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Southern Pacific / Richards : Real Estate Advice

  • All17
  • Local Info2
  • Home Buying12
  • Home Selling1
  • Market Conditions0

Activity 7
Mon Oct 28, 2013
Bruce Slaton answered:
I'm thinking you have a typo there with a 17,000 square foot home, maybe you meant 1,700?. CA is not known for cheap rents but I've seen many posts where relocating to another state makes more sense. If your on ssi and don't need the job market, can you imagine how refreshing a small town in another state could benefit you?

Maybe it's time to look at some of the surrounding states for more affordable accommodations.

I hope your situation improves soon and hopefully life starts looking a little more positive for you

Best wishes
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Wed Nov 30, 2011
Scott Godzyk answered:
Robin it is common for an owner to try for a loan modification to keep their house, most do pnic and list their house as a short sale to try and stay out foreclosure. If they get a loan mod, chances are they are not selling. The way the short sale process works is first teh seller accepts an offer, signs it and then it is submitted to the bank for approval.

http://www.trulia.com/blog/scott_godzyk/2010/10/so_you_want_to_buy_a_shortsale_advice_and_tips_you_need_to_be_successful


Please see my blog for tips on how to buy a short sale
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Wed Nov 30, 2011
Kylee Roe answered:
Different lenders or lien holders may define this differently, depending on what they are willing to do for you. Basically, a loan mod changes some of the terms of your loan--such as lowering the interest rate, to make your loan more affordable. Usually, lien holders will ask you to either be in the loan modification program (applying for a loan mod.) or short selling. You should call your lender and ask if you can apply for a loan mod while your home is on the market. If you are already under contract with a buyer, however, you should consult with your Realtor regarding cancelling the sale and switching to the loan mod. program. Hope that helps! ... more
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Mon Feb 8, 2016
Lauryn Eadie answered:
Bete,

most banks these days actually have rules and addendums that both the listing agent, buyers and buyers agent have to sign stipulating the deal is an arms length transaction and no parties are related. The listing agents are under lots of scrutiny and often sign additional paperwork indicating they, nor any agent from their company, nor any relatives, distant or otherwise, can purchase the property.

Fannie and Freddie properties all have this stipulation. For example, I am with Long and Foster Realtors, if I were to list a property owned by Fannie or Freddie, no agent within Long and Foster Realtors would be able to purchase that property, and none of my relatives could by that property.
These rules are often put in place to circumvent exactly what you are talking about.

I suppose it is possible that there is fraud happening, but I would be very surprised if there was fraud on 3 different properties represented by 3 different agents/brokers/firms.

If the properties are listed under value, which is not uncommon for REO properties in hopes of mulitple offers and raised value, then it's not surprising that you might be outbid. That doesn't mean that the agent is colluding, it could just be that there is a buyer out there willing to pay more...

Most agents (not all) but most, are not willing to go to jail for fraud and to fore sake the money they receive from being a licensed agent for 1 sale...

Are you being represented by a buyers agent? I would suggest you hire one, this might help you to get more inside information on how to win the next bidding war.

Check out my blog: "Where to find and how to choose a great buyers agent":
http://www.circadianrealty.com/lifecycles-blog/entry/1/12


Good luck!
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Fri Sep 17, 2010
Loan Do answered:
Rancho Santa Margarita: has a lot of newer homes in the area, build in 2000 and up and sell hot. Some communities with about $60 for the second HOA gets you these extra amenities, http://www.samlarc.org/Amenities/Default.aspx?fiid=1114.

Irvine: has great schools and known for plenty of parks. HOA fees can last 40years and high, the rules can be very strict in exchange for a clean and upscale environment. Lots of great mid-high end restaurants. Very urbanized. Your shopping paradise include the upscale South Coast Plaza and Fashion Island.

In SD county, you best bet are along the coast from Oceanside to La Jolla. For more food and upscale shopping, stay closer towards La Jolla, particularly La Jolla Village. SD is becoming the new gastronomy with its annual food and wind festival and two other food festival weeks. Further north, Encinitas and Carlsbad have an array of great food and boutiques, Carlsbad has the Carlsbad Village. Oceanside, less upscale but the Arrowood community is in the great school district, with homes on the hill peaked between high $800k-$1m are now selling for $550k, 4200sqft, golf course community, great ocean breeze, you probably don't even need an air conditioner. There's no traffic issue (which is common in the southern part of SD county and Orange county) to get to the Carlsbad Village.

There are so many great cities in Orange and San Diego counties with the local pros and cons too large to list down. If you are interested, give me a call or email me, I certainly can help you narrow down.
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Wed Sep 30, 2009
Sara Nickels answered:
I'd like to believe all real estate agents are ethical and would present all offers unless the seller has directed them not to. If the real estate agent is a REALTOR, that REALTOR has subscribed to a code of ethics that state they will in fact present ALL offers to the seller unless the seller has provided written instructions.

There are a few bad apples on every tree, but for the most part, I do believe a majority of agents are compelled to do the right thing and the right thing is to present ALL offers to the seller.

The seller and the listing agent are not obligated to respond to a written offer. Personally, I respond to all offers as I believe it is the respectful thing to do. But in truth, the listing agent isn't contractually bound to respond.

The REALTOR Code of ethics state the following:

Standard of Practice 1-6

REALTORS® shall submit offers and counter-offers objectively and as quickly as possible. (Adopted 1/93, Amended 1/95)


Standard of Practice 1-7

When acting as listing brokers, REALTORS® shall continue to submit to the seller/landlord all offers and counter-offers until closing or execution of a lease unless the seller/landlord has waived this obligation in writing. REALTORS® shall not be obligated to continue to market the property after an offer has been accepted by the seller/landlord. REALTORS® shall recommend that sellers/landlords obtain the advice of legal counsel prior to acceptance of a subsequent offer except where the acceptance is contingent on the termination of the pre-existing purchase contract or lease. (Amended 1/93)


Standard of Practice 1-8

REALTORS® , acting as agents or brokers of buyers/tenants, shall submit to buyers/tenants all offers and counter-offers until acceptance but have no obligation to continue to show properties to their clients after an offer has been accepted unless otherwise agreed in writing. REALTORS®, acting as agents or brokers of buyers/tenants, shall recommend that buyers/tenants obtain the advice of legal counsel if there is a question as to whether a pre-existing contract has been terminated. (Adopted 1/93, Amended 1/99)
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Mon Feb 8, 2016
Dorene Slavitz answered:
Yes you can make an offer that is lower then the asking price. I would highly recommend that you retain a buyer agent to help you.
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