short sale: A Few How-to’s and Tips for Home Buyers and Home Sellers
- 11/10/12 02:29 PM
A few how-to’s and tips for Home Buyers and Home Sellers We have continuing waves of home buyers and sellers. Some who have passed these portals have learned a lot about what it takes to succeed. While others should listen to what professionals are telling them.
SELLERS...Over-pricing is the number one reason why a property does not sell
See: Sellers: Buyers won’t buy over-priced property, multiple offers or not
See: Highest list price doesn’t mean right price or right agent
...Preparing your property for sale begins with the Cs --- clean, de-Clutter, good color.
See: Do the C’s to get … (6 comments)
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short sale: Dear Homeowner: don't be afraid, don't be too proud to ask....we CAN help!
- 09/19/09 08:23 PM
Sept. 20, 2009. A new listing came up: a foreclosure that took everyone by surprise.
It was not previously offered for sale as a short sale. It sold less than three years ago...and now it's bank-owned?
What happened to the people who lived there? Did they even know about financial resolutions to their distress? Why didn't they try to sell the house as a short sale to salvage their credit? Why didn't they call their realtor?
WHAT YOU DON'T KNOW CAN HURT YOU
A previous homeowner (who wasn't my client) called me for help. Unfortunately, by the time she did, her house was just … (8 comments)
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short sale: First Time Buyers and Distressed Home Sellers -- info you can use
- 06/09/09 11:09 AM
Part of my outreach and Client Appreciation Program (CAP) per Working by Referral (Brian Buffini) to clients and associates is to send them an Item of Value.
This time, I digressed from the original and proposed letter, and created one that I felt was pertinent today. Here's what I am getting ready to mail. The difference is that on Active Rain, I am providing links.
CAP Item of Value
This real estate market continues to surprise us: rates are very low, and home prices are finally near "the bottom." The opportunities are still very much right there. And conditions are evolving. There … (2 comments)
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short sale: When is it too late to save a home from foreclosure? What NOT to do if owner wants to keep the house
- 05/08/09 08:37 AM
This woman called me, clearly in distress. She's losing her house that she felt she shouldn't have bought in the first place. She saw me on HGTV's "What's my house worth" and was reminded that she wanted to talk to me.
NEGATIVE AMORTIZATION (Mistake #1)
When she was looking to buy a house, using money from her 401K as a downpayment, she fell in love with a house. Three times she was turned down by lenders who told her that with her income, she couldn't qualify for a loan. But a third lender told her that she can: with a negative … (5 comments)
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short sale: Alameda real estate --- what's happening since January 1, 2009
- 04/13/09 07:23 PM
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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short sale: Steps from the beach, 2 bedrooms/2 baths condo with pool and lagoon views. SHORT SALE.
- 04/07/09 06:03 PM
Here's a quick and easy way to post a listing: put up a widget from Vflyer.com. I actually like it. Cute, to the point, provides links to another website that can give all the other information that won't fit in this widget, yet enables a rotating view of the photos. Sweet!
This is of a 2 bedroom/2 bath condo, just steps from the beach, and overlooks the pool and the lagoon. See it at 339 Broadway #205 in Alameda, CA
… (5 comments)
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short sale: Am I a SOFTIE, or a SUCKER?
- 03/27/09 07:09 PM
Not too long ago, I had an online exchange with a local blogger who asked: "Do you specialize in the sob story listings?"
Well, it looks like I have TWO new sob story listings. There's a possibility of a third coming up. In the interest of brevity, I'll only mention this story.
SOB STORY #1
Yesterday, I received a call from a nurse who was ready to surrender to foreclosure and let the bank take over the condo that she bought for her seriously ill brother and sister. Sadly both siblings died shortly after moving in. Since her resources are limited and without additional income, she couldn't keep up … (20 comments)
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short sale: House for sale...but seller is applying for loan modification. Is this material fact?
- 03/22/09 08:31 AM
Yesterday, I showed a truly adorable cottage to my client.
The seller is not (yet) underwater on her mortgage, but could be if she receives an offer less than what she owes at which point, it could be a short sale. The property's current market value isn't worth what the seller is asking for. It's already gone through two agents, has had the price adjusted more than once. And it's still over-priced.
I talked with the listing agent to get the full story.
And she told me the seller is applying for a loan modification, and that she should get an … (16 comments)
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short sale: My heart truly bleeds for...
- 03/10/09 08:12 PM
My heart truly bleeds for people who
....truly believed and hoped they can achieve the American dream of home ownership
....reached out for the brass ring
....saved and saved and saved to put a decent down payment on a home
....loved living in a home they call their own
....paid their taxes.
....kept up with their monthly payments
....supported the local economy by buying goods and services relating to maintenance and enhancement of their home and lifestyle
....when the economy started going south, did what they could to stay afloat as long as they could keep … (6 comments)
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short sale: Property Tax Reassessment. Loan Modification. Or Short Sale? What next?
- 02/27/09 06:03 PM
These past two weeks, I have received several requests for help from property owners seeking to get their property taxes adjusted. Perhaps due to an earlier blog Reassessment for property values in Alameda County, CA or my participation in Q & A on another site, some folks are finding me. I must have done at least five or six comps and signed their application forms.
