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short sale: California Short Sale Tax relief bill stalled, probably to be vetoed by Schwarzenegger - 03/18/10 10:53 AM
Our California Governor is threatening to veto the tax bill (SBX8 32)passed by California lawmakers last week. As part of an LA Times blog article:
"Gov. Arnold Schwarzenegger announced today that he would not sign a bill lawmakers passed to bring new tax relief to homeowners and green energy companies, in large part because it would ramp up the penalties against those who abuse such tax credits."
I say, follow the money. Look a the next paragraph:
"The governor's move came at the urging of a coalition that includes the California Chamber of Commerce, the Western States Petroleum Assn. and the … (2 comments)
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short sale: Sorry, we won't show you that listing, it's a short sale - 03/06/10 02:18 AM
I was surprised when on one of my google alerts I saw one of my own listings - no , not surprised at seeing the listing as we (brokerages) share information all the time. I was surprised at the notation on the listing:
Short Sale
This home is flagged as a short sale. We're sorry, we don't tour or write offers on short sales because of the slim chance that you'll get the home.
I know that everyone has differing views, and different experiences in short sales. But in my opinion, if you're a buyer in some areas, it really is … (2 comments)
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short sale: SHORT SALES: Congressional call to action! - 03/19/09 10:44 AM
Fellow REALTORS and industry leaders, please help!
We need SHORT SALE REFORM NOW! Our banks and servicers are being strangled by their investor guidelines. We need to jump into action together! We need to write to our law makers - locally, statewide and nationally - to let them know they must aid in the reform of the Short Sale process.
Homeowners are left in agony when short sales are seemingly arbitrarily denied. Or a small $$ difference closes the file. Or a cash contribution requested is impossible. Worst is the MONTHS it takes to get an answer from most major lenders, … (5 comments)
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short sale: Countrywide: Technical Difficulties? All Day? Sure.... - 01/29/09 01:22 PM
You know, when you want to call a company and register a complaint, most legit companies have a mechanism to do that. Well I've been trying to call Countrywide all day. At every number I can find for their "complaint" line, it eventually ends me up to a recording saying they can't help me right now, call later (technical difficulties). The recording has been saying that all day long.
Do Federal Lawmakers know this? Should we (collectively as an industry) make a complaint to the Office of Thrift Supervision? The FDIC? Who? Who really looks into company complaints these days? Anyone? Or is just … (6 comments)
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short sale: Predatory Lending - Call to Action - 01/27/09 09:16 PM
Today, while perusing the www.NACA.com website I came across a couple of areas I thought were interesting enough to pass along.
First of all, NACA is the Neighborhood Assistance Corporation of America. NACA is a HUD certified counseling agency and provide non-profit advocacy. For those who have not heard of NACA before, here is a brief description of what they do from their overview page:
The Neighborhood Assistance Corporation of America ("NACA") is a non-profit, community advocacy and homeownership organization. NACA's primary goal is to build strong, healthy neighborhoods in urban and rural areas nationwide through affordable homeownership. NACA has made … (0 comments)
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short sale: Wells Fargo / Wachovia unveiling new loan modification program - will it help? - 01/27/09 10:29 AM
For Wachovia customers in danger of losing their homes, Wells Fargo is announcing a new program to help Wachovia customers in danger of losing their homes in foreclosure. As outlined in an article today in Forbes, it is noted they will provide a reprieve thru the end of February for almost 500,000 borrowers possibly eligible for a modification program.
"Wells Fargo said 478,000 Wachovia customers, with loans totaling about $120 billion, will have access to the program, though San Francisco-based Wells Fargo said it was unsure how many customers would take part.
The customers within this portfolio that are being referred to foreclosure … (12 comments)
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short sale: Your call is very important to us, ya right! The mortgage companies do NOT CARE - 01/23/09 09:11 PM
I was listening to talk radio this afternoon on the way to an appointment to show homes. Gil Gross of KGO 810 Radio was talking about mortgage companies... he was talking about REAL PEOPLE trying to call the mortgage companies for help. You know, all that stuff you hear on the news, "the banks are here to help," "we'll modify loans," "we'll help you stay in your homes."
