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91350 : Real Estate Advice

  • All14
  • Local Info2
  • Home Buying6
  • Home Selling1
  • Market Conditions0

Activity 91
Mon Sep 28, 2009
Jennifer Ricco answered:
Hi Samir,
Give Gary and I a call. Were you trying to do a loan modification now?

Jennifer Ricco CDPE,PSC,e-PRO,WCR, Retired LAPD
Keller Williams VIP Properties
661.290.3837 office
'Quality Consulting Through Continuous Improvement'
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Fri Sep 4, 2009
Conrad Hodgson answered:
Hi Melissa,

This seems to be an ongoing problem. It never ceases to amaze me how slow the banks take to make a decision. I am in the same position with Countrywide (BOA) and they are notorious for this sort of thing. I have a feeling it may have something to do with the government moratorium that has been placed on distressed properties to limit supply in the market. Good luck !!! ... more
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Sun Aug 9, 2009
Homa Moaddel answered:
Hi Melissa,

I have come across this situation so many times. Sometimes the seller list the home to shortsale and at the same time attempt to get a loan modification done. Sometime they list the home with real intention to modify the loan(they do not even let anyone preview). That is another reason why shortsales are such a waste of time for everyone(mostly).

The data shows that 60% of people who modify end up lossing their home because the deal they get is not that great. So try to have a positive attitude. If they end up modifing their loan and are successful at it you have no alternative but to look at other homes.

In fact I always say if you put an offer on a shortsale home move on and assume you will not get it. If the lender in writing accept your offer and you open escrow than you can celebrate. On the other hand you may want to celebrate after you close escrow.

There are other fish in the sea.
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Thu Jul 16, 2009
Fred Griffin answered:
California is a Community Property State.

That, coupled with the Quit Claim Deed that you signed may drag you into the story.

You should talk with a Real Estate Attorney.

Best wishes,
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Sat Apr 9, 2011
Keith Sorem answered:
I'd look at school scores and comps.
I would think that Simi Valley would be a better, but that is just a hunch. You need some real numbers.
What does your Realtor say?
0 votes 5 answers Share Flag
Tue Jun 16, 2009
Patti Phillips answered:
Real Estate Mom, YOur bankruptcy attorney should be able to gve you some clearer answers than we might. One thing though, usually when the house is foreclosed upon you still have some time until you must move. The bank gives you a bit of time, and then often will do what is caled "cash for keys." They will come to your house and offer that if you are moved out by a certain date, they will trade you a specific amout of cash when they see you are indeed moved out. Sometimes the amount they will give you is a bit negotiable, just to let you know.

Good luck, I know this is a devastating thing to go through. I wish you a quick financial recovery!

Patti Phillips
"Advice You Need, Attention You Deserve"
800-680-9133 or 619-507-2100
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Tue Apr 14, 2009
Theresa Benson answered:
If rates get better what is there "FLOAT DOWN" policy. If rates drop will they drop your rate? Get it in writing.
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Mon Dec 28, 2009
There is no rule that I'm aware of based on the situation you described. There is a code of ethics however. Your offer should be properly declined. Sometimes banks will take the first offer if it's reasonable. Sometimes they will wait 5 days until as many offers as possible are collected - then counter the best ones, and sometimes they will take a few days since they are busy (the banks)...then get back to all buyers with a best and final (their version of a counter) which gives buyers the opportunity to revise their offer the best they can (price/terms,etc). A lot of times, the process of making an offer on a bank owned home, doesn't seem fair, when you're at the losing end of an offer.

The listing agent should have had the courtesy to contact your agent, and let them know at least another offer was accepted, and that yours was not going to be accepted or countered. Perhaps your offer could be put in back up position, in case the winning offer falls out of escrow. That happens quite a bit.

Good luck.
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Mon Aug 3, 2009
Tisza Major-Posner answered:

I am sorry to hear about your loss. To address your question, I would advise you to speak with an attorney who specializes in Probate. The situation you are speaking of is called "Dying Intestate" which means they died without a will, and the law has some very specific rules regarding how the assets (homes, cars, money, etc.) owned by someone who dies without leaving a will are to be divided amongst their family members.

Contact the lawyer as soon as you can because it will take some time to get these things sorted out and the County has a process headed by a person called a Public Administrator whose job it is to protect the assets for the lawful heirs (siblings, children, grandchildren, etc.) or, if the person had no family, the State.

If you need any further information, assistance or have any other questions, Please do not hesitate to contact me and I will be happy to help you to the best of my ability.

Take care and have a wonderful day!

Tisza Major-Posner, Realtor, IVPG Realty (909) 837-8922 or (213) 392-4084
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Wed Feb 25, 2009
Steven Ornellas answered:
Hi Heidi, here are some informative links detailing the plan that applies to new, never-occupied houses and condos bought between March 1, 2009, and March 1, 2010:

This chart provides an "old vs. new" FTHB tax credit summary:

Best, Steve
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Fri Feb 6, 2009
Terrence Charest answered:
Interesting name Beau,

Have you checked with other mortgage brokers? Today, it's best to look at the local places. Locally known banks and/or credit unions. They, for the most part, have not been affected by the bad loans which got us into this mess. They will generally have the money for the loans and they may not have so many hoops to go through. Also, they won't be as expensive, or they shouldn't be.

Terrence Charest, e-Pro
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Mon Jun 22, 2009
Tvandemark answered:
Hi Beau,

Not necessarily, only if you want to look elsewhere. Desirable Santa Clarita has been selling for 1 year as other communities have been waking up in the last few months. With the low rates and low prices many forget once the list price hits the selling point bank owned properties (if that is what you are bidding on) on average are selling at 95% to over 100% list price. Many think they can low ball at this time...not with multiple offer situations. Plus, how strong of a buyer are you and what type of properties are you looking at (sellers?). You have to get in the ball park to get in the game.

