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Foreclosure in 90045 : Real Estate Advice

  • All38
  • Local Info2
  • Home Buying23
  • Home Selling0
  • Market Conditions1

Activity 212
Fri Aug 28, 2009
Deborah Bremner answered:
What do you mean by Foreclosure Tours?
Debbie Bremner
The Bremner Group
Coldwell Banker
0 votes 4 answers Share Flag
Tue Jul 13, 2010
Gene Yakubovich answered:
Yes you can. Make sure that you find an approved by DRE agent

0 votes 3 answers Share Flag
Wed Aug 19, 2009
Alexandra Parra Rivera answered:
Correct, there is no security of anything through out the approval process.
0 votes 4 answers Share Flag
Mon Aug 3, 2009
Emily Knell answered:
If you submit an offer on a short sale & Mr. Smith on title accepts it & the listing agent turns in ONLY YOUR offer to the bank & the bank Accepts the Short Sale with your price & terms IN Writing, they will ONLY be approving YOUR name as the buyer.

So, no, at that point they wouldn't be able to accept a higher offer.

You need to make sure that the listing agent is ONLY submitting Your offer because he/she felt that Yours was THE Highest & Best. 90 days is a LONG time, even the toughest banks to work with are approving short sales in about 30-45 days. Some banks are approving in under 2wks.
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0 votes 2 answers Share Flag
Wed Jul 29, 2009
Emily Knell answered:
It only just passed, the scheduled auction date of July 13th, it's tough to say at this moment if the bank took it back or not, the judgment was for $733K, there was also a $65K+/- 2nd from a "private party". It is possible the owner is trying to do a loan modification too. (which IS actually possible on investment property)

It was on the market last summer for between $987-1.175M

If you'd like me to investigate further, shoot me an email
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0 votes 1 answer Share Flag
Wed Jul 22, 2009
Emily Knell answered:
If your apartment building is in Las Vegas, chances are the value has gone down significantly (even if you sold it & did this owner carry just 1year ago). Your profile says you're a broker, have you checked to see what the current value is? This buyer will likely start to default on the 1st too, if there's not enough money to pay off the first, you're going to have to come to an agreement with the 1st noteholder & Release your lien, maybe for $5-10K (depending on purchase price / value) so the property can be sold as a Short Sale to a new owner.

Also with Elite Realty of Las Vegas
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0 votes 1 answer Share Flag
Mon Jan 24, 2011
Dyanna answered:
You need to find a foreclosure attorney and foreclose on the property before the first does.

0 votes 2 answers Share Flag
Sun Jun 3, 2012
Grant Linscott answered:
Hi Trisha,

Some of the listings on RealtyTrac are not actually foreclosure listings but perhaps a $100,000-500,000 loan in default and a property headed into foreclosure that will be priced much higher. When you see really low prices for the area, there is a good chance this is the case. You just need a good agent to keep you informed of foreclosure property in that area and find the property that fits you best. If you need info on all real foreclosures in that area please let me know.


Grant Linscott
Keller Williams Realty
323.333.6222 cell
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0 votes 8 answers Share Flag
Tue Jan 15, 2013
Alexandra Parra Rivera answered:

That price range is a bit to low for the ocean front view you desire.
0 votes 5 answers Share Flag
Mon May 21, 2012
Sarah answered:
Your options?? Your kidding right? It's illegal and you could end up in jail. Your in the wrong place to ask for "advice" like this.
0 votes 71 answers Share Flag
Sun Mar 23, 2014
Andy Sapra answered:
Wed Jul 14, 2010
Cindi Wolf, CMS, GRI, SFR answered:
Unfortunatley, we are all at the mercies of the Banks at this time.
0 votes 2 answers Share Flag
Thu Jun 25, 2009
David Eyrise answered:
The first thing you should consider is how much money you want to bring into a foreclosure to bring it up to what you want. Since banks will not fix anything from a home inspection you need to bring contractors in before hand so you can get an idea of how much you will need to offer and spend on fixing it up. You are truly buying a property as is. On the other hand, sometimes you can find a foreclosure property in good shape. ... more
0 votes 7 answers Share Flag
Tue Jun 16, 2009
Shel-lee Davis answered:

