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foreclosures: SHOCK! Lenders make more money on foreclosures than short sales!? - 11/07/09 03:28 PM
Lenders make more money on foreclosures than from short sales or loan modifications. That's what Steve Harney conveyed in a seminar. He caused an earthquake in San Francisco
When loan modifications are turned down, the next thing we attempt is a short sale. And we know that lenders turn over the short sale accounts to loan servicing companies who make our lives hell getting short sales approved. As such, we should know that these loan servicing companies make MORE money by letting the properties foreclose than to approve the short sales OR the loan modification.
RUMBLE...GRUMBLE...CRIES OF DISMAY!
Did he just confirm … (199 comments)
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foreclosures: BEWARE: Foreclosure hunters on the prowl. IS THERE A REALTOR IN THE HOUSE? - 07/15/09 05:24 PM
My co-worker was showing a foreclosure that was just listed in Alameda. It was priced aggressively, in a very desirable neighborhood. When she and her clients arrived at the property, there were literally throngs of people going in and out of the house. It was so busy they thought there was an open house. NOT!
Turns out that another realtor arrived to show the property to her clients, but that folks came to the property and wanted to see it, too. That realtor made the mistake of leaving the door open, so folks came in. And they came. And they came.
That realtor … (43 comments)
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foreclosures: Alameda real estate --- what's happening since January 1, 2009 - 04/14/09 02:23 AM
Having been in multiple offers and counter offers situations lately for residential property listings, it is evident that something is happening. Buyers are stirring!
What's happening in Alameda?
SOLD
Homes sold since January 1, 2009 to date: 70 Highest price sold during this time: $1,995,00 Lowest price sold: $150,000 Average sold price according to the comparative market analysis: $553,973 Average days on market: 60 PENDING TO DATE:
Pending sales: 68 Highest list price: $1,298,000 Lowest list price: $168,000 Average list price: $556,632 Average days on market: 65 ACTIVE LISTINGS TO DATE:
Homes actively offered for sale: 127 Highest list price: $1,728,000 … (2 comments)
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foreclosures: Stunned at who else are losing their homes! - 09/24/08 12:38 AM
I was shocked to read about people I personally know who are upside down with their homes.
Recently, a former co-realtor's house was featured on a foreclosure site as having received a notice of default. Then today, shock of all shocks, one of our lenders with Wells Fargo is also selling her house as a short sale.
Both of them bought their respective homes in 2004, at the height of the market. And both have been adversely affected by the downturn.
I am speechless. The fear is starting to creep up my spine. I tell myself, "I will survive!" but when this … (18 comments)
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foreclosures: 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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foreclosures: Buyer's market doesn't mean low ball offer - 06/18/08 12:00 PM
Time and time again, some folks think that buying a foreclosure would be a breeze, and that they can submit a lowball offer. They must have seen, read, heard that they can get foreclosures for 30-50% less than list price. Remember, REO or bank owned listings are at, or nearly at the bottom price that the bank would approve.
I have submitted offers on behalf of several clients who, regardless of what the list price is, automatically come up with prices significantly less than list price.
Before writing the offers, I always give them a brief history of the property, how much … (19 comments)
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foreclosures: Multiple offers! Again! - 06/18/08 11:22 AM
Yesterday, I did what I haven't done in a very long time:present an offer to a seller in a formal setting, and by appointment. I was the eighth to submit an offer on a 3 bedroom/2 bath detached family home by a lagoon in Alameda. And this is a regular sale listed at $750,000.
Although my beautiful island city has not suffered the same drastic fate as other cities reeling from the sub prime crisis, we have had our share of a market softening. Nonetheless, we find that there are serious buyers who are taking a very close look at our … (1 comments)
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foreclosures: Reality check: 2% of home in the country are going into foreclosure. Should we panic? - 05/30/08 04:37 PM
Doom and gloom news are always sensationalized. So from time to time, it helps to have a reality check.
Kudos to First American Title Company who shares with us the Market Watch newsletter by a dynamo of a woman, Carole Rodoni. Carole is a sought-after speaker (and the much-revered ray of hope for the battered northern California market). We share this info with our clients, and everyone appreciates it!
She points out the following:
There may be close to 2 million homes going into foreclosure, but there are 110 million homes in this county. And 46% of those homes are owned … (0 comments)
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foreclosures: FINALLY, SOME GOOD NEWS! Sales in City of Alameda are picking up....really! - 05/02/08 06:53 PM
It's happening! Properties are selling. As a matter of fact, compared to adjoining cities, we're beginning to see brisk movement. HOMES IN CONTRACTIn March, we saw 70 properties go into contract --- and that's the second highest month in the previous two years (June 2006 was ahead by 74). That means that 24 percent of inventory sold that month.Compare that to Berkeley where 54 out of 206 properties went pending, or 18% of inventory, In Oakland, 236 out of 3174 went pending, or 7 % of inventory.SHORT SALES AND FORECLOSURESFrom another perspective, we are also seeing our share of short sales … (5 comments)
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foreclosures: 24% of active listings in our local MLS are short sales - 04/25/08 01:37 PM
As of today, in our local MLS. there are 12,041 active listings of which 2636 are REO (bank-owned) or 22%, and 2852 are short sales or 24%.
Siince January 1, 2008, 1151 REOs closed, compared to 102 short sales.
Because of the painfully slow process of getting an acceptance, rejection or counteroffer to a short sale offer, I am more inclined to look for REOs for my clients who are interested in such properties. However, seeing that there are more properties that are on the short sale list, I don't want them to miss out on these either. As long as we set … (2 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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