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Corona : Real Estate Advice

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  • Home Buying218
  • Home Selling16
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Activity 271
Tue Feb 1, 2011
Tim Moore answered:
A home equity is a lien against the property and the bank, or you, can't sell a property with a lien on it, someone will have to remove it. If you opened a home equity and never borrowed on it then it is just a simple removal of the lien with paperwork. If there is money that was borrowed then that must be taken care of. The bank will likely add it all together and decide what to do. You will still owe the bank the difference between what is shorts for and what is owed unless they forgive the loan and the home equity. ... more
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Tue Mar 1, 2011
Dan Tabit answered:
Without reviewing your contract I can't say for certain, but typically appliances are specified that they are to remain or go with the seller, what does your contract indicate? Fixtures; anything attached to the house by nails, screws or otherwise affixed such as plumbing, lights and this should include shutters are to remain unless specifically identified in the agreement in advance.
Your agent should be able to go over your agreement and should look out to make certain it’s enforced as written. Short sellers are in financial hardship so I understand why they would want to take anything of value, but if an item was included or is a fixture and was not specifically excluded, it should stay behind.
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Tue Apr 15, 2014
Stacy Carter answered:
Usually, the buyer incurs the entire transfer amount, so it sounds like this is a good deal.

Stacy Carter
Associate Broker
Better Homes & Gardens Real Estate Metro Brokers
0 votes 16 answers Share Flag
Thu Aug 11, 2011
Jack Gilleland answered:
In my experience it is the asset manager for the corp/bank/lender that assigns the contractors. On occasion the total responsibility could be assigned to an agent or broker for contracting. Usually though it is after they get the listing from the bank/entity. Contact the broker or bank/corp that owns the property to get on their list. ... more
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Fri Jan 7, 2011
Harold Sharpe answered:
It looks as though you answered your own question.

Ever heard of the eye of the storm?

For the most part, Properties under 300,000 should do OK. However there will be a hiccup in the next few months. There are a great deal of adjustable loans resetting in January. November had huge rise in Notice of Defaults filed in Riverside County. In the area I show homes usually there have been around 400 a month in a 10 -15 zip code area, and November had nearly 750 in the same area. I imagine in April the number may rise to around 1200 homes getting their notice of default.

I think we can all look forward to home prices rising in August 2012.

Harold Sharpe - Broker
So Cal Homes Realty
(951) 821-8211
California Department of Real Estate License # 01312992
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Tue Mar 1, 2011
Cameron Novak answered:
Owner financing is very difficult to find right now. Current homeowners know the market is at/near the bottom of the price decrease which means there's not many standard sales happening right now. Additionally, most home owners are in a negative equity situation right now.

Good luck,

Cameron Novak
Corona Short Sale Agent
Corona, Ca.
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Mon Aug 20, 2012
Ameerah Bolden answered:
Dear Home Seller, Agency is always disclosed in writing. The correct form used for disclosure is The Disclosure Regarding Real Estate Agency Relationship and it should be disclosed by the listing agent to the seller BEFORE the seller signs the listing agreement and for the buyer, disclosed to the buyer BEFORE the buyer makes an offer to purchase ... more
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Mon Nov 29, 2010
Vince Fumusa answered:
Most experts believe that the foreslosure moratorium will speed up the short sale process because it will provide more time for bank employees to work on short sale transactions.
Please read article below.

4 things buyers need to know about robo-signing and the foreclosure freeze:

1. What is robo-signing is, and what all the fuss is about? The phrase robo-signing refers to what we’re now realizing has been a very common practice in the banks’ foreclosure document processing divisions, where one person was essentially given the job of signing as many 10,000 foreclosure documents per month, by hand. These individuals were supposed to be reviewing the files, making sure grounds for foreclosure actually existed, signing the docs in front of notaries. But because of the volume of documents, what they actually did was just sign thousands of documents at a time, without even reading them, and ship them off somewhere else to be notarized.

If you do the math on an 8 hour workday, you'll see that that only gives the staffer 1.5 minute to review each file and documents to make sure the foreclosure is warranted. That's not humanly possible, which is how these staffers got the nickname “robo-signers”

Government regulators are very concerned that the banks may have been taking people's homes without following the proper legal procedures. As a result, 40 states' attorneys general are teaming up to launch a multi-state investigation, and the federal Comptroller of the Currency and federal attorney general may also get involved in investigating this issue.