____________________________________
Here is recap:
Friday January 23 , 2009
2 PM: Congresswoman Gets the Runaround on Bank Help Lines...
In a revealing example of what she says the average homeowner faces, a California Congresswoman spent more … (7 comments)
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short sale: Buyers Agents: JUST STOP being so flakey! - 10/29/08 05:19 PM
This is a post a long time in coming. I'm tired of flakey agents. Let me explain. (and as an addition here since I'm already getting complaints - I realize fully that the BANKS are the ones pushing into these impossible situations - believe me, I know that)
I do a lot of short sale listings. We receive an offer, say from your buyer. We work in good faith with you to get your buyer's offer accepted. Per our MLS rules, we have to take the house off the active market and change the status to "pending, subject to lender approval." … (17 comments)
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short sale: Bank of America is absolutely the worst consumer friendly company! - 09/21/08 02:51 PM
I do a lot of short sales. And yes, most companies have their challenges. But none like Bank of America. Here's the situation. Bank of America (B of A) holds the second on a property that we are selling (short pay). WaMu holds the first. Both have had the short sale package since July 14th. Over 2 months! First Bank of America approved this as a "settlement" by mistake. We weren't looking for a 320,000 settlement , we were looking for a short sale approval.
So they file their notice of trustee sale. Yes, they are the second. Holding a loan … (26 comments)
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short sale: Bank of America Short Sale Approval in TWO Weeks? Its not what you think . . . - 08/08/08 11:39 AM
I was surprised, out of the blue, to get a short sale "approval" letter for a property who's package only got into processing with them 2 weeks ago.
This is a second loan on this property. A little over 300k is owed on it.
I was surprised that the letter said:
"Bank of America agrees to accept $320,000 in certified funds as settlement in full of this loan. Upon the bank's receipt of the payment of $320,000 the bank will release the the lien on the above property."
Yes, don't be blinded by the approval part of this letter, take note … (15 comments)
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short sale: Washington Mutual Alert- They've crossed the line big time ! - 07/30/08 07:34 PM
So as you may have read over on Mike Mueller's blog entry (WaMu Locks Single Mother Out of Her Own Home), today I had a horrible phone call, the kind you don't want from a client. Someone had changed the locks on her house! We are in the middle of short sale negotiations right now. We are close, they've ordered an appraisal , we're getting there and wow, what a shock to get this call from my client.
For those of you who are, or have ever, done a short sale with WaMu, you know they are notoriously slow to react, slow … (29 comments)
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short sale: One of short sales most asked questions . . . - 07/14/08 02:39 PM
HOW MUCH DOES IT COST TO DO A SHORT SALE?
That is a question we're asked alot. The answer is NOTHING. At least not monetarily. We treat these sales as a typical real estate sale whereas we're basically paid nothing unless and until the deal closes.
So we sign you up as a typical seller. We complete, and you sign, the listing agreement and its ancillary documents, the statewide disclosures as is typical, and then we'll give you a few other pieces to complete specific to the short sale. But we don't get paid unless we close the deal. In fact, we don't … (1 comments)
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short sale: Anatomy of a recent Countrywide Short Sale (updated) - 07/10/08 12:51 PM
So, we're not there yet, but what a relief that a big lender like Countrywide has made it a mission to streamline the process. In case you didn't see my post on June 29th, let me recap and let you know where we are in case you're following along:
June 14th: Submitted authorization to communicate in anticipation of offer(s) on property.
June 17th: Called. Confirmed authorization received and went thru "telephone intake" with CW rep. They asked me questions about the sellers financials, situation, hardship and then questions about the buyer's offer. We passed and we were sent on to the short sale … (16 comments)
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short sale: Short Sale vs. Foreclosure - When to seek PROFESSIONAL HELP! - 04/24/08 03:29 PM
YOU need professional help!
. . . on the decision to foreclose or short sale that is. You must seek counsel of an experienced real estate professional, a qualified tax professional and/or an attorney before making any decisions as to whether to foreclose or attempt a short sale. Both can have pros, cons, consequences and benefits. Believe it or not, sometimes foreclosure is the right answer. Often a short sale is the best solution as it enables you to negotiate up front with the lender for any future recourse.
