It takes 30-60 days or more ...... does it affect the market?It appears that the lenders are taking their sweet time in deciding to either approve or deny a Short Sale Example: You write an offer for say 450,000 on a property (market value at time of offer) the agent submit the offer to the lender with all the required documents --- HOWEVER, the lender then take the 21 to 30 days to respond (which just may involve a counter that can take another 30 days of deciding) and another 30 days to close in a declining market. It is most likely that you have just taken probably a 5 to 10 percent hit from them taking your offer as the market has gone down. That same property is probably going to be decreased in market value to at least 15% - 20% (in worst case), possibly a little less than that.
If not, what can be done about it?
Check out: Real Estate Terms/Definitions. And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties. Our consultations are free. Our aggressive marketing plan includes on-line listing advertising. If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call. If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.
12131 Kadota Avenue, Waterford, CA 95386This is a deal you don't want to miss!
Check out: Real Estate Terms/Definitions. And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties. Our consultations are free. Our aggressive marketing plan includes on-line listing advertising. If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call. If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US. Check us out on website: http://www.motheranddaughterrealty.com414 Saint Francis Street, Stockton, CA 95206
Check out: Real Estate Terms/Definitions. And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties. Our consultations are free. Our aggressive marketing plan includes on-line listing advertising. If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call. If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US. Check us out on website: http://www.motheranddaughterrealty.com
2633 7th Street, Merced, CA 95340This is a great Bank Owned Property in Merced.
Check out: Real Estate Terms/Definitions. And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties. Our consultations are free. Our aggressive marketing plan includes on-line listing advertising. If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call. If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.
Foreclosure Upkeep? What is it and who should do it?Cities are starting to frown on properties that are not maintained and up to code. The reason for this concern is that the California has one of the highest foreclosure rates in the nation. Many communities, particularly in the Central Valley, are riddled with homes that have been abandoned by buyers who could not afford their mortgage payments when they reset to higher rates. This problem is not just a California problem, however, Stockton is one of the hardest-hit communities and is developing an ordinance that would require property owners to provide a local contact and pay a minimal fee for each vacant home. But... this is not just a Stockton problem. Take a look at Sacramento, Oakland and other cities -- nationwide! In many cases, the vacant properties are overgrown with weeds and shrubs and have become magnets for squatters and vandals. Swimming pools often become stagnant, turning into breeding grounds for mosquitoes. Most cities will issue default judgments for code violations and imposing the maximum fine, which varies from state to state, city to city. These cities can and will put a lien on the property. In some cities this could impede the bank's ability to buy or sell other properties in the area. Other jurisdictions have explicitly required upkeep on foreclosed properties. The Manteca, CA city council approved foreclosure upkeep rules that require homeowners to keep up foreclosed properties after tenants have moved out. Homeowners that neglect their homes would be fined up to $1,000 a day. Also, homeowners are required to maintain yards outside homes built after 1993. If they don't, the city can hire contractors for the upkeep and pass the bill onto the owners. In Oakland, CA the city is working on a rule that will allow them to fine the bank and put a lien on the property due to violation of the code to keep up your property - even in these foreclosure times.
before the holder of a mortgage may issue a notice of default or a notice of trustee sale, require the holder of a mortgage to mail a specified notice to the tenant(s) of a property on which foreclosure proceedings have begun, and impose penalties on property owners who fail to adequately maintain foreclosed properties, as specified. Banks and mortgage companies face fines of $1,000 a day if they allow foreclosed homes to become run down and a source of neighborhood blight under a bill that passed the state Senate.
What is your city doing about foreclosures that are not kept up?
Check out: Real Estate Terms/Definitions. And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties. Our consultations are free. Our aggressive marketing plan includes on-line listing advertising. If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call. If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.
What do you know about this bank?
The important factor here is that I do not deal with direct with the bank. I deal with the asset manager for the asset management team that is in charge of selling this property for the bank. It is also important to remember that each company is different but usually they all have the same MO - they want the most they can get for the property and they will not bend too much from the list price. They are already feeling that they are taking a hit on the property and are not ready to take more from their commission to make a buyer happy. So they are pretty firm, but then again - they are usually in the counter mode and will counter you and let you know where they are coming from. I am in no position to tell you what to offer or counter, because I do not know you like that. I advise you to review the offer and the counter(s) carefully and if I am your agent I will go over what they mean, but at the end of the decision is YOU. Asking what do I know about the bank is that I do not know much. I may be able to give you the name but remember the asset management company was hired to act in the place of the bank.... And they then have to take into consideration what they will be getting from the sale and are really much interested in deceasing the sales price by much because it is like taking money out of their pockets too. I hope this helps shed some light on what your agent really knows about the bank that owns the property and if it really matters. Each transaction is different so it is very hard to honestly call it for you.
