Living in Contra Costa County

You have to be Joking – Why do you want to see a copy of the deposit check?

You have to be Joking – Why do you want to see a copy of the deposit check?

It is standard business almost everywhere to request a copy of the deposit check. Now things may work different in different parts of the country, but this has to be a hold over from the good old days.

Here is the reality – I never touch any buyer funds. I will not take the check from them. I don't want to log it and track it as required by the DRE. I don't have a Trust account and at this time do not want to have the hassle of managing one. Also I am a small brokerage. Nobody knows me – So I am thinking that asking for cash or checks might give people some second thoughts.

I have the Buyer write out the check and send me a copy via fax or e-mail, then I submit it with the offer. However, I don't have it – and who knows how good the check really is?

When we get into contract I have the Buyer submit the funds. Sometimes they drop off or mail a check. Sometimes they get a money order or a cashiers check. More and more they just wire the funds.

Rarely is the Check the originally wrote the one submitted. Frequently the initial check is just made out to the generic term “Title Company” so we can use the same check over and over on different offers.

The standard language on the new CAR Forms have the Buyer submitting the check – unless other boxes are checked.

Maybe I am missing something. Maybe I am just stupid – but what I really want to see is a good pre-qualify/pre-approval from a reputable lender. If there is a substantial amount down I will want to see Proof of Funds.  What I really want to see is those funds hit Escrow when we are in contract.

A photo copy of a check means nothing. But because it is the way things are always done and always have been done we will keep doing it. I suspect that as long as Large Companies Risk Mangers and Large Banks are running the show no one will have the courage to say how stupid this is.  

Why Home Point Real Estate?

Home Point Real Estate is your partner in Buying a Home (Free MLS Access to Search for Homes) or Selling a Home (Get a Free on Line Home Evaluation). We are a Leading Internet Real Estate Company with the tools to meet the modern online Real Estate world combined with Traditional and Personal Customer Service.

Where is Home Point Real Estate?

Home Point Real Estate is Located in the East Contra Costa County community of Brentwood we also provide service to Discovery Bay, Antioch, Oakley, and Pittsburg. Click on the Community to see Homes For Sale Now.

Does Home Point Real Estate Handle Bank Owned Homes?

Yes! Go Here to: Get the Free Bank Owned Homes Buying Guide and Get a Free List of Bank Owned Homes.

What if I am in Foreclosure, having Mortgage Trouble, or Want to Short Sale my Home?

Home Point Real Estate is the company for you! Contact Home Point Real Estate and request a Free Consultation with a certifies SFR (Short Sale and Foreclosure Resource) to see if there is a way to save your Home or to do a Short Sale and help Save Your Credit. Get the Free Short Sale information Report for Buyers and Sellers too. Click Now for Short Sale Information and Free SFR Consultation.

Can Home Point Real Estate Help me with Real Estate Investments?

Get The Free Book of Real Estate Investing from Home Point Real Estate along with the Free Investor Calculator. This Book covers complex investing concepts in any easy to read manner with plenty of examples. Including Tax Issues, How to Evaluate an Investment Property, and more.

Make Home Point Real Estate your Partner in Real Estate Success – Call Now 925-260-4321

Ask Gene About Real Estate on Facebook. 

 

 

3 comments • Gene Riemenschneider East Contra Costa Home Sales 01492725 • April 13 2012 11:14AM

Call - Call - Call - and then Call Again!

I just read Karen Fiddler's featured post on The Only Power You Have Here Is To Quit!!! Not a Good Feeling

In the last several months I have run into the situation twice where my buyer was one of many.  Both times my buyer was a cash buyer making a good offer - Both times they had counters out to another party and where not interested in my clients offer - Yet!

I did two things 1) I kept my clients looking for other properties and 2) I kept calling the listing agents.  From my initial converstaion I knew nothing was a done deal.  I also knew these were busy listing agents and one was a REO Mill. 

Every time I called I pointed out the following:

  1. My Buyer was ready to go.

  2. My Buyer had cash.

  3. We could close quick. 

  4. They had our Proof of Funds.

  5. We had made solid offers.

Now I knew they were busy and it would be easy to forget us and over look us with the flood of offers and the many properties they were listing.  I knew it was important to stay in their face.

