THE SECOND STORY | June 7th, 2012

Put up your dukes….fighting a poor appraisal!

Options for dealing with appraisals…..  this is a great article from the Wall Street Journal because it affects everybody…the owner, a buyer, a seller!  Even if you aren’t buying/selling, if you own real estate you may want to refi!  Bring those payments down!  You are paying for the appraisal…see if you can make that number make sense!

I have said more than 10 times recently, that I don’t get (and I know our little market is a bit different) that equity sales (not short, not REOs) should comp against equity sales!  REOs should play against REOs.  And short sales against short sales.

There is a difference.  A big difference between all three types of sales.  Take a look at alternatives when an appraisal is off.  Tell the bank you want a second or third appraisal, have the owner meet the appraiser at the property with the agent.

And the best part of the article is the comments received…check them out!

Boomer Chick Musings
one chick’s take on life…..(me)

TONIGHT!!  Come to the Cove to hear the Beach Boys cover band!  I’ll be there via bike!  Read the poster for info!

ALAMEDA REAL ESTATE THIS WEEK…
We have a new listing this week…. 2852 Burgner  check out the website.  It’s on Bay Farm Island, close to Harbor Bay but not part of that community.  It has all new siding, new roof, and new gutters in 2009 (and the new siding won’t rot…like the old one did…there was a nationwide lawsuit against that company).  Anyway, the Sellers put 33K into the outside of the house.  I’ll be there Sunday, 2-4pm.  Come by and say hi!

I forgot to put out there that we sold 1708 Third The Seller was happy and he went and bought another property with his cash. 

And this week we finally closed 1219 Regent.  This was one that had TWO contingent sales.  When the market was dead (Nov through the 2nd week of Feb), an offer came along the first week of January and the Sellers took it because there was nobody out there.  It was full price.  Then the buyers couldn’t sell their house in the Oakland hills.  But the Sellers gave them another 30 days.  During that time the market completely turned around.  But they still couldn’t sell their house.  SO they got tossed.

The next two buyers made offers…and each of those was contingent!  One in SF (the folks had just put their house on the market) and the other in Ann Arbor, Michigan!  But Ann Arbor had a pending sale on their house so that was the one.   But the Regent house didn’t appraise…and I was there to meet the appraiser!  (I had told the owners way back when, and Mrs. Owner reminded me that I said 650K).  It closed for 643K w/ 10K going towards the buyers closing costs.

Highest and Lowest priced NEW Listings this week. 

Broker Tour – 9 this week…all new.

Active sales this week…86
Pending sales this week…148

New  12
BOM (Back on Market)  3
Price change  4
Pending  15
Sold  19  remember all those pending listings a few weeks ago?  This is the result…
Withdrawn temporarily  2  check out the bad photo
Withdrawn/canceled   2

And for those of you who have curious minds….there are 45 Pending Sales Subject to Lender Approval in Alameda.   That’s part of the 148 pending sales this week.

ALAMEDA REAL ESTATE AWARDS…..this is only my perspective!
Winner
I loved this house. I took my bike out on Sunday…and went back twice.
Bang for the Buck
Cute, charming…  what do you think a house owned by a cupcake maker would be?
Get me to Rehab
I need a facelift!

That’s a wrap!  Carry on!  Make it work!  Come see me at Burgner on Sunday!

best, marilyn

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Marilyn

I arrived in Alameda in 1973, as a new bride...with husband Carl Schumacher, both of us from Newport Beach. He was embarking on his career as a Naval Architect (i.e. yacht designer) under Gary Mull. Please see the 'ABOUT ME' page in this website! www.MarilynSchumacher.com to see how it has all turned out! I'm so blessed!