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Real Estate Foreclosures Questions and Answers |
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Question: Looking for a home in the South Bay, foreclosures, Los Angeles?
I live in West LA and rent is going through the roof, I work in the South Bay but have no idea about the cities around there.
My wife and I are looking to purchase a home there. I hear Torrance is nice, but too expensive. I also hear "parts" of Gardena, Lomita, San Pedro and Long Beach are nice, but how do I know which "parts?" Any zipcodes would be nice. I also would like a city with decent schools, my wife and I are planning to start a family soon. Thanks for any help.Answer: The nice houses in the area you want to buy are close to 1/2 ...
The nice houses in the area you want to buy are close to 1/2 million. Check realtor.com for houses in these areas.Answer: 90803 is a nice area of Long Beach. The homes in...
90803 is a nice area of Long Beach. The homes inneighborhood start at $800,000 for a fixer-upper and go up from there. The nice neighborhoods in LB are Bluff Park, Naples, the Peninsula, Belmont Shore, Belmont Heights, Virginia Country Club, and Carrol Park. It may sound like a lot of different places, but all those areas, with the exception of Virginia Country Club, are within 5 miles of each other.
I don't have kids, but I've heard Lowell Elementary School and Wilson High School are good schools.
Personally I wouldn't live anywhere East of 4th Street in LB unless you find a place in Belmont Heights. The neighborhoods go down fast.Question: I am interested in buying foreclosure property in California.?
I want to purchase a foreclosure property in California to live in. What should I do first, how do I begin the process? Do I contact banks, real estate agents or what? What are the common mistakes people make in dealing with foreclosure properties and what do I avoid? I am obviously a beginner at this and don't even know how to start the process, any help would be wonderful!Answer: I don't know the answer to the first two question, ...
I don't know the answer to the first two question, I'm more of a tachie. I was just reading in Atlanta magazine mistakes people make when buying a foreclousre. It is sold as is- meaning if there is mold in the walls and you don't see it and buy the house oh well...Answer: The foreclosure in CA are sold with the rest of the houses. ...
The foreclosure in CA are sold with the rest of the houses. Any real estate agent can get you a list. However, I woud not limit myself to foreclosers. They are selling for close to market value but take about 3 months to close.
You can email me and I can send you a list if I have access to that cities MLS. I am not a real estate agent, but do not mind helping.Question: what is foreclosure?
Answer: its where u fail to make ur mortgage payments and they take ...
its where u fail to make ur mortgage payments and they take ur house.Answer: That when the bank seize your property.
That when the bank seize your property.Answer: If you sign a contract to receive property and agree to pay ...
If you sign a contract to receive property and agree to pay for it over time, the property will often be legally (but not physically) held as security so that you hold up your end of the contract - make the payments.
If you don't, they can foreclose (end the contract prematurely) and take whatever is held in security away from you.Question: Have you bought a home in foreclosure at an auction? What's the process/experience like?
I'm debating getting approved for a loan and buying a foreclosed home but I'm uninformed on the process. I'm also wondering if we get to have an appraisal done before we buy or finalize and if we get to see the interior of the home first? Thanks much.Answer: Most forclosure auctions allow a walkthrough of the property ...
Most forclosure auctions allow a walkthrough of the property 24-48 hours in advance of the sale, some do not. You will have to watch the paper's legal columns to figure it out. Make sure you have a line of credit available prior to the auction in excess of what you need, and be prepared to pay down up to 20% at the auction if you are the winning bidder. You may or may not be able to have an appraisal done, but you should be able to access the taxed value of the property and what the communities rules are regarding tax value v. market value (incommunity it's about 20k less than market value). You can get this information from the county, some have it on their websites and others you have to go to the county building. Getting a Line of Credit against either your current residence and then taking out a loan after the auction is a great way to start out - a loan approval takes several days and depending on your local government's regulations you can have anywhere from 48 hours to 10 days to prove funds. Talk to your loan officer about the best option for you.
Good luck, have fun!Answer: Ok, so we didn't buy a forclosed house yet, but ...
Ok, so we didn't buy a forclosed house yet, but we've looked at quite a few. It is certainly less expensive then buying a regular house, but there are a few things to look out for.
#1 Usually these homes come with no disclosure. That means that since you are buying from a bank and not the person who lived there, no one can tell you if the basement floods, the roof leaks, or anything else you might want to know about the house.
#2 If you buy a non-forclosed house you can usually set up provisions when you make your offer that the offer is subject to the house passing certain inspections (roof, electrical, foundation, whatever). Most of the time, you do not get that option on a forclosed house (but don't be afraid to ask just in case).
#3 You should be able to go see the house. If it is an auction, there may be an open house sort of thing or you may be able to schedule an appointment with the realtor to go have a look. Bring your flashlights since most houses have no electricity. Check the basement/crawlspace, attic and look at the fuse box, furnace, look at the walls for any sign of water damage (since you don't get to inspect, you have to do the best you can...if you have a relative who is in construction type stuff, feel free to ask them to tag along to give you an opinion).
