Diana Margala

Hi Shawn:

It generally takes 7-15 days to be assigned a negotiator after submitting the package, It then can take 30-45 days to get an answer from the assigned negotiator and like every one has told you it is a long shot. I have had a short sale in the works for over 90 days, I represent the buyer and we just heard yesterday that it was approved. Now because of the market the buyer is not sure if they want to go forward. If you hang on and everyone knows what they are doing and the price you offer is within about 10% of the estimated value you have a 50/50 chance of it going through. Make sure your loan is in place and be ready to react in a very fast pace once approval has been given.

I am working on another short sale and the bank is going on an old BPO (Broker Price Opinion) which was too high because it was 5 months old (it was even too high then), we had to pay for a new BPO to see if we could get it accepted. There are tricks like these that can help to make it work but it all depends on the bank.

Back to your question 3 weeks is not long and yes no news is good news.

Good Luck

Diana Margala 909-945-5763 - Tue Sep 2 2008, 17:22

Hi Sarah:
I believe I just answered your other question regarding the College Park area, if you are questioning the area typically so will other buyers...if you are worried about the safety for yourself and your family, I would knock on the possible new neighbors doors and ask them about the neighborhood, but remember each person brings their own experience into a situation, so what might not be a problem for you because of their circumstance might be a problem for you or visa versa. You need to probably go with your gut instinct, it is there for a reason.

Good Luck;

Diana Margala
909-945-5763 - Mon Sep 1 2008, 12:10

Sarah:

I have shown and sold homes in Chino and Chino Hills and the prison is usually one of the concerns that my buyers have. Once I tell them or if they already know where the prison is they ask to not be shown property in that area no matter what the price. The fact that there are people who leave in the surrounding area shows that the homes do sell but usually they are at a discounted rate compared to other surrounding areas. So the answer is yes it does affect the price and desirability of the home.

Diana Margala
909-945-5763 - Mon Sep 1 2008, 12:01

Hi David:

I believe since it is on the other side of the freeway it should not lesson the value of your home.

In most areas if you are right next to a shopping area and such single family homes are many times effected to the negative. Usually what is also brought into the area are condo's and multi dwellings which also brings down the value. A lot will depend on your distance and how much traffic is brought into your neighborhood. If you are on a hill and really not right in arm length than it might bring your value up as indicated by the other agent. It all depends on how close.

Good Luck:
Diana Margala 909-945-5763 - Sun Aug 24 2008, 17:29

Hi Tracy:

As the other realtors have explained, it really has to do with time and the agent by your side. If the agent by your side is an experienced short sale agent they can explain the process and the likely hood of the success of the sale purchase is greatly increased as long as you have time to wait for the transaction to be completed. As in all purchases you want to make sure you are pre approved, have your deposit and proof of ability to purchase in hand before you make an offer. The more qualified you are the better chances you have on any type of purchase. The negative to a short sale is that you could get your hopes up and go through the whole process only to find out that the bank will not go forward, but if you have an experienced short sale agent your chances of it going through are much better.

Purchasing an REO is a much more secure position, because if your offer is accepted the likely hood of you being able to complete the purchase is very high. Again the key is an experienced agent to guide you through that process. The REO properties are sold as is, so as stated by the other agents making sure you have a good property inspector is imperative. The better your pre approval is in order, the better chance you have of being accepted. Remember that most (not all) REO’s are priced right so having your agent explain what the value is and how that value was determined is also important so that you make an offer that has the opportunity of being accepted.

Weather you are looking at Short Sales, REO’s or regular sale property the key is having an experienced Realtor by your side. One that will listen to your needs and explain the purchasing process to you and guide you through each faze. I have helped clients to purchase Short Sales and while waiting for the bank to give us an approval they have changed their mind and I helped them purchase a different property. I have also helped client to get and accepted offer on Short Sales and they completed the transaction to the end. I have also helped clients to win the bid for REO's and regular sale properties.

I would love to help you with your purchase, if you would like more information give me a call.

Good Luck
Diana Margala 909-945-5763 - Sun Aug 24 2008, 17:20