River Front Real Estate

The City of West Sacramento is moving closer to having a big hotel on its riverfront.

The City Council, acting as the West Sacramento Finance Authority, on Wednesday authorized the purchase of 4.6 acres of land for nearly $9.6 million from Raley’s.

The land is between the 11-story, ziggurat-shaped office building built by the Money Store and the Tower Bridge.

“We will have a tremendous view of the whole Sacramento skyline,” said Tina Gontarski, community development director.

The Finance Authority, a joint powers body of the city and the West Sacramento Redevelopment Agency, also gave the go-ahead to execute a loan agreement with Consus Asset Management, a South Korean real estate investment trust.

The agreement would be for $12 million for site acquisition and the design of the hotel.

“This is a very big step,” said Paul Blumberg, project manager for the city.

A development plan calls for the Finance Authority to own the hotel. It would be managed by a not-yet-named hotel operator.

Blumberg said the purchase of the land includes the Raley’s boat dock. Construction of the hotel is scheduled to begin in mid-2011 with opening in early 2013.

By the end of the year, the city hopes to complete the conceptual design of the hotel. Bonds would be issued by the end of the year.

The 300-room hotel is planned to have 15,000-square-feet of meeting space. The hotel, with a high end restaurant, could be as tall as 16 stories.

The authority has been pursuing a high-rise hotel at the site north of the Tower Bridge since 2007. An earlier partner with the city in the proposed hotel endeavor ceased involvement in the project when the firm’s purchase option ran out.

A city report, in part, blames the recession in the hospitality industry for that effort not going forward.

Earlier this year, Parkcrest Development presented the Finance Authority with the proposal that includes Consus Asset Management’s involvement.

Read more: http://www.sacbee.com/2010/08/19/2970315/west-sacramento-oks-land-buy-for.html#ixzz0xZ3VvGep

This is an article published by the Sac Bee. Yolo residents are very excited about the development of the West Sacramento water front.

After selling your house as a short sale, you can still obtain another mortgage. However, there are some certain conditions that are needed and will require you some hard work to renew your credit score and get another mortgage. Before applying for a new home loan, you must review what lead to your short sale to prevent from experiencing another short sale again. You might need to review your financial income and assess yourself if you’re already able to avail another mortgage.

As soon as the lender gets hold of a foreclosure deficiency judgment against you, they can immediately act to implement the judgment. This will be implemented by garnishing your work, halt your bank accounts or worst, they can take away your other personal property. However, you have few options when it comes to mortgage deficiency if the lender is authorized to obtain a foreclosure deficiency judgment. First option would be bankruptcy. You can opt to file for bankruptcy protection to protect yourself and your property. On the contrary, it usually requires an attorney who may cost you a lot compare to the restitution for your debt. Moreover, your credit is damaged for an additional three years because a foreclosure only remains on your credit history for seven years but a bankruptcy will last for ten years. For you to avoid this kind of dilemma, you have to take care of the problem before it becomes worst.

Talking about dealing with a mortgage deficiency through a foreclosure or a short sale, you must discuss with the lender the amount of foreclosure deficiency judgment. You can choose to use a firm that is experienced in dealing with foreclosure deficiency judgment and negotiation processes for you to obtain a better settlement rather than attempting to do this on your own. You must never ignore a foreclosure deficiency judgment because before you know it, you will be facing a bigger problem. The finest way to deal with this problem is to be proactive. Get help from an experienced firm that will be able to negotiate on your behalf and obtain the best settlement possible and go on with your life happily without having to continue to pay for the debt for years to come.

Your Personal Invite!

Cute Condo for Sale in South Lake Tahoe listed for only 205,000! 2 Bedrooms 1.5 Bath walking distance to casinos and Heavenly Ski Resort. Call me today to take a look at this property!! Home is waiting for someone who likes to play!

Here are the pictures from yesterday’s trip to our 2nd REO on Sea Cliff – “Cash for Keys”, changing locks, checking for damage, taking lots of photos (and video), etc.

Helped Angel submit the BPO this morning electronically (BPO = Broker Price Opinion, like a mini appraisal). We’ve been working on that thing since late last night. Gotta respond to banks quickly to keep getting more REO listings. (REO = Real Estate Owned, means the bank foreclosed on the home and now owns the asset and putting it up for sale with us.)

Note, many of those close-up pictures of things wrong with the property are there for the purposes of reporting to the bank (update: I moved those photos into their own set). We filled out all 31 picture slots on that BPO via RES.net. I think they will like the level of detail.

And there are a lot of good shots of Angel Lynn doing her real estate thing out in the field. Will be saving some of them for future use: marketing, etc.

Update: Here is a Google Map link: 9645 Sea Cliff Way, Elk Grove, 95758.

