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Foreclosure in Sherman Oaks : Real Estate Advice

  • All132
  • Local Info11
  • Home Buying46
  • Home Selling6
  • Market Conditions2

Activity 15
Thu May 26, 2016
Lenore Zurwelle asked:
The mortgage company states that they will treat us equally in the foreclosure. The other party has blocked the sale of the property and will not pay any portion of the mortgage payment,…
0 votes 0 Answers Share Flag
Wed Nov 26, 2014
My NC Homes Team answered:
Don't waste time asking this question online, simply contact a real estate attorney in CA and find out. CA may have it's laws, however if your HOA ever wants anyone to be able to buy or sell with a mortgage involved their going to have to comply to Federal lending regulations. If they aren't (and if I understand your question this sounds like what's happening, you may need to tell them they can change their rules immediately or you'll report them to the State Banking Commission and State Real Estate Commission as being in violation of Federal law. However you first need to be sure of the facts so speak with a local real estate attorney. ... more
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Wed May 14, 2014
Sharon Halterman Crouch answered:
That is a good question and should have been addressed in 2 places:
1. How was the purchaser's name on the contract written?
2. The title company should have had instructions and you should have been shown ( able to see) exactly how the Deed was styled ( in what name). If I were you; I would pull out your closing documents and contract, review how they are written, ask your spouse these questions, contact the title
company and you may even need to contact a trust attorney.
... more
0 votes 1 answer Share Flag
Wed Jan 22, 2014
Annette Lawrence answered:
Take note.
Placed in the question is the statement 'secured loan amount of $100,000. The subject property to be purchased is $40,000.
If a buyer approached you and stated, "I'm qualified to buy a $100.000 house" and makes offers on $40,000 instead, you don't think that just might call for a change in strategy? -
A full service business model based on $40,000 purchases is destined to go out of business.
As others have stated, and I agree, you should find another agent.
Be sure to advise your new agent you are looking to make a $40,000 purchase.
... more
0 votes 12 answers Share Flag
Sat Sep 22, 2012
Robert McGuire answered:

You may feel frustrated by the answers below, but they are good answers. The bank is not pick up the balance they are owed. They will be looking for Fair Market Value even if the balance is half of that amount or twice that amount. A Broker Price Opinion (BPO) or appraisal will be done to determine the tru value and the will put it on the market for that amount. They may or may not have flexibility in accepting an offer on the home depending upon condition, community, and several other factors. Today, we are not finding 'screaming deals' with these REO properties.

It is hard to determine what the bank is owed because of liens, attorney fees, interest, etc. If you could find that out you will still find that the offer the bank will accept is not determined by that at all. Bottom line is, don't look strictly for bank owned properties. There are sometimes better deals out on the open market. Also, each market is different, so you will need to consult with a local real estate professional to guide you into finding the best home for your situation.

Robert McGuire ASR
Your Castle Real Estate
Direct - 303-669-1246
... more
0 votes 13 answers Share Flag
Thu May 31, 2012
Blair Thompson answered:
It is possible to gain some advantage by using the listing agent. Either in the form of a commission reduction or sometimes if the agent is good you may get a difficult deal closed that otherwise might not. BUT, and that is a big but. you are more likely to at the very best break even. Any gain you may get from the commision reduction is usually absorbed by weaker negotiations. And there is also the dilemma trying to decide if you gain the benefit or the seller gets the real reduction of comission. It usually becomes a shell game and the late comer, the buyer, usually loses. The listing agents first responsibility is to the seller and the buyers interests come second. If you happen by an honest agent, you wil be lucky. Find a good agent preferably from a trusted referral to represent YOU and you only. ... more
0 votes 6 answers Share Flag
Tue Mar 6, 2012
Sara Mehrpouyan answered:
The buyer's agent can check in about once a week because unfortunately, they have no control over the short sale negotiations with the Seller's lender. They can however, keep up good communication with the Seller's agent to let them know that you are eagerly waiting for a response. After the short sale approval has been received, escrow should be pretty much the same as a traditional sale but everyone needs to make sure that the escrow closes on time to get the short sale lender their funds by the date on the approval letter.

Get New Property Listings By Email:

Need to Short Sale Your Home or Have Questions About Short Sale, visit:

Sara Mehrpouyan CDPE
Specializing in Foreclosure & Short Sale
Rodeo Realty
Direct 818-903-2040
Dre License #01712757
... more
0 votes 13 answers Share Flag
Sun Jan 1, 2012
Diane Wheatley answered:
Dear Lga,

A property listed for sale will offer a commission to the listing agent if an acceptable offer to purchase results in a successfully closed escrow transaction. The commission is paid to the listing broker to be shared with a cooperating broker who submits an offer from a qualified buyer. The listing agent may have reason to believe that the commission should not be shared with another broker if he was the procuring cause for the sale of the property. There are many definitions to a procuring cause ruling that is typically argued between the brokers in an arbitration board.

