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Foreclosure in West Sacramento : Real Estate Advice

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  • Local Info6
  • Home Buying23
  • Home Selling4
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Activity 5
Mon May 14, 2012
Robert Chomentowski answered:
Have you called CalVet and talked to them about that?
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Fri Oct 21, 2011
Gerard Carney answered:
Realtytrac makes most of their money off of people paying to see foreclosures and shorts sales, that actually have been listed by, you guessed it, other agents. If you want local foreclosures or Short Sales, just contact a local Realtor and they will gladly show all the ones listed in the area you are looking! ... more
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Sun Jan 24, 2010
Cami Pinsak answered:
Your agent should be able to provide you a list of comparable homes that have been recently sold. This should give you a good idea of what to offer on the home. Your agent also will be able to offer explanations as to the large price differential in the two properties. Best of Luck! ... more
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Thu Apr 9, 2009
Lara McHenry answered:
There are many options however without fully knowing your mortgage situation in entirety it is difficult to pinpoint if any of these options are perfect for your needs. I would suggest checking out the website I have referenced below and consider these options as well.
My gut instinct says, try to sell your home at the best price possible and down size but, that's in accordance to your credit standing...If you have good enough credit, you can sell the home that's under water and use the proceeds and a new loan to buy a smaller and more affordable property at a lower interest rate.
You might also try renting the home or at least a room and a bathroom out to a student or someone looking for affordable housing. This might help gain you the needed income to meet the mortgage and can gain you tax advantages with being able to write off rental expenses.
Sometime you can force the short sale process but it is dependent upon what your bank is willing to do, I would suggest having someone like a Realtor check out the short sale approach and see if your other assets would (actually) be jeopardized.
In these situations no one wins, not you or the bank. Perhaps there is a way you can get healthy with credit, debt etc. in five years so you have more options. You might seek consumer credit counseling.
Good Luck
... more
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Mon Aug 31, 2009
Jim Walker answered:
Hi Rachel,

99 times out of a 100 the bank will take ownership of the property at the foreclosure auction. This is because bidders at auction do not want to pay more than the house is worth: the banks auction price is usually higher than the property value.

In either case, the old property manager does not have a contract with the new owner, thus they are immediately out of the picture. You may have a difficult time getting your security deposit back from them.

. Often the acquiring bank will have a clean out specialist, a lock changer and a cash for keys negotiator. Document the condition of your home and your personal property with a camera and keep the pictorial evidence with your person or other safe place away from the property. Isolated instances have occurred where the bank flagrantly breaks the law and removes the occupants belongings and changes the locks without proper legal notice. If any body promises you anything, such as cash for keys. GET IT IN WRITING.

Be prepared to deal with people who may be kind or they may rude, but remember they have a job to do, and the job they have to do is -- to do a job on you!. Their job is to take your house away and to get you out as soon and as cheaply as possible. In rare cases the foreclosing bank may let a tenant stay awhile, but that is a rare and an unusual exception. If such an offer is made, make sure the people making it have the legal authority to offer it, make sure that everything is in writing and make sure that you aren't just getting ripped off by a fraudster pretending to represent the bank.
... more
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