Property taxes on owner-occupied residences are levied on Assessed Value. Assessed Value is 10% of Full Cash Value. The Full Cash Value could be different (usually lower) than the price you paid for your home. Continue reading “What About Paying Property Taxes”
Banks always want to sell a property in as is condition. Most will provide a Section 1 pest certification, but not unless you include it in your offer and negotiate the point. They will allow you to get all the inspections you want (at your expense), but they may not agree to do any repairs. Continue reading “Property Condition”
Each bank/lender works a little differently, but they all have similar goals. They want to get the best price possible and have no interest in dumping real estate cheaply. Generally, banks have an entire department set up to manage their REO inventory.
Continue reading “How Banks Sell REOs”
The bank now owns the property and the Loan no longer exists. The bank will handle the eviction, if necessary, and may do some repairs. They will negotiate with the IRS for removal of tax liens and pay off any homeowners association dues. As a purchaser of an REO property, the buyer will receive a Title Insurance policy and the opportunity to investigate the property.
Continue reading “REO Properties For Sale”
An REO (Real Estate Owned) is a property that goes back to the mortgage company after an unsuccessful foreclosure auction. You see, most foreclosure auctions do not even result in bids. After all, if there was enough equity in the property to satisfy the loan, the owner would have probably sold the property and paid off the bank. That is why the property ends up at a foreclosure or trustee sale.
Continue reading “REO vs. Foreclosure”
First of all, we recommend that you discuss the various title options with your lawyer or accountant before making any decisions that will affect the title to your new property. Here are some of the options that may be available to you: Continue reading “In What Ways Can I Hold Title To Property In California?”