short sale: Why Are LENDERS Sooooooo Stupid??? Part II or This Week I HATE Wells Fargo!
- 05/30/09 04:03 PM
This is an email that I sent to the short sale negotiator with Wells Fargo Home Mortgage. It may not do any good but at least I feel a teensy bit better. Carol is my partner on several short sale listings. Without her, I would go insane!!! Dear _______, I am sure that Carol informed you but I want to officially notify you that yet another escrow is canceled and the 4th buyer has walked from this property. The first three were due to delays and procrastination from the first lien-holder (you and whoever deleted our file late-January) and the last buyer because … (6 comments)
short sale: Rumor Confirmed: Countrywide Outsources Short Sales to India
- 04/07/09 07:14 PM
I had heard from a title company rep that short sales were being out-sourced. This didn't make any sense to me so I wrote it off as mere speculation or a rumor-until TODAY!!!One of my short sales is a Greenpoint--now Countrywide--loan. I called to make sure that they had the letter of authorization that I had faxed in a week earlier and to see where to fax the package.
After a few false starts and disconnects, William transferred me to Lavina (sp). She was clueless in our conversation. When I asked if she needed A, B and C; she told … (1 comments)
These are statistics from March of this year. The first two columns are single-family homes and the last one is condos. What is interesting is that whereas the percentage is about the same from early- to late-March, the total number is increasing. In fact, the number of SFR short sales has increased 14% in the past 3-4 months (since early December) and has been as high as 18% of total inventory recently. … (0 comments)
Who said that the market is slow????Granted these are short sales and take more time but I would rather be busy doing lots of little transactions than be bored waiting for the one big one.
I am aware that many of us do not like short sales. Most agents I know don't like them; many prospective purchasers do not like having to wait for 2-3-4 months … (4 comments)
One was an upper level, 2-bedroom, 2-bath for $250,000 and the other has one bedroom and is a ground level condo with a large patio.
It was sooooo much fun. We went back and forth and shuttled prospects from one to the other. The one-bedroom is more affordable. Some people want more space. Some like a view while others like privacy. The two condos complemented each other so well.
We had over … (0 comments)
short sale: Feeling Overwhelmed but Grateful for My Colleagues
- 03/08/09 07:10 PM
The Power of Intention is AMAZING!!! A few weeks ago, I was telling Tim (Charlene's husband-they own the building and Charlene owns the company) that I was going to get 10 listings. I was not so sure that I believed myself but I boldly put it out there. Of course, Tim goes running to Charlene and she asks me about it. So I thought about the six or seven in hand and the birds in the tree-and I said "yes, I am working on 10 listings". And sure enough, I now have-for the FIRST TIME EVER in my life-TEN LISTINGS!!! (And … (3 comments)
short sale: Buckingham Palace??? (in the Claremont Hills)
- 03/04/09 05:40 PM
I am amazed--sellers are coming out of the woodwork--I have never been so busy nor had such a variety of listings. I wanted to share a unique opportunity in the Claremont Hills. The opportunity to finish the job someone else started and turn his financial disaster into your dream home with a million$$-plus view. Here is my new listing on Buckingham Blvd.
The dream was to build a $2 million home. The reality: over $1 million in debt and currently listed as a short sale for $500,000. I do have a lot of interest as there are investors with money … (0 comments)
short sale: Hope is STILL Alive! (Or My Short Sale SOLD!!)
- 01/20/09 01:51 PM
Great news!! Remember I mentioned the new short sale listing that I was working on? Where the couple's home declined $200,000 in value in 18 months? Within a few days of obtaining the listing-Boom! an offer-quickly followed by two more. We ratified one over asking a mere 10 days after the place hit the market. My point: Buyers are out there and will jump on a good deal when and if they see one. Now I just need to get the package to the banks. I am optimistic about working with Wells Fargo again as I hate B if A when … (0 comments)
Let me share how these numbers—or percentages—are changing…
The percentage of short sale single-family residences (SFRs) has increased from 13% to 18% in the past four weeks. Should we worry about this? ABSOLUTELY NOT! The net increase is ONE new listing. The percent of short sale SFR listings is up because the inventory is down. The first week of December, there were nearly 600 homes on the market; by the first week of January, the inventory dropped dramatically--by nearly one-third--to … (0 comments)
short sale: How to LOSE $200,000 in 18 Months?!? (Or WHAT Bailout????)
- 12/26/08 08:23 PM
Wow, gotta know that I love referrals as that means my clients love me, right? So I completed a successful short sale transaction in April for a couple. Last week, they referred me to another couple who owned a condominium in an adjacent town. Coincidentally, I had sold a condo in the same complex (and liked the area so well, I considered making the move across the Bay myself.) [To digress, I regrettably invested in a TIC in San Francisco (more later) and was fearful for my cat's safety (he might have chased a goose into a pond!) and truly loved … (1 comments)
short sale: Answers to San Francisco REO & Short Sale Quiz (and some Thoughts about OCEANVIEW)
- 12/26/08 07:17 PM
Keeping in mind that this quiz was from a few weeks ago--but also doubtful that much has changed--here are the first few answers to the True and False questions in the San Francisco short sale and REO quiz that I posted recently. Also bearing in mind that this was aimed at Realtors, let me share with you the link to our San Francisco Association of Realtors real estate district map so that you will know what the "district numbers" refer to: http://www.sfarmls.com/docs/areamaps.htm Let me repeat the first few questions, ponder a moment--and then I will give you the answers--along with some commentary/explanation. Some … (0 comments)
short sale: What are Your Options When You Can No Longer Afford Your Mortgage??
