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The government may have the right home for you!

With all the bank foreclosures and the mountain of short sales, we forget that the government is also in the foreclosure business. Government back mortgages get returned to the government and are available for purchase. Here are a few programs that you might be interested in

HUD Homes

I can write HUD offers for you! HUD has indentified buyer types that are eligible to purchase HUD-owned homes. Certain conditions must be met to determine the eligibility of a buyer to bid on a particular home. Only registered bidders can make offers on properties. Homebuyers must use a registered selling broker or selling agent to make an offer on their behalf.

Owner Occupant: Eligible owner occupants are individuals who have not purchased a HUD property with the past two (2) years. They can bid on homes in the Exclusive or Extended periods. Owner occupants rank above nonprofits and government agencies in the bid-selection process for Exclusive and Extended listings.

Investor: Eligible investors can bid on homes only in the Extended period and are ranked below other types of bidders in the bid-selection process.

http://www.hudhomestore.com/Home/Index.aspx

Freddie Mac

Freddie Mac will offer homebuyers and select non-profits an exclusive opportunity to purchase HomeSteps homes prior to competition from investors through the Freddie Mac First Look Initiative. This on-going initiative offers owner occupant homebuyers, Neighborhood Stabilization Program (NSP) grantees and non-profits engaged in community stabilization efforts the ability to purchase HomeSteps homes during their initial 15 days of listing (30 days in Nevada), without competition from investors. The purchaser does not need to be a first time homebuyer to be eligible provided, however, that they are buying the home as their primary or secondary residence.

http://www.homesteps.com/homebuyer/offers.html

Fannie Mae

A foreclosed property can represent a great opportunity and a good value — but a HomePath property can offer even more. Some homes may qualify for special incentives, and many can be purchased with a low down payment and flexible mortgage terms through HomePath financing.

Fannie Mae’s innovative First Look marketing period was created to promote homeownership and contribute to neighborhood stabilization — allowing homebuyers to bid and purchase foreclosed properties before they are made available to investors.

Details include:

    • First Look is typically the first 15 days a property is listed on HomePath.com (Nevada is 30 days).
    • Properties in the First Look period have a countdown clock on the property information page of HomePath.com displaying the days remaining to purchase.
  • Eligible buyers during First Look are owner occupants*, public entities and their partners, and some non profits.

If that’s not enough

Several federal agencies have properties to sell. In fact, HUD sells both single family homes and multifamily properties. Check them out- one might be just what you’re looking for!

Single Family Homes for Sale

 - From HUD
 - From the Department of Veterans Affairs
 - From Federal Deposit Insurance Corporation
 - From Internal Revenue Service
 - From US Army Corps of Engineers
 - From Customs
 - From the U.S. Marshals Service
 - From the Department of Agriculture Rural Development

Related Links

 - From Fannie Mae
 - From Freddie Mac
 - From Realtor.com

Multifamily Properties

 - From HUD
 - From Fannie Mae
 - General Services Administration
 - Federal Deposit Insurance Corporation

Sellers and Buyers Cities Requiring PreSale PreInspection

You don’t want to get stuck at closing. Many cities in Los Angeles County have certain requirements in order to close escrow. These may include anything from a fee and an inspector doing a drive by to full interior inspection reports in some cities. They may include fees, taxes and even pulling permits or waivers and credits

Be aware of the requirements in the city you are considering buying or selling in to make sure your not surprised and your closing goes off without a hitch

Azusa
Bell
Beverly Hills
Carson
Compton
Cudahy
Culver City
El Monte
El Sereno
Gardena
Hawaiian Gardens
Hermosa Beach
Huntington Park
Inglewood
Laguna Beach
Los Angeles City – 9A Report
Lynwood
Manhattan Beach
Maywood
Monterey Park
Newport Beach
Orange
Oxnard
Palos Verdes Estates
Pasadena
Port Hueneme
Rancho Palos Verdes
Redondo Beach
Rolling Hills
San Diego
San Marino
Santa Monica
South Gate
Signal Hill
Torrance
Thousand Oaks

 

Watch out for the presale preinspection. Call me for details 323-215-9836

California Probate Code 10360 for Reverse Mortgage Short Sales

As an administrator dealing with a property that is upside-down, you can have the attorney fees covered as well as administrator fees. This is NOT LEGAL ADVICE, this is a personal note for me to remember the probate code section.

