PropportunitiesNOW.com Blog

I’m back. Took a break from bloggin’. Been out at the doors in the Palisades and helping my buyer’s strategize. Since short sales and REO’s are a chunk of the Pedro market…I thought I’d pass on some research as I find it. I find that when new buyers say “I want to buy a foreclosure….” they aren’t clear on what that means. Do you think a Short Sale means it’s a sale done in a shorter amount of time? What do you think REO stands for?

1st answer, Short Sales are long, in terms of time. The bank is involved because the amount of money owed on the property is less than or short of the market value. A seller can’t sell with enough in the house to pay off his debt and closing costs. In lieu of the below process, a seller engages with bank and tries to sell at a lesser amount with the bank’s agreement. It takes time! 3, 6, 9 months.

2nd answer, REO is an ancronym for Real Estate Owned, in other words, Bank Owned. I’d say REAL EQUITY OPPORTUNITY. I smile. And you get what you pay for. In the REO case you don’t get something important when you pay. In a traditional real estate sale the seller is obligated to DISCLOSE THEIR FANNY OFF. They have forms to talk about everything from the skunk that visits the basement regularly to whether someone died or the tub overflowed 3 years ago. You get absolutely no disclosures re: experiences the past owner had with the property. It’s a blind date gone straight to marriage. Investigate the heck out of that property when you preview it.

RealtyTrac summarized the Fore-closure process nicely. What’s next is from them.
Get a grasp of the terms and process. Then call me if you’re interested in buying one today. 310.200.4614 Renee Ferjo

Overview

Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments and the lender files a public default notice. The foreclosure process can end one of four ways:

1. The borrower/owner pays off the default amount to reinstate the loan during a grace period known as pre-foreclosure.
2. The borrower/owner sells the property to a third party during pre-foreclosure, allowing the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.
3. A third party buys the property at a public auction at the end of the pre-foreclosure period.
4. The lender takes ownership of the property, usually with the intent to re-sell. The lender can take ownership through an agreement with the borrower/owner during pre-foreclosure or by buying back the property at the public auction.

Foreclosure Buying Opportunities
The foreclosure process offers three bargain-buying opportunities, represented by six different property statuses on RealtyTrac.

1. Buying during pre-foreclosure (NOD, LIS)
2. Buying at public auction (NTS, NFS)
3. Buying bank-owned properties (REO, GOV)

California Overview

Judicial Non-Judicial Process Period Sale Publication Redemption Period Sale/NTS
Yes Yes 117 Days 21 Days 365* Days Trustee

Pre-foreclosure Period

Court foreclosures only occur if a lender desires a deficiency judgment. This process gives a borrower up to one year to redeem the property after the foreclosure sale. It is recommended that the borrower find a way to resolve it, or get some foreclosure assistance.

In almost all cases, foreclosures are handled out of court. The process begins when a lender files a notice of default with the county recorder identifying the default amount and the date the borrower must pay off the default. The notice is mailed to the borrower and other affected parties.

Up to five business days before the trustee sale, the borrower may pay off the default plus any applicable costs of foreclosure and stop foreclosure. Three months after the notice of default is filed, the lender can schedule a trustee’s sale of the property.

Notice Of Sale / Auction

At least 20 days before the trustee’s sale, the notice of sale must be posted on the property and in one local public location. The notice is also published once a week for three weeks in a local newspaper, starting at least 20 days before the sale date. The notice is mailed to the borrower at least 20 days before the sale and to anyone who requests the notice. The notice must contain the date, time, and location of the sale, the property address, and the trustee’s contact information. In addition, the notice of sale must be recorded with the county recorder at least 14 days before the sale.

The trustee’s sale is a public auction and the property is sold to the winning bidder. The trustee may require bidders to pay the full bid amount in cash or cashier’s check. Anyone may bid at the sale, including the lender and any junior lien holders. A trustee’s sale may be postponed by announcement at the sale. If a sale is postponed more than three times, a new notice of sale must be issued.

After the sale is complete, the trustee transfers ownership to the winning bidder. The borrower does not have the right to redeem the property after the sale.

* Judicial Foreclosures Only

But it’s not just that. If you want a real Taste of San Pedro. Of the San Pedro I love, then come to the South end of town, where it ends in fact. On the cliffs, at Pt. Fermin park, all weekend beginning at 11am each day, a growing community event called the Taste of San Pedro is underway. Music, food, art, community groups. Come see the people and the view. I’ll be the MC at the Artist’s Pavillion booth all weekend. They are giving me a microphone folks! call me for any info. leave a message and I will get back to you! 310.200.4614 Renee Ferjo

(CLICK ON PICTURE FOR LARGE SIZE, more pics below blog post!)
Our 1st day on market Open House this Sunday was truly amazing! 138 visitors! wow. And the buzz only continued. Do feel free to give me a call…more great properties will continue to emerge. And this is how I sell them. Let’s chat. 310.200.4614 Renee Ferjo. My phone is my secretary and will give you today’s call back availability. Have a beautiful Sunday!
You could be so happy in this home!
If you or someone you know is looking for a wonderful, quiet, evident-pride-in-home-ownership community, tucked away Victoria Knolls, Walteria neighborhood in the prized Torrance School System….
If you or someone you know want to buy an immaculate, turn-key-ready-to-come-in-and-make-it-your-own home, 1937′ sq. ft.home on a 5,300′ lot with 3 bedrooms, 2 baths (1 a Master Bath Retreat,) a vast, open & spacious family area living room, family room, kitchen/ dining room combo with fireplace, access to Rolling Hills Estate Horse trail system out the backyard gate, easy-entry pull-down ladder to attic entry with room, room , room for storage, stuff and more storage and for a straightforward escrow with a Standard Sale (no dealing with Short-Result-Long-Painful-Short/Sail-Away or Bank Owned No Disclosure Property.) and a friendly, professional and welcoming Realtor, then…

