short sale: "Starter" condo in Hayward: 2 Bedrooms/2 Baths, in-unit laundry and then some. - 09/22/08 12:41 PM
We often ease timid homebuyers into "starter" single family homes. But can we say the same about a condo?
Whether one is a first time buyer or someone who wants to simplify and downsize, this 2 bedroom, 2 bath condo meets many basic needs and then some. With 900 sq ft, … (1 comments)
short sale: Short Sale Gunslinger for hire --- good or bad? - 08/12/08 11:35 AM
For the first time, one of my short sale applications was rejected by Downey Savings whose policy is NOT to approve any short sales of any kind. Since we have until November before the house is foreclosed, I am trying to find other means to get this done. Otherwise, my clients … (0 comments)
short sale: To Buyers: please listen to your realtors who guide you to make informed decisions - 08/05/08 01:56 PM
To all buyers out there....
Please listen to your realtors who make a living pricing, selling, researching values of real estate property. We do have your interests at heart. We're not in it just to sell you something. We want you to be happy because we are counting on you to … (5 comments)
short sale: 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 … (2 comments)
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 … (2 comments)
short sale: 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 … (4 comments)
short sale: 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 … (5 comments)
short sale: Homeowners don't have to miss payments in order to qualify for short sale - 06/17/08 03:51 PM
I guess the answer will always be "It depends"
A couple of my clients are truly struggling to keep up with their monthly mortgage payments and are finding themselves deeper and deeper in the hole (charging daily expenses to their credit cards because they want to reserve their cash to make the … (7 comments)
short sale: GRRRR....While waiting for response for offer on short sale, the trustee sale was announced! - 05/02/08 12:54 AM
We submitted an all cash offer on a short sale listing on March 31. Although our offer was below the list price, we priced it according to a recent sale of a bank-owned property in the neighborhood. The seller accepted on April 3. Change the status on the MLS! In our MLS, once … (2 comments)
short sale: Is this right? Short sale listing agent sent all offers directly to lender, bypassed seller. - 04/29/08 02:45 AM
I submitted an offer on a short sale listing last week. When I followed up with the agent on the seller response, she told me that she received four offers and that she sent them directly to the lender for approval. No written response (acceptance, counter or rejection) from the seller. Is this right? Seems … (13 comments)
short sale: 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 … (2 comments)
short sale: Fiduciary responsibility is to the seller of the short sale....not to the lender - 04/22/08 08:34 PM
We are having such a lively discussion at our office, and there were very strong opinions expressed. One of the scenarios: there is an accepted offer on your short sale listing, but the lender hasn't accepted yet. Then more offers come in. You can take one or two in back up position, and you can/may present … (8 comments)
short sale: When do/should you deposit the check and open escrow on short sale? - 04/22/08 03:11 AM
There seems to be a disagreement about when to deposit the buyer's initial deposit check. Some say within three days after the contract is signed and accepted by the seller since that is when the contract is considered ratified. Some MLS rules also will state that within 24 hours of acceptance by … (3 comments)
short sale: Short Sale: When do/should you put PENDING on the MLS --- when sellers, or lenders officially accept? - 04/07/08 05:28 PM
There's an active discussion and differing opinions on when a REALTOR should amend the status of the MLS posting of a short sale. When the Sellers accept the offer ORWhen the Lenders accept?When is the contract officially ratified? When is it binding? The California Association of REALTORs defers to the local MLS. The … (8 comments)
short sale: Listing received low, but solid offer before property is approved as a short sale... - 04/07/08 01:21 AM
Real estate is an ever evolving industry where there is always something new to think about. Here's a listing that was offered for sale the usual way for just over a month, with the original price right at market, or so the agent thought. There was no interest until the price was reduced $50K. At … (2 comments)
short sale: Investor starts advertising property for sale before she completes purchase of a short sale - 04/07/08 12:59 AM
Maybe one of you has had someone present you with a proposition. Here's how someone told me she invests: Find properties that are short salesWrite offerUpon acceptance by the Lender, and before the escrow closes, she begins advertising the property for sale at a higher price knowing that she has time If/when she … (16 comments)
short sale: 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 … (2 comments)
short sale: 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 … (18 comments)
short sale: 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 … (5 comments)
;)
Links;)
Archives
We often ease timid homebuyers into "starter" single family homes. But can we say the same about a condo?
