Pacita Dimacali

The foreclosure list price is a guide --- but the actual price it will sell for can be over or under the list price. It all depends on the location, price range, how much it's listed for (is it close to what the lender paid for?). What are the comps.

In the under $300K range, several times, my clients and I have found ourselves in competing situations where the actual and final sale price is above the list price. Just today, the bank countered three offers and asked for our best and highest offer. This is an anomaly. Usually, the bank simply picks the best/highest offer and doesn't counter the others. So we are actually surprised to get the counter.

There is no standard of how much less (or more) your offer should be. Have your realtor do the research --- what the bank paid for the property, what the comps are, are there other REOs and short sales in the vicinity and how do they compare to the property, etc.

Then determine what you consider a fair price, and turn in your best and highest offer. You may not get a second chance, so make it a strong offer.

Good luck! - Earlier today

Some of the other folks are probably going to get tired of me gushing about the place where I choose to live: Alameda. After having lived in New York, New Jersey, Florida, Texas, San Francisco, Mountain View and Oakland, I'd say that this is the best place for me.

http://www.alamedahomefinders.com/About_Alameda/page_95171.html

Benefits:
- Easy commute to San Francisco via express bus or ferry (we're only 13 miles from San Francisco)
- Fabulous climate. Almost always sunny
- Small island of around 80,000 people; that's why we retained our small town ambiance
- Good schools
- Lots of good restaurants, shops
- Restored and historic Alameda Theater with 8-screen cineplex
- More affordable housing than San Francisco (for $650K, we can find you a nice house with a yard)
- Several fun venues throughout the year: sand castle building contest, outdoor summer concerts, street festivals, antique faires, old-fashioned July 4 parade, etc.
- Bike friendly town (BikeAlameda.org even offers bike valet parking during events)
- Farmers market
- ETC.

Come see us! - Earlier today

Your price range of $400-600K and your predilection for condos seem to be the top on your search criteria. Because the Bay area is HUGE -- I'll make a pitch. For my wonderful and picturesque island of Alameda, between San Francisco and Oakland.

Here's a link to tell you what to expect about this historic, picturesque, diverse, exciting island http://www.alamedahomefinders.com/About_Alameda/page_95171.html

Some of the best things about this island:
>> Easy commute via ferry or express bus to San Francisco, less than 5 minutes away from Oakland and BART
>> Fabulous climate. Almost always sunny, and warmer than San Francisco
>> More reasonably priced than San Francisco
>> More peaceful, with the small town feel to this island of 80,000 people
>> Good schools, good restaurants, various types of entertainment (including an 8-theater cineplex at the newly restored and historic Alameda Theater)

If you're in the area, cone to Alameda this Saturday and Sunday for our annual art and wine fair at Park Street. http://www.shopparkstreet.com/special_events/art_wine_faire

And discover Alameda. Start your search here. You may never leave.

AND....if you are looking for a condo...would you be interested in a waterfront condo overlooking the Alameda-Oakland Estuary? Built it 2005, this sold for $810K then. I'm listing this next week at $599k(aggressive price to move this short sale fast!).

This is the larget model with 1993 sq ft, tandem 2-car garage with interior entry, some bamboo floor mostly carpet, covered and spacious balcony overlooking the water and the promenade. Walk across the Park Street bridget to Alameda and you're downtown for fabulous restaurants, shops, theater, etc. Believe it or not, we even have a gelato place. Try the wine bar next to Alameda Theater. Or enjoy mojitos at Havana's restaurant and bar. - Earlier today

That will depend entirely on you and your relationship with your tenants.

If you pay for the water, who's to know how much water the tenants will use when they know it's free to them? How many times and how many loads of laundry will they run? Will they always be conscious of water conservation? On the other hand, if they know they're paying, they may turn off the sprinkler system and your lawn will get brown. And that will cost more in the long-run to bring it back to life.

If this is a house, they should maintain it like it's their own, and alert you if something needs to be fixed so that you can address it. Make sure you have something in your lease to state that they are responsible for maintaining the yard, which includes making sure the sprinkler system is allowed to run on a timer.

AND: Include the condition of the yard on the move in-move out checklist so that this is very clearly spelled out.

As an FYI: I have a duplex. I live in one unit, and rent out the other. I pay for the entire water bill. You can't believe how many loads of laundry they run a week. At the same time, I have a very lush garden that all of us enjoy. So...it's a wash. Literally. - Earlier today

If you can do a short sale, try that first, and do it immediately if you have received your notice of default. This is the "lesser of two evils" than a foreclosure, bankruptcy or deed in lieu of foreclosure.

And yes, there are hundreds of thousands of people facing this dilemma, so you are not alone. To qualify for a short sale, you have to be facing one or more of these hardship reasons that a lender will accept:
_ Unemployment
_ Reduced income
_ Divorce
_ Separation
_ Medical bills
_ Too much debt
_ Death of spouse
_ Mortgage payment increases
_ Business failure
_ Job relocation
_ Illness
_ Damage to property
_ Military service
_ Incarceration

If you haven't already done so, engage a realtor who is experienced in short sales to list your property. When I say experienced, make sure it's someone who has already successfully represented sellers in a short sale for the reason that this is a time-consuming, energy-zapping, frustration-laden listing that will take a long time to process.

Here's an article on how to do a short sale; There are other articles related to this that you will see....but start with this http://homebuying.about.com/od/4closureshortsales/a/shortsal…

And get yourself a good realtor! There is hope, but keep the faith! - Yesterday, 09:37