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Foreclosure in Lake Elsinore : Real Estate Advice

  • All210
  • Local Info19
  • Home Buying63
  • Home Selling9
  • Market Conditions12

Activity 12
Tue Feb 26, 2013
Carol Reed answered:
Hi Emomark,

Standard sales are owned by individuals. Standard sales can also be owned by corporations that flip properties, the transaction would be the same as one owned by an individual.
REO's are bank owned. Short Sales are owned by the individual also, however, they are close to a possible foreclosure, you first deal with the homeowner who accepts the offer then basically the bank takes over from there, with some minimal participation from the homeowner.

I hope this helped clear things up. Should you need any assistance in locating a property, feel free to contact me.

Carol Reed
Lic# 01999803
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Mon Mar 26, 2012
Walter 'Skip' Kersten answered:
With the seller's permission, the listing agent may disclose what the other offers are.
Good luck,
0 votes 1 answer Share Flag
Tue Jan 24, 2012
Suzanne MacDowell answered:
Hi Cory, you really need to speak to a lawyer. The rules change from State to State. Some states do not allow deficiency judgments, some do. If yours does then you need to look at the contract. And you also need to look at what is common for your area. My State allows deficiency judgments, but they are rarely pursued for other reasons. The only person who can really answer your question and perhaps provide you with options is an attorney. ... more
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Thu Jan 2, 2014
Patrick Thies answered:
Check with the county assessors office for each area. You should be able to find what you are looking for there.
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Wed Aug 4, 2010
Todd McGregor answered:
In California the "Trustee Sale" is the process of foreclosing on the home. The "Beneficiary" is the bank whom you made payments to. Whoever buys the house then has to get you to leave. They can evict you or negotiate terms for your departure. ... more
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Mon Sep 28, 2009
Orangecountyshortsalehelp answered:
I have not heard of this company. Is this company a Real Estate company or do they just do lease options.? There is also the question of legality if you are doing a short sale meaning you owe more than what your house is worth as a short sale must be an arms lenght transaction. Would you be doing a short sale on your home? Be very careful as there are a lot of companies and people out there who take advantage of seller's in your situation. I am referencing a recent blog I wrote in the web reference below. It tells about different schemes home sellers should be aware of . If you have more questions please feel free to email or call me. I specialize in short sales and I can also refer you to a real estate attorney should you decide on going forward with Samaritan Partners so that you can make sure that this company and their practices are legit.
I hope this helps... Good luck
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Sat Jun 6, 2009
Rita Tayenaka answered:
Having sold several REO properties in South Orange County California I can tell you this is very common especially for entry level price homes- They are as is where is. The bank doesn't pay for any inspections and or any repairs. It is a buyer beware property but you can get some good deals- as long as you have everything inpsected and know what you are going to incur cost wise, it should be ok. ... more
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Wed Jun 18, 2008
Sean Giorgianni answered:
Hi Jenna. If you give me the address I can verify the NTS in the MLS and have the title company fax it to me (and then forward it electronically to you). ou can reach me directly at 951-571-9229 or ... more
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Mon Jul 16, 2012
Dot Chance answered:
Joe, do you really want to wait until the last minute to get out? Once the bank forecloses they will evict you. If you are evicted that will most likely show up in a background check.

I have a listing in a condo complex where there are some foreclosures. Unfortunately, some people are being evicted now that lost their townhome to foreclosure.

It is heartbreaking to see so many people in this situation.

All the best to you!
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Tue Feb 26, 2013
Kim Gassert answered:
The most important thing you can do is repair your credit. Pay all bills on time. Any lates are going to have an impact on your credit. With the recent mortgage uproar, lenders are tightening their reigns on who gets approved for mortgages. By staying on top of your credit, you increase your chances of getting a future approval. Lower credit scores usually result in higher interest rates. The better your credit, the better deal you will get. ... more
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Thu Apr 2, 2009
Keith Sorem answered:
Sorry to hear of your situation. However, as you state in your question, there are other homes in your area in foreclosure. So the lenders know that also. They don't want another foreclosure, which could work to your benefit.

You should read my five part blog on the short sale foreclosure process.

Contact your lender and explain your hardship. Hopefully they will be willing to re-structure your loan.

Contact me or post for more help.
Time os of the essence. Contact your lender tomorrow, and a Realtor to help you out just in case you need to sell.
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Fri Feb 8, 2008
Mark Tavenner answered:
A short sale is where you ask the bank to ok a sale for less than you owe. ( in a nut shell )
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