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Buying or Selling a Home/Questions Answered by Expert Lori Frankfort

Subject	Date Asked
Title company	2/26/2011
Q: we r buying a bank owned home. Closing is set for Monday. About 10 days ago, i asked a question to ... A: I would feel suspicious as well. You need to call your escrow company in the morning (I'm assuming ...
hello!	1/18/2011
Q: I let u know I am deaf and I keep looking for mobile home. I almost give up to look for mobile home. ... A: I don't live anywhere near Vista so I can't help much there, but I can tell you that mobile homes ...
Fixed Rate vs ARM	1/3/2011
Q: I am a first time homebuyer in the Los Angeles area. I will be using FHA financing. I am only able ... A: First of all let me say that finding an FHA approved condo in California can be quite difficult. ...
house	12/20/2010
Q: What exactly must you do to get a house? A: That is quite an extensive question. Here are the basics: Get preapproved for a home loan Save up ...
Buying a California Home	11/8/2010
Q: I am planning to purchase a few pre-foreclosure homes in the Los Angeles area. My intention is to ... A: Ty, Let me first say that I think you should consult a Real Estate Attorney for a proper answer to ...
outstanding lien after close of escrow	10/12/2010
Q: I recently completed a short sale (i was the seller) here in California. It closed on August 13, ... A: Fortunately, I've never had a client need to file a claim on their title insurance, but it is my ...
High Turn Over on one home	10/8/2010
Q: There's a house I was once interested in but it seems to be bought and sold a lot. Is that a red ... A: Is it a small house? Perhaps it gets outgrown? Have you checked the crime stats in the neighborhood? ...
Water rights sold with property	9/19/2010
Q: We sold our property (out by 9/17 at 4p.m.) and I assume escrow has already closed. We discovered ... A: You will need to consult a real estate attorney to get an answer to this question. I will say, ...
First-Time Home Buyer in Bakersfield	8/6/2010
Q: I am a first time home buyer. I plan to move out to the Bakersfield area in the next 6-9 months to ... A: I don't work in the Bakersfield market, so as a disclaimer I think you should contact a local agent ...
Loan Contigency never removed, can we have the deposit back?	6/3/2010
Q: We have signed a contract to buy a single family home. We never removed loan contingency and we ... A: If you definitely have your loan contingency in tact, then you should receive your full deposit back ...
depreciation	5/15/2010
Q: is there any way to sell trade,,,,or what ever a house or houses that you have had for 20 ... A: In commercial real estate there are pools of people that "trade" their properties so they can start ...
Empower group USA	5/4/2010
Q: recently me and my boyfriend purchased a property in Kansas from a group call Empower group real ... A: I'm confused and need more information. Please provide more specifics, including why you make your ...
short-sales	4/21/2010
Q: We would like to sell our home but one real estate person has told us that we are probably upside ... A: Doing a short sale will definitely ruin your credit. Yes, you need to be past due in order for the ...
Dead Beat Realtor	3/25/2010
Q: We put an offer in on a short sale and just find it very discouraging that we can not get our ... A: You need to call your Realtor's broker at their office. Call the main office number and ask who the ...
co-signers	2/15/2010
Q: Are co-signers ever used or accepted on a home mortgage loan? We have great steady income, equity ... A: Absolutely, this happens all the time. Call a mortgage broker for your options. Make sure you ...
real estate	2/11/2010
Q: My sister, brother and I are now owners of our parents home. We are having problems with my brother ... A: What a bummer of a situation! You will need to speak with a Real Estate Attorney regarding your ...
Too complicated process... :-(	2/7/2010
Q: My wife and I are pre-approved for up to $450,000 by one of the largest banks. But we want to spend ... A: A short sale is when the owner of a home cannot afford to make payments anymore, and are trying to ...
Want to buy another house	1/11/2010
Q: I have been in my house for almost two years now which is an FHA loan for $135k the home Is to small ... A: You will need to speak directly with a mortgage broker that specializes in FHA loans to determine if ...
What are our options	1/5/2010
Q: We are in the middle of a two-year lease and have been informed by our landlord that he is in ... A: He must still be paying the mortgage if it's a short sale and not a foreclosure. He's probably ...
What are our options	1/3/2010
Q: We are in the middle of a two-year lease and have been informed by our landlord that he is in ... A: I HOPE THIS HELPS. We are in the middle of a two-year lease and have been informed by our landlord ...
Purchasing a Condo	12/6/2009
Q: my girlfriend and I are looking very eagerly at condos in our area. I was wondering how condos are ... A: In the 4's is a good rate. Try to get a 30-year fixed in the 4's. A bigger concern I have is how ...
Owners not renewing lease, short sale	11/6/2009
