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94591 : Real Estate Advice

  • All31
  • Local Info2
  • Home Buying15
  • Home Selling5
  • Market Conditions1

Activity 26
Sun Jul 10, 2016
Josephine ("Jo") Cusi answered:
Hi, CJ! I just saw your question and I hope that you already closed on this purchase. But in case you still need some insights...

Short sale is a very complex transaction with many more moving parts compared to a regular sale. What you are experiencing are some of the challenges that come with a short sale. Your best ally in completing it successfully is your agent. He or she is the one who is in the midst of all these negotiations. Note that some agents use a 3rd party negotiator. Clear communication with all parties (lender, lienholders, etc.) is a must. As in the case of the deadline of the 2nd lienholder, if it states 5/30/15 on the approval letter, then it is likely that. Keep in mind that the point of contact for lienholders are handling many files, not just yours and they can easily confuse deadlines, etc. So you as a buyer, along with your agent need to be on top of all that is going on. As far as the extension goes, if the lienholders know where you are in the process and it is at the tail end of it, they will likely grant the extension. They, too, want to close.

Regarding your loan, if all conditions are met to fund the loan, then you should be okay. With a short sale, the estimated final HUD needs to be approved by both lienholders so be sure that is taken care of, not to mention both approval letters need to be valid up to the closing date. Another important thing, if the house is also in foreclosure, know when the auction date is scheduled because an extension may be needed for that as well. All these details matter.

Anyway, I truly hope you have successfully closed on your purchase at this time. Good luck and hope this helped.

All the best,
Jo
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0 votes 1 answer Share Flag
Thu Mar 31, 2016
Scott Brown answered:
It seems to me that the real estate property values are absolutely affected by whether or not a property is in distress or was in distress and foreclosed upon. The city assessor and their appraiser's will likely not alway agree with each other, so you may try to get a 2nd appraiser to check your specific property. If you wanted to sell your home, you should consider having someone such as myself who knows the ins and outs of home values, sales, marketing and so forth, especially like me who lives and works in Vallejo.

If you're just looking to try to reduce your tax payments, you'll be best advised to speak to a CPA perhaps, and enlist the assistance of a Real Estate Broker & Realtor such as myself who could give you a good idea of your home's true value (with a high and low range, along with a current precise estimate of value).

Feel free to contact me anytime to discuss your questions and I'll be happy to assist.
Scott Brown
707-474-8855
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0 votes 2 answers Share Flag
Thu Mar 31, 2016
Alexander Greer answered:
No it is not mandatory and the cost depends on a lot of factors.

I do not check replies, so if you have a comment or question email me here:
AGreer@TheMortgageOutlet.com

Alex Greer
Loan Officer
408-352-5147
NMLS #1056079
http://www.TheMortgageOutlet.com
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0 votes 1 answer Share Flag
Tue May 6, 2014
Tim Garton answered:
Rentals in Vallejo range from $1100 a month aprx for a 2 bedroom home to aprx $2000 a month for a 4-5 bedroom home. Call me for more details 707-315-5555
0 votes 1 answer Share Flag
Mon Apr 28, 2014
Susan Cochran answered:
I grew up in Vallejo & moved out of it when I was 18. My brother still lives there and I visit often. There are a few good neighborhoods. The Vista area northeast of Vallejo High School, Fairmont Gardens, Hiddenbrooke are nice older neighborhoods. You want to live in an older area with a lot of old folks or in the more expensive areas, less riff raff. Yes crime is still high in Vallejo. Check out Crimereports.com for crime reports. Personally, I wouldn't live anywhere in south Vallejo, but thats me. Housing prices are good in Vallejo compared to the rest of the bay area. ... more
0 votes 10 answers Share Flag
Wed Apr 9, 2014
Egal Shamash answered:
Do you have a service dog?
0 votes 3 answers Share Flag
Sun Mar 23, 2014
Alfonso Parodi answered:
BE AWARE ON THE SELLER LEADS . I have been using trulia for around 18 months. I had 3 accounts (MY TEAM MEMBERS)under them for the buyer side. Spend 3-5k over all. I got all my money back right away AND MORE. Now. on the seller leads I sign up for a monthly try out. So far 90% are bogus leads .THEY DO NOT OWN THE HOME THEY ARE RENTERS!!!!!!!!!! I point to Trulia that the concept is great but need better filters so we don't get trash. I ask them if they can cancel my plan until is ready for sure. AE respond: WE GIVE YOU WHAT YOU ASK FOR 16 LEADS A MONTH REGARDLESS WHAT THEY ARE ....4 REAL???????? SO PLEASE BE AWARE OF THIS SCAM! I don't think they understood me that i said I would be happy to revisit once is ready. THEY INSTEAD JUST WANT MY MONEY AND NOT MY RELATIONSHIP. Hopefully someone in upper management will read this post and will have a better judgment on how to treat there customers. AS FAR I KNOW THEY NEED CLIENTS TO MAKE PAYROLL ... more
0 votes 3 answers Share Flag
Wed Oct 9, 2013
John Arendsen answered:
Not sure about that John. I've done dozens over the past couple of decades and every one of them have turned out great for all parties concerned.
0 votes 13 answers Share Flag
Thu Oct 3, 2013
Tim Garton answered:
Yes, most short sale banks if they know there is a hardship coming your way but you are current they will honor a short sale at that time. Its a case by case scenario. The short sale banks do not want a strategic defaulter. ... more
0 votes 12 answers Share Flag
Sun Aug 18, 2013
Lisa Jonsson answered:
It depends on a number of factors. There are new laws that protect you, but several things can come into play such as, is this your primary residence, how many loans are on the property, and so forth. You may want to discuss all the details with a real estate attorney. There are some pre-paid legal services that are very reasonably priced that can answer your question in detail without breaking the bank. ... more
0 votes 14 answers Share Flag
Thu Aug 15, 2013
Alexander Greer answered:
I was just looking through old post and I noticed yours. If you were not able to refinance at the time of the post, I can certainly help you out now. You can call me at 408-352-5147 or email me at AGreer@themortgageoutlet.com. You can check us out at http://www.TheMortgageOutlet.com. I will look at your situation and present you with some options.

