1478 Darwin Street, Seaside, CA 93955

MLS # 80946793

            

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 holders' 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.

BUYER WALKED AFTER RECEIPT OF LOA!  BUT WE HAVE A NEW BUYER!

New and Improved Quick CMA with recent immediate-vicinity solds! Click HERE.

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.

Click HERE for the Beta Park Neighborhood Association's website

Summary Notes:  This is not my first rodeo (maybe I should say, boxing match)!  I know what to do.  However, I'm just not sure if the lien holder's do.  I begin by gathering all the information from the seller I need: authorization and hardship letters, tax returns for the last 2 years, bank statements, income financial analysis, etc.  I've decided not to use a facilitator.  I have another short sale escrow where we are using a professional facilitator (won't mention names) and I'm not impressed.   Honestly, they are not doing any better of a job then I'm doing on still another short sale escrow that I'm involved in.  Click HERE to check out the progress notes for that one! 

The Pugilists:  In the right hand corner sits Bank of America, formly known as the Countrywide Sillies.  By the way, if Bank of America is at the bottom of the list for loan mods, imagine where they're at in the Loss Mitigation Department.  Even though BofA has more losses than wins, they're still a worthy opponent with a knock-out punch.  In the back-up position is Union Bank with their Home Equity Line of Credit (we're praying that PMI is not involved).  In the left hand corner is me and I'm already bruised and battered.  But I'm ready for the slug-fest once again.  The bell rings and round one begins.

Progress Notes: Listing came on the market on September 30, 2009.  The phone has been ringing with results in showings by agents and buyers. The seller is already perturbed with eager folks just walking up to his front door without even an appointment! 

Offers received: (14) as of October the 15th, 2009

Special Notice: We are allowing the listing to "season" on the market.  This assures that any potential buyers will have the opportunity for preview and more importantly, time to study and valuate local current market statistics before making an offer.  Hint: Do you really want to deal with a short sale?  Click HERE or HERE to read two of the many articles found on the internet regarding short sales. 

Some buyers and their agents may or may not agree with my comparable analysis value.  There are definitely 2 bed 1 bath homes sold recently in the immediate neighborhood that will support a higher price.  But I'm a firm believer in allowing the market to dictate market value. 

So ... after conferring with a couple of colleagues that I've known for many years and have a great deal of respect for, the decision has been made to counter only the three highest offers.  None of this "highest and best from you all" nonsense.  Nope.  Just the top three will be countered with terms, conditions and price.  Please keep in mind that it doesn't really matter what we think the property is worth.  It's all subject to the lien holders' review and approval.  And maybe God's too.

October 9, 2009 @ 8:00am: Faxed the permission/authorization signed by seller to the Loss Mitigation Department for Bank of America (1st lien holder) and Union Bank (2nd lien holder).  Was told it would take a few days to register in their systems.  I would then be in position to process the seller's short sale application.  BofA stated that it might take 90 days from submission of required documentation for approval.  I've heard this before.  Union Bank tells me their short sales move "pretty quickly".  I've heard this before too.  Both lien holders tell me that a ratified purchase agreement is the next requirement.  Working on that and should have one by the 15th.

October 13, 2009 @ 1:00pm: Just checked with the lien holders regarding receipt of the permission/authorization letter.  It's not in BofA's system but it is in Union Bank's.  BofA asked to check back tomorrow.  Representative from UB's Loss Mitigation Department stated that they need to have the ratified purchase agreement faxed to them.  Then they will order their BPO/appraisal.  She said that after receiving their valuation, then they will send their short sale application package.  The 2nd lien holder is moving faster than the 1st.  Wow!

October 14, 2009 @ 6:15am: Up early and call the 1st lien holder (BofA).  They have received the permission letter and I'm in the system.  I'm good to go.  They ask if I have an offer yet.  I tell them I will on Thursday the 15th.