Q: We've been leasing this house for 3 years, lease ended Oct 31. Around the beginning of October, we ... A: I'm sorry to hear that you have to move. I'm not familiar with the laws in Colorado, but I will ...
HOA CERTIFICATION	11/3/2009
Q: I am in a process of closing escrow. I purchased an REO condo owned by fannie mae in South ... A: This is a very new scenario for me, so this is my opinion having not been in this situation before. ...
House	9/18/2009
Q: Can you tell me everything about buying a house? How does it all works? A: You get prequalified for a loan with a reputable bank or mortgage broker. You hire a Realtor. Look ...
HOA Not Disclosed	9/3/2009
Q: We recently purchase a house in Orange, CA. In speaking with a neighbor it surfaced that there is a ... A: That is a very big "oops" on the Seller's part, because there can be huge complications associated ...
So. Calif. appraisal	9/1/2009
Q: I am trying to sell a duplex in Southern Calif. for $460,000. I just received the appraisal and it ... A: The California Department of Real Estate regulates appraisers. I would start by calling them and ...
Sell home to our Son	9/1/2009
Q: Our Son has been trying to buy his first home for months and was not having any luck even being ... A: I'm not aware of any 3-month holding rule before selling, however, how is he going to pay you for ...
So. Calif. appraisal	8/27/2009
Q: I am trying to sell a duplex in Southern Calif. for $460,000. I just received the appraisal and it ... A: Rafael, was this the appraisal ordered by the lender? If so, it should have adjusted for the fact ...
Selling a home	7/17/2009
Q: Is it typical for a seller to pay half the closing costs for the buyer. I know everything is ... A: It's not typical for the seller to pay the buyer's closing costs. Typically each pays their own. You ...
can I ask one more?	7/5/2009
Q: I offered to buy a home from a mutual friend, contingent on the close of escrow of mine. After ... A: Why was there only 500 in escrow? It should have been 3%, and you would be keeping a portion of that ...
can I ask one more?	7/5/2009
Q: I offered to buy a home from a mutual friend, contingent on the close of escrow of mine. After ... A: I'm assuming they had not released their loan contingency, therefore no liquidated damages? If that ...
Buying a Home	7/1/2009
Q: how do you check if somebody has died in a home. Also, how do you determine if it is possible to ... A: If someone has passed away in a home within the last 3 years the agent is required to disclose this ...
First time home buyer tax incentives	6/18/2009
Q: Do you know exactly how the 2009 federal and state government tax incentives work for first time ... A: The tax credit from the state of California is only applicable to new construction, to my knowledge. ...
Buying a REO	6/7/2009
Q: Last week I have made an offer on a condo in the Cerritos Villa in City of Cerritos. The bank made ... A: First, I was told by my agent that they already have a few offers and are still accepting offers. ...
Buying a REO	6/7/2009
Q: Last week I have made an offer on a condo in the Cerritos Villa in City of Cerritos. The bank made ... A: The bank will probably make an exception to its 5-day inspection, otherwise they'd have to go ...
3/26- follow up --adverse possession	6/3/2009
Q: follow up ? asked on adverse possession/ on 3/36. does the owner have to evict,or just call the ... A: I don't understand who you're saying the risk is for. You can be arrested for being a squatter, I ...
3/26- follow up --adverse possession	6/3/2009
Q: follow up ? asked on adverse possession/ on 3/36. does the owner have to evict,or just call the ... A: Technically he's supposed to give you a 3-day eviction notice, but most police are not adhering to ...
Tenants in a Short Sale trying to buy the unit	6/3/2009
Q: We are the Tenants of a unit that is up for a Short Sale. We put an all cash bid down. We need help ... A: ARE YOU SURE IT IS A SHORT SALE AND NOT A FORECLOSURE? THEY ARE VERY DIFFERENT. IN ONE INSTANCE ...
Buying and Renting Out A House	6/2/2009
Q: I am interested in buying a house (without selling my own), renovating it, and renting it out. How ... A: It's going to be hard to get a mortgage on a second home unless you make a lot of money. I can't ...
HOME CLEANOUT AND CLEANUP IN LAS VEGAS	5/28/2009
Q: I HAVE A VACANT PROPERTY CLEANOUT AND CLEANUP BUSINESS IN LAS VEGAS AND WOULD LIKE TO KNOW AS A REAL ... A: First I will tell you the worst way, which is telephone call. We get calls all the time (at least ...
Disclosure	5/23/2009
Q: I just purchased a home in Lakewood California and was not told about a very bad gopher problem. ... A: Yes, pest problems are supposed to be disclosed in your paperwork. The only way the Seller could ...
Canadian buying property in California	5/19/2009
Q: I am a Canadian who is interested in buying a property in California (Hemet/sanJacinto). I would ... A: The best way to find a good Realtor in that area is to search the website rebac.net for agents in ...
finding info regarding sold property in CA	5/8/2009
Q: If a person 89 yrs old, sold property in 2005, and doesn't have any document regarding the sale. ... A: First call the escrow company that handled the sale. Most likely that's how the IRS found out about ...
