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As I have I have reported in previous blogs the Fresno California Real Estate Market has hit a bottom and at has, at least for the time being, turned UP.

The banks have been more aggressive in their pricing of foreclosed homes and sometimes have the homes priced so reasonably that MULTIPLE OFFERS are made.

Investors who were sellers at the top of the market are now back scooping up homes at bargain prices.

The chart below shows the year over year improvement in sales from Sept of 2007 through Sept of 2008.

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If you are an investor or a first time home buyer looking to purchase a home in the Fresno / Clovis area let me help you to find the home or investment property that suits you needs.

		Direct: Fax:	559.301.1647 559.438.7475
1319 W Bullard #4 — Fresno CA — 93711
© Randy “Lazarus” McAtee

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First of all, you’re not alone. Hundreds of thousands of households all across America are facing foreclosure.

First: BEWARE  OF  FORECLOSURE SCAMS.

I had a homeowner call me recently that asked for help in retrieving the money she gave to a company to save her home from foreclosure.  The company that took her money did absolutely NOTHING.  Realtors© are NOT ATTORNEYS and cant help you after you have been scammed.  Report the scammer to the police and have the local District Attorney help you.

Second: Know that there is help available through legitimate non-profit orginizations.  I suggest Neighborhood Works, ” a national nonprofit organization created by Congress to provide financial support, technical assistance, and training for community-based revitalization efforts.” or its affiliate: Foreclosurehelpandhope.org.

The primary job of a Realtor© is to SELL HOMES.  Its true that if your facing foreclosuer you may very well need the services of a Realtor© but Realtor© DO NOT have the time, resources, or expertise to help you in many of the matters one might have when faced with foreclosure.

If you and the  person who counsels conclude that a *Short Sale is the best remedy for your situation they will instruct you to contact a Realtor©.

* WHAT IS A SHORT SALE ?

Difinition from Wikipedia:  A short sale occurs when the proceeds of a real estate sale fall short of the balance owed on the property.^[1] In a short sale, the bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the mortgagor. This negotiation is all done through communication with a bank’s Loss mitigation department. The home owner/debtor sells the mortgaged property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender, sometimes (but not always) in full satisfaction of the debt. In such instances, the lender would have the right to approve or disapprove of a proposed sale. Most Short Sales leave a deficiency balance for which the Mortgagor / Borrower is still liable. In 99% of all cases it is not a settlement-in-full. A deficiency balance will remain while the mortgage broker, real estate agent / broker, loan officers, title and closing agents still remain getting their profit. And no regulatory agency governs this hybrid transaction. (read more)

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On the other hand - if all you need is help in purchasing a home - possibly a “Short Sale” or REO (real estate owned — meaning owned by the lender) feel free to call me today.  I can help.

		Direct: Fax:		559.301.1647 559.438.7475
1319 W Bullard #4 — Fresno CA — 93711
© Randy “Lazarus” McAtee

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So, I just mentioned in my last blog an offer made 5 or 6 weeks ago on a Short Sale and said I had still not heard back from the agent, well this afternoon I did. The home is/was (havent looked to see current status) listed as an ” APPROVED SHORT SALE” at $119,000 According to the agent this mean that she had an “approval” from the lender that if she brought an offer at the listed ask price it would be approved by the lender. Well, that sounds promising. Unfortunately, my buyer’s offer was under the ask of 119k but apparently it would not have mattered.

Here is what I was told this afternoon. The agent received multiple offers on the property. Some of the offers were over the ask and went as high as $135k so now the bank is countering back to all the bidders at $160k (or give us your highest and your best). This is complete bullshit and should not be allowed to take place by NAR. The listing agents on these properties don’t really give a rats ass; they will lay down and take it in the rear from the lenders all day long. The buyer’s agents shouldn’t tolerate it either. If, in fact, the lender had indicated that they would sell at the price listed by the selling agent then they should sell at the listed price, or the highest and best offer above the listed price..

The broker who listed it is from ANOTHER county. I just reported the matter to FAR and advised them to boot the broker and her business off the Fresno MLS.

[update - FAR tells me the broker didnt pay her MLS dues so she got the boot - good!]

If you’re a buyer, I would strongly urge you to forget about bidding on a Short Sale. Find a competitively priced REO and go for it.

Oh - by the way - remember this REO I mentioned. The agent has recently lowered the price $10,000 but his Marketing Remarks still say: ” 3 bed/2 bath in established neighborhood. Great starter home or investment” ——— SIGH!

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