Success Story: CHASE (2 loans) Short Sale Duplex Closed Escrow in Alameda CA

Happy to report the successful close of escrow for this fabulous Victorian duplex in Alameda CA.

1611 Willow in Alameda CA

RESTORED
Victorian duplex was beautifully restored, remodeled and upgraded by the right person: a forensic engineer specializing in construction. Located just blocks from downtown Park Street shops, restaurants and theater.

The property was literally gutted down to the studs and was given new life. New sewer lateral line, new and upgraded electrical service, new water heaters, new copper wiring, new foundation, re-sided exterior, new double-pane windows, new exterior trim, new entrance doors, improved railing and pickets at stairs, new concrete driveways, new gates, new gas lines, new wiring, new sheetrock, new insulation, new sub floor, new central heating, new baths and fixtures, new kitchens and appliances, new blinds, new carpet, new marble and tile entrances, new downspouts, new skylight and new 2-car detached garage.

MULTIPLE OFFERS
Within days of putting the property on the MLS, we received multiple offers. The winning bidder agreed to a significant initial deposit and to immediately open escrow upon acceptance of offer and before receipt of short sale approval  from the short sale lender, Chase.

INFO

  • Chase held both 1st and 2nd loans. 
  • Challenges:
    • Tracked file when it was transferred from one negotiator to another.
    • HAFA documents not sent to Seller until we followed up. And then they send 28 copies of the same documents in one day
    • Escalated to Executive Resolution Team.
  • HAFA (Home Affordabile Foreclosure Alternative program) approved.
  • Listed at $525,000, Sold for $540,000
  • Closed escrow January 31, 2012.
  • Buyer bought property for two sons to live in as owner-occupants.

 

 

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19 Comments on Success Story: CHASE (2 loans) Short Sale Duplex Closed Escrow in Alameda CA

FEB
01
2012
295,160 Points 20 Featured Posts Outside Blog Called Shot Master

Yippeeeee!!!

Good for you.  Multiple offers, over list price.  The property looks ca-lean.  May I ask, how much are market rents for that duplex?

 
9:05pm • #1
620,425 Points 61 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Lloyd ---  marker rent could be as high as $1500-1800/month especially if garage space is included. There are two driveways, so each tenant has off-street tandem parking. And each unit haw washer/dryer.  It's proximity to downtown area is a real draw.

IF the garage  is rented separately, that could bring another $50-100/month since it's a really large 2-car garage

Buyer is owner-occupant.
9:08pm • #2
599,250 Points 48 Featured Posts Outside Blog Called Shot Master

Pactia congrats on your success but I must say the picture is awesome and this home really caught my eye!  Beautiful and tastefully done!
10:04pm • #3
202,276 Points 2 Featured Posts Called Shot Master

Yay Pacita,

It is lovely and you worked hard to get 'er done!  U D Best!
11:32pm • #4
FEB
02
2012
295,160 Points 20 Featured Posts Outside Blog Called Shot Master

Thanks.  and good work.
12:12am • #5
620,425 Points 61 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

John -- this duplex is on Alameda's Historical Building Study List. The previous owner did a good job retaining its characted.

Marge -- wish we didn't have to work too hard on short sales, but we do. Just glad we're closing them. Another on to go by March.

Lloyd -- you're quite welcome.
1:28am • #6
236,745 Points 8 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Pacita... congrats to you on such a quick sale.  Also, those renovations really hit many long-term upgrades that will be well-served into the future...
2:10am • #7
620,425 Points 61 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Peggy -- thanks. This is probably one of the best renovated Victorians on the island. And you're right, those improvements will carry this property on to the next generation.
2:19am • #8
427,526 Points 19 Featured Posts Outside Blog Called Shot Master

Cheers to you!  Looks like a beautiful property.
9:37am • #9
620,425 Points 61 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Kathy --- it is beautiful. Really glad the seller had stuck to its original character and architectural details.
11:58am • #10
879,112 Points 75 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Pacita, Congratulations on a successful closing.  28 copies of the Short Sale Agreement all sent on the same day!?  That is efficiency at its best.

 
12:00pm • #11
620,425 Points 61 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Kathleen

It was quite funny, actually. After constant follow up, and escalation, someone finally got the idea.....and generated multiple requests for the package to be sent.

Mind-boggling. But then again, it's Chase.
1:32pm • #12
FEB
03
2012
1,160,705 Points 17 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Hello Pacita ... what a wonderful post, congrats to you and your happy post has been featured at one of my favorite groups at AR ...

HAPPY AT ACTIVERAIN


Bgpic03122009051356_l
12:54am • #13
183,129 Points 5 Featured Posts Outside Blog Attended Rain Camp

Thank you for sharing the story Pacita, we all need to know this type of transactions do sometimes end up with happy endings!

 

Antonio
12:55am • #14
620,425 Points 61 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Bob -- thanks. I am always thrilled when one of my short sales closes.

Antonio -- you are right. We ought to telll the happy story of closed short sales so that sellers and buyers alike won't be afraid to do it. Thanks.
1:25am • #15
197,486 Points 1 Featured Post Outside Blog

Great success story Pacita. Don't cha just love it when something finally goes right!
11:08pm • #16
620,425 Points 61 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

John --- we were within days of foreclosure on this one. If we had not closed Jan 31, it would have been sold at trustee sale Feb 3.  Got another one just like this....must close...must close...,must close....
11:11pm • #17
FEB
04
2012
1,086,611 Points 75 Featured Posts Outside Blog Called Shot Master

Good job...great looking...lotsa character property..escalate and resolve.
4:30am • #18
620,425 Points 61 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Sally and David

I normally go the regular way, follow instructions and all that jazz. But if the other party isn't responding, then yes, I get to be the squeaky wheel. Wish it didn't have to be that way.
8:01pm • #19

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Pacita Dimacali - ePRO, SRES, CDPE, MBA Alain Pinel in Alameda County CA (Alain Pinel) Rainmaker_large

Pacita Dimacali - ePRO, SRES, CDPE, MBA Alain Pinel in Alameda County CA

Oakland, CA

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Alain Pinel

Address: 6211 La Salle Ave, Oakland, CA, 94611

Cell Phone: (510) 205-2992

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