is this address for sale or in forclouser 4941 mendocino blvd sacto calif 95820?

Asked by Dawn M. Cole, Sacramento, CA Mon Sep 20, 2010

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Jim Walker, Agent, Carmichael, CA
Mon Sep 20, 2010
Several short sale experts have told me that Bank of America is the worst of the big lenders when it comes to processing short sale purchases. Having waited eleven months as a buyer for one of these B of A short sales, I can tell you from personal experience that I believe the experts.

The seller I am trying to buy from is in a similar situation to the seller of the Mendocino house. Someone who bought in the nineties when house prices were lower than today's value.

But she is upside down because the house was used as an ATM cash machine, Cash out refinance after cash out refinance.

These kinds of sellers (and their listing agents) will get you into a contract as a buyer and waste your time and money.
Then the seller will cancel your deal at the last minute, after you have spent money on appraisal and inspections. The reason? Seller learns that B of A does not formally forgive the debt owed in writing. Something her listing agent could have told her was probably the case eleven months ago.

Ask your real estate agent to screen any short sale for the rare short sale that is saleable with cooperative banks and willing sellers. Odds are, you are better off buying a repaired flip house, or a move in ready bank foreclosure than a short sale.
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Anthony Rueda…, , 95624
Mon Sep 20, 2010
As of 9-20-10, this property is not listed for sale in our MLS database. There are several other properties that are listed for sale on this street. I'm not sure if the bank has initiated the foreclosure process. I hope this has been helpful.

Please don't hesitate to call or email with any further questions.
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Sue Archer R…, Agent, Palm Harbor, FL
Mon Sep 20, 2010
How serious are you about that particular property vs. others? There is still a way to work with the homeowner to try to help them either avoid foreclosure through the HAMP (loan modification program) or HAFA (short sale program). If it short sales through HAFA (assuming they qualify), the foreclosure process would be stopped long enough to allow you to buy the property.....

If you are serious about wanting this particular property, then a buyer's agent could help you approach the homeowner to see if they were interested in selling.

Still, there are easier ways to get a property, at a good value, with low interest rates. But first, if you are a serious buyer, get your ducks in a row. Talk to a buyer's agent. They can help you with a lender to get you prequalified for what you can afford, and find homes that are readily available. And if this home eventually becomes available through foreclosure, you'd be able to consider this one as well.
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