Trulia Community - Advice from neighbors and local experts

Find Your Community
We couldn't find that location. Please try again.
Get Expert Advice

Foreclosure in Sonoma County : Real Estate Advice

  • All79
  • Local Info3
  • Home Buying37
  • Home Selling2
  • Market Conditions3

Activity 51
Thu Apr 11, 2013
Jim Olive answered:
I'm no attorney and this is just a public help forum, but I would imagine the bank can come after ANY assetts they know you hold. The mortgage loan may have only been secured by the property, but once they open suit, I think everything is fair game. Now if you get them to agree that your short sale is the "final answer" and that they will not come after you for the losses they incurred, you should be ok. Your best bet is to find a good attorney and see how you can protect your assets... ... more
0 votes 2 answers Share Flag
Thu Dec 6, 2012
Lynn Bowen answered:
You are not alone and you are wise to ask for advice. An attorney can give you legal advice, a CPA or Tax Professional can give you Tax advice, and a Realtor with experience managing short sale transactions in the past can give you the rest.

I am happy to discuss your situation with you. I have successfully managed and closed several short sales and am happy to help you wade thru what is available to you and to work with your bank(s).

Feel free to contact me for a no strings attached consultation and you can then decide what you would like to do.

I also have clients looking for something to relocate to in the Penngrove area. Maybe your place is what they are looking for and we could put together a win win situation for all.


Lynn Bowen
Broker Associate
Artisan Sotheby's International Realty
Sebastopl CA
707-695-3814 lynn.bowen@sothebysrealty.com
... more
0 votes 3 answers Share Flag
Sat Nov 17, 2012
Lynn Bowen answered:
Trustee sale is part of the foreclosure process. It is when the home has been foreclosed on and is sold on the court house steps (cash sale, pay that day, no inspections etc). If it doesn't sell that day it reverts back to the bank that holds the note on it. ... more
0 votes 3 answers Share Flag
Sun Oct 28, 2012
Dot Chance answered:
File a complaint with the City. Someone should be coming soon to put a notice on the windows with emergency contact info, if the property has already gone back to the bank.

Best,
Dot Chance, Realtor®
Certified Distressed Property Expert – CDPE®
DRE License #01494182
Keller Williams Realty World Media Center
www.DotChance.com
818.339.7712

WHEN YOU THINK OF REAL ESTATE...Think DotChance.com! My business thrives from your referrals!
... more
0 votes 4 answers Share Flag
Tue Sep 11, 2012
CJ Holmes answered:
What is the property address? With that information I should be able to provide solid guidance for you. I recommend we take this offline. Thanks, cj cjholmes@cjholmes.com
0 votes 1 answer Share Flag
Wed May 23, 2012
Homes answered:
Call the realtors listed with foreclosures listings on www.govbargains.com and ask to bid on the work.
0 votes 1 answer Share Flag
Thu Apr 19, 2012
Sherrye Gibbs answered:
Just because the house is going up for auction does not necessarily mean it will sell at auction which could buy you a little more time. Many times houses languish in the pre-foreclosure stage for months on end. However, if the house does sell at auction AND the new owner wants to move into the house, recent federal law says the new owner must give you written notice that you have 90 days to vacate. To be guaranteed your 90 days, you must be a tenant with a written unexpired lease AND be a tenant who is paying his/her rent on time. There's also some "cash for keys" offers being made which means that if you are willing to move out and leave the property clean, you can sometimes get paid. The best thing you can do is contact the person/company who sent the letter to see WHEN the house is going up for auction and see what options are available to you. My advice to you is to negotiate the best deal for yourself. ... more
0 votes 5 answers Share Flag
Mon Dec 26, 2011
Michelle Mozell 602 292-0753 answered:
Hi matt,

Try going online and "Googling" Real Estate + Santa Rosa + REO (or + Bank owned homes or + lender owned homes) and contact those agents representing banks in Santa Rosa.

Just a thought.


Always in your service,

Michelle Renée Mozell
PO Box 897
Bodega Bay, California 94923
602 292-0753 Cell
480 452-0640 eFax
mmozell@cox.net

Sonoma Coast Living, Realtor®
DRE License 01879859
575 Highway One
Bodega Bay, California 94923
707 875-2500 SCL Office
707 875-3242 SCL Fax

HomeSmart, Associate Broker
20860 North Tatum Blvd.
Suite 140
Phoenix, Arizona 85050
480 443-7400 HS Office
480 664-4357 HS Fax
... more
0 votes 5 answers Share Flag
Mon Nov 7, 2011
Katha Snow answered:
I am so sorry. I hope you have a lease or rental agreement to protect you. Call the trustee that posted the notice. You also can get the information on http://www.foreclosureradar.com/ ... more
0 votes 5 answers Share Flag
Fri Dec 9, 2011
CJ Holmes answered:
You are and have definitely been taken advantage of by a landlord not afraid to accept rent while not paying the mortgage. It's called "rent skimming" and is illegal. However, I've never heard of a landlord getting in trouble for it from the bank, more's the shame.

At this time, do not pay any more rent. You will likely not see your security deposit either and may even be pressured to move out quickly. After the auction sale, whether a bank takes it back, or someone buys it for cash, as a tenant, you will have at least some time to move out and probably an offer of 'cash for keys'. That means the new owner will pay you to move out in a timely manner and leave the place in decent shape. Typically it's $1500 or so, sometimes more, sometimes less. It can't hurt to negotiate and insist on more time if you need it and more money to move out sooner.