Canadian buying in California	4/21/2009
Q: I am a Canadian thinking of buying in California. We have been told it is best to set up a trust ... A: Technically it is supposed to be a total of 2 years out of the past 5 years, so if you only lived in ...
Short sale processing fee	4/21/2009
Q: I am submitting an offer for my sister to buy a short sale listing. The listing is requesting a $995 ... A: No, I have never heard of paying a fee to submit an offer for a short sale. I wouldn't pay it ...
Canadian buying in California	4/18/2009
Q: I am a Canadian thinking of buying in California. We have been told it is best to set up a trust ... A: I can't advise you on opening a trust, you'll need to contact a Real Estate Attorney for the best ...
Adverse Possession	3/26/2009
Q: I have found a house that was abandoned. From my research I found out that the previous owner was ... A: A quit claim deed is signed by a current owner of a home and relinquishes their rights to the home. ...
Adverse Possession	3/26/2009
Q: I have found a house that was abandoned. From my research I found out that the previous owner was ... A: It is my understanding that you are technically squatting. You aren't renting because you're not ...
Seller's side holding up closing	3/14/2009
Q: Let's start off with the fact that my agent has been less than perfect and the mortgage broker has ... A: Questions: 1. Isn't the seller ultimately responsible to produce a title even if they have a 3rd ...
Home Loan Refinance	3/6/2009
Q: I just received our closing cost estimate and HUD statement on our refinance home loan mortgage. I ... A: Don't feel pressured, unless you agreed to pay fees for appraisal, etc then you can't be held ...
Buying a house with parents	3/1/2009
Q: My parents are planning on buying a house in southern California. Their intention to buy a house is ... A: You can purchase the home WITH your parents, so your name is on the title AND the mortgage. If you ...
Capital Gains Tax	2/25/2009
Q: This is a follow up to my “Changing the name on a title deed” question and it’s regarding capital ... A: For the answer to the first question you will need to consult a real estate attorney or escrow agent ...
Refinance Document Changes	2/2/2009
Q: The loan I got had approx .5 points buy down, and this was on the good faith estimate. When they ... A: If the .5 buy down was on the good faith estimate and you signed it, I believe it was a legitimate ...
Contingency Removal	1/20/2009
Q: Lori, If I sign the contingency removal form with the exception of removing our loan contingency, ... A: As long as on the form you select "except loan contingency" box then you're safe. If your contract ...
Should my fiance and I upgrade or stay put?	12/22/2008
Q: My fiance and I live in Albuquerque, New Mexico. I am a newish attorney and in June of 2007 I ... A: Obviously I'm not familiar with your market area because I'm in California, but this is my opinion. ...
Getting our money back out of escrow	12/18/2008
Q: We are in Southern California and are trying to buy a home. We found a house we thought would work ... A: First let me say I am so sorry you have gone through all of this. It's experiences like this that ...
selling a ranch house quickly in the OC	12/15/2008
Q: How can we sell our OC home as quickly as possible? Our family needs to move within 4-6 months ... A: My advice to you would be not to sell. The only benefit to selling is to get your equity out, but ...
forclosure	11/18/2008
Q: if im in process of a divorce and my husband goes into forclosure for back taxes can the house still ... A: It depends on how far along the process of foreclosure is. If it's being foreclosed by the IRS you ...
non permitted work	11/1/2008
Q: should non permitted work in a home that is sold be disclosed? A: Absolutely yes. I would say, though, within reason. If you have a handyman come install a toilet ...
What qualifies as Primary Residence Orange County Calf?	9/3/2008
Q: I have a law suit which could make the people sell thier Lake Forest Home. Zillow property search ... A: It definitely does qualify as their primary residence, regardless of the boarder. They just have to ...
Buying an apartment converted to Condo	7/30/2008
Q: Back in May, my soon to be wife and i found a place to start our life together. We couldn't come up ... A: The real question is whether or not you had a loan contingency, and whether or not you REMOVED that ...
contingency aggrement	7/25/2008
Q: In march I signed a CA based on a CMA and $5000 with Pulte Homes;If I sell my condo in S FL i'll buy ... A: You should have hired a Realtor to represent you... the builders use their own contract that is not ...
Home Improvements	7/23/2008
Q: Flooring Improvements: Love the Deep Rich Red Hue of Asian Rosewood for it's elegant look. ... A: What is the style of your home? I would stay away from anything too dark, and stay away from ...
Buying a Home with Code Enforcement violations	7/16/2008
Q: We are buying our first home in CA. The home is bank owned REO. When researching to make an offer ... A: The bank isn't going to be able to sell the home without a clean title... your agent needs to ...
