Antioch CA – The Stop Foreclosure Institute recently received this question from another agent. Here was her question. “I was just told by the lender on a short sale that they will have to “close” the file because they buyer’s name changed. They said that due to Freddie & Fannie rules if the buyer’s name changes they require the file to closed and reopened. That would cause the file to drag out another 60-90 days. It would make sense to simply process the file now rather than wait until later. Why lose all the works that has been done up until now just to do it all again 60 days from now?” Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here was our answer to their question. That sounds like a lie to me. Threaten to call Fannie Mae. T... 11/16/2011

Real Estate Investing – The Video Series – Introduction: Several years ago I did a series of Post on Real Estate Investing and then wrote The Free Book of Real Estate Investing that you can order at the web site linked. Now I am going to update the series to cover the new and more profitable market as well, and cover new lending tactics. You can see the entire video series at the Free Book of Real Estate Investing. Here is the first post in the series: LinkedTube View Properties here: 11/15/2011

The Top Rule when Investing In Contra Costa County Real Estate! If you want to Invest in Real Estate you will want to Watch this Short 2 minute Video and Get the Free Real Estate Investing Book. This is one simple lesson of many about Real Estate Investing. There are many things to learn about Real Estate Investing. Subscribe and watch up coming videos, order the book, or give me a call at 925-260-4321.  LinkedTube Investment Properties Available Now! 11/11/2011

Antioch CA – Here is a problem: Buyers don’t like short sales because of the uncertainty and the wait. How do we solve this problem? Click here to discover how other sellers successfully did a short sale and avoided foreclosure. During the short sale process, if the BPO gets completed and the bank won’t accept the buyer’s offer, then request that the bank to keep the file open. There are several reasons that banks should be willing to keep the file open. Reason #1: Their investor has already spent $65 to $100 on a BPO. Reason #2: A bank or servicer’s job is reducing the losses as much as possible. Keeping the file open will make the property more marketable, which will cause it to sell for a higher price. Reason #3: It will help the bank/servicer reduce their costs. It will take less t... 11/09/2011

Antioch CA – I talk about “escalating” a short sale. To put that in perspective, I am going to give you a real life example of how it is done. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. We had a house on the market for 5 months. We started the price at 425k and slowly brought it down to 375k. We received no offers for 5 months. Then, we finally received an offer for 350k. Since we knew the bank’s appraised amount, we knew that offer wouldn’t work. The bank’s appraisal had come in around 390k. (We didn’t think that number was the real value because buyers weren’t doing anything at that price.) We knew that that current offer at $350,000 didn’t have a shot at getting accepted. In order to get this file thru, we had two things to do. 1.... 11/08/2011

Antioch CA – Why does a British Bank do a better job than the American Banks? We have always liked short sales with HSBC. They respond promptly and are easy to work with. The bottom line is that they do a solid, competent job handling short sales and loan modification. I think the reason is because they never got a bailout from Uncle Sam. If they are incompetent, then themselves and their stockholders take the loss. Menawhile, the large American Banks are awful to work with. I have countless stories of real estate agents working on a large national bank’s short sales for 6-9 months with no answer. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Want an answer to an e-mail? Be prepared to wait 1-2 weeks for that. The people are all overwor... 11/06/2011

  Antioch CA – The Stop Foreclosure Institute recently received a question from James. Here was his question. A bank should accept your short sale when the following rules apply. All banks and servicers have a fiduciary duty to the investor of the loan. If they own the loan themselves, they have a fiduciary duty to their stockholders. The duty is to get that investor the most money possible. So, a lender should accept an offer if it will net the most money. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Your only job is to prove that to the negotiator. Do that by showing them that the property has been on the open market for 60-90 days. We need to be able to show that the house was easy for buyers to see and other agents to show. Tell th... 11/03/2011

