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Foreclosure in 95834 : Real Estate Advice

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  • Local Info2
  • Home Buying24
  • Home Selling2
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Activity 142
Wed Mar 27, 2013
Walter 'Skip' Kersten answered:
Hi Erincora,
You put the zip code as 95842 which is in California. I am not sure about Florida laws. You might want to resubmit your question with the correct zip.
Good luck,
0 votes 2 answers Share Flag
Wed Mar 20, 2013
Kylee Roe answered:
Why don't you buy it? Then you'd not have to worry.

I am not an attorney, so can't give legal advice--seems to me if I had walk thru paperwork/documentation showing the home was in disarray when I moved in that the owner (bank or otherwise) could not hold me responsible for the condition of home when I move out--if condition is not worse. ... more
0 votes 8 answers Share Flag
Sun Mar 24, 2013
Maurice Thomas answered:
First find a Real Estate agent... Second figure out the price you want to offer... Third sign the offer (RPA)... Provide all the items needed to the agent (proof of funds, check, etc)...

If you have any additional questions please ask...

Thank you very much...
... more
0 votes 9 answers Share Flag
Thu Mar 21, 2013
Keisha Mathews answered:
Hello

You should contact them asap and explain exactly what you are explaining here. They most likely will start you out on a new lease agreement and may consider your deposit. You won't know until you contact them. In addition, if you enjoy where you are currently renting, you may miss out on an opportunity to stay if you delay. They typically lower the incentive the longer you remain without commiting to a new rntal agreement.

You are wise in requesting info to ensure they actually are the new owners and have the right to enter into a new lease contract with you. It usually takes up to 15 days for county records to update wiht the name of a new owner. If it has been longer than 15 days, you can verify that through public records or ask a real estate agent who has access to those records to assist you in verifying that information. In addition to public records, the individuals presenting themselves as the new owners should also be able to provide you with verification that they are the new owners or representing the new owners upon request.

Finally, a bit of new real estate law that may pertain to your situation. This year, Assembly Bill 2610 modifies existing state law which was to expire 1/1/2013. Existing law requires a tenant of a property posted with a Notice of Sale (NOS) to be given a notice that the new owner after the foreclosure sale date may enter into a new lease or rental agreement or must be given a minimum 60 day notice to terminate. Effective 3/13/2013, the new owner is required to give a tenant in a foreclosed property a minimum 90 day notice after the sale to terminate. The effective date of the new law may need to be extended as it cannot be earlier than 60 days after the California Department of Consumer Affairs posts the notice requirements on their website. The 90 day notice requirement is consistent with the existing federal law which is scheduled to expire 12 /31/2014. This new law shall remain in effect until 12/31/2019.

Hope that helps, contact them today!

Keisha Mathews, REALTOR®
CDPE®, HRC®, HAFA® Certified
"The Short Sale Lady"
Century 21 Landmark Network
(916) 370-1803 cell/direct
(916) 405-3886 fax
keisha.mathews@century21.com
www.SheSoldItForMe.com
lic#: 01439130
... more
0 votes 2 answers Share Flag
Thu Mar 21, 2013
Patrick O'Hare answered:
Not sure if you are just giving your opinion that properties with more
photos are more interesting and/or better presented then those with
fewer questions or asking about a property in particular.
I agree it is better in todays age for an agent to be more proactive in
their marketing and provide more photos, but a lot of properties on
Trulia come from more limited sources than real estate agents, and
of course some properties for sale have limited photo access to the
listing agents or just aren't that photogenic. Remember marketing
photos are typically only going to present the "best face".
... more
0 votes 5 answers Share Flag
Fri Jan 11, 2013
Michele Peterson answered:
You have many, many rights as a tenant during the foreclosure process.
Don't move out until requested.
Their could be financial incentive to get you to move
and if you have a valid and current lease..you may be able to live their through the end of your lease at the same rates. ... more
0 votes 10 answers Share Flag
Sat Dec 15, 2012
Bruce Slaton answered:
Well you may be late to party a bit as the field for REO has right sized. Many of the REO servicers are pulling back their network to work the assets they have so many are not actively adding agents.

