Short Sale, Preforeclosure, and Bank owned Information in the Bay Area

 Asking Price $299,900

MLS # 40339168

Great opportunity for an investor or small family. This home is priced to sell and is ready for a new owner. This home is currently rented at $1400 per month and tenants are willing to stay if you are buying for an investment. This is not a short sale or bank owned property. Feel free to call Mike Jackson at 209-556-3965 or email jacksonsspot@aol.com for a viewing or questions.

Youtube: http://www.youtube.com/watch?v=RVyQafHeSFg

www.1129venturaave.com

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Option One Mortgage was the lender that had both liens on the property that I had listed and successfully closed on April 15th, 2008. The buyers agent sent in an offer on February 28th, 2008 and a few other offer came in around the same time. This agent must have given his buyer the approximate  wait time for the process of a short sale like I told him because all of the other buyers were nowhere to be found.

Fortunately Option One was the easiest bank I've had to deal with in regards to an approval, and they didn't ask for a promissory note or delay with a second or 3rd appraisal or BPO. Not once did I physically speak to the assigned negotiator he emailed me the approval, and gave us a closing date of April 25th , 2008.

 For the agents not showing short sales to your buyers you might be missing out on good deals with agents that are experienced with short sales and giving you an approximate accurate time frame for approval. What do you have to lose if you find another property or if the short sale closes.

To qualify for a short sale log onto www.shortsalelistagent.com 

Gorgeous home with 4 bedroom 3 bathrooms and a loft with approximatley 2062 living square feet in the Bright Home Development. Previously valued at $495k. Very quiet neighborhood, great neighbors, and located right accross the street from a huge park. Kitchen appliances, washer, and dryer will stay in the home. This area rents fast if you are purchasing for an investment. Subject to short sale approval.

 Sale Price $199,950

MLS # 40335792

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My seller and I tried to short sell his home from September 2006 through January 2007. He was in default and we did receive offers that were rejected and of course foreclosed. When we originally listed the property we aimed at trying to get a little under what he paid for to satisfy the first and second lenders. The last offer we received was for $540,000 and the banks refused.

Just a few days ago my seller received a 1099 from his lender in the amount of approximatley $515,000. He has been panicking as you could imagine to have to pay taxes on this amount. I asked all throughout my office from my Broker to other Realtors, CPA's, etc and came up with one word. "Insolvency"

I called the C.A.R. hotline today and spoke to the real estate attorney today and they told me to go to the California Society of Certified Public Accountants (800)922-5272.  So I called the number and they told me to log on to http://www.calcpa.org/ and click on public , then click on find a cpa , then click unjder the category niche bankruptcy/insolvency. Then you would have to search under area code or zip code. I thought this was valuable information for a seller that does not want to pay taxes ontheir foreclosed home.

By the way the home I had listed is currently on the market at $399,000 MLS # 40318024

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