agent commissions	7/4/2008
Q: Is it legal or ethical for an agent who's listed a property for 6% to keep 3.5% and offer 2.5 or ... A: It is legal and ethical as long as 1) The Seller agreed, and 2) it's in the listing paperwork. The ...
Addition of Owner to House Deed	6/30/2008
Q: I am currently living with my parents in Los Angeles, CA and my parents would like to officially add ... A: The easiest and most efficient way to implement the change is to contact an escrow company to handle ...
Home Improvement Values	6/27/2008
Q: Upland, California: Two Questions Lori: 1. What moves a house faster, new kitchen or new ... A: These answers are my opinion only, based on my experience: 1) Kitchen. Don't do granite, it's ...
REO home for sale through a realtor	6/10/2008
Q: I guess I am confused, actually, no guessing about it! If a home is posted as for sale by a ... A: After a home becomes REO the bank hires a Realtor to sell it. The price is set at "market value" ...
Selling our inherited home via private party	3/2/2008
Q: Our neighbor has offered to buy our house for a fair price. We are inclined to sell. What do we ... A: How do you know the amount is a fair price? That would be my biggest concern. If you're positive ...
Buying house from parents in CA	2/25/2008
Q: I'm interested in purchasing my parents home from them below FMV. What are tax ramifications for me ... A: You will need to contact an escrow company or tax accountant for specific answers, taxes are not my ...
First time buyer lookin for a bank	1/14/2008
Q: I am in Northern CA, I'm just looking for information, hoping you can help me with deciding which ... A: You should check out Countrywide first, and tell the person you are working with that you want ...
Real Estate HELOC	1/2/2008
Q: Does it make sence to take a second on a home that is paid off infull in order to buy a house? When ... A: You could definitely do that, but keep in mind that the market may not go up in the short term, it ...
Real Estate HELOC	12/31/2007
Q: Does it make sence to take a second on a home that is paid off infull in order to buy a house? When ... A: It makes sense if you're trying to move to Missouri, but I don't know the situation with the ...
Simultaneous offers to purchase a house	12/9/2007
Q: Can I (thru my agent) make simultaneous offers to let's say 3 different properties and if all 3 ... A: Yes, you can do that, however your agent will probably not want to. It's bad for an agent's ...
Earnest Depost	11/30/2007
Q: I have a question regarding the "earnest deposit". In July 07, we agreed to purchase a new home ... A: Do you have copies of the documents you signed? I'm very familiar with the purchase agreement, ...
2nd Party grant deed	11/14/2007
Q: I tok out a private party loan for a larger down payment on my house i purchased in January of this ... A: That is so unbelievable - I can't believe there are crooks like this out there, I'm so sorry this is ...
Selling my Condo below Market Value	11/8/2007
Q: I purchased a condo almost two years ago (Feb '06) in the San Diego college area and want to sell ... A: In the past I had great luck finding tenants on Craig's List. I rented a house out in 7 days with ...
Selling my Condo below Market Value	11/6/2007
Q: I purchased a condo almost two years ago (Feb '06) in the San Diego college area and want to sell ... A: Are you in dire straits to sell this condo? In order to sell your condo for less than what you owe ...
Earnest money when buyer pulls out of contract	11/3/2007
Q: We have a purchase agreement on our home in SoCal, contract close date 30 Oct 07. Currently, we ... A: The contingency removal form would have been generated by your agent for the Buyers to sign. If you ...
Earnest money when buyer pulls out of contract	11/2/2007
Q: We have a purchase agreement on our home in SoCal, contract close date 30 Oct 07. Currently, we ... A: Your agent should defintely be helping you with this, if you have one. Because your contract was ...
Verbal agreement	10/18/2007
Q: I Recently made a verbal agreement with a friend that, if he purchased a home for me because my ... A: That's a very sticky situation, and most likely you will need to contact a real estate attorney for ...
unhappy with agency	10/4/2007
Q: 2 weeks ago we all met and signed contract for the house to go on the market Oct 1st. It is now Oct ... A: Sorry to hear your listing is off to a bad start. Have you asked your agent about these issues? ...
Quitclaim issue	10/1/2007
Q: When my mother-in-law bought the house 11 years ago, her niece gave her 20k to add to her down ... A: A Real Estate Attorney is really the best resource. I find it odd that the other lawyer couldn't ...

All Questions in This Category

Lori Frankfort

Top Expert on this page

Expertise

I can answer questions pertaining to buying or selling single-family residences in Southern California.

Experience

I am a licensed Real Estate Broker, Realtor, and Accredited Buyer's Representative.

Organizations
National Association of Realtors, Beverly Hills / Greater Los Angeles Assocation of Realtors

Education/Credentials
Broker's license

Encyclopedia

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