October 17, 2009 @ 8:00am: I'm been knocked out!  The opponents didn't even come out of their corner.  I was prancing on the canvas and shadow boxing when I was hit behind the head by a 2x4 from my own corner.  I'm out cold!  I'm leaving the ring on a stretcher. The crowd moans with disappointment.

November 10, 2009 @ 12:30pm: I would not wish what I've been through on anybody else.  Heart-wretching, needless to say.  But we finally have an accepted offer. 

November 12, 2009 @ 7:00am: I call BofA Short Sale Department to inform them I have an accepted offer and am prepared to fax over the documents.  I've already called several times before, always asking for a review of their procedures.  I know from experience that their procedures change daily, depending on who I talk to.  I'm glad I spoke to the representative this time.  She tells me that I should only fax 10 pages at a time otherwise they delete or discard anything over 10 pages.  I explain that most short sale packages are at least 50 pages (hardship letter, tax returns, bank statements, listing agreement, purchase contract, etc.).  She tells me that she does understand but this is what she was told to do by her supervisors.  She said that she receives complaints all the time from agents claiming they already faxed the requested documents but only to be told the documents are not in the system.  I'm blown away after hearing this.  No wonder I've had to re-fax documents that I know for a fact that I sent them!  I'm glad I called.

November 13, 2009 Friday @ 6:00am:  I call Bof A again this morning to confirm what I was told yesterday morning.  Yep, it's true.  I'm told by another representative the same thing I was told just 23 short hours ago!  It is suggested that I fax 10 pages at a time.  I was really hoping that they would implement this new system I recently read about.  Click HERE to check it out.  Patience is definitely a virtue in short sales.

November 14, 2009 Monday @ 9:00am: After making copies of everything under the sun, labeling each page with the loan number and organizing them into neat little stacks, I deliver both sets of documents to the title company so that we can use their high speed state-of-the-art fax machine for transmission.  I'll wait later in the week to call for delivery confirmation.  

November 20, 2009 Friday @ 12:00pm: I received a call from Melissa at Union Bank (2nd lien holder)!  She is in receipt of what she needs to start the short sale  process.  She will be ordering a full-blown appraisal today and the appraiser should be calling me Monday or Tuesday for access.  She is really nice, friendly and helpful.  She explained that she will email the seller's financial requirements later today.  She asked who was in first position.  I told her it is BofA. There was a pause and then I heard a groan of disappointment.  She said BofA moves at a snail's pace.  I replied, "Yes, I know."

November 22, 2009 Sunday @ 12:15pm: One of our local appraisers was at the property today at this time.  The appointment was made late Friday afternoon. The appraisal was ordered by Union Bank.  They're moving right along.  Wouldn't it be wonderful if the 1st lien holder, BofA was as quick??  I'll be working on the seller's financial requirements for Union Bank this coming week.  Melissa told me on Friday that she really couldn't submit our package until BofA was further along in their process.  Based on her past experience with BofA, her 2nd position letters of approval would expire before anything was approved by the 1st.  She asked to be kept informed of my progress with BofA.

November 23, 2009 Monday @ 10:00am:  Completed the seller's financial package and mailed as instructed via Priority Mail to Melissa at Union Bank.  Go to www.usps.com for delivery confirmation # 0309 2880 0000 3852 7111.  Also, I know the appraisal ordered by UB was completed and forwarded to them by the appraiser.  Happy Thanksgiving!  No postings until next week ... 

November 30, 2009 Monday @ 5:45pm: Spoke to a "Crystal" at BofA's short sale department.  She sounds as if she is about 16 years old.  She calls me, "Mr. James".  She tells me that a BPO was ordered on the 16th of November but I tell her no one has contacted me for access.  She is "escalating" the request and tells me that a BPO agent should be contacting me within 2 to 7 business days.  I also confirmed that they have received everything we faxed on the 14th.  By the way, the word "escalating" is in the short sale handbook for 16 year-old short sale representatives (maybe for all short sale reps) because I hear this word a lot.   Everything at BofA escalates at a very slow pace.

