I've lived in Vallejo for 25 years. I've seen Vallejo when it was just developing, at it's peek especially when Mare Island was an active Navy Base and at it's downfall, when we went bankrupt. Yes, I agree there are some neighborhoods that aren't very ideal for a young family but there are also quite a few areas that would be perfect for them too.
I'm in the midst of purchasing my first home with my husband and we're looking in Vallejo because not only is it close to our family and friends, Vallejo is also very centralized. 30-45 min drive to downtown San Francisco; 30-45 min drive to Sacramento, 20-30 min drive to Concord/Walnut Creek, 20-30 min drive to Marin County and 10-20 min drive to Wine Country! Vallejo also has the Ferry that will take you directing to the San Francisco Piers and/or Angel Island. Bus (BartLink) that will take you directing to the El Cerrito Del Norte Bart station. Although the downtown area is old, run down and has lots of vacant store fronts it holds a weekly Farmers Market every Saturday morning.
I also think investing in Vallejo is ideal because 1) real estate is very affordable right now 2) it'll be easy to rent out since we have 2 colleges in this small town - Touro University and Cal Maritime Academy. =)
Just a few things to consider for your pros. Good luck!!... more
Short Sales A short sale describes the sale of a property by a financially insolvent homeowner who is facing foreclosure for less than the value of the outstanding loan. If a homeowner is interested in pursuing a short sale with their lender they will need to have the lender's consent and approval.
â€¢ Lender's consent and approval required.
â€¢ The lender accepts the sale as payment in full for the loan.
â€¢ The property owner escapes foreclosure, but receives no funds from the sale
â€¢ There can be no equity in the property
â€¢ Seller cannot bring money to the closing.
â€¢ Lender does not report foreclosure to the credit bureaus.
The lender will require various documentation. The incentive for the lender is to remove the account from their books before the loan becomes a problem. It can also cost a lender $25,000 to as much as $50,000 in order to send the property through the foreclosure process. Technical requirements for a short sale: (May differ from lender to lender)
â€¢ Owner must demonstrate hardship/financial insolvency (i.e. loss of employment, illness, divorce, catastrophic illness, death of a spouse).
â€¢ Seller must prepare a hardship letter asking lender to accept short sale.
Documentation that may be required by lender to determine if owner qualifies for a short sale.
â€¢ Listing agreement with Realtor showing the property is on the market for sale.
â€¢ Comparable market analysis which includes sales and listings
â€¢ Bank statements
â€¢ Pay stubs
â€¢ Tax returns
â€¢ Purchase/Sale Agreement
There are drawbacks to the short sale.
â€¢ A deficiency balance could be charged off which could result in negative credit bureau reporting.
â€¢ If the cancelled portion of debt exceeds a certain amount, the homeowner is required to report the forgiven amount as income on his or her tax return.
As always, any property owner should seek legal and financial advice before entering into this type of transaction.
If you would like more information on Short Sales, please contact me.
Tammy Hayes, Realtor, Sandals Realty, 941-276-6185 email@example.com... more
DL - You can work with anybody you choose to. Sometimes the people getting the referrals pay a fee to the organization when they assist you. If you are using special loan or down payment assistance programs it may be better to work with the agents who are familiar with the programs. Their knowledge and expertise on the programs will prove themselves invaluable once you get into contract on the home. Any agent can show you homes, make sure you feel comfortable with the agent and that they are familiar with the programs to help you buy the home.
Keller Williams Realty
Because someone from Seattle might be interested in the answer to this question . . .
It's tough to recommend someone based on their willingness to work cheaply. It would seem easy enough to find these people, but a recommendation implies something a little deeper than that.
To my fellow agents, some people don't want all of what we have to offer, and that's okay. Jon wants to do it (mostly) by himself, life is short, let him be. He's a big boy, and he's made it clear that he's fine with the decision. But we have to accept the fact that there are some people out there who are as receptive to us agents as a gay woman is to a straight man - some are polite, some aren't, but the answer ultimately is, they don't value what you have to offer.
Here's a tidbit: three percent is not a big number in the commission & markup game.
What do you think the markup is at Old Navy? Nordstroms? (OK, so you shop at Goodwill. Same thing.) Wanna go up the ladder, pricewise? Musical instruments, cars, fine art, jewelry - a $300,000 painting from Sotheby's comes with a 15% "buyer's premium," in addition to whatever they get from the seller. The interest on your loan? 5% over thirty years equals .... YIKES!