I have a short sale listing that has an all cash offer. Just waiting for approval pending a BPO. Doing the work of a BPO (agent (I have done BPOs so I know how to do it) Remember that a Broker's Price Opinion (BPO) is performed by another agent that the short sale lender engages to do a comparable market analysis of the property. BPO agent calls me and says he's not familiar with the area and doesn't know anything about the market environment. So he solicits my help. He lives in Marin County, and didn't want to drive to Oakland CA. Since it's my listing, I am naturally motivated to help as much as I can to simplify and expedite the process. So I took all the pictures, inside, outside, and in the neighborhood. Pulled up comps, provided information on every single one (defined the type of... 03/08/2010

Almost all for sale REO (Real Estate Owned, Bank Owned) houses are run down. That’s why banks sell them cheap. The problem is that financed buyers can't buy houses with holes in the walls, broken windows, missing bathrooms, filthy carpets, etc. Or buyers don’t have the money for repairs. That’s why the 203K is the perfect answer for the REO. The 203K loan is really two loans in one, a loan to buy the house, and a loan for repairs. Qualifications for the 203K: 1) a) the buyer must qualify for the buying amount for the house AND b) renovating amount; and 2) the house must appraise for the entire amount, a + b. (There are other conditions/requirements.) There are two types of 203K loans. The light, the streamline 203K, $35,000 or less, is usually for cosmetic work, minor stuff. The 203K h... 03/08/2010

I'M GOING TO WALK AWAY FROM MY OAKLAND HOME--HOW DOES FORECLOSURE AFFECT MY CREDIT?  In case you do not know the effects of foreclosure on your credit, here are a few: •1.   A foreclosure listed on your credit report is virtually impossible to get repaired.  It will most likely be a permanent mark on your personal credit history. •2.  The impact to your credit score will be significant.  Sometimes up to 300 points.  This will be devastating to all your future credit inquiries.  INCLUDING CAR LOANS, CREDIT CARDS AND MEDICAL. •3.  In the future, if you apply for a mortgage, you will be required to disclose a previous foreclosure.  This will cause any future mortgage rates to be significantly higher. •4.  Some companies run random credit checks on their current employees.  If they find a f... 02/22/2010

This is hairy. By the time I received a call about a potential short sale listing, the seller has already received a Notice of trustee sale in 3 weeks. The seller's daughter had tried for 6 months to get ther loan modified, but it wasn't until Dec 31 2009 that they were told their applicatoin was denied. January 25, they received a Notice of Trustee Sale scheduled for February 22, 2010. She frantically searched for someone to help with the short sale from the time she received the Notice. Feb 5, she called and told me that she found me ia the internet. We decided to meet in the afternoon. LISTING THE PROPERTY AS SHORT SALE THREE WEEKS BEFORE THE TRUSTEE SALE After meeting with the client, a sane agent would probably have said that this couldn't be saved. But there was such desperation a... 02/18/2010

Some property owners attempt to do loan modifications on their own. We already know this isn't easy. The property owners are already in an unhappy frame of mind, and in their distress and confusion, may not be doing the loan modification correctly. Or maybe they didn't reach the right parties. By the time they seek professional help, it's too late. The property is scheduled for trustee sale. Although we've heard of some lenders acquiescing to requests for postponement, there are those who won't stop trustee sales. Chase, for example, won't stop trustee sales, with very few exceptions. More than once, I have run into folks who, by the time they asked for help, it was too late....the property was already given a Notice of Trustee Sale. Going through the record of recently foreclosed homes... 02/16/2010

Rental Property Cash Flow Increased - Providing Transitional Housing Gaining in Popularity. Oakland, CA Converting a conventional rental into transitional housing can be fast and simple. We have created a method that keeps conversion costs to a minimum. Most multi-family and many single family residences (SFR’s) can be transformed into a much more lucrative venture. The key is to make sure you check with your local zoning authority initially. You will want to find out how many un-related individuals are permitted per unit, within your property’s particular zoning district. Why check out at this option? Profit is the answer. $450 a month for a private room, $750 a month for a semi-private room adds up fast. How many bedrooms does your rental have? How many are at least 144 sq. ft. that c... 02/16/2010