Here are the raw short sale negotiation notes/transcript from our internal system on 1114 Kay Cir, Turlock, California (near Modesto, yes we go outside Sacramento sometimes).

As you can see negotiating short sales is definitely not a walk in a park… more like climbing up a steep cliff. But we love the challenge of rescuing overleveraged homeowners (and banks!)

Friday, April 10 Note by Angela O.

I spoke with the Jessica in the Short Sale dept at WAMU / Chase today and she said this file does not show as being assigned to Rodney. I faxed her the email correspondence I had with Rodney last week where he asked me to fax him the HUD and purchase contract. She told me to call back on Monday for more information. She did not yet confirm if we could get the auction date postponed. [...]

Email from Angela O. to Rodney on Thu Apr 9

Hello Rodney,

Please see attached offer and HUD for the purchase of 1114 Kay Circle. Please also see the addendum showing the buyers will pay for the judgments on title. Please let me know if you need anything else. Also this property is set to go to auction on April 21st. Is there anyway you can get the date postponed so we can proceed with the short sale?

Thank you,
Angela O’Neil

—–Original Message—–
From: Rodney
Sent: Tuesday, March 17, 2009 4:58 PM
To: Angela O’Neil
Subject: RE: 1114 Kay Circle

Sure.

—–Original Message—–
From: Angela O’Neil
Sent: Tuesday, March 17, 2009 4:57 PM
To: Rodney
Subject: RE: 1114 Kay Circle

Hello Rodney,

Would you allow the buyers to come in with additional funds to pay for the judgments on title?

Thank you,
Angela O’Neil

—–Original Message—–
From: Rodney
Sent: Tuesday, March 17, 2009 3:56 PM
To: Angela O’Neil
Subject: RE: 1114 Kay Circle

Unfortunately, the bank will not pay it.

—–Original Message—–
From: Angela O’Neil
Sent: Tuesday, March 17, 2009 3:55 PM
To: Rodney
Subject: 1114 Kay Circle

Hello Rodney,

We recently faxed you a revised HUD showing two judgments on title with a combined amount of approximately $10K. Can you please let me know if these contractor’s liens will be able to be paid in the Short Sale?

Thank you,

Angela O’Neil
West Coast Realty Group
2830 I Street, Suite 203
Sacramento, CA 95816

Tuesday, April 7 Note by CK.

Some agent called, said, [...] there are holes in the walls and evidence of a break-in [doesn't seem right, need to drive out there and investigate]

Tuesday, April 7 Note by Angela O.

I received an email from negotiator, he said once I have offer to email him the following:

1. Purchase Contract
2. Listing Agreement
3. Loan Approval for Buyer
4. Hardship Letter
5. Financial Worksheet
6. Estimated HUD

I am just waiting for offer

Monday, April 6 Note by Angela O.

I just received a call from a buyer agent; he is going to be faxing over an offer with an addendum for an additional 10K at close to cover judgements for his buyer. I will forward this to the bank as soon as I receive it.

Thursday, April 2 Task completed by Angela O.

[done] Pls update notes with latest status. I took a call from seller. See my latest note, thnx!

Thursday, April 2 Note by Angela O.

I received a call from a buyer agent regarding his clients offer. I explained the situation regarding the judgments on title. he is going to contact his clients to see if they want to lower their offer and do an addendum to bring in 10k at close to cover the judgments.

Thursday, April 2 Task completed by Angela O.

[done] talk to Angel about offers & bank

Thursday, April 2 Note by CK.

Just lowered by 20K to 169 and changed status to Short Sale. We really want an offer on this so we may stop the auction.

Thursday, April 2 Note by CK.

[Seller] called, her cousin called her this morning saying there is a Notice of Trustee Sale with a foreclosure auction date of April 21st. She was concerned about leans on the properties and being able to walk away free and clear. She is also concerned that there has been many showings but still no offers. (I thought there IS an offer?). [...]

Tuesday, March 31 Note by Angela O.

We have an offer that was received on 01/28/09. I sent him an email on 03/20 to see if his clients could bring in an additional 10k at closing to cover the two judgements on title. I have not heard back from him so I left him a follow up v/m today to see if his clients were still interested in the property.

Thursday, March 12 Note by Angel L.

Called and left a message to Rodney the negotiator regarding the two judgments also sending an email. Hope for some direction both lien holder are not negotiating.

The 5 Mistakes Are:

1. Stop Paying Without a Plan — depending on the bank you can actually start a loan workout / modification or a short sale without stopping your payments! Other times you may need to stop paying to get their attention (or because you simply don’t have money!) Angel will never tell you to stop making your payments without making sure you understand the consequences.

I think this turned out to be a pretty nice first video with some valuable tips… what do you think?