Researching the comps take time, sure....but....
IN TIMES LIKE THESE, WE CAN ALL USE A HUG!
Their stories sound remarkably alike:
A proprietor finds that her business has slowed down. A woman who is renting out half of … (6 comments)
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short sale: Another short sale as yet another client falls victim to recession
- 02/13/09 05:35 PM
2005 was a good year for many of my clients. They had good paying jobs. Things were looking good indeed, and many of them qualified to buy their first home.
Pooling their resources, my clients, a couple of sisters, bought a duplex together to enable their extended family to live together. Mom and Dad, one sis and her husband lived downstairs; another sister, her husband and young children lived upstairs. They loved their duplex. It even had a nice yard where they had family gatherings to celebrate special occasions.
What a difference a few years make!
Fast forward to 2009. Job loss … (4 comments)
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short sale: SHORT SALES. Cut a sweet deal. For whom?
- 01/16/09 06:53 AM
Buyers and sellers (and REALTORS, too). Save this for prosperity: February 2009 issue of Money Magazine titled "Cut a sweet deal with the Bank".
Main premise: although short sales are rising sharply, "here's how you can profit."
That was intriguing. I thought this is a good article for buyers, sellers and their realtors since it provides a thorough explanation of what to expect, and what to do.
There was a case study of a couple who scouted homes in Sacramento CA, and found a "steal" --- a home at $300K, a full $200K less than what it was worth a year ago. … (4 comments)
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short sale: This fixer has 13 offers, 8 of which are all cash!
- 12/17/08 03:04 AM
FIXER IN DESIRABLE EAST END OF ALAMEDA CA
My friend and co-worker just left for a holiday in London, and she asked me to look after her short sale listing.
This is a fixer in Alameda, in a very desirable part of town called Fernside. It has good "bones" but has not been remodeled or upgraded in decades. It was refinanced a few years ago, but like some homeowners who later got in trouble, the funds from that refinancing didn't go towards maintaining this house. Hence, it's a fixer --- and a short sale.
It was priced at $300,000. … (39 comments)
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short sale: "Starter" condo in Hayward: 2 Bedrooms/2 Baths, in-unit laundry and then some.
- 09/22/08 05:41 AM
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, in-unit laundry room with washer and dryer, patio that backs up to a greenbelt, gated access and secure parking, swimming pool...this condo offers and meets more than the average needs and wants. Aggressively priced at $192,000, it's a short sale.
As of this writing, Zillow zestimates it at $242,500; Cyberhomes, at … (1 comments)
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short sale: Short Sale Gunslinger for hire --- good or bad?
- 08/12/08 04:35 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 are headed for bankruptcy or foreclosure.
I talked to Mortgage Resolution Services to recruit their help. They will charge 1/3 of my commission to do the sale. But they said getting the short sale approved by Downey is not doable. I would have gladly used them if it meant sparing … (0 comments)
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short sale: To Buyers: please listen to your realtors who guide you to make informed decisions
- 08/05/08 06:56 AM
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 tell your friends, your associates to look us up when it comes time for them to buy or sell real estate, too. That's what enables us to grow our business --- referrals from satisfied clients.
So when we tell you that your offer may be too low, when we tell … (5 comments)
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short sale: Short Sales for Downey Savings are NOT doable, per Mortgage Resolutions Services
- 07/31/08 11:07 AM
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 services designed to assist homeowners, agents, brokers and mortgage lender/services in working through delinquent and At Risk mortgages." For a fee of 1/3 the agent's sales commissions, they would have handled all the nitty-gritty details, contacting the lenders, processing the paperwork, etc.
DOWNEY SAVINGS: Foreclosure preferable over short sale?
Upon … (2 comments)
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short sale: 2885 Regatta, Oakland CA 94601 Waterfront Condo, Largest Model at The Estuary
- 07/31/08 04:11 AM
Waterfront views from this condo built in 2005, facing the Alameda/Oakland Estuary.
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 appliances in kitchen. Spacious master suite has extra-large walk-in closet and bath with double sinks, shower stall and large tub. Beautifully landscaped grounds and promenade along the estuary, Short stroll across Park Street Bridge to downtown Alameda's shops, restaurants and Alameda Theater 8-cineplex.
Short sale subject to lender approval.
Click HERE for visual tour
Click … (2 comments)
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short sale: OUCH! Downey Savings won't approve short sales
- 07/29/08 05:29 PM
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 a short sale.
I made it crystal clear that my sellers are in no position to pay off the full amount owed or sell at price they owed and still pay commissions out of their pocket. And that if they can't sell, then the only remaining avenue is a foreclosure … (7 comments)
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short sale: San Francisco Chronicle Headline: Foreclosures Hit A 20-Year High!
- 07/23/08 08:16 AM
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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A few how-to’s and tips for Home Buyers and Home Sellers We have continuing waves of home buyers and sellers. Some who have passed these portals have learned a lot about what it takes to succeed. While others should listen to what professionals are telling them. 
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