December 10, 2009 Thursday @ 10:05am: Received the approval letter from the 2nd lien holder, Union Bank.  Their projected closing date is February the 28th, 2010.  By the way, the short sale representative at UB, Melissa is the tops in her field.  She is be far, the best rep I've ever experienced in my short sale experience.  Prompt, courteous, extremely professional and most of all, quick as a wink.  Imagine receiving a letter of approval within 3 weeks?  Wow!  She suggested that I fax her letter to the 1st lien holder, BofA immediately.  She hopes this will make them move faster.

December 11, 2009 Friday @ 9:00am: Called BofA short sale department for an update on the BPO.  Spoke to another rep who sounded as if she was about 16 years old (again) and transfers me to the Loan Mod department because she tells me that there are no notes in her system about a short sale.  I know better than to talk to teen-age reps and hang up.  I call again and speak to another rep who sounded much older.  As I suspected, this rep knows more and confirms that we are in the short sale system.  I explained our situation with the receipt of the 2nd's letter of approval of which, I already faxed to BofA.  She tells me that she is requesting an "escalation" for this file.  I was told to call back next week to see how the "escalation" is coming along.

December 22, 2009 Tuesday @ 9:00am:  Hey!!  We're "escalating" right along!  Just called the BofA short sale department and spoke to an older-sounding lady by the name of Sheila.  She tells me that the file has been assigned to a negotiator on the 21st (yesterday).  She gives me his name, telephone number with extension and his email address.  I leave a message on his voice mail and fire off an email.  Sheila tells me that I should call back in 7 business days if I don't hear back from him by then.  I've already placed a bet with myself but what the heck ... here's another $20 that he doesn't contact me.

January 6, 2010 Wednesday @ 5:30am:  Happy New Year!  So ... never did hear from the negotiator.  Darn!  I lost my bet and have to pay myself twenty bucks.  Called the short sale department for an update.  The representative tells me that the negotiator has 20 to 30 days once assigned to the file to respond.  We might have an answer by the 21st of this month.  I explained that I still have not been contacted by their BPO agent for access.  She places the "order" for the BPO while I'm on hold and also confirms the negotiator's name and contact info.  I'll call back next week to see how BofA's "escalation" is escalating.

January 12, 2010 Tuesday @ 5:20am: Called again.  Spoke to a Jennifer.  She's really nice and very professional.  By the way, BofA  now has some nice jazzy Wes Montegomery-style tunes during hold times.  Much better than the junk I had to listen to these last several months.  I asked about the status of the BPO order that was placed once in November and again in December and one more time in January.  So ... what the heck!  Let's place another "order" for a BPO!!  Jennifer obliges by placing still another request for the valuation.  I'm told to call again by the 22nd.

January 18th, 2010 Saturday @ 2:00pm:  Good News!  Received a call yesterday from one of our local real estate agents who was asked to perform a BPO.  She shows up at 2pm today for the inspection and takes lots of photos.  And I do mean lots of photos.  I haven't seen this before as usually the BPO agents just zip in and zip out.  She tells me that her detailed report gives the bank all the information they need to make the correct decision on our short sale application.  She asked me who the bank is as she received the request through a third party asset management company.  I told her it is BofA.  She rolled her eyes, smiled and wished me luck.

Januray 21st, 2010 Thursday @ 9:05am: Spoke to Amy and they're still waiting to receive the BPO they ordered last week. 

January 27th, 2010 Wednesday @ 10:25am: Received a call from Titantium Solutions, Inc.  They are home retention specialists and real estate advisors for Bank of America.  So I'm told.  They will now be handling this short sale for BofA.  They also sent an email with a list of required documents along with this statement: "We understand that you may have already sent a complete package to Bank of America, which we are in the process of verifying at this time. However, to speed up the process please send the documents as requested."  I asked when did they receive our file from BofA and she said sometime in December.  She said that I have 5 days to deliver the required documents otherwise the file will be cancelled.   Too bad they didn't contact me 8 weeks ago but I'm not complaining really.  The escalation mode at Titantium Solutions seems to be at the same speed as Bank of America's. 

