Real Estate

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Barbara Banis

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  1. I am a seasoned Realtor for 21 years. I have experienced the Real Estate "ups & downs". This time we have the unusual sub-prime crisis and lending institutes folded in addition to the "flooded" short sales and REO(Bank Owned)properites on current market. The majority part of my businesses this year are helping buyers purchasing bank owned (REO)properties. I stay away from "Short sale" properties with some exceptions. There are a lot of good buys out there and listed as REO properties. Most of them are priced below the market as lenders try to attact the BEST qualified buyers to buy their properties to cut their losses. You need some experienced agent who knows how to get your OFFER accepted by the bank owners. We just closed escrow on this 9 years young two story home. It needs some cosmetic fixing but it is structurely soundt A yypical REO home may have microwave handle broken, carpet heavily stained, walls are either stained or spray painted in some rooms, brokern kitchen counter tiles, missing switch covers or light fixtures, missing window coverings, broken or missing toilet lid, front and back lawns are brown or dead.....This kind of damages you can estimate the costs to fix them and offer the sales price accordingly. In our case, there are total 14 offers on this "attactive" property. We are the lucky one who got our offer accepted by bank owner. However, my buyer is pre-approved by direct lender and be able to close this escrow in 14 days. We alos did professional termite, property, roof and chimney inspections within such short period time and they are not bad at all. There is no major concern or problem except the cosmetic fixing. So my buer is pretty happy about the outcome of the professional inspections. My buyer was in market to buy couple years ago and at that time all he can afford is a condo or a townhouse. With the price dropping in the past coule years, now he can afford to move in this almost 2000 sf of single family home with a nice yard for his dog. This property was valued over $600K at market high. Today, he paid below $300K with a good interest rate and bank seller helped him with his closing costs. This way he can put all his savings as down payment and not worry about the extra closing costs on top. When it was seller's market, you can not get the extra money from sellers. If you are renting nowadays, having a good job, and have some money in banks/savings with good FICO score, you should consider to buy while you as a buyer on the "driver seat". Yes, you do not know WHEN the real estate market is the bottom, however, you are in this for a long haul. Five to eight years is the average that people move around. Overall, this is your long term investment. Don't let this great opportunity passing you by. If you need someone who can represent you in your best interest and has the knowledge in assisting you buying today's "HOT" REO properties, please call Rosa Chang TODAY at 925-513-7588 or 510-468-4593 or just have a question or two. - Rosa Chang from Brentwood, California
  2. I developed a website that is popular with those interested in learning about adult communities in Brentwood CA. http://adultcommunityresalehomes.com provides home listings, floor plans, amenities etc. for the Summerset and Trilogy adult communities. I recently received an inquiry on a specific listing that was lender owned. After seeing the residence an offer was made, countered and recountered and finally purchased by the satisfied buyer. For all parties involved it was a real success story. Visiting the website started it all. - Ben Cerruti of Roundup Realty from Brentwood, CA
    Your story is an excellent example of how consumers use the Internet. It is no longer just for reference, it is now our lifeline. Thanks for sharing.
    Your story is an excellent example of how consumers use the Internet. It is no longer just for reference, it is now our lifeline. Thanks for sharing.