In both cases offers or negotiations fell through and my buyer was there ready to go.  They remember me and knew I could take a bad situation and bring them a quick close. 

You might not have a cash buyer with a quick close - believe me I ussually do not.  But that does not matter - just keep your buyers good points in front of them.  The best point is always that you are there and ready to go.

Why Home Point Real Estate?

Home Point Real Estate is your partner in Buying a Home (Free MLS Access to Search for Homes) or Selling a Home (Get a Free on Line Home Evaluation). We are a Leading Internet Real Estate Company with the tools to meet the modern online Real Estate world combined with Traditional and Personal Customer Service.

Where is Home Point Real Estate?

Home Point Real Estate is Located in the East Contra Costa County community of Brentwood we also provide service to Discovery Bay, Antioch, Oakley, and Pittsburg. Click on the Community to see Homes For Sale Now.

Does Home Point Real Estate Handle Bank Owned Homes?

Yes! Go Here to: Get the Free Bank Owned Homes Buying Guide and Get a Free List of Bank Owned Homes.

What if I am in Foreclosure, having Mortgage Trouble, or Want to Short Sale my Home?

Home Point Real Estate is the company for you! Contact Home Point Real Estate and request a Free Consultation with a certifies SFR (Short Sale and Foreclosure Resource) to see if there is a way to save your Home or to do a Short Sale and help Save Your Credit. Get the Free Short Sale information Report for Buyers and Sellers too. Click Now for Short Sale Information and Free SFR Consultation.

Can Home Point Real Estate Help me with Real Estate Investments?

Get The Free Book of Real Estate Investing from Home Point Real Estate along with the Free Investor Calculator. This Book covers complex investing concepts in any easy to read manner with plenty of examples. Including Tax Issues, How to Evaluate an Investment Property, and more.

Make Home Point Real Estate your Partner in Real Estate Success – Call Now 925-260-4321

Ask Gene About Real Estate on Facebook. 

 

 

21 comments • Gene Riemenschneider East Contra Costa Home Sales 01492725 • June 11 2011 02:24PM

Do I Have To Miss Payments To Do A Short Sale?

 

Short Sales are tough business and there are lots of good reasons to do a Short Sale. This post talks about Short Sales and some of issues around making the payment on the home.

Click here if you have questions about Short Sales

 

Via Bryant Tutas-Tutas Towne Realty, Inc:
Tutas Towne Realty, Inc

Maybe. Maybe not. Some lenders/investors will require that you are 30 days late to receive short sale approval and some won't. As a Florida Short Sale Broker who has handled lots of successful Florida Short Sales I still haven't figured out what triggers the "You must be late" requirement.

Just recently I've experienced:
  • One seller was told they needed to be 30 days late. These Sellers have a legitimate hardship and are selling their primary residence due to major medical issues and job relocation. This is a Fannie Mae loan being serviced by Nationstar. We are currently asking for an exception. Illness and death are two hardships that enable the rules to be bent or broken when it comes to short sales. These two hardships normally take priority. So I'm optimistic that the 30 day late "rule" will be waived.
  • Another Seller just received approval from SunTrust on 1st and 2nd mortgages. These sellers have missed no payments and they do not have a hardship. Plus they received full Waiver of Deficiency and did not have to participate in the loss!! This too is a Fannie Mae loan. Needless to say they are very happy.
  • My third example is a very high income and high asset individual who is doing a short sale on an investment home. He has also has not missed any payments and just received approval last week form Wells Fargo. The seller is making a fairly large cash contribution but is receiving full Waiver of Deficiency.
When you look at these real life examples it shows that the one seller that should of been approved without missing payments is having difficulties. The other two, that are both Strategic Short Sales, didn't have to miss payments at all.

So......do you have to miss payments to do a short sale? I have no clue. And I don't think the lenders do either.

My suggestion? Make the payments if you can afford to do so. Don't drain your savings, use credit cards or harm your family to do so. Look towards the future. Does this help?

Are you facing foreclosure in Florida?