February 5th, 2010 @ 8:47am:  What the fudge???  Just received an email from Titantium Solutions and they stated, "I do apologize but this file has been pulled back by Bank of America. We are no longer an authorized third party in these short sale negotiations. Please continue all future correspondence directly with bank of America. Thank you."  So I immediately call BofA and they tell me that TS canceled the file because of noncompliance.  I tell them they must be joking because I faxed everything they needed.  BofA said I should contact TS directly.  So I call TS again and was told that BofA pulled the file from them on the 2nd.  I tell TS that I'm contacting a lawyer!  Then of all sudden, the rep puts me on hold so that she can speak with her supervisor. Well, now it seems that BofA is the culprit.  Back on the phone with BofA and this time they ask that I reactivate the file first thing Monday morning.  I'll wait until Monday morning to see what happens.  I think BofA should be sued.  And Titantium Solutions should change their name to Titanic Solutions with a new motto: "We'll sink your file faster than the Titanic"!

February 12th, 2010 Friday @ 5:00pm:  You're not going to believe the stuff I've been told by BofA since the 5th.  It's unbelievable that a huge bank can operate so incompetently.  Suffice to say, I think BofA should have a class action suit filed against them.  I wish I could find an attorney who would take this case on a pro bono basis.  Maybe if I have time, I'll post the telephone conversations just so everyone can understand what the heck is going on.  All I can say, is that I'm losing the early rounds.

February 23rd, 2010 Tuesday @ 5:00pm:  The last ten days have been phone calls back and forth with BofA trying to get a straight answer.  I'm not even sure where to begin.  First of all, we now have another buyer who came into play on January the 30th as the original buyer moved on.  All updated documents were faxed to the short sale department as required and also to Titantion Solutions (see Feb 5th posting).  Three different SS representatives from BofA (I have their names and employee numbers) have given me three different explanations.  I was also told that their new Equator internet portal (see Nov. 13, 2009 posting) may or may not work depending if our seller's loan is either a FreddieMac or FannieMae loan.  Our loan is a FreddieMac and is not eligible for the Equator system.

By the way, I was never told about this Equator system and they only mentioned it after I asked about it.  I was even given the direct line to the Equator department at BofA and after speaking with their representative, it was more confusing than ever.  Was told that only FannieMae loans are to be submitted to Equator.  However, was told that some FreddieMac loans are in the system.  The rep mentioned that the portal is still "green" and there are some "bugs" that need to be worked out.  He mentioned that the seller first needs to call the Equator department to register his short sale.  There is absolutely no mention of this requirement on the Equator website.

Finally, after today's phone call, we are officially "reactivated" with the new buyer as of Feb. 16th and now waiting for assignment to a new negotiator.  I guess our old negotiator, Richard Lee is no longer with us as the file was canceled due to "non-compliance" or maybe because we have a new buyer or maybe because the stars were not in alignment or ... whatever.  

February 24th, 2010 Wednesday @ 3:00pm:  Received Union Bank's (2nd Lien Holder) Letter of Approval for our new buyer.  Sure wish the 1st lien holder (BofA) was as fast.

February 26th, 2010 Friday @ 6:00am:  Called BofA for status update.  Cathy tells me that no foreclosure notice has been filed.  Good news!  However, no negotiator has been assigned as of yet.  She said that the BPO is already in and will be current for 90 days (until about mid April).  She "escalates" the request for assignment even though the file was "reactivated" on the 16th and a new negotiator was to be assigned.  She tells me that it could take an additional ten days and to call back.

March 5th, 2010 Friday @ 9:00am:  Spoke to Ted and after checking his notes, he reported, "still pending assignment of a negotiator".

