Real estate blog entries tagged with foreclosures by Ralph Gorgoglione, California and Hawaii Real Estate (310) 497-9407 (Metro Life Homes)

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foreclosures: Progressive new changes coming for HAFA short sales - 01/26/13 04:03 AM

Progressive new changes coming for HAFA short sales
Starting February 1, 2013, the Home Affordable Foreclosure Alternatives program (HAFA) will undergo some major changes that will speed up the short sale approval process.
One of the major changes is the requirement that servicers must make a decision on a borrower's short sale request within 30 days.
Another major update which is certain to speed up the process is the "pre-determined hardship". Borrower's who are 90 days delinquent and have a FICO score under 620 will have a pre-determined hardship.
There are other changes coming up down the road as well.
… (4 comments)

foreclosures: Homestead Exemptions: Is it possible to end up with equity from your short sale or foreclosure?? - 09/09/12 01:50 AM

Homestead Exemptions: Is it possible to end up with $75,000+ from your short sale or foreclosure?
During the last 2 courses I'm completing towards my broker's license, some of the material I'm going through is quite interesting.
I'm going through a section regarding Homesteads, how they work, and the legalities surrounding them.
Here is some initial info:
A homestead declaration does not restrict or limit any right to convey or encumber the declared homestead. [CCP §704.940]. If a property owner records a declaration of homestead against their primary residence, it in effect drains the property of its equity up to the … (6 comments)

foreclosures: Is the listing broker still due their commission if the bank takes the property back? Let's talk..... - 10/14/11 04:33 AM

Is the listing broker still due their commission if the bank takes the property back? Let's talk.....
I have a short sale listing with Flagstar Bank in which we're finally getting close to receiving an approval.
There's just a couple of updated docs that they need, but one of the docs that they need is something I'm seeing for the first time. They want an Addendum to the listing agreement with the following verbiage:
“Seller may cancel this agreement prior to the ending date of the listing period without advance notice to the broker, and without payment of a commission or … (9 comments)

foreclosures: Short sale and foreclosure sellers who "Buy and Dump" aka "Strategic Defaults" - What do you think? - 12/11/10 11:49 AM

Short sale and foreclosure sellers who "Buy and Dump" aka "Strategic Defaults" - What do you think?
Some may also call the practice "strategic foreclosures" or "strategic short sales". It is the practice of sellers who work it out so that they purchase a new home, then let the old one go.
Most of the time the reason being is to take advantage of the buyer's market pricing we have now, and let go of that property that they purchased in the high market.
Here we go again, boys and girls. Let's talk about ethics.
This is a tricky one, because … (13 comments)

foreclosures: The basics on why foreclosure is NOT a valid choice for homeowners right now - 08/11/10 02:20 PM

The basics on why foreclosure is NOT a valid choice for homeowners right now
There are many people who think that foreclosure is a valid option for distressed properties at this time.
IT IS NOT!
In fact, I had a mortgage lender in my presence today state that just walking away from your home if you are in a distressed position is the best thing to do.
I could have conked him over the head!!! I immediately corrected him.
Here's why:
1. Although states differ in their approach to mortgage loan deficiencies, in the state of California, we are an … (34 comments)

foreclosures: LOS ANGELES BOMBSHELL!! New City Ordinance Requires Banks that hold vacant properties to maintain or PAY $$$!!! - 07/16/10 12:44 PM

LOS ANGELES BOMBSHELL!! New City Ordinance Requires Banks that hold vacant properties to maintain or PAY $$!!!
This just in from LAPD Assistant Chief Earl Paysinger, regarding property maintenance and upkeep on foreclosures.
The objective is to get properties protected from squatters and "Rent-Skimmers" who claim to be owners and rent these homes to unsuspecting victims, as well as the quality of life issues involved.
A new Los Angeles City ordinance sponsored by City Council President Eric Garcetti was recently passed that now compels banks and other financial lending institutions that own vacant, dilapidated and/or nuisance properties in the City … (7 comments)

foreclosures: The Benefits of HAFA Short Sales Come Into Play - But the second lender (junior lien) can still be the Achilles Heel - 05/28/10 11:21 AM

