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Cerritos : Real Estate Advice

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  • Home Buying26
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Activity 78
Sun Sep 16, 2012
Emily Knell answered:
$500K to $745K for the criteria you've described.

A note on short sales: I Pre-Qualify all short sales that I may or may not show to a buyer. Factors include the existence of equity loans, who 2nd liens are held or serviced by & the success ratio of the listing agent for closing short sales. If it passes my "smell test" I'll give the green light for my buyer to view a particular short sale.
On avg., there isn't really an avg, but if the listing agent has a high success rate closing their short sales, I'd say an avg. time would be between 60-90 days at the high end.

I don't look back on this same Trulia posting for answers after mine. Shoot me an email directly if you would like to talk about this further.


EmilyKnell1@yahoo.com
562-430-3053 c
Realtor Since 1996
Realty One Group
100% short sale success ratio
& I can Prove it.
... more
0 votes 2 answers Share Flag
Sun Sep 16, 2012
My NC Homes Team answered:
This is a question you should ask your financial adviser. There are going to be negative ramification you'll have to deal with should you walk away from your mortgage. I don't know the Cerritos market well enough to comment on how it's doing, but my guess is that like most markets it will in fact rebound over the next few years and if you can afford to remain in the home it may behoove you to do so/ If you walk away it's going to be a long time before you'd be able to get another mortgage so you'd be forced to rent for many years.

Really sorry you find yourself in this position and hope that whatever you decide to do things work out.
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0 votes 3 answers Share Flag
Sun Sep 16, 2012
DJ Bonner answered:
Hello,
The price for a 4 bedroom in Cerritos starts at 400k, which is realistic for the area. There are a few homes on the higher end that are overpriced, but please feel free to email me and I would send you a list of available homes.
Best regards,
DJ Bonner
Keller Williams Realty
djbonner@kw.com
... more
0 votes 2 answers Share Flag
Mon Oct 1, 2012
Fernando Villegas answered:
That's a very good question.. I would not even take that chance and weight. I will put the house on the market and sell it ASAP!
0 votes 6 answers Share Flag
Tue Jul 31, 2012
Steven Ornellas answered:
Peaceandpowerparenting:

There are two primary laws pertaining to Short Sales and Foreclosure situations: 1) The Federal Debt Relief Act of 2007 and 2) CA's Senate Bill 458.

1) The Federal Debt Relief Act of 2007
The forgiveness of debt is typically considered income in the eyes of the IRS; however, the federal Mortgage Debt Relief Act of 2007 allows taxpayers to exclude income from the discharge of debt on their PRINCIPAL residence. This is set to expire 12/31/12 (which may once more get extended, but I would not take the risk). CA law is in line with the federal law (via SB 401 enacted April 12, 2010 and called the Conformity Act of 2010 covering January 1, 2009, and before January 1, 2013).

2) CA's Senate Bill 458
SB458 became law on 7/15/11. This law prevents a deficiency judgment after a short sale in most cases on ANY Trust Deeds on one-to-four residential units. You can read more about this law here:

"CA Senate Bill 458 Now Prohibits 1st/2nd Deficiency Judgments*"
http://www.trulia.com/blog/steve_ornellas_mba_re_mastersgri/2011/07/ca_senate_bill_458_prohibiting_deficiency_on_1st_2nd_signed_into_law


Personally, I HIGHLY recommend you speak with both a RE Lawyer AND a CPA to jointly craft a course of action that considers how to reduce/remove your potential legal/financial exposure. This subject matter is not necessarily "black and white" regarding a “best move”.

Short Sale Lender approvals timelines are, …shall we say, "getting better" but I would not delay a single day setting up your legal/tax planning meetings and then getting the property listed on market by a Realtor® ASAP so you can close escrow before the end of 2012.