March 11th, 2010 Thursday @ 5:00pm: Unbelievable!!  Just spoke to a rep and now she is telling me that the Equator system is in full swing!  I explained that our loan was a Freddiemac and not eligible.  She tells me that she had received a written notice from her superiors and both FannieMae and FreddieMac can now be submitted.  But first the seller must register with Equator.  "Oh yeah", I said, "then how come I was able to submit my listing to Equator months ago without the seller's input?"  She was clueless but she did check the system an lo and behold there I am.  She suggested I have the seller call in first thing tomorrow and start over.  I just love Bank of America.  They are so ... so ... I really can't write the words I want to.

March 13th, 2010 Saturday @ 5:30am: After calling BofA and meeting with the seller yesterday, we registered his home with the Equator system.  As of this morning, I have submitted the online registration and downloaded the required documents so far.  My previous input from weeks ago has been deleted and we are starting fresh.  Let's hope this really works! 

March 22nd, 2010 Monday @ 12:00pm:  Hey, this Equator system is pretty cool!  I'm really impressed so far.  It's a great way to process and upload documents for any of Bank of America's short sales.  We are in the negotiating stage and just waiting for an answer.

March 25th, 2010 Thursday @ 6:00pm:  The Equator system is now showing the file in "HELD" status, which seems to be better than the "NEGOTIATING" status from a week ago.  However, not knowing what that means exactly, I decide to call the BofA short sale department.  Kayla is not sure either but thinks the file is under review and is not sure if a negotiator has been assigned.  Maybe someday the Equator system and BofA will have it really together.  In the meantime, I think they're really lame and should take lessons from Wachovia's short sale department as Waco is really on top of it!  By the way, the 2nd lien holder's (Union Bank) letter of approval expires today and am told that the loan will now go to their collection department as they have waited long enough for BofA's response.  This may produce an entirely new set of problems for me as I may need to negotiate with another Union Bank representative.  Melissa (see Nov. 20, 2009 posting) was so nice and I'm going to miss her.

March 31st, 2010 Wednesday @ 2pm:  Received a call from an agent who received an order to perform a BPO.  So ... we are scheduled for his visit today.  I guess the other BPO which was done on January 18th is no longer any good or maybe they need an update.  Equator system is still showing our file in "HELD" status.

April 11th, 2010 Sunday @ 6:30am:  Still in "HELD" status. Just received an email from Bank of America:

Subject: Bank of America Short Sale Agent Communication

Bank of America Home Loans will now be using Equator as the primary tool for short sales. It is a self service portal that automates the short sale process.  This will streamline the process and improve the experience for both customer and real estate agents.

As a result, Bank of America will no longer be accepting faxed short sale documents, effective immediately you will need to upload those documents through Equator. Information to assist you with the Equator system can be found at www.bankofamerica.reo.com/shortsaletraining.

 Once a short sale is initiated on a Bank of America loan, you can also access the educational guide within Equator. It can be found within the "Upload 3rd Party Authorization" task. This guide provides tips for avoiding delays and navigating system functionality.

 REMINDER: The federal government recently announced the short sale program guidelines for the Home Affordable Foreclosure Alternatives (HAFA) program which will go into effect on Monday, April 5, 2010.  Bank of America Home Loans is implementing HAFA, the program designed to help those customers who were not eligible for the Home Affordable Modification Program (HAMP) or any other modification. For more detailed information on the HAFA program, go to the National Association of Realtors site at www.realtor.org/government_affairs/short_sales_hafa.

April 15th, 2010 Thursday @ 7:30am: Still in "HELD" status however it appears the file is now in "VALUATION" mode.  This probably has something to do with the BPO that was performed on the 31st of March.  Let's see how long this takes.  We also now have a negotiator by the name of Stephen Wanguru assigned to our file.  I must say, this Equator system is way cool!  Far superior than what I've been through with Bank of America these last few months. 

