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foreclosure: Dear Homeowner: don't be afraid, don't be too proud to ask....we CAN help! - 09/20/09 03:23 AM
Sept. 20, 2009. A new listing came up: a foreclosure that took everyone by surprise.
It was not previously offered for sale as a short sale. It sold less than three years ago...and now it's bank-owned?
What happened to the people who lived there? Did they even know about financial resolutions to their distress? Why didn't they try to sell the house as a short sale to salvage their credit? Why didn't they call their realtor?
WHAT YOU DON'T KNOW CAN HURT YOU
A previous homeowner (who wasn't my client) called me for help. Unfortunately, by the time she did, her house was just … (8 comments)
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foreclosure: First Time Buyers and Distressed Home Sellers -- info you can use - 06/09/09 06:09 PM
Part of my outreach and Client Appreciation Program (CAP) per Working by Referral (Brian Buffini) to clients and associates is to send them an Item of Value.
This time, I digressed from the original and proposed letter, and created one that I felt was pertinent today. Here's what I am getting ready to mail. The difference is that on Active Rain, I am providing links.
CAP Item of Value
This real estate market continues to surprise us: rates are very low, and home prices are finally near "the bottom." The opportunities are still very much right there. And conditions are evolving. There … (2 comments)
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foreclosure: What can a property owner in distress do to keep her property? - 04/18/09 12:48 AM
Several prospective buyers and investors have contacted me about properties they have seen---and thought ---- were foreclosures because of info they found online in sites like RealtyTrac, and recently in ForeclosureRadar (California)
However, it is important to tell prospective buyers and investors that not all properties in distress are for sale. The property owners may have received a Notice of Default, or even a Notice of Trustee Sale. But not all is lost.
This may be a good time to review what a property owner can do to keep her property:
Forbearance. the lender may allow the property owner to pay … (2 comments)
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foreclosure: My heart truly bleeds for... - 03/11/09 03:12 AM
My heart truly bleeds for people who
....truly believed and hoped they can achieve the American dream of home ownership
....reached out for the brass ring
....saved and saved and saved to put a decent down payment on a home
....loved living in a home they call their own
....paid their taxes.
....kept up with their monthly payments
....supported the local economy by buying goods and services relating to maintenance and enhancement of their home and lifestyle
....when the economy started going south, did what they could to stay afloat as long as they could keep … (6 comments)
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foreclosure: 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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foreclosure: Set expectations when writing offer for a short sale --- Give info to Buyer in writing! - 04/05/08 11:15 PM
No matter how many times you try to explain what a short sale is and what is involved, it is always a good idea to set expectations at the very beginning. Then follow up with a written explanation -- be it an outline, an email, a question and answer ---- anything that the Buyer can refer to because invariably, there will be some confusion as a result of short-term memory and impatience.
It is so frustrating to get calls repeatedly from the buyer, asking the same questions. It is just as frustrating to keep following up with the lender's loan services to get an answer. … (2 comments)
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foreclosure: Evicting a tenant pre-foreclosure --- couldn't make it happen - 04/04/08 01:12 AM
My friend bought a house in a different city and put up her condo for sale. But she couldn't handle two mortgages after her husband left her shortly after moving into the new house. So she decided to rent out the condo for six months. Unfortunately, the condo rent wasn't enough to pay the mortgage. We listed the condo for sale, but the tenants were so uncooperative and they killed every chance we had to show, much less sell the place.
After a while, the property was in default and we offered the condo as a short sale. The challenge of showing … (5 comments)
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foreclosure: "Bottom feeders?" How one agent described people who look for short sales and foreclosures. - 04/03/08 01:59 AM
One property that I was showing in an upscale neighborhood of Orinda (CA) has been on the market for over six months. Typically, homes in this area do not stay on the market for a long time. Our MLS has a feature notation where an agent can mark whether this is a short trans/pay (short sale) or REO. Out of curiousity, I asked the realtor if this property is a short sale. Perfectly harmless question, I thought, since there's no guarantee that an agent is diligent enough to post this information if either case applies.
The agent railed and sniffed that he was "sick and … (8 comments)
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foreclosure: Short sale does affect credit rating --- but by how much? - 04/03/08 01:20 AM
I have searched several sites, blogs, etc. for a concise answer to the question on the effect of a short sale on one's credit score.
It was mind-boggling to find so many different answers. And I am just as befuddled. For sure the credit score has to be negatively impacted since banks will surely report late payments. To approve short sales, a homeowner must prove hardship, and most if not all lenders will look at missed/late payments.
But I've seen so many postings that say to save one's credit, one should opt for short sale instead of going to foreclosure.
Granted that … (18 comments)
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foreclosure: Agent advised seller to loan buyer money as second...then the bank foreclosed 10 months later! - 03/05/08 12:30 AM
While browsing through listings of foreclosures in a certain area, I discovered that a house my client sold over a year ago, using another agent, was foreclosed. When I mentioned this to my client, he was surprised. It turns out that at the advice of his agent at that time, he agreed to loan $20,000 to the buyer of his home so that they can close the deal in December 2006. It was a $1.1M house. So it was rather surprising that he would need to lend money if the buyer can afford a house at that price range. Red flags should have been … (5 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
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