Lisa

Hello A Chan,

Short sales can be a frustrating process as times. The process can take as little as 30 days and can take up to months. It really depends on the situation... and will depend on the negotiator that at the bank. I would have your agent talk with the listing agent to see if what additional information you can find out regarding the current situation. Have other offers been submitted? Was another offer accepted but the buyers decided to back our? Has a notice of default been filed? There are several questions to ask to help assess the situation and to determine if the process will take longer or if there is potential for a quicker turn around time. I have helped on both the buying and selling side of short sales, and there unfortunately is not a standard rule of thumb for how long the process will take.

The best thing that a buyer can do is to make sure they have all of their financing in order and your agent should stay in regular contact with the listing agent of the property.. There is not really anything that you the buyer can do to help move the process along any faster unfortunately and it can exercise your patience.

There are companies that do advertise that they are short sale negotiators that can help move the process along, but I have not heard about the effectiveness of these companies and they are an additional charge.

Hopefully this information helps and if you have further questions about the short sale process, do not hesitate to contact me.

Take care,


Lisa Cartolano
Alain Pinel Realtors - Earlier today

Carmen,

Hello. This property was listed as an REO (bank owned property). It was originally listed for $555,000 on 5/29/2008. The price was reduced to $459,900 and was on the market for 118 days. This listing was cancelled and was relisted 10/14/2008 for $459,000. The price was reduced to $439,900 and has been on the market 32 days. The MLS indicates that the property is pending. It appears from tax records that the previous owner paid $640,000 for the property in 2006.

What happens with some of the REO properties is the bank decides that this property is not selling as an REO listing and are willing to see if it will sell at auction. The auction setting helps to create that 'I have to win it attitude' and often times the original bid price is not what the property actually sells for. It appears that they currently have an offer they are working with, but it may be that the buyer may not be performing or the bank is hedging their bets....

The banks will often pull properties that have been languishing on the market to sell at auction to help sell the property and recoup as much of their costs as possible. Also because we are approaching the end of the year, there are some properties that asset manager would like to see off their books by the end of the year. What the final price is will depend on the buyers who are at the auction and how much they are willing to pay.

If you have more questions about the auction process, or purchasing bank owned properties please do not hesitate to ask me!

Take care,

Lisa Cartolano
Alain Pinel Realtors - Earlier today

Bethany,

As already mentioned, the information is fed from the MLS, so if there is an updated picture on the MLS, then the picture of your home should appear here as well. This would be the case if your home is currently listed and active on the MLS. If updated pictures have been added to the MLS, then your Realtor can update them directly on this site as well.

Take care,

Lisa Cartolano
Alain Pinel Realtors - Sun Nov 16 2008, 06:44

Hi John,

Certain areas have held on to their values even with the declining market. Typically areas were there is easy access to public transportation and close proximity to ammenties such as resturants and shops, have seen a drop in prices, but not as dramatic as in other areas. The density of condos in a particular area will also affect the marketplace. There is a higher density of condos in the Lake Merritt area and you may want to also consider looking in this area as well. Certain styles and sizes of condos also tend to be in more demand than others as well. For example the loft style is a popular trend right now and some of these properties can garner higher prices based on the style of construction in conjunction with condition and location.There may be other areas of Oakland/Berkeley that you may want to explore in your search as well.

Also do keep in mind HOA dues can vary widely from one complex to another. The range I have seen has been from $250 to close to over $800 per month. Also you will want to check HOA docs and economic statements carefully to determine the financial health of the complex. This can also impact your decision.

The current market is hard to predict for anyone. I will admit I would have thought things would be rather slow due to the stock market, but it seems as if buyers are beginning to see or have seen the bottom.... The trends appear to show that we are toward the bottom, but unfortunately the only way to know if we have really hit bottom is to see it on the way back up.

I would say you have a lot of options availalbe to you and based on your reason for buying, there are opportunities that could work quite well for you.

If you have any further questions, please do not hesitate to contact me.

Take care,

Lisa

Lisa Cartolano
Alain Pinel Realtors http://www.LisaCartolano.com - Tue Nov 11 2008, 15:12

Hi John,

Many of the condos in this area are new or newer construction with the builders often times trying to recoup costs, so they are keeping prices at a certain level. There has been a slow down in the construction of new condos in Oakland because the market is oversaturated right now. There is a big project on Broadway that was to be condos for sale and I have heard that these will be rented out instead of sold for the time being.

Many of the condos on the market have been on the market for some time indicating that pricing might not be on target. With gas prices the way they are there seems to be a renewed interest in living in areas that are readily accessible to public transportation and amenities, which would help to increase the desirability of many of the condos in and around downtown Oakland.

Many of the experts predict that the “bottom” of the market will be until the end of this year. As you might suspect a 2 bedroom 2 bath is more valuable than a 1 bedroom and the prices you see reflect that. When evaluating a condo you will want to also see what the HOA provides.

When looking to purchase a property I always think it is a good idea to look at the comps for the area. How many for sale vs sold? Are there any properties that are pending? Looking at the recent and current activity give a good overall view of what is going on in the market. Currently in the Jack London Square/Chinatown area of Oakland (zip 94607) there are 4 pending, 3 sold since January of this year and 12 active listings. Of the properties sold the sold price range was from $410,000 to $555,000. If you would like the information regarding these properties, I can email them to you.

If you have any other questions regarding the condo market in and around downtown Oakland or would like more information about different options for first time home buyers, feel free to contact me.


Hope the information helps!

Lisa Cartolano
Alain Pinel Realtors
Lisa@LisaCartolano.com - Sat Jul 26 2008, 08:28

Kailin,

Hello, there are a variety of options for firs time home buyers. There are FHA, CALFHA that can work in conjunction with other programs that can help with down payment assistance as well. I would really encourage you to speak with a lender to discuss the different options that might be available to you. I work with a lender who is extremely knowledgeable about programs for First Time Home Buyers. He is also very good in helping you understand the loan process so you have a full and complete understanding of the steps required to obtain a loan.

His name is Chris Hudson of My Home Loan Plan and he can be reached at http://www.MyHomeLoanPlan.com or you can email him at Chris@MyHomeLoanPlan.com

Hope this was helpful, and if you have any other questions, please don’t hesitate to contact me.

Lisa Cartolano
Alain Pinel Realtors - Tue Oct 14 2008, 02:34