Anatomy of a Short Sale - Part 6 - 02/26/09 05:58 PM
The tale of this short sale continues. Today I phoned Countrywide again.  They told me 2 days ago that the short sale package I'd submitted was with the "Short Sale Review Team."  The person who answered the phone this time (it's a different person each time I call) hadn't heard of such a review team.  But she looked up the file on their computer and said there was a note that they were trying to decide whether to obtain an interior BPO (Broker Price Opinion) or a full-fledged appraisal. She confirmed that they already have a drive-by BPO. I reminded her that … (0 comments)

Anatomy of a Short Sale - Part 5 - 02/24/09 01:03 PM
I got a call this morning from Accredited Home Lenders, the holder of the first mortgage on this short sale. Kudos to them for being proactive! They have been pleasant to deal with. Unfortunately, they are going to sell their loan to Select Portfolio Servicing on March 1, and it's unlikely that we can close out this deal before then, for 2 reasons: I need to get Countrywide's approval, since they hold a second loan, and even if they were to agree today, Accredited would require an interior BPO (Broker Price Opinion) which they farm out to another vendor, Goodman Dean, and … (1 comments)

Anatomy of a Short Sale - Part 4 - 02/23/09 01:40 PM
It's Monday morning, so time to check in with Countrywide to see if the short sale package I sent them last Tuesday, Feb 17, has made it into their computer yet. Hurray, they now say they "received it" on the 20th and will assign a negotiator. I'm to call back "within 48 hours" to see who that might be. So, that's some progress. Then I called the first lender, Accredited. My contact there whom I'd been told would handle the case said the package wasn't accessible from her computer, but after we determined that it had been faxed to a general fax … (0 comments)

Anatomy of a Short Sale - Part 3 - 02/20/09 02:07 PM
If you have been following this story, it left off last week with the title company not sending the Preliminary Title Report until last Friday at 6:30pm, too late for them to put together the expected closing statement (HUD1) that the lenders need before they will look at a short sale request. Since Monday was President's Day, I was able to get that from the title company on Tuesday.  With that, I sent off the short sale packages to the first and second lenders, that included all of the information they asked for. Before the first lender (Accredited) will agree to … (0 comments)

Foreclosure Auction Experience - 02/18/09 03:57 PM
I attended my first real estate auction last Sunday in San Francisco. As a classic car buff, I've been to many auto auctions, but never a huge real estate auction such as this. The two are very similar, minus the exhaust fumes!  This one was held in the ballroom of the Hilton Hotel. I would guess there were over 700 people there. It was very well organized, with huge screens at the front of the room projecting the property being bid on at the moment. Homes sold at a rate of about one every 2 minutes, and hundreds of them sold, … (0 comments)

Anatomy of a Short Sale - Part 2 - 02/16/09 02:44 PM
Well, I finally heard back from the Las Vegas investor the other day and he's ready to proceed. In the interim, we did accept the offer from the 2 ladies, with the provision that we can accept a better offer should it come in before the bank approves the short sale. However, since we have the ball rolling with the conventional short sale, we're going to see if we can push that through. There are 2 loans on the property. The holder of the first told me that we need to close escrow by Feb 27, just 11 days from now, … (0 comments)

Anatomy of a Short Sale - Part 1 - 02/13/09 11:49 AM
In a post dated Jan 23, 2009, I described a 1BR condo in Benicia, CA that I listed for $115,000. The seller paid $312,000 and owes nearly that amount since she purchased it with nothing down 2 1/2 years ago. I thought you might be interested in following the progress of a short sale such as this. Shortly after I posted it, I received a verbal offer, followed up by an email from a Las Vegas buyer with investor cash who wanted to buy it sight unseen, since it's is a good cash flow opportunity. I asked him to submit an … (0 comments)

$2000 / 2br - Single story end unit feels like a single family home (san rafael) - 02/05/09 10:39 PM
Enjoy this newly renovated townhome with its new appliances, including washer/dryer, new wood floor, carpets and tile. It has vaulted ceilings, a remodeled bathroom, fireplace and a large patio back yard! There's a 2-car carport adjacent to the unit, with lots of storage space. It's just a couple of blocks off of the Civic Center exit of Hwy 101 and convenient to shopping. You'll like the fact that this is a single-level home with no attached walls on 3 sides. Call or email to see.

Peter Nielsen: 415-472-6243, Peter@MarinRealtyExperts.com
… (0 comments)

 
Rainmaker_large

Peter Nielsen

San Rafael, CA

More about me…

Area Pro Realty - Bay Area Villas

Address: 310 Orchid Drive, San Rafael, CA, 94903

Office Phone: (415) 472-6243

Cell Phone: (415) 299-0487

Email Me

Peter Nielsen's commentary on his experiences and views of the Marin County, California real estate market.



Listings

Links

Archives

RSS 2.0 Feed for this blog