Having worked on several successful short sales, it's necessary to evaluate which projects went smoothly and which ones hit a brick wall. We can't control or manage certain bank processes, but we can certainly ask the sellers to cooperate better The ones that took longer and were painful to manage and execute had these in common: Sellers believe their property is worth more, and refuse to list at the recommended price Sellers questioned why we need so many documents Sellers balked at giving copies of their financials (bank statements, financial statements, tax returns, pay stubs) --- regardless of how many times we explained why the banks will need these documents to justify approving the short sale Sellers refused or were slow to give everything we need --- and when they did, it's one ... 03/16/2010

In the past few months, I received many inquiries from sellers who want to know more about short sales. What is it? What is involved? How do we go about it? What is its effect on the credit score? So I started providing my version of a PRIMER ON SHORT SALES  which I tweaked as I went along, picking up information from various resources as well (such as Nolo.com) _________________________________________________________ DEAR SELLER Short sale is not an ordinary way to sell property and in fact, it is quite involved and time-consuming. But it can be and has been done. It is preferable in many respects to a foreclosure.   WHAT IS A SHORT SALE? Short sale is a type of pre-foreclosure sale in which the lender allows the property securing a mortgage or deed of trust loan to be sold for less t... 03/11/2010

REALTORs are a good source of clients for service companies like electricians, plumbers, handymen, cleaners, roofers.... If the service personnel perform well, they will receive steady referrals from the realtors and their clients. And in most businesses, repeat clients and referrals are their bread and butter. With that in mind, here's an episode that illustrates how NOT to do business with a REALTOR. Last Friday, I called an Alameda roofer to do a roof inspection on a duplex. Got hold of the owner's son who said he would do it. And no, he didn't need me to meet him at the premises since he didn't know what time he can get there. So we arranged to have him pick up the check from my office which was literally just a few blocks away from his office. At 2:30 pm the roofer called and said ... 03/11/2010

I've been using Fidelity Agent (loaded on my computer as well as my smartphone iphone) for a while now. It's been a terrific tool.See: Fidelity Agent: a WOW tool for answers for quick answers and calculations for real estate and First Time Buyers need CMA and PITI calculations ---and good photos for a good first impression The latest version now even provides a quick HUD statement, and includes computations for short sales! See this youtube video that explains the HUD in just 3 minutes. See how it works.This is so inexpensive to upload, but the benefits are worth a million bucks. Why doesn't everyone have it? 03/11/2010

In case the buyer is on the fence, and not sure whether or not to jump in and buy now or later Here's something to think about (Source: Steve Harney's Keeping Current Matters) Know What the Experts are Predicting for Interest Rates in 2010 If we look past just the price of a home, we know that the buyer will be concerned with its overall cost. We then realize how important the financing component is to the purchase. Where are interest rates headed in 2010? Here is what people in the know are predicting: HSH & Associates: rates will nudge closer to 6% than 5% Moody's Economy.com: 6 percent that sounds about right Washington Post: 6 percent by the end of 2010 Barry Habib of Mortgage Market Guide: It could be as high as 6.5% Morgan Stanley:7.5 percent to 8 percent Related articles: Morgan ... 02/01/2010

Our fabulous island city of Alameda CA where we  have just just 70,000 residents, we like to think that properties here "hold their own" and that we are somewhat insulated from the economic upheavals that affected the surrounding cities the last couple of years. DISTRESSED PROPERTY. WHAT'S THAT? So it was surprising to see many distressed --- foreclosures and short sales --- properties sold this year between January 1 - December 30, 2009. Looking at residential sales of condos, townhouses, duets and detached single family homes, here's the story: 427 homes sold in 200 58 were REO (real estate or bank-owned) or 3% of total 89 were short sales in 21% of total These 147 distressed properties constitute 34% of total sales in 2009. OMG! THE WAY WE WERE How does that compare to previous years... 12/30/2009

$729,000.00 - Like NEW in Alameda's NEWEST community of BAYPORTLocation: BAYPORTBuilt in 2007, this spacious home is located in Bayport Alameda, which is valued for its well-planned community that boasts a large centralized park and playground, Alameda's newest Ruby Bridges Elementary School, many mini-parks, tree lined streets with sidewalks.Because people always congregate in the kitchen, no matter what the occasion, this model (Plan 6) has a large kitchen with an extra large island that opens directly into the living room and next to the bright breakfast nook. No one will ever feel left out. The kitchen has many upgrades: granite counter tops, stainless steel appliances including double ovens, recessed lights. A multi-purpose room on the first floor can be used as an office or as a b... 12/23/2009

