Linda Slocum's Q&A

Azrarkhan, the best thing to do is to work with a qualified Realtor to assist you in purchasing an REO property. Your Realtor will help you to determine the best strategy for purchasing the home of your choice.We are finding that many REO's are receiving multiple offers in the Tesoro del Valle area, so offering a low price may not be the best strategy for certain homes. Banks will either accept the highest offer, or ask all buyers to submit their "highest and best" offers in this situation.Happy House Hunting!Linda

A Zestimate is not intended to be the appraised value for your home. It is an automated estimate of your home's value based on information that is obtained electronically. It cannot tell the difference between neighboring tracts or different amenities, and is meant only as a starting point for determining the true value of your home.Home buyers and sellers in your area do not depend on Zillow to be the final word as to a home's value. A qualified Realtor can provide updated data for you, and an appraiser will provide their opinion of value if you decide to sell or refinance.Per Zillow's disclaimer:A Zestimate home valuation is Zillow's estimated market value. It is not an appraisal. Use it as a starting point to determine a home's value.

Zestimates are simply calculated amounts, and are meant to be a starting point only. Since they are calculated based on available information online, they may be inaccurate at times.Most Realtors and lenders will know to validate any automated value calculations with current and valid data, so the Zestimate will not affect your ability to sell or refinance your home.Linda

Homeowners dues for this area currently range from about $255 to $315 per month, depending on the size of the unit.[content removed by moderator for being self promotional]Happy house hunting!Linda

Loan modifications come in many forms, but all will require you to provide proof of sufficient income in order to qualify for the modified loan.If you are behind in your mortgage, they will usually tack that amount on to the current mortgage balance, which may have the effect of increasing your loan payments. This may be offset somewhat if they will also agree to lower your interest rate on a temporary basis.If you fail to qualify for a loan modification, your bank may choose to participate in the HOPE for Homeowners program. This program also requires a certain level of income to qualify and is a last resort in the loan modification arena.A short sale for owner-occupied homes usually results in the subordinate loans (2nd and 3rd) being written off as well. The 1st mortgage is in control of the short sale, and any funds left over after their payoff (if any) will go first to the 2nd mortgage, and then to the 3rd. Many banks will provide a small payment of $1k-$3k to the 2nd or 3rd mortgage just to facilitate the short sale. There is the possibility that the 2nd or 3rd mortgage holder will require that you sign a note to pay off the balance as an unsecured loan, but we're seeing that more often with investor-owned homes than with owner-occupied homes.All of these options will require a hardship letter from you explaining your current situation, proof of your current income, and proof of your current bank accounts. The best way to find out your true situation and the best way to proceed is to contact a local Realtor who is experienced with short sales. [content removed by moderator for being self promotional]Linda

There are a few reasons why your home could be showing a different estimate than the last home was sold in your neighborhood.1. The home you are referencing was sold almost a year ago, so that sales price is no longer reflecting current market conditions.2. The estimates on Zillow are calculated based on automated information, and are meant as a starting point. They are calculated based on data from the County Recorder, using homes with similar characteristics in a geographic area. They cannot determine whether your house has more upgrades, a better location, or is in a more affluent development from the comparable homes provided.3. In Los Angeles County, the County Recorder's Office is notoriously inconsistent with the timing and accuracy of its electronic data regarding home sales. Home sales data may be available online in a week after closing, or it still may be absent two years from now. It may show the actual sales price, or it may have the wrong price due to clerical errors.If you want accurate comps for your home, it's best to contact a qualified Realtor who is familiar with your area. Please feel to contact me if you want more info... you can reach me at 661.670.0349.Linda

When getting a loan quote, it's best to talk to a lender either over the phone or in person. The online quotes are just a guideline.[content removed by moderator]Happy house hunting!Linda

I can answer any questions that you may have regarding this home.Please feel free to contact me at your convenience!

The Zillow maps are not 100% accurate when spotting the exact location for homes. The accuracy deteriorates when the listing agent (realtor) tries to alter the automated location pointer for some reason.Please consider the locator map as a guideline only.Happy house hunting!