That being said, 1st I would see if there is an NRBA member close to you that might be able to mentor you or create a partnership, the database of NRBA Brokers is located at www.NRBA.com. Training wise, Five Star has some great training as well as AREAA and NAHREP is in your area.

Joining AREAA and NAHREP is a good start as well, the govt and banks have a focus on diversity and supporting and being a member of some of these groups are on the sign up forms in most cases.

REO has moved from the banks in lots of cases to Hedge Funds, these hedge funds require you sometimes to do lots of work free in hopes they acquire the pools of loans and assets they are bidding on, know their processes and procedures. Have an REO management system, my recommendation is RIO Genesis. Be well versed in BPOs as the coming market will require lots of valuations for the assets the Hedge Funds acquired. Check into BPO Assistant which is an add on for RIO Genesis.

Now the caution, the market is moving in most areas from REO to short sales, depending on your area, being well versed in short sales can be the success you are looking for. Also most Hedge Funds will want you to handle a wide variety of assets ie property management, sales, loss mitigation/short sales, so try not to limit your ability to service their assets without them going to someone else who will.

Last but not least, be very careful of the "pay for our system and we'll get you into REO", many of the companies they say they can get you into no longer service the clients they say they do. This is the time people are making money off of innocent agents thinking they can get into REO, most of it is a bluff and not worth the money.

As a Broker, know your insurance needs which is usually 1M for E&O and 2M for Liability depending on the company.

Also subscribe to HousingWire.com and DSNews.com for keeping up to date in the loss mitigation fields, they are reputable news feeds.

Best of luck

Bruce Slaton
Realty World eCurb REALTORS
Sacramento, CA
... more
0 votes 1 answer Share Flag
Thu Mar 21, 2013
Robin Smith answered:
What service do you offer?
0 votes 4 answers Share Flag
Tue Nov 27, 2012
Ed Favinger answered:
Sinprab.

I guess you decided to write up the offer with your LLC or Corporation... is that right...?

If so, I'll throw in my opinion with Elizabeth there... sometimes the people working for these various bank servicing outfits on these short sales can get a little power hungry.

I don't think even a title company would ask for this, but I could be wrong. I took title to a property and deeded out using an LLC and they didn't ask for any corporate resolution.

I once had a BofA short sale where the bank didn't want to approve the deal of the buyer because they were taking title as a "partnership" and it was part of a 1031 exchange. When you get on objection like that, it does take some phone calls until you get to a person who has some knowledge of the business and business practices.

And as Miss Elizabeth might say, you wonder where they get these people.

You will have to just work with your agent and give them what they want.

I hope this helps...

Make it a Great Day...!!
... more
0 votes 6 answers Share Flag
Tue Oct 30, 2012
The Reality Of Real Estate - Aneice Dixon answered:
Raquel,
So sorry to hear that you are going through such a difficult time right now, however, a 3-Day Notice Pay or Quit is typically served to those who owe rent or in breach of their rental contract. If that is not the case, then you must be legally provided a 30-Day Notice.

Although we are Realtors, without all the specifics we can only provide you general information. In your case, I would highly encourage you to contact the Fair Housing and Employment Agency to seek free counsel. Please see the following link:

http://www.dca.ca.gov/publications/landlordbook/catenant.pdf

for California Handbook for Tenant and Landlord Responsibilities, please note for additional free assistance please see the contact information on page 95.

I wish you and your family best of luck.

