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Foreclosure in Los Angeles : Real Estate Advice

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Activity 296
Irina Karan, Real Estate Pro in Aventura, FL
Thu Jun 7, 2012
Irina Karan answered:
I suggest to inverview several agents and hear them out on where the highest returns/future value growth areas are. The agent has to be the one specializing in helping investors - and he/she should speak investor's language where the goal is the highest return on your investment.

Once you find such an agent - you'll be able to invest very successfully.
You will need to be quick in your decisions to catch a good deal.

Some counties have electronic auctions (court ones) - but if you follow them, you'll notice that most sales go to the banks, some get pulled back before the auction, and some end up as approved and closed short sales...

Foreclosures often attract way too many offers...leading to a bidding war.

Short sale take so much time, that, if you calculate in your "inactivity in making money", they are no bargain, after all (prices are recovering in most parts of the country).

Hope this helps,

Irina Karan
Beachfront Realty, Inc.
IrinaKaran@gmail.com
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0 votes 3 answers Share Flag
Jan, Other/Just Looking in 90404
Sun Jun 3, 2012
Jan answered:
you needn't pay anything for this info. go to the County Recorder in Norwalk and research the tax leins, bank loans etc. yourself. it's all there. the biggest issue is the drive there and back. ... more
0 votes 8 answers Share Flag
My NC Homes…, Real Estate Pro in Chapel Hill, NC
Sat Jun 2, 2012
My NC Homes Team answered:
The last thing you want to do is work with the listing agent of a foreclosure property. These agents work for the lenders and will never have your interest at heart regardless of anything they might say. Their not bad people, but the lenders are the sole source of the business and they will do nothing to jeopardize this relationship.

Secondly why do you want to buy a foreclosure, I assume you think their great deals when in fact this is rarely the case. I've been buying selling, flipping homes for 35 years and have only once bought a foreclosure for myself.

Please read the link I've attached below before you do anything else, then if you still want to pursue foreclosure sales, find yourself a dedicated and experienced buyer broker who can help you. Look for a broker with the SFR designation as they have more familiarity than most with handling foreclosures.

It's not a particularly difficult process, but it is inherently more risky than a traditional sale.
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0 votes 15 answers Share Flag
John Patrick, Home Owner in Grand Rapids, MI
Mon May 21, 2012
John Patrick answered:
I would not post this question in this forum with a number of Realtor that their main job is to sell you a house and profit from it and does not really care about what our personal and financial issues. Most of these guys are uneducated fools that wear a suit. These are the guys that can't get a normal job so they become Realtor and it is hilarious to read all these legal lingo that they regurgitated from Wikipedia or some sort of blog they found browsing this very subject. ... more
0 votes 71 answers Share Flag
Brian Miller, Real Estate Pro in Ionia, MI
Sat Apr 14, 2012
Brian Miller answered:
Yes, go to www.HUDHomestore.com. You will see a map of the United States. Click on your state and then enter the specific area you looking in.
0 votes 10 answers Share Flag
SERGEY FEDNOV…, Real Estate Pro in Beverly Hills, CA
Wed Apr 11, 2012
SERGEY FEDNOV *** 424-777-9377 answered:
I'm very familiar with REO

Please feel free to call me 424-777-9377 - i'll be happy to help you out.




Thank you for your time.


Should you have any questions - please feel free to call me Toll Free: 1-855-TRUST-55 (1-855-878-7855) ext. 777.



