Home Buying in 94582>Question Details

Sleepless In…, Home Buyer in San Ramon, CA

3630 Montrose Way

Asked by Sleepless In San Ramon, San Ramon, CA Fri Sep 26, 2008

Hi! I just want to know if this property with 2000 sqft was really sold for 610,000? Is this still a bank owned property or someone got a very good deal. Im interested to know how we can close a deal like this.

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15
FYI, this listing is fair priced. It is slightly lower than comps.
0 votes Thank Flag Link Sun Sep 28, 2008
Is this property back to market after your original offer is rejected? Why not contact listing agent yourself? The trick is telling he/her you are looking for an agent for good bank owned deals. Then ask for advice on how to search for such deal. Finally, ask why this one is sold far below top offer.

I still think the 610,000 sale price is a typo. There are mistakes in public record. On mistake I found out is a REO property I was interested. It is one of cluster of tract home. In public record, it is described as built in 1987, although all other home on same street (including several exact same models) are all built in 1981. Apparently, whoever made input to computer database, mistaken 1981 is 1987. Could the 610,000 sale price in this case be a typo of 710,000?
0 votes Thank Flag Link Sun Sep 28, 2008
Rouriel,

My agent(who is also my friend) contacted the seller's agent two days after submited the offer, the respond was "your offer must be no where close to the top offers, so you were not contacted". I just found it out that my pre approval was also from Wells Fargo.

Anyway, congratulate Mr Ma, the new owner for the great deal, at least for now.
0 votes Thank Flag Link Sun Sep 28, 2008
Calvin:

To find out why your offer is not accepted, you can call seller agent and ask him this question directly. The sale is now finalized, he/she shall have no problem to give you some detail. How to make he/she speak, that is your skill. That will be a great help to your future house hunt.

You can also have your agent find it out. For REO property, I would rather use listing agent to represent me. That gives your a slightly better chance. Why? that is human nature, figure it out yourself.
0 votes Thank Flag Link Sat Sep 27, 2008
Thanks Cindi, no wonder my 620k offer did not get accept for this property, my approval was not through Wells Fargo. So whoever wants to buy REOs would have better chance if can get approval from the seller's bank, even with lower offer.
0 votes Thank Flag Link Sat Sep 27, 2008
Thanks Cindi, no wonder my 620k offer did not get accept for this property, my approval was not through Wells Fargo. So whoever wants to buy REOs would have better chance if can get approval from the seller's bank, even with lower offer.
0 votes Thank Flag Link Sat Sep 27, 2008
With respect to Rouriel, a property's previous sales prices have absolutely nothing to do with curent market value. Market value has to do with supply, demand, and ultimately the highest price a qualified buyer is willing to pay.

Another element to consider with the sale of this home was that Wells Fargo offered incentives for the buyer to use WF for their mortgage. This particular buyer did indeed use WF. Lenders are not just concerned with selling the home....they are also interested in building their mortgage arms.

We handle bank owned homes for several lenders...each have unique nuances that a good Realtor will be aware of to get their offer accepted.

How do you close a deal like this? Use a good local Realtor with REO experience. Good luck!
Web Reference: http://www.cindihagley.com
0 votes Thank Flag Link Fri Sep 26, 2008
Cindi Hagley, Real Estate Pro in Pleasanton, CA
MVP'08
Contact
This property is really weird. It is originally sold as $793,000 in 2006. Then it is re-sold at $875,000 in late 2007. San Ramon's property value peaked in 2006. Late 2007, price has already dropped 10%. It is amazing original buyer can get off the property with a handsome profit. I can only say, unless the first owner put a lot of after-market-upgrades, the second flipper, who latter default and foreclosed on, is really really stupid.

We can not judge a property's value by sqft. A $610,000 is below market value. But it may not be that off mark. If the original sale price $793,000 is its peak value, then its current price is about 25% off peak. That price drop is at same ball park to other properties in San Ramon.

If you can get a property with more than 30% discount to its peak and with price back to 2003 level, that is a good deal. If it is less than 20% from peak and price only back to late 2004, it is probably overprices.

Even at this market condition, it is hard to find a great deal on a perfect properties. To find a good deal, you have to willing to settle on a less desirable (repair, floor plan, location ...). I found out some of recent good deals are mostly on those properties with some shortcomings.

BTW, this listing is a reasonable one: http://www.redfin.com/CA/San-Ramon/2515-McLaren-Ln-94582/hom…
It is about 25% drop from peak value of $870,000.
0 votes Thank Flag Link Fri Sep 26, 2008
This house is 2300 Sq ft. and sold for $610,000. To close a transaction like this, you need to have the New REO Listings emailed to you as they come available. 3630 Montrose Way was listed Low, to obtain multiple offers. It is a sales strategy to push up the price. Some REO listing agents will collect the offers and submit them to the Bank at the same time. This house was listed on 6/17/08 and went pending on 06/23/08. You need to be ready to react quickly. Here is what you need. You need a pre-approval letter, a check written out to "Title Company", proof of down payment funds, and an offer that shows you can close quickly. Your will have to trust your agent when submitting your offer price. Cash Offers are most desirable, then Conventional Loans, and then FHA loans, VA, and Calfha. If you agree to Contingency Periods of 5-10 days vs 17 days your offer becomes stronger. If you would like to receive a daily email of New REO listings in San Ramon, send me an email.

Sincerely,

Adrian Huntington
Welcome Home Real Estate & Finance
53 La Serena Ct Alamo, CA 94507
adrianh@americanfinancialfunding.com
925-212-6456
0 votes Thank Flag Link Fri Sep 26, 2008
How about 553 Montrose Ct?
0 votes Thank Flag Link Fri Sep 26, 2008
Hello Sleepless in San Ramon,

The deal is true. It had lots of activity when active as the original asking price was recognizably low. This deal took a long time to close and we'll never know why. The originally published COE date was for long before actual closing...several weeks as I recall.

The home was very upgraded, but I had two different couples that chose not to submit an offer because they did not like the floor plan. Perhaps it was the floor plan that affected desirability.

You can't close a deal unless you chase the deal. It's necessary to work with an agent to get notification of bank owned listings, go see the listings, decide what it's worth to you and write the offer!

Best of luck to you!

Vickie Nagy
Realtor - Empire Realty Associates
(925) 407-7987

ps-if you want to stay on top of the REO (Bank-owned homes), this link to the Foreclosures page is kept updated so that you may review the REO's and short sales by town
http://vickiesellshomes.com/foreclosed-homes/
0 votes Thank Flag Link Fri Sep 26, 2008
Yes, This was a bank owned property owned by Wells Fargo. The original listing price was $544,900, and bid up to $610,000. You are right . It looks like a real good deal if there was no huge repair cost . Sometimes, It cost a lot to fix some of bank owned properties. If you are interested to find something like this, give me a call @925-819-0752.

Lucy Liou
Erickson Financial Service.
0 votes Thank Flag Link Fri Sep 26, 2008
It isn't always just about the price. It's also about Terms. That's why it is important to write a clean offer.

Bernard Gibbons

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585
bernard@bernardgibbons.com
0 votes Thank Flag Link Fri Sep 26, 2008
thanks for the reply. i heard that this property received multiple offers, some are even higher than what it was sold for. How was it possible that the bank accepted a lower offer. Thanks.
0 votes Thank Flag Link Fri Sep 26, 2008
Sure did! - Closed on August 29th. All you need is a good agent who knows how to write a clean offer.

Let me know if I can help you find one.

Bernard Gibbons

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585
bernard@bernardgibbons.com
0 votes Thank Flag Link Fri Sep 26, 2008
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