Diane Wheatley

I've been selling homes in the Rancho Cucamonga and Alta Loma areas for over 15 years. I have not experienced a market quite like this one in the past nor has anyone else for that fact. But you are correct in saying that there are definitely buyers out there ready to make offers on primarily entry level housing up to $350k.

If you are within that price range and priced competitively you should have no problem procuring a buyer. The buyer will most likely have an agent as many do and for good reason; their own protection. This buyer will contact you either direct or through their agent to ask to see your home. The agent will ask you if you cooperate meaning, will you pay a commission to that agent. No commission means no agent and no agent means no buyer. My suggestion would be to not lose any possible buyers and agree to pay the buyer's agent a commission (3% is typical).

So if you most likely going to pay out a 3% commission anyway, you may as well do it right and list your home for sale with a qualified Realtor/Broker to enable full service to you and in negotiating with the buyer and their agent. For an additional 3% (customary) you gain all your advertising costs paid for you, all the showings performed for you, all the disclosures and proper documentation, contracts completed for you, you are protected under your agent's insurance umbrella for proper handling of the transaction in the event of a dispute, home inspection and termite appts covered with no expected wait times on your clock and much, all negotiations between parties relieving you of awkward confrontations, and much more.

You should at the very least contact a Broker to receive a current market evaluation in order to price your home most effectively. If your home is priced outside of the "first time home buyer" pricing window, the likelihood of your home selling drops dramatically. There are not too many buyers for higher priced homes. In that case you should not waste your time and hire a professional. Everything is negotiable and with an agent you have a stronger chance of selling your home for more which will cover the added expense of hiring a Realtor. Remember, that is what we were trained and licensed to do all day long.

If you would like a current market evaluation of your home, please don't hesitate to call my office. There is no obligation and we are happy to provide you with the basic tools necessary to decide whether or not the job is for you or for a professional. Either way, good luck to you.

Diane Wheatley, Broker
Move Up Properties Real Estate Brokerage
diane@moveupproperties.com
(909) 981-5589 - Mon Jul 6 2009, 08:38

Dear Peter,

Absolutely !! There are homes such as the one you described available in the price range you need. I would be happy to locate a home or homes for you to see anytime you are availalble. I've been working the Rancho Cucamonga area for nearly 20 years. I'd enjoy the opportunity to help you!

Diane Wheatley, Broker
diane@moveupproperties.com
(909) 815-4499 - Mon Jun 29 2009, 00:01

This home is on hold from the MLS dating back to 4/15/09. Let me know if I can help you with anything. I've been working the Rancho Cucamonga area for nearly 20 years. Enjoy the opportunity to help you!

Diane Wheatley, Broker
diane@moveupproperties.com
(909) 815-4499 - Sun Jun 28 2009, 23:57

Wholly mackerel do you have a whopper with that scenario. You must speak to an attorney that specializes in foreclosures, mortgages, deceptive business practice, collusion, fraud or worse. I'm so sorry for you. There is nothing a Realtor or real estate web site such as this will be able to provide for you except more replies instructing you to seek legal counsel ASAP!!

Diane Wheatley, Broker
diane@moveupproperties.com
(909) 815-4499 - Wed Jun 24 2009, 19:20

Thank you for your responses. I'm so frustrated with this transaction. For clarity, I represent the seller and have been working with the first trust deed servicer (Aurora Home Loans) since the end of February. There is no second trust deed. My seller purchased in 2007 for $315,000 with only 3 % down leaving her loan balance approx. 303,000. Being that she paid less than 20% down there was PMI on her loan for which she paid additional for each month.

Aurora will not provide me with the name of the MI company for further negotiations. However, I will be provided that information from my seller. My next step is to speak with the PMI company to negotiate this $25,000 promissory note requested amount.

I have not run across this situation personally as a broker but have spoken to other brokers who are beginning to see this trend more and more. However, I'm getting mixed answers stating that a majority of the sellers are NOT paying these proposed promissory notes and simply walking away. Only a handful of agents have suggested that my seller pay a negotiated amount and one seller answered that she is going through the same thing right now. She is going to pay a renegotiated agreed to amount in order to proceed with her short sale and after it is closed then she will simply default on the newly created unsecured note.

I believe that is one way to proceed however, I am concerned with the lender's ability to have recourse on her default of the note that could open her up for further litigation for recourse on the first trust deed even though it was only purchase money. It would depend on the verbiage used in the conditions of the note.

I need to know a way to proceed to a successful close. Do I simply stonewall and hope that the lender concedes? I can hardly believe a promissory note will be entertained by many homeowners in foreclosure.

Diane Wheatley, Broker
diane@moveupproperties.com
(909) 815-4499 - Sat Jun 20 2009, 23:47