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Foreclosure in 90087 : Real Estate Advice

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Activity 212
Tue Feb 23, 2010
Richard Schulman answered:
Hello,
This was listed for a few months and the listing was just cancelled on 2/5/10. Therefore, no offers can be submitted. This was a short sale. It is possible it will be going to foreclosure. If you would like, I can keep you updated on the property status so you can find out immediately if it becomes available again. Let me know if you would like me to alert you to this, or to other similar properties available in the area.

Richard Schulman
Keller Williams Realty
#1 Buyers Agent KW Los Angeles Region
(310) 482-0173
schulmanrd@yahoo.com
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Sat Feb 6, 2010
Dianne Hicks answered:
Kathy
In my experience banks,

Bank owned properties....some respond within a couple of days and some it takes a few weeks.

Short Sales - WOW... get you patient hat on. some (not many) in a few weeks and some can take 9 months. I would say the average is 4 months from the time the house has been put on the market. But that is no guarantee.

Best of Luck
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Mon Feb 22, 2010
Grant Linscott answered:
Hi Robbie,

You will want to consider all expenses when it comes to these properties including insurance, water, vacancy rates and market rents in the area. Also, are the units separately metered and what is the upside potential. Many variables of course. I sell a ton of investment properties in Los Angeles and would be happy to help you find a good cash flowing property in a nice neighborhood.

Best,

Grant Linscott
Keller Williams Realty
323.333.6222 cell
grantlinscottproperty@gmail.com
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Tue Dec 15, 2009
Grace Hanamoto answered:
Hello R:

Typically, when people participate in a Trustee Sale at the courthouse steps, the bidders will bring several cashier's checks in different denominations--like dollar bills (for example, 4 checks for $100,000 each, 2 checks for $50,000, 5 checks for $20,000 and so on), and will combine those checks to pay for the home they wish to purchase. The Trustee will require ALL of the amount bid to be paid at the time of sale. Failure to pay the amount in full as requested just moments after the home is sold will require the property to be resold to another buyer.

Before you take this step to purchase a home at a Trustee's auction, take a few minutes to talk with someone who has done this before. Contact a trusted real estate broker or attorney for more information and to learn the pros and cons of buying at auction. Unlike purchasing a short sale or REO, if the home you purchased in auction turns out to be more "lemon" than "lemonade", all of the repairs, liens and even a second loan not discharged in a foreclosure will become your responsibility to resolve (and pay).

Good luck!! Again, get advice from trusted professionals before so quickly jumping into the auction market.

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
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Mon Dec 14, 2009
Grace Hanamoto answered:
Hello Rob and thanks for your questions.

The act of removing all contingencies is written acknowledgment by you, as the buyer, that there are no further impediments to the completion of the home purchase--which is why I caution my clients to understand the gravity and consequences of removing all contingencies. If you have removed all contingencies, then you'll most likely be unable to withdraw from the sale without incurring the loss of some or all of your 3 percent earnest money deposit.

The best thing to do tomorrow, is to call your Realtor and his/her broker to immediately explain the situation. Depending on the wording of your purchase agreement, the bank's addendums and sale stipulations and the reasons for your wishing to withdraw from the sale, they may have options to suggest. Otherwise, only a qualified real estate attorney will be able to provide you with a legal opinion on this matter.

Good luck!!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
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Fri Aug 16, 2013
Grace Hanamoto answered:
Hello R and thanks again for your post.

The instrument number is the recorder's method of identifying a document. For example, a property deed is normally recorded and is assigned an instrument number (a number stamped in the right hand corner of the document) that provides for a method of identification. Similarly, liens and default notices, which are also recorded in California, are assigned instrument numbers. In short, the "instrument number" is the county recorder's method to identify a recorded or publicly available document.

Here in California, we typically identify properties by their assessor's parcel number or APN, which is the tax assessor's method of identifying a property. When we (as Realtors) speak to the title company, we look for the APN to request preliminary title reports and other information needed to assess the value and condition of a property.

You can use both the APN to find the property and the instrument numbers to find specific documents recorded against the property. Hope this helps!

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
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Wed Dec 2, 2009
Mia Sophia Melle answered:
Hi there Abchome,

First off, Congratulations!! on your new purchase. The anwer for your question may be dependant upon how you purchased the property.

If it was a regular sale or even a short sale and there was a tenant living in the home at time of purchase, that sale is subject to the tenants lease. This information is something your agent should have provided to you and is really important! If the tenant has a lease of any set term, you as the new owner are obligated to honor that lease until the contract terminates and that's the law. And that is providing that the tenant has a bona fide written lease and they are continuing to make their rental payments on time, etc.

