Tracy, CA

You have an offer that is CASH AS IS for REO Property in Tracy, CA.....

Buyer chooses to do inspections. Inspections are completed.......

Handyman says $8000 in repairs necessary, this includes CLEANING the gutters.....

Your buyer wants $6000 credit for repairs..... Ms Realtor, would you please submit my buyers Request for Repairs to your seller, yes I KNOW it is a bank, yes I KNOW it stated AS IS, however I want you to ask the Asset Manager anyway.

Surprise, surprise -- Asset Manager says "YES, to $6,000 credit, reduction from purchase price."

WHY? Net is still more than bank appraisal, a cash buyer is still better than starting all over again.

Hmmm..... point proven There is No Harm in Asking

This question - Is it Immoral or lacking in integrity to STOP paying your mortgage?

This question has been asked over and over again. I'm not here to give an answer. I do know that in my communities of Tracy and Mountain House, CA the real estate market has taken a 50% dive in the past 3 years.

Numerous home owners have asked this question.....

Here are a couple of things to consider....

1) The homeowner didn't borrow money from grandma, friends and then say "Sorry not paying you and you can't have anything of mine."

2) This was a bilateral contract -- the BANK agreed to loan the HOMEOWNER money, using the HOME as collateral. What does that mean? It means - as long as the homeowner pays the bank they get to keep their house. If the homeowner STOPS paying the mortgage the bank get the house. (aka Foreclosure)

We can modify that agreement via a Loan Mod or a SHORT SALE. Either of these options modify the agreement, as the homeowner is trying to renegotiate the original agreement.

I'm not going to pass judgement, I do know that there are tons of homeowners in Tracy and Mountain House contemplating a Short Sale, Loan Mod, or Foreclosure, that desperately need some advise, compassion and direction. The "fear factor" for them is at an all time high.

I'd love to hear your thoughts on this -- weigh in. ---

Sadly enough the FBI is pressing charges against a mother and daughter team in my local area.  They were living in Manteca, which is 5 miles away.  They had a buyer in who bought MY TRACY Listing.

I can't tell you how many time I've heard -- "OH WOW, I knew them, I did business with THEM."

Their offence - putting people into loans they could not afford, promising a loan modification after the first payment was made... then they would disappear.

It is such a black eye on our industry.

It also begs the question - should you do loan and sell real estate.

I know my personal opinion is NOPE, too much potential for a conflict of interest. 

I'd love to hear your opinion on this.

Today Short Sale are getting approved, and some banks want the seller to help pay to close the deal.

If your loan is with Bank of America/Countrywide, or if you have a second and YOU ARE THE SELLER _ you need to expect to PAY something to contribute to the sale of your home.

3 of my recent Short Sale approvals in Tracy CA, and one in Mountain House expected contributions from the seller.

Think of it this way Mr & Ms. Seller - if your bank said to you - "Give us $10,000 and we'll put $100,000 in your account would you do it? Of course you would. This is a similar situation. The Bank (loan holder) is offering to eliminate your debt in exchange for you paying something. Sounds like a deal to me.

Yes you can still go into foreclosure, and I always recommend seeking the advise of a good attorney before deciding to proceed with a short sale or going forward with a foreclosure.

Mr /MS Seller if you're not paying your mortgage, save some of that money so you can contribute towards the sale of your property if you are asked.