Check out: Real Estate Terms/Definitions. And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties. Our consultations are free. Our aggressive marketing plan includes on-line listing advertising. If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call. If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.
They are not steroids but they are growing..... all over the place!
This is about REOs (bank owned properties):REOs are not steroids but they are growing, all over the place.
REOs (bank owned properties) numbers are growing at record high. Since the lenders are turning down the short sale requests - the only choice left is foreclosure. Foreclosures are at an all time record high in most areas (especially in California), so therefore the REO stats are up in these same areas. The San Joaquin Valley is hit hard with Short Sales (pre-foreclosures) and REOs (bank owned foreclosure homes) and with Auctions. Top state foreclosure rates: Nevada, California, Florida: One in every 139 Nevada households received a foreclosure filing during March, 3.9 times the national average and the highest state foreclosure rate for the 15th consecutive month. Foreclosure filings were reported on a total of 7,659 properties during the month, up 24 percent from the previous month and up nearly 62 percent from March 2007. California, Florida, Ohio: Foreclosure filings were reported on 64,711 California properties in March, the most of any state for the 15th consecutive month. California foreclosure activity increased nearly 21 percent from the previous month and almost 106 percent from March 2007.
Check out: Real Estate Terms/Definitions. And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties. Our consultations are free. Our aggressive marketing plan includes on-line listing advertising. If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call. If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.
Got R-E-O Countered?
You submit an offer and you get countered? What does it mean? Some buyers mistake a counter for a turn down or that it is etched in stone. It is not. It is an opportunity to
Example: If you ask for less than the asking price, plus you want 6% credit back for closing and you want termite inspection and you want termite section 1 repairs, and you want a 17 day inspection contingency and you want.... And you want...
Hint: The bank will usually counter an offer even if it for the asking price. They seem to find something on the original offer to counter so that it "fits" into what they want and into how they do business. So don't take it as a turn down.
Whereas it does not hurt to ask, just understand that it may be countered.
Check out: Real Estate Terms/Definitions. And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties. Our consultations are free. Our aggressive marketing plan includes on-line listing advertising. If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call. If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US.
AS IS, Where Is... Know WHAT IS before you offer!AS IS - WHERE IS - Do you know what it really mean? I don't think it can be explained enough. There are so many foreclosed homes out there that it is important to understand what the buzz words mean - and this is one that won't go away (AS IS, WHERE IS). Let's break it down: "As is, where is" means that you are buying a property that could have repairs needed, but if there are ... and you purchase the property.....you will need to do those repairs. On the flip, you could be buying a property that is great shape. You just never know, so you should always check the property out first. Know what you are buying, before you buy! Not all foreclosed property is damaged or halfway destroyed. Some properties are in pretty good shape except maybe some cosmetic repairs, or some minor ‘fix-its". Usually these days you will get a property where the owners have not been more than a few months moved out, so the odds are that it is in normal working condition. The property has not been sitting on the market for several months to a year. However, there are some properties that have been sitting on the market for a long time and will be in need of some major repairs. You probably expect the listing agent to tell you everything about that property - RIGHT? Not true. BECAUSE....When properties are foreclosed, the banks that now own the property will have no knowledge of the property. They therefore sell the property "as is, where is." This means that you will receive no disclosures and that you are literally buying the property in its current state. In California the banks are exempt from the standard TDS (Transfer Disclosure Statements) forms that are mandated in other type sales. The reason for this has been stated: The bank has no knowledge of the property so basically how can they disclose. What banks push is that the homes are priced accordingly - so they usually stand firm on the price they decide to list the house for. Getting a price reduction is like pulling teeth! They look at it like this: you are already getting a deal with the list price, why should we accept even less than what we ask, why should we reduce? However, it is usually not the case of it being a deal at the list price; the odds are that foreclosures and REO properties are frequently miss-priced (from $10-20K). So, do not make the mistake of assuming that all foreclosed or REO properties are good deals. Do your homework. You should probably be reminded that not all used cars sold (or new ones for that matter) are a deal. Some are and some are not. Same works with real estate property. So what can you do to be assured you are getting a pretty good deal?
