19 RALSTON DRIVE IN MONTEREY

SOLD!

 $427,000


 

Short Sale opportunity in the desirable Casanova Oaks neighborhood. A flowing floor plan with an all original interior in fairly good condition but it wouldn't take too much to bring this home up to comparable values. Back yard backs to forest-like greenbelt and the Works Memorial Park. A Jack & Jill bathroom almost makes it two separate bathrooms with a nearly walk-in closet in the master bedroom. Laundry hook-ups in the 2 car garage.

Click HERE for a Comparable Market Analysis

Click HERE for Waco's Short Sale Made Easy Statement

Click HERE for the Preliminary Title Report

Click HERE for C.A.R. Disclosures Package (20 pages)

SUMMARY NOTES:  Two loans both with Wachovia and the word is out that they are easy to work with.  Seller is a good candidate for a short sale based on Wachovia's preliminary recommendations.  So we're hoping for a smooth and painless transaction.  Title and escrow have been opened with G. Wiles at Chicago Title in Monterey (831.375.2262).  Escrow # 52504737-GW.  

PROGRESS NOTES:  Lots of activity after only a few days on the market.  Seller will review any and all offers by no later than February the 12th.  Please email all offers to james@jamesfrangella.com and/or eFax to 831.887.3817 if necessary.  All preview appointments and open houses are subject to cancellation upon seller's acceptance of an offer.

February 9th, 2010 Tuesday @ 10:35am: Have been in contact with Wachovia's Short Sale Manager for Monterey County as of early this morning via email after emailing Waco's Fast Track Request Form.  The manager called at 10:30am to let me know that she will be ordering an in-house interior appraisal and that the appraiser should be contacting me shortly for access.  She is very professional and courteous.  She also let me know that she performed an online desktop appraisal and the value came in at $525,000.  "Yikes!", I exclaimed. "We're in trouble 'cause there's no way that's going to fly!"  "Yes, I know, and that is why we are ordering a full-blown appraisal", she replied.  "Whew", I gasped in relief as I wiped the sweat off my brow.  Nice to know that the banks don't pay too much attention to that zillow.com garbage either.  In the meantime, I have the hardship letter and authorization form ready to go and the ratified purchase agreement should be ready by this weekend.  I should be able to submit everything the short sale manager needs by Tuesday morning.

February 11th, 2010 Thursday @ 6:30am:  Just a quick market update to let everybody know that we have had tons of showings by agents and interested parties.  I had close to 20 individuals lined up at the front door on Saturday the 6th at 1pm ready to preview the property.  It has been nuts since.  Tenants will be moving out by this coming weekend and the house could be vacant and on lockbox by early next week (I hope?).  Should be easier to show and maybe generate back-up offers since we hope to have an accepted offer by Saturday morning.

February 12th, 2010 Friday @ 5:15pm:  We have received 8 offers as of this time.  Seller will review all offers by Saturday afternoon at around 3pm.

February 13th, 2010 Saturday @ 6:00am:  Offers have been valuated for the highest net to seller as per instructions from seller.  Seller will make her final decision by this morning but no later than this afternoon.  My suggestion is to accept the highest net and be ready to submit the ratified purchase agreement with the reflected HUD to Waco by no later than Tuesday morning.  I would also suggest that we put the two next highest offers in some kind of back-up position as I know from experience that the first buyer will bail for whatever reasons.  Please Note:  Property should be vacant and on lockbox by early next week.  Hoping our first buyer will perform all kinds of inspections early in the game so that once we do receive approval from Wachovia, there wouldn't be too many delays due to physical inspection contingencies.  Of course, it would be convenient if Waco also agrees with our purchase price!

February 13th, 2010 Saturday @ 2:45pm:  Seller has accepted the highest of the 8 offers received.  Should have a signed (ratified) purchase agreement by 6pm today.

February 16th, 2010 Tuesday @ 9:00am:  Signed purchase agreement delivered to title and now waiting for title to prepare the HUD statement prior to delivery to Wachovia's Short Sale Manager. 

February 17th, 2010 Wednesday @ 2:30pm:  Yippie!  Wachovia's appraiser called and we are scheduled for his visit at the property tomorrow Thursday at 10am.  Also have been in communication with the Short Sale Manager and she is in receipt of everything (sales contract, hardship and authorization letters and HUD) that we emailed to her this morning.

February 19th, 2010 Friday @ 6:00am:  WOW!!  Am I ever impressed with Wachovia's Short Sale department.  The manager emails confirmation of everything I sent and thanks me!  The appraiser's inspection was completed yesterday and I would imagine it would be submitted to Wachovia within a few days.  We should know shortly if their value matches our purchase price.  Keeping our fingers crossed and pray to God it does.  You see, God has a lot to do with short sales.  It's a God thing.

One more tid bit of news:  Tenants should be completely moved out by this weekend and lockbox will be on by Monday, I hope.

February 24th, 2010 Wednesday @ 11:30am:  Just received an email from the short sale manager and she is due to have the interior appraisal in her hands by sometime today.  She stated that she should have a decision by tomorrow.  By the way, house is still not quite vacant.  Tenants are still in possession.  Maybe a lockbox will be installed by this weekend or on the 1st of March. 