Never said I was an early adaptor ...but I'm never one to shy away from trying new things. That's why I'm on Active Rain. Baby steps.... When I got the listing for Alameda's first GREEN home, I did my due diligence and contacted several videographers via their respective websites. I also contacted Jeff Brooks from videofishbowl.com after he made a presentation at an Inman conference in San Francisco earlier this year. I liked his pitch and his style. His video is not like the others I've seen. It's peppy, exciting, fresh. Jeff was the first to respond. And soon after, we communicated via email. The others? Terrible response time and extremely poor follow up. Jeff is good to work with. He is patient. He is resourceful. He is creative. Best of all, he listens!So here's his production. He ... 12/14/2009

ONE OF THE BENEFITS of holding open house ....is when the neighbors come to see your listing... ...then ask questions about how THEY can sell their own home and how much they wlll get for it. Today, in spite of the gloomy skies, the occasional drizzle, and the cold air, there were at least 14 groups of people who came to see Alameda's first GREEN home. It was very satisfying to show them the various green technologies and features of this totally eco-friendly home.  Although the number of people didn't equal the record 70-80 groups that came through on some of my other open houses in the summer, this is a welcome figure. Sure, some neighbors came. That's par for the course.  But when one of them invites you to come see his house because he's thinking that he may want to sell too....well... 12/13/2009

Picasa photo editing is a free service and it's been around for years....but I'm just now learning how to use it (okay, so I'm slower to adapt than others, but hey, I'm here!) I was fiddling with photos taken of a new listing, and I wasn't quite happy with the washed out look. The house is so bright and filled with so much natural light that the readings on the camera were a bit off. The interiors looked almost ghostly because it was so bright inside. What to do? Intensify contrast, increase shadows, increase warmth of color. The changes may be subtle, but they do make a difference (for me, anyway).              Yes, it's always best to hire a professional photographer. But sometimes, even what the professionals take needs some editing.  I consider it a learned skill and tool to know ho... 12/09/2009

Alameda Library is the first green building in Alameda. And now, 1533 Morton Street is the first green home that adheres to the green building principles as outlined by the Smart Communities Network GREEN BUILDING PRINCIPLES Energy efficiency and renewable energy resources. Building strategy, cost-effective energy technologies, proper siting, renewable energy systems are all designed to reduce the amount of energy the property needs to operate and to keep its occupants comfortable.  Photovoltaic system is just one of many technologies used by this home. Environmental impact. By building the home as an infill, it preserves the site's integrity, natural characteristics. A common definition of infill is "the use of vacant land and property within a built-up area for further construction or... 12/07/2009

Dec. 5, 2009. The theme for this year's Oakland/Alameda Estuary Lighted Boat Parade is "Christmas Carols". At around 5 pm, just before dark, the participating boats lined up and took their practice runs. Athough we didn't know it at the time, the theme was evident as boat after boat cruised by, with many of them having crews singing along with Christmas carols blaring over their boats' speakers. Friends (and my clients) Carmel and Loretta invited several people to watch the parade on their boat, the Far Niente (which means "without a care" in Italian). Their boat had an absolutely perfect slip directly on the estuary at Fortman Marina. So we had beautiful and unobstructed views. Other folks on the boat included another couple of friends and also my clients, Garry Merry and Patricia Simp... 12/05/2009

It isn't easy being green....and Kermit isn't the only one sighing. If you build it, will they come? First, let's try to understand the criteria. From StopWaste.org (Alameda County, CA) here's what they say WHAT IS GREEN BUILDING? In a nutshell, green building means taking steps to create wonderful homes that are safe for our families and communities and that protect our environment. Whether you are redecorating, remodeling or planning to build a new home, keep in mind these three fundamental green building goals: Be mindful about using limited resources such as wood and water so that you limit waste, pollution and environmental damage. Build and remodel with energy efficiency in mind to save money, create a more comfortable home, and reduce air pollution and global warming. Choose heal... 11/28/2009

