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Foreclosure in San Ramon : Real Estate Advice

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Activity 34
Sun Feb 12, 2012
Christina "Chriz" Tokar answered:
Hi, If you are working with a competent Realtor who knows the process, in most cases, you will be way out ahead if you do the short sale. With a short sale, we can in many cases not only sell your home, and save you from the negative dings of foreclosure pn your credit, we can also get you some cash for "keys".... In most cases, we also get the deficiency judgment waived, so you do not owe the bank any money once we are finished. I work with an attorney who helps streamline the process and keeps you out of bankruptcy while we go through the process. I generally prepare all the paperwork and stay on top of the attorney who will be speaking with the bank. As a team, we get it done. Most banks are much better today, than years ago. However, the homeowner gets very little respect from the banks, so work with a professional who knows the system, and will get you through the process. ... more
1 vote 11 answers Share Flag
Tue Jan 3, 2012
Meena Gujral answered:
Hi Jason,

I have been negotiating short sales for many years. I currently have three short sales with Bank of America.

The process is a lot easier now than it was before since all the documents get uploaded on the equator system which is the platform Bank of America uses now. This way they cannot claim that they did not get the docs when they were faxed to them. The response time is a lot shorter now.

Meena Gujral
H-U-S Achievers Realty
925-425-9491
... more
0 votes 30 answers Share Flag
Fri Nov 18, 2011
Lillie Missbrenner answered:
Hi,

Yes, pay your HOA dues. If you don't pay your HOA dues while doing a short sale, they can put a lien on the property for the home. This could stop the final sale of the home if no one is willing to pay the dues. If you haven't found a specialist in San Ramon as of yet, please give me a call. I can do an analysis for you on your home, together we can decide how to price your home and get it on the market right away. I had four short sales this summer in which I was the buying and selling agent for a few of them. There were two of these short sales that had HOA issues. I can give you more information on short sales, what to do regarding HOA dues and then some. I could make this a painless process if you would like. I have a great system that is working for my short sales on getting them marketed, viewed nationally and sold in as short as 45 to 60 days. If the property is priced right, I could have this home sold in a short amount of time. You might be amazed! Remember, there is NO COST to you as the seller on a short sale. Call me if you are interested in getting a hard working, aggressive realtor that knows our area working for you too. My cell is: 925-628-9100

I hope this helps and look forward to hearing from you!

Best regards,

Lillie Missbrenner, Realtor DRE: 01711589
Marketing Consultant
Certified Distressed Property - CDPE
Short Sale & Foreclosure Specialist - SFR
Certified HAFA Specialist - CHS
Your Real Estate Consultant for Life!
Better Homes and Garden (Previously Prudential California Realty/Mason McDuffie)
Danville, CA
Cell: 925-628-9100
... more
0 votes 13 answers Share Flag
Wed Sep 21, 2011
Bob answered:
One point of clarification - Scott is dead wrong below. In California BofA CANNOT come after you for the unpaid balance post foreclosure, as long as the loan is not a refinance. Google non-recourse loan. ... more
0 votes 13 answers Share Flag
Mon Jul 4, 2011
Minna Reid answered:
I generally carry about 25-30 short sales, of which maybe a third involve a BofA loan so I do a lot with BofA. Short sales with BofA are running an average of 1-2 months right now ( assuming it can go through Equator - their new online system, and you are not attempting a HAFA short sale)
Some are a little faster, some a little longer but overall 1-2 ms is pretty average.
If there are junior liens you can expect a little longer of a time frame.
... more
1 vote 6 answers Share Flag
Sat Jun 18, 2011
James Gordon ABR SFR SRS answered:
Amilia your Hoa had to pay an attorney to sue you for the back fees. Work out a deal because up until now they have not heard from you. You will have to pay the fees that your association incurred in trying to collect the debt. ... more
0 votes 2 answers Share Flag
Mon Aug 30, 2010
Bob Georgiou answered:
Yes everything IS negotiable but rest assured that the buildersa are going to do everything in their power to protect their margins. Builders have to move homes in order to make money and I guarentee that the few homes they are actually building are underpriced to the market to prevent discounting and drive multiple offers. Not to metnion I know of 4 couples alone who are thinking exactly the same thing that you are. Sell hare and pay cash for new construction in Florida. All deals close cash but dont let that stop you from trying. ... more
0 votes 5 answers Share Flag
Sat May 8, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
You can do what ever you want with the restrictions of the law , bank requirements and already signed contracts. By not hiring a realtor, you are deciding on taking on risk that is substantial for cost that may or may not be incurred.

If the property is listed on the MLS your will have to deal with a realtor because there is already a contract.

If the bank has acquired the property through foreclosure you will have to use a realtor because they do no have the capabilites or want to have direct negotiations with buyers.

If the owner is trying to complete a short sale, the bank will require you use a lender to ensure it is an arms length transactions and no fraud is happening.

