short sales: Advantage: Advertising a listing as NOT an REO, NOT a short sale
- 12/26/09 06:23 AM
With all the challenges we face in showing properties and writing offer on REOs (real estate or bank-owned) and short sales, it is becoming increasingly refreshing to see an ad that says a listing is NOT and REO or NOT a short sale. WHY? Because it's been so frustrating waiting for short sale approval. It's been distressing to see bank-owned properties so trashed. It's been stressful to compete against all cash buyers who appear to win a lot of these bids on REOs. So when we see a reasonably priced property in a decent neighborhood, and read that it's not an … (17 comments)
short sales: SHOCK! Lenders make more money on foreclosures than short sales!?
- 11/07/09 07:28 AM
Lenders make more money on foreclosures than from short sales or loan modifications. That's what Steve Harney conveyed in a seminar. He caused an earthquake in San Francisco When loan modifications are turned down, the next thing we attempt is a short sale. And we know that lenders turn over the short sale accounts to loan servicing companies who make our lives hell getting short sales approved. As such, we should know that these loan servicing companies make MORE money by letting the properties foreclose than to approve the short sales OR the loan modification. RUMBLE...GRUMBLE...CRIES OF DISMAY! Did he just confirm … (199 comments)
short sales: When should you use a third party short sale negotiator?
- 09/01/09 07:10 AM
Handling short sales was challenging...in the beginning. There surely was a learning curve getting to do it the first time. Thank goodness for the wealth of information on line! Also, as short sales started becoming a more common occurrence, even in our coddled island community, we were introduced to how-to seminars where we picked up even more information. But at what point would you want to turn over the short sale negotiation? If there is only one lender, it's easy as pie, comparatively speaking. But if there are more lenders, particularly if they are two DIFFERENT lenders, it becomes tedious, challenging … (3 comments)
short sales: What can a property owner in distress do to keep her property?
- 04/17/09 05:48 PM
Several prospective buyers and investors have contacted me about properties they have seen---and thought ---- were foreclosures because of info they found online in sites like RealtyTrac, and recently in ForeclosureRadar (California) However, it is important to tell prospective buyers and investors that not all properties in distress are for sale. The property owners may have received a Notice of Default, or even a Notice of Trustee Sale. But not all is lost. This may be a good time to review what a property owner can do to keep her property: Forbearance. the lender may allow the property owner to pay … (2 comments)
short sales: Listed at $499K, but they won't take anything less than $594K. WHAT?
- 12/29/08 02:26 PM
There is a listing in Alameda CA that has got us shaking our heads. It's a short sale listing for a ranch style home, 3 bedrooms/2 baths, and steps to the beach. It's listed at $499K. However, the confidential remarks says that the loan "negotiator countered at$594K and needs an offer ASAP." The listing agent who is from out of the area, was asked why she didn't simply list the price at what the lender wants to cut to the chase. She responded that they do this all the time in Hayward to stimulate interest and get people to show it. Then she off-handedly says, "This is … (12 comments)
short sales: Are there REOs and Short Sales in the island of Alameda, CA
- 11/13/08 06:19 PM
First, let's put things in perspective. The small island of Alameda has a population of approximately 72,000 people. Yes, it's that small. Two months ago, I reported that out of the active homes for sale in Alameda, 14% were bank-owned (REO) and short sales. FOR SALE As of this writing, there are 146 homes offered for sale. 32 are either REOs or short sales, or 22% compared to 14% in September. 16 are $500K and above, or 11% of total homes for sale 16 are below $500K SHORT SALES 18 are short sales, or 12% of total homes for sale 2 … (4 comments)
short sales: REOs and Short Sales in Alameda --- the numbers are increasing
- 09/22/08 04:59 AM
In my little island of Alameda, we've always felt more secure in the thought that we're innured from the economic upheavals known as foreclosures and short sales. There is a certain "pride" in our beautiful island. We're ideally situated between metropolitan San Francisco and Oakland, we have year-round fabulous climate, we have fabulous events, and we have fabulous architectural gems. But last week, when I posted current short sales and REO activity in Alameda, I was surprised to see the numbers. Today, I looked again. Out of 157 active residential listings, there are now 25 REOS and foreclosures, 11 of which are … (2 comments)
short sales: Short sales and foreclosures. In Alameda CA? Alas, it's true!
- 09/11/08 11:15 AM
SHORT SALES AND REOS FOR SALE As of this writing, there are 166 homes for sale in Alameda. 14 are short sales, and 9 are bank-owned --- or 14% of total homes actively for sale. We just didn't think it would be this high. At first, it was just 2% of total...then it slowly inched up. A few month ago, it was at 10%. But 14%?
Among the REOs are 2 condos, 1 townhouse, and 6 detached single family homes. One of these is a home in the new development of Bayport, 4 bedrooms/3.5 baths, 3423 sq ft, built in 2005, … (0 comments)
short sales: Multiple offers! Again!
- 06/18/08 04:22 AM
Yesterday, I did what I haven't done in a very long time:present an offer to a seller in a formal setting, and by appointment. I was the eighth to submit an offer on a 3 bedroom/2 bath detached family home by a lagoon in Alameda. And this is a regular sale listed at $750,000. Although my beautiful island city has not suffered the same drastic fate as other cities reeling from the sub prime crisis, we have had our share of a market softening. Nonetheless, we find that there are serious buyers who are taking a very close look at our … (1 comments)
short sales: FINALLY, SOME GOOD NEWS! Sales in City of Alameda are picking up....really!
- 05/02/08 11:53 AM
It's happening! Properties are selling. As a matter of fact, compared to adjoining cities, we're beginning to see brisk movement. HOMES IN CONTRACTIn March, we saw 70 properties go into contract --- and that's the second highest month in the previous two years (June 2006 was ahead by 74). That means that 24 percent of inventory sold that month.Compare that to Berkeley where 54 out of 206 properties went pending, or 18% of inventory, In Oakland, 236 out of 3174 went pending, or 7 % of inventory.SHORT SALES AND FORECLOSURESFrom another perspective, we are also seeing our share of short sales … (5 comments)
With all the challenges we face in showing properties and writing offer on REOs (real estate or bank-owned) and short sales, it is becoming increasingly refreshing to see an ad that says a listing is NOT and REO or NOT a short sale. 
;)
;)
;)
