Looking For Foreclosures and Deals in L.A? Are You Sure?

Foreclosures are not all they are cracked up to be

It is human nature to want a deal, and there are times in the housing market you can find one, especially in a down market. But this is a case of be careful what you wish for. From around mid-2008 to late 2012 during the recession the housing market collapsed, but L.A. was not hit quite as hard as most markets in terms of foreclosures and short sales. We had our share but again nothing like really depressed communities. Foreclosures and short sales still seem to be on the radar for many … [Read more...]

Buying Foreclosures in Los Angeles

Los Angeles Short Sales, Los Angeles Foreclosures, Buying and Selling Los Angeles Foreclosures

Almost every buyer I meet asks about buying foreclosures in Los Angeles, because, like everyone, they are looking for a deal.  And I always hear "I am looking for a deal." Fortunately, or unfortunately, there are no deals in the desirable neighborhoods of Los Angeles.  I use the term "no deals" loosely, because who knows, maybe someone will get lucky.  But Los Angeles was not hit like many other parts of the country.  Prices came down, but they did not plummet, and the real deals are bought … [Read more...]

When Buying a Los Angeles Home at a Foreclosure Auction Beware of Unknown Matters

Los Angeles Foreclosure Alternative Deed in Lieu, What is a Deed in Lieu of Foreclosure?

We are back to the point about buying a Los Angeles home for a bargain.  You generally get what you pay for. If you are thinking of buying a home at a foreclosure auction then beware of unknown matters that could pop up, as you will  probably not be offered title insurance on the property.  In a regular sale, the Seller will be paying for your title insurance.  You could be inheriting a bunch of problems which will make it difficult for you when it comes to selling the property. What … [Read more...]

A Los Angeles Foreclosure Alternative – Deed in Lieu

Los Angeles Foreclosure Alternative Deed in Lieu, What is a Deed in Lieu of Foreclosure?

We often talk about different short sale incentive programs—HAFA, TAP, Bank of America Cooperative. Some of these programs also offer options and incentives for borrowers who are considering a deed-in-lieu of foreclosure. I do not write about deed-in-lieu very much, but thought it an appropriate topic since I have gotten a few calls and emails from agents who want to 411. A deed-in-lieu is simply the opportunity for a borrower (mortgagor) or homeowner to convey all the interest in the … [Read more...]

Buying a Los Angeles Foreclosure or Short Sale, Hold on, it Could be a Bumpy Ride

Buying a Los Angeles Foreclosure or Short Sale

If you are thinking of buying a Los Angeles foreclosure or short sale you are going to have to have a lot of patience and put a great deal of trust in your real estate agent. Buying a Los Angeles Foreclosure When you are buying a foreclosure the human touch is basically removed from the process.  You are dealing with a lending machine.  There are no warm and fuzzy letters to write to the "seller" telling them how much you love the house, and how you have made your best offer and hope that they … [Read more...]

Thinking of Walking Away from Your Los Angeles Home? Make Sure You are Not Saddled with a Tax Bill

Los Angeles Short Sales, Los Angeles Mortgage Forgiveness

If you are thinking of walking away from your Los Angeles home, or doing a short sale on that home don't automatically assume that you will not have taxes to pay on the forgiven portion of your debt. There are laws in place that protect the distressed Los Angeles homeowner from having to pay taxes on the forgiven portion, but you need to make sure that you meet the requirements for this tax relief. What are the requirements for tax relief on mortgage debts forgiveness? The Los Angeles … [Read more...]

Foreclosures – A Dream or a Debacle?

Los Angeles Foreclosures, Los Angeles Real Estate, Los Angeles Short Sales

Are you leaning towards stepping into the investment market? You may get the idea that buying a  foreclosure is your best bet for a great deal on a home. Well, it’s possible, but remember that the foreclosure market is full of perilous pathways and competitive investment pros who know what they’re doing. Whether you’re considering purchasing  foreclosures as an investment or as your personal residence, here are a few tips that will help you get you started on a great investment and likely … [Read more...]

A Los Angeles Short Sale or Foreclosure, Which is Better?

Buying or Selling a Los Angeles Foreclosure, Buying a Los Angeles Short Sale, Los Angeles Short Sales

Should I buy a Los Angeles home in a short sale or foreclosure? Should I sell my home as a short sale or allow the bank to foreclose? These are questions faced by many Los Angeles home buyers and sellers in today's tough times. What is a short sale? A short sale is when a home owner opts to sell his home for less than he owes on the mortgage, rather than let the bank foreclose on him.  Technically the hit on his credit and future home buying power is supposed to be less with a short … [Read more...]

Buy a Foreclosure Save $100,000

Buying a Foreclosure save $100,000

Would you like to buy a foreclosure and save $100,000? Fannie Mae and Freddie Mac are trying to reduce their huge inventory of foreclosed homes by by offering to pay some of the closing cost, financing renovations and repairs, and allowing 3% downpayment. This will offer an incentive to first-time home buyers and those wanting to buy up. If you buy and Fannie or Freddie-owned property rather than a regular sale property in the same area you could save up to $100,000. Even thought … [Read more...]

Buying a Foreclosure in Los Angeles

Buying a Foreclosure in Los Angeles is not an easy process and not for the faint of heart. There are three stages of buying: Pre-foreclosure: This is when the home is in the process of being foreclosed on but has not been sent to the auctioneer's table.  This kind of sale is a short sale but can be a long, drawn-out process of negotiations.  The Seller is under water on his or her mortgage and is trying to offload the home.  The first part of the process involves a contract agreed upon … [Read more...]