If the listing broker introduced the buyer to the property before any other broker there could be grounds for a procuring cause ruling which would provide the entire commission earned by the listing broker and not shared with another broker. It really depends on the amount of effort and representation that was provided to the buyer in order to solidify the sale.

If the listing agent was lead to believe that the buyer was not working with another broker with anticipation that the buyer would be using their services in order to present an offer to the seller, would it be proper for another broker to step in and collect a commission? This is very often a question of ethics and fair business practice as the roles between buyer and seller representation is not always definitive.

I hope that helps a bit. It isn't always a simple matter.

Diane Wheatley, Broker
... more
0 votes 12 answers Share Flag
Thu Dec 29, 2011
Grace Mitnick answered:
Happy New Year
The banks tend to take longer to respond then a regular sale, can be from 2 days to a week. Other factors are how many offers, how long on the market and how many properties asset manager is handeling.
I would love the opportunity to meet with you to discuss the home buying process where I can also explain the many different experiences you may have depending on if you buy a regular sale, short sale or foreclosure.
I have 18 years experience serving the San Fernando Valley & Los Angeles areas.

Grace Mitnick
John Aaroe Group
818.453.9154 office direct line
818.516.7593 cell
... more
1 vote 9 answers Share Flag
Wed Oct 12, 2011
Ed Beck answered:
How were you informed? Did a representative from the bank or an agent come to you door or did someone post a notice on your door? You will be contacted by a representative and will likely be offered cash for keys...Money to move out. Usually a couple thousand dollars to move in 30 days...more is sooner, less if later. You do have rights however. You may be allowed to stay and pay rent to the bank, provided you agree to cooperate with Real Estate showings when they put it on the market. I recommend taking the money. ... more
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Mon Jun 6, 2011
HomesbyKaren answered:
Quickest way to keep his credit.... bring the loan current. If the second loan is not an equity line he may have a chance at turning things around for the better. This requires a skilled negotiator to purchase the 2nd note and cure the default . ... more
0 votes 10 answers Share Flag
Wed Aug 25, 2010
Aaron Cohen answered:
I would have to agree with Tommy above. Each bank has it's own guidlines on what it will take in a Trustee sale. If you are looking at a house that is bank owned, it will depend on the particular bank involved, how many lenders there are on the property and what each lender is willing to settle for in return for releasing the property. The reality is that the market drives the price of any particular house, whether it is a standard sale or bank owned. You need to do your due diligence yourself or have a real estate professional run a complete list of comps in that neighborhood.

Aaron Cohen
Rodeo Realty
... more
0 votes 3 answers Share Flag
Wed Jul 29, 2009
Grace Hanamoto answered:
Hi Becky and thanks for your question.

Unfortunately, in Caifornia, especially if the home is listed on the MLS, the sales price will be disclosed. Our database websites (available to Realtors and Title Companies) will also readily disclose the purchase price of the home as it becomes a comparable sales amount for use in determining prices of other homes.

The casual buyer may see the sales price when the home's deed and paperwork are recorded as this information is available through records at the County where you live. In some communities, such as up here in Santa Clara, the local newspapers will regularly publish the addresses, the names of the buyers and the amounts of the home purchases to fulfill the growing interest of many readers to know current prices in their market.

Unfortunately, the day when information was harder to find and research has been shunted aside by the advent of the internet. If there is a way to make the information harder to see or find, your escrow officer may know the way to do that. However, as Fred noted, even if the sales price is hidden, anyone with a calculator can determine the price you paid by multiplying the amount of the transfer taxes paid by the transfer tax rate.

Good luck!

Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA
... more
0 votes 3 answers Share Flag
Sat Jul 4, 2009
Hannah Fliegel answered:
Dear C

Sorry about your situation. You might try to call property management companies in your area and briefly let them know your credit was compromised from bad real estate investments. They might make an offer for you to pre-pay a few months rent in advance and that way you they have some comfort and you can have a chance to live in a safe home not a public motel.
once your bk is discharged you might want to consider signing up for credit repair so that you can get all the trade lines removed, with a 50% chance of getting the bk removed. See right now you have all the negative trade lines in addition to the bk. If you sign up for credit repair you will then just have the bk with a good possiblity of removing it.
You can get a new mortgage in 24 months after a bk with FHA lender or 48 months with conventional lenders. Call me I will assist you with your credit repair. Good luck!
... more
0 votes 7 answers Share Flag
Sun Aug 26, 2007
Richard M. Johnston answered:
Hi Jeff,

The problem was people did lie on their home-loans. These loans are also called Liar Loans.
0 votes 17 answers Share Flag
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