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Property Q&A : Nationwide Real Estate Advice

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Activity 39
Mon Apr 2, 2012
Anna M Brocco answered:
The referenced property appears to be a by owner rental, therefore you can try directly contacting the property by clicking on the contact property tab; always verify ownership before exchanging any money/personal information; keep in mind that scams do exist... ... more
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Tue Oct 4, 2011
Berit DiVito answered:
Your best bet is to check with your township / borough to see what kind of zoning your property /neighborhood has. They will also be able to guide in the process of applying to have a motel built on your property, if it is allowed.

Berit Di Vito
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Tue Oct 4, 2011
Dan Tabit answered:
That does sound high for a cash deal. Request a breakdown of the costs. As a cash deal they need to provide you with Title Insurance, but you don't need to purchase a lenders policy. ... more
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Tue Oct 4, 2011
Ray And Karen Levy answered:
Hi Dash!

It take awhile for the county Assessor to catch up with the real-time values.

Also, if your home was purchased as an REO or short sale they may not allow for that in the decline of your value.

Most counties have a ssytem where you can petition for an adjustment once a year typically late in the third quarter.

Contact your local tax assesor to get the up to date procedure on how to do that. You may still have time!
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Tue Oct 4, 2011
patti_jackson asked:
Wed Sep 21, 2011
Linda.rossiter asked:
--This question is about this property:
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Tue Aug 30, 2011
Mikel DeFrancesco answered:
Antho -- Your rate will depend on the program, down payment, bank and credit score. When you hear an advertised rate, that is usually a best case scenario for a conforming loan from an extremely well qualified buyer. To find out your rate ( as well as other important info like down payment, closing costs etc )... contact one or several lenders to give you a quote. ... more
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Fri Mar 19, 2010
Wayde Gendreau asked:
--This question is about this property:
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Fri Mar 19, 2010
Sue Archer Reynolds answered:
For California, this is such a rare occurrence that I don't have a clear answer.

Most homes are on slabs so you just need to worry about pipes in the walls especially if they're running outside. Just this week we've been down in the 20's but that's so rare. Keep the home at about 50 degrees, even if it's vacant, wrap the outside faucets, as the home inspector had probably indicated on his report, and you should be fine. Again, I'd review your home inspection report for any areas that might have a risk in this rare weather we're having. ... more
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Fri Mar 19, 2010
Hi Soccerdini...I have a client in the same boat, the two lenders we had ready to go when the deal was approved have ended their "short refi" programs. However, he was able to stay current on his mortgage. I would guess that your lates on the mortgage are going to make your short refi very difficult. I am sorry I do not have better news for you. Jim ... more
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Fri Mar 19, 2010
Kari Shea answered:
Hi Kenneth,

To be honest, it is possible to do and it is like finding a needle in a haystack. The one lender that is more open to selling to people with government backed loans is Fannie Mae. Given they are a government entity, you will have a higher chance of success with a property owned by Fannie Mae.

Otherwise, cash or conventional loans with a high down payment are winning the majority of REO offers accepted.

Best of luck,

Mark and Kari Shea
Real Estate Experts Serving San Diego County
Specialists in Investment Properties, Foreclosures, Short Sales,
Development Opportunities & Traditional Real Estate
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Fri Mar 19, 2010
Broker Dave answered:

The bank is getting closer to foreclosure, they filed with the clerk of court and you more than likely had to respond with a letter to the clerk. After a set time they more the process along by filing for a summary judgment.

Call a real estate attorney to discuss further.

Are you in the process of a short sale?

Broker Dave
GRI, ePRO, Real Estate Broker & Realtor

Visit my Bio located here on Trulia, just scroll your mouse over my picture and left click, also visit my website for innovative tools helping with your real estate decision in the Central Florida area.
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Mon Mar 8, 2010
Bob Movin-On answered:
Well not much, but there was one well publicized case where the judge through the foreclosure out and considered the loan paid in full. Document everything you do and have it ready when you have your next court date it will make the bank look bad, I do not think you will get your foreclosure thrown out but it may buy you time. The not being able to provide proof card is a good one to play days before the sale date, it will buy you a month or so but after you call them on it they most likely will come up with the note. Good Luck Bob ... more
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Fri Mar 5, 2010
April Crowder answered:
I find your question a bit odd. An agent can take a listing at any price. We tell sellers what their property is worth but ultimately the sellers decide the listing price and then we decide if we want to take the listing or not. Maybe a better question is "Should agents be reprimanded for lying about what they can get for the house?" I know some agents lie to get the listing. ... more
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Mon Feb 15, 2010
Robert Regan answered:
The way you stated your question may need some clarification. You mentioned you had to "sell it short." If you are talking about actually performing the sale under a Short Sale situation where a Realtor is usually involved, then the Debt Relief Act of 2007 may be your answer. In the same question you mentioned it was foreclosed. If you mean the home was sold at auction for less than the owed mortgage, then I understand.
In either scenario, your credit was no doubt effected from this situation and the only real way to tell if your VA will be able to challenge your blemished credit is to get you in touch with a loan officer who can give you the answers you need.
As far as being doomed, it is a sad reality that you are no longer among the minority of Americans; that is to say, that while we are starting to get a trickle of good news about the housing markets trying to stabilize and (in N TX anyhow) home sales increasing and prices slowly rising, there are still hundreds of thousands of people losing their homes each and every month. I mention this because with the amount of turmoil the majority have faced during the housing downturn, while it may seem like your fate is sealed, you'll start seeing some hope on the horizon sooner than later. Right now, banks are a little tight with their funds since new laws have been passed and some pretty heavy restrictions imposed on lenders as a result of where the market is today.
If you would like, I can put you in touch with at least 2 good lenders that may be able to give you some better news than you may have expected, but if there is a date of doom recorded somewhere, you can rest assured these same lenders I put you in contact with will at least guide you in the direction you need in order to make the best financial decisions now so that you don't wait as long as you may think to purchase your next home!
Let me know if I can assist you in helping you get in touch with my preferred group of lending professionals. . . and keep your head high!
Robert Regan, Realtor ®
R. K. Regan Team
214-586-7224 (Office)
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Mon Mar 9, 2009
Andy Hargreaves answered:
There is no set standard --

It depends on if you keep your loan current while doing the short sale or not.
Yet, I have seen most drops from my clients in the 150-200 point range.
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Tue Feb 3, 2009
Viviana Katz answered:
If you were not notified by the bank to vacate by auction, then the notification is in the hands of the new owner after closing, but they should still have to notify you in writing to vacate or to sign a lease with them. It's best for both sides to sign a new lease, even if for the remainder of the term.

Perhaps you can negotiate yourself a rent reduction, if the house is in good repair due to your diligence, since they probably paid substantially less than your previous landlord. Consider yourself lucky that you still have a roof over your head, many lenders just bounced people out without negotiations or discussion.
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