It depends on the CC&Rs, but most HOAs in California don't have language in the CC&Rs which create a "superlien" for unpaid HOAs that survives the foreclosure, in which case, the unpaid HOA dues become a personal debt of the former owner.... more
Actually with all due respect to the folks that have answered you - in their answers where they state "you are responsible for continuing ot pay the landlord" might not actually be the truth. In fact there is a new term for it and it is called "Rent Skimming" - California Civil Code 890. Whereby if the owner accepts funds for the rental and does not make the mortgage payment he is in fact fracturing the contract between the tenant and himself and endangering the foundation of said agreement. The tenant is paying all along thinking that they have a good place to live only to find one day that the bank has taken back the property back placing the tenant in a position of having no place to live. Rentals are tight and not easy to get immediately. It is a human's right to have shelter and a safe place to live. In fact if this landlord rented the property to you and had already not been making his mortgage payments and you have paid him up to 5 separate times or occurances - he could be held liable in several ways including $10,000 fines for each occurance of Rent Skimming. For more information - please see this link: http://legalforeclosures.com/html/rent_skimming.html
This link should give you all of the information that you require. Good luck to you.
Ellen Carter - REALTOR & Senior Short Sale Negotiator
Mortgage Lien Elimination Specialist
Directions Real Estate
Capitola, CA 95010
Do you have a good relationship with the current owners? This is your best chance to purchase the home pre-foreclosure. Contact them and let them know you would like to help them keep their home from going into foreclosure. Remember that they are in the exact opposite position of you. They are losing their home so be aware or their feelings.
If they want to move forward with a short sale then move quickly. Get a good realtor that can pay lots of attention to your sale. Time is your enemy here. If they are not willing to work with you it will be tough to purchase the home before the bank owns it. It may go to auction but will more than likely end up an REO and on the market. That will mean competition but that is ok.
Start doing your homework now. If you get a realtor have them contact the title company they most often use and get them to check on any liens. If the home is going into foreclosure in only 3 months there is likelihood that mortgages and property taxes have not been paid for quite a while. I say this because the average foreclosure is taking well over one year. Find out how much is owed. Offering to pay the property taxes may help your offer for a short sale or be good info if it goes to auction. Get moving on this today!
Home buyer this is Sandy Wallace with Keller Williams Realty in Santa Cruz. Some times a realtor will list the foreclosure if many different sites and forget to update the information. And the bank sometimes leaves it up for the trustee date till 72 hours before the sale date. It is true that the banks have different departments doing different things and they don't always syncornize the information. I would ask your Realtor to call the bank or have the Realtor that is handling the short sale call the bank to verifiy that they are cancelling the trustee sale. I hope that you get everything you want in your new home purchase.
All the bes,t Sandy... more
Know about foreclosures . . . . Try to find a better resource!
Arguably you can't find a more knowledgeable agent anywhere in or around Santa Cruz. I buy them at different courthouse steps with Investors cash about 1 time a month this last year. For years I find them, investigate them with contractors and analyze them with a razor sharp skill. I hook up buyers for them before they are seen on a Multiple Listing Service. I negotiate the deal with the bank too. This makes me quite unique.
I started buying up foreclosures in the 80â€™s with my own money. So I have first hand experience in the trenches. Make all the difference when it is your money, not a clients. A list of local foreclosures means nothing to a first time buyer. The waters are filled with alligators and a novice has no business being in those waters without a wrangler like me.... more
Barry Green from American Dream Realty in Santa Cruz.
CJ gave you some good input. It really depends on the area/neighborhood within Santa Cruz County. Median prices have been puling back finally after holding strong thru the end of last year. Homes over $1mil continued to sell enough in Santa Cruz Co to keep median & average prices up or even growing.
I helped a family from SF buy a home in the Pleasure Pt -Capitola area last November. The person that bought their home in the City paid a lot over the asking price, and they subsequently turned around and paid close to top dollar for an older home on a large lot that had been on the market over a year. That home would have sold had the owner needed to sell. However, he was an owner/agent and was sticking to his price. It took a lot of work, but it was the right home for my clients and it will be a good investment longterm.
People like to generalize, but real estate demands more of a property by property specific analysis in desirable markets like Santa Cruz and San Francisco. There seems to be a lot of foreign based money coming into the Bay Area market as well since the US Dollar is so low. The credit markets need more time to unravel, as evidenced by bank and hedge fund failures and the reactions of the Federal Reserve of late. Once the dust settles, could be months or years, significant appreciation will return. CA is the 5th largest economy in the world and Silicon Valley is the innovation capital of the world, so we are a bit an island unto ourselves. It is a complex market for sure, but a great place to live!