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Foreclosure in 90031 : Real Estate Advice

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  • Local Info1
  • Home Buying7
  • Home Selling1
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Activity 212
Mon Jul 12, 2010
Scott Godzyk answered:
Your plan is well thought out, the only problem i see is a short sale is never approved until there is a buyer and an offer in writing, the bank will not order their bpo or appraisal until they have a buyer, so as long as you have the time to wait on these purcuases. The bank can assess if teh seller can even complete a short sale but can not negotiate a price, terms or closing without that offer.

No agent can guarantee what a bank will take, Most banks will not accept a loss of more than 20% of what the seller owes. They will use an independant agent to complete the bpo or even order a full appraisal to judge teh value in todays market.

If you can get it at 20% of todays market value you are getting an incredible deal. The problme i see is that the listing agent is supposed to work for teh seller, not the bank holding the mortgage and not you as teh buyer, if they are deliberately submitting low offers to make you a profit, they are not looking out for that sellers best interest because the seller is liable for that short amount, whether the bank goes after them or writes it off, that seller than is responsible for the taxes on that write off.


good luck with yoru investments,

http://www.trulia.com/blog/scott_godzyk/2010/06/how_to_get_a_short_sale_approved



PLEASE CHECK OUT MY BLOG FOR SHORT SALE TIPS AND SECRETS
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0 votes 13 answers Share Flag
Tue Sep 7, 2010
Thom Colby answered:
Kurling,

When you go to the auction, you can bid on the property. You will be bidding against other people who want it as well as against the bank who holds the 1st mortgage on it. If you have the ability to do so, bring Cashiers Checks with you to the auction in increments (10; $50,000 checks or 20 $25,000 checks, etc.) so you can bid on it.

If the proeprty is not "sold" at the auction, the bank will become the owner and eventually will list the property with an REO Broker in the area.

Banks do NOT sell REO properties directly to individuals. Once an agent has it (it is probably already assigned to an agent pre-foreclosure) they will eventually list it when the bank instructs them to do so.

Best of luck,

Thom Colby
Broker / Owner
Thom Colby Properties
Newport Beach, CA
Moving Lives Forward (TM)
WE NEVER DOUBLE-END A TRANSACTION IN OUR BROKERAGE.
888-391-5245 Direct Cell
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0 votes 14 answers Share Flag
Mon Apr 8, 2013
Anna M Brocco answered:
Short sales are by no means fast sales, unless already approved by the lender, therefore much patience is needed. As to the lenght time, it varies from lender to lender as some are quicker than others. Keep in mind that the owner(s) can accept whatever offer he/she wishes, but the lender decides to accept, reject or at times counter offer, thus a lot of red tape. While conducting your search for homes, don't rule out traditional sales as some may turn out to be a much better bargain. ... more
0 votes 14 answers Share Flag
Tue Jul 6, 2010
Diane Wheatley answered:
Dear Hp - Sign up for this website and input your trustee sale number to see the status of your sale. There are other sites like this if you don't find what you are looking for here. The only way you can be sure your sale date has been cancelled or rescheduled is from the trustee. The lenders think they know, but you can rely on what they tell you. Good luck!

Diane Wheatley, Broker
diane@moveupproperties.com
(909) 981-5400
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0 votes 3 answers Share Flag
Tue Nov 9, 2010
Dawn O'neal answered:
Not really. The listing agent will have that information from the seller but unless they put the information into the MLS comments, it is not readily publicized.

You can go down to the County Recorder's office and look at the public records for that address and find out who has a lien against the property.

If you call your agent to see the property, they can call the other agent and ask questions prior to your making an offer.

Good luck - Dawn O'Neal
Realty World Executive Advantage
408-923-7758
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0 votes 11 answers Share Flag
Tue Aug 10, 2010
Richard Schulman answered:
Are you working with an agent? If so, your agent knows the details and intricacies of this particular transaction better than any of us do, and you should consult with them. They may be able to help you out and advise you, or may refer you to a real estate attorney for further legal advice.

Good luck,

Richard Schulman
Keller Williams Realty
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0 votes 2 answers Share Flag
Thu May 27, 2010
Richard Schulman answered:
Which is the house you are interested in?
I work with a lot of buyers in the Reseda area. I am familiar with the real estate market there and can help you find a great house. Please contact me with more information what your criteria, what you are looking for, and what your perfect home would be, and we can get the process started. I can also connect with you a lender, so you can see what type of loan you can qualify for. Or if you decide to go the renting route, I can help direct you on the right pat there too.

I look forward to speaking with you soon,

Richard Schulman
Keller Williams Realty
#1 Buyers Agent KW Los Angeles Region
(310) 482-0173
schulmanrd@yahoo.com
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0 votes 7 answers Share Flag
Tue May 25, 2010
Deborah Bremner answered:
Contacted via email.

