1217 HILBY AVENUE, SEASIDE, CA 93955
MLS# 80948116
IMPORTANT NOTICE TO ALL PARTIES*:
* ALL TERMS, CONDITIONS, DESCRIPTIONS & NOTES ARE SUBJECT TO CHANGE WITHOUT NOTICE
This is a SHORT SALE and all offers are subject to the lien holder's final approval sometime in the future. Must include CAR Form SSA with all offers. It is suggested that the approval date (para. A.) be at least 60 days from acceptance. Any approval date extensions will be strictly enforced otherwise purchase agreement will be null and void. Must also include buyer's pre-qual or pre-approval letter from buyer's lender. Proof of funds for buyer's closing costs, down payment, etc. should also be submitted and is highly encouraged. You may black-out account numbers for security purposes, if you wish.
SOLD FOR $225,000.
Click HERE for Listing Agent's Quick Comparative Market Analysis
Please use Chicago Title Co. in Monterey for title and escrow. Click HERE for Preliminary Title Report.
All offers and supporting documents must be emailed as a PDF to james@jamesfrangella.com
Any reduction in total commission will be split evenly between listing and selling brokers.
Summary Notes: Yippie! Only one lien holder, Washington Mutual (Chase)! Should be easy ... oops, did I say that? Sorry, I should know better. I'm gathering all of the seller's necessary financial information in the next week or two. I've heard that WaMu (Chase) Short Sale Department is not easy to work with. Does anybody know that for a fact?
Progress Notes:
October 22, 2009 @ 8:00am: Made contact with lien holder (WaMu but soon to be Chase). My permission/authorization letter has been received and I am in the system. I'll now be able to communicate with their Loss Mitigation Department. I'm told that a ratified purchase agreement is the next step.
October 22, 2009 @ 9:53am: Received a purchase agreement and seller notified. To be formally presented to seller on Saturday the 24th @ 2:00pm. Response from seller expected on Monday the 26th. Owner may not wait until the 28th for any further offers.
October 28, 2009 Wednesday @ 5:15pm: Offer accepted. Let the games begin! Signed purchase agreement will be faxed to the lien holder as per their instructions first thing in the morning.
October 29, 2009 Thursday @ 6:25am: Called lien holder (now Chase formally WaMu) to confirm procedures and fax numbers. Was told to fax the purchase agreement, which I did and to wait 24 to 48 hours to process in their systems. Then they would order an appraisal or BPO (Broker Price Opinion). Was told this could take a few weeks. I'll call again Monday morning to confirm receipt.
October 31, 2009 Saturday @ 9:30am: Actually called late yesterday afternoon and was told their "system" was down. Called this morning and they are not in receipt of the PA as of yet. She asked that I fax it again. I'm on it and this time will fax the listing agreement, purchase agreement, proof of funds, buyer's pre-qual/approval letter from their bank and HUD statement from the title company (again).
November 6, 2009 Friday @ 5:45am: Called for an update and was told that we are in the "staging process" and waiting for assignment to an "underwriter". He did say that once this was done, a BPO would be ordered. He didn't know exactly when this would happen.
November 10, 2009 Tuesday @ 6:30am: Called for an update and was told (again) that we are in the "staging process" and waiting for assignment to a "negotiator". She said that we could expect the assignment by the end of the month. However, she said that the "system" shows that I'm authorizied as a contact but she could not "find" the authorization letter in the "scanned" documents. This makes absolutely no sense to me. They can talk to me but have no record of the letter I sent. She suggested I fax it again, which I did. I'll call again later in the week to confirm receipt.
November 14, 2009 Saturday @ 5:10am: Called for an update and was told we are still in the "staging" process waiting for assignment to a negotiator. Was told that everything was in order at this time and nothing was needed from me.
November 23, 2009 Monday @ 1:20pm: Called for an update and was told we are still in the "staging" process waiting for assignment to a negotiator. She said that one should be assigned by the first week in December. Then a BPO would be ordered. She tells me that their short sale process will take about 90 days. I'm placing a bet with myself. Twenty bucks on they don't pull it off within 90 days. Hope I lose.
December 7th, 2009 Monday @ 9:05am: Called for an update and was told that she would request an "escalation" for our file. It now appears that Chase is in control and WaMu is no more! Also, I now have an updated toll free number to their short sale department. I confirmed receipt of all the docs I sent on October 31st. And yes, they are in the system! I was asked to call again next week for an update on the status of our BPO order.
