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berkeley: You Can Lead A Bank To Water But... - 02/11/12 02:10 PM

Got a a short sale house listed for $299,000 and an all cash offer for $310,000. One lender. One loan. Bank  of America, BAC and Freddie Mac. Bank foreclosed at the trustee sale for $277,000!
The owner had tried to refinance, and to loan mod. Nothing worked, so he was advised by the bank to do a short sale. The owner thought that was best too.
Got an offer for $300,000 all cash. Great.
Bank wanted all the documentation from the seller, income taxes, W-2s, checking and savings bank statements, pay stubs, hardship letter, Request for Income Tax Transcripts (4506-T), … (1 comments)

berkeley: Buying Foreclosures (REO) is Challenging - 08/24/09 07:57 AM
There's a lot of bank-owned, Real Estate Owned (REO) property on the market right now. (Short sales follow second.) However, getting an offer accepted is challenging, and then getting the loan is something else. I've got buyers and I'm having a hard time buying!  
Many REOs require buyers to get pre-approved with their lender. Buyers say it's steering and illegal. And it might be. So buyers cross out listings with this requirement. 
Some REOs say no FHA. Others only all cash. Those listings don't exist for most buyers.
Getting accepted is tough because there are more buyers than houses. Some houses go pending in … (1 comments)

 
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Ernest Villafranca, Realtor, Real Estate Oakland CA

Oakland, CA

More about me…

Better Homes and Gardens Real Estate

Address: Attn: Ernest Villafranca, 3320 Grand Ave., Oakland, CA, 94610

Office Phone: (510) 834-2010

Cell Phone: (510) 418-9443

Email Me

Real Estate Agent covering Berkeley-Oakland-San Leandro, East Bay in Alameda county. Experienced in short sales, flips, investment properties, probate sales, and the Hispanic market.


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