Wednesday, December 30, 2009

Good news or Setback?

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Received word today that the Seller received a letter stating that his mortgage/file was being transferred to another bank effective January 1st. 

The bank that has it now and the bank it is being transferred to, are both institutions that tend to buy these types of mortgages.  They are like collection agencies, they purchase up these mortgages that are going south and if they clear them off the books they get a percentage of the sale.  Everyone is making a buck somewhere.

Not sure at this point if this is good or bad.  Any way you look at it, this should delay things a little bit.  The potential good is that the Seller was able to talk to someone live at the current bank and will do so again tomorrow.  Apparently they are trying to see if they can push through the approval prior to the transfer this weekend.  If they can do that, then the new holding bank should honor the approval and we move forward.  But no one seems to know for sure and we'll have to wait and see.

The bad outcome would be that we would essentially have to start over, the Seller would have to submit the hardship packet to the new bank and go through their approval process.

Hopefully we get some word, one way or another, tomorrow.  Otherwise, it's what we've been prepared for but don't want more...waiting!

Monday, December 28, 2009

This is what we want to see....SOON!

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Chris and I stopped by the Realtors office on the way home from Georgetown today, and we saw these in the office.  We told him we wanted to see these in front of the house...soon!





Thursday, December 24, 2009

No big news for Christmas :-(

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Hoping we'll hear some news next week. Would have made for a special
Christmas, but it will come.

We'll be seeing Dad on our way up to Georgetown on Saturday. We'll be
hanging out up there for two nights!

Monday, December 21, 2009

Progress?! I want to be optimistic!

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We heard from the Realtor today, he's been speaking with the negotiator who said that they could have an approval this week.  Now, it is a holiday week, so I'm not getting too excited, but maybe we'll have an approval before year end, or right after the New Year?

What would happen then?  Well, if it's a full approval and the amount they come back with works for us, that would mean we go into ESCROW!  Escrow is expected to be 30 days, then we own the house!  Fingers crossed.

Sunday, December 20, 2009

I guess our house showed well today....

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The people that came and viewed the house would be interested in putting an offer in on it, if we were able to take one.  They live in Mountain View, would need to do a contingent sale, but our Realtor thinks their house would sell in a couple weeks, it's a pretty fast moving area. 
So, if for some reason, they have not found something by the time the Georgetown place sells to us, then we could have a buyer!  Pretty cool, but a long shot still....

Man, come-on Georgetown!  Need to get the bank moving on this thing. 

Burchell house being shown today...strange!

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Our Realtor has someone who may be interested in our property....scary!  She is showing the house to them today, we'll see how it goes.  Of course, we can't sell our house until we close escrow on the other property, so it's a little strange, but we need to see if there is interest out there.  It is a long shot, but if there is a buyer out there that is interested and wants to put in a contingent offer on our place (so once we close escrow) then we would do that.  It will be interesting though just to see what someone that is shopping has to say about the place.

Saturday, December 19, 2009

No new news and no snow :-(

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We are still waiting on any news on the property, nothing yet. We were
up in Grass Valley yesterday for the Cornish Christmas Fair so this
morning we decided to drive to Georgetown, have breakfast and peek at
the property (yes, we're anxious!).

All the snow is of course gone. There are shots below (iPhone cam)
looking south from the top of the property and a shot of the gate to
the house and the gate to the stables.

We're going back up to Georgetown next weekend to stay two nights and
hang around town. Maybe we'll hear something for Christmas!

Thursday, December 17, 2009

Formal Loan Confirmation...yea!

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Received our formal loan confirmation from Wells Fargo today (previously it was informal I guess!).  So that paperwork should be in order at this point.  We are working with another loan person too, just to have multiple ways to cover this just in case!  Trying to make sure we have all bets covered before any escrow happens.  Now, if we can just get some sort of word back from the negotiator!   30 year fixed a 4.875%, although the rate isn't locked until we get inot some sort of escrow....

Sunday, December 13, 2009

A little format change and some web links

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I've changed the "design" a little of the blog, thought I'd try something a little different...comments always welcome.

As part of this, I also added a "links" section over to the right.  I've been pulling together a variety of links having to do with Georgetown so I thought I would put them in one location...

Thursday, December 10, 2009

Sounds like even more snow is expected with this storm!

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More reports from a good blog up in the Georgetown area, seems like the snow from the last storm is still on the ground and more snow is expected this weekend, too bad we're missing it all!

More Snow for the Divide tonight? - The Georgetown Divide Blog

Tuesday, December 8, 2009

Main Street in the snow....

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Here's a photo of Main Street in the snow from this storm!  You can read some details from the blog I pulled this from, Life on the Divide


Lots of snow with this storm!

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I saw a posting on Facebook from the Jeep Jamboree headquarters which is located 2.7 miles away from the house we are looking at in Georgetown, CA.  The message they posted was that they just had the power turned back on, apparently the snow storm was pretty good there.  It seems they received 14" of snow in that storm!  Yikes, that's going to take some getting used to!


My understanding is that this is an "unusual" amount of snow.....