In these zip codes there are approximately 14 bank owned (7 north of Wilshire and only 1 listed); 85 in Notice of Trustee Sale (21 of these are south of Wilshire and approx 13 are right on Wilshire in the various condominium buildings) and 166 are in Notice of Default (with approx 40 south of Wilshire and quite a few on Wilshire). Not all of these properties are listed for sale and not all the homeowners in NTS or NOD will sell. Some will work out a loan modification, some will refinance, and some with just pay their mortgage current from other sources of funds. There are, however, some of these home which should be for sale (based on the current home'owner's ability to pay for their home) and are not. This is where you come in.

Even though this is not a large amount of inventory, you only need one homeowner who is willing to sell to you to make your dream of home ownership in this area a reality. Having spent the last 6 years working extensively with distress homeowners and qualified buyers for their properties, it has been my pleasure to help many people avoid foreclosure and an equal number of happy homeowners find their new homes. With an aggressive, but compassionate, personalized shopping method, working together, we can match you to your home. If you would like to explore this futher, contact me directly either by phone or through my profile. It would be my pleasure to help you find next home. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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0 votes 3 answers Share Flag
Thu Jun 11, 2009
Mario Villagran answered:
Snow White,
This looks like it could be a big mess for you and so I would definitely speak to an AZ real estate attorney. I believe AZ can opt into a judicial foreclosure and even if they don't come after you for a deficiency they will most definitely 1099 for the deficiency amount. You should talk to an AZ Realtor about a short sale and see if they can decrease the deficiency amount and you might have to sign an unsecured loan for the difference. Obviously it's a mess but speak to the proper professionals, live on a tight budget, and start to negotiate w/ the lenders.

Good luck,

Mario Villagran, MBA, Realtor
(818) 416-7511
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0 votes 1 answer Share Flag
Tue Aug 6, 2013
James Gordon ABR SFR SRS answered:
One of the reasons is that only about 40% of short sales close after they get an offer. If you have the temperment to wait 2-4 months to find out if you can purchase the home then a short sale may be the way to proceed. Check out the link for a little more on short sales and the process.
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0 votes 18 answers Share Flag
Fri Jun 5, 2009
Monique and Joe Carrabba answered:
Hello Critzman,

If this is a forelcosure sale you will want to bring enough to bid and pay for the house. No financing is availble. If other liens exist you could end up getting the property with other liens. I think it's very risky so make sure to do your reserch.


Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
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0 votes 1 answer Share Flag
Fri Jun 5, 2009
Monique and Joe Carrabba answered:
Hello Critzmann,

If you purchase the house with a loan and escrow and title then you will not buy the house without clear title (no liens from the previous owner). If you purchase the property at a foreclosure sale that you could end up assuming the lien.


Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
(323) 899-2900
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0 votes 2 answers Share Flag
Thu Nov 5, 2009
Dana Schuster answered:
If you are looking on Realty Trac you should know that they are not a listing site,they just publish notices of foreclosure from the public records & often do not have the exact address or any other details. ... more
0 votes 2 answers Share Flag
Tue Dec 15, 2015
Sky Minor answered:
GREAT question. You are in a particularly great place to have this happen to you (Los Angeles)

Basically, if you live in the city of Los Angeles and there are two or more units on the property (even if one is an illegal unit!), ALL units are subject to rent control; in other words, you are entitled to a *lifetime* tenancy. Unethical or uninformed real estate agents listing the property sometimes say "Gee, sorry to tell you this, but the place has been foreclosed on and you have to move." NOT TRUE.

Now, what if you're renting a house, which is NOT subject to rent control (what we call a Single Family Dwelling)? Well, thanks to various bills by Obama and the LA City Council, renters of houses enjoy virtually the same protection, for the time being. They must continue paying rent to the bank, but basically don't have to move until the bank sells it to the next owner. For details, call 866-557-RENT.

Don't be intimidated!!
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