December 16th, 2009 Wednesday @ 12:05pm: Received a call from Chad, a Chase short sale processor. He actually called and left a message for me a day or two ago. I've called back since and left him messages. We finally connect today. We reviewed what he needed and I will follow up with a Letter Of Explanantion for the seller's current financial situation. He also said that he would order the BPO today.
December 17th, 2009 Thurday @ 8:00am: Wow!! Chad is on it! Received a call last night from a local BPO agent asking if she could get in tomorrow by noon, which would be today to preview the interior for the appraisal. I explained that I would try but Friday would be better as it would give the tenant more than 24 hour notice. Left a message last night with tenant and he didn't respond until late this afternoon. So ... tomorrow it will be.
December 21st, 2009 Monday @ 7:30am: Spoke to Chad and he confirmed receipt of the LOE and the PA I sent over the weekend. I confirmed the BPO agent's visit to the property on Friday the 18th. He has moved the file to his department's negotiators and said that a negotiator will be assigned shortly. Escalating right along!
January 12th, 2010 Tuesday @ 10:30am: Here it is with a New Year but not much new at the Chase short sale department. The BPO is in and a negotiator has been assigned. Her name is Sandra Stopiak and I'm told she has 30 to 60 days to "process" the file.
January 21st, 2010 Thursday @ 9:00am: Still nothing new to report after calling Chase this morning. The file is still being "processed". I'm told that the the only good news is that no Notice of Default has been recorded. Sounds good to me too! I'll call again same time next week.
February 5th, 2010 Friday @ 4:25: WOW!!! Just received a call from Sandra Stopiak, Chase's negotiator for our file. She has an answer to our offer. She will be faxing their counter offer and a revised HUD statement with changes within the hour. Can't wait to see what price they have based on their BPO. I think I'll call the buyer's agent to make sure we're all on track.
February 8th, 2010 Monday @ 4:00pm: So .... we have received the negotiator's counter and our present buyer can not afford Chase's offered price. We are back on the market. By the way, we've lowered the price to reflect the value from the BPO, which was done in December. I'm told by Sandra that I have about 30 days to generate another purchase agreement otherwise the file will be canceled and I'll need to start all over. Ugh. Hope I can pull it off real soon. By the way, I lost my bet that I placed with myself on November 23rd of last year. Chase came through within 90 days. Darn. I have to pay myself twenty bucks.
February 12th, 2010 Friday @ 6:30pm: Have received 2 offers after today's preview from Noon to 1pm. Have an acceptance from seller and the ratified purchase agreement with the reflected HUD from title will be submitted to the Chase negotiator on Tuesday the 16th.
February 16th, 2010 Tuesday @ 9:00am: Signed purchase agreement delivered to title and now waiting for title to prepare the HUD statement. Should be ready later today to fax and/or email to Sandra, Chase's senior negotiator.
February 16th, 2010 Tuesday @ 5:00pm: Contract and HUD emailed to Chase with a request for confirmation of receipt.
February 19th, 2010 Friday @ 6:00am: No news from Chase. No reply to my request for confirmation of receipt either. Chase should take lessons from Wachovia's short sale department. Waco is the best!
February 23rd, 2010 Tuesday @ 5:30pm: Never did receive any kind of confirmation of receipt from Chase's negotiator, Sandra Stopiak. Not sure if she even received the documents we sent via email and eFax. Not a peep. So ... I called the short sale department and they have absolutely nothing in their system about our new offer. They suggest I fax over the new offer, HUD, MLS listing print-out and buyer's proof of funds. Oh boy! Here we go again. I'm hoping that Sandra's email dated Feb 9th telling me that she could keep it at her desk and "re-open" the file if I could obtain a new offer within 30days is valid. Our new offer was submitted on the 16th of February so we should be well within the 30 day time frame, don't you think? All in all though, I'm impressed with Chase's short sale process. Far better than Bank of America but not as efficient as Wachovia.
March 10th, 2010 Wednesday @ 6:30am: No updates from Chase. Although they do have all of the updated docs we sent a few weeks ago. We are in the system and waiting for review. In all likelihood (my opinion), we should be good to go. We've given them what they want as far as price goes and it's even an all-cash offer.