Logistics - there are distinct differences as to how your occupancy of your … (1 comments)
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short sale: MOST people won't owe taxes ? What ? - 04/02/08 10:27 AM
So you're an agent, you've done a few successful short sales (or worse, you've never done one)... and voila.. you're the expert. Right? Well, I want to challenge that ... There are now a plethora of new training companies out there now... pay me, I'll show you how to do a short sale. Pay for my seminar and I'll give you the tricks of the trade. These often look like everyday agents realizing they can make a buck on training others. Frankly, that's great, real estate agents can always use more information, more training - no problems there unless you don't know … (9 comments)
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short sale: Foreclosure Scams Rising - Not an April Fool's Joke - 04/01/08 07:37 PM
Here are some general tips that I wrote about on my blog specific to short sales . I attended an event at our local Law School (JFK in Pleasant Hill) about the sub-prime bust. Very interesting speakers and I'll probably devote a couple of other blogs about the various subjects in the near future. The one speaker though I thought was very important and very timely. He was Ken McCormick of the Contra Costa County District Attorney's office. He's the lead attorney prosecuting real estate fraud in our county. Here are some things he mentioned. And my reminder to all those … (10 comments)
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short sale: New Listings in Contra Costa - Pre-Foreclosure Homes for sale - 02/26/08 01:01 PM
Pre-Foreclosure / Short Sale Properties for sale
2141 No Donovan Way, San Ramon / 4 bedroom, 2.5 bath $665,000
636 Filbert Ct, San Ramon / 3 bedroom, 2 bath COMING SOON
1789 Tice Valley Rd, Walnut Creek / 2 bedroom, 2.5 bath $450,000
4621 Shannondale Drive, Antioch / 4 bedroom, 2.5 bath $350,000
1149 Victory Lane, Concord/ 2 bedroom, 1.5 bath $298,000
2455 Carpinteria Drive, Antioch / 4 bedroom, 3 bath $298,000
2716 Oak Road, Walnut Creek / 1 bedroom, 1 bath $210,000
1067 Mohr Lane, Concord / 2 bedroom, 1.5 bath $148,000
1053 Mohr Lane, Concord / 2 bedroom, 1.5 bath $148,000
Also available, but not short sales or distressed:
293 Foulkstone Way, … (0 comments)
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short sale: So you want to be a short sale specialist? - 02/02/08 01:46 PM
I always hesitate to call myself a specialist in anything, as there is always so much more to learn about any subject, can any of us ever be truly a "specialist?" Does calling yourself a specialist hold you to a higher standard? I think so. Short sales are the new niche of the day. Many agents are trying to work within this growing market segment. But be careful.
What made me think about this blog post are the agents I talk to on a daily basis representing sellers on short sales, that really have no idea what the ramifications for their clients … (11 comments)
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short sale: Homeownership, financial assistance and foreclosure prevention fair - FREE - 01/14/08 10:53 PM
The following was excerpted from a flyer sent home home with the children of the local elementary school. Obviously this housing crisis is impacting families so much that the local school district actually approved this flyer to go home with students. This is important and very timely, I've re-typed the information below so that if you wish to attend, all the information you need is below.
"Every Child Needs a Home!"Foreclosures are impacting our families and communities
Rate about to go up? Caught in a high cost loan? Falling behind on your mortgage? Seeking other financial assistance?
"Healthy Communities Financial Justice Fair"
This event is FREE and for … (2 comments)
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short sale: Alternatives to Foreclosure - 11/11/07 08:53 PM
There are many do's and don't's related to foreclosure proceedings. We'll have a follow up blog soon with more on that, but for one thing, don't move out of your home, as you may not qualify for certain types of assistance if you move out. We'll also be posting a list of local resources and non-profit housing counselors who may be able to help. So stay tuned.
There are a few alternatives to a foreclosure. Always communicate with your lender, first and foremost. Some of these options only work if you've missed only a payment or two. Missing more than that without communication … (11 comments)
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Catherine Myers, Walnut Creek, CA Real Estate
Walnut Creek,
CA
More about me…
Windermere Bay Area Properties
Address: 1981 No Broadway, Suite 120, Walnut Creek, CA, 94596
Cell Phone: (925) 683-2125
Email Me
Real estate news, home for sale listings and market updates. Short sale listings, foreclosure and REO information. Contra Costa County. Specializing in Contra Costa relocation near and far.
Contact me at 925-683-2125 or at www.DiabloValley.net Get great free widgets at Widgetbox!
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