2. Will the freeze will make the banks cancel buyer contracts on REO properties? Currently, the freeze impacts bank-owned properties that are owned and/or serviced by Ally Financial/GMAC Mortgage, JP Morgan Chase, and some properties that were owned by Bank of America. Generally, contracts to buy these homes are being put on hold and extended for 30 days. As well, the banks are often reaching out directly to buyers and offering them the option to cancel their contracts and recoup their deposit money.

3. Is it safe to buy a foreclosed home? There's lots of talk right now about the "clouds" that this scandal will create on the titles to homes that were foreclosed by the banks' foreclosure mills. And that makes sense: if the home wasn't properly foreclosed on in the first place, then the legitimacy of the bank's resale can be called into question. Normally, I'd say: Don't worry about it, buyer - that's why you'll get title insurance! But last week, 3 of America's largest title company insurers declared that they will not offer title insurance on a number of the homes that may have been involved in this scandal.

In the vast majority of cases – when the foreclosure was justified and a bona fide purchaser, someone who was not involved in the bank’s wrongdoing, has purchased the home, courts will not reverse these foreclosures or their sale to buyers. But if you’re in the market for a foreclosure, get clear on which bank owns the place as soon as you can, and run the property past your title insurer before you get too far into the transaction to make sure they can write a policy of title insurance on the property before you spend too much money on inspections and appraisals. (And see my Bonus Buyer Advice at the end of this blog post!)

4. How the foreclosure freeze will impact American home values, say after you buy. In the short term, these freezes might cause prices to stabilize, as we expect to see the supply of foreclosures for sale start to shrink. However, if these freezes stretch out for a long period of time, they could simply be delaying many inevitable foreclosures, which could delay the recovery of the housing market and home prices, over time. I wouldn't expect to see the freezes cause prices to drop much beyond where they are now, but if they stretch out, they could keep appreciation flat for a longer period of time.
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Tue Jan 4, 2011
Sergio Hernandez answered:
Speak to your lender, your tax adviser and an attorney, before deciding what to do.
0 votes 14 answers Share Flag
Fri Apr 11, 2014
I hate it when agents require pre-approvals from their brokers ( no exceptions). From what i understand, however, it IS legal, because they're not requiring them to finance with that company, but only to pre-qualify. ... more
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Tue Mar 1, 2011
Jane Grant answered:
Escrow cannot be closed until the money is delivered via a cash wire transfer by you or loan documents being signed by you.

You don't give the details of the transaction only you and your agent know all of the details so check with your agent.

If you wanted an extension, I am wondering why your agent has not asked for a time extension for you. Although your inspection contingencies period is past, so you could lose your deposit unless there was a clause stating, "Contingent upon visual inspection" in your agreement.

Good luck and I hope it all works out in your favor!
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Wed Nov 17, 2010
Thomas Tolbert answered:
The seller is the homeowner, Tb. You have entered into an agreement with the seller, not the bank. The difference is that the short sale is subject to lender approval. All offers must be submitted to the seller even if the home is already under contract. Since your contract with the seller states that they will not accept other offers until your contract is cancelled you should have nothing to worry about. The seller may be able to accept a backup offer in case you cancelled your contract or you were unable to close for some reason. Hopefully you have your own buyer's agent but if not you should seek the advise of a real estate attorney to look over the contract and clarify any questions or concerns. ... more
0 votes 7 answers Share Flag
Sun Aug 8, 2010
Diana Margala answered:
The Mello Roos, CFD etc. are based on how the builder chose to address the improvements that were required by the city and/or county. In order to give you an exact amount you would need to provide the address. Even then the general levy is based on the purchase price (usually in Riverside County it ranges from 1% to 1.056 and the rest do not change (unless they have an increase ability that was provided in the purchase of the bonds themselves) no matter what you pay for the home. So you see I would need the address and the purchase price amount to be able to provide you with the answer. Or you can call the Assessors office and I believe they might be able to help you. Send me an email or call me and I will help.

Diana 909-560-0145
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Sun Oct 17, 2010
Lydia Kray answered:
Hi Joenemat,
As a Realtor who lives and works and sells homes in Corona, I am finding there are still cash buyers and lots of regular buyers in Corona which stabilizes and even has been driving prices up by 5% or so. Keep in mind prices are driven by demand. Please feel free to cal or email me should you further questions. Have a great day.