March 25th, 2010 Thursday @ 6:15am: Still no updates from Chase. However, after speaking with Todd, he tells me that they may have to assign a new negotiator and that our file is still under review. It doesn't appear that we have Sandra anymore. I'll call back again next week.
April 1st, 2010 Thursday @ 6:30am: This last week, I've spoken to Chases' short sale customer service representatives by the names of Dustin (a real jerk, by the way), Jaime, Tina and Brandon (just this morning). They have all confirmed receipt of our new offer on 3/5 but can't seem to tell me if our updated file is going anywhere. They do tell me that they are contacting the negotiator, Sandra Stopiak to inform her of our present status. Poor Sandra must be way over-worked 'cause we have yet to hear from her after 4 weeks!
April 15th, 2010 Thursday @ 1:00pm: Spoke to Sherry on the 8th and today it was Jennifer. Both have told me that they were contacting (by email) the negotiator for an update and both apologized for not having any recent news. Jennifer said that she would also copy the department manager. I've heard this before.
April 30th, 2010 Friday @ 5:00am: Spoke to Nate and he confirmed receipt (again) of our new offer , which happens to be in their system as of the 5th of March. This makes no sense to me as we have confirmation that it was submitted as early as Feb.16th. I guess it takes a few weeks to upload to their system. He also confirmed their request for an "escalation" of this file. Still no answer as of yet.
May 13th, 2010 Thursday @ 6:30am: Spoke to Chasity and she said the file (our offer for $270,000 with supporting documentation) was sent for "imaging" on the 11th of May. It would then be sent to a negotiator for review. Let's see what happens 'cause I was told back on November 23rd, 2009 that it normally takes 90 days to process short sales. Sure enough, I received a response from Sanda Stopiak on February 5th, 2010, well within the 90 day period. So ... by their admission of our new offer (for their price) on the 10th of March, we should still be within their 90 day period for a response. I wonder if they will be ordering another BPO. The old one was dated in December of last year.
May 31st, 2010 Monday @ 2:00pm: Received an email from Operation Specialist, Yvette Greene on the 27th asking for updated financials for the seller and contact info for BPO access. They need it right away so I fire off everything they requested on Friday the 28th. I received confirmation of receipt this morning. She is at her desk on Memorial Day! Wow! Also received a call from an agent who just received the BPO order and he needs to have it completed by this Wednesday. So he'll visit the property tomorrow on Tuesday. All this on a national holiday ... unbelievable that Chase wants everything immediately and then we sit around waiting for the negotiator to get it together. Hmmm ... maybe we'll have an answer by the end of June.
June 8th, 2010 Tuesday @ 1:00pm: Received a phone call from a Roxann Beneby, a negotiator who requested more updated financials from the seller. And they want it within 48 hours!! Yikes! We wait patiently for weeks on end and now they want something at the snap of their fingers. No problem as I'm so on it and by the morning of the 10th, she receives everthing she needs. By the way, she tells me that they may want a seller "contribution" before final approval. This will be interesting.
June 24th, 2010 Thursday @ 2:30pm: Called the short sale department for an update and spoke to June. She tells me that the file has received an internal approval on the 22nd and it has been sent to FreddieMac for their approval. This is kinda good news actually. The question I have is why does FreddieMac need to get involved? I wonder if it has anything to do with taxpayers making up the difference to Chase. Hmmm ... click HERE to see what I might be talking about.
June 30th, 2010 Wednesday @ 3:00pm: Have been in communication with Roxann and she tells me that I should be receiving a letter of approval any day now. Anxious to review their terms and conditions.
August 7th 2010 Saturday @ 9:30am: What a turn of events these last several weeks. Finally received the LOA back in the first week of July and was then informed by the buyer's agent that they got tired of waiting and bought another house. Gee ... how nice to let me know so soon. So here we are back on the market and no bites at $270,000, which is the approved LOA price. Keep in mind that this price was established by a real estate agent assigned by Chase to valuate the property way back in December of last year, an updated valuation by another real estate agent in May of this year and finally, still another one later in July. No wonder the banks are in so much trouble. They rely on out-of-area real estate agents for property valuations instead of certified, licensed appraisers. What a joke. Of course, some appraisers are clueless too. What a mess.