 

Contact Bryant Tutas

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved


Mortgage Assistance Relief Services Disclosure

Tutas Towne Realty, Inc is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
******************************************************************
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

Why Home Point Real Estate?

Home Point Real Estate is your partner in Buying a Home (Free MLS Access to Search for Homes) or Selling a Home (Get a Free on Line Home Evaluation). We are a Leading Internet Real Estate Company with the tools to meet the modern online Real Estate world combined with Traditional and Personal Customer Service.

Where is Home Point Real Estate?

Home Point Real Estate is Located in the East Contra Costa County community of Brentwood we also provide service to Discovery Bay, Antioch, Oakley, and Pittsburg. Click on the Community to see Homes For Sale Now.

Does Home Point Real Estate Handle Bank Owned Homes?

Yes! Go Here to: Get the Free Bank Owned Homes Buying Guide and Get a Free List of Bank Owned Homes.

What if I am in Foreclosure, having Mortgage Trouble, or Want to Short Sale my Home?

Home Point Real Estate is the company for you! Contact Home Point Real Estate and request a Free Consultation with a certifies SFR (Short Sale and Foreclosure Resource) to see if there is a way to save your Home or to do a Short Sale and help Save Your Credit. Get the Free Short Sale information Report for Buyers and Sellers too. Click Now for Short Sale Information and Free SFR Consultation.

Can Home Point Real Estate Help me with Real Estate Investments?

Get The Free Book of Real Estate Investing from Home Point Real Estate along with the Free Investor Calculator. This Book covers complex investing concepts in any easy to read manner with plenty of examples. Including Tax Issues, How to Evaluate an Investment Property, and more.

Make Home Point Real Estate your Partner in Real Estate Success – Call Now 925-260-4321

Ask Gene About Real Estate on Facebook. 

 

 

1 comment • Gene Riemenschneider East Contra Costa Home Sales 01492725 • June 04 2011 06:13PM

You Must Be A Deadbeat To Do A Short Sale!!

Short Sales are tough business and there are lots of good reasons to do a Short Sale.  This post talks about Short Sales and some of the reason for doing one.

Click here if you have questions about Short Sales.

Via Bryant Tutas-Tutas Towne Realty, Inc:

Davenport Florida Short saleHi folks. Short Sales. Why do I spend so much of my time messing with these things? Isn’t it true most people are just doing them to avoid honoring their promissory note? They borrowed the money....they should pay the mortgage. Deadbeats!

I closed on a Short Sale a few months ago. The Seller had owned the house for 27 years. It was the retirement home for him and his wife of many years. After 30 years of hard work they were finally able to retire and move to Florida, pay cash for a home and enjoy their twilight years together.

All went according to plan for 20+ years. Then one day Mrs. Seller was diagnosed with cancer. After several years of surgeries and treatments she finally had to be sent to a nursing home. Her husband, now almost 80, could no longer take care of her.

Mr. Seller was forced, by high medical bills, to place a mortgage on their home for $175,000. Less than 2 years later the money was gone and tragedy struck again……Mrs. Seller died.

Seeing his wife of 55 years suffer was just too much to handle. Mr. Seller, distraught, had a stroke. He too had to be admitted to a nursing home. He was 82.

Through all of this Mr. Seller still hung on and continued making mortgage payments. By the time I was contacted to help sell the property the value had dropped to $73,000. Instead of continuing to throw good money after bad he decided to go forward with a Short Sale. Deadbeat!!

I mess with Short Sales because real people need me.

Are you facing foreclosure in Florida?

 

Contact Bryant Tutas

Do NOT be foreclosed on! Avoid foreclosure. Short Sales DO close.