Whenever you have a change of ownership, there tends to be some hiccups in making the transition smooth and keeing the tenant happy and most importantly, paying! Renttoday.us is a property management firm located in Ontario, CA and we deal with this sort of situaiton every day.

Now, if you happen to have purchased this home at a foreclosure auction the rules might be a bit different and it depends if you are planning to live in the property or not. The new foreclosure laws say that if a property goes to trustee sale and is purchased by an owner-occupant than the lease does not stand and you are free to give the occupant a 90 day notice to vacate. But, if the property goes back to the bank or a non-owner occupied buyer than the lease must be honored.

If the property is occupied by the previous owner, any of his relatives or friends...those do not count and you are not required to honor the lease after purchase. There may be other stipulations that can effect whether the lease stands or not in a foreclosure situation and the laws are being updated all the time, probably as I write this!

In either case, being able to work with an experienced property management company such as Renttoday.us is extremely helpful in situations like these. If you have any additional questions, please do not hesitate to call our offices at 909.947.9931 or go on-line to www.renttoday.us .

Good luck!!

Mia Melle, Broker

West Coast Property Specialists, Inc.
909.947.9931 x.224


Log onto www.wcpsinc.com


Log onto www.renttoday.us

About West Coast Property Specialists, Inc. (WCPS):
West Coast Property Specialists, Inc. (WCPS) is a residential asset management firm managing an expanding portfolio of single family residences, multi-family units, apartment buildings and condominium communities located throughout Southern California (Riverside, San Bernardino, Orange, San Diego and L.A. Counties). WCPS operates as an umbrella of companies consisting of Renttoday.us - a premier on-line rental database and property management portal; Fix’D Construction, a full-service general contractor servicing the firm’s entire real estate portfolio performing services ranging from minor rent ready to complete property rehabilitation; and Bale Investments Inc., which is the newest addition to the WCPS family of companies. Bale Investments is a real estate brokerage firm catering to large portfolio investors specializing in facilitating bulk sales of residential portfolios from one investor to another. Additional information is available at www.wcpsinc.com
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Sun Nov 29, 2009
Jeffrey White answered:
A realtor is a sales person or broker that is a member of NAR, National Association of Realtors. A Broker is one that has the ability to employ sales associates and run their own company. This could be an individual broker, or a company such as Sotheby's Realty which is my broker. A sales associate is licensed to sell property and must hang their license with a broker in order to do business. ... more
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Thu Nov 19, 2009
Sean Dawes answered:
Where exactly does your credit fall?

I would not necessarily just go with the first buyers agent who chimes in here or the first mortgage rep. Go under the find a pro feature and interview a few local peeps and take it from there



Sean Dawes
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Sun Nov 29, 2009
Phillip Fieweger answered:
When a house is put on the market as a short sale the purchase contract has to be ratified or agreed to by all lenders before you are in a binding contract with the seller. In the meantime, the bank can still foreclose on the property if they choose to do so. Since this seems to be the case, talk with your agent about resubmitting an offer on the property and, hopefully, it will be accepted by the bank that now owns it. ... more
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Thu Nov 12, 2009
Phillip Fieweger answered:
If I understand what you are asking, then a short sale won't give you more time before your lender(s) foreclose on the property unless they agree to give you more time before they foreclose. A short sale does not stop the foreclosure process. If your lender(s) agrees to putting the foreclosure on hold while you try to sell it, get it in writing from them. That way there is no confusion between you and them as to what timelines you are on before they do the foreclosure process again.

In response to the options that the lender(s) gave you, there are at least two other alternatives that you may discuss with your lender(s). The first is called "Deed in Lieu of Foreclosure." Basically what this means is that you sign the deed to your house over to the lender and they don't foreclose on you. The second alternative is called a "Deed for Lease" program that was started by Fannie Mae recently. The basics for this program are that you sign the deed over to your lender and lease it back at current market rates.

As for pricing the home, no matter what you decide to sell it for, if it doesn't cover what you owe on it (i.e. you are doing a short sale), then your lender(s) have to approve of the sale before you are in a binding contract with a buyer. In the meantime, however, they can still foreclose on the property if they haven't agreed to give you more time to sell it.
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Sat Oct 17, 2009
Stan Battersby answered:
If your working with an Agent they will know when there is an auction and they will also make sure you know what the property is worth
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Tue Oct 6, 2009
Emily Knell answered:
The house is upside down. Please Clearly Listen to me when I tell you that Banks are NOT reducing principal balance on 1st Liens. The 1st loan may be modified likely for a period of 5yrs, starting as low as a 2% interest rate but then gradually going back up to whatever the market rate is going to be in Oct. of 2014.