Come on out and join Area Pro Realty Bay Area Villas this Saturday Nov. 5, 2011 Start a new chapter in the book of your life with this nice 2Bedroom/1 Bathroom Cottage-Style Home on a Large 7200 Sq.Ft. Lot   (Lot's of room to park your RV or Boat)   located at 1506 Noia Avenue in AntiochTake a low list price of $87,888 + A little bit of TLC and what do you get?   ................A REALLY GREAT OPPORTUNITY FOR YOU....................If you need more info just click   http://idxpro.cisdata.net/AR419020/Search/details/?mls_id=CA-MAX&mls_no=40538086&from=email   then call Mike to plan a tour at (925) 550-9194Looking for something different?   Just visit http://www.michaelroache.areaprorealty.com   OR   http://michaelroache.bayeastweb.com    (Both sites with that Great IDX) 11/02/2011

  Antioch CA – The Stop Foreclosure Institute recently received a question from David. Here was his question. “I lost my job and am burning up my savings very fast. At the current rate I will only be able to pay my mortgage for a few months more. My lender won’t talk to me about a short sale because I am current on the payments. I am trying to maintain my credit and don’t understand why they won’t consider a short sale until I am delinquent on payments. What is going on? David.” Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here was our answer to his question. Some banks just won’t consider a short sale until you a behind on payments. It’s just the way it is. In my opinion, if you are not employed then saving money is more important tha... 11/01/2011

  Antioch CA – Many lenders do not own the loans they handle. Instead, they are paid by the actual loan owner to collect payment. In my opinion, the banks make millions by understaffing their foreclosure departments? Here’s a real life example. A bank forecloses on a house and waits for over a year to list it for sale. A year sitting in disrepair causes the home to sell for $30,000 less. But, the lender makes more money. Why? They might save $100 million by understaffing the department that handles delinquent properties. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here are a few examples of how the owners of a loan lose money because the lenders don’t do their job. Example #1: Not giving buyers and answer on a short sale within one we... 10/31/2011

Antioch CA – The Stop Foreclosure Institute recently received a question from Chris. Here was his question. “I just got an approval from a large national lender this morning and the approval letter stated the following: “Promissory Note of 0.00.” What does a Promissory Note of 0.00 imply? It shows the promissory note of 0.00 is “to assist in the closing of thistransaction”. My main concern is that if it isn’t prohibited by California law, then I would like them to agree not to pursue a deficiency judgment. It is best to know 100% in writing for sure so I don’t have that possible issue looming over my head for who knows how long. What are your thoughts on this? Chris.” Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here was our response. ... 10/28/2011

Antioch CA – An agent with the Stop Foreclosure Institute recently had a short sale negotiator lie to them. We have spent the last 6 months figuring out all the rules for short sales on different loan types. The rules are different for an FHA Short Sale, a VA Short Sale, and a Fannie Mae Short Sale. This was an FHA loan. Here’s what happened. FHA puts out a letter called “Mortgagee Letter 2008-43.” It details exactly how the banks is supposed to handle a short sale on an FHA loan. This letter is 16 pages long and gives them specific directions on how much to pay agents, what percentage of the appraisal they can accept, etc. (If you’re doing an FHA short sale, then Google “Mortgage Letter 2008-43.”) Click here to discover how other sellers successfully did a short sale and avoided forecl... 10/27/2011

The Number 1 Rule When Investing in Contra Costa County Real Estate! When in Investing in Real Estate in Contra Costa County or anywhere there is one simple rule to remember.   This Real Estate Investing rule is so simple it even has it's own acronym - OPM! What does OPM Stand for?  Other People's Money!  A very basic concept.  But let me explain in more detail.   This goes hand in hand with another concept - Leverage. For people without enough money to pay cash for an Investment Property OPM (Ussually the banks) allows them to use what money they have to Leverage the balance and purchase an Investment Property.   Now I know some one out there is saying "Duh, any idiot knows that!"  But there are other reasons this is important. Even if you have the cash to purchase an Investment Proper... 10/24/2011

Hallelujah Night and Trunk or Treat in Antioch Ca October 31, 2011  Come by Cornerstone Christian Center on Monday for Food, Fun, and Candy from 5:30 to 7:30 pm.  Cornerstone Christian is on East 18th Street in Antioch.   A Halloween alternative.  As much of the event will be spread out through the parking lot please go to the Park and Ride on Hillcrest at Highway 4 and catch the Shuttle Bus.  Come enjoy: Trunk or Treating Face Painting Games Jumpy Houses Clowns Balloon Animals AND MORE I look forward to seeing you. 10/23/2011

