wondering about some kind of loan modification to keep something coming in. May be better that Foreclosure in this situation? I do not know the third party company you mentioned so I do know know who is paying them. Selling the second seems doubtful.

As I see it and as Thom stated, the risk with foreclosing is the possibility the borrower does use the bankruptcy route to try to get out of the mess and/or the potential 'due on sale' clause with the first lien holder. If you wanted the property and are willing to pay off the first does that make sense, does it 'pencil out' for you?

Good luck to you in this situation and if you would like another real estate attorney referral for some much better advice please let me know.

Brian Wilson, Realtor (not an attorney)
DRE# 01321478
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0 votes 4 answers Share Flag
Fri May 18, 2012
154pearl answered:
check out the have a great educational area on their web page. Sure there are risks, but it's a great way to make money. Do you due diligence: drive the property, che3ck comps, if you dont know construction costs get someone that does. checking with a title company and the county tax rolls. etc. I have purchased several over the years. PS. The company "trustee" handling the foreclosure gets a special title policy/search when the property is posted for the trustees protection. They wont do the sale with out it. ... more
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Wed Feb 2, 2011
Rick Colson answered:
Albie thanks for your information. I was just throwing a questions out there to see what kind of response I would get. Good to hear from you and I thought your answer was well thought out and I liked how you backed it up with the attached article. Nice touch. thanks. I owe you one on that insite.
Separate note when responding to questions I found it strange being ask by an bacon raton lender to seek a professional. Then to turn around and use my question for his advertisment. I thought this was a Realtor's forum?:
A few of the other responces were nice and appreciated.
Thanks, Rick Colson
... more
0 votes 6 answers Share Flag
Sat Jan 15, 2011
Mahesh Patel answered:
Wed Jul 7, 2010
Emily Knell answered:
In the most simplest terms it means: If it looks to good to be true it is.

This is some more Realty Trac B.S. I don't know how they come up with these #'s because even public records 99% of the time have a 1st lien in default & there is no 1st lien anywhere in LA that is a total $10K lien. It's possible that the owner's listed judgment amount for their current lates is $10K, but that's about as far as it goes.

Occasionally you'll see a property listed on Trulia for $10K, but it's the going monthly Rental price.

I'm sorry Mel, but you're not going to land a 3,000sqft home in Laguna Beach for $10K.

If you'd like to get a good idea of what homes are listed / selling for in the area you're looking in, you can search the MLS just like I do by going to my website.
562-430-3053 cell
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0 votes 7 answers Share Flag
Thu Sep 3, 2009
Suzanne Johns answered:
As a Buyer's agent, I try to focus on homes that are capable of actually closing escrow in 45 days. When a buyer is searching on the internet, they do not understand that the price that is posted is not necessarily what the bank will take for the home. Also, the seller is not able to sign off on a purchase contract for a particular price, the bank has to review and approve the new sales price. Banks can take as long as they want to respond to an offer, if they choose respond at all. I have seen it take 6 months for a counter to an offer to purchase a home. Most buyers have no idea how lengthy of a process it is to purchase a short sale.

So, when counseling my buyers at our first meeting, I go over what is entailed and what they can expect if they choose a home that is a short sale.

The only situation involved with a foreclosure is that if it is priced competitively, you may have multiple offers presented to the bank and end up in a bidding war situation.
... more
0 votes 11 answers Share Flag
Mon Aug 31, 2009
Melissa Zavala answered:
I'm sorry to say (but it sounds like you already realize) there are more people that are not successful in obtaining loan modifications than people who are. Loan modifications always take time--sometimes over a year. So, be patient with the process. ... more
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