  3. What a great buyers market! With plenty of tenacity, planning and follow through, I helped a single mom make her dream come true! In the middle of 2007 a past client referred me to a spirited young woman to assist her in purchasing her first home. This first time buyer had experienced many challenges before we had ever met, but her "never-give-up" attitude served her well. She was a single mom with two young children, had been homeless for a short time and had filed for bankruptcy just two years before. The challenge, of course, was to find her a loan! After many months of cleaning up her credit and saving, I assisted her in finding a mortgage broker who obtained an FHA loan for her. Once that arduous task was completed ,we went house shopping! Hooray!! We just closed escrow on a fabulous bank-owned property that is just perfect for her and her family. There is light at the end of the tunnel for some!! My client's dream has become a reality!! Nancy Granberg, Prudential CA Realty - Nancy Granberg from Walnut Creek, CA
  4. I am an agent who lists and sells all over central county. Becuase I am newer to the business (5 years) I am willing to take on most any challenge. Recently I have helped 4 people with their up side down mortgage situation. Most folks dont realize that they have choices and that the banks would rather "short sale" the property (sell it for less than the mortgage amount)than let it go into forclosure. After the property goes through the forclosure process (8-10 months)the banks ususally end up getting half of what the property was worth with more expense to them. I am one of the few agents out there taking the time to explain to people their options and choices. I also work with a highly ethical mortgage broker who helps people work with thier lender to get a new temporary loan. Most people are so afraid that they just dont take any action. I feel gratified I have been able to help so many people in these tough times. One client said I was her real estate angel not agent! Jane Smith Empire Realty Associates Walnut Creek Office - Jane Joslen Smith from Lafayette, CA
    Jane- this is exactly what we need in this market. There are many options available.It is just a different time and place and we need to change to mee  [more]
    Jane- this is exactly what we need in this market. There are many options available.It is just a different time and place and we need to change to meet the new challenges. You are proving it can be done.   [less]
  5. I recently helped a husband and wife short sell their home in Fremont and it was such an easy experience in the later part of the transaction. The hard part was realizing the price point for the home being drastically different from only one year ago. The transaction uncharactaristically went well after the short sale was approved. As we all know most short sales take forever but we had an approved buyer with good credit, and a buyers agent that kept in contact with me. After the approval of the sale the buyer was able to close earlier than normal and my promise to my sellers was delivered. They deserved it because they are genuine down to earth people. - Mike Jackson from Dublin, CA
    This is good to hear. The challenge is definitely setting a realistic price point. Glad it worked out so well Mike.
    This is good to hear. The challenge is definitely setting a realistic price point. Glad it worked out so well Mike.
  6. A good friend of mine and client I sold a problem property for a few years ago needed a place for his mother and younger brother to live. We found a bank owned 2 bedroom home in a good area of Vallejo and closed it in time for Mothers Day. at way less than $150,000.00 with the seller paying some of the closing costs. Instead of compaining about the hard times and bad market we should see the opportunity we have and make lemonade out of what we see as lemons. Paul R. Winders....... Around Town Realty - Paul R. WInders, broker Around T from Benicia CA 94510
    There are alot of good deals out there right now. Many people are realizing that it is an excellent time to buy. Your story clearly illustrates that p  [more]
    There are alot of good deals out there right now. Many people are realizing that it is an excellent time to buy. Your story clearly illustrates that point. Thank-you.  [less]
  7. Kudos to The Times for seeking today's RE good news! My latest: I have represented Bill Smith, noted trial attorney and longtime Orinda resident, in 7 prior transactions. Bill and his wife Laureen called to say they were purchasing a vacation home in Maui, and wanted a smaller local home. I found the perfect property, and we sealed the deal just as another offer was coming in. Next challenge--selling their beautifully renovated current residence. To our delight, it sold at a price well above the $2+ million asking price, with both properties scheduled to close simultaneously. What market slowdown??! Linda Friedman, Broker Village Associates - Linda Friedman from Orinda, CA
    Thanks for writing Linda. This is so great to hear!
    Thanks for writing Linda. This is so great to hear!
  8. Last November as I closed a short sale transaction and I was congratulating the sellers I stopped myself in the middle of the sentence. I realized they had just lost their home. However, the sellers were not upset at all because I had just helped them get a heavy burden off their shoulders. This was a very long transaction but it had a happy ending. It was a win-win for everyone involved. I felt an enormous satisfaction helping this family get their financial obligations in order and seeing that they appreciated my efforts. That’s what a short-sale is all about. - Luis Salas from Antioch, California
    Thanks for sharing Luis.
    Thanks for sharing Luis.
  9. After living in my condo for 7 1/2 years I decided it was time to sell. Friends warned that "it wasn't a seller's market" but I would shortly become a buyer too right? Despite the "expert advice" I put it on the market as a FSBO. My condo sold in less than two weeks. Got my asking price and then some! Now I am a househunter! - Joe N. from San Jose, CA
  10. Recently working out at the gym I ran into a school mom that needed a realtor in another county. I sent her to a great realtor in the county she needed. The realtor sold the home $100,000.00 over asking and had 3 offers in this declinding market. I received a wonderful referral fee and the school mom now referred me to her neighbor! - Kelly Morgan from Walnut Creek California
    Thanks for sharing Kelly. That is terrific! I guess going to the gym pays off in more ways than one.
    Thanks for sharing Kelly. That is terrific! I guess going to the gym pays off in more ways than one.
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