Image by silverhawk42532 via Flickr

$399,888 BUCKINGHAM! AVAILABLE TO RENT AT $2,000 PER MONTH.


Location! Location! Location! BEST COMP VALUE!
2889 BUCKINGHAM DRIVE in premier Buckingham, Kelseyville, Lake County, CA
For more pictures see www.2889BuckinghamDr.com
• ALL NEW REMODEL
• 2,000 sq ft (estimated)
• 3 large all new bedrooms, 2 beautiful all new baths
• Gorgeous views -- Buckingham Golf Course and Black Forest
The photos don’t do it justice! Must be seen! This elegant home on Buckingham Drive has incredible style and designer everything. Completely remodeled in a classic palette that you can take in any direction – wine country elegant to lake life to golf and leisure to traditional to urban cosmopolitan, it’s turn-key and it’s a beautiful, blank canvas.
This house is open and spacious and easy to maintain both inside and out. The interior was designed for peace of mind, which makes it a perfect primary or secondary residence. Eco-friendly, maintenance-free landscaping makes life a breeze. Garden if you like, or let it be!

The house has a private lower entrance and the most architecturally versatile floor plan possible. Both floors offer optimal traffic flow for perfect living and entertaining family and friends.

Two levels spanning nearly 2,600 square-feet offer a spacious kitchen with a dining area that flows into a huge great room. Each of the three large bedrooms has double closets for maximized storage and organization.

The two lovely, custom bathrooms boast crisp white Kohler fixtures, designer Azuvi ceramic tile set in a classic pattern, beautiful mirrors and glistening light fixtures, including a crystal chandelier.

The kitchen is brand new and has all the details that matter. The appliances are Consumer Reports’ top-rated line of Kenmore Elite Stainless (don’t be fooled by low-end stainless). The kitchen counters are polished granite. The cabinets are luscious maple with double pantries, occasional glass doors, a built-in wine rack and designer iron pulls. This is a polished kitchen designed for any chef!

The spacious lower level is the perfect opportunity for a home business and home office, guest suite, teen retreat, kids’ play room, media room or home theater, sewing or crafting room, the man cave, billiard room or whatever you desire!

The floors are tiled in a tasteful 16x16 pale travertine and carpeted in a patterned designer Stainmaster with the best, thickest padding available.

The huge “4-car” garage is just waiting for cars, golf carts, boats and other toys! New Liftmaster garage door openers raise two Northwest 10’ by 8’ (standard doors are only 8’ by 7’), double-sided, insulated, steel garage doors, rated as some of the best garage doors in the industry.

The rooms are flooded with light through abundant Viking / Pella ThermaStar vinyl windows, which are the same windows seen in Sunset magazine’s idea house. Oh, the views! The large windows showcase Lake County’s main attraction -- the outdoors! Beautiful trees and magnificent boulders dot the spacious yard. Environmental harmony! Part of a handsome streetscape, the views of the Buckingham Golf Course and the Black Forest make the greens and blues of every season lovely.

This house is your chance to own in Lake County’s premier Buckingham neighborhood at the best price on the market. There is no comparison to homes of this size and quality in this price range.

Homes in this neighborhood run into the millions, but this one can be yours for a fraction of the price…but not for long. The sellers have adjusted the price to attract the buyer who understands the value. If the home does not sell promptly at this price, the sellers will take it off the market and hold it.

Don’t miss this market or this opportunity!

For more information contact:
Dawn O'Neal
Realty World Executive Advantage
Phone 408-923-7758
Cell 408-221-0575
Dawn@DawnONeal.com

What do you offer on a foreclosed property?

A client asked: In a situation like this, (so many days on the market) does one bid lower?? at asking price?? higher??

ANSWER: There is no easy answer regarding what you offer. You just have to look at all the angles.

#1 – What is it worth to you to purchase it? Without looking at the price as a challenge to get the lowest price only for the sake of getting the lowest price, (and I don’t think you do this by the way), look at it to see what it is worth to you. What figure would you be happy with that you paid for the home and walked away with it.

#2 – Let’s look at the sales in the area – this is what the bank is going to do – and they are not going to negotiate much lower than the price in the MLS as they have already gone through all the process of putting this through foreclosure and back on the market. As long as it does not sell they will continue to reduce the price but at some point it will reach the investor’s interest and the “all cash” offers will come in and you won’t have an option to bid on it.

#3 – To offer too much will put you in jeopardy with your lender. If the FMV is not as high as you offer then you have to come up with the difference of your offer and their appraisal – which is the amount they will lend on the property. Not a good idea either.

Once you see this property then we will pull all the comps in the area to see what is a realistic offer for you and analyze that price per the above criteria.

Short Sale Question from Trulia Reader

QUESTIONS:

So in other words..... When an MSL listing is listed as a short sale for say 400,000 and you offer 400,000 that price has not been bank approved?
Why even bother looking at these listings then. It wastes my time- the realtors etc.

Dennis Olson
Both Buyer and Seller
Pendleton, OR

Dennis, You hit the nail on the head. The bank has not even been notified in many instances that the seller is trying to sell it, unless perhaps the seller is behind in their payments. The seller may not have started the process by presenting an offer to the lender that is going to pay the lender less than the seller owes - that is what makes it a "Short Sale". Then the long process starts to get the low offer accepted by the lender rather than the lender spending much more to take the property through the foreclosure process. Short sales I have listed last year took 8 months. This year my shortest one is 2.5 months but most are still 3-6 months.... AND you never know for sure that you are in contract until the bank decides to give you that agreement letter.

Sometimes you need to look at the comparable sales in the area as sellers/agents will list the house really low to get a bidding war going.