‎******OPEN HOUSE REMINDER - SATURDAY OCT 22, 1:00 pm to 4:00 pm******   Nice 2Bedroom/1 Bathroom Cottage-Style Home on a Large 7200 Sq.Ft. Lot (Lot's of room to park your RV or Boat) located at 1506 Noia Avenue in Antioch   Take a low list price of $87,888 + A little bit of TLC and what do you get?A REALLY GREAT OPPORTUNITY FOR YOU If you need more info just call Mike with Area Pro Realty Bay Area Villas at (925) 550-9194... Find the Home of your Dreams athttp://www.michaelroache.areaprorealty.com or http://michaelroache.bayeastweb.com   DRE #01899042   10/22/2011

Antioch CA – The Stop Foreclosure Institute recently received a question from Samir. Here was his question. “I am thinking about short selling my house. I’m just wondering how I can get someone to help me. I know that your website says that a short sale costs me nothing. I just have a hard time understanding why my lender would pay you if they are losing money. Please explain that. Samir.” Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here was our answer to his question. We get paid because the bank benefits financial from a short sale. Yes, they are losing money. But, they are paying us because we are helping them cut their losses. This is because they get to sell the house at today’s price, versus what it will be worth 6-12 months dow... 10/20/2011

Area Pro Realty Bay Area Villas invites everyone to an OPEN HOUSE PARTY on SATURDAY OCT. 22 from 1:00 to 4:00 pm Come on out and see this ‎2 Bed/1 Bath/ Large 7200 Sq.Ft Lot Cottage-Style Home at 1506 Noia Ave. Antioch. The listing Price is just $87,888     (Great Price + a little TLC = Great Opportunity)  Call Mike with Area Pro Realty Bay Area Villas at (925) 550-9194 For more info click http://idxpro.cisdata.net/AR419020/Search/details/?mls_id=CA-MAX&mls_no=40538086&from=email Looking for something different? visit http://www.michaelroache.areaprorealty.com or http://www.michaelroache.bayeastweb.com     Now there is twice as much fun with IDX IDX = Happy,Home,Hunting,Online (IDX=H3O) 10/20/2011

Antioch California Real Estate Investors - What Do Water and Real Estate Investments have in common? Well there are three things they have in Common: They can both Slip through your fingers.  If you are not prepared to move Real Estate Investments can disappear.  When a good one comes along jump on it. Sometimes they are hard to find without the right help.  Work with a good Realtor to find the right Real Estate Investment for you.  Water and Real Estate Investment (Cash) will all flow to a common point.  This 3rd point is the primary point of this post.  Water flows down hill, it follows the path of least resistance, and it gathers at the lowest point.  Real Estate Investors all look for the most profitable Real Estate Investments, they want to make the most money with the least amount... 10/19/2011

REO Trash Out - Lessons Learned Awhile back I got a new REO listing. It evolved from a Short Sale Listing I had. You can read all about it from some of my past blogs, especially related to Squatters. Never a dull moment, it seems. I met the guys from Junk King at the property today. I had a 2 hour window with them. 1 to 3pm. Of course they got there at 2:45pm. What a day to hang out in Antioch, CA. The temp was kind of chilly in SF today, in the 60's. In Antioch it was 85 on the car outside temp. Good thing the house had been closed up, so it was still cool inside. I have to give them credit, they did a good job and came in with a price of $480 for 3/4 truck full, when they had estimated 2/3. So gave me a discount. Total price was $438. Their delay in arriving took up all my afternoon. ... 10/18/2011

  Antioch CA – In our blog post a few days ago, we talked about a first and second mortgage that both wanted more money out of the deal. The problem was they were asking for it at the other’s expense. In a sense, we had two monkeys with their hand in the same cookie jar. Neither could get their hand out without the other’s cooperation. So, you have an impasse until someone gives in. Click here to discover how other sellers successfully did a short sale and avoided foreclosure. Here is what happens if both parties stubbornly refuse to compromise. The first mortgage forecloses on the house and sells it as a bank owned property. They get the full value of whatever the house sells for. The second mortgage gets zero! Yep, that’s right. Because they are a second mortgage, their right to the ... 10/17/2011