Come see this beautiful home this SUNDAY, APRIL 26TH FROM 2-6. All the homework has been done on this property, Home Inspection, Termite, PreLim, and 2 Appraisals!!! which both came in at $700,000.
This is EVENT PRICING $599,000 which creates quite an event and opens up a great real estate conversation. We want to see you! Agents bring your most qualified and ready to buy buyers! This is by Appointment Only Sunday. This is an Appointment with Opportunity.
To make the event complete we will have LIVE ACOUSTIC MUSIC, great cheer, neighborly chat and info for you. Hosted by Renee Ferjo, Exuberant Keller Williams Realtor. Give me a call with any questions 310.200.4614. See you soon. Will be on MLS Sat. late afternoon, 4/25/09. Waivered listing.

p.s. square footage on property quoted from Tax Roll.
D.R.E. #01422402
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Her card says: Realtor and Animal Advocate – because everyone needs a home.

Apart from providing for her family, Renee’s life‘s passion is and will continue to be about advocating for oppressed disenfranchised animals wherever she can. Presently, she has mingled the finding of homes for people with the same for animals. Networking for local shelters and rescue groups, she connects rescued dogs and cats with new homes. Why not, everyone needs a home. Renee plans to wield all of her negotiating power gleaned from business in the fight for animal’s rights. Enjoy working with her now as your Real Estate Professional, for quite shortly she plans to me on the Senate floor pitching for the animals!

Disclaimer: when riding with her, be prepared to stop if there is a needy animal on the road. Or alternately, follow in your own car and she’ll catch up with you shortly.

Fantastic Local Non-Profits & Shelters with which I network dogs & cats new homes

www.AnimalsRule.org
www.SouthBayCats.org
www.sbacc.org (Seal Beach Animal Care Center)
www.phsspca.org Pasadena Humane Society
www.laanimalservices.com

Organizations Which Inspire & Inform Me

www.farmsanctuary.org/mediacenter
www.worldsocietyprotectionofanimals.org
www.KinshipCircle.org
www.BestFriends.org
www.sharkonline.org Showing Animals Respect And Kindness
www.hsus.org Humane Society of the United States

She keeps it simple: One number 310.200.4614 to serve her clients.

Each and every day the message reflects her schedule & availability to return your very valued call.
Communication is the juice in a great Real Estate Endeavor. You will know when to expect that call from Renee Ferjo.

Email Always! ReneeFerjo@kw.com

Keller Williams Palos Verdes Realty
500 Silver Spur Rd. Suite 303
Rancho Palos Verdes, CA 90275

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Why Work with Renee?

Straight out, if you have presently found yourself self-stranded mid aisle in your local Trader Joe’s staring off wondering about what it would be like to really buy that home with the big Pepper tree in the yard for the dog you’d love to have, or mid-smile imagining a life free from that mortgage and kayaking the Rogue River after relocating to Oregon….

And if you’re losing sleep over wondering should I, could I really buy or sell or both?

You call Renee Ferjo to get to the truth about that question. The first step is a brisk exploration of the facts financial and the tugs of your heart. Where Math meets Poetry, the truth about your next Real Estate step is found. You work with Renee because you want a confident guide who navigates the trail based on sound facts, a skillful ability to assess what’s most important to you, her savvy referral partners and an uncanny ability to find the opportunity round each corner. You work with Renee because she understands clearly this: if you are selling you want the highest price possible in the shortest amount of time. If you are buying you want the greatest possible value for your each and every dollar and the best home suitable to those dollars. You work with Renee not just because you enjoy her partnership but because you feel the great ease that you have a savvy, confident, knowledge-wielding negotiator out in front of you clearing trail. You arrive at trailend deeply satisfied for the adventure and glad for her leadership. These are the multifaceted reasons you work with Renee. The best way to get a taste of that is to speak with her past clients. Just ask her for a list to contact.

Really.

In my business day as in my personal life, I embrace the morning with one resounding shout – Today is the Day. I energize & ground myself knowing that whatever I do will actually only be done while it’s today, not someday tomorrow. That makes each and every day truly an adventure & exploration, actually a treasure hunt. In business this focus is the difference between a ginormous opportunity greeted, embraced & flowered or lugging around a gnawing, nasty regret & negative abysmal look of despair or worse an apathetic stare.

Life is short and yet amazing. So, I nurture an energized curiosity and awareness throughout my day. I mind my head with one question: “Where is the opportunity?” When I embrace my day in this way, and dig in to represent my clients with excellence I get the best pay off to my day: an invigorating night’s sleep.

And the pay off there is, I wake up robust and ready to make this day, The Day!