What we are finding is that the homes in this price range in California's Santa Clara Valley at least are drawing in the all cash buyers and they are buying them as investments so they do not have the same angst in waiting for approval since it is a business deal and not their new residence.

If you want a home and want it within a reasonable amount of time, yes, stay away from short sales. We, as REALTORS, will appreciate that too - but hey, everyone needs to be helped and that is why we do it also. All joking aside, you just really need to KNOW all the upsides and downsides and be willing to wait if you want to buy a "Short Sale".

Dawn O'Neal
Realty World Executive Advantage
408.923.7758
Dawn@DawnOneal.com

Bittersweet Assistance ~ Another Short Sale Closes

Today we closed escrow on another short sale for some of my clients but they don't get any easier. The process does but the feeling for the clients do not. It is satisfying knowing that I have helped them through a rough process but at the same time it hurts knowing I could not do more to help them keep their home. The only satisfaction that I can make myself believe is that now the worst is over and they can move forward to rebuilding their future and perhaps even have it turn out better for them by starting over without this pressure hanging over their heads.

Short sale processes are getting a little bit better depending upon the mediation company you choose to work with and the lender(s) involved. IF you need to go through this, make sure you either get a referral from someone who has been through it or ask lots of questions to make sure your agent/mediator keeps in communication with you. Be prepared for long stretches of time without news but if you have a good team working together, it will be rather painless once the mountain of paperwork is submitted.

If you are currently going through your own personal short sale process or facing foreclosure, just know you are not alone out there. Sometimes you just need to let go and move on to the next adventure that life has in store for you and reduce your stress that you have no control over. Unfortunately we cannot always know the reason why things happen but we can choose how we react to them.

Short Sales, Foreclosures, Enough Already!

LENDERS NEED TO TAKE A PAGE FROM PARENTING GUIDES
Wouldn’t it be great if banks would recognize a giant service opportunity to their existing clients by working with them as parents do with their children! Don’t just throw your clients away - get down to basics and help keep the ones you have.

Many homeowners that put 10% to 20% down on their houses years ago are now being affected by the decline of home values due to many bad loans made to others with zero down payment and teaser interest rates. Now innocent homeowners are losing their homes that did nothing wrong.

A possible solution – It would be easier if the banks would step up and accept responsibility for creating this situation and stop the bleeding for everyone. Get into the trenches and reassess your portfolio collateral and bring the notes payable down to the current adjusted Fair Market Values and work with your homeowner’s loans to reset their loan to these values. The money saved in salaries, foreclosure costs, REALTOR® fees, upkeep, attorney fees, etc. will soon be realized as you help stabilize homeowners so they can stay in their homes and praise your wisdom by sending more buyers your way. What a Win Win Situation for all!

Currently many innocent people are being put out of their homes and then those same homes are sold for 40 cents on the dollar to others who could not have afforded the house at the original price and now the original homeowner is just out!

Example - #1) Recently a client said her neighbor, who purchased their home for $750,000, lost it to foreclosure and moved out. The new neighbors moved in and paid $300,000 for that same house. Now her home that she paid close to $750,000 is devalued and she is paying twice the amount for her home as her new neighbors – what is the incentive for this homeowner to now stay in the home, pay twice the amount as her neighbor, with no hope of regaining that equity?

Example #2) Client purchased home 15 years ago. Took equity from the home to purchase another principal residence and now cannot sell the 1st residence due to short sales and foreclosures in the area that have reduced the value to less than is owed on the home.

Example #3) A client that bought their home 9 years ago cannot sell it in the current market at $800,000 because the surrounding area of smaller homes is averaging $400,000 to $500,000 for short sales and foreclosures. They stand to lose this home and their credit and they did nothing wrong either. Even though their home is larger and in great shape, they cannot sell it for what is owed on it due to the comparables in the area.

Lenders, please wake up, step up and help this situation because putting people into homes that they can afford now at the expense of those that could afford their homes previously is just not right. Reduce the mortgages owed on the homes you hold and help get this economy and the pride of the American Homeowner back where it should be.

QUESTION RE SELLER'S LACK OF DISCLOSURE

QUESTION ASKED BY LJ:
I purchased a home a few months ago in Orange County CA and recently discovered that 2 rooms which are an addition to the house do not have heat. There are vents in each room but not heat comes out. No mention of this was made in the disclosure report or in the inspection report (the inspector checked to see if the furnace worked - he did not check to see if heat came out of the vents in every room.) Our home warranty sent out a repairman who indicated the furnace is too small to force heat to those 2 rooms even though there are vents in there. Since this is an addition he claims they probably never received heat once they were completed, stating a larger furnace is needed for the size of the house in order to heat those rooms, which will cost over $2500. The home warranty co, will not pay for this becasue it is a pre-existing condition. These rooms were added back in the 1980's. The sellers lived in the house so they had to be aware of this problem but did not disclose it. What recourse do I have?


Dawn O'Neal's Answer...
A similar situation happened in Santa Clara County with my clients some years ago. The furnace unit was not covered by the home warranty because the problem was pre-existing. To make a long story short I worked with the listing agent and the seller paid my clients the money to replace the unit with a new one. Since your Sellers had knowledge of this and did not disclose it, I would work with your agent first to see if they can get them to pay for a new furnace, including installation, to make this right. Your Sellers did have the duty to disclose this fact and therefore, if they will not make it right, you may have recourse to take this through small claims court. The limit is now $7,500 in California.
Good Luck!
Dawn O'Neal
Realty World Executive Advantage
San Jose, Ca. (408) 923-7758