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Home Selling in 91007 : Real Estate Advice

  • All19
  • Local Info2
  • Home Buying7
  • Home Selling4
  • Market Conditions1

Activity 10
Fri Feb 8, 2013
Cindy Davis answered:
Anyone can sue anyone for anything. Whether it is worth your time and cost is another question. We ar not attorneys, so I suggest you consult one privately about this matter.

Good luck to you. ... more
0 votes 4 answers Share Flag
Sun May 17, 2015
Jennifer Prestwich answered:
This is an interesting question. Usually in a short sale, the bank will request that a signed "arm's length affidavit" be submitted so that the seller is not selling to a relative.
However, it may just depend on the individual bank as to whether they will accept this. If you have an experienced short sale negotiator or real estate attorney, I'd ask what they think. Also, an experienced lender may be a good one to confer with.
I'll be looking forward to seeing how this plays out. Good luck!
... more
0 votes 7 answers Share Flag
Thu Sep 6, 2012
Victor Pan answered:
If you do not have tax consideration and do not need to sell now, it would probably be better to wait for a couple of years or even longer.
0 votes 10 answers Share Flag
Mon Oct 24, 2011
Sue Wylie answered:
Ask your agent to show you why you should lower your price - what are the most recent solds and what is your competition - that is what other houses in your are are now on the market. There's nothing wrong with any house that the right price won't cure. ... more
0 votes 6 answers Share Flag
Thu Sep 1, 2011
Joe Cusumano answered:
The bank verifies by last name. It is really hard for them to verify it any other way.
0 votes 11 answers Share Flag
Sun Oct 12, 2014
Emelia Sanchez answered:
Hello Grandma,

Some people do not like to live across schools and some will like the fact that their children will just need to cross the street to go to school. I would not call it an inferior location just a matter of preference.

If your home is already listed for sale and you have received no showings then lower the price substantially. If you have received some showings and no offers then lower it a little.

If your home is not presently listed and you are trying to determine a price, starting off lower will give you the advantage of possibly getting numerous offers and having the opportunity to negotiate and picking the best terms as opposed to not getting any offers at all. You live in a very desirable zip code and there are not that many homes for sale so if priced correctly you are in a great position to get one step closer to your next home.

I wish you lots of luck on beginning the next chapter of your life.

If you are not listed and you want a second opinion on the market value please feel free to contact me. We have three offices, Arcadia, Diamond Bar and Upland.

Emelia Sanchez
... more
0 votes 13 answers Share Flag
Sun Aug 13, 2017
Shel-lee Davis answered:

Short sales are meant to help people avoid foreclosure by selling their home, when they have a true and confirmed hardship. They are not intended as a way to negotiate a loan modification. If your inlaws can afford a reasonable payment (it is understood they cannot afford the adjusted payment under their current loan) and want to stay in the home, then they should be working with their lender towards a loan modification and home retention. Lenders are very open to these types of negotiations at this time.

Now, as a direct answer to your question regarding short sales and fraud. Fraud is a legal issue and you should check with an attorney if you suspect something might be fraud. Just note, most lenders will not allow a short sale to a related party and/or will not allow the seller to remain in the home after the short sale process. These lenders will require that both the buyer and the seller sign affidavits of arms length transaction. Here is the wording from a recent document that my sellers and the buyers had to sign on an approved short sale:

"[Buyer and Seller] Hereby affirm that this is an “Arm’s Length Transaction”,

No party to this contract is a family member, business associate, or shares a business interest with the mortgagee. Further, there are no hidden terms or special understandings between the seller or buyer or their agents or Mortgagee.

The Buyers and Sellers nor their Agents have any agreements written or implied that will allow the Seller to remain in the property as renters or regain ownership of said property at anytime after the execution of this short sale transaction. None of the parties shall receive any proceeds from this transaction except the sales commission."

I would definitely advise that YOU check with an attorney if the short sale lender requires such an affidavit, before you sign such a document under the circumstances.

I am sorry to hear that your inlaws are in this position. They really should investigate a loan modification instead of trying to use the short sale system for something it was not meant to achieve. Loan modifications can be negotiated directly with the lender or with the help of an attorney. This, to me, appears to be the better way for them to save their home. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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0 votes 14 answers Share Flag
Sat Nov 7, 2009
Hugo Torres answered:
Not quite sure what you are referencing here but I have been reading the answers, blog posts and discussions of Real Estate professionals and I am very impressed by the quality and quantity. You're in good company here. ... more
0 votes 1 answer Share Flag
Fri Jan 16, 2009
Keith Sorem answered:
Have you listed it with a Realtor?
My experience (first hand) is that managing long distance sales is very frustrating.
Do you need a referral? I can find one, no problem.
You can contact me via my Trulia profile or call me 1-888-284-2056.
... more
0 votes 2 answers Share Flag
Mon Dec 22, 2014
Jonathan James answered:
Look at the deed is the first place to start, then tax records....
0 votes 8 answers Share Flag
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