** First and foremost, escrow fees are negotiable.** Escrow fees will vary slightly between escrow companies, but not by much. They usually will charge a flat rate between $1 to $2 per $1,000 of the purchase price. What you need to look out for, are all the "add on's" (doc prep, handling fees, notary, ect.) Be upfront with them, and negotiate. They will work with you! Goodluck!... more
This is rather a vague question, but I would assume you mean that your three-day time limit has passed. You don't have to do anything. If you don't extend it you don't have an offer. If you want to be in the game you should extend it. Often these offers go past their expiry date but are still considered, and counters are written extending they buyer's offer just for consistency. So, if you are interested in the house, have your agent extend.... more
When a home has cleared Foreclosure, all Liens have been satisfied; all back taxes should have been cleared.
Taking out Title Insurance protects the Buyer in that case.
The Commissions are paid by the Bank, the Buyer's Agent is free to the Buyer.
The only "catch" would be the CONDITION of the property; most of the time, some work is needed. This could present a problem for the Buyer, as some Lenders, (FHA and VA) have stringent rules concerning habitability.
This problem gives an advantage to CASH buyers as they are not dependent upon a Lender's requirements.
It has also spawned a new type to Loan which piggy-backs re-hab costs on the primary loan.
You will want a local Realtor representing you in L.A. for all the obvious reasons.
If you have closed and recorded the property is legally yours no matter what the bank says. Call the local sheriffs office and prove to them you have legal authority on the property. And that they are now trespassing on your property. But as squatters they probably have more rights then you do. Make sure you provide the proper documentation for the officers. Or they will tell you its a matter ofr the courts to decide and they might anyhow.... more
Can the bank do what they did, obviously they can. Can you take legal action, you can but you will loose and the lawyer will just waste your money. A seller doing a short sale is trying to make a sale before the bank forecloses. The bank does not have to accept a short sale and in your case they did not and moved to foreclose and ignore the offer to purchase the house. Your earnest money should have been put into the escrow account by someone, you don't tell us who you gave it to, but you should get it back. You have no legal action in my opinion, which is just my opinion. This is common in short sale, which are never easy and always frustrating.... more
You can not just be tossed in the street, you can google landlord tenant law CA to get a list of your rights. In most cases after the auction you will be notified and oftewn offered a cash for keys to move out in a specified time, usually 30 days and get paid to move. If they dont offer it, ask for it,.... more
Homes priced well are selling right away, and in almost any market this is the case. By right away I mean within the first week or two they have an accepted offer. Often though, if a hone is priced incredibly well it will be in escrow as quickly as 2-3 days after it is listed. Of course I also have to say that "priced well" is a matter of opinion. The better way to define what I'm talking about is pricing below current estimated market value. If the estimated value of a property based on comps is around $840,000-850,000 and you have it priced at $790,000 this is going to most likely be a very well priced home and create interest needed to net a quick sale. This is assuming that the comps used are truly comparable. Seem areas are very diverse in the size, types and condition of the homes so you have to always compare apples to apples.... more
Talk to your agent and read your contract. If the contract stipulates that the seller will be responsible for buyer's non-recurring closing costs then you shouldn't be having your closing costs listed as a debit to the buyer on the escrow breakdown. The question is was this included in your purchase contract or not? My guess is that it wasn't or someone has overlooked it. If there is an error then your escrow officer can help you correct it.... more
There shouldnt be any issues with giving a short extension. If your wiring and docs are there, escrow and the listing agent should be able to convey the situation to the short sale closer with an updated hud with the adjustment to closing and all should be ok. It is rare to see a lender not give an extension at this late stage of closing a short sale. Just make sure that all parties are doing their part to work this for you. Good luck.... more
If you're taking on the responsibility for the 9a report, usually in a foreclosure or short sale, check with city records during your physical inspection contingency period to make sure the property has a connection to a sewer permit and if there are any liens on the property. In a regular sale the seller normally provides the 9a report and can be held responsible for any glitches that might show up there, including getting a permit after the fact for a sewer that doesn't show as being permitted by the city, or even for putting in a new sewer if there isn't one.... more
It all depends on the property condition and on your financial situation. Some properties qualify only through certain programs. Also, the more down payment you pay the lower your mortgage payment will be.
Good Luck... more
Once you have committed to an excellent Buyer Agent you will recieve all the listings you would like! Licensed Realtors who work as Buyer Agents have access to ALL listings in Los Angeles County.
The process should involve a personal meeting with a licensed Realtor,to discuss your needs, to go over contracts, take care of your Pre-Approval with a loan officer, discuss all concerns, and arrange times and days to view property.
It is at this meeting that you will get a feel of what the working relationship will be like. It is taking quite some time to find property in our current market. It's not unusual to spend (6) months on it!
It's a big committment to purchase a home so expect to spend some time with your Buyer Agent before getting started.
Happy Home Buying!... more