New owners really don't want to fight you, and as a tenant you do have rights, for example a 60 day notice to move out if you've lived there over 1 year. It's 30 days for less than a year. So if the new owner offers to pay you $1500 to move out in 2 weeks, tell them you'll do that for $2500 or leave in 30 days for $1500 - something like that. Whatever seems to work best for you.

For the next place you consider renting, do not hesitate to contact me with the address and I can quickly tell you if that owner is in foreclosure default or not. Considering the foreclosure process can take as long as 18 months (banks are overwhelmed), that's a lot of rent skimming with you on the losing end.

Once burnt, twice shy, as they say. Very good luck to you. cj cjholmes@cjholmes.com
... more
0 votes 8 answers Share Flag
Tue Oct 17, 2017
Dave Roberts answered:
The notice on the door is all you need to know. Auctions often get postponed multiple times, but if you got the notice, it's not a mistake. If you send me your address I would be happy to check my foreclosure sources to get more details. ... more
0 votes 7 answers Share Flag
Sun May 15, 2011
Brian Flock answered:
It really sounds like a short sale could be an option but you are VERY short on time, especially for such a low sale.

However, if you can find an agent to list it right away, they may be able to find a cash buyer who can handle the repair.

If you'd like a referral to a Certified Distressed Property Expert (c), please let me know. I'm one and the certification ensures that they now how to best handle your situation.
... more
0 votes 6 answers Share Flag
Thu Mar 21, 2013
Jonathan answered:
It appears my link got deleted. It was this property:
http://www.trulia.com/property/10424344-18762-Gillman-Dr-Sonoma-CA-95476
0 votes 9 answers Share Flag
Tue Oct 26, 2010
Gina Cleaver answered:
If you are in escrow on a foreclosure, they typically do not want to make repairs. It is complicated with foreclosures and you should have a Realtor or Attorney review the contract and the RPA in order to have a better understanding of what to expect. ... more
0 votes 5 answers Share Flag
Tue Sep 21, 2010
Mike Bryant answered:
There are no citizenship requirements to purchase property here in California; don't know about the rest of the states though!
0 votes 4 answers Share Flag
Wed Oct 6, 2010
Anna M Brocco answered:
Not sure where you are seeing the ads--if looking at a RealtyTrac ad-- keep in mind that RealtyTrac's information may not always accurate and oftentimes misleading--you could be looking at a lis pendens property--notice of default--or some kind of filing fee, etc.; some of those properties may not be for sale yet, and some may never be, if the default is satisfied by the owner. If you are interested in foreclosures, work with an agent--he/she will have access to reliable information--also don't overlook traditional sales as some may turn out to be a much better bargain than some of the foreclosure properties. ... more
0 votes 2 answers Share Flag
Fri Jul 16, 2010
Pacita Dimacali answered:
Probably the best way to find foreclosures is to engage a realtor to help you. Your realtor can research the property, find out how much it was foreclosed on, what the current market value is based on comps, and go from there.

When banks or lenders foreclose, the asset manager typically get a realtor to list the property. Buying a property this way will at least ensure you that the bank will deliver the title free and clear of any lients. You have the advantages of inspections and contingency periods, of backing out and getting your deposit back provided you didn't clear your contingencies yet.

You can go to the county courthouse when they're having their trustee sales (auction) and bid on prioperties being foreclosed. If you haven't done something like this yet, it may behoove you to go and watch how it's done. The county records should have a schedule of when the trustee sales are scheduled and what their opening bids will be.

However, buying at an auction may mean that you may not be able to get title insurance --- i.e., there could be a cloud on title.

Note that just because a property is foreclosed doesn't mean they're going to give it away. Know what the market value is, and negotiate from there. The selling price will depend on what it was listed for and the current market conditions. There's no formula. Research the makrket, the property, and prepare your financial wherewithal.
... more
0 votes 2 answers Share Flag
Wed Jun 16, 2010
Mike Bryant answered:
Kim,

I would suggest you contact an attorney who specializes in foreclosures and tenants rights. Contact your local BAR association and ask them for the names of some attorneys that may be able to help you.

Best of luck.
... more
0 votes 5 answers Share Flag
Tue May 18, 2010
Diane Wheatley answered:
Unfortunately in your friend's case the laws of California would not necessary allow him additional time in the home as opposed to a tenant who entered into a lease agreement prior to the recording date of the trust deed on title. If the lease agreement was dated and went into effect prior to the date of the trust deed which was foreclosed on then the tenant may be granted the term of the lease with the lender replacing the original landlord as the entity entitled to collect the rent and oversee that the terms of the lease agreement are met.

There could also be a bit of a question as to the lease agreement by and between family members as that may constitute a non arms-length transaction therefore negate the validity of the lease agreement as well.

Please understand that I am not a real estate attorney and can only provide you with my interpretation and opinion on your friend's situation. You cannot take my opinion as fact. Please do the right thing and consult with a qualified real estate attorney to answer all of your important questions. Good luck to your friends!

Diane Wheatley, Broker
diane@moveupproperties.com
Move Up Properties Real Estate
CA DRE #01873098
... more
0 votes 3 answers Share Flag
Sat May 8, 2010
Kamal Randhawa answered:
A Planned Unit Development (PUD), is both a type of building development as well as a regulatory process. A PUD is a designed grouping of varied and compatible land uses, such as housing, recreation, commercial centers, and industrial parks, all within one contained development or subdivision.

A condominium is usually in one building, most are not FHA approved. Each unit/condo/PUD has different HOA fees.

Good luck.

Kamal Randhawa
Broker
510-932-1066
... more
0 votes 5 answers Share Flag
1 2 3
Search Advice
Search

Followers

210