Frank Becerra's Q&A

Cash offers take priority over financing unless you are in competition with others and they think they can get more from a financed. If you are looking at homes under 100,000 40% are cash so there isn't much advantage, and if you are looking at homes below 40, they are all cash, no advantage.read this blog before you offer.

If you know what you are buying.....There are a couple of type of buyers in the auction. Those that know what they are buying, say investors and the rest of the buyers. Most people are lured by fliers that talk about homes that are worth 300,000 (2005-6) being offered for a starting bid of 5,000.At these auctions aside from the 5% premium, you have to consider that they are not absolute auctions, in other words if you are the winning bid at 7,000, the bank still has a final say as to weather they want to sell it for that. They will likely negotiate with you, and if you don't come up to what they want you will likely not get the home.In our market we are seeing fewer and fewer auctions for reasons reflected on this blog post Las Vegas is a big auction.

Squatters have rights, and as a result they have to be evicted according to local laws.Once it is vacated they will likely make it available again.

Usually the system reflects what is in public records, so you may want to look at your tax records to make sure that it is reflecting the proper square footage. It usually takes a while for it to reflect changes, and it is usually reflected after the inspector files the paperwork. Which takes me to the next thing, you did pull permits for it right? If you didn't you will like have an illegal addition, and it will not show on anyones records. Good Luck

Looks like you would be a great candidate for first time buyers classes, they are free and they will answer so many questions that you may or may not have at the moment. They will likely put you in contact with a lender that will work with you on credit and other aspects of the home buying process.Go to the HUD website and I'm sure you'll find non profit groups in the area or surrounding areas such as Torrance, Carson, Long Beach etc.Well worth the price (FREE).P/S: I miss the ocean, got plenty of sand though.Good Luck.[content removed by moderator for being self promotional]

I've had the bank pay for the leins, and have had great success in doing it. I would have the selling agent add it to the HUD, as well as all debt, the only thing I have never been able to remove are personal leins as they belong to the person, not the house.Also, if title can't insure the home, they won't close on it.Good LuckLas Vegas Foreclosures

Yes, you can use it for your closing costs.It is on a national level. Some are administered by non profit groups and some by lenders, but all the assistance is done as a bridge loan until you get your money from the IRS to pay it back.If you understood that they would give you the money in advance to do it, sorry, but ihas to be done as a payback type of loan.Go to the hud website and locate the names of some local non profits, you will likely have to take a class like the one I teach to get the certificate.Despite the fact that we have a Sellers market with multiple offers on homes, I request  closing costs from the seller and have my buyers pay down their loan with the money. Not having to borrow $8,000 over the life of the loan is the equivalent of getting a new car for free.Good luckLas Vegas Real Estate

Short sales are a matter of patience, and looks like you've had it. only about 1 in 5 short sales ever close and can be shot down by a miriad of reasons. I've had people file for bankrupcy in the middle of a short sale (went to foreclosure), I've had people not want to disclose their financials and as a result never took the listing, and I've seen agents pick up the listing and run them right into the ground after the sellers didn't want to disclose their financials to that agent either.If it does go to foreclosure wait for it on the market as the bank will put it up for sale again as an REO.Good Luck[content removed by moderator for being self promotional]

You have to protect your asset from the time you own it, and not before. If you are financing your lender will do it through escrow, if you are paying cash you run the risk as nobody will remind you to do it.Either way make sure you get insurance on the home as soon as it's yours.A tip: combine your car and other insurances as one and they will likely give you a deal, on rare occasion the one that the lender has is cheaper, but not often.Good Luck[content removed by moderator for being self promotional]

We've had such a mess here with agents that don't know how to complete this type of transactions that the association and the real estate companies have you and them sign all kinds of disclosures.Some agent were saying that the bank had to sign the offer before they got it off the market and that was how confused inexperienced agents still are.The way it is supposed to happen, in fact most banks demand it, the offer needs to be accepted, so if the bank is working on it, tha agent probably has a signed offer somewhere.The hud is part of the initial package submited to the bank along with the signed accepted offer. The seller is the owner, not the bank, so once you have signatures there is an accepted contract and the home should be removed and placed on the mls as subject to short sale approval.In my experience, if the offer presented before varied by 1 cent, the banks will have to reconsider, heck some banks start all over again. Looks like that is where you're at with the new valuation.Good Luck[content removed by moderator for being self promotional]