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Short Sales for Downey Savings are NOT doable, per Mortgage Resolutions Services - 07/31/08 06:07 PM
LAST RESORT
In a last ditch effort to help my sellers who are upside down on their loans and can't pay their mortgages with Downey Savings and National City, I contacted Mortgage Resolutions to see if they can help my clients.
Mortgage Resolutions offers, according to them "as full complement of services designed to assist homeowners, agents, brokers and mortgage lender/services in working through delinquent and At Risk mortgages." For a fee of 1/3 the agent's sales commissions, they would have handled all the nitty-gritty details, contacting the lenders, processing the paperwork, etc.
DOWNEY SAVINGS: Foreclosure preferable over short sale?
Upon … (2 comments)
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2885 Regatta, Oakland CA 94601 Waterfront Condo, Largest Model at The Estuary - 07/31/08 11:11 AM
Waterfront views from this condo built in 2005, facing the Alameda/Oakland Estuary.
3 bedrooms, 2.5 baths * Built 2005 * Largest model 1993 sq ft * $599,000.00
Largest model with 2-car tandem parking in garage with interior access. Granite counters, back splash and bar, stainless steel appliances in kitchen. Spacious master suite has extra-large walk-in closet and bath with double sinks, shower stall and large tub. Beautifully landscaped grounds and promenade along the estuary, Short stroll across Park Street Bridge to downtown Alameda's shops, restaurants and Alameda Theater 8-cineplex.
Short sale subject to lender approval.
Click HERE for visual tour
Click … (2 comments)
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Brad Andersohn rocks! Live session inspires many of us to start blogging. - 07/30/08 03:26 PM
Having Brad address our group today more than lit a thousand light bulbs. Folks who are timid about blogging are encouraged to start.
Here he is at Gallagher & Lindsey, Alameda CA where he gave us a quick tutorial on blogging.
Great session, and I encourage you, if you haven't yet, get him to show you the basics of blogging oon Active Rain. Loved his ActiveRain starter kit.
Also loved his key points when it comes to blogging: Title, Images, Links.
Haven't mastered any of these yet, but will definitely start. Also convinced that Flip Video is the way to … (1 comments)
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OUCH! Downey Savings won't approve short sales - 07/30/08 12:29 AM
Venting...
After weeks of waiting for word from Downey Savings for approval for a short sale, I got my answer yesterday.
Private investor
Downey Savings won't approve any short sales. The only way they would approve a short sale is if they received the full payoff --- which, in that case, won't be a short sale.
I made it crystal clear that my sellers are in no position to pay off the full amount owed or sell at price they owed and still pay commissions out of their pocket. And that if they can't sell, then the only remaining avenue is a foreclosure … (7 comments)
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San Francisco Chronicle Headline: Foreclosures Hit A 20-Year High! - 07/23/08 03:16 PM
We know the foreclosure activity picked up. We also know that we have brisk activity when writing offers, many times, at a multiple-offer situation.
So it wasn't a shock to see this headline that talked about repossessions in the Bay area soaring. Read the story
In the Bay Area, mortgage companies recorded 18,516 notices of default, up more than 140 percent from a year ago. Foreclosures rose nearly 315 percent to 9,206. Notices of default, the first step in foreclosure proceedings, rose nearly 125 percent from a year ago during the second quarter, and trustee deeds recorded, which reflect the actual … (6 comments)
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Lender's requirements for a short sale package. - 07/23/08 02:46 PM
The short sale packages are pretty much the same today....I think the lenders are making their requirements almost standard. In the case of a short sale property with more than one loan, this is most certainly useful and helpful so that we don't recreate the package.
From what I've encountered, lenders rarely touch a file until after there is an offer (accepted by the Seller) on the property. If the offer is substantially less than list price, or if it is substantially less than what is owed, the asset manager or loan negotiator submits the file to their committees for review and for a … (5 comments)
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COMING SOON: Victorian duplex near downtown needs a makeover - 07/23/08 02:27 AM
… (0 comments)
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Love Blackberry, Hate AT&T - 07/18/08 11:39 AM
Venting...
I love my Blackberry Curve 8310 and its features. But recently, I had a problem with it and spent hours trying to get it resolved between ATT who referred me to Blackberry who said I should get the phone replaced since it's still under warranty.
Called AT&T who said that according to their records, I bought a refurbished phone and it's out of warranty. Went to the AT&T store where I bought it, and armed with my receipt, asked them to correct their records.
Tried to get the phone exchanged at the store, they told me to call the warranty department. The warranty … (2 comments)
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Alameda real estate blogger makes unkind statements, then hides behind a realtor's website - 07/16/08 02:21 AM
There's an Alameda CA blogger who goes by L.Opine whose website is www.knifecatchers.com. The blogger says
"Knife Catchers will document noteworthy tidbits about the US housing bubble implosion of mid-2007.Why "knife catchers"? Real estate bubble bloggers and commentators often refer to getting involved in risky real estate transactions in post-bubble times as "catching a falling knife." This blog will illustrate the art of knife catching through the eyes of bearish real estate market watchers in California.
The blogger's comment about a particular property and its owner in distress was so unkind when he/she said:"Let them fall, I say."
If the blogger reads ActiveRain, hopefully … (0 comments)
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SHORT SALE. California Bungalow near downtown Alameda - 07/14/08 01:50 AM
For all of you looking for a home in Alameda...this is more than a starter home. Seller's loss, buyer's gain.
… (0 comments)
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REO agents --- pls include precautionary info in your listings - 07/08/08 05:05 PM
Okay, I have to vent.
Since the number of REO listings are increasing, they are an integral part of my buyers' house hunting expedition. But Jiminy Cricket! It certainly hasn't been easy. Although we don't expect the properties to be squeaky clean, we should at least be able to see it!
Here's my beef. These are REO listings, and the instructions were simply to go and show.
BROKEN LOCKS I tried --- four times! --- to show an REO home. The first time, the lock was broken. I reported it to the listing agent who said she will have a locksmith take … (7 comments)
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Flip Video or Vado --- samples/links of videos, please? - 07/07/08 05:05 PM
I am not an early adaptor to technology, but neither am I techno-phobic.
As such, it is now decision-making time: to buy a Flip Video or Vado?
Without scouring thousands of posts, can those of you who have shot videos for posting on youtube, using either of these video cameras, provide me with the links of your videos? And any feedback you can give me regarding why one is better than the other, will be most appreciated.
Thanks!
… (5 comments)
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REOs and vacant houses: Squatters' favorite target - 07/07/08 01:52 AM
Although not all REOs/bank-owned listings are trashed, that isn't the only challenge we face when showing this type of property.
REO Last week, I was going to show an REO to my clients. I got there early to scout the area, and saw that the front door of the subject property was open. And from the open windows, I noticed the backs of sofas and TVs. So I called the listing agent to verify that the property was vacant as it was noted on the MLS. He said that it was --- but as I was talking with him, I noticed … (7 comments)
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Pacita Dimacali - ePRO, SRES, CDPE, MBA Alain Pinel in Alameda County CA
Oakland,
CA
More about me…
Alain Pinel
Address: 6211 La Salle Ave, Oakland, CA, 94611
Cell Phone: (510) 205-2992
Email Me
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