The Benefits of HAFA Short Sales Come Into Play - But the second lender (junior lien) can still be the Achilles Heel
The HAFA Program (Home Affordable Foreclosure Alternatives) is bring some great strides to the short sale process.
There is some standardization of the process, and great financial incentives for the borrower, the banks and the broker.
The only element that really isn't brought into the standardization process is the junior lien, if there is one on the property.
Negotiation of the short sale with the second lender is unfotrunately, by HAFA definition, the responsibility of the borrower.
So we … (8 comments)

foreclosures: Ralph Gorgoglione is now a HAFA Certified Short Sale / Foreclosure Specialist! - 05/28/10 08:12 AM

Ralph Gorgoglione is now a HAFA Certified Short Sale / Foreclosure Specialist!
In anticipation of the state now requiring short sale mitigators to be certified, I have finally completed my certification
Combined with my experience with short sales and foreclosures, I am fully packed with an arsenal of knowledge for my clients to successfully complete their HAFA, HAMP and Deed-In-Lieu transactions, both HAFA and non-HAFA qualified.
I'll be writing a series of blogs coming up about the details of both HAMP and HAFA (the sister initiative of HAMP).
Ready to keep on keepin' on with short sales and foreclosures in the … (4 comments)

foreclosures: Working with Buyers on Short Sales and Foreclosures: KNOW THE FACTS! If a Notice of Default is filed, it's a whole different ballgame if your buyer is an investor. - 05/20/10 05:31 AM

Working with Buyers on Short Sales and Foreclosures: KNOW THE FACTS! If a Notice of Default is filed, it's a whole different ballgame if your buyer is an investor.
We as agents have buyers all the time that are interested in foreclosures and short sales.
If your buyer does not intend on occupying the home, you need to know the legalities associated with that type of purchase.
Laws were created over the last decade to prevent Predatory Buying practices. That is, taking advantage of owners of distressed homes by offering them a trivial amount of money to take title to their … (24 comments)

foreclosures: Short Sales, Foreclosures, and Assumable Loans: Client asks: "Why can't I just take over the payments on a distressed property?" - 05/19/10 03:25 AM

Short Sales, Foreclosures, and Assumable Loans: Client asks: "Why can't I just take over the payments on a distressed property?"
I had a client with a recent bankruptcy filing ask me about buying a home where they can "just take over the payments" on a property.
So this brings up the subject of Assumable Loans and Predatory Buying.
First of all, currently there are not alot of assumable loans out there with the exception of some FHA loans and VA loans.
Most assumable loans that are existing on properties right now are the "qualifying" type, which means you must quallify and … (3 comments)

foreclosures: New Law will allow Buyers to have choice of Escrow and Title on Bank-Owned Properties - 09/28/09 04:39 PM

There is a new law awaiting Governor Schwarzenegger's signature that would allow buyers of foreclosed homes to choose their own title and escrow companies.
California Assembly Bill 957, also called the "Buyer's Choice Act," has been approved by the Assembly and the Senate.
If the governor signs the bill, which he is expected to, this will be GREAT news. How many of us have had bank-owned escrows go bad because of not having any sense of control over the transaction?
And with bank addendums putting such a premise on the escrow, it is more than fair that the buyer has … (10 comments)

foreclosures: I think something's fishy in the flipping market............... - 09/23/09 04:51 PM

I am starting to see some flips on the market where the property is bought and sold at a substantial profit in a matter of 6 to 8 weeks.
And we're not talking major renovation either.
The reason why I think something is fishy is because some of these properties, most of which are in the $400k and below range, did not go into multiple offers.
Why is that?
After researching what the purchase price was on some of these properties, I have found that at that price, there should have been MAJOR multiples.
But, yet, just one offer.
Something's not … (10 comments)

foreclosures: The gap between lower and higher priced homes is narrowing......... - 09/01/09 01:42 PM

We have homes in the lower price ranges having a huge amount of activity to the point of multiple offers right now, and a good percentage of them driving the price over asking.
A large pool of buyers and a shrinking inventory = supply and demand = increase in home values in the lower price ranges.
Homes in the 1.5 million range and above have fewer activity, and also much more difficulty obtaining loans in that price range.
A small pool of buyers and an abundant inventory = supply and demand = deccrease in home values in the upper price … (5 comments)

foreclosures: If you don't believe you're realtor, than why are you working with them? - 08/31/09 06:24 PM

