Auction.com and Short Sales

15 Nov 2013 · by ChrisSampaio

Some lenders have a procedure now that when a seller wants to do a short sale they MUST have the LOFT up on Auction.com. 

What they are trying to do is maximize the price of a short sale and make sure it gets the highest amount possible. It seems like a good thing for the bank, but the buyer is the one that pays the price having to pay an extra 5% on top of the final winning bid. 

If you ever bid on eBay this is a bit different. Even though the auction has an ending date, it does not finish until there is only one bidder. Every time that there is a bid the clock resets to a 2 minute count down. That can be very nerve racking. We had one of our buyers in the office and we were watching and bidding live. He ended up getting the place, but the clock reset several times before we were the winner. We had in escrow at $577,000 before the auction and the buyer ended up at $608,000 plus 5%, so it costed him much more.
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1351 Havenhurst Dr

8 Nov 2013 · by ChrisSampaio

Last Tuesday while on brokers caravan I stopped by this new listing on Havenhurst. What a nice surprise. Great unit and great building. Too bad it lasted less than one week. Can wait for another listing to pop up there. Its a must if you love Architecture.

We're sorry, but we couldn't find MLS # 13711747 in our database. This property may be a new listing or possibly taken off the market. Please check back again.




OPEN SUNDAY 1-4

6 Nov 2013 · by ChrisSampaio

We're sorry, but we couldn't find MLS # 13708063 in our database. This property may be a new listing or possibly taken off the market. Please check back again.




FHA Certification

4 Oct 2016 · by ChrisSampaio

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This Article was on the  Davis-Stirling Newsletter this week. This is the first time I see a comment against FHA certification, but like everything thing in life there are always pros and cons:

There has been a debate for years about the wisdom of certifying a development for FHA loan guarantees. Following are the pros and cons of certification: 

Argument For Certification. FHA insured loans have become a significant percentage of all condo loans in California. In 2007, they accounted for only 3% of the market. By 2012 they accounted for more than 50% of all new home loans and 80% of first time home buyers. Moreover, loan limits now go to $729,750. As a result, failing to certify would eliminate a significant percentage of potential buyers.

Argument Against Certification. The cost to become FHA compliant may be significant or unachievable. In addition, FHA buyers may be financially unstable. An FHA-insured buyer has a low down payment (3.5% of the purchase price vs. 20% for conventional loans), low closing costs, and easy credit qualifications, which is why the loan must be insured by the federal government. Because FHA buyers are financially weaker, they are less able to handle special assessments and dues increases. As a result, they are more likely to become delinquent and slide into foreclosure. This would have a negative affect on property values and the association’s budget.

Lawsuit Over Refusal. Last week David Byrne of Herrick Feinstein LLP reported that an Ohio condominium association was sued when it chose not to seek FHA recertification. A single mother with a child wanted to purchase a unit using FHA insured financing. When the board declined her request for recertification, she filed a complaint with the Ohio Civil Rights Commission. The Commission, in turn, sued the association. The case is pending.

RECOMMENDATION: Although no decision has been handed down in the case, the fact that the Civil Rights Commission sued the association is troubling. As a defensive measure, boards should review their status as an FHA certified development. If their condominium development is not certified, boards should weigh the pros and cons and make a decision whether certification is beneficial or even achievable. The matter should be put on the board’s meeting agenda and discussed in open session. Any decision not to seek certification must be based on non-discriminatory reasons. The board’s decision and the rationale behind it should then be recorded in the meeting minutes




Trick or Treating

1 Nov 2013 · by ChrisSampaio

Last night I stopped at my fiends house to pick her up for a party. She has a seven year old and the house was all decorated for Halloween. She lives on a very nice area and there were tons of people walking around and ringing the door bell for candy. I was there for about an hour and the door bell would not stop ringing. Unfortunately we ran out of candy. One has to master the science of been generous, but not too generous or will run out of candy. In that spirit, the picture show the best cities to go Trick or Treating in the US. Happy belated Halloween.Trick-or-Treat_Oct2013_c_14-b11f15


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