Sincerely,

Aneice Dixon, Realtor
All City Realty Group
428 J Street, #430
Sacramento, CA 95814
Lic#01881408
916.287.3463 direct
888.551.7603 fax
... more
0 votes 4 answers Share Flag
Tue Oct 30, 2012
Patrick O'Hare answered:
Best advise is to sit down with an attorney to review your situation. The answer to
your question will be inflluenced by whether your Michigan loan was a recourse loan
or not. If it was non-recourse then by definition the lender has no recourse beyond the
property. A consultation with a real estate attorney will be pretty inexpensive sleep insurance.
... more
0 votes 2 answers Share Flag
Thu Mar 21, 2013
Anthony Carrillo answered:
Hi Larry,
In my exeprience with short sale lenders, they will not do a short sale and loan mod at the same time. It is one or the other. Please also keep in mind that just beacuse they are offering you a loan modification does not guarantee that it will be approved or be reduced to your satisfaction. It is best for you and your realtor to weigh the pro's and cons of each option before making a decision.

Thanks,

Anthony Carrillo
Cook Realty
(916)833-6266 cell
acarrillo@cookrealty.net
www.anthonycarrilloismyreagent.com
... more
0 votes 11 answers Share Flag
Tue Aug 27, 2013
Bruce Slaton answered:
This would better be posted in New Hampshire as California has different laws regarding evictions and it can be different even down the counties

Maybe this link could assist you: http://nhlegalaid.org/EvictionProcess

Best of luck

Bruce Slaton
Realty World eCurb REALTORS
... more
0 votes 6 answers Share Flag
Tue May 3, 2016
Michele Peterson answered:
Becca,
Hello
With Foreclosure the only thing that will potentially go away is your home loan and there are many details needed before you could get definite answers on the home loan. The balance of the liens/loans, etc will all go to collections in a Foreclosure.

Have you thought about a Short Sale?
It gives you some more solutions and also the ability to get several of the liens/loans settled through the short sale and not worry about after the fact.

Utlity Bills will also go to collections in a Foreclosure.

A short sale can give you more options, relocation assistance, debt forgiveness, and more.

Please reach out to a realtor to discuss short sale options vs. foreclosure .

Wishing you the best as you move forward.

Michele Peterson
Keller Williams Realty
(916)743-5934
CallMichelePeterson@gmail.com
CA DRE 01872795
... more
0 votes 8 answers Share Flag
Tue Jul 23, 2013
Michele Peterson answered:
Were you able to get your question answered?
0 votes 1 answer Share Flag
Sat Aug 25, 2012
Kylee Roe answered:
That does not sound normal, but might be lucky if that bad word "foreclosure" isn't there. Still suspect it will be very negative on your credit. Did you short sell? If so, than "foreclosure" will never show up with regards to the home in question. ... more
0 votes 5 answers Share Flag
Fri Apr 29, 2016
Alan May answered:
It may sound odd, but you never know what the other specifications of the offer were.

Maybe it was an all cash deal. Maybe it was a 21-day-close. And to top it off, it was $50.00 more than you offer. ... more
0 votes 13 answers Share Flag
Fri Apr 29, 2016
Keisha Mathews answered:
I have been a BPO agent with Landsafe Appraisals (BAC) for five years. Shortly after I applied, I was informed they were no longer accepting applications. I have applied at other BPO sites but they have not been as consistent as Landsafe which now uses a different platform; Inspectionport - much more detailed and time consuming platform.

Perhaps asking that question of your local lender affiliates (GMAC, B of A, Wells, Chase)?

Hope that helps.

Keisha Mathews, REALTOR®
CDPE®, HRC®, HAFA® Certified
The Short Sale Lady(sm)
Century 21 Landmark Network
(916) 370-1803 cell/direct
(916) 405-3886 fax
keisha.mathews@century21.com
www.SheSoldItForMe.com
lic#: 01439130
... more
0 votes 2 answers Share Flag
Wed Jul 25, 2012
Michele Peterson answered:
Of course you are qualified..

Your biggest challenge will be finding and competing for a house in that price point.

Please give me a call and we can get you out shopping.

Michele Peterson
Keller Williams Realty
(916) 743-5934
CallMichelePeterson@gmail.com
CA DRE 01872795
... more
0 votes 8 answers Share Flag
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