So if a propety is in foreclosure, not listed and not a short sale you can possible do it without a realtor. IF you do this make sure you understand your risks!

If you have to use a realtor, I will suggest that you should have a knowlegable buyers agent represent you to assist you in the process.


Keith Manson
First Weber Group
Certified distressed Property Expert
Metro Milwaukee

http://www.milwaukeebailout.com
... more
1 vote 13 answers Share Flag
Thu May 6, 2010
Joanna Jensen answered:
Hi Rikers,
my husband is a loan officer so he is used to looking at credit reports.

I asked this very question his comment was bankruptcy is better you can buy within a few years.


Foreclosure is the worst on your credit. Right now lenders are doing everything in their power to get home modified if it makes sense.

If you still have income you may consider working with the lender to see if you can do a modificaiton.

Then there is the posability of Short Refinance, similiar to a short sale but YOU KEEP YOUR HOME.

I specialize in Home Owner Retention. Helping people keep their homes. Maybe one of the few realtors who try hard to do loan mods and short refinance instead of a Short Sale to save you from foreclosure.

JoAnna Jensen
Legal Assistant
Realtor
Volo Law Group
925 699 5041
... more
0 votes 5 answers Share Flag
Tue Mar 23, 2010
Minna Reid answered:
WAMU is incorrectly reporting this as a charge off - it should have been included in the bk. You need to fight this with WAMU/the credit bureaus. It is actually illegal for them to report this way after a BK - but they dont make it easy to fix. Your attorney should be able to handle this.

Far as title - it has to transfer or the house still belongs to you. You can wait for them to foreclose, or you could sell the house ( or short sell if that is the case)
... more
1 vote 6 answers Share Flag
Wed Mar 17, 2010
Joseph Domino answered:
I just want to make one clarification for Hawkeye and others who read this post. A new home builders sales person may or may not be a REALTOR. Being a licensed agent and a REALTOR are not the same. Many new home agents are not REALTORS and they represent only the Seller. Most new home contracts will include a clause that specifically states that the Builders agent represents ONLY the builder and there is NO DUAL AGENCY. The buyer is unrepresented. ... more
0 votes 31 answers Share Flag
Mon Dec 14, 2009
Pshively answered:
In my experience there are many ways to protect agents commissions on Short Sale transactions. One simple way to do this is to raise the net offer to cover the commissions if the bank is being stingy about allowing commissions at their full price. ... more
0 votes 13 answers Share Flag
Tue Dec 8, 2009
John Juarez answered:
I agree with the suggestion to get your broker involved. If your problem is due to pure innocent ignorance on your part, your broker can make the case to the lender that a broker cannot work for free. The liability of the transaction still rests with you and your broker. If there is a complaint made by the buyer, you and your broker will be included in the complaint.

As an aside, how do E & O insurance companies look at a situation like this? I can’t believe that they are thrilled insuring and agent and broker for a transaction for which there is no offsetting income. I can’t believe that you broker wants to pay premiums for coverage on a transaction that generates liability with no offsetting income.

Please let us know how this comes out. Great learning experience for all of us.
... more
0 votes 5 answers Share Flag
Thu Aug 13, 2009
Home Owners Alert answered:
Just be very careful when you buy a new home. Track the records and ask around what have happened in this area and this builder. Many homes have problems for a while, especially after the booming and look at by your self these websites. ... more
0 votes 38 answers Share Flag
Tue Jul 14, 2009
Erica Starkey answered:
Ducky4485,
I am so sorry to hear about your situation. Though I know it's not very comforting, you are not alone. We work with clients everyday who are in similar situations. What I can say is that you're doing the right thing by asking questions and exploring all of your options. Many people are opting to do short sales, as the process has changed for the better in recent months. It sounds like the space does not work for you anymore so finding a way to get out from it may be a good option.

We are an experienced short brokerage and we work with banks and lenders who can advise you on the impacts of a short sale. I would love the opportunity to speak with you in more detail about your options and the short sale process in general. It can be very tricky so if you do decide to go down that road, make sure it's with someone who is experienced and knows the process. Please feel free to contact me directly any time. I can also send you some helpful articles on short sales that might help answer some of your questions.
Best,
Erica

Erica Jones Starkey
Broker, Co-Founder
DRE# 01503540
JSCA Real Estate Group
Providing Superior Solutions for Your Individual Real Estate Needs
www.JSCArealty.com
office: 925.989.1613
fax: 925.905.2417
... more
0 votes 8 answers Share Flag
Mon Jul 13, 2009
blaison samuel answered:
You can check my blog http://bayareashortsalespecialist.com/?p=103 where I have mentioned about foreclosure vs short sale.

Blaison Samuel
Certified Short Sale Specialist
0 votes 5 answers Share Flag
Mon Jul 13, 2009
Bob Georgiou answered:
Ducky,

You can absolutely sell! You can rerent. You can call the lender and ask for a loan modification (though they are more rare on investment properties than on owner occupied homes.) Pease consult an attorney on this last resort since there may be reprecussions, foreclosure is an option.