Deborah Bremner
REALTOR, 00588885
(D) 818.564.6591
TheBremnerGroup@gmail.com
Blogging at: http://TheBremnerGroup.com/blog
0 votes 2 answers Share Flag
Tue Jun 1, 2010
Teddy Jagessar answered:
Have your short sale negotiator send the appraisal to the seller's lender certainly in 13 months the price you offered has changed most likely downward depending on where in the country you are - the housing market there that is ... more
0 votes 13 answers Share Flag
Mon May 24, 2010
Emelia Sanchez answered:
Homeowners are warned about transferring the title of the home because it does not change their payment obligation-they will still have their mortgage debt. You claim you will lease it back to him for less than the mortgage payment, does that mean you will pay the difference? You say homeowner wishes to stay in property he most likely means he would like to keep it. There are so many legitimate alternatives to foreclosure that they can pursue and the option you presented to them is not one of them. ... more
0 votes 9 answers Share Flag
Sat May 8, 2010
Michelle asked:
0 votes 0 Answers Share Flag
Sat May 8, 2010
Michelle asked:
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Wed Jul 21, 2010
Myrna Averia answered:
I am currently representing a seller on a short sale transaction with Bank of America. I hired an outside short sale negotiator who got me a verbal approval within 4 weeks, and received the written approval 3 weeks after...In my opinion, waiting time was decent compared to the nightmarish stories we all hear about short sales. I was advised to open escrow upon receipt of the BofA written short sale approval. So as soon as we received the written approval, we opened escrow immediately and buyer proceeded with the loan process.

in your case, i am hoping you receive a written approval within 7 days. Ask the listing agent to follow up with the short sale negotiator. Good luck with the purchase.

Myrna Averia
REALTOR
Keller Williams Realty
1660 Hillhurst Ave
Los Angeles, CA 90027
323 300 1143
Lic 01269474
www.JustListedMyHome.com
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0 votes 3 answers Share Flag
Fri Jun 18, 2010
Anthony R answered:
A short sale is not approved until you have an actual approval letter stating all of the instructions that must be followed for them to accept it at closing. The letter will also have the date that you must close by (typicaly 30 days from the date of the approval letter).

It's sad that your agent actually told you to move forward on a deal that you don't know if you will get.
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0 votes 16 answers Share Flag
Thu Apr 29, 2010
Dan Chase answered:
It would help if you gave an address or MLS#.

If instead you are looking at a realtytrack foreclosure listing forget it. Those are bogus. They are really switch and bait fraudulent ads.
Look below for more information.
http://www.trulia.com/voices/Using_Trulia/Does_trulia_know_what_bait_and_switch_is_That_is_-213397
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0 votes 1 answer Share Flag
Thu Apr 15, 2010
Wanda Bond answered:
Under the newly-implemented Home Affordable Foreclosure Alternatives Program (HAFA), the borrower/Realtor --owner of the property to be sold -- must convey a request for Approval of Short Sale (RASS) within 3 days. The servicer must accept, deny or counter within 10 days.

That's not how long it will take to close the deal; only the timeline in which a lender is supposed to respond to there being a short sale on the table. The lender must respond to their client, or the seller; not the buyer. Having said that, the seller's Realtor will assuredly notify the buyer's Realtor as soon as the lender responds.
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0 votes 5 answers Share Flag
Wed Aug 14, 2013
Dallas Texas answered:
Confer with an attorney this is a legal matter.

However once the property closes they could be consider trespassing you IN MOST instances whatever is left on property day of closing then it is buyers personal belongings.

You could have utilities turned off , you own the property notify utility company than no one turn on utilities unless you provide a code for access.

You don't own the property therefore have no rights till moment title company notifies you own it.

Direct Link : http://www.enotes.com/everyday-law-encyclopedia/trespassing

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
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0 votes 17 answers Share Flag
Sun Feb 15, 2015
Mary Kay Young answered:
Sometimes an MLS will list a home that is actually for lease. Those may be monthly rates. However, there are many cities that DO have homes in some areas that sell for prices like those. I know we do in Louisiana. If it is an neighborhood with high crime and no one wants to live there, homes end up with prices in the extreme low end of the spectrum because of owners desperate to sell, bank repos that no one wants, or property in terrible condition. The world we live in. ... more
0 votes 8 answers Share Flag
Sat Mar 27, 2010
Keith Manson- Metro Milwaukee Wisconsin answered:
The owner either has to complete a modification, payoff the loan, reinstate the loan, transfer the deed to the lender through a deed in lieu of foreclosure or sell the property (either short sale or normal sale). Otherwise the lender will foreclose.


Keith Manson
First Weber Group
Certified distressed Property Expert
metro milwaukee

http://www.milwaukee
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0 votes 7 answers Share Flag
Mon Mar 8, 2010
Ted Canto answered:
I believe you will have to wait until it goes back on the market. However, you can contact the listing agent and find out any info that you can. Not too sure if they will know but it may be a start. You very well will get many other pieces of advice that know better. ... more
0 votes 5 answers Share Flag
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