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Foreclosure in Oakley : Real Estate Advice

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  • Home Buying24
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Activity 7
Fri Sep 25, 2015
Frank Alvarez answered:
I find it hard to believe a bank pays $30-$50k to foreclose on a house. These numbers certainly include lost interest and loss of equity not to mention real estate transaction costs to liquidate. In a non-judicial foreclosure state, all that needs to happen is serving papers and some filing of paperwork with the county. I couldn't imagine it costing more than $5k to handle ... more
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Mon Sep 26, 2011
Maralyn Polo asked:
Mon Sep 26, 2011
Beth Mersman answered:
Hopefully someone can help you fully answer your question, but I do know that the average amount that the bank pays for foreclosing on a home is $40,000!
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Tue Feb 15, 2011
Rudi Hofmann answered:
From what I have read you are correct. In California, only Purchase Money Loans are exempt from recourse. This is not legal advice. For legal advice consult with an attorney.

Happy funding, Rudi ... more
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Mon Oct 6, 2008
Vicky Chrisner answered:
Trisha - if you have not waited at least 30 days, I think you need to; banks are moving at a snails pace at this point. Second, you might be able to file a lawsuit - small claims - check with your local courthouse and or an attorney. ... more
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Thu Jul 17, 2008
The Hagley Group answered:
This will most likely end up a bank owned home. I would wait to repair it until the home goes on the market. Contact the listing agent...who can contact the bank.....for repair info.
0 votes 7 answers Share Flag
Fri Feb 8, 2008
Jim Walker answered:
Therese, you are right! it would be a dumb move.

The Bank will not consider your need for a pool to be a hardship, so you have no chance of getting your bank to forgive your debt.

An investor or homeowner who made an unlucky investment, can't expect relief from a short sale

The article linked below tells you a little about the patience and risk tolerance required from a seller and a buyer in a short sale situation. My opinion of short sales for buyers? High Risk, Low Reward.

http://www.brokeragentnews.com/news/residential/2008_2/2_4_2008_qr_1202185201.html

To sum up the article. 1. Buyer waits a long time for the bank to anything. 2. Buyer has to sign banks counteroffer that is full of anti-consumer clauses. 3. Buyer has to pay nearly full market value. (discount, if any is much tinier than you think it will be) 4. Bank can cancel the sale at any time up until close of escrow, with no consequence to the bank and no compensation to the buyer


In my not so humble opinion ( imnsho,) ) The reasons why the failure is above 80% are:

1. Many sellers don't qualify, they think that being upside down and hating it is enough.
You must also be undergoing hardship not of your own making. such as illness, unemployment or natural disaster. Stovall gives a few other reasons. Wanting a pool and a one story house is no

2. Prospective buyers think that these are bargains, so very few buyers offer close to full market value. The banks will not approve sales at huge discounts, tiny discounts: yes.

3. The wait, 4. the paperwork, the wait 5. the anti-buyer addenda, the long wait 6. the uncertainty of the sale, still waiting 7. the perception, if not a reality, of bad faith dealing by the bank loss mitigation managers.

.I linked below to an article in Broker Agent News by Steve Stovall. He gives a pretty good description of the short sale process, seller, property, paperwork, and buyer requirements
... more
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