That saying is really true. Real estate is local.  While sales prices in some areas of Oakland have decreased significantly in the last few years, the Temescal Area maintains it's value. Home sales prices even edged slightly upward when comparing 2008 vs. 2009 Sales Prices. For a pdf copy of the chart below, visit my website. 01/30/2010

What happened to service with a smile? Bad attitude emanates from the top. If the managers behave badly, their hired help will, too. Can't believe I got into a fighting mode at a parking garage! I took my Dad to Kaiser Permanente on Piedmont Ave in Oakland today. Because parking is so problematic, I headed to the parking lot across the building, where cars are valet parked. The parking attendant asks me, "How long will you be here?" When I told him that I don't know how long it will be, he said "I won't park your car because I'll be here only until 5 pm." It was only 2:30 pm at that time. I tried to reason with him, telling him my dad's appointment should be over in a couple of hours, and that there's plenyy of space at the lot anyway...but he took this to be arguing. What was I suppose... 01/08/2010

Happy New Year to all! I've decided as a regular feature on Active Rain to start writing on a regular basis about an area of the San Francisco Bay that I love... The North Oakland/Emeryville area. It's an area that I saw growing some years back and have become very passionate about. I've moved several clients into the area and invested in a couple properties myself... I think it's a winner!                                                I've enjoyed following the Emeryville City Plan and attending several meetings at E'ville City Hall to discuss issues effectingmy city. On any given day I enjoy a slice of pizza at Arizmendi Bakery, a coffee at Rudy's Can't Fail Cafe or playing with my dog at Christie Park across the street from Pacific Park Plaza where I live part-time and am Vice Presi... 01/05/2010

I have had several real estate professionals ask me this week about becoming a 203k consultant for the 203k. Would it be a conflict of interest? It is more of a disclosure thing I would think but if you were worried about a conflict then merely step back and call for a "plan review" at the appropriate time and the conflict is ended.  If a realtor was a consultant they could get the consulting done way early in the process and pick up some "up front" money as they waited for their commission check.  Drawbacks? qualifications... you may or may not have the qualifications to be a consultant. Need to know more you can go to my website and I spell it out in detail there. The easy way is to have or have had a contractor's license or home inspector's license but not to worry, call me if you wa... 12/23/2009

If you haven't seen the 2007 movie "Once," and you really love a romantic story, coupled with an unbelievable soundtrack, you might want to do yourself a favor and rent the DVD. Notwithstanding the fact it won an Oscar in 2008 for Best Original Song, the movie has an almost documentary feel to it, yet it's the music that pulls you in tight and doesn't let go. Because of this movie, my husband and I have been wishing we could see the then-unknown stars, Irish singer-songwriter Glen Hansard and the classic-trained Czech pianist Marketa Irglova, perform in person. We hit the jackpot yesterday by scoring tickets to the Paramount Oakland Theatre to see The Swell Season, a band formed by these two remarkable musicians. We hopped on the Capitol Corrider train out of Sacramento Friday afternoon... 11/21/2009

Market observers think that the bottom of the market was three months ago. In Oakland CA, this may be the case. GET THE PICTURE! Months supply of inventory Some seasoned real estate professionals and observers say that when the months inventory is less than six (6) months, it is a seller's market. In Oakland, that inventory is less than two months, and is the lowest it's been in two years. Are we there yet?   Median sold price Astute investors always advise "Buy low, sell high." In Oakland,  for data on detached single family homes, the median price saw a drop of 69% from $616K in Sept 2007 to $191K in Sept 2009.   Supply and demand Supply of homes for sale declined by 52% from Sept 2007 to Sept 2009, while the number of properties for sale showed an upward movement by 156% during the s... 10/27/2009

https://www.naca.com/index_main.jsp                        OK ,This is who just helped my clients get a loan mod and slashed their payment in half!! No joke, they will only be at the Cow Palace until the 20th so I am getting the word out...  My clients had one of the worst banks....  They were going to lose their house in two weeks and we were hired with offers waiting on a short sale. Even though we have to take the home off the market we are very happy for them and hope we can help someone else by haring our story... Good Luck........ Nancy & Larry   10/19/2009

