Amazingly there is only 7 or 8 weeks before school starts again. I know, all the parents are screaming: “WHAT?!! It can’t be!!” Still it is true. If you are planning to move and will need to get the kids registered in the new school, take heart – you still have time. While “REO” (foreclosed ... [Read More]
Amazingly there is only 7 or 8 weeks before school starts again. I know, all the parents are screaming: “WHAT?!! It can’t be!!” Still it is true.
If you are planning to move and will need to get the kids registered in the new school, take heart – you still have time.
While “REO” (foreclosed homes) take 6 to 8 weeks to close, “Short Sales” could take 2 to 4 months to close! However, a ‘Regular’ sale: where the owner themselves are selling the property, could close within 4-6 weeks. In fact, when your lender approves your loan you could start the enrolling process with confidence. You will even have an address within the school boundaries. Loan approval is often issued 2 to 3 weeks into the escrow.
When looking on-line therefore, you may want to include on you ‘dream list’ of features the absence of: “Short Sale”, “Bank Owned”, or “REO” in the description of the home. Chances are, the homes without one of those discriptions will be a ‘regular’ sale.
As an added reason to be alert to such a home – they are more often in better condition than those homes sitting vacant.
Feel free to shop in the actual MLS through the “Client Portfolio” button above this post. There, you can access the actual MLS, in real time. Or, you can e-mail me and I will do the search for you.
Happy Summer!
Our Veteran buyer had an approved short sale contract on a Hollister home. The bank’s approval limited the amount they had to net from the sale. There was NOT enough to cover all of the repairs from the termite company’s report. The seller had no money. Our buyer could not pay for any of the repairs. ... [Read More]
Our Veteran buyer had an approved short sale contract on a Hollister home. The bank’s approval limited the amount they had to net from the sale. There was NOT enough to cover all of the repairs from the termite company’s report.
The seller had no money. Our buyer could not pay for any of the repairs. The listing agent and I had already agreed to put up a portion of our commissions toward the cost. Yet there remained a list of repairs to do. At the close of escrow no more options were available. We were at a stalemate.
The seller offered to help to fix a couple of repairs with materials he already had. I took the remaining list of items and figured out a plan to get them done. I bought the necessary supplies, rounded up 3 others and on the Saturday before it was to close we spent 7 hours doing those repairs.
With Western Exterminator’s pre-set re inspection on Monday morning and e-mailed clearance to the lender that same day we funded on the very last day possible. IT CLOSED! The seller was freed up. My buyer bought a great home at a great price. The listing agent and I got a little bit for our 4 months of work. Everybody came out okay.
Winston Churchill’s famous, 5 word speech comes to mind: “Never, never, never give up”.
How to buy a foreclosure Many buyers, especially first-timers, hope to purchase a foreclosed property at a bargain price. While purchasing a foreclosed home can be a wise choice for some buyers, it is important that buyers understand the differences in buying at different stages of foreclosure and be prepared to take on the challenges ... [Read More]
How to buy a foreclosure
Many buyers, especially first-timers, hope to purchase a foreclosed property at a bargain price. While purchasing a foreclosed home can be a wise choice for some buyers, it is important that buyers understand the differences in buying at different stages of foreclosure and be prepared to take on the challenges typically associated with each.
MAKING SENSE OF THE STORY FOR CONSUMERS
There are three basic stages of foreclosure in California: Pre-foreclosure, trustee’s sale, and repossession, often called an REO or real estate owned by the bank.
Pre-foreclosure homes are in the foreclosure process, but have not yet been auctioned. Owners of pre-foreclosed homes often try to sell the properties because they are “underwater,” meaning they owe more on the mortgage than the home currently is worth. Many homeowners attempt to sell via short sale, where the lender must agree to accept less than the amount owed on the mortgage. Buying at this stage of foreclosure often is a complicated and slow process. However, buyers of pre-foreclosed properties often are given the opportunity to inspect the home prior to purchasing, whereas this is not always the case when buying at other stages of foreclosures.
The second basic stage of foreclosure is the public auction at a trustee’s or foreclosure sale. Homes in this stage often are well priced, but also come with challenges to buy. These homes may not be available for inspection and buyers may later discover the property needs numerous repairs. As a result, many of the homes at auction are purchased by investors and contractors who have experience working with homes needing numerous repairs, or taken back as REO by the foreclosing lenders.
If a home does not sell to a third party at the trustee’s auction, the bank takes the property (REO Property)–the final stage of the foreclosure process. Although homes in this stage typically do not offer buyers the best prices, buyers generally can perform a thorough inspection of the property prior to closing.
To read the full story, please click here.
