What is a Short Sale - Understanding Short Sales

A short sale in basic terms is selling a home for less than what is owed on the home.

Other than the seller being ‘upside down’ and as a buyer needing to deal with the bank, most aspects of a short sale are similar to buying a home in which the seller has equity.

 

What is different in a short sale?

The biggest difference is the obvious, getting the lender to accept less than what is owed to them.

 

One point to remember is that just because a home is listed for sale as a short sale doesn’t mean the bank will accept less, they may decide to go to foreclosure even if the seller accepts your offer.

If you write an offer on a short sale, prepare to wait and wait and wait for an answer from the bank. Many times the home you made an offer on and received acceptance from the seller is still on the market as available. The seller may hope to receive another higher offer, and some banks can request all offers to be submitted to them and you could be bumped out of acceptance if a higher comes in, despite the initial acceptance from the seller.

 

Make sure the agent you hire has checked the important foreclosure proceeding dates. Nothing could be worse than waiting to receive acceptance from the bank only to see someone come in and buy that home at auction out from under you.  

 

If you are thinking of buying a short sale, talk to a Realtor who has experience with short sales and a Realtor who is local and knows the neighborhood.

Updated List of Foreclosures in Pleasanton, Dublin and Tri Valley

Comment below and we will email you a list of Foreclosures in Pleasanton, Dublin, Livermore, San Ramon and Danville.

Thinking about a Foreclosure in Pleasanton or maybe a Short Sale in Dublin? Sure you are, who isn’t. I say that because many buyers are looking at Foreclosures or Short Sales in the Tri Valley as a great deal opportunity. I wrote a post in February about Foreclosures in Pleasanton and Tri Valley where I said ‘bank owned homes in Pleasanton are some serious deals.’ I now update my statement. Today many foreclosures in the Tri Valley are being listed under comparables of recently sold homes and then you have a bidding war on the home, bringing the price up. While I believe there are still ‘deals’ to be made on foreclosures, they are not the only way to go.

Change of strategy… Go for short sales if you want a deal too. Short sales in the Tri Valley will eventually become Foreclosures, so show the bank the benefit of avoiding foreclosure and hope that the listing agent and your agent know how to work a short sale, it’s an art. Also, hire an agent with short sale and foreclosure experience.

Comment below and we will email you a list of Foreclosures in Pleasanton, Dublin, Livermore, San Ramon and Danville.

Something Fun When Looking For a Home

Shopping for a Condo in Dublin Ranch or maybe a new home in Pleasanton? Rather than walk down the street of the home you see on your email updates. Hop online and virtually walk the street. Yes, we now have the ability to pretend walk.

Two fun websites to use:

www.WalkScore.com to see what the ‘walkability’ of a home. 4576 Del Valle Pkwy.

Then hop over to Google Street View - Here is how we use it on our site DublinRanchCondos.com
View Larger Map

These tools are helpful when receiving an email from your agent of a new home. You can see what schools, shopping and entertainments is close by and use the Street View to check out the neighborhood.

How to buy an investment property in the Tri Valley

So you are thinking about buying an investment property and thinking about a foreclosure in Pleasanton or a short sale in Dublin. Unfortunately every time one comes up that is a deal, you get out bid or can’t get an offer in soon enough because you are too late.

For a list of foreclosures or short sales in the Tri Valley comment below.

Here is a game plan incase you don’t have one:

1. At the least get pre-approved, even if you think it will be no problem to do so. If your offer on that short sale in Dublin Ranch does not have one, the bank won’t look at your offer, sorry.

2. Know what you are looking for. 3 bedroom minimum in Pleasanton, must have garage, close to school, no pool, single level, indoor laundry… Focus on those properties you want only.

3. If it’s a rental, know neighborhood rents and be conservative. Don’t forget HOA dues. Dublin Ranch condos are a great investment with prices below $400,000 and rents above $2,000.

4. Looking at a fixer? Don’t sweat the appliances being gone or destroyed carpets and paint. Those are easy to take care of - Visit the Sears Outlet Store in San Leandro. How is the structure? How is the roof? How are the schools? Latest on Tri Valley School scores.