Want to find out more? www.CentralFloridaShortSales.com

***I am NOT an Attorney nor do I play one on TV. Click the button below for my Bio.

The BIO for Bryant Tutas

Copyright © 2011 http://www.brokerbryant.com/ | All Rights Reserved

 

Mortgage Assistance Relief Services Disclosure

Tutas Towne Realty, Inc is not associated with the government and our services have not been approved by the government or your Lender. If you stop paying your mortgage you could lose your home and damage your credit. Your Lender may not agree to the change of your loan and/or a Short Sale.With a Short Sale, there are no guarantees offered and we cannot provide legal advice. Seek legal advice.
******************************************************************
Tutas Towne Realty, Inc handles Florida real estate sales, Florida short sales, Florida strategic short sales, Florida pre-foreclosure sales, Florida foreclosures in Kissimmee Florida Short Sales, Davenport Florida Short Sales, Haines City Florida Short Sales, Poinciana Florida Short Sales, Solivita Florida Short Sales,  Orlando Florida Short Sales, Celebration Florida Short Sales, Winderemere Florida Short Sales. Serving all of Polk, Osceola and Orange Counties Florida. Florida Short Sale Broker. Short Sale Florida.

Why Home Point Real Estate?

Home Point Real Estate is your partner in Buying a Home (Free MLS Access to Search for Homes) or Selling a Home (Get a Free on Line Home Evaluation). We are a Leading Internet Real Estate Company with the tools to meet the modern online Real Estate world combined with Traditional and Personal Customer Service.

Where is Home Point Real Estate?

Home Point Real Estate is Located in the East Contra Costa County community of Brentwood we also provide service to Discovery Bay, Antioch, Oakley, and Pittsburg. Click on the Community to see Homes For Sale Now.

Does Home Point Real Estate Handle Bank Owned Homes?

Yes! Go Here to: Get the Free Bank Owned Homes Buying Guide and Get a Free List of Bank Owned Homes.

What if I am in Foreclosure, having Mortgage Trouble, or Want to Short Sale my Home?

Home Point Real Estate is the company for you! Contact Home Point Real Estate and request a Free Consultation with a certifies SFR (Short Sale and Foreclosure Resource) to see if there is a way to save your Home or to do a Short Sale and help Save Your Credit. Get the Free Short Sale information Report for Buyers and Sellers too. Click Now for Short Sale Information and Free SFR Consultation.

Can Home Point Real Estate Help me with Real Estate Investments?

Get The Free Book of Real Estate Investing from Home Point Real Estate along with the Free Investor Calculator. This Book covers complex investing concepts in any easy to read manner with plenty of examples. Including Tax Issues, How to Evaluate an Investment Property, and more.

Make Home Point Real Estate your Partner in Real Estate Success – Call Now 925-260-4321

Ask Gene About Real Estate on Facebook. 

 

 

0 comments • Gene Riemenschneider East Contra Costa Home Sales 01492725 • June 04 2011 06:05PM

Compromise

In the Rain Drop today there was a great post on Compromise by Kristen Wheatley, "Is Compromise really the Best Idea?"

I think there are plenty of times in life when compromise is right and/or you should set down and examine what you really want out of a situation.  But the entire thing reminded me of a story:

 

One cold Winter day a hungry bear was out looking for some food and a cold hunter was out looking for a warm fur to wrap around him.  Well the hunter comes across the bear in a meadow and gets the drop on him.  The hunter aims his gun and gets ready to shoot and the bears says, "Wait, what do you want."

So the hunter being the compassionate guy tells the bear he needs a fur coat to keep warm and survive the winter.  The bear explains that he is hungry.  Then the bear suggest that maybe they set down and talk about things and see if they can compromise.

Well the hunter agrees to this and puts down his gun.  A few minutes latter the bear is no longer hungry and the hunter is surrounded by a bear fur. 

The point of this of course is to be careful about too much compromise.  I see too bad compromise situations often occur.

  1. When I was in insurance claims often people would make claims for outrageous amounts hoping we would split the difference (which was still outrageous).  On our end we are of course expected to be fair and open with a fair amount. 

  2. I will not negotiate against myself.  Often people, other agents included, will ask me what the bottom line is.  Of course if we give the bottom line, they will always say that is too much/little and badger for more while never providing a figure themselves.  Never negotiate against yourself.

Of course in life there are a number of non-compromise situations when it comes to morals, safety, etc . . .

Be careful about too much compromise.  Not compromising does not necessarily mean you are unreasonable - it may mean you are principled.

Why Home Point Real Estate?

Home Point Real Estate is your partner in Buying a Home (Free MLS Access to Search for Homes) or Selling a Home (Get a Free on Line Home Evaluation). We are a Leading Internet Real Estate Company with the tools to meet the modern online Real Estate world combined with Traditional and Personal Customer Service.