- 12/22/08 11:32 AM
Maybe you have received a notice of default on your mortgage? Lost your job? Had an unexpected financial setback? Worried about your mortgage adjusting in a few months? And even more worried that you won't be able to afford a higher payment? Or even your current one?If you click on the link "Ed and Allison's Options", I have a report that explains about re-structuring your mortgage, short sales and short pays as alternatives to foreclosure. Either click on the link or go directly to our new website that has this info: http://www.homeownershelpishere.com/ … (0 comments)
short sale: San Francisco Short Sale and REO QUIZ!!!
- 12/18/08 06:37 AM
As one of the few people in my office who does these transactions, I did a brief presentation on Short Sales and Foreclosures Statistics in San Francisco last week at our weekly business meeting. Try taking this quiz yourself to see how knowledgeable you are...answers someday! SHORT SALE & REO QUIZ (As of December 7-8, 2008)
TRUE OR FALSE:
1. Every district in San Francisco has at least one distressed property. T ___ F ___
2. One in 10 homes in America is in danger of foreclosure. T ___ F ___
3. There are more than 100 … (2 comments)
short sale: Still "Melting", Why and Where?: More Questions than Answers (and a little Ranting!)
- 11/01/08 05:43 AM
I was reading a Chronicle article recently that-despite being a year old-is still largely relevant. It spoke of neighborhoods facing foreclosure and zip codes with high rates of foreclosure in the Bay Area. I am curious about some of the comments made in the article and, of course, want to add my own comments and raise a few questions... According to Robert Kleinhenz, economist with the California Association of Realtors, the greatest impact was on those places with entry-level home prices. In the Bay Area, this applies to many places: Oakland, the Bayview in San Francisco, Vallejo, Brentwood and Antioch to … (0 comments)
short sale: Is It Really All about PRICE? Or does CONDITION Play a Part???
- 10/07/08 08:38 PM
If you recall--and you probably don't--I have a short sale listing in Richmond. Whereas my clients paid $500,000 for this adorable bungalow, made significant improvements, invested their life savings, and this home should have been worth $550-600,000; I had to list it at a fraction of what should have been its' value: $350,000--to no avail. A few months later, I dropped the price to $325,000--still no takers. After doing a new CMA, I dropped the price drastically to $250,000-still above the comps--as this is a special property. Amazingly enough-lots of interest-and FOUR offers. Hmmm, why? Yes, it is priced well, but … (0 comments)
short sale: Real Estate Statistics: 94608, OAKLAND
- 07/17/08 12:42 PM
I have worked in this zip code for a few years now and I love the location on the Emeryville border with the close proximity to San Francisco. I had a recent listing that sold quickly (less than 3 weeks), with multiple offers and over asking. My current listing--a block away--is 200 square feet larger, has a full basement, an exterior building, a half bath and off-street parking. All this for less than $20,000 more than my previous listing. (See for yourself: www.1058-54.com ) So I checked the stats to see what might behappening in this great neighborhood. The sold houses have … (0 comments)
short sale: Is it My Imagination or Are There Really Motivated BUYERS Out There? And New VOICE Search
- 06/30/08 05:22 PM
Currently I have two listings in the East Bay: one a short sale and one not. Despite the fact that each has competition in terms of price and nearby listings, I have received sign calls and had my Open Houses well attended. Today--thanks to a sign call last week and one today--I showed both of them. The latter (new) client told me that he had called several other agents and was either unable to reach someone or those he did reach didn't have the correct showing information for him. So my recent experience leads me to believe that people are out … (2 comments)
short sale: A Tale of Two Cities Applies to Oakland as Well as SF
- 06/21/08 06:01 PM
I was reading an article in The San Francisco Chronicle recently (belatedly, the date was January 6, 2008, but the info remains relevant) by Carol Llloyd. In her "Surreal Estate" column, she wrote an article entitled "New real estate year starts with a tale of San Francisco's two cities" and went on to elucidate the differences between the north end and downtown areas of San Francisco and contrasted them with some of the southern neighborhoods such as Mission Terrace Bayview and the Excelsior. She talked about how robust the market is in the northern and central regions and how stagnant it is … (0 comments)
short sale: My OPEN HOUSE In Richmond Today OR Do People REALLY Know About Short Sales?
- 06/08/08 06:32 PM
I'm still trying to figure out the interest or urgency of the people who attended my Open House of my "new" listing in Richmond. (I say "new" because it has been on the market for a while but this was the first time I was able to hold the house open.) www.951-35.com Many people asked if it were a short sale but whereas familiar with the term, didn't seem to know much beyond that. I have a short sale website <www.ShortSaleSanFrancisco.com> (and other domains) to educate people about short sales. These are prevalent and a great opportunity for buyers. For … (1 comments)
short sale: $450,000 Victorian Gingerbread NOT on MLS
- 06/05/08 09:43 PM
I've got the cutest new listing in North Oakland on the Emeryville border. It won't even be on the MLS until next week. First open will be in two weeks.
In the meantime, it has great period details such as hardwood floors, 12-foot ceilings, medallions and glass doorknobs. All this for the same price it was purchased for a year-and-a-half ago: $450,000! Not technically a short sale but close.
This is an email that I sent to the short sale negotiator with Wells Fargo Home Mortgage. It may not do any good but at least I feel a teensy bit better. Carol is my partner on several short sale listings. Without her, I would go insane!!!
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