Fremont CA Real Estate

Fremont CA Short Sales--Getta Move on

If you have found a short sale in Fremont and are getting discouraged at the pace of things, find out if the home you are buying has a B of A loan on it. If it does, you are in luck, well sort of.


I know there have been horror stories about B of A. My father-in-law who also is a broker has a few of his own. But, I do not (yet). I have a short sale in the Parkmont area of Fremont and the buyer really wants to get going. I think they are feeling that they may miss out on the new buyer credit. I was introduced to a VP of B of A a while ago, and he has now been authorized on the account and the short sale is moving quickly. There are a few strings attached.


If you as a buyer have a loan approved already with a non B of A provider, you will have to dump them. The VP wants the loan in order to provide leverage for the workings in the B of A system. We have seen this with Wells Fargo and other lenders too, but this is a bit different. Then, you have to hire B of A to do the loan, and authorize the VP using the short sale authorization letter.


What you get is:
  • executive negotiations at the top level with the short sale decision makers
  • 6 mos. mortgage protection
  • quicker sale time reduces buyer frustration
  • quicker sale time reduces seller frustration
Pinch me, but I think I am on to something. Let's wait and see.
0 comments • Jeff Pereyda Fremont-Newark-Union City Homes for sale • November 04 2009 11:30AM

Bank-Owned Property In Fremont--We Call Your Bluff

We were given the MOD (Multiple Offer Disclosure) from on of the major banks today. We offered a fair amount for a property for sale in Fremont, and got the MOD in return.


It is the bank's way of flushing out any possible chance for a bidding war to get it's last word or dollar in. The notice only states that the bank is "letting you know" that they know there are multiple offers on the property. It sometimes comes with an attachment from the listing agent saying that any Counter Offer (extra bid from us or you if you are the buyer) needs to be in writing and so on.


We called their bluff today and stood our ground. The buyer simply acknowledged the MOD and sat back and is now waiting. Lets see those cards Mr. Lender.
I'll keep you informed.
2 comments • Jeff Pereyda Fremont-Newark-Union City Homes for sale • November 03 2009 01:03AM

Fremont CA Foreclosure Found

It's a Fremont short sale actually. My point however is to remind home buyers in Fremont that your short sale deal needs to be well-cared for while it is in the bank's "system." Many brokers and agents feel a bit indifferent about referring to the bank's process of handling a short sale anything remotely close to a "system." It's a bit of a sore subject among us real estate professionals.


In a recent blog post, I mentioned that B of A was going to assist in one of my short sales. A VP was personally going to see that it got done fast. Last week I received a call from B of A. It turns out that my short sale file was sitting in the wrong department for a significant length of time. It was discovered by none other than the VP himself. It was quickly remedied and then brought to my attention.


I felt bad that something like that had slipped past me. I was assured that there was nothing I could have done to prevent that. It was all their doing. Now that I know, I think there is something I can do about it. I am going to tell you how to prevent this from delaying YOUR short sale significantly.


Here is what I found. It turns out that the bank has several short sale divisions, not one like they tell you, and only one can handle a Freddie Mac loan, a secondary mortgage market loan. Mine was one of those. For more on Freddie Mac reading go here. Ask the rep or negotiator if the laon is a Freddie Mac loan and if it is being handled by the right short sale division. Ask to be transfered to the manager of the shortsale division if they cannot answer the question.


In short, my VP came through. He broke the door down and rescued my short sale from sure abandonment. I hope that someone can use this info to rescue their short sale as well. Let me know if I can help.


0 comments • Jeff Pereyda Fremont-Newark-Union City Homes for sale • November 02 2009 04:13PM

Bank-Owned Homes In Fremont

Own An REO Property In 2 Weeks
The slide cast above has sound. You just have to hit the small green play button at the bottom of the chalkboard.


If you are in the market to purchase a home at a reduced price, then you have a real good chance at getting one if it is a Bank-Owned home. You can visit my slide cast to just get a quick inside look at how to get a Bank-Owned home or REO.


Not that it matters terribly what I think, but for the sake of argument, I think that I would never have seen a market such as this one. There are REO's everywhere and what is more puzzling is that most people do not know how to buy one. Banks have made it harder than you think.


REO Buying 101 would have to include just a few things:
  1. Include wording in the offer that says that your offer is the highest and best that you can do--when it comes to an REO, banks do not want to waist time with a counter offer on your offer to purchase. So, make it a good one the first time around.
  2. It should be an "As Is" deal or what they now call "As Disclosed."--As Is does not mean you are stuck with a lemon if you find out anything is wrong with the property. It simply means the seller is "preconditioned" not to have to fix anything that is known or discovered as damaged in the escrow process.
  3. Be cash or close to it--Your offer must have an approval letter from a major bank, not a mortgage broker. I am a mortgage broker, and although it hurts a bit to hear that, I understand. They want the approval from the horse's mouth.
  4. Clean it up--watch out for pesky, "seller pays this and seller pays that." You will be in competition with many other buyers who want that house too. Be careful so as not to appear as a nickel and dimer. The bank will not see the offer in the best light if you do.
There is a bit more to it than that, but the above 4 items are a good start in understanding what the bank wants. Want more? Contact me direct and make an appointment. There is real estate to be had.


0 comments • Jeff Pereyda Fremont-Newark-Union City Homes for sale • November 01 2009 08:48PM