home in carmichael

Stunning Home in Carmichael Closed Escrow at $1.2 million

home in del Dayo

My team members and I fell in love with this home in Carmichael on Del Dayo Drive. It is an absolutely beautiful and stunning home. Not only that, but the sellers invested quite a bit of money in new luxury vinyl plank flooring in the master suite and entire lower level. We tried to repair the granite island counter that had been stained. At the last minute, the handyman was afraid to touch it and opted out of that repair. Since it was time to go on the market, we could not wait any longer.

My solution for that was to send the buyer to Kitchen Design Center inside Filco and let them choose a new counter top, which the seller would pay for. We obtained a bid from Kitchen Design and uploaded that bid to MLS, in full disclosure. At this point, the sellers were excited and happy to turn over the home to a new buyer. But 4 weeks passed without an offer. Also, many buyers complained about the house. read more

Closing a Bank of America Short Sale After Two Years

Bank-of-America short saleIt’s not really fair to call this a Bank of America short sale when in reality it is actually a Bank of America short sale with Fannie Mae as the investor, which is a different kind of animal from other types of Bank of America short sales. When Bank of America is merely the servicer, it means Fannie Mae short sales are handled differently. In fact, Fannie Mae now has its own website for submitting short sales, which tremendously expedites the process.

But the procedure and short sale process still needs to follow Fannie Mae guidelines, which at times, I realize, can be difficult for sellers and buyers to wrap their heads around. The valuation placed on some Fannie Mae properties astounds other real estate agents. I suspect it’s because we work under the premise that valuation means market value, like an appraiser would do it, but that’s not how Fannie Mae seems to work. Its valuation, I suspect, has more to do with whether it is more economically feasible to sell at its suggested valuation over being paid to do a foreclosure and, yes, banks make money on foreclosures. read more

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