Lydia Kray
Tarbell Realtors- Corona
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Wed Jul 7, 2010
Ruth and Perry Mistry answered:
Hi Charles:

HAFA - Overview
HAFA is an acronym for Home Affordable Foreclosure Alternatives, a government-sponsored program that helps individuals and families who are experiencing difficulty in selling their homes. In conjunction with the Home Affordable Modification Program (HAMP), HAFA was initiated on November 30, 2009 by the U.S. Treasury Department under the Obama Administration with the goal of revitalizing the housing market.

Via the program, borrowers are provided incentives that will help them take advantage of either a short sale, whereas the borrower and the mortgage servicer agree to sell the home for less than the value of the loan; or a deed-in-lieu of foreclosure, whereas the homeowner voluntarily gives the deed of the property to the servicer.

HAFA complements HAMP as an alternative for eligible borrowers, but does not apply to loans that are affiliated with Fannie Mae or Freddie Mac. Reportedly, these organizations have plans to release their own versions of HAFA in the near future.

In simpler terms, HAFA helps people quickly sell their homes by giving them pre-approved short sales terms before listing the property. They are fully released from future liability for the first mortgage debt, and can receive $1,500 for borrower relocation assistance. Investors and servicers can also receive financial assistance through the program for administrative costs, processing fees, etc. The program sounds simple, but is actually quite complex with many guidelines and rules.

Although the program was initiated in November 2009, it officially began on Monday, April 5, 2010 and will end on Monday, December 31, 2012. Experts say that if the program is successful, it will likely be extended and the terms may be adjusted for more to qualify.

To apply for the HAFA program, homeowners should visit or call their banks to inquire about how they can participate. As always get your terms in writing, and be sure to thoroughly read and fully understand any agreements before you sign.

There should be no issues, it will close as a Short Sale, i.e. 3 months to 6 months out.

Best Regards
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0 votes 6 answers Share Flag
Mon Jun 28, 2010
Elise Timpe answered:
They each have their own rules. For instance, some require that those under 55 be no younger than 40.
You can get the information by going to the website. I put a link to it at the bottom of my answer. ... more
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Wed Mar 25, 2015
Fred Glick answered:
Hi Rk,

In today's standard world, you are not able to get a mortgage from the usual sources.

There may be a seller that is willing to finance a home purchase, but you have to find the seller, then the right house.

Work with an experienced real estate agent that can find you this type.

You can email me, and I can recommend someone.
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0 votes 10 answers Share Flag
Mon Jun 28, 2010
Daniel Magallon answered:
Good question, in today's market with homes prices slowing down anything is possible. I have seen zero down Veteran Administration loans but none others--- YET. The first thing you should do is check with your bank/lender to see what allowable costs can the seller pay for? Also check in your area to see if there are lease options to buy, though the "option" itself would have a negotiated price.

Maybe look for seller financing. Every city and area within a city are different and therefore have different motivated sellers. One more thing, try looking to see if your city or the city you want to purchase in has buyer assistance programs
Good luck to you.
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Sat Nov 27, 2010
Katina Wright answered:
Sounds hokie, but that's not to say it hasn't happened to you. Just be sure to be able to back up your allegations with proof. Get it however you need to and then proceed with the appropriate authorities/governing bodies.

You would be doing your community a favor to put an end to such practises. All offers are to be presented to the seller. It would seem as though your buyer's agent would be more offended by the injustice than you. He/She should be able to help you bring this matter to the attention of the right people.

Good Luck,
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0 votes 18 answers Share Flag
Fri Aug 3, 2012
Richard Schulman answered:
It is up to the property owner to select which offer to send to the bank, possibly with the advice of their Realtor. It would behoove them to select the best offer. Keep in mind a couple things though: The highest offer is not necessarily always considered the "best offer". The terms may be important too, along with how much cash is being put down (or all cash) vs. loan. Another point, there is a lot of competition now. So just because you offered at list price, does not mean that there weren't others who offered at list or higher, even in the first day. I have seen this many times. The listing agent is required to show the seller/owner all offers (unless they have made other written agreements). You can follow up with your agent, and be sure that they are following up frequently with the listing agent. Often times short sales buyers may back out in the time it takes for a short sale to get approved. So don't give up hope yet. Follow up and persistence may be key (and this is the job of a great Realtor).

Good luck and let me know if you have any other questions.

Richard Schulman
Keller Williams Realty
#1 Buyers Agent KW Los Angeles Region
(310) 482-0173
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