February 25th, 2010 Thursday @ 5:30pm:  No word from Wachovia's short sale department.  Maybe we'll hear something by tomorrow.

February 26th, 2010 Friday @ 10:00am:  Yippie!!  Just received the Letter of Approval, which means their appraisal matches our purchase price!  Forwarded copies to the title company and the seller.  There are a couple of provisions in the letter that don't quite make sense but we'll let Wachovia and the title company work it out among themselves.  Hope there are no glitches but we'll know more by early next week.

March 2nd, 2010 Tuesday @ 6:00am:  Unbelievable!  We're back on the market.  The first buyer has decided to move on.  So did the second and third highest offers.  As a matter of fact, all of the buyers who had written offers three weeks ago have moved on.  Let's see what the second round will bring us.  Our letter of approval from Wachovia is good until March the 30th, which is based on the price of the first offer we had at $425,000.  

March 2nd, 2010 Tuesday @6:00pm: New offer has been accepted.  Since the Letter of Approval is in hand, this buyer's clock starts ticking now.   Loan and physical inspection contingencies should be removed by March 19th.

March 4th, 2010 Thursday @ 11:00am:  Whaaaat?  Our second/accepted offer buyer walked??  I'm told the wife doesn't like the neighborhood??  Here I have the Letter of Approval in hand and no buyers ... usually it's the other way around; lots of buyers and no LOA!  Anybody wanna come up to the plate?

March 5th, 2010 Friday @ 6:00pm:  Food for thought:  Even though we have an approval at the previous purchase price of $425,000, it doesn't mean that there will be another offer at that price.  The market dictates market value.  So if a potential buyer feels the property is worth less after their agent has presented a comparable analysis, then so be it.  Remember now, it's up to Wachovia for the final decision.  In the meantime, my list price remains at $399,000 because that's what I think it should be ... today.  Tomorrow could be a different story. 

March 8th, 2010 Monday @ 2:00pm:  Our third round of offers and one has been accepted.  Physical inspection contingency to be removed by the 16th of March.  Hope to have a back-up offer.  Not sure yet.

March 9th, 2010 Tuesday @ 3:00pm:  Back-up offer in hand!  The buyer in place has already scheduled a professional home inspection this afternoon.  Am wondering how well this poor old house will withstand an investigative eye?  Time will soon tell.

March 15th, 2010 Monday @ 6:30am:  Buyer's physical inspection contingencies to be removed by the 17th at 8:00am.  Appraisal scheduled for Tuesday at 11:30am.  We're looking to have all contingenies removed by the 25th.

March 17th, 2010 Wednesday @ 6:00am:  Physical inspection contingency was removed yesterday at 5:45pm.  Onward to the financing removal contingency by next Thursday.  By the way, appraisal was postponed as the appraiser received an order from the buyer's lender (one of the big boys, too!) for the wrong address.  It's 19 Ralston Drive, not 14 Ralston Drive!  No wonder the banks are in so much trouble.  But that's OK 'cause they get free money (sort of) from our government.

March 19th, 2010 Friday @ 4:00pm:  Just received a call from the buyer's lender and the appraisal came in with flying colors!  The file is off to the underwriter for conditional approval and if we're really lucky, there will be no prior-to-doc conditions.  Maybe loan docs will be at title by the end of next week.  Should know more by Wednesday of the coming week.

March 26th, 2010 Friday @ 3:30pm:  We have prior-to-doc conditions.  Funny thing about the buyer's lender when they issued the buyer's preapproval letter back on March the 5th.  This lender stated that buyer's funds to close had been verified.  Surprise!  They are still in the process of verification.  And, of course, they are asking for an extension as it doesn't appear we will be closing on the 30th.  However, if we do close on the 7th, I'll send the buyer's lender a fresh bouquet of spring flowers.  Otherwise, they'll get wilted roses.

April 1st, 2010 Thursday @ 6:00am:  April Fool's Day!  Buyer's loan contingency has been removed and we're waiting for loan docs to be drawn.  Seller has signed off and now waiting on the buyer's lender.  Hoping to have loan docs at title by tomorrow.

April 2nd, 2010 Friday @ 3:30pm:  Buyer signs at title. By the way, loan docs were printed with the wrong address (14 Ralston Drive) but redrawn the same day with the correct address.  I guess they forgot to correct it back on the 17th of March.  I nod my head in disgust.  Just another proven fact why the banks are in so much trouble.  But hope to fund on Tuesday or Wednesday of the coming week.  Looking good so far.  Interesting note:  Of all the offers we have received from other agents and the two or three that were accepted and then walked, not one could stick.  Except for the offer I wrote in where I represented the buyer and seller.  That one stuck!

April 7th, 2010 Wednesday @ 5:30am:  SOLD!  I take back everything (sort of) I said about the buyer's lender!  They pulled it off.  We funded the loan yesterday and on record today.  My gratitude and personal thanks are extended to everybody involved (the buyer, the buyer's lender and the title company) and especially to Sandra Villalpando at Wachovia's Short Sale Department.  If all the bank's could take lessons from them, we would all be so happy.  Maybe the banks wouldn't have to "borrow" so much money from TARP.  

Contact James Frangella at 831.521.2099 or email with any questions
California Department of Real Estate License # 01062212