bank owned: A Tale of Three Short Sales
- 02/25/11 01:41 AM
As Forest Gump says: [Short-Sales are] like a box of chocolates. You never know what you are going to get.
This past month I had the pleasure (and fortitude) to close three very different Short-Sales in Southern California. No two are ever exactly alike. I refer to them as "fluid" financial transactions. They can drip, flow, gush, or dry up.
Short-Sale #1 Anaheim Hills - Representing the Seller. My client bought at the height of the market and was ready to get out. We put it on the MLS in May 1, 2010 and closed January 28, 2011. … (1 comments)
bank owned: Ssssh...Short Sales: Take One - Timelines
- 04/26/10 03:08 PM
Let me introduce you to a very misunderstood and often despised Real Estate transaction: Short-Sales. Some Realtors run from them, some buyers run TO them, and many homeowners are overwhelmed by them. Unfortunately, Short-Sales will be here to stay for several years to come, so it is time to get to know them. Each homeowner's situation and each Short-Sale transaction have its own nuances and variables. There may be a playbook but it is rarely followed and it is always being rewritten. In this series I will break down the components in their simplest forms starting with foreclosure timelines in California. Foreclosure Timeline: •· … (5 comments)
bank owned: Marathons and OC Real Estate: Kindred Spirits
- 01/27/10 04:19 AM
Anyone who knows me knows that I am obsessed with running and real estate. In many ways these two seemingly unrelated topics share much in common. Marathon training requires many months of building strength and endurance to run a 26.2 mile race. It is essential to be dedicated to your goal of crossing the Finish Line! Likewise, purchasing a home starts with laying the foundation. Creating a financial plan that starts with deciding on down payment amount and then securing financing with a direct lender Mapping out where you want to live and determining your wants, needs, and essentials in the home and neighborhood. Next comes the … (0 comments)
bank owned: Investing in Orange County Real Estate is NOT for Everyone
- 09/25/09 11:06 AM
Lately I have had several people mention they are considering investing in real estate here in Orange County, CA. People want to live in Orange County, that is an undeniable fact, however investing in our Wild Wild West housing market is not for the feint of heart. Getting a "deal" has increasingly become a challenge due to huge demand for homes/condos priced under $600,000. Cash is king, so if you can swing an all cash offer, you are golden. Banks will often take a low cash offer that can close quickly for their REO over a financed market value offer. There are a lot of people … (3 comments)
bank owned: Adieu, My Sweet $8,000 Tax Credit!
- 07/21/09 05:33 PM
Ah, my dear Federal Tax Credit, parting will be such painful sorrow. You have seduced my First Time Home Buyers with your irresistible offer of $8,000. They have been lined up waiting to catch a glimpse of your promising reward, but now they may not make it past the front door before you say goodbye on December 1. Before seeking you out they made sure their maximum AGI of $95,000 single and $170,000 jointly met your requirements. For their patience and bravado you offered them up to 10% of their new homes purchase price not to exceed $8,000. They swore allegiance that they would maintain primary residence and keep it for three … (2 comments)
bank owned: What is Real Estate Truth?
- 07/14/09 04:49 PM
On Facebook awhile back I asked for suggestions about what people want to know regarding Real Estate. The most emphatic reply was: "THE TRUTH!" Well, here it is: "I DON'T KNOW!" •· I don't know when the banks are going to release all the foreclosed homes they are holding. •· I don't know when the market is going to bottom out. •· I don't know what interest rates are going to be. •· I don't know how many offers there will be on the Bank Owned home you really want, or if they will select yours. •· I don't know if the short-sale will … (0 comments)
bank owned: How to Buy a Foreclosed Home: The Truth!
- 03/31/09 05:24 AM
Everyone wants a DEAL, but not everyone gets a DEAL when they buy a REO. THAT is the truth! One of the obstacles I have ran across is that many people think they KNOW how to take advantage of the system. In an effort to educate home buyers in the realities of the Foreclosure world I would like to dispel a few myths and offer some helpful tips. 1. You DON'T get a better deal if you make a purchase without a Realtor. Proper representation is key. You wouldn't go into a lawsuit without a lawyer representing you, so why would you … (0 comments)
bank owned: Distressed-Sale Primer for Buyers and Sellers
- 03/29/09 05:16 PM
Let me De-stress the process for those of you Dis-stressed by the current housing market. Distressed Property: A property that the homeowner cannot make payments on and is listed as a Short-Sale or it has become Bank Owned. Foreclosure Process: This is the process that begins once a homeowner does not make a payment. After 90 days of non-payment the lender will make a public notice of the delinquency. Within 6-12 months of non-payment the home will either be sold at auction on the courthouse steps or it will be come Real Estate Owned/Bank Owned. Short-Sale: A home listed for sale where the homeowner's … (0 comments)
bank owned: The Wild Wild West Real Estate Market: Don't Forget your Posse!
- 02/05/09 05:06 AM
Few rules, shady characters, and the survival of the fittest characterized the Wild Wild West in the 1800's. You needed a Posse you could trust to help you make it back alive. The same holds true in our current Real Estate market. I have the perfect real life example to illustrate my point. A smoking hot deal popped out of the MLS in Anaheim, CA. It was THE one for my client. Of course, it was a bank owned property and it happened to be priced WAY below market. Of course, I suspected that the listing office was shooting for the E-Bay effect: A bidding … (0 comments)
As Forest Gump says: [Short-Sales are] like a box of chocolates. You never know what you are going to get. 
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