#4 be prepared to do some work. a lot of these houses were not cared for as they should have been. I've seen crayon on wall, ceilings that fell down due to water damage, cabinets missing, all sorts of crazy things, but what can you expect for paying so much less for the house.
#5 make sure the bank knows you are looking at forclosed homes that may have problems like the above mentioned. Some banks will not approve a loan if even one drawer is missing in the kitchen (a nice realtor had to explain why the house we looked at was BACK on the market...the loan someone got fell through due to some missing cupboard doors in the kitchen...lol)
#6 do not let a realtor push you into making an offer. if you aren't comfortable making an offer on short notice for a house, don't do it. there are plenty more houses on the market right now, you will find one that is right for you but it might take a bit of time and don't give up if you don't get the first one you make an offer on.Answer: Buying a foreclosure from the courthouse steps is like ...
Buying a foreclosure from the courthouse steps is like winning the lottery - and, if there is a lot of demand for the particular parcel/property being sold - your bid may even need to be higher than the current fair market value of the property.
There are many, many folks that believe the contrary - and - to some extent, it's really dependent on the market the property is located in. I have seen many "investors" take ownership of foreclosed properties during an auction only to find that the property wouldn't resell for the amount invested.
If you're looking to buy property cheap - check with your local bank for an REO (real-estate owned) property. These represent properties that have been foreclosed on and, for whatever reason, were either not offered for auction or went unpurchased at auction. These types of properties represent illiquid bank assets that are now costing the bank in terms of holding and carrying costs.
Don't become emotionally attached to your investment, perhaps even have the property appraised (by a reputable appraiser) prior to making the offer and then stick to your amount.Answer: You need a solid mortgage commitment lined up. You may not ...
You need a solid mortgage commitment lined up. You may not be able to get inside the property, so you'll need a lender who wont want interior photos. You need a cash downpayment ready (amount depends on the auction rules). There is a good chance you cant get inside so if its been trashed, that is a risk too. Stick with the ones that have been listed with a RE broker if you can. The bank would have taken it over by then and you'll have access.Answer: There is no absolutely answer for your ...
There is no absolutely answer for your question.However,explorer the information here will give you some ideas.HOpe it helps.http://homeloan.online-assistant.info/delaware-home-equity-loan.htmlQuestion: Questions about buying a home at auctions that is in foreclosure?
1) Do we get to look inside the house or do you just bid and get what you get?
2) Is there an appraisal done, or can we have one done before things are finalized? I've heard of ppl buying one and then it's condemned and they lost all their money and had no home.Answer: >>>>>>>>>>>>>>> ...
>>>>>>>>>>>>>>>>
) Do we get to look inside the house or do you just bid and get what you get?
>>>>>>>>>>>>>>>>>>>>>
2) Is there an appraisal done, or can we have one done before things are finalized? I've heard of ppl buying one and then it's condemned and they lost all their money and had no home.
<<<<<<<<<<<<<<<<<
NO APPRAISAL is done as it is not possible to get inside the home. These homes are usually trashed. Even if you are the high bidder at the auction, you MAY need to evict the people in the house. Count on attorney fees and court costs and a long wait to get in the house.Answer: properties are posted . 30 days in advance.
u do ur home ...
properties are posted . 30 days in advance.
u do ur home work by attending foreclose sales b4 u have money.Answer: If you are actually buying at a foreclosure sale ...
If you are actually buying at a foreclosure sale (trustee's sale), then the answers are as follows:
1) You don't get to look inside the house; it is sold "as is."
2) No appraisal is done. You can't have one done before things are finalized? In order to do an appraisal, the appraiser goes inside the house (see answer to #1). You buy the house "as is." You can do a check with the county/city where the house is located to see if there are any violations.
Now, if you purchase it at an auction AFTER the foreclosure has occurred (the bank already owns it and hopefully has evicted the tenants), the the answers are as follows:
1) Yes, you usually get to look inside the house but, as with purchasing it at a trustee's sale, you are buying the house "as is."
2) When you get the opportunity to go inside the house, you can have an appraiser accompany you. The realtor / real estate agent handling the sale sometimes has a checklist of items they have noted (but it is usually not checked because the house is sold "AS IS"). Again, you can check with the county/city where the house is located to determine if any violations exist.Answer: they are sold "as is where is with no warranties ...
they are sold "as is where is with no warranties expressed or implied"Answer: I can see you have never been to any of the courthouse ...
i can see you have never been to any of the courthouse sales. You need to very carefully read the terms of sale and fully understand them.
Right now most all the foreclosure sales inarea is like a circus and are generally bidding more than a comparable property on a traditional sale. Pig in a poke they are
I am considering foreclosing on myself,properties would bring more that way than if I tried to sell them normally.
think about this also.. none of the homes will have had any upkeep done in the past years and are generally stripped and trashed by the previous owners, roof leaks into the walls, termite and carpenter ant infestations are all yours free of charge |
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