Alex Greer
NMLS #1056079
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0 votes 5 answers Share Flag
Sun Jul 8, 2012
adisbrow06 asked:
Sun Jul 8, 2012
Eric H. Wong answered:
I don't think you have a choice. I think BofA short sales all go through Equator. They are still taking about 3 months. That being said, I am working on one now that is in month 5.
1 vote 2 answers Share Flag
Wed Jan 11, 2012
Joan Congilose answered:
The easiest way to find a home that you can lease with option to buy in Vallejo is to contact a local realtor in that town and ask them. They will know the inventory , prices & availabilty date to help you with your move. ... more
0 votes 2 answers Share Flag
Thu Jun 2, 2011
Ron Thomas answered:
Catherine is right:
You need good help.
Please call Mike Rowland at Windermere Rowland Realty, 400 Appian Way, El Sobrante.
510-222-9150 or e-mail at mikerowland@windermere.com
Mike is all aces; integrity and professional. You will like him. ... more
0 votes 2 answers Share Flag
Wed Apr 13, 2011
Kamal Randhawa answered:
Hello Jwill,

You may qualify for a short sale but buying another home while you are short selling your home may not be a good idea.

One other thing comes to mind is that it takes about 2 years for you to qualify to purchase a new home after a short sale so this may be a somewhat of a sticky situation..

I would be happy to discuss your options with you at your convenience. Please feel free to call or email me if you need further assistance.
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0 votes 6 answers Share Flag
Fri Feb 25, 2011
Don Maclary answered:
Have soil tested before spending money on it to find out why it is dead.
0 votes 2 answers Share Flag
Wed Dec 29, 2010
Jonesgee answered:
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!!
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1 vote 7 answers Share Flag
Sat Oct 16, 2010
Tammy Hayes answered:
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.
• Lender's consent and approval required.
• The lender accepts the sale as payment in full for the loan.
• The property owner escapes foreclosure, but receives no funds from the sale
• There can be no equity in the property
• Seller cannot bring money to the closing.
• 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)
• Owner must demonstrate hardship/financial insolvency (i.e. loss of employment, illness, divorce, catastrophic illness, death of a spouse).
• 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.
• Listing agreement with Realtor showing the property is on the market for sale.
• Comparable market analysis which includes sales and listings
• Bank statements
• Pay stubs
• Tax returns
• Purchase/Sale Agreement
There are drawbacks to the short sale.
• A deficiency balance could be charged off which could result in negative credit bureau reporting.
• 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 tammyhayesre@gmail.com
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0 votes 7 answers Share Flag
Thu Oct 14, 2010
Paul Winders answered:
The market is not going to get any better in the near future in terms of price. You are not getting as much as you could of for your home as you would a few years ago, but this is also reflected in the price of the Townhouse that you will buy ( and the very low property taxes on it) Some realtors may tell you it is worth more than it is in order to get the listing. because that is what they think you want to hear . Get two or three opinons of value and look at what they do to market your home. A sign and entry into the MLS is not going to do the job. . You NEED agressive marketing . ... more
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