After all, with an "as is, where is" property, whatever problems you discover after you purchased the home are yours to repair and you will have no recourse on the seller.
Check out: Real Estate Terms/Definitions. And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties. Our consultations are free. Our aggressive marketing plan includes on-line listing advertising. If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call. If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US or TEXT Message us at 209-346-9806.
WAM its gone!......REOs are not hanging around long
These properties are not going to sit on the market a long time as they once were doing. The market is so low that the properties are starting to move. Or who knows the bank might take it to the auction and WAM... its gone. Although you may think it is listed a little high to call it a deal, they usually are a deal. Maybe not a steal, but a deal. Typically, the bank will order BPOs from 3 different agents. From those evaluations the bank will make a decision on the list price. The bank seems to be pricing the properties somewhere close to $10K of what the BPOs come in at. Once the listing agent get the listing price, they will or should get going with the advertisements: MLS, online listing sites, and especially Craigslist. The listing agent should keep a watchful eye on the numbers of showings, should hold open house and get the listing out there so that everyone possible knows about the property being available. Some have been known to wait for price reductions and who knows maybe the banks know this and they hold back on reducing...
So if you are looking at a property... better stop looking and make your offer now! Count on the bank to counter back, but don't give up - counter back - just be reasonable in your offer and counters. Don't assume you will get that much more of a deal by holding out. These properties are already reduced much lower than what it would have cost to purchase it during a short sale. A REMINDER: REO/Bank Owned Property is sold AS IS. Not matter how much negotiating, the target of the bank is to sell the property as is. It never hurts to ask, but always keep in mind that the seller/bank is looking at the bottom line and that is - AS IS, Where is.
Give us a call today! 866-750-8282 For a FREE MARKET EVALUATION of your home Call us or visit http://www.motheranddaughterrealty.com/ Check out: Real Estate Terms/Definitions. And take a look at Mother and Daughter Blog and D'Adrea's Mother and Daughter Blog - for other tips for Sellers and Buyers. I work with my daughter as the Mother and Daughter Real Estate Team at Family Realty Group and we also focus in Short Sales and the Pre-Foreclosure process and REOs/Bank Owned Properties. Our consultations are free. Our aggressive marketing plan includes on-line listing advertising. If you are thinking of selling or buying a home in Northern California's Central Valley (San Joaquin County CA - includes Stockton, Manteca, Tracy, Lathrop) plus Stanislaus County CA - includes Modesto, Salida, Riverbank) & the East Bay (Alameda County CA - includes Hayward, Fremont, Newark, Union City & Oakland) and surrounding areas give us a call. If you would like a FREE Home Seller or Home Buyer Handbook, please call us at 866-750-8282 or email at US. Check us out on website: http://www.motheranddaughterrealty.com
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Rosemary Brooks -Mother & Daughter (866)-750-8282 Stockton, CA More about me… Family Realty Group - 866-750-8282 Office Phone: (866) 750-8282 Cell Phone: (209) 346-9806 Email Me
www.motheranddaughterrealty.com
Mother of FAMILY REALTY GROUP - Mother and Daughter Team. I truly enjoy helping others and working with my daughter has added value to my life and business! Call or TEXT me 866-750-8282
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request. So the question here is: Does this affect the market comps in some way?
Is this fair? 
Website: 
EQUAL HOUSING OPPORTUNITY
Central A/C
website: 
foreclosed homes are not being taken care of and is bringing down the neighborhoods. Of course there are some question as to who to go after. People are not cleaning up the property before they leave, instead most are leaving trash, personal items, unfinished home improvement projects, dogs, feas, cats, in some cases unsafe structures and don't even mention a yard that is not maintained and haven't been for a long while. This is a concern for neighborhoods that have that "owner pride" and are concerned about their property value going down -- right alone with the neighborhood value.
There is a bill SB 926 - That in summary would enact several changes to the procedures that must be followed 
Website: 
This is the most common question I get from both agents and buyers. The other questions I get are: Are there any offers on the property and do you think the bank will take a cash offer (and those offers are usually very low but they are quick close and cash). This post is about the question: What do you know about this bank? The answer: In a word "nothing".
Website: 
website: 
open up the negotiations or it can be.
website: 
Website: 
Buyers, if you see a REO / Bank Owned Property FOR SALE --it might be wise to check it out, do your inspections and make your offer before the sign changes to SOLD. 
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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