THE SECOND STORY | June 18th, 2020

Pre-qual, Pre-approved, HOAs & repairs….

What’s the difference between being pre-qualified for a loan or pre-approved for a loan? What’s the difference between a Mortgage Broker and just walking into your bank?

Pre-approved means the lender has run the numbers: your bank account balance, your investment portfolio (you get that from your financial advisor not the lender), whether you’re getting a gift of cash from a relative. That way you’re prepared to make an offer once you find something that fits your budget.

A Mortgage Broker has relationships with a lot of lenders, not just 1 bank.

And be sure to find out if the property has an HOA (homeowners association).  There are some very good HOA’s out there. And there are some with terrible reputations i.e. they ignore repairs and then assess you megabucks once they get threatened by their insurance company that they’ll drop the HOA.

Some HOA’s have board members that are looking out for themselves. They don’t give all (or any) of the homeowners updated minutes, financial statements, or an overview of bids for repairs and/or replacements for the near future or for estimates of items that are further into the future.

You may need to be a bit overbearing with the HOA…because you need the info now so you won’t be surprised when the fees are raised, or surprise renovations are required. And do not be shocked if you’re elected to the Board. The board needs strong folks, but also kind folks to be able to reason with the other homeowners.


AC (active contingent on selling another property)

PCH (price change)

PSB (pending sale, want backups)


Active 43 including 2 PCH , 2 AC, 1 BOM

Days on market:

High 20, Low 0, Avg 10, Median 12

Pending 13, including 1 PSB

High 20, Low 10, Avg 10, Median 12

Sold 11

High 20, Low 10, Avg 10, Median 12

We’re done! That’s a wrap! 221 Central received 5 offers today and it’s now pending.

I’ve had several folks call me this week, regarding financing, the market, and what they might consider doing to their property.   Always interesting and fascinating!

Have a great weekend! Wear a mask, and keep 6 feet between you and others! It’s a bit crazy at the beach…too many folks, too close together. argh.


Best, marilyn

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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! to see how it has all turned out! I'm so blessed!