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Foreclosure in Los Angeles : Real Estate Advice

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  • Local Info288
  • Home Buying1K
  • Home Selling209
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Activity 299
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
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
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
Sun Feb 19, 2012
Richard Schulman answered:
Foreclosure listings hit the market in the same way standard sale listings do. So it is important to get set up on a search for your desired criteria, so that you can be immediately notified when new foreclosure listings hit the market. Often times, these listings get sold quickly, so the quicker you find out about these and act, the better chance you have of getting one! If you need assistance with a search feel free to contact me.

For more information about the foreclosure process visit here: http://richardschulman.com/buyers/foreclosures/

Richard Schulman
Keller Williams Realty
#1 Agent KW Westside Realty
(310) 482-0173
schulmanrd@yahoo.com
... more
0 votes 13 answers Share Flag
Mon Feb 13, 2012
Renee Kische answered:
Most likely the property has been sent back to the bank (REO), however, as having worked in REO as an RDCPro agent, banks I have worked with always have the property vacant before having locks changed. They do not require a lock box be put on the property. You can connect with the City of LA by phoning 311, explaining what has happened, and they will be able to connect you with the correct department. It can be challening to find out what bank and who is the contact for your property. If you'd like to reach out privately, I may be able to work with our Title department in helping you get a contact.

With thanks,

Renee' Kische
... more
0 votes 11 answers Share Flag
Wed Feb 1, 2012
Mimi Davies answered:
Hi Roy,

Short sales have proven to often be a lengthy process that comes with its share of frustration.

When approaching someone to do a short sale, you must be vigilant in qualifying your client. My other advice is to collect all qualifying documents to establish hardship prior to listing and jumping on board. Given the nature of the transaction, this will be very helpful for both you and your client.

Good luck and please email me if you want to discuss further.

Best,
Mimi
... more
0 votes 14 answers Share Flag
Sun Jan 29, 2012
Charles Folcke answered:
The property has still not been listed again. Banks are backed up and slow to put things back on the market. Look at the mls regularly and do a search for this address.
0 votes 3 answers Share Flag
Sun Jan 29, 2012
Charles Folcke answered:
If the property is held exclusively in the one person's name, then that person is the one who will be held responsible and will have their credit rating most severely affected.
0 votes 5 answers Share Flag
Sun Jan 22, 2012
Rudy answered:
I am an investor. I specialize in Highland Park, Los Feliz, Echo Park, Eagle Rock, Hollywood Hills, SilverLake. We are looking at deals with end-users where we help them find and negotiate the best deal - we buy it, they fund it, .........then we do the rehab........and if they like it....they buy it......if they don't want to ......they are paid returns as an investor and we go get the next one. We do have experience with auctions.....and all the warnings you're getting are absolutely true here. Be careful with the auctions........leave that to the professionals

Call me if sounds interesting
808.371.4179
www.1801Bellevue.com - check out our last project
... more
0 votes 9 answers Share Flag
Tue Nov 29, 2011
Beth A.Mitro answered:
As a buyers agent It is best to only show properties that are short sale approved unless your buyer is in not rush and has all the time and energy to give for a chance at ownership of said property. Otherwise there is so much time wasted, buyers, buyers agent. Problem is, the only way to get a short sale approval is with an offer. So you buyer needs to be the second in line, meaning 1st buyer has already split. Or just stay away from short sales and buy bank owned and good ol standard/equity homes. Your agent can distinguish in the MLS search. It's up to you, so it was your choice when you said you were ok with buying a short sale. I don't get lazy I just know where the line ends. Do you want to stand in it?
Good luck
Beth Mitro
... more
0 votes 42 answers Share Flag
Sun Nov 6, 2011
Harold Sharpe answered:
I strongly recommend you go and watch how it is done and along with that you research the issues that may arise from this type of purchase. Buying blind is like getting married before the first date.

Risk vs reward. The risk is high and if you do it right, one out of a hundred properties you may win and do well. it takes a great deal of research, time, and gumption.
FYI some banks are on to the former owner trying to buyback their property.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
harold@socalhomesrealty.com
www.socalhomesrealty.com
California Department of Real Estate Broker License # 01312992
... more
0 votes 3 answers Share Flag
Mon Oct 3, 2011
. answered:
Try connecting with the banks first. I work with REO properties and the clean out companies have said they have won bids to do the work for bigger banks such as One West Bank.
0 votes 3 answers Share Flag
Thu Sep 29, 2011
Fordg answered:
Here is an article that answers most of your questions about finding clients and pricing work based on Fannie Mae guidelines.
0 votes 4 answers Share Flag
Mon Sep 5, 2011
Anthony Perez answered:
This is NOT legal advice however I know that a qualified person with EVICTION/UNLAWFUL DETAINER knowledge can hold off a Sheriffs lock out up to about a year.....
0 votes 5 answers Share Flag
Wed Aug 24, 2011
Heather Paul answered:
I believe they can definitely put a lien on the property, but foreclose on it I am not quite sure, interesting question. When they do place a lien on the property, this will have to be cleared prior to closing, it can be paid out of the owners funds when closing. Any cloud on title must be cleared before the sale can take place. I would highly recommend getting the advice from a real estate attorney, they should be able to recommend the best ways to move forward.

Have a great day,
Heather Paul, Realtor
Coldwell Banker
... more
0 votes 6 answers Share Flag
Tue Aug 16, 2011
Ed Beck answered:
You will not collect any more rent. You are not entitled to it. You can request any amount you wish, but they won't likely give you more than $5,000, regardless of the condition of the home. In fact, $5,000 is alot, I don't usually see any more than $2,500! You will not be paid any cash for keys money until you have vacated and left the property in broom swept condition, with no garbage or furniture left behind, and all systems are up and running. I suggest you take what they are willing to give you, or the next knock on the door will be the sheriff accompanied by movers and a locksmith. ... more
0 votes 3 answers Share Flag
Tue Aug 9, 2011
Susan asked:
How can I find out the auction days in Pamona and Norwalk
0 votes 0 Answers Share Flag
Mon Aug 8, 2011
James Tan answered:
Blaine has given you excellent information already. I would like to add, that at the present time, there are only a few options available to get a foreign national loan from a US bank. Typically you have to pay a down payment of 40-50% and the interest rate may be a slightly higher. But it is still possible. Even for a non-owner occupied, investment property for a rental. Visit www.BuyHomeInUS.com to get more information on the buying process in CA for foreigners. ... more
0 votes 9 answers Share Flag
Sun Aug 7, 2011
Dorene Slavitz answered:
Dear Nena,
I would recommend you begin working with a local realtor to get the help you need on this investment.
0 votes 2 answers Share Flag
Fri Aug 5, 2011
Shel-lee Davis answered:
Depends on the auction. If you are bidding at the trustee sale, on the courthouse steps, then they have to be cashiers checks made payable to cash or to you (and you endorse them to cash). If you are attending a private auction, then follow the specific instructions for that auction. Often the private auction houses will even let you put your deposit on a credit card.

My recommendation is, before you try buying at an auction attend a few. See how things are done. Figure out if you have the ability to do the due diligence on your own or if you have to hire someone to help you out. Then, and only then, put your money on the line. Dare to Dream.

Shel-lee Davis, QSC®
Certified Distressed Property Expert – CDPE®
Short Sale & Foreclosure Resource – SFR®
Certified HAFA Specialist – CHS®
SSG Pro®
Your Real Estate Consultant for Life
RE/MAX Palos Verdes Realty
424-2HELP12 (424-243-5712)
myrealestateanswers@gmail.com
http://shel-lee.listingbook.com
... more
1 vote 6 answers Share Flag
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