It's your realtor's responsibility to provide you with the best information in order for you to make the most prudent decisions as a buyer or seller.
If you're a buyer and you have a serious interest in a home, your realtor will pull up current market information for that home so that you can decide what offer to make. As an example, if your realtor can show that the offer price is right in line with current market value, and there are multiple offers on the property, DON'T insist on writing below list price because you read somewhere in a paper … (4 comments)

foreclosures: Our Client's Fabulous North Hollywood 1 Bedroom Re-Do - 08/23/09 04:11 PM

Our client Stephane purchased a 1-bedroom condo in the ultra-cool and eclectic NoHo Arts District of North Hollywood, California.
It was a foreclosure and basically a complete mess, but what he and his designer Peggy Miller did with the place is amazing. We were able to get him an unbelievable price for this area.
They've basically done a make-over that has a loft-like ring to it, even though it's a single story first floor unit. He decided to go with a treated cement floor, so they basically ripped up the flooring and honed and treated the concrete. Very cool. He's also … (2 comments)

foreclosures: Foreclosures: A Few Things to Watch For - 08/23/09 03:55 PM

There are a few things to watch for with foreclosures. My video addresses some of those issues.

Foreclosures, Short Sales, Ralph Gorgoglione, Richard Ruggaber, Los Angeles Homes, LA homes for sale, FHA Loans, Los Angeles Real Estate, Single Family Homes, Condominiums, Los Angeles Realtors, Los Angeles Real Estate Agents, San Fernando Valley homes for sale, Studio City, Sherman Oaks, Toluca Lake, Hollywood, West Hollywood, Beverly Hills, Santa Monica, Valley Village, Burbank, Universal City, North Hollywood, Santa Clarita, Valencia, Stevenson Ranch, Saugus, Los Angeles Realtors, Los Angeles Real Estate Agents … (0 comments)

foreclosures: Short Sales: Be Willing to Wait, or DON'T bother....... - 08/21/09 03:14 PM

Foreclosures, Short Sales, Ralph Gorgoglione, Richard Ruggaber, Los Angeles Homes, LA homes for sale, FHA Loans, Los Angeles Real Estate, Single Family Homes, Condominiums, Los Angeles Realtors, Los Angeles Real Estate Agents, San Fernando Valley homes for sale, Studio City, Sherman Oaks, Toluca Lake, Hollywood, West Hollywood, Beverly Hills, Santa Monica, Valley Village, Burbank, Universal City, North Hollywood, Los Angeles Realtors, Los Angeles Real Estate Agents
… (4 comments)

foreclosures: Los Angeles Real Estate Market Update 08/21/09 - 08/21/09 01:28 PM

Los Angeles Real Estate Market Update.
Foreclosures, Short Sales, Ralph Gorgoglione, Richard Ruggaber, Los Angeles Homes, LA homes for sale, FHA Loans, Los Angeles Real Estate, Single Family Homes, Condominiums, Los Angeles Realtors, Los Angeles Real Estate Agents, San Fernando Valley homes for sale, Studio City, Sherman Oaks, Toluca Lake, Hollywood, West Hollywood, Beverly Hills, Santa Monica, Valley Village, Burbank, Universal City, North Hollywood
… (1 comments)

foreclosures: You're either qualified or your not! That is the foundation of financial stability of our market!! - 08/05/09 10:26 AM

Yes, we are in a huge mess of short sales and foreclosures, FHA loans, appraisal issues, loan remodifications, etc.
And there is talk of a second wave coming due to adjustable rate loans resetting soon.
Think it's impossible for one small thing to correct and/or prohibit this kind of thing?
Of course!!
YOU'RE EITHER FINANCIALLY QUALIFIED OR YOUR NOT!!
The minute people start messing with that undeniable truth by attempting to tweak the system, be it buyer OR lender, that's when the mess begins!!!
YOU CAN EITHER AFFORD IT, OR YOU CAN'T!!
DON'T GET ALL CREATIVE AND START RATIONALIZING WITH … (5 comments)

foreclosures: Foreclosures and Short Sales - Make sure you have the utilites turned on for vacant properties! - 07/28/09 11:31 AM

With FHA loans being so sensitive to conditions, restrictions, guidelines and timeframes, you do not want your deal to fall out due to delays related to problems with the physical inspection.
If your buyer's inspector cannot test the water, gas and electricity on your FHA deal, they will have to to a re-inspect with the utilities on at a future date.
This cause your buyers to have to pay for a re-inspection. I guarantee they will not appreciate that the least, and it will inject frustration into your escrow at that point, which is NEVER a good thing.
Plus it … (6 comments)

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