Where is Home Point Real Estate?

Home Point Real Estate is Located in the East Contra Costa County community of Brentwood we also provide service to Discovery Bay, Antioch, Oakley, and Pittsburg. Click on the Community to see Homes For Sale Now.

Does Home Point Real Estate Handle Bank Owned Homes?

Yes! Go Here to: Get the Free Bank Owned Homes Buying Guide and Get a Free List of Bank Owned Homes.

What if I am in Foreclosure, having Mortgage Trouble, or Want to Short Sale my Home?

Home Point Real Estate is the company for you! Contact Home Point Real Estate and request a Free Consultation with a certifies SFR (Short Sale and Foreclosure Resource) to see if there is a way to save your Home or to do a Short Sale and help Save Your Credit. Get the Free Short Sale information Report for Buyers and Sellers too. Click Now for Short Sale Information and Free SFR Consultation.

Can Home Point Real Estate Help me with Real Estate Investments?

Get The Free Book of Real Estate Investing from Home Point Real Estate along with the Free Investor Calculator. This Book covers complex investing concepts in any easy to read manner with plenty of examples. Including Tax Issues, How to Evaluate an Investment Property, and more.

Make Home Point Real Estate your Partner in Real Estate Success – Call Now 925-260-4321

Ask Gene About Real Estate on Facebook. 

 

 

4 comments • Gene Riemenschneider East Contra Costa Home Sales 01492725 • June 29 2010 06:00PM

Short Sales in California and Equity Purchases - The Answer.

A couple of weeks ago I wrote of post on Equity Purchases in California and how this law could impact Short Sales.  Even those there is no equity in a Short Sale purchase the Equity Purchase laws appeared to still apply.  The equity purchase laws protect the homeowner (and the homeowners equity) from predators when they are in Foreclosure.

I ran the issue past CARS (California Association of Realtors) Legal Hotline.  According to the Legal Hotline it is not a Equity Purchase if no Notice of Default has been filed.  Furthermore if the property is in escrow at the time the notice of default of filed the Equity Purchase Laws do not apply. 

This is a very good reason to start your short sale as soon as possible.  When the Home becomes an Equity Purchase most agents are no longer legally qualified to handle the sale.  Furthermore as an investment it becomes a lot less attractive to investors.

Why Home Point Real Estate?

Home Point Real Estate is your partner in Buying a Home (Free MLS Access to Search for Homes) or Selling a Home (Get a Free on Line Home Evaluation). We are a Leading Internet Real Estate Company with the tools to meet the modern online Real Estate world combined with Traditional and Personal Customer Service.

Where is Home Point Real Estate?

Home Point Real Estate is Located in the East Contra Costa County community of Brentwood we also provide service to Discovery Bay, Antioch, Oakley, and Pittsburg. Click on the Community to see Homes For Sale Now.

Does Home Point Real Estate Handle Bank Owned Homes?

Yes! Go Here to: Get the Free Bank Owned Homes Buying Guide and Get a Free List of Bank Owned Homes.

What if I am in Foreclosure, having Mortgage Trouble, or Want to Short Sale my Home?

Home Point Real Estate is the company for you! Contact Home Point Real Estate and request a Free Consultation with a certifies SFR (Short Sale and Foreclosure Resource) to see if there is a way to save your Home or to do a Short Sale and help Save Your Credit. Get the Free Short Sale information Report for Buyers and Sellers too. Click Now for Short Sale Information and Free SFR Consultation.

Can Home Point Real Estate Help me with Real Estate Investments?

Get The Free Book of Real Estate Investing from Home Point Real Estate along with the Free Investor Calculator. This Book covers complex investing concepts in any easy to read manner with plenty of examples. Including Tax Issues, How to Evaluate an Investment Property, and more.

Make Home Point Real Estate your Partner in Real Estate Success – Call Now 925-260-4321

Ask Gene About Real Estate on Facebook. 

 

 

0 comments • Gene Riemenschneider East Contra Costa Home Sales 01492725 • June 15 2010 12:23PM