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Foreclosure in Rohnert Park : Real Estate Advice

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  • Local Info16
  • Home Buying18
  • Home Selling2
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Activity 4
Tue Sep 17, 2013
The other answers do apply but if you are looking to buy a home sooner than later and you have a decent down payment to work with or other existing equity, you could get a Hard Money loan right away. My husband and Broker of Sun Pacific Mortgage & Real Estate offers Hard Money with just 2 criteria: #1. At least 25% down on a purchase or existing equity and #2. Ability to repay.

In the 25+ years we've been in business we've helped many, many people buy a home despite recent short sale, foreclosure, bankruptcy, property condition, etc.

Just thought I'd let you know about this type of loan program too.

Best, Lynn
Owner/Realtor - Flipper Chick
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Tue Sep 17, 2013
Steven Ornellas answered:
Hi alffysan,

Many would-be Buyers make the mistake of only focusing on distressed property due to a belief they are cheaper and less difficult to buy than non-distressed property - this simply is not the case.

Here's a quick relative risk/difficulty scale for distressed property (1 being the most risky):

1) Trustee Sale-
You personally go to the County court house and bid on a home you probably have never seen the inside of, nor will have the opportunity to fully investigate. Seasoned investors need only apply. Cash/Cashiers check only, no financing.

2) Auction Company Sale-
A little better, at least you have a seat in a packed room where the auctioneer’s primary job is to get the highest offer from a much larger group than #1 above has. You are buying “AS-IS”. Do you have the ability to gauge cost of repairs you might see? This option is best for those who can walk a home and calculate refurbishment costs on the fly IF an investigative period has been allowed. Perhaps, you might even attend one to see “how the sausage is made” and how comfortable you would be if you went this route.

3) REO-
When a property does not sell via #1 or #2 above you eventually see it come on market via a Realtor® MLS. You will still needs the skills to evaluate property condition and the good news is your Realtor® will be helping you to do so along with professional property inspectors you hire. The downside of an REO is the Bank typically only sells "AS IS" (meaning, the Bank will not typically make repairs even if you identify an issue) and the Seller's property disclosures are limited to what is statutorily required by law.

4) Short Sale-
While there is nothing chronologically short about this option (plan on 60-90+ days before a Lender approval) it nonetheless is the closest relative to the non-distressed sale. The only real risk with these transactions is the underwhelming boredom and the overwhelming mystery of why it takes so long to obtain an Approval(s).

If you are serious about buying a home find a Realtor® and ask that a custom automated MLS search agent be set-up to make sure you are seeing property that is actually for sale. Here’s what I would advise as being your first step:

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Thu Dec 6, 2012
Ron Thomas answered:
1. communicate with your Lender's Loss/Mitigation Department.
2. ask them to do a Loan Modification, (you will this on-record)
3. submit a "hardship" letter, detailing why you are "distressed"
4. LIST you house with a Realtor as a Shortsale.
5. have your Realtor do a CMA
6. Price it a little under Market
7. Follow your Realtor's advice
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Thu Jun 14, 2007
Yasmeen Hillyard answered:
Although foreclosures are known to present "great deals", they can be a lengthy and drawn out process.

FSBO home sales could be risky if you don't have a professional representing you. A realtor can make sure the proper disclosures are signed and really negotiate with your best interests in mind. The benefits of buying from a FSBO are far less than the risks of buying from one unless you are an educated investor who really knows the market, negotiations and the needed disclosures for the transaction. ... more
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