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La Mirada : Real Estate Advice

  • All33
  • Local Info2
  • Home Buying14
  • Home Selling3
  • Market Conditions1

Activity 20
Sun Oct 5, 2014
Walter 'Skip' Kersten answered:
As long as you have not removed your contingencies you should be able to cancel the contract and get your deposit back. Of course, you will be out the inspection money you spent. Depending on how much work escrow has done, they may deduct a nomial fee from your deposit. Given that it was only 22 days I would think there would be an escrow fee.
Good luck,
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Sun Jun 10, 2012
Sue Wylie answered:
I would knock on the door, and ask the "friends" if they have a rental agreement in place with the seller.
If yes, demand to see it. If no, then call the sheriff for illegal trespass. Let them know they can be prosecuted for illegal trespass. ... more
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Tue Dec 28, 2010
Short Sale Diva answered:
The 1099 should be for the total amount forgiven but you will also get a 1099 from the escrow for the sale amount, this is standard procedure but you should talk to your tax accountant for further advice. Why did you sign a promissory note?

Aida Pinto
Real Estate Broker
Realtor since 1987
(562) 916-3237


Active Rain Profile: Short Sale Diva' s Blog:
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Tue Oct 26, 2010
Sonsie Conroy answered:
I don't know why selling to your son is such an odd or difficult transaction that only four banks in the U.S. will do it. There is absolutely nothing in Prop 13 that affects a bank loan. If your son is otherwise qualified, has good credit and an acceptable down payment, any mortgage broker ought to be able to find him a good deal.

Just a thought...if you are using this sale as a part of your estate planning, you should consult with a good financial planner. This may not be your best way of transferring your property at this time.
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Fri Apr 30, 2010
Dan Tabit answered:
You are asking a legal question that depends on details we don't have access to. Start with your agent, if you are not satisfied with the answers go to their broker. If you still don't have a straight answer I would collect all the papers you signed in relation to this purchase and sit down with a Real Estate Attorney. ... more
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Fri Mar 19, 2010
Theresa69 asked:
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Sun Mar 14, 2010
Bob Alston answered:
Sun Mar 14, 2010
I would contact your agent and ask him if he correctly did the paperwork, see if they can assist you. If not, then I would contact a lawyer or a reputable credit repair company. These will obvioulsy cost you money. ... more
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Tue Apr 24, 2012
Kathy Weber answered:

Can you elaborate a little more?

Many or most lender's will not refinance when the home is considered a "Short Pay". Basically a full Loan Modification is usually requested. Even at that, I had not heard of one legitimate refi, or loan mod, completed to the end. There are always many issues in between & the property winds up either in a full on "Short Sale" or foreclosure process.

Have you asked the lender/lender's to proceed with a "Short Sale"? Many will agree to that process rather than refi, loan mod., or even foreclosure.

Best of luck!
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Mon May 7, 2012
Tony Serrano answered:
The government has released several programs to help home owners that are in need of refinancing but are upside down on their mortgage. There are several modification companies that are out there, but you definately need to do your research before signing up with a "loan mod" company. For more information feel free to visit my website listed below and contact me for more info. ... more
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Tue May 12, 2009
Micki O'Toole answered:
The house does not appear to be for sale since it is not on the MLS. Finding out if they are in default is a matter of public record and you can check that information at your county office.

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Tue Aug 10, 2010
Dp2 answered:
Forget the listing prices. Get the recent sold comps.

Before you make an offer on that property, you need to do some research. You need to find out how many other liens are on the property, so that you'll have an idea of how to construct your offer appropriately. You shouldn't offer more than its current market value as determined by the comps, you'll need to do an inspection and appraisal, and you'll need to re-adjust your offer price accordingly if the property appraises for lower.

If I were you, I wouldn't attempt to handle a short-sale on my own. You need to work with a knowledgeable professional (an agent, real-estate attorney, investor, etc) who is experienced working with short-sales, because they aren't for the faint of heart. Additionally, negotiating and handling a short-sale is much more complex and involved than a traditional home sale. So, caveat emptor!
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Thu Apr 9, 2009
Dianne Johnson answered:
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Thu Mar 5, 2009
Shel-lee Davis answered:

To the best of my knowledge, the only way you will know for sure is to ask you lender or look at your original loan documents. Unfortunately, in Southern California, this program will help very few people. Our median price had been greater than Fannie and Freddie limits for years. Hopefully you are one of the few who has a loan securitized by them. On the other hand, other investors might jump on the band wagon and follow suit in offering interest rate adjustments and/or refinances to todays lower rates. That way they have a better chance of preserving their actual investment. Even though their rate of return might take a hit, at least they will not lose their principal, like they do in a foreclosure situation. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
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Mon Sep 8, 2008
The Hagley Group answered:
NOOOOoooo!!!!!! First of all, contact your lender and try to negotiate yourself. If you DO decide to use a company, read all paperwork carefully...there are a lot of scams going on right now. Make sure you are not signing over a deed to your home. may qualify under the new Housing Recovery Act that takes place 10/1....where the gov't is encouraging lenders to renegotiate mortgages and help keep homeowners in their home. Call me Monday and I will explain....925-824-4877...or look up this new legislation online.
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Sun May 18, 2008
Brent Bester answered:

12K for closing costs seems abnormally high to me. Are you buying the rate down? What is the loan amount? It sounds like you are working with a broker. Additionally, if you are doing an FHA loan you can get those most places for less in cost. To answer your question: whatever difference it does't cover you will have to as a consumer. The 10 k concessions can be used for prepaids as long as it is written in the contract. Some of your pre-paids may be asorbed by a tax credit you will recieve depending on when you close. But if your only getting concessions of 10K and prepaids and closing costs are 12K, you will have to make up the difference out of pocket. Finally, I would shop around for mortgages and loan officers. I would never pay 8K in closing costs on any purchase. So if it's not too late I would look around and a second opinion for sure. Hope this helps! Call me if you have futher questions.

Brent Bester
Mortgage Professional
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Wed Sep 12, 2012
Charles Rorive answered:
A good faith estimate is just that: an estimate. They are figured out with the best information available at the time the estimate is prepared. Other information may come up during the final steps that may raise the actual closing costs. If you do not want to pay these costs, you can always back out of the deal... however, you may not be able to re-coup your earnest monies. If you have an agent, talk to them; they should be the ones helping you figure this out. ... more
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Mon May 21, 2012
Cindy answered:
Contact the county and/or city planning and zoning department to ensure permits were granted and final inspection was acheived and approved.
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Sun Mar 14, 2010
Jason Williams answered:
Once you get used to the smell and the traffic, I think the area is very nice.
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Wed Jan 9, 2008
Kent Palmer answered:
The County wil maintain that list. They are also required to publish the notice of intent to forclose. If you caontact the County Clerk's office, they will be able to tell you where it is published or where you need to go in the county to see the info. Or you can pay for the list through one of the services. Not my recommended method, but it works if you use a good service. ... more
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