PROBATE CODE SECTION 10360-10363

10360. As used in this article:
(a) “Amount secured by the lien” includes interest and any costs and charges secured by the lien.
(b) “Encumbered property” means real or personal property that is subject to a lien for a secured debt which is a valid claim against the estate and which has been allowed or approved.
(c) “Lien” means a mortgage, deed of trust, or other lien.

10361. (a) If encumbered property is sold, the purchase money shall be applied in the following order:
(1) Expenses of administration which are reasonably related to the administration of the property sold as provided in paragraph (1) of subdivision (a) of Section 11420.
(2) The payment of the expenses of the sale.
(3) The payment and satisfaction of the amount secured by the lien on the property sold if payment and satisfaction of the lien is required under the terms of the sale.
(4) Application in the course of administration.

(b) The application of the purchase money, after the payment of those expenses set forth in paragraphs (1) and (2) of subdivision (a), to the payment and satisfaction of the amount secured by the lien on the property sold shall be made without delay; and, subject to Section 10362, the property sold remains subject to the lien until the purchase money has been actually so applied.

10361.5. The personal representative or any interested party may, at any time before payment is made to satisfy all liens on the encumbered property sold, petition for an order determining the amount of expenses of administration that are reasonably related to the administration of that encumbered property as provided in paragraph (1) of subdivision (a) of Section 11420. The petition may be heard as part of a petition for confirmation of sale of personal or real property as provided in Section 10260 or 10308, respectively or may be heard separately. If the petition is presented as part of a petition for confirmation of sale of real or personal property, the notice of hearing otherwise required by this code for a petition for confirmation of sale shall be given in addition to the notice requirements under Section 10361.6.

10361.6. (a) At least 30 days prior to the day of the hearing, the petitioner shall cause notice of the hearing and a copy of the petition to be served in the manner provided in Chapter 4 (commencing with Section 413.10) of Title 5 of Part 3 of the Code of Civil Procedure on all of the following persons:
(1) The personal representative, if the personal representative is not the petitioner.
(2) The holder of any mortgage or other lien secured by the property that is sold.
(3) All agents or brokers entitled to compensation from the proceeds of the property that is sold.

(b) Except for those persons given notice pursuant to subdivision (a), notice of the hearing, together with a copy of the petition, shall be given as provided in Section 1220 to all of the following persons:
(1) Each person listed in Section 1220.
(2) Each known heir whose interest in the estate would be affected by the petition.
(3) Each known devisee whose interest in the estate would be affected by the petition.
(4) The Attorney General, at the office of the Attorney General in Sacramento, if any portion of the estate is to escheat to the state and its interest in the estate would be affected by the petition.
(c) The court may not shorten the time for giving the notice of hearing under this section.

10362. (a) If encumbered property is sold, the purchase money, or so much of the purchase money as is sufficient to pay the amount secured by the lien on the property sold and the expenses of the sale, may be paid to the clerk of the court. Upon the payment being so made, the lien on the property sold ceases.

(b) The clerk of court without delay shall use the money paid to the clerk under this section to pay the expense of the sale and to pay and satisfy the amount secured by the lien on the property sold. The clerk shall at once return the surplus, if any, to the personal representative unless the court, for good cause shown and after notice to the personal representative, otherwise orders.

10363. (a) At a sale of real or personal property subject to a lien, the lienholder may become the purchaser of the property, even though no claim for the amount secured by the lien on the property sold has been, or could have been, filed, allowed, or approved.

(b) Unless the property is sold subject to the lien:
(1) If the lienholder becomes the purchaser of the property and the amount secured by the lien on the property is a valid claim against the estate and has been allowed or approved, the receipt of the lienholder for the amount due the lienholder from the proceeds of the sale is a payment pro tanto.
(2) If the lienholder becomes the purchaser of the property and no claim for the amount secured by the lien on the property has been filed, allowed, or approved, the court may at the hearing on the petition for confirmation of the sale examine into the validity and enforceability of the lien and the amount secured by the lien, and the court may authorize the personal representative to accept the receipt of the lienholder for the amount secured by the lien as payment pro tanto.
(3) If the lienholder becomes the purchaser of the property and the amount for which the property is purchased is insufficient to pay the expenses of the sale and to discharge the lienholder’s lien, whether or not a claim has been filed, allowed, or approved, the lienholder shall pay to the clerk of the court an amount sufficient to cover the expenses of the sale.

(c) Nothing permitted under this section shall be deemed to be an allowance or approval of a claim based upon the lien or the amount secured by the lien.

Yikes! How much is this loan going to cost me?

