934 ANGELUS WAY, DEL REY OAKS
MLS #80843493

CLICK HERE for copy of MLS Print-Out

TITLE & ESCROW #: 52503244-GW

Chicago Title Company Monterey Branch
250 Bonifacio Place
Monterey, CA 93940
831.375.2262
831.646.1421 fax

Gerry Wiles, Escrow Officer
Gerry.Wiles@CTT.com
Lynn Pace, Assistant to Gerry Wiles
Lynn.Pace@CTT.com

CLICK HERE for copy of Preliminary Title Report

DISCLOSURES & REPORTS

CLICK HERE for Listing Agent's Quick CMA Report

CLICK HERE for California Association of REALTORS Disclosures
CLICK HERE for Local Area/State Required Disclosures & Receipt of Disclosure Pamphlets
CLICK HERE for Natural Hazard Disclosure Report by Disclosure Source

CLICK HERE for Copies of a Soil Report, Estimate for Foundation Repair & Letter to the City (provided by Seller)

PROGRESS NOTES:

11/03/2008 Monday @ 11:30am: Called WF Short Sale Department (holder of the First Loan) to obtain correct phone and fax numbers for their department.   Faxed the Permission Authorization signed by Seller.

11/05/2008 Wednesday @ 10:00am: Called the holder of the First to confirm receipt of the Permission Authorization.  They are in receipt and I am in the system.  Also obtained the list of required documents (tax returns, bank statements, hardship letter, etc.) for processing.  They are requesting that we include a ratified purchase agreement along with the submission of the required documents for the short sale process.

11/07/2008 Friday @ 9:30am: Called the holder of the Second to obtain correct phone and fax numbers for their short sale department.  Was informed that a ratified purchase agreement will be needed along with seller's financial information to begin the process.  I faxed the Permission Authorization.

PLEASE NOTE:  The First is with WF Mortgage and the Second is with WF Bank.  Even though they are under the same umbrella, they are two different entities.  I wonder how cooperative they will be with each other.

11/08/2008 Saturday @ 2:00pm: Received an offer and it will be presented to seller either on Sunday the 9th or Monday the 10th.

11/11/2008 Tuesday @ 3:00pm: Seller has signed the offer and we are in acceptance.  Tomorrow morning we start the Short Sale process. 

11/11/2008 Tuesday @ 3:30pm: Called the Second to confirm receipt of the Permission Authorization that I faxed on Friday the 7th.  It's a holiday (Veteran's Day) but they are working.  And I'm in the system!  I'm now ready to move forward with the required documents for both the First and Second. 

11/13/2008 Thursday @ 2:00pm: The next few hours have been spent organizing and preparing the financial statements, tax returns, purchase agreements, etc. and faxing to the First's and Second's Loss Mitigation Departments.  Since I need to wait 48 hours after faxing documents, I will call first thing Monday morning to confirm that they have received everything.

11/20/2008 Thursday @ 9:00am: Everything so far is moving along. On Tuesday the 18th, I confirmed receipt of the required documents from both the First and Second.  We are in their systems.  The First appears to have it really together.  They have assigned a negotiator to the file and have ordered a BPO.  The Second tells me that it will take 7 or 10 business days to process the required documents.

11/21/2008 Friday @ 9:00am: Received a call from one of our local agents who has been ordered to perform a BPO.  I am really glad to know its one of our better-respected agents on the Peninsula and is real familiar with the area.  She also knows the comparables as this will be real important.  She will be at the property today so I know the completed BPO should be in the hands of the negotiator by next week.  Then the 4 to 5 week wait period for processing begins.

11/24/2008 Monday @ 5:30pm: Received a call from the WFM short sale department to let me know that the BPO is in their hands and that the negotiator will be reviewing our file sometime early next week.  Of course, I ask what price the value came in at but I know she won't tell me.  But she did say I would know whether our offer would be acceptable within days.  I'm really impressed after receiving this call.  They actually call me to keep me informed!  Wow!

12/3/2008 Wednesday @ 2:00pm: Received an email from the negotiator at WFM to inform me that the BPO they received reveals a FMV (Fair Market Value) of something in the low $500,000 range.  Oooops!  I'm listed at $499,000!  Looks as if I will be back on the market at a higher price to salvage this short sale unless the buyers now in place come up in their price.  It will be interesting to see if there are any other buyers out there that will agree with the bank's FMV.

12/4/2008 Thursday @ 4:00pm: Our present buyers do not want to come up in price to WFM's FMV so we are back on the market reflecting WFM's new value of $539,000.  I now know what the BPO came in at.

12/5/2008 Friday @ 6:00am: MLS information has been updated.

12/12/2008 Friday @ 5:00pm: Received a call from WFM's short sale department to inform me that they are ordering a full-blown appraisal and that the appraiser will be calling me for access to the property.  I tell them that I'm glad to hear that as I do not agree with their BPO value at all.  I was getting more action when we had it listed at $499,000.  Most buyers and their agents will realize that it will take quite a bit of money to remodel and upgrade the existing dwelling not to mention correcting some of the property's structutal deficiencies.  In light of the current market (my opinion, of course), we decide to lower the price back to $499,000.

12/15/2008 Monday @ 8:00am: Received a call from an appraiser from Watsonsville who was ordered to perform an appraisal.  He'll be at the property today for an interior inspection. We chat a bit about what I know about the property's condition.  It will be interesting to know what he thinks it will cost to correct the deficiencies.  As of today, no offers.