A couple of people have asked what's better to buy: houses that are foreclosures (REO, Real Estate Owned, Bank Owned) or short sales? Well, first off, what is meant by better? Cheaper, easier, surer? Let's address all three. Foreclosures are generally priced very low, because banks want them sold fast. Houses are usually vacant and in poor conditions. Almost always there is only one lender, the second lender having been wiped out. But as the market is showing, bank owned properties are selling for more than asking price with multiple offers. A house listed at $119,000 sold for $155,000, with 15 offers. On the other hand, short sales are usually owner occupied; in poor to fair conditions; banks act like they don't want them sold; and there are usually two lenders. Listing agents and sell... 10/14/2009

  More Great Events in Oakland in October!  Looking for more ways to pass the time and enjoy friends and family?  Come on out and show your Oakland love in one of the best weather months of the year in The Bay Area.     BUT WAIT, THERE'S MORE!   On Saturday October 17th from noon to 5:00pm, Oakland's Linden Street Brewery is partnering with Oakland's premier service club, The Rotary Club of Oakland, and Bay Area Community Services (BACS) for a first ever "BRATS & BEER, A Benefit for Oakland" family festival and fundraiser at the Linden Street Brewery parking lot.  Featured will be Linden Street's beloved "Urban People's Lager" and the Brewery's newest release, "Burning Oak Black Lager", which will be served to you by Oakland Rotarians.     Feast on orchard wood grilled pork & chicken br... 10/08/2009

Thanks to the Oakland Heritage Alliance, I had a great time on Sunday October 4th.  This was the day that the Oakland Heritage Alliance and the Fernwood Club opened up the doors to nine homes in the historic Fernwood neighborhood in Oakland's Montclair District. Being the architectural geek that I am I was noticing the houses that could be the work of William Raymond Yelland, who happens to be my favorite architect.  I noticed four houses that could be his handiwork.  Each of the homes was a different style architecturally but fit very well within his body of works. The first house on the tour was a mission revival Spanish styled home.  It had brick arched chimney toppers and a shed roof over the garage.  The interior space had some of Yelland's signature hyperbolic arches between rooms... 10/07/2009

  OAKLAND A picture certainly paints a thousand words. These charts show the trends for detached single family homes over a two year period from September 2007 to end of September 2009. Perhaps this illustrates why buyers are finding themselves in multiple offer situations on attractively priced properties that seem to sell in less than a week! The trend for inventory of detached single family homes for sale is startling . The high level of nearly 16 months inventory in December of 2008 steadily declined to its lowest point of 1.5 months in September 2009 in a 2-year period Number of homes sold appeared to have peaked in July 2009. Summer is typically when sales are brisk. The lowest median price was in March 2009 where it remained at that range for about three months. Then it slowly in... 10/02/2009

What Does a Realtor Do with a Day Off! This is the first Saturday in a long time I have not had appointments to show homes.  It is a shock and I almost feel guilty for having nothing to do.  Not to worry, my wife and I packed the kids up and off we went to the Chabot Science and Space Museum in Oakland CA.  My wife had some coupons to get some of the kids in Free that they had earned in a summer reading program and some other coupons that got some kids in free with an adult ticket.  It normally would have run us and the 5 boys about $75.00 to get in; she kept it down to $30.00 (making me happy)! Trips start off like normal the two year old stuck banana in his hair on the way over and my boys talked to each other and treated each other with all the dignity and respect you might expect of... 09/26/2009

Out & About in Oakland's Rockridge Neighborhood       Come and enjoy the great weather, why we still can, with good eats, shopping, and entertainment.   Festival Highlights (according to Oakland Events, LLC website) Rockridge Out & About will feature chef Demonstrations, gourmet food and beverage booths by Rockridge restaurants and bars, Market Hall’s “Picnic in the Street”, fashion shows on the Rockridge Runway, Home & Garden Expo, Green Living Expo, Artisan Lane, Kid’s Court, Comparative, book signings, Live Music on multiple stages, Dancing in the Street, Wellness Tent, Cookbook Exchange, Art Installations, Rockridge business booths, street performers. Market Hall’s “Picnic in the Street”As a part of Rockridge Out & About, Market Hall merchants will spill out onto College Avenue for ... 09/23/2009

Come join us for a drink and a chat from 7 to 9 pm on Tuesday October 6th. You will have the opportunity to meet with me and other investors. Take a moment to perhaps ask general or specific questions on the real estate market. View a running presentation with all kinds of advice or questions. Integrity and knowledge are the cornerstones of my business. Bring your friends or colleagues who are interested in investing in real estate now. See you there . Antoine 09/23/2009