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Legal: Real Estate Law Article Category by christina mary
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Legal: Real Estate Law Article Category |
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Business
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Evelyn and Howard are the only two remaining of five brothers and sisters which were raised on a small farm in Missouri then relocated to California and Oregon in the 1940s. It had been several years since the two had spent time together. The airplane to Boise ID went very smoothly because Evelyn's Travel Companion had reserved an easy connection and had scheduled priority boarding and a wheel chair for each flight segment. Evelyn's Travel Companion Pam took care of the checked baggage and arranged for transportation from Boise airport to John Day OR, about a 3 hour ride. Once checked into their hotel in John Day, Pam and Evelyn went to the ranch to reunite with Howard. Ron, Gary, Brian, and Donna had also joined in the gathering. Howard and Evelyn were so excited to see each other and they lost no time in catching up. Donna, Pam and Ron cooked dinner “Missouri” style setting the stage for hours of conversation about the old days. During the next three days and nights, Evelyn and Howard reminisced for hours, never running out of stories. They reminisced, fished in the pond (Evelyn caught fish for dinner), paged at the scrap books, sang at Howard’s birthday party and just enjoyed the time together. Pam, Evelyn’s Travel Companion not only assisted the entire the way making the trip possible, but continually put forth the extra effort insuring that Evelyn was well taken care of and cared for. Aside from the personal travel, Pam helped with meal preparation, baited fish hooks for fishing, helped organize family albums and helped tape pictures. Pam shared a room with Evelyn in the inn to be certain she was very well cared for and secure. Starting the flight home the flight for home, Evelyn and her travel companion Pam, boarded a flight to oakland homes CA to connect to Burbank CA. The usual wheelchair and priority boarding were arranged and the boarding went very well. After 30 minutes in flight, the pilot announced that there was a warning light in the flight deck and we needed to return to Boise to have it fixed. When it was discovered that the delay would be long, the gate agents had all of us to get off and wait for another aircraft. Evelyn was assisted from the aircraft and the circumstances explained to her. The Travel Companion handled everything; explaining the circumstances to Evelyn, re-booking the connection to Oakland, assuring priority boarding once more, and providing food and drinks. Thankfully the flights home were uneventful and went smoothly. As a real estate agent working in the Oakland/East Bay area, it's been truly amazing to witness the changes in the market over the past five years. From the bubble to the mortgage meltdown, the journey has been interesting indeed. It's safe to say that even if you have been in oakland real estate for 30 years, you likely know about the same as a newer agent. The reason is because of the dramatic shift in how the market operates due to the "mortgage meltdown". When I started in real estate in 2004, I hadn't heard the term "short sale" and I knew what foreclosure was but I saw very few examples of people getting foreclosed on. Fast forward to 2011, and literally two out of every three sales in Oakland is a short sale or a bank owned foreclosure. Sellers who have equity are forced to compete with the relatively low asking prices of short sales and foreclosures which is causing many with equity in their real estate to wait it out in hopes of a better market. Another reason why things have changed is technology. It used to be that all listings were in a huge book that agents literally had to thumb through in order to search for listings. Today anyone can go a google search and look at the same listings that us Realtors have access to, with detailed neighborhood and mapping info. The consumer has more access than ever before, however with all the complexities involved with purchasing distressed real estate the services of a competent Realtor are more important than ever. Navigating a short sale or foreclosure is an entirely different ball game compared to a traditional sale. This is more true for short sales than foreclosures, as short sales are an entirely different animal compared to any other type of sale. The mindset of a short seller is much different since there is no profit involved with the sale. This means that the asking price is often significantly under market value, because the agent needs to get offers in quickly in order to get the process of lender approval started. Typically if you see a house listed at certain price and there are no other offers on the table, then you can get that property at or below the current asking price..this is logical. However for a prospective buyer of a short sale, this is not the case. Since a short sale is dependent on lender approval, the asking price means nothing at all if the short sale lender(s) don't agree to it. So you can have a scenario where you make a full price offer on a home with no other offers and you may or may not actually be able to purchase it! This is just counterintuitive, and it's on us real estate professionals to help educate our clients and the public about these types of differences. I would say that out of all the changes that have happened, this is the most significant and is the reason why short sales can take so long to get done.
Related Articles -
oakland, real, estate,
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