Comments for Home Real Estate

Comment on I have a foreclosure in CA. Will it affect my other properties? Or will the lender put lien on my other prop? by Preet

Preet — Mon, 21 Jun 2010 01:30:03 +0000

My parents are going through the same thing. They are in CA. They have 3 properties: one they live, one they rent out and the other they bought for a friend who was going through a rough time. The friend has refused to make the payments and since my parents can not make the payments the house is going for foreclosure. They have tried selling short sale but the buyer backed out at the last minute. Would the foreclosed property affect their other properties and assets such as car, personal account, 401K etc.?

Thanks,

Comment on What exactly is a short sale? by Rush is a band

Rush is a band — Thu, 04 Mar 2010 00:42:59 +0000

If you have equity in the property then it isn’t a short sale, but just a sale. If you have no equity or owe more than the townhouse is worth, then you can ask your lender if you can do a ‘short sale’. If you owe $220,000 and the townhouse is worth $250,000, just sell it. After commissions, etc., you’d only break even, but at least you wouldn’t owe the mortgage anymore. My guess is that you don’t have any equity though…

A short sale means that you will sell the property for less than you currently owe. The bank agrees that this amount will satisfy the mortgage. (for example; you owe $250,000. The townhouse is worth $220,000. The bank agrees to take $220,000 to satisfy the mortgage. You get lucky and find a buyer at $220,000, sell the townhouse and don’t owe anything more.). In the past, the difference between the sales price and the amount you owe would have counted as taxable income to you, but a recent bill has suspended that and you wouldn’t even owe the taxes on the difference.

This is much different (and better for you) than a foreclosure. In a foreclosure, you fall behind on your payments, the bank notifies you that you have breached your agreement with them. They go to court and get permission to take the collateral (the townhouse). They auction it off. They bill you for the difference between what you owed and what they sold the place for (adding on lawyer’s fees, etc.).

In a short sale you live in the house until it sells. Getting a lender to agree to a short sale will also short circuit the foreclosure process.

Your credit is getting trashed as you fall behind on your payments. You need to contact your lender to work something out, whether that is a reduction in your payment or adding the two overdue payments to the balance of your mortgage. If you can get/keep current through the process, your credit won’t get completely mangled. There is also a chance that the mortgage company will stop reporting you as late if you are undergoing a short sale.

It’s got to be a stressful situation. Take care of yourself and remember that this will be temporary. Don’t let the stress ruin your health.

good luck!
References :

Comment on agent gets commission when buying house for himself? by Lisa S

Lisa S — Thu, 04 Mar 2010 00:23:59 +0000

It depends on the situation. Most foreclosed properties will state in the MLS under Realtor remarks that "Any agent procurring property for him/herself will not receive a commission." The same is true on a lot of short-sales. However, if you are just buying a "regular" listing you should receive your commission.
References :

Comment on What exactly is a short sale? by Stacie L

Stacie L — Wed, 03 Mar 2010 23:58:59 +0000

A short sale is when you sell your home for less than you owe. To be successful, your lender must agree to accept less than your payoff amount as full payment for the mortgage. This will show up on your credit report as a satisfied debt. Usually you can get the bank to agree to not come after you for the difference between what you owed on the home and what you can sell it for, but you MUST get this in writing. If that is the case, you will owe nothing (not even the back payments). Typically you will be able to continue living in the house until the sale closes, or possibly 30 days after, if agreeable to the buyer, to give you time to move.
References :
Licensed Realtor in MI

Comment on agent gets commission when buying house for himself? by loanmasterone

loanmasterone — Wed, 03 Mar 2010 23:53:59 +0000

When in a real estate transaction, since you are a licensed real estate agent, you are required by law to reveal in any contract with the seller or buyer that you are a licensed real estate agent.

Some take this a little further and state "I am purchasing this property as my personal residence or I am purchasing this property as an investment property." This is not required, however, in this society of law suits it might help.

Any property that you sell either as the selling agent or a property that is sold as you being the listing agent, you are legally eligible for a commission on these type sales.

Your commission is based on the agreement you have with you real estate broker.

I hope this has been of some use to you, good luck.

"FIGHT ON"
References :

Comment on What exactly is a short sale? by Raoul I

Raoul I — Wed, 03 Mar 2010 23:34:59 +0000

Value of your property is ‘short’ of (less than) the proceeds from a sale.
A short sale is when you contingently sell your property to a buyer, then approach your lender and ask for the final payoff (mortgage balance mostly) to be reduced, since the value is lower and the bank may likely face higher costs by foreclosing on you. Length of stay at your home, depends on the terms you might be able to work out with the buyer of the property.
References :

Comment on agent gets commission when buying house for himself? by Landlord

Landlord — Wed, 03 Mar 2010 23:21:59 +0000

You do, split with your broker, just like any other sale. You do have to state you are an agent on your offers. You must disclose this to the sellers.
References :

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