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Ronald Escobar's Advice

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  • 148 Contributions
  • 6 Best Answers
  • 46 Helpful

Ronald Escobar wrote:

Tha bank told me they will not sell me a house after 4 months and 2 extentions. I gave them $5000 EM

Response
Their addendum, very likely, clearly states they can cancel at anytime. I know this is not what you want to hear, but banks have very good attorneys drafting their contracts... They likely do not really care about the supposed increase in value... Is just the way things workout sometimes... Be patient and buy a better house, there are plenty of them!
April 07 2012
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looking for agent to help me to find real deal for 4 plex or dublex in west la area many short sales

Answer
Hi! Zillow rules prohibit agents frome self-promoting, so should not get many answers here. There are few superb agents in the area and you should do your homework to make sure you get a person with the right experience. They should know: 1.- Rent Control rules 2.- LA Housing and Building and Safety Rules 3.- Financing Programs 4.- Access to Inventory (good relationships with other aents and brokers in the area) 5.- They should own income property themselves so they live what they sell. You can click on our profiles to evaluate our experiences and read our reviews. Then select ho to interview in person... Good Luck! Ron Escobar, MBA Broker & General Contractor
April 05 2012
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How do I make an offer on a house? Do i need a realtor?

Answer
You can do an offer yourself, but it would be much better if you find a local real estate professional that specializes in helping buyers.  The seller will have their listing agent, representing their best interest... you as the buyer will have a "selling" agent aka buyer's agent, representing your best interest...  The great thing is that the seller pays the commission that is then split between the buyer agent and the listing agent...  so it will not cost you a penny, but it does not mean you should pick any agent.  Instead, pick the best as you deserve it!
March 28 2012
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What do I do when seller won't make repairs?

Answer
If the seller agreed to the repairs and you have it as a condition or contingency... you can issue them a Notice to Perform formally requesting the comply with their contractual condition... if they do not comply within the given time, you can then request a contract cancellation...  and request your deposit back... they still have to agree to the cancellation and deposit being given back to you...If they are stubborn, and unethical you may be caught in a legal challenge... make sure you have all conversations and communications done in writing, because you are creating a record of the transaction!..Best of luck!RonE
March 25 2012
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Short sale buyer - entitled to have written counteroffers ?

Answer
The person who has the write to accept, decline or consider your offer is the current owner of the property and not the Bank or Servicer (bank).  The "bank" servicer only gets to approve or reject a settlement payment for less than what it is offered to them... that is when they get to approve the sales price.If you suspect the listing agent is not showing your offer to the buyer, you should ask him or her to do it... if they decline, then you can contact their broker directly... but depending on the listing agent's contract with their seller, they may not be required to show all offers to them... so is a nebulous situation... it is unfortunate you feel the way you do... sometimes is best to not get into a transaction when you feel is not being handled properly... there are many properties out there... and maybe next week the house across the street will come up for sale or this one will get foreclosed... be patient...Best of Luck!Ron
March 25 2012
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Ontherates&the monthly payments.100% permanent disabled &do not pay closing costs or property tax.

Response
The best thing you can do is to get a local accomplished Buyer's Agent to help you with the details..Get someone with experience and proven record... check their reviews online and make sure they provide you with supporting documentation for all claims they make... like if they close 5 transactions last month... ask to see MLS numbers and verify online if they were the agent closing those deals... then make sure your personalities match... and that they have YOUR BEST INTEREST in mind... and not just the commission they will get from the seller.Thank you very much for your service to the country.  My family and I are thankful for heroes like you.  Ohhhrahhh!
March 05 2012
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How to stop a short sale?

Answer
The banks is not the owner of the property so they have no say other than to accept or decline an offer to pay what is owed to them by the seller.  You may be unaware of any other liens and expenses related to the transaction... often times there are:(1) Junior Mortgages(2) Property Taxes(3) Judgements (4) Mechanic Liens(5) Real Estate CommissionsWanting a house to your economic detriment is probably a very emotional response... give it a few days and think it over... there is plenty of inventory of houses out there and with a little effort and luck you may find a better property...  Additionally if you are getting a mortgage, the new lender may not be OK with you paying over market value for the property...Best of luck!  ***If you find my answer useful please give it a thumbs up!
February 22 2012
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Why would the seller not sign the HUD1 form?

Answer
Staying on top of it... being polite and persidstent... understanding who the person with authority at BofA is...Also sometimes the escrow company is the party who holds things up, because they are doing transactions in bulk and for a low price... so they are really not vested in one particular deal... is just a sign of where the market is...be patient and good luck!RonE
February 22 2012
(1)

How do i find more info on foreclosed homes?

Answer
You have to define what you mean by foreclosed homes...  If you are talking about REO (Real Estate Owned -by the bank or corporate lender) they are always listed in the MLS and you can get info from a local Buyer's Agent... make sure you look for someone with experience, track record and great Zillow reviews...If you are talking about how to buy homes at the Auction where the bank forecloses and auctions the house to the highest bidder (this is the step before they become an REO)m then you have to buy them all cash and at the auction site... not a good thing to do for people without experience.best of luck!
February 14 2012
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Foreclosed Home Offer

Answer
Many states have a redemption time and other types of rules by which the bank may not be able to 'convey" (transfer) title to the property to you, because they are in this redemption period...  January 12th is around the corner and if you really like the place, just stand there... make sure your agent stays in contact with the listing agent... it should be OK...Also, houses are abound in this market... you should continue looking and you are likely to come across other properties you may like as much or more...  it is a buyer's market, and you should take advantage of it...RonE
December 04 2011
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