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Property Q&A in 95746 : Real Estate Advice

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fbcsacramento, Home Owner in Granite Bay, CA
Wed Feb 25, 2015
fbcsacramento asked:
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This question was asked from this property: http://www.trulia.com/homes/California/Granite_Bay/sold/5632131-6805-Douglas-Blvd-87-Granite-Bay-CA-95746
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Jim Walker, Real Estate Pro in Carmichael, CA
Thu Sep 3, 2009
Jim Walker answered:
I was stating opinion. The listing agent made a statement in the listing remarks that the short sale was being handled by a short sale team with a 100% success rate.

Realtors do not achieve a 100% success rate negotiating short sales by submitting frivolous offers to the banks. There are many factors that need to exist in addition to a seller hardship for a short sale to close.
Some of those factors are:

1. The lender (s) have to be willing to work with reasonable offers.
2. An offer from a credible buyer needs to be accepted by the seller and submitted to the lender.
3. The offer needs to be close enough to the current market value of the property that the lender believes that it will lose less money by allowing the short sale than it would lose if carried out the foreclosure action.

Those are some of the reasons that I have for my opinion. I am sorry that I did not make it clear that I was expressing opinion rather than specific knowledge in my first post.

The purpose of expressing my opinion was to alert you that the idea of obtaining that house for 10 cents on the dollar is pretty unlikely. The company that posted the property auction information that you referred to {Realty Trac} is NOT the listing agent. The Realty Trac business model is to post partial information about distressed properties in order to sell subscriptions to their service that gives you the "rest of the story"

You could purchase the Realty Trac subscription to find out that the Cedar Falls house is not really available for $103,000 at auction on September 11th. (or ever - in my opinion) I posted my opinion here to save you the money and effort of pursuing a false lead...

On the other hand, if you are a credible buyer who is looking to buy a south Placer or Granite Bay luxury property for 90 cents on the dollar, there are numerous opportunities in the current market. Discounts of 5%, 10%, even 15% below. current market value can be negotiated.

Any time you see a dollar figure advertised for a property that is only 10% of its value, you can be pretty sure that there is a "catch" , a come-on, or even an outright hoodwink. I am sorry if anyone disagrees with that. It is just my arrogant opinion. (IMAO)

I believe the MLS number for the home we are discussing is 90049261. If you do not already have an agent chosen to represent you, I would be glad to write a serious offer on this, or any other Placer county property for you. My contact information can be obtained by clicking on the thumbnail picture in the corner.

I have provided a link to an idx MLS feed that features the PIQ (Property in Question)
Provided for convenience, it is not the listing agents site, nor is it my site.
... more
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