April 21st, 2010 Wednesday @ 6:55am: Still in "HELD" status but now the file is in "NEGOTIATION" mode.  I bet the file is off to the investors (or whoever they are) for review.  By the way, I'm now in communication with Union Bank's (2nd lien holder) Loss Recovery Department as their Loss Mitigation Department got tired of waiting for BofA's answer and passed the file along.  I wonder what's in store for me now? I'll give them another call later this morning.

April 28th, 2010 Wednesday @ 8:15am:  Still in the "NEGOTIATION" mode.  I guess they're "off to see the wizard" for an answer!  I'm in communication with the 2nd lien holder's Loss Recovery Department and my contact person is as courteous and professional as Melissa was in their short sale department.  I've been asked to keep them posted as to Bank of America's progress. 

May 28th, 2010 Friday @ 4:30pm:  Wow!  An entire month passes by and nothing has happened.  However, we have had three negotiators since Stephen was assigned back in April.  We now have Shalonda Mornes.  Maybe they pass the file along different levels of "negotiations".  I emailed the second one earlier this month and of course, never received a reply.  I'll fire one off to Shalonda and see what's up.

June 2nd, 2010 Wednesday @ 11:30am:  Just received an email from BofA through Equator and finally a negotiator (someone by the name of K.Clark) has responded to our offer. They want a few items that at first seem insurmountable. They would like the seller to contribute $5,000 in cash and then sign a promissary note for an additional $10,000 (to be paid over 10 years with no interest - how generous of them).  I guess they didn't bother to read the financial stuff from the seller we sent months ago.  Because if they had, then they would realize there is no way this is going to happen.  The seller is in the same situation as months and months before (actually he is worse off now).  I can't go into details but all I can say is that he is not doing well at all.

They also want to pay the 2nd lien holder (Union Bank) only $1,000 as where UB required $10,000. I've called UB's Loss Recovery Department and they just laughed.  They want $10,000 and will file a deficiency judgement for the difference.  As a matter of fact, they said that if BofA forecloses, they'll file a deficiency regardless.  And I thought UB was cool - and smart.  Ooops!  I forgot they're a bank!  How silly of me.

June 6th, 2010 Sunday @ 1:00pm:  Made contact with BofA through Equator and we countered their counter.  Have agreed to all of their terms except for the seller contribution and their payoff amount to UB.  Let's see how long this takes. 

June 7th, 2010 Monday @ 6:00am: Just checked the Equator system and our counter to their counter is now in "HELD" status once again, which means they're in negotiating mode.  On June the 2nd, we were in "NEW" status with their counter response to our offer after weeks of in "HELD" mode.

July 19th, 2010 Monday @ 11:15am:  Its been a whirwind of activity this last week or so after weeks of nothing.  Received BofA's reply to our counter and we accepted.  Just received their confirmation this morning as follows:

"Great news, now that we have all of the required information for the property at 1478 Darwin Street, we are submitting the necessary information for review to determine if the investor will approve the current short sale offer.  Once the investor review is complete we will be contacting you to discuss the decision or notify you of any additional investor requirements are needed.  Thank you for your patience during this step in the process since it can require input from multiple parties."

Interesting note that our "acceptance" states a closing in the first week of September.  So ... can we expect an answer from the investor by the end of the month?  I'm sure the buyer will need to get it together as the purchase contract dates will start once we receive the investor's approval. 

July 21st, 2010 Wednesday @ 3:50pm: Received a call and email from Patricia Combs, a negotiator for BofA and was told that the investor will only pay $3,000 to the 2nd lien holder (not $10,000 as previously agreed).  They will also not pay the $99 for the Natural Hazard Zone report.  Have communicated with Kari at Union Bank's Loss Recovery Department (2nd lien holder) and will now need to submit seller's updated financials, including 2009 tax returns and recent bank statements.  I will also submit an updated CMA as I seriously think the current market will not support an appraisal for our purchase price, which happens to be much higher than our list price. Besides the bank-ordered BPOs now in their possession are already dated. Keep in mind that banks are using BPOs (Broker Price Opinion) for asset valuation, which makes no sense at all!  Shouldn't they rely on a certified, licensed appraisers instead of out-of-area real estate agents who happen to know nothing about Seaside property values??  Of course, out-of-area appraisers are clueless too! 