Monday, December 7, 2009

The house in Georgetown

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Here's a link to the property in Georgetown, the information posted by the listing agent.
http://www.hopemtn.com/default.aspx


What is MountainEars Farms?

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Well, probably getting ahead of ourselves, but we had talked a little about if we would move our "farm" name if we ended up moving.  The answer was, if we came up with something good, then we would....

Well, when we were coming back from Georgetown a few weeks ago some "fun" car chatting was brainstorming various farm names.  Since we have donkeys and have been talking about a mule, these are all known as Long Ears (besides donkeys and mules).  Started playing with different things that had Mountain and Ears in them....and we came up with our own spelling of Mountaineers.  Being Gold Country, there is a long history of mules and donkeys up in that area so it all seemed to make sense.

So, MountainEarsFarms.com is it....assuming the deal goes through!  Of course, don't try to go to mountainears.com or you'll end up at the Appalachian Hearing Aid company and god knows what they'll put in your ears!

Some things we've learned about short sales

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Just a few things, thinking back over the last month, that we've learned about short sales;

  • They can take a long time!  Patience is very important.  For us, we're lucky, we're in a house now and we can wait.  But it does not make it any easier.
  • If an offer has already been made and accepted by the buyer, move on to the next property.  An accepted offer is supposed to have the first chance at purchase.
  • If there is a second mortgage/equity line on the property, that lender has an opportunity to weigh in on the whole deal.  The first note holder will likely try to influence them to play along, but they don't have to.  
  • Just because you are in escrow, it does not mean that this is a done deal.  I've heard stories of people breaking escrow because another arm of the bank decided it was time to foreclose.
  • You cannot make a contingent offer on a short sale (thankfully we did not need to)
  • We've heard that if it appraises for less than your offer, then it is possible that the bank could come back with an amount less than your offer.
  • You can still have inspections done on the house you are trying to buy, but it is an as-is sale, so there is no obligation for them to resolve issues.  However, you do not lose your right to exit the deal based on issues in the inspections, so it is well worth the investment to do inspections.
  • There is really no cost to put an offer on a place, you do not put up money until you get into escrow.  This gives you time to work out financing and other details.  Of course, you will need to show that you have financing, so there could be some charges with your bank to get a commit letter.
  • Lots of rules now when trying to purchase a second home....can do a whole other post just on that.  The short of this though is that a few bad people have damaged this process for others.  It makes qualifying more difficult, but not impossible...if you have your finances in order and some good solid down payment funds.

Scary, our house is now listed for sale (not on MLS yet)

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The link below will take you to one of the web listings of our home in Gilroy. The listing is not published in the listing services at this point, it is by appointment only. We're trying to get some early traffic on the place, even though we aren't quite ready to sell. Although if someone came along and wanted to go into a reverse contingent sale with us...we'd certainly listen!

9110 Burchell Road, Gilroy, CA | Powered by Postlets


About this blog...getting you current...

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This first post will be a little long, after this "getting you current" posting we'll try to just update the current status of this transaction with some short, regular postings.

While traveling to Yosemite in early November 2009, my wife and I did some browsing of properties on the web like we usually do when we travel.  We currently live in Gilroy, CA on a small (3 acre) hobby farm, we have always talked about moving to a larger property some day, something in the mountains, a little more rural.  The problem is that we never really found that perfect spot and we haven't really been looking that hard.

Well, while on this trip we came across a property in Gold Country, specifically Georgetown, CA.  It was so interesting in what it had to offer that we decided to drive from Yosemite to see the place the next day.  Lucky for us, the Realtor was able to meet with us and show us the place so quickly.

Once we made it to the location, we knew that the place had pretty much what we were looking for and we wanted to do what we could to try and make a deal happen.  As it turns out, the property is a Short Sale which was something very new to us, so we had a lot of learning to do.

What we discovered that day was that this place had been on the market for almost two years without a single offer.  The price was continually dropped over that two year period and it had just been dropped the week before we were up there.  The price that was listed is (as we learned) not necessarily what the bank would take to sell the house.  Apparently, until there is one offer in on the property, no one really knows.

We felt that being the first people to actually make an offer would hopefully put us in a good position, our understanding is that we may have first right of refusal on what the bank comes back with based on our offer.  So our intent was to get an offer in quickly before anyone else did.

We are working with the listing agency in order to protect our interests with this property and hopefully keep the fees down as well.  We went home and immediately worked with our bank to secure a financing commitment so we could at least get the offer in.

By the following Wednesday, we had a Seller accepted offer in place for this home and now we are in the waiting game with the bank.  The waiting game actually works well for us since it gives us more time to pull together solid financing and plan for a sale of our property (of course, we would only sell once the other property closed).  Current time line is that we will not hear anything back from the bank until mid-to-late December at the very earliest, and even with that we don't know what type of information we would hear.

We have secured a Realtor here in Gilroy who will be listing our house when the time is right.  Horrible time of year to sell, again, good for us that the Short Sale takes its time!  But she has listed our home on a few websites, I'll provide links to those here in future postings.