The right course of action depends on your loan, your history with the property, and the sum total of your financial status. You should be working ALL these angles at the same time. Try to rent, call the lender for a remodification of the loan, call a realtor (980-3248 I'd love to help) to list the home as a short sale, and consult an attorney regarding the consequences of foreclosure.
... more
0 votes 6 answers Share Flag
Sat Feb 21, 2009
. answered:
"I just had a short-sale with Indy Mac and they never brought this up. They lost 4 of our "hardship packages" but other than that they were typical big bank--4 digit extension, different person to talk to each time, took their sweet time!"

THEY ARE SOMEWHAT A NEW BANK STRUCTURED THROUGH WASHINGTON — A seven member investor group (billionaire George Soros and Dell Inc. founder Michael Dell) agreed to purchase. Indy Mac Bank is one of the largest casualties of all time and tied to the housing bust. Estimated at near $14 billion. Indy Mac, which specialized in loans made with little down payment or proof of assets. That’s hard to believe as regulators let it go unchecked. Bank was seized by the government in July after a run on the bank as the U.S. housing market collapsed. The Federal Deposit Insurance Corp. statements showed a holding company and private equity firm Dune Capital Management, agreed to buy Indy Mac.

The ability for Indy Mac bank to raise capital and mange losses will necessitate avoidance of short sales and modifications. You go through "He.ll to get a file approved, then receive an offer then get a sign off by another person who will lose the file (yeah yeah ) and then MAYBE ! Fannie AND FHLMC YES MAYBE. TOXIC SUP PRIE LOANS . . . NO WAY! THEY MUST FORECLOSE

Hey, I normally want to hear your feedback but ....Nope - the shorts and mods argument is not in the cards!
... more
0 votes 15 answers Share Flag
Mon Dec 29, 2008
Gdn Bear answered:
Here is more data on this subject. Comes from the blog Mr. Mortgage's Guide to the Truth. Very interesting read, by the way. Here is what Mr. Mortgage said recently on his blog (Note: the charts he references do not copy. You will need to follow the link to see the data):

A Flood of REO Properties About to Hit

Looking forward a few months, the REO inventory ‘wave’ that has built up in the past 12-months is about to hit hard. In CA, the SB1137 law exacted on Sept 5th forced a 60-day moratorium on Notice-of-Defaults and Notice-of-Trustee Sales. A Notice-of-Trustee Sale is needed before an insti can take a home to foreclosure. The law essentially kicked the can down the road where all of the inventory will hit as the Spring/Summer selling season kick off. In this respect, the plan worked.

Below is a chart of monthly chart of monthly Notice-of-Defaults, the first stage of foreclosure. NOD’s are filed after three to four missed monthly payments. NOD’s are a very leading indicator to foreclosures by 4-6 months in addition to an indicator of future supply/price depreciation. The massive wave of NOD’s from Jan to Aug and then again in Dec (post-SB117) is still out there waiting to turn into REO beginning soon.

The chart below shows monthly Notice-of-Trustee Sales, the second stage of foreclosure, which follow NOD’s by 4-6 months. At this stage the date and time of the actual foreclosure sale is given – foreclosure typically follows by 21 to 60-days. If you look at all of the NOD’s above from Jan to Aug in the chart above, where are all of the corresponding NTS? From Aug – Dec, NTS would have remained at that 37-40k level if not for SB1137 in addition to select full-moratoria by banks such as Countrywide. This just delays the inevitable. Despite that, NTS are growing and the chart below will look much like the chart above in the near-term – NTS will be back at all-time highs.

The chart below shows the monthly REO taken back by banks — 93-97% of all foreclosures go back to the bank as REO. Like the other two charts the numbers nose-dived as a result of SB1137. So where is all the REO??? The answer is it was delayed and coming quickly to the NTS phase. Additionally, Fannie and Freddie are on full foreclosure moratorium.

From the NTS phase properties are quickly taken back as REO. Supply coming out the other side is all dependent upon each institution, their capacity and willingness to take the associated hit. But as you can surmise from the charts above their dams are overflowing.

Note - at Field Check Group, my research firm, we track all of this by bank and servicer daily. Drilling down into each insti independently reveals that their actions are all over the map. Some do try hard to make this process smooth and transparent. Others are experts at playing ‘hide the REO’.
... more
1 vote 15 answers Share Flag
Mon Sep 1, 2008
LoveBayArea answered:
Agree with Cindi's answer. All agents will tell you that they specialize in REO proprties. Best way is when you interview an agent as for all details on how to go about buying foreclosure proprty, how many REO properties that agent has bought/sold. Once you get details, make your judgement what are claims and what is reality. ... more
0 votes 9 answers Share Flag
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