Let me know if I can assist. Serving AV, SCV, SFV and Ventura County. Got your running shoes on?
(661) 310-4004
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Sun Dec 14, 2008
Dp2 answered:
Short answer: Yes.

I ask for referrals, search the Internet, work directly with listing agents (who ended up also representing me on the buy-side), and interview agents before working with them. Great agents are worth their weight in gold, the other agent's aren't worth my time. I only like to work with specialists who know what they're doing, know their "farm areas" like the backs of their palms. I'm looking for them to provide me excellent comps, and other market data about a particular property and its surroundings. However, after I've written up my offers, I want them to submit them with minimal feedback or resistance--not that I'm looking for a robot. ... more
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Wed Dec 3, 2008
Dallas Texas answered:
In many instances buyers overlook properties are not "like" in value or area of the town.. A realtor can comp your requested homes. ... more
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Fri Nov 7, 2008
Marc Schwartz answered:
Hello Jessica,

You sound like the perfect buyer, taking the first step before looking by asking questions. To answer just a few, yes you have many choices in buying a home in the SCV in your price range. I would first advise you to get pre-approved so you know the true numbers on how much you can afford, second visit: to view all the homes in SCV, this is live feed to our MLS. Also, over 82% homes that are selling under 500K, we've seen many homes with multitple offers, so be prepared to make an offer if you find something you like. Some banks are listing homes below market values or not accepting offers until 5 days on the market. Please contact me at my office to discuss how I can work for you. I have 18 years of just selling Real Estate. 818-882-2821 x615 Marc ... more
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Thu Oct 9, 2008
Westridge, Stevenson Ranch, Tesoro del Valle, parts of Valencia (Woodlands), Sand Canyon, parts of Newhall...and thast about it (Hasley Canyon too). Check out our local RE website below for a tract directory that will certainly help you identify the nicer communities I mentioned here. ... more
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Sun Oct 5, 2008
David answered:
Wed Sep 24, 2008
Maggie, your REALTOR® answered:
Dear Beau Beau,

Honesty and Integrity are two very important qualities and traits of a professional. I only do business with those whom I trust and your agent isn't acting in your best interest but in HIS/HER interest. It's your choice, but the facts still remain that there is a breech of trust when someone misleads the very person they are "guiding". Have you signed a Buyers Agency agreement with this agent? If so, he/she has a fiduciary responsibility to represent your best interest. If you haven't, it may be time to take your business elsewhere.

Let me know if you'd like a referral of some terrific agents in North Hollywood.

Have a nice evening and thanks for taking the time to ask this very important question.


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Wed Sep 24, 2008
Hey Heidi...I know you're looking for some people to give you a referral, but I'll just throw this out there team and I are extremely attentive to our buyers' needs, and we're available 7 days a week to help you with your home search in Santa Clarita, no less available to you whenever you have questions or concerns - this is what we do full time and we take it seriously, so much so that we answer buyers questions on websites like this at 10:30pm. My business partner and I have both been born and raised in Santa Clarita, and have lived in the area a combined 60+ years. We know the area inside and out, and do a lot of business selling homes in SCV. If you want to check out what we're all about, please visit us at Also, if you want a list of people we've sold homes to just this year, I can provide that to you as well. Check out the link below, you'll find all of our contact info there. I hope we can help you out, and put you in a better position to get the home you want. Have a great night! ... more
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Fri May 30, 2008
Neil Mather answered:
Dear Buyer,
It all depends on how low in the comps the home is orginally listed. Some foreclosure homes are priced just below the comps and buyers offer lower and they get the banks to accept. Sometimes 20%-40% below list price. But there are a lot of foreclosures that are coming on the market now that are priced really well below comps and the banks are not having to take lower than list price because buyers are jumping on them within 48 hours and there are multiple offers. For example, a lot of homes that come on the market for sale under $400,000 don't last for long and are getting multiple offers again. Thats to say if it is a detached home at least 3 bedrooms and looks somewhat nice inside and at least has a small backyard. If you are looking for a home over $550,000 then the story changes and buyers are not jumping on these as quickly and you can work out a deal with the banks because they may have sat on the market for awhile.
I noticed you are from Alburquerque. I don't know your exact situation but if you are thinking about moving to Southern California, particularly beautiful Santa Clarita, please give us a call. My father and I work together as a father and son team called THE MATHER TEAM at Keller Williams VIP Properties out here in Valencia, California. We can answer any of the questions you might have about the area, the schools, home prices and recommend neighborhoods that fit for what you are looking for. If you can make it out here we also have a complimentary tour where we can drive you through each city in Santa Clarita giving you a better idea of where you might want to live. Then once you have decided what area you like we can take you on a foreclosure tour as well. If you are just casually looking for now and don't think you will make a move for another 4 to 6 months give me a call and I will sign you up on the best, brand new state of the art, private home search website call the "Home Buyer's Scouting Report". Other search websites are a waste of time and they are geared to lead generate and make you call them. This website gives you all the info you will need as a casual buyer and therefore you won't be nagged by agents calling you all the time. Let me know if that is something that would better suit you for now. If you are thinking about buying within the next month though, don't mess with websites at because the only way to find great deals is through an agent. With over 30 years of experience in real estate and over 1,800 transactions closed you can feel confident in us as your Realtor. I look forward to hearing from you and hope to answer any further questions you might have.
Keller Williams VIP Properties
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