203k draw inspection contractor paymentsWe just received a draw for one of my clients in five days including a weekend... that is 3 working days... that is fantastic for Wells Fargo... You rock. Whatever you are doing, keep it up. We in the 203k consulting and lending world appreciate your fine efforts in getting on top of that situation. We know you were hit hard and had to respond and you have... We are proud of you.Last week I had a call from a Wells Fargo loan originator who told me they were now able to close them much faster than a month ago... it is now 35-45 days again... that is very reasonable in this market. Fantastic new when coupled with the news I just got a moment ago from my client who received his draw check in record time.This  post was originally from October of 2009.... 11/11/2009

How you see it is the same as how you look at a glass --- half-full, or half-empty? No man is an island. Yes, we get it. And even in our slice of paradise known as the wondrous island of Alameda, CA, we have our share of distressed properties.This is actual data. Analysts have different ways of looking at the same figures and extrapolating different conclusions. So let's take a look at what it's like for 2009, as of today, November 3, 2009. COMPARING SOLD PROPERTIESSold since January 1, 2009 - 362 homes Of which 47 were bank-owned, or 13% of total Of which 26 were short sales or 7 % of total Together, 73 were "distressed properties or 20% of total FORECLOSURESSold  - 47 homes Highest price is for a lagoon-facing property foreclosed at $738,000 Lowest price is for a 1 bedroom/1 bath cond... 11/03/2009

For the statisticians and other folks who prefer graphs to see what's going on a specific market, here's a snapshot of what it looks like in San Ramon, comparing the market the past two years, starting in October 2007 - October 2009. People will see different things and interpret this information in different ways --- I guess it depends on what you want to see or what you hope will happen. Some market observers have said the bottom was four months ago. Some say the worst is yet to come (when?).in the meantime, here's what the data is SHOWING us. MONTHS SUPPLY OF INVENTORY I like starting with the months supply of inventory. When there are more buyers than there are sellers, it means that it's a seller's market. The higher the months inventory, the more it becomes a seller's market. Trad... 11/01/2009

My first time home buyers are whooping it up. Why not? The popular first time home buyer tax credit that was set to expire end of November 2009 may be extended through end of June 2010. I have buyers who have been looking for months but are getting outbid so many times, or are running out of time waiting for the short sale approval/acceptance of their offers. Even better, it isn't just first time buyers who have reason to celebrate. A new tax credit was introduced to aid repeat buyers. I wonder if this will apply both for buyers who want to move up as well as buyers who want to downsize. Although the complete details aren't available yet, here are the key provisions. First time home buyer tax credit Buyers must be in contract by April 30, 2010 Buyers have 60 days from that day to close ... 10/28/2009

Today, while reading through some questions posted online, I came across this one: "What is the status of the CA Foreclosure Moratorium that went into effect in June 2009? Are lenders still required to try a loan mod with the borrower for 90 days?" I wondered if this REALTOR was trying to stimulate discussion. But she honestly sounded like she needed guidance. It seemed to me that the subject matter would make an excellent blog as an update, and not as a question from a REALTOR. So I researched it on California Association of Realtors site. There is a wealth of information there. I feel guilty that I don't visit more often to stay abreast of Market Matters or Legal Updates. One of the best resources for this Q&A is found on the Housing Stimulus Laws for 2009 (must be a member to log in ... 10/23/2009

MY DEAR SELLERS During a short sale, our mutual goal is to get an offer accepted as quickly as possible by your lender  to prevent a foreclosure. And as you already know, the effects of a short sale are far less damaging than a foreclosure or a bankruptcy. REMEMBER YOUR GOAL:  SELL THE PROPERTY! Please understand that maintaining the home is still your primary responsibility during this selling process, whether you choose to stay or not at the property, remember what it takes to sell.     MAKE IT EASY TO SHOW YOUR PROPERTY Keep the house looking nice inside and out. You literally only have minutes to make a good impression. Make that first impression count!  If it's messy and smelly, it won't sell. And if it doesn't sell, consider the alternative: foreclosure!     Allow the realtor to p... 10/19/2009

As much as I bemoan the length of time and the hoops I go through to do short sales transactions, I am taking this opportunity to say, "THANK GOODNESS FOR SHORT SALES!" Why? ...Because it's a way to guide our sellers who have found themselves in dire situations  and may not know their options. ...Because it's a way for distressed property owners to avoid foreclosure or bankruptcy, and thus salvage their credit ...Because more homes are within reach for home buyers who have little money but have a lot of time and patience to wait out the lengthy short sale process ...Because while there is a frenzy for buying foreclosure where people compete in multiple offer situations for AS IS purchases, there is less competition for short sales where there is room for negotiation ...Because short sal... 10/17/2009