So, in 2014 with the 1st balance actually having been increased (because after the modification, all the missed payments are going to be tacked on to the balance) and the 2nd loan still on the property, you're still going to be upside down in 5yrs, more so than you are today and the interest rate on the 1st is going to who knows whatever the prevailing rate is going to be in 2014. You're going to have no equity & be in the SAME position you are in now.

Please seriously consider NOT doing this, 1st off that 2nd loan has been sold into a million pieces to different investors so it is unlikely you would ever be able to just buy the 2nd lien. The owners' best bet is to do a Short Sale, get out of this. Take advantage of the Mortgage Debt Forigiveness act of 2007, which is good through Dec. 31st 2012, so he/she won't have any income tax liability on the difference between what was owed & the short sale price.

Then the owner can go & buy another home, maybe even in the same neighborhood in 2yrs with an FHA loan. And start the equity re-build as economic conditions recover. A better investment for YOU would be to have the owner do the short sale & then you be the buyer for this home as it short sells, you could then rent it to the owner until he/she can buy again. Less risky + cash flow = Great investment!

Feel free to email me if you have any other questions

emilyknell1@yahoo.com
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Tue Dec 8, 2009
Don Tepper answered:
Do not stop paying your rent. You and your landlord have a valid contract--the lease. She's obligated to fulfill the terms of the lease (provide you housing) and you're obligated to pay rent. Period.

It doesn't matter what she's used your rent for: medical bills, food, drugs, gambling, gifts to charities, vacations, etc. It simply doesn't matter. Period.

Frankly, yes, your security deposit is probably gone. And that's a claim you'll have against the landlord upon termination of your lease after you seek return of the security deposit.

Your bigger concern right now is that it's possible the house will be foreclosed upon. And if that's the case, you may no longer have a place to live.

Talk with a lawyer to find out how to best protect yourself. And, really (I'm not a lawyer so this isn't legal advice) it might make sense to talk with the landlord and possibly agree on early termination of your lease so you can move elsewhere.

But your first step is to talk with a lawyer. And by no means should you stop paying rent.

Good luck.
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Sat Oct 3, 2009
Dan Ortega answered:
Hello,

Do you mean take over someone's mortgage? If it's an assumable loan then you might be able to, would depend on the lender. You'll want to have that conversation with the current owner first. In addition it depends on the type of loan they have, right now interest rates are at an all time low so it might be worth refinancing or getting a new loan all together. you should speak with a direct lender to see if and what you qualify for as well. If you nned a referral please let me know and I can send you their contact information.

Thanks,
Dan Ortega
dansmyrealtor@gmail.com
Keller Williams Los Feliz
Keller Williams Los
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Thu Sep 24, 2009
Emily Knell answered:
You have no rights if the tenants have a valid lease agreement with the owner who is on title.

What you do have is the ability to buy them out. Cash for keys. This is what banks do to get "previous owners" & tenants out when they need to sell a property.

You can use this same method. You must be or are about to be the new owner on title though. If they've got that lease agreement they CAN sit there & say "NO WAY, we're not moving So THERE!

OR you can say, I will pay your moving expenses up to X amount OR I will pay your 1st month's rent payment at your new place up to X or ???

emilyknell1@yahoo.com
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Sat Sep 18, 2010
Tammy Vivat - Broker #01465018, REALTOR, CRE, REW, Global Relocation Specialist, answered:
You must first get intouch the loss mitigation department head at a banks corporate headquarters, ask for contact info for the asset management company who is handling loss mitigation for them. That is not an easy task. ... more
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Fri Oct 2, 2009
Grant Linscott answered:
I agree that the listing agent on a short sale holds most of the power, however I believe that working ethically you will want to obtain the strongest offer (price, contingencies etc) regardless of whether you have your own buyer in the deal or not.

There was a similar situation I encountered last week with one of my short sales that I have listed. One of my clients wanted to buy it, however another offer came in with a higher price, shorter contingencies and a larger downpayment and the sellers elected to go with that offer. I presented both offers and the sellers chose the one that fit their needs best.

To reply to your post: no, it should not matter who is representing the buyer (if the other agent is ethical) and the other agent should present all offers.

Would you want someone to represent you that had bad ethics? You will probably wish you had your own representation in the end.

Good luck!

Grant Linscott
Keller Williams Realty
323.333.6222 cell
grantlinscottproperty@gmail.com
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Thu Sep 3, 2009
D S answered:
Hi Destiny, you simply don't know...every bank is different and it also depends if negotiator has been assigned or not. Have your agent talk to the listing side and see how far they are along the process. It can take anywhere from couple of weeks to couple of months, so just be patient and in the main time have your agent look so other good deals in the area.

In addition to Short Sales consider foreclosures and investor owned properties. You might get a great deal on those as well....

Good luck....

Dmitri Stupachenko, MBA, REALTOR®
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