July 27th, 2010 Tuesday @ 6:48am:  We have agreed (again) to BofA's terms and now anxiously waiting to hear from Union Bank. BofA just sent a message to let us know that they are submitting the file to the investors.  It is the exact same message they sent on the 19th.  Very robotic, I must say. 

August 10th, 2010 Tuesday @ 5:20pm:  Equator was updated on the 2nd where as the file was sent to QC and then awaiting for the valuation.  The BPO was ordered by BofA or their investors on the 2nd and the BPO agent visited the property on the 6th.  I'm amazed that these banks expect us to close by the first week of September and we have yet to receive final approval.

August 12th, 2010 Thursday @ 8:06am:  Message received:  Congratulations, the property at 1478 DARWIN STREET now has updated valuations and we can move the short sale forward. At this stage, we will be obtaining some internal pieces of information, such as the payoff amount so that we can analyze the offer in comparison to the valuation. You will receive questions or counter offers directly from your Short Sale Specialist. The next status notification will be sent to you once the file is submitted for investor decision. Please remember that our objective is to negotiate for an offer that we believe the investor will approve. All counter offers will delay the process. Also, please be aware that the investor can make changes to the offer and additional stipulations prior to approving the deal.

August 13th, 2010 Friday @ 5:50am:  Message received:  Great news, now that we have all of the required information for the property at 1478 DARWIN STREET , we are submitting the necessary information for review to determine if the investor will approve the current short sale offer. Once the investor review is complete we will be contacting you to discuss the decision or notify you if any additional investor requirements are needed. Thank you for your patience during this step in the process since it can require input from multiple parties.

August 13th, 2010 Friday @ 5:58am:  Who said Friday the 13th was unlucky!!  WE HAVE APPROVAL!!

August 25th, 2010 Wednesday @ 1:00pm:  Just received notice from buyer's agent.  They walked!  They can't seem to justify their original offered price from early this year.  Can't blame them really as there would be no way their lender's appraiser could even find the comparables to support their offered price.  I know for a fact BofA's BPO came in lower but they won't tell me so I decided to use my own opinion of value.  We're back on the market at $219,000.

August 30th, 2010 Monday @ 6:00am:  Back on the market as of the 25th.  We lowered the price on the 27th to $209,000 and finally received 4 offers.  The seller accepted the highest based on my most recent and the selling agent's CMAs.  There is absolutely no way any appraisal would support anything higher.  The current market for a home in this condition and size is what it is.  It's time for Bank of America's short sale department to wake up to reality.

September 3rd, 2010 Friday @ 9:00am:  Offer was accepted on August 30th at 11am.  We are now officially back in the system with Bank of America's Equator.  Looks as if I'll be starting all over.  I've already completed my tasks (uploading docs, etc.) required by Equator.  Wonder how many rounds I'll need to go with this one?

October 8th, 2010 Friday @8:17am:  Received a counter offer through the Equator system.  BofA is coming back at $240.000.  Buyer has decided to buy another house for less and in better condition.  Fortunately, I have a back-up offer so we'll put that one in place.  But it's not at $240,000.  BofA will need to order another BPO, preferably from an agent that knows Seaside values. 

October 18th, 2010 Monday @ 5:00pm:  I have sad news.  The seller, Tom Clayton passed away from a major heart attack this morning.  We've been in this short sale for just a little over a year now and I couldn't pull it off before he left this earth.

 

Call James Frangella at 831.521.2099 or email with any questions

CALIFORNIA DEPARTMENT OF REAL ESTATE LICENSE # 01062212