oakland short sale: Short sale payment named as "curtailment" is still fraud if not on HUD
- 06/12/12 04:09 AM
“CURTAILMENT” short sale payment not on HUD is still fraudOn a short sale contract in Oakland, CA, I was told about payment out of escrow as “CURTAILMENT” which is defined as: The act or process of reducing a company's operations in order to bring stability to the company. Curtailment usually occurs when the company has been experiencing unsustainable growth that it is unable to manage effectively. Tactics of curtailment include spinning off subsidiaries, laying off staff, and generally focusing the company's operations on the best products that it is able to create effectively. Curtailment is intended to improve efficiency and increase … (2 comments)
oakland short sale: How can you tell when a short sale buyer is serious about his offer?
- 01/30/12 04:59 PM
How can you tell when a short sale buyer is serious about his offer? Being both a listing and selling agent for short sales, I’ve had my share of buyers backing away from a short sale, and having to start all over again. I’ve even had buyers who wanted to write multiple offers wanting to see which one will stick. Not only is doing that a lot of work, it also describes what kind of buyers they are. When writing an offer, one is expected to write in good faith. Writing multiple offers is hardly that.
What is good faith? Wikipedia describes it as
“In … (25 comments)
oakland short sale: Would you take a listing that is two weeks away from a trustee sale?
- 08/28/11 07:30 AM
Two weeks ago, this question was asked on another site. And my answer was "I did once, but probably won't do it again...It was so harrowing, and took so much fight out of me and the sellers." I may have spoken too soon. I received a call from a man who has hired more than one professional to help him do a loan modification. It's been nearly a year, and his efforts have not gained him any ground. The auction has been postponed twice before. But now, with the auction just two weeks away, he is looking for another solution. He … (58 comments)
oakland short sale: Why do short sale buyers back out after waiting for months for approval?
- 06/15/11 10:51 AM
So close! Why, why, why back out when we're about to get short sale approval? In spite of all the effort expended to explain to all parties what a short sale entails and how long it may take, it is not unusual to have buyers back out after waiting for so long for the short sale approval. WHY? What could we have done to keep the buyer's commitment to the process and interest in the property outside of the requisite frequent updates and communications, and occasional glimpse into the market reports and trends? One buyer had gone through the 45-day period … (3 comments)
oakland short sale: The Essex: panoramic views of Lake Merritt from this 10th Floor 2 Bedroom/2 Bath Condo
- 07/02/10 05:40 PM
I caught myself telling friends about my newest listing as being so "San Francisco-chic" in Oakland, at an incredible price. This is a short sale with two loans, both with Wells Fargo. With all these amenities, the buyer may surely find the waiting time for short sale approval as so....oh, so VERY worth the wait!This is located at The Essex on 1 Lakeside Drive in Oakland. Unit #1004 condo is at the 10th floor. And as they say, the higher the floor, the better the view! And there's a premium for that. Click on this VISUAL TOUR
oakland short sale: When a BPO is good, it's very, very good....when it's bad, it's horrific!
- 03/16/10 07:04 PM
Here's a headline that caught my eye: NAR Defends Brokers Price Opinions BPO) for Short Sale Program Had I not run into bad BPOs done by agents who are absolutely NOT familiar with the area, or who did not bother getting additional information from the listing agent, I may agree with NAR's position. But like bad appraisals done by out-of-area appraisals, one can expect bad BPOs done by clueless agents. Following cases come to mind: BPO agent didn't know property was a fixer. Agent drives by property that although it was on the MLS as vacant and on lock box, didn't bother going … (10 comments)
oakland short sale: On the brink of a trustee sale...
- 02/18/10 12:40 PM
This is hairy. By the time I received a call about a potential short sale listing, the seller has already received a Notice of trustee sale in 3 weeks. The seller's daughter had tried for 6 months to get ther loan modified, but it wasn't until Dec 31 2009 that they were told their applicatoin was denied. January 25, they received a Notice of Trustee Sale scheduled for February 22, 2010. She frantically searched for someone to help with the short sale from the time she received the Notice. Feb 5, she called and told me that she found me ia the internet. We decided to … (11 comments)
oakland short sale: An incredible gift of kindness ..... offering one's home to someone who is dying
- 08/29/09 12:13 PM
This is a remarkable woman..... I met with a client who is getting ready to put her father's house for sale as a short sale. House and hospice When we met, she introduced me to a woman whose husband is dying and will need hospice care. Because the woman needed help and had nowhere to go, my client offered her father's house for them to stay, with the stipulation that they will allow realtors to show the house. The house is vacant, but my client arranged to have furniture set up for their comfort, brought in a washer and a … (11 comments)
“CURTAILMENT” short sale payment not on HUD is still fraudOn a short sale contract in Oakland, CA, I was told about payment out of escrow as “CURTAILMENT” which is defined as:
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