Foreclosed homes are listed by real estate firms the same as regular resale homes and you can view them for sale on all of the typical websites that you look at for non-foreclosed homes for sale. You purchase a foreclosure the same as buying a regular home with respect to getting a mortgage..etc.
The main difference is that typically they are sold as-is. So, if you purchase a foreclosure, you can still get the inspections done (property, termite...etc) but it is usually a take or leave it situation.
One drawback with foreclosures is that many of them need repairs in order to make the home habitable. If a repair is required to get the mortgage, you may have to purchase the home using an FHA 203k renovation loan.
A major drawback with foreclosures is that typically all of the utilities are turned off. It may be up to you, the buyer, to get them turned on for the property inspections. This is a hassle and may cost you money but a good agent can help you with all of this.
I hope this is of some help.
Prudential Patt White Real Estate
Lehigh Valley, PA
I guess it depends on why it didn't close, what the contract says about what happens if it doesn't and why. Normally the earnest money is the only thing available to the seller if the buyer defaults. If the loan was denied and that is a contingency in the contract it might not be considered a default. You need a legal answer and we can't give those to you.... more
Angel it depends what the purchase agreement states and why it did not close if the buyer had a contingincy for mortgage or inspections and they got denied or inspections failed than it is usually a clean release. If the buyer changes their mind, there may be recourse. Best bet is to ask your agent or a lawyer to review tyour agreement.... more
Since it is part of the city of Los Angeles it is $4.50 per $1000. There is also a county transfer tax of $1.10 per $1000. So, $5.60 per $1000 total. [City Transfer Tax:$4.50 for each $1,000 or fractional part thereof (LAMC Sec. 21.9.2); LA County Transfer Tax: $1.10 for each $1,000 or fractional part thereof (Rev. & Tax Code Sec. 11911-11929)]... more
This is a great question. As most of the time when dealing with real estate there truly isn't a black and white answer because each property and price range is different. A generic answer would be 3% however there are many properties selling over list price. The best thing for you is to sit down with someone like myself and go over the exact numbers for your exact property and location in Venice. If you would like you can call me at 310-488-3415 and let's see if I can help.... more
These are great questions each one could be explained very easily please send me a direct e-mail to firstname.lastname@example.org for a detailed explanation. FYI I am a Relocation Specialist and have represented many buyers from various European and countries. BTW where are you moving from?... more
When you present an offer, it will say the deadline for response in the paragraph above your signature. The norm is 3 days, but it can be altered. With the holidays, there can be delays due to traveling or work schedules (eg REOs). Your agent should stay on top of it, holidays or not, and give you a reasonable expectation as to when to expect an answer. Good luck!l... more
Commission ranges vary and may depend on the value of the transaction (also called total consideration). In addition, commissions are negotiable between the landlord and agents. This can be based on a percentage or a fixed amount for obtaining a willing and able tenant. For example, 6% of the lease amount * the number of years for the lease or a fix $1500, 2000, 2,500 split between brokers. It's totally negotiable.
Ikem Chukumerije represents Buyers, Sellers, & Landlords in all luxury real estate communities including Beverly Hills, Malibu, Los Angeles, Bel Air, San Monica, Westwood, Brentwood, Venice, hollywood Hills, West Hollywood, Pacific Palisades, Venice, Marina Del Rey, and Manhattan Beach. Contact Ikem at 323-350-8297 about buying or selling real estate in these areas.
Visit www.milliondollarliving.com for more information.
there is typically an "open house".
how do you get an address? i would say thats a great question. i have experienced buying sight unseen but they at least had an address. i think you need more info before you give anyone any money.... more
You can ask your realtor to have the title company pull the records, or they can see how many homes are still showing up on the mls. The Westside MLS (CLAW) does keep their records for quite some time, but I am not sure how long that policy has been in effect, so don't know if going back to 1994 is accurate. If you don't have a realtor, feel free to call me and I can get the information for you.
I'm seeing GRM all over the place right now. Just going off the "Solds" from the last couple of months on the MLS, a GRM from 13 to 16 seems like the typical range. I think the numbers get skewed a bit when you look at a say a duplex or triplex that is purchase as an owner occupied property. The additional units may simply serve to subsidize a large mortgage for the main house.
That said, you have to drill down pretty deeply on GRMs and cap rates in unique areas like Venice. I realize the answer is a bit vague but there is are differences between pure income properties and owner occupied 2-4 units.