After getting their offer accepted, the first shock buyers get is seeing the Good Faith Estimate. The Good Faith Estimate is an estimate that lists the money you need to purchase your home, including your down payment, fees paid before closing and all the closing costs you will encounter when purchasing a home. With recent changes in the laws, lenders are required to disclose all possible charges associated with getting your loan

Some of the big ticket items include the Origination Fee, Loan Discounts, Title Charges, Government Transfer Fees and the Upfront Mortgage Insurance Premium for FHA loans. There’s also a lot of little charges that add up, like the Appraisal, Underwriting and the Courier Fee (which always seems high to me)

The Good Faith Estimate gives you an estimate of your settlement charges and loan terms if you are approved for this loan. For more information, see HUD’s Special Information Booklet on settlement charges, your Truth-in-Lending Disclosures, and other consumer information at www.hud.gov/respa

grab the January 2010 updated  HUD new settlement cost booklet

I also found these two websites that have very good interactive samples that explain what each line item is

http://joemetzler.com/mui_goodfaith.pdf

http://www.seloan.com/sample_gfe.html

As always, if you have any questions or doubts, please don’t hesitate to give me a call any time at 323-215-9836.

Save 25% on Your Proposition 8 Property Tax Relief

For everyone occupying LA. If you want to try and get a break on your property taxes, maybe a refund check! In Los Angeles County, you have to submit your application before November 30 and you can submit it online! or you can mail an application by the end of this month. There are companies that charge you for this service (I’ve seen some charge 25% of the refund which sounds great) but you can do it yourself for FREE and the Assessor’s Office can help for FREE and I might help for FREE

  • What is it?

Proposition 8 allows for a temporary reduction in assessed value when a property suffers a “decline-in-value.” That’s most of Los Angeles. A decline-in-value occurs when the current market value of your property is less than the current assessed value as of January 1.

In Los Angeles County and all over California, if the current market value of your property is less than its current assessed value, you may qualify for tax relief under Proposition 8. There are people that get a property tax refund check every year.

  • What do you need to do to get tax relief?
  1. Find the current assessed value of your property from your current property tax bill or from the Assessor’s website
  2. Find comparable sales that sold as close to January 1 as possible, but no later than March 31
  3. If your home’s current assessed value is less than the comparable sales you may get a refund!
    The application is available at the Assessor’s website
    assessor.lacounty.gov and you can do it online, if you found your tax bill (you need a secret code from your tax bill) there’s a big red button that says CLICK HERE on their site. If you can’t find your tax bill, your taxes are on the Assessor’s website and you can mail in the application
  4. Go to the tax meeting (sounds better than a tax hearing) it’s not a big deal but it takes a half day
  • Where do you get those Comparable Sales?

The easiest way to find comparable sales is Call Me “Your Realtor” and ask for help. I can find Comparable Sales and I do not charge for this service AND I can do it over the phone in a few minutes AND that’s all you need to do for step 2. I can pull comparable sales that sold close to January 1, but no later than March 31. The no later than March 31 is the biggest reason for being denied a refund, so check that date

You can try to do it by yourself online, some websites offer some sales information free of charge; enter your address and get a free report of the current value of your home and a list of comparable home sales that sold near yours. Just look for those January 1, but no later than March 31 sales.

  1. assessor.lacounty.gov – the Assessor’s website offers sales information for properties that have sold within the last two years. The same information is available from any Assessor District Office.
  2. www.zillow.com – this is the easiest site to use, it gives you a nice little report of what your home is worth and there’s a full list of comparable sales with dates
  3. www.cyberhomes.com – I used to like this site but it’s hard to find addresses and the site is very buggy. It will give you a value for your home but the comparables have no dates, not useful for the taxes

Please understand that the values you get from these online sites are usually wrong and sometimes way way off. It’s a computer making a guess, based on some weird math. Here’s more info about the Zillow Estimate http://www.zillow.com/wikipages/What-is-a-Zestimate/ note that for LA, only 40% of the time are they closer than 5% of the final Sales Price, the rest of the time, they are way off, sometimes by more than 20%

If you can cut your property taxes by making a phone call, great. I want to see you get a refund check so if you want help, call me at 323-215-9836

Also, I know real estate and values. Paying less property taxes may affect your personal tax liability so contact your tax advisor for tax advise

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Daniel Andrade, REALTOR® DRE #: 01849983
Century 21 My Real Estate Co
7825 Florence Avenue, Downey , CA 90240
call today 323-215-9836
daniel@mynewhouses.com

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