5. Be realistic in pricing. $400,000 condo in Dublin Ranch rents for $2,300. If you put 20% down your payments are pretty close to even cash flow. Most investors looking for a property like this will not go much higher than $400,000, so it will be hard to get it for $350,000. Think about who else might be looking at that foreclosure in Pleasanton you have an eye on.

6. Sweeten the deal. Short sale in Dublin was just secured for our buyers because the seller wanted to stay in the home and the buyer wanted a renter. We told the seller they could stay in the home. Offer Accepted! What makes your offer different from the other 7 offers written?

7. Not everyone is hurting. Even if the economy is ‘weak’ there are a lot of people with money investing in properties and flipping homes. Right now the competition for buyers is an investor who has done their homework. Have you done your homework? If you have, you will get an A in investing and make some great money from this market.

If you would like us to help you develop a plan, email us here.

For a list of foreclosures or short sales comment below.

Remember to do your homework. Here is a post covering that idea. Is Your Home Convenient.

Tri Valley Home Sales Update September ‘08

Do you watch the news, read the papers or other real estate blogs? If you do then you know interest rates took a drop this week. Pleasanton Home Sales, San Ramon Home Sales, Dublin Home Sales, Danville Home Sales and Livermore Home Sales will hopefully see a continued increase in home values as we are starting to see in Pleasanton, San Ramon and Danville from the drop in rates. Visit the Housing Value Stats page.

 

Tri Valley Home Sales Update September ‘08

Pleasanton Home Sales 

Dublin Home Sales 

Dublin Ranch Condo Sales 

Livermore Home Sales 

San Ramon Home Sales

Danville Home Sales 

 

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Latest on Grafton Plaza in Dublin Ranch

 

 

 

 

 

 

 

Grafton Plaza in Dublin Ranch is a very impressive new development in Dublin. Whether you are for Grafton Plaza or against Grafton Plaza, it is a development that is unlike any other in the East Bay. Whatever happens Grafton Plaza will be something different.

The other day I received a very important looking package from James Tong, you may have received one too if you live in Dublin Ranch. Within this package was a letter, postcard and booklet explaining what Dublin Ranch is.

The Letter:

The letter was signed by James Tong and it explained to me the 20 year plan Dublin Ranch has traveled through. Also the opportunity of Grafton Plaza because of its location and how Grafton Plaza will be a ‘people places’. Initially the plan was for 16 to 21 stories, that was cut in half to be 10 stories at the tallest as well and the number of residential unity in the towers. At the same time the number of office space was doubled. Grafton Plaza will also be the ‘cap’ of the Dublin Ranch neighborhood. I was excited to see the update.

The Postcard:

As you could probably guess, this packet was designed to get feedback on the development. What do you like, dislike, want to see or have questions on. I thought it was a great idea. Whatever Grafton Plaza becomes, hopefully it will be designed through the process of this feedback and the previously held workshops.

The Booklet:

I was fancy! It got my attention. It gave a history of Dublin Ranch and how far Grafton Plaza has come in its planning. Location is important so it highlighted the location of Grafton Plaza and how Dublin Ranch is laid out. Grafton Plaza is obviously located in the right location. The booklet really hit on what Grafton Plaza provides residents within Dublin and how Grafton Plaza can really be a one stop shop for living.

So what makes Grafton Plaza a ‘People Places’

Living

There will be a mix of homes: lofts, condo, live/work and shopkeeper units. This allows employees to live where they work. Not bad.

Offices

Grafton Plaza will have almost 300,000 square feet of office space.

Shopping, Restaurants, Entertainment

Both indoor and outdoor shops with restaurants in a plaza. Other entertainment/gathering places: sculpture garden, lookouts and parkways of landscaping.

Boutique Hotel

A 100-room luxury hotel.

Spa

Full service providing a destination for residents and visitors.

Grafton Plaza, however it looks, will compliment The Promenade as well at Grafton Station and make the surrounding Dublin Ranch Condos even more desirable. 

For more information on Grafton Plaza visit Grafton Plaza . Or visit Stop Grafton Towers for an oppoisite view.

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