What's up with this TH? Is the listing price the loan balance?

Asked by Ws Homeowner, Sunol, CA Sat Feb 28, 2009

The last sales price was $250,000ish, now drops below that of the smaller units and still does not move. Is anyone buying out here?

This question is about this property: http://www.trulia.com/property/1065593297-548-Chabre-Ct-El-S…

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Pacita Dimac…, Agent, Oakland, CA
Sat Feb 28, 2009
This property was sold for $410k in 2005. The first loan at that time was $328K. Then the owners took out a line of credit for $65K in 2006. So the listing price is a lot lower than the combined loans.

Any time you encounter a short sale one of the things to ask the listing agent is how many loans are on this property? if there is more than one, it is doubly difficult and nealy impossible to get the short sale approval. If it's with the same bank, the chances are better.

Short sales take a long time to process (the loss mitigator won't open a file until there is an offer on the table, and then it will take weeks before you get an answer of accept, reject or counteroffer).
1 vote
Mike Rowland, Agent, El Sobrante, CA
Fri Mar 5, 2010
Yes people are buying. The property on Chabre has very high HOA fees and this in my opinion has always caused those properties to take longer to sale. I am very familar with the complex and area and have always thought they were good units, but there are units nearby that are cheaper and lower HOA'S.

0 votes
Pacita Dimac…, Agent, Oakland, CA
Sat Feb 28, 2009

Believe it or not, the number of buyers are increasing (check out http://www.DQNews.com, and you'll see reports relative to our area, broken down by zip codes) as the prices are decreasing.

However, buyers are hesitant (as are the agents) to limit their search to short sales. The homes that are offered as regular sales have had to price their homes aggressively to compete with both short sales and foreclosures.

With the announcement that the first time home buyer tax credit is increasing to $8000 (and this won't be treated as a loan that will have to be repaid), people are taking notice.

We certainly hope this stimulus will help first time buyers find a home that a few years ago was beyond their reach.
0 votes
Ws Homeowner, Other Pro, Sunol, CA
Sat Feb 28, 2009
Thanks for the information. A short sale explains a lot and why it has been on the market for so long. I have not see anything sell in that development for a few years now.
0 votes
Bernard Gibb…, Agent, Danville, CA
Sat Feb 28, 2009
This is a short sale and it has been on the market almost a year. Short sales frequently do not come to fruition although they can be very good buys.

Let me know if you want more information

Bernard Gibbons

Bernard Gibbons, Realtor, e-PRO Certified Internet Specialist
J. Rockcliff Realtors, 15 Railroad Avenue, Danville, CA 94526
Phone (925) 997-1585
0 votes
Dana Schuster, Agent, Slidell, LA
Sat Feb 28, 2009
it's listed with Prudential,so this would be the listing price,not a loan balance. suggest you contact a local agent to confirm.
0 votes
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