-Steve
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Mon Nov 12, 2012
Linda Rozales answered:
I do provide this service in addition to buying and selling a home.
0 votes 4 answers Share Flag
Mon Aug 27, 2012
Ron Thomas answered:
Can you think of a single reason why the Bank should work with you?
They will not believe that you know what a COMMITTMENT is.
Most people would give their eyeteeth to have a successful MODIFICATION;
and you didn't even last 3 months!
It makes it hard to blast the Banks for their policies and treatment.
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0 votes 7 answers Share Flag
Tue Jul 31, 2012
Tim Moore answered:
I assume you are the owner. Normally an owner has stopped paying the mortgage and is near foreclosure when they ask the lender to approve a short sale. A short sale is asking the bank to allow a sale and to lose money doing it. Banks don't like to do that for just no reason. To get a bank to allow a short sale there needs to be a hardship involved. Not making payments, medical issues, job related relocation or something other than the owner no longer wants the house for some (any) reason. If you are current on payments then the bank is not mad at you and probably will not allow a short sale unless there is a relocation required or some hardship. They will require a hardship letter and they will check to make sure you have no assets they can go after before they consider short sale. You can't just decide to short sale because you no longer want the house. You could offer the bank to take the house back and walk away, but this and short sale will wreck your credit for years. ... more
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Tue Jul 31, 2012
Fernando Villegas answered:
.First you do a Bk chapter 7 then you put your house on the market for short sale we make sure that the bank does not come back to you for the difference!! which I specialize in and as soon as the property has been sold in transferred out of your name 2 years from then 24 months later you can purchase going FHA...
Thanks! call me or email me anytime ..
Fernando..
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0 votes 1 answer Share Flag
Wed Aug 8, 2012
Linda Rozales answered:
It all depends on the servicer. Some servicers will review your request upfront, order an appraisal and as soon as a good offer comes in, can close within 30-60 days. Most of the delay at this point is with the second lien if there is one and can delay the process for more than 60 days. The house will be sold in as-is condition with no repairs and the homeowner is not expected to do any repairs. This will be disclosed to all prospective homebuyers. ... more
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Sat Jul 28, 2012
Mg15764352 asked:
I am a landlord with 12 properties, valued at over $5 million, and total assets of over $12 million. I've successfully skated through the recession without missing or being late o...
0 votes 0 Answers Share Flag
Wed Jul 25, 2012
Robert Chomentowski answered:
It can take over a year if the borrower just received a Notice of Default. Traditionally it has only taken about 6 mos, but there has been a lot of Government intervention into the mortgage market making it take a lot longer now. ... more
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Thu Jan 31, 2013
Nikunj/Nick Shah answered:
I leave in cerritos and been working as Realtor since 2000. My son graduated from Cerritos Elemantary which is one of the best school. Please contact me for more information.
Nick.
562-754-8361cell. ... more
0 votes 2 answers Share Flag
Wed Jun 27, 2012
DJ Bonner answered:
Hello Pat,
There is no house/link attached to your question. There are 21 active units available in Cerritos. Please feel free to email me the link or address to the property you are referring to and we can view it today.
Thank you,

DJ Bonner
Keller Williams Realty
djbonner@kw.com
... more
0 votes 1 answer Share Flag
Thu May 24, 2012
DJ Bonner answered:
Hi Ody,
What price range are you looking for? There are currently 13 homes in the Cerritos area for lease. Please email me for the list of homes.
Best regards,
DJ Bonner
Keller Williams Realty
djbonner@kw.com
... more
0 votes 2 answers Share Flag
Thu May 3, 2012
DJ Bonner answered:
Hello Hattieson,
I do show a few rentals near Valley Christian. Please feel free to email me, so that I can send the listings to you.

Best regards,
DJ Bonner
Keller Williams Realty ... more
0 votes 2 answers Share Flag
Sun Jun 24, 2012
Kris Sujan answered:
Sure , please let me know your email , I will send you a list of properties in Cerritos.
0 votes 3 answers Share Flag
Thu Apr 26, 2012
Rick Manzanares answered:
Yes we do have some properties available for rent in Cerritos

Please call me or email tomorrow morning.

Rick Manzanares
Coldwell Banker Dynasty
17410 Bloomfield Ave
Cerritos, CA 90703
(562)650-9664
Rick90650@yahoo.com
... more
0 votes 2 answers Share Flag
Thu Apr 26, 2012
Wyndle Jordan answered:
Right now Cerritos does have some inexpensive properties, however due to the professional demographic and high price point expectations it is not the best place to invest. If you were to move over a couple of cities to Norwalk, Buena Park or Anaheim you would be able to find properties all day long. ... more
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