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Foreclosure in Los Angeles County : Real Estate Advice

  • All509
  • Local Info30
  • Home Buying263
  • Home Selling32
  • Market Conditions12

Activity 634
Tue Oct 23, 2012
Ron Thomas answered:
Two entirely different questions:
To buy at an AUCTION; the Trustee Sale, you will need to bring all CASH; are you prepared to do that?
The houses at the Trustee Sales usually go back to the Bank, as they offer the amount of the LOAN, which is more than you would offer.
To buy at a private AUCTION; you would need to be very, very careful; usually you do not know what you are buying, do not have the opportunity to inspect, do not know about any LIENS, and basically have no protections.
To buy a FORECLOSED house, you would need to have a Buyer's Agent, to help and protect you: The Banks are so careful about this, that they are paying that Agent's commission for you.

Good luck and may God bless
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Fri Sep 21, 2012
Jolanta Jonutyte answered:
Trustee Sales takes CASH. If you have that money handy, you can go to Trustee Action, but it is not that easy
Email if you have some questions at
0 votes 1 answer Share Flag
Wed Oct 24, 2012
Jim Simms answered:
About a year to late.

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes 9 answers Share Flag
Fri Sep 28, 2012
Ron Escobar - Local Expert answered:
Is not a simple question.... I have seen cash for keys of up to $50K for a $4million house owned by a very "militant" occupant... in general, I would think they try to get no more than $6K... when you say wells fargo investor do you mean a loan owned by wells fargo? or a loan serviced by wells fargo for an investor?

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Sun Sep 16, 2012
Nick Socha answered:
You sound like you have alot of questions and concerns. I'd be happy to discuss them with you.

Give me a call @ 310-647-7785

Nick Socha
Century 21 Amber Realty
#01831474 ... more
0 votes 6 answers Share Flag
Thu Aug 30, 2012
Ron Thomas answered:
Foreclosures require a Buyer's Agent representing you:
The Banks only want to deal with Realtors; they do not want to lose a transaction once it gets into Escrow.

A Buyer's Agent costs you nothing; they are paid out of Escrow, by the Seller.

You will the advice and protection that a Realtor provides.

Good luck and may God bless
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Tue Aug 21, 2012
Elizabeth Salinas Kelley answered:

I do not see anywhere in the MLS a condo 3+3 listed in the $400K range. Maybe the listing was at auction and it's probably gone. I sell foreclosures in Santa Monica and that price doesn't sound correct. Good luck!

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Mon Aug 20, 2012
Scott Godzyk answered:
There is no address or link to look it up. you should go back to the ad, click on the profile for the listing agent and call or email them direct for quick answers.
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Mon Aug 20, 2012
Fred Glick answered:

A foreclosure actually wipes out any agreements. it could be argued that you and the previous owner had an agreement but since it is not in writing, you are probably in a very bad postion and will be portrayed as a squatter.

I can't give you advise except to say that you should start looking for a new place to live.

Best of luck!

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Wed Aug 15, 2012
Janey Bishop answered:
Customarily the loan is secured by a lien against the property and is wiped out by the sale. Do you have online access or an automated number to phone and check the loan balance? Are you still in the property or have mail forwarded because you should have received notice. You can also run a free credit report to check. ... more
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Wed Aug 8, 2012
James Gordon ABR SFR SRS answered:
You need to contact a real estate attorney to do a forclosure if that is the route that you want to go. Thankfully it sounds like you have a properly recorded note and mortgage to have the attorney start with. ... more
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Fri Apr 29, 2016
Cindy Davis answered:
If you can afford the $15, that is one less creditor that will go after you!!! I presume that you are pursuing a short sale instead of foreclosing because you care about your credit. So...for such a small amount, I strongly encourage you to pay your HOA and if possible, your property taxes.

Good luck.
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Sat Jul 28, 2012
The Emamian Team answered:
What area are you interested in? Is there a particular one you already have in mind? Please elaborate so that we can better assist you. You may e-mail us at or call Payman at (818)468-3116.

Thank you,

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Tue Aug 27, 2013
Scott Godzyk answered:
It will depend on a couple of factors, the first being how they reported it on your credit. When negotiating hopfully you negotiated a neutral reporting. Next it will be based on your current credit and financials, you should meet with a local and trusted loan officer who can prequailify you at no cost and answer your question. ... more
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Fri Jul 20, 2012
Patrick Fields answered:
In a foreclosure sale relating to a default on a mortgage, the proceeds from the sale are for the purpose of satisfying the debt through the sell of the collatoral (the home.) The purchaser has no obligation toward the defaulted mortgage. That is between the borrower and the lender, not the seller and the purchaser. ... more
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Wed Nov 27, 2013
Jim Simms answered:
Mon Jul 2, 2012
Lena Samigoullina answered:
Yes, anyone can attend. If you're planning on bidding on a property, you need to bring cashier checks with you and register at the action with your ID and show your cashier checks at the registration. You need to do some homework prior to attending. Drive by the property, call a title rep to check if there any leans or delinquencies, and check the accurate public records about the property. Ones at the action, you buy the property as is and take responsibility for everything it comes with. Be prepared that the property you want to buy that day will get postponed and will not be auctioned of that day.

Good luck!

Lena Samigoullina
dre# 01387227
Keller Williams Realty Westside
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Sun May 1, 2016
Mikel DeFrancesco answered:
They must agree to the short sale... typically for pennies on the dollar since they're in second position. But the first will usually make some accommodation for them to sign off.
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Tue Jun 19, 2012
Alain Picard answered:
You should always have your own inspection done. Usually when you put an offer on a property you will put a home inspection contingency in your offer giving you a certain time frame to have inspections done. If it the property is sold as is then most likely they won't repair anything however you will know what you're buying and possibly have the option to cancel your contract to purchase. This will all depend on what your contract says. Talk to your real estate agent and let him know your concerns. ... more
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