Sergey Fednov

President - Realtor®
- Trust Sale Realty -

Residential & Commercial Real Estate
_______________________________
Toll Free: 1-855-TRUST-55
Toll Free: 1-855-878-7855
Phone: 424-777-9377
Fax: 310-356-4925
http://www.TrustSale.com
http://www.TrustSaleRealty.com
Lic# 01896869
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7 votes 15 answers Share Flag
John Arendsen, Real Estate Pro in Leucadia, CA
Fri Apr 6, 2012
John Arendsen answered:
I would definitely contact "Melissa Zavala" , before I'd contact anyone else about a short sale. She is truly the best in the business and she always looks back on the same Trulia thread for answers posted after hers. ... more
0 votes 10 answers Share Flag
Nancy Celis, Real Estate Pro in Covina, CA
Tue Apr 3, 2012
Nancy Celis answered:
Best advice will be to speak to your real estate attorney on the deficiency. For informational purposes only - if you have to move to another country, you almost have no choice but to sell your home and if it is upside down you either short sell or foreclose. You are trying to do the right thing and sell. Allow your agent to advise you on the list price based on comparables, I trust she knows what she is doing. What is the condition of the home? Does it show well to sell? Best of luck to you. Enjoy London. ... more
0 votes 26 answers Share Flag
Nancy Celis, Real Estate Pro in Covina, CA
Tue Apr 3, 2012
Nancy Celis answered:
What you will need is the discharge for the bankruptcy. Title may show there was a bankruptcy filed and if you want to avoid an issues with title, provide the discharge - the bankruptcy court sends you this form once they discharge. If you haven't received it, call the court. ... more
0 votes 2 answers Share Flag
Nancy Celis, Real Estate Pro in Covina, CA
Tue Apr 3, 2012
Nancy Celis answered:
Short sales are subject to lender approval and we as agents know that we will not always receive the commission we request. An agent that is trying to rework a contract to get more money, is not looking out for her clients. The agent needs to have the permission from the seller to make any modifications, this is not her home, she is representing sellers. Not to mention that agent can jeopardize the entire transaction. So sorry you have to go thru this, wish you the best of luck. You may have to find another home and let this go, cut your losses now! ... more
0 votes 19 answers Share Flag
Nancy Celis, Real Estate Pro in Covina, CA
Tue Apr 3, 2012
Nancy Celis answered:
Your real estate agent would be able to direct you on the process of the short sale, but just in case you are obtaining a second opinion - yes you must notify 2nd lien of the short sale request. Both first and second should be notified of the short sale request from the beginning. Lenders have different requests and processes, so it is best to contact each lien and find out what their short sale package consists of and their timelines. Best of luck ... more
0 votes 13 answers Share Flag
Nancy Celis, Real Estate Pro in Covina, CA
Tue Apr 3, 2012
Nancy Celis answered:
Vickie Loftis, Real Estate Pro in Cookeville, TN
Mon Apr 2, 2012
Vickie Loftis answered:
You need to be careful on these auctions. If there is other liens, then you could be assuming those? Rarely in our area, when a property is auctioned off at the courthouse steps, does the property sell. Bank usually buys back and then it is listed as foreclosure/REO.
Vickie Loftis
Realtor
American Way Real Estate
710 S. Jefferson Avenue
Cookeville, TN 38501
www.vickieloftis.com
vickiel@american-way.com
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0 votes 6 answers Share Flag
Jennifer Liao,  in Encino, CA
Sat Mar 10, 2012
Jennifer Liao answered:
a) Yes, it would lower your score but you are still credit worthy. Over time, you can raise your score again.
b) You need to consult both real estate tax professional and simply call the IRS for answers.
c) Mostly likely yes because the bank would like to get more money if possible.

Let me know if you need me to refer specialists to you.
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0 votes 17 answers Share Flag
 Frank, Real Estate Pro in Los Angeles, CA
Thu Mar 8, 2012
Frank answered:
I had a client that settled the second in order to sell the house and be free and clear. He was able to talk them down to 10% and send him a letter showing that he was no longer responsible for the debt. Each bank has different guidelines and the loans can be different depending on who the investor is even in the same bank. Also, being behind or near foreclosure is not always needed, I have sold homes where the owner was never late and with a letter from the bank stating that they would not come after him purchased a home a month later.
Things are changing...
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0 votes 1 answer Share Flag
 Frank, Real Estate Pro in Los Angeles, CA
Thu Mar 8, 2012
Frank answered:
If you are financing make sure that the agent you re working with is experienced in the type of financing you are buying with. I regularly get people looking for homes that are fixer uppers and they have fallen in love with the home online only to find out that no matter how skilled they are they cannot fix the home to qualify it for the loan. an reo is an "as is" deal so when I teach buyers how to buy you will hear me saying what you see or what you don't see is what you get.
With that being said, there is financing that will allow you to repair the home, so work with an experienced buyers agent and your lender to make sure you find out before the offer and not after you paid for the appraisal that the home qualifies or not.
If buying cash, have fun you only restrict yourself.
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0 votes 5 answers Share Flag
SLDIRECTREO,  in Los Angeles County, CA
Thu Mar 1, 2012
SLDIRECTREO answered:
Have you even seen anything in La Crescenta, La Canada lots? oh no wait, a named real estate company had to CHANGE their BROKER and Forced to re organize in order to keep their office. Don't sweat it Anthony, They will get their dues. ... more
0 votes 12 answers Share Flag
Nancy Celis, Real Estate Pro in Covina, CA
Sun Feb 26, 2012
Nancy Celis answered:
Consult with an attorney, second liens have a tendency of trying to collect from the homeowner. You may have to resort to a bankruptcy if all else fails.
0 votes 18 answers Share Flag
Heather Paul, Real Estate Pro in Santa Monica, CA
Mon Feb 20, 2012
Heather Paul answered:
The first mortgage company may have paid them or the seller, but most likely it was the first mortgage. Only consider bidding on properties when the first mortgage is foreclosing or you could get burned badly. The 2nd or junior liens always get wiped away, but if the 2nd mortgage is foreclosing, the first mortgage still goes with the property. You really should have an exclusive buyers agent helping you, good luck!

Have a great day,
Heather Paul, Realtor
Coldwell Banker
310-586-0364
... more
0 votes 11 answers Share Flag
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