Short Sale Fiasco

It has been 12 months since I listed this short sale. (November '07) We closed escrow in May I believe. I am proud of the job I did. At that time I had 5 short sale listings and this was the first one that closed. My client owed $488,000 and the offer was for $305,000. I got the bank to forgive the difference ($183,000 in writting) as long as the money was in their office on such and such a date.
Knowing how things can get, I gave my client a date to vacate which was in truth one week early... JIC... (just in case)... I know it's tough facing a divorce, after losing one's job, and home; but there are limits. The funds had to be at the lender on a Friday, the new owner planned on doing their walk thru on the day before. The wife had packed and moved a week before, the sunday before closing I stopped by to give my client an out line of how the house should be left... He told me in no uncertain words that it wasn't his problem any longer and if I wanted it clean I should clean it myself.
After calming down, I pointed out to my client that if the new buyer did not accept the property in the condition it was in that all bets would be off. His retort was "you're making enough money - you pay to clean it." ....
I thought I got over this.... but I can feel my emotions coming to a boil....
In short... Boston Mike's "Haul n Clean" saved the day. This link will take you to a visual tour of the MESS that was left and the finished product after Boston Mike had worked his magic. It took him two days, $2000 that includes the dumpster... if you need a good guy... call me, I'll give you his number.


http://www.visualtour.com/show.asp?T=1604990&prt=10003

Floor-Ceiling Sushi-Bait

One mans ceiling is another mans floor...

One mans sushi is another mans bait...

One mans misfortune is another mans opportunity.

The events that are going on now in the market place... SHORT SALES... FORECLOSURES ... REO's... are truly unfortunate. However, these events are also allowing people to enter the Real Estate market, people who in the past couldn't afford to make the leap from renter to home owner.

Yes, the market is correcting itself... and yes, we must learn from our past mistakes... but right now, if one is gainfully employed and can prove it... and if one has a decent credit score... there are opportunities available today to purchase properties in the central Contra Costa county and surrounding areas.

THINK ABOUT IT... If someone told you 2 or 3 years ago that you could OWN a 2 or 3 bedroom home in Concord or Martinez or the neighboring areas for under 400K - you would have scoffed at them... If they said that it was possible to OWN a home for well under 400K (say 315 to 340) if you didn't mind doing a little cosmetic fix up - they would have been put away. WELL I'm here to say- it is a reality today.

The window of opportunity is open... for how long no one knows, but it is open and it's open now. Seek the advise of a trusted professional.

A few years from now you'll be saying

"I'm glad I did." or "I wish I had."

Are You Upside Down

I received a call from a client about a possible short sale of his home in Walnut Creek. We discussed his various options specifically the pitfalls of a Deed in Lieu. It's surprising to me how many people are presently in foreclosure, even in central Contra Costa county.

While he is still current, due to the declining values in his area, he thinks he is currently upside down in his mortgage. I plan to meet with him this weekend and determine the best course of action and minimize the negative impact this could have on his financial situation.