October 18th, 2010 Monday @ 4:00pm: These last several weeks we have been in the "hurry up and wait" mode. We did have an accepted offer back in the first week of September but alas, buyer has walked (again). But there is good news! New low list price, vacant and on lockbox as of the 19th (no more tenant) and most importantly, Chase ordered a new BPO which was completed on the 14th. Maybe this one will be more in line with current Seaside values.
October 20th, 2010 Wednesday @ 6:00am: Called Chase Short Sale Department and confirmed receipt of their BPO, which was received on the 19th. They won't tell me what the value came in at, of course. I spoke to Colleen at the New York office and was told that Walter Harvey has been assigned as the negotiator for this file.
October 22nd, 2010 Friday @ 5:30am: Received two offers late yesterday afternoon and the highest has been accepted. Offer will be submitted to Chase this morning via fax . I faxed the offer to both the Operation Specialist's (by the name of Kang) efax number and directly to the Short Sale Department's fax number. Here's an interesting note: The house has just been rented again by seller on a month-to-month basis. Not sure if this was a good idea but we'll see what happens. Also, was asked by seller to remove my yard sign. Another interesting note: Happy Anniversary! I've had this short sale listing for a year now. "Thank you Chase Short Sale Department and all the buyers that didn't hang in."
October 25th, 2010 Monday @ 10:30am: Just received a call from Walter Harvey (aka Treal Harvey), our new Chase negotiator. He requested a few updated financials and a LOE for denial of seller contributions. This was submitted all before, mind you. Chase doesn't keep anything from the previous file. We always have to start over. I don't quite understand the efficiency of this process but ... what the heck! I'll send via email everything he needs by the the middle of this week even though he'll give me until Friday. He also stated that they will not allow certain fees on the HUD statement to be be paid by the seller, which really would be paid by them. I know this is a bunch of garbage as they didn't allow these fees on the LOA in February of this year but agreed to them on the LOA from July. Chase seems to have forgotten that FreddieMac (investor) has the final say. We'll see what happens and most importantly, how long it will take.
By the way, since I know they are in receipt of the BPO dated 10/14, I asked what it came in at. Of course, I know he won't tell me but I ask anyway. He then asked (again) what the purchase price was and I told him. He said I would be fine. Hmmm ... I guess that is good news. But I'm wondering why he had to ask in the first place as he had the PA in front of him! Oh well, the life and times of a short sale.
October 26th, 2010 Tuesday @ 10:30am: Received a call from Walter Harvey and he asked that if I could email what he needed from me (revised HUD and LOE from seller in PDF) today, he could have an answer by Friday. I'm so on it that I fire everything off that afternoon. I called him and left a message asking if he received my email with attachments. I'll call him first thing tomorrow just to be sure.
October 29th, 2010 Friday @ 1:10pm: Just received the LOA!! And they have agreed to our purchase price! Just a few minor details to deal with and we should be good to go. Title will prepare the closing statement with adjustments meeting their requirements and hope the buyer approves. Monday will be a big day.
November 5th, 2010 Friday @ 7:00am: Buyer is moving along with inspections and final loan application. Waiting for the appraisal and release of buyer's contingencies sometime around the 15th of this month. We have until December the 13th to close this baby!
December 6th, 2010 Monday @ 6:00am: We are good to go ... finally! Buyer and seller signed off at title this Friday. Just spoke to Mr. Treal Harvey at Chase SS Dept. to let him know that I faxed the final & certified HUD to him for his review. Matter of fact, I faxed it three times to make sure it was transmitted successfully. He said that he would review the HUD within the hour once he verified receipt . He also said there would be no issues if everything met the requirements of his original LOA, which it does. That's it for now. We are scheduled to close on the 10th of this month. Actually, we could have closed November the 30th but we had tenant issues ... as it turns out, it wasn't a good idea for seller to have rented the premises on a short term basis (see Oct. 22nd posting).
December 9th, 2010 Thursday @ 8:00am: SOLD! We're on record! Outstanding job by Ann Freeman of Coldwell Banker and hats off to her buyer too! However, Ann had to "eat some crow" on the last day. Hey, Ann ... want some fries with that crow?
Contact James Frangella at 831.521.2099 or email with any questions
California Department of Real Estate License # 01062212
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