After the foreclosure, the banks require all properties to be vacant. They will begin eviction proceedings right away. In a case liuke this the tenant does not have any rights as there is no way to cure or remedy the eviction (to stop it). The tenants best bet is to ask for a cash for keys agreement from the bank. The bank will give you 14-30 days to vacate, you leave the property clean and free of belongings an dthey pay you from $500 to $1000 when you move it. At least you get something to help you move. Good luck.... more
Please give me a call at 415.515.6097 and I can recommend my mortgage banker/broker who is very well qualified to help you. He has helped many of my clients through very difficult financial situations and he will be able to speak very intelligently about your options!
I'm not sure I understand your question. Are you interested in receiving properties from the MLS which are currently listed as active? If so, you can receive active listings by email which I'm happy to set up for you in the SF MLS.... more
This condo was on market until June 2008 for $699,000, then the listing was cancelled. No other information available on the MLS. Prior to 8/1 it was owned by an individual, now it's owned by an investment company - sounds like a foreclosure auction. I'd need to see where you found the info to give a more definitive answer.
John Scott... more
Your deposit is either in the owners bank being held for you or if the property is under managment it is in a trust account with the property manager.
Review your lease and find out where it is. Write to the owner and the receiver at the same time to determine where it will be held as the process moves through.
One more thing you might want to do is get in touch with the rent board in SF to be sure you know what rights you have as a tenant.... more
It is not unusual for a bank to file NOD even when the property is being considered for Short Sale. It takes 111 days in CA from NOD to Auction and the bank is just protecting their interest.
It is also very unusual to not know what is happening after 6 weeks. Are you staying on top of the listing agent? Has there been a BPO or Appraisal by the SS Lender? Is the Seller's complete package in to the SS Lender? Is your offer the highest and best submitted? Where is the lender in the process (ie. negotiator assigned, package reviewed, analysis submitted to investors, insurance notified and analysis submitted to insurer)? You should have the answers to all these questions by this time.
If you do not, then you could suggest that the listing agent add you to the list of authorized persons to contact the bank and you should be following up directly on these issues. (Be prepared, there are a lot of people doing short sales that feel if they let you help, somehow it will diminsh them. Just remind them that you are both after the same result, getting the home sold. This might get them to cooperate more fully with you.)
If the home does go to foreclosure, then the property is assigned to an asset manager, given to an REO agent and listed for sale. In most cases your buyer would be back at square one, making an offer on an REO. You have plenty of time between now and then to get this deal closed. Go for it and Dare to Dream.
Real Estate Consultant
RE/MAX Palos Verdes Realty... more
Because of the extremely long time ti takes to work through the red tape, whether or not an agent will work with a foreclosure property often depends on the buyer.If it is someone who needs fairly immediate access to the property (less that 60 days), the agent may advise the clinet this is not a good choice for them. If the buyer can spend 2 - 6 months waiting because it is a good deal, they will probably urge them to go forward with an offer.... more
I too am suspicious of these foreclosure listings offered by RealtyTrak for example. RealtyTrak shows all the foreclosed properties on this website called Trulia.com. But in order to get any real information, you must sign up for their services and you are FORCED to give your credit card number ahead of time EVEN WHEN YOU want to sign up for the "free" 7-day trial period. I can't get anyone to answer.... more
You're asking questions the late night infomercials put on whole seminars about. They want to get you hooked into the programs, software and seminars they sell. Let's just say foreclosures are for the big boys with bucks and fortitude and leave it at that. You certainly don't expect to go into a championship poker game thinking you're going to win, armed only with the knowledge of the game that two queens and a three jacks make a full house would you?
There are many many web sites where you can read to your hearts content, but they tend to overlook the many risks, pitfalls and chances to lose your money and your shirt. If you want bargains that are safer, email me about REO's. They're you're better bet, in my humble opinion.
Just research the values & the home very closely with your Realtor. I love the bank owned properties but buyer beware...they are exempt from most disclosures. You'll have no idea if there were ever any major leaks, material facts, death on the property etc.. Also don't forget to check the rental rates in the area so you make sure you are covering what you expect to cover in the form of expenses.... more
Run, fleeing into the night from this joker!! We just had a broker/managers meeting in the NorthBay and we had over half of the brokers negociating "short-sales" WITHOUT having to "stop" making your payments. That this "short-sales specialist" asked you to do this is proves to me he is sleeze!! He can't be a Realtor or Licensee and be advising you as to these actions. Taking a "fee" upfront needs prior DRE approval. Telling you to now be "late" on your mortgage payments is ridiculous.
But there is more here than meets the eye. Why are you going "shor"? How did this "shark" get your names? Are you in default on one of the "lofts"? Did you call him? Any Realtor/Licensee can conduct a "Short-Sale" for you without up front fees. Did you sign anything with this clown? Last bit of advice--you cannot REPAIR your credit!!
Tell this guy to take a long walk off Pier 39!!!... more
A short sale will ruin your credit just like a foreclosure will making it nearly impossible to purchase another home in the near future. Ask your realtor what he/she thinks about the possibility of a short payoff.... more
There are many towns to consider. Price range and type of home is definitely a factor. Also, the ages of your children impact this decision as some neighborhoods have very strong elementary schools and maybe not as strong high school. I love Menlo Park, Palo Alto, Moutain View and Los Altos to the south. To the north you can consider Foster City itself and the western sides of the Peninsula in cities like Belmont, San Carlos and Burlingame. What is your price range and what are your requirements in a home?... more