Daily Archives: December 6, 2015

Foreclosure in Bakersfield – How Does the System Work?

Foreclosure in Bakersfield – How Does the System Work?

By Sam Traffanstedt – TS Dreams, LLC
Foreclosure in Bakersfield, Ca works pretty much the same as the rest of the state. If you are reading this article, you or someone you know may be in a bad spot with your mortgage. For whatever reason, you are having problems paying that debt and it has been going on for some time now. We understand completely and just want you to know that you are not alone. There are many people who are facing the same issues. We are here to help, but first, let’s talk about the process you are now in.

foreclosureHere are the major steps in the Foreclosure process.

Behind on Payments – Your mortgage holder can tell when you don’t make your payments. They will contact you and try to work out a fix for your situation. They can start the process earlier, but normally wait until you miss more than one payment.

Notice of Default – This is the start of the formal foreclosure process. You will receive this notice. The timeline for sale is normally 120 days from this point.

Judicial vs Non-Judicial – If the loan papers include a “power of sale” clause; the mortgage holder can just sell the property. If the clause states where and when, they will follow that. If not they will record the notice at least 14 days before the sale, mail the notice by certified, return receipt, 20 days before the sale, post the notice on the property 20 days before the sale, and post it to a local paper in the county.

Otherwise they must file a lawsuit to obtain a court order to foreclose. If the court declares a foreclosure, your home will be sold to the highest bidder.

Notice of Trustee Sale – This is the notice the bank sets a date for a sale to liquidate your home, as mentioned above.

Auction – This sale can happen in 20 days or may be postponed for up to 1 year. That timeline is up to the bank. You may have until 5 days before the sale to cure the default and stop the process. The lender may not seek a deficiency judgment after a non-judicial foreclosure sale and the borrower has no rights of redemption.

The sale will be on a business, day 9-5, at the location listed on the notice of sale. Anyone may bid at the sale. The property may be sold to a 3rd party or the bank may bid on the property and it would become a bank owned property.

Now that you know how it will unfold, it is a great time to find out how you can avoid the worst case scenario. We are local Real Estate Investors in Bakersfield and we can help. We have seen many properties in the same situation. There are several ways to get out of this situation with your finances and credit intact.

You do have options. Don’t delay. Contact us right away and let us look at your Foreclosure Situation.

How to List Property for Sale

How to List Property for Sale

TS Dreams, LLC

Do you want to draw potential buyers to your property? Then you certainly need to know the process of how to list property for sale online. The golden rule of publicizing your property is choosing compelling words and photos. If you think you are eloquent and are viewing the world with a photographer’s eye, then roll your sleeves up to highlight your property’s luring amenities and features. But if you think you are not the greatest of photographers and writers, then find someone who can make your listing standout among millions of other listings.

How to List Property for Sale

So the question is who should list your property? Here are four options you have, to list property for sale:

  1. For Sale by Owner (FSBO): If you decide to give to listing your property online on your own a shot, then you can use FSBO sites, local newspapers, flyers, Internet ads, and so on. The risks of going FSBO is that unlike real estate agents, homeowners do not possess extensive knowledge on every nuance of real estate market and online listing. Therefore, you really need to do your homework well, and learn the little details that make a big difference.
  1. Using a Full Service Agent: While you can save in commission fees by going for sale by owner, it is more advantageous in many aspects to work with a full service agent. No one knows the nuts and bolts of showing, negotiating, and finalizing the sales of properties better than realtors do. Also, if you desire to get your property listed on Realtor Multiple Listing Service (MLS), you definitely have to go through a licensed broker or an agent.
  1. Use à la carte service: You might want to sell your property by yourself, but still want to get it listed on MLS. Contrary to popular belief, you can have your cake and eat it too thanks to Flat Fee Multiple Listing Service. If you opt for this route, you will not have to pay the 5-7% of the sales price of your property as commission to your realtor. You will just pay a flat fee upfront, and your property will get listed on MLS. Showing, negotiating and finalizing the sale will be entirely your responsibility.
  1. Sell your property outright to an investor: Many of these professionals will be happy to buy your property if the price is right. The best part about an investor is that they can pay cash, thus saving you the cost of repairs, closing, and listing fees. The usual issues of financing and repairs are taken out of the equation as well.

You have a lot of options, but learning how to list property for sale is your first step. Contact us and we will be happy to go over the options that fit your situation the best.