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Foreclosure in Santa Ana : Real Estate Advice

  • All239
  • Local Info16
  • Home Buying78
  • Home Selling14
  • Market Conditions6

Activity 7
Wed Jun 17, 2015
Nicole Fedorchek answered:
Hi, Anthony!
It would be a good idea to start the process now! 6 months might seem like a long time, but you don't want to be rushed through the home-buying process.
Escrow will take anywhere from 30-60 days, sometimes even longer. That's 2 months. It can take a month or two to find the right place and get your offer accepted. Also, typically your first mortgage payment is due about a month after you close escrow, so you won't have to pay rent and a mortgage in the same month, if you time it correctly.
Talk to a lender today, and find out what you qualify for. You want to make sure there are no surprises on your credit report. And PLEASE do not go out and buy a new car, new TV, new furniture, NOTHING on credit until you close on your home purchase!

Contact me for more details and to get started today!!!

Nicole Fedorchek, Tarbell Realtors
Gold Circle of Excellence
DRE 01920370
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1 vote 4 answers Share Flag
Tue Jun 11, 2013
Curly Sue answered:
3 years after short sale for FHA...
2 years for VA.
0 votes 7 answers Share Flag
Mon Mar 19, 2012
Kawain Payne answered:
The main pitfall to buying a foreclosure is the seller (the bank) has never lived in the home so they cannot give you any history on the condition of the home. The homes are truly sold "as is". The bank often times will not make any repairs. In some cases they will not even do termite work.

Another pitfall is if you are buying using a FHA loan, some REO homes will not meet FHA conditions for funding. Because the condition of the property does not meet FHA guidelines.

The former owner in most cases has either been evicted or has already moved out by the time the REO property is put on the market, so you will most likely not have to deal with getting the previous owner out.

Best of luck to you!

Kawain Payne, Realtor
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0 votes 8 answers Share Flag
Thu Dec 22, 2011
Greg Copland answered:
Hi Tawnya,
One of the biggest mistakes a real estate agent can make is trying to offer advice on legal or tax issues. You really should contact a good real estate attorney in regards to your situation.
Best of luck and sorry for your circumstance.
Happy Holidays,
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Mon Mar 29, 2010
David Chiles answered: is another service some agents use to track forclosures, but is open to investors as well. The service is based in West Coast Markets only, Southern California included and includes a free trial. ... more
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Sat Nov 29, 2008
Sighburr Dood answered:
Hi Mary - here are a couple of additional thoughts, although I think Cindi's web source probably has your best answers.

First, I would stop making any further payments to the landlord. If he/she hasn't already "spent" your deposit, you should demand/negotiate that both the deposit, and future payments go into a neutral depository - similar to an escrow.

Next, pretty much any agent can get info on the title of the property, to see if the owner already has had a notice of default filed against the property. That may give you some clues as to how much time you have.

Third, I would NOT allow the owner to have a lockbox installed. You should not have to be making the place accessible for "prospective" looki-loos.

Both the first idea, and the third one, should help you negotiate with the owner.

Bear in mind I am not an attorney - I'm just offering a few opinions.
Good luck.
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Tue Sep 9, 2008
Vicki Lloyd answered:
It sounds like you were trying to sell a rental property but that sale fell through? If the bank is foreclosing, it sounds like you aren't making your payments? Most mortgages require homeowners to keep hazard insurance policies in effect on their homes as long as they have the mortgage. If you didn't pay for that insurance, the bank probably purchased it and added the premium to your loan balance.

It will definitely damage your credit if it forecloses. Foreclosures used to clear off credit reports in 7 years, but I've heard that it may now show for 10. Either way, it will definitely affect your ability to get new credit, including refinancing.

I doubt that the bank will come after you, but you could check with Legal Aid Society

Or the California Consumer Home Mortgage site :
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