Brentwood Press - Index

Brentwood Press - OakleyPress_08.15.08 - Index

6A | THEPRESS.NET COMMUNITY AUGUST 15, 2008
Bank-owned, Trustee Sales,
Foreclosures, REOs, Short Sales. We hear
these terms all the time nowadays. Do
they all mean the same thing? No, they do
not. Let’s go through them in chronological
order, using an example.
Bob Smith owns a home. His lender
is Main Street Bank. Bob loses his job
and stops making his payment. After
a few months, Main Street Bank files a
Notice of Default against the property.
This would be called the start of the official
Foreclosure process. Bob may list his
home with an agent and try to do a Short
Sale. At this point, Bob still owns the
home, and Main Street is still the lender.
Bob is still in control of the home.
Bob can’t sell, and can’t pay, so eventually
it winds up as a Trustee Sale. The
property is sold to the highest bidder on
the court house steps and all loans are
wiped off the property. What usually happens
is the lender is one of the bidders
and bids what is owed on the property
BRENTWOOD PRESS
& PUBLISHING
CORPORATION
National Award Winning Newspapers
A Member of the California Newspaper Publishers Association
& The National Newspaper Association
The Antioch Press, Brentwood Press,
Discovery Bay Press, Oakley Press and Pittsburg Press
are newspapers of general circulation.
The Brentwood Press has been adjudicated as a newspaper of
general circulation for the City of Brentwood, Delta Judicial District,
County of Contra Costa on Sept. 25, 2002 (N02-1273) and is published
at 248 Oak Street, Brentwood, Ca. The Oakley Press has
been adjudicated as a newspaper of general circulation for the City
of Oakley, Delta Judicial District, County of Contra Costa on June
2, 2003 (N03-0477) and is published at 3805 Main Street, Oakley,
Ca. The Antioch Press was adjudicated as a newspaper of general
circulation for the City of Antioch and County of Contra Costa by the
Contra Costa Superior Court on November 28, 2006 (MSN06-1617)
and is published at 909 H Street, Antioch, Ca.
No part of this publication may be reproduced for commerce or
trade without written permission from the publisher.
Brentwood / Discovery Bay Offices
248 Oak St. Brentwood, CA 94513
Phone (925) 634-1441 Fax (925) 634-1975
ARE ALL FORECLOSURES THE SAME?
(they can bid less) to make sure someone
doesn’t buy the home for $1. If someone
else shows up and bids more, they buy it.
Otherwise Main Street Bank is buying the
property from Bob Smith.
Once Main Street owns the property,
they will enlist the help of a local real
estate agent to prep the home for sale,
then put it on the MLS for sale. At this
point, it is called a bank-owned, or REO
listing. REO stands for real estate owned.
So there are three opportunities for
buyers to buy this property in the above
scenario: 1. Short Sale. 2. Trustee Sale.
3. Bank-owned. Each of these three situations
are very unique, and represent
different positives and negatives for the
buyer.
If you have questions on this or any
other real estate topic, call me at (925)
240-MOVE (6683). To search the MLS for
free and view virtual tours of homes for
sale, go to: www.SharpHomesOnline.com.
Sharp Realty
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Editor & Publisher - Jimmy Chamoures
Associate Publisher / Advertising Director - Greg Robinson
Executive Editor/ Web Editor - Rick Lemyre
Production Manager - Lonnie de Lambert
Business Manager - Heather Reid
Associate Editor / Staff Writers
Dave Roberts Ruth Roberts
Sports Editor - Avi Burk
Copy Editor - Ger Erickson
Advertising Services Supervisor
Amber Moss
Advertising Sales Supervisor - Michele Aguilar
ADVERTISING
For all newspapers call (925) 634-1441, ext. 115
NEWS/CALENDAR/LETTERS
Deadline: Noon the Friday before publication.
Brentwood Press, Discovery Bay Press
(925) 634-1441, ext. 111
Oakley Press (925) 679-1441, ext. 205
Antioch Press (925) 754-1445
Antioch Office
909 H St. Antioch, CA 94509
Phone (925) 754-1445 Fax (925) 634-1975
Vein glorious event
STAFF
Advertising Services
Sharon Finerty Tamara LaValley
Classified Advertising Representatives
Rebecca Porterfield Sue Hanson
Advertising Sales Representatives
Charlene Cameron Fred Ginsler Vinca Niccum
Sonia Beasley Brynn Althar Brandi Dymond
Contributing Writers / Stringers
Ray Carter Minotte Cuenca John VanLandingham
Kyle Szymanski Nate Smith
Columnists
Vicki McKenna Carolyn Dodds
HOW TO REACH US
CLASSIFIED/LEGALS
Deadline: noon Monday the week of publication.
Brentwood Press, Discovery Bay Press &
Byron Press (925) 634-1441, ext. 122
Oakley Press, Bethel Island Press &
Knightsen Press (925) 679-1441
Antioch Press (925) 754-1445
Oakley / Bethel Island Offices
3805 Main St. Oakley, CA 94561
Phone (925) 679-1441 Fax (925) 679-1199
Photo by Richard Wisdom
Marston and Lynda Meyers, above, opened up their hearts
– and their veins – for a good cause during the recent Red
Cross blood drive held at the Delta Community Presbyterian
Church in Discovery Bay. The American Red Cross serves more than
3,000 hospitals nationwide, including local hospitals such as Sutter
Delta, John Muir, and Children’s Hospital in Oakland.
Photographers
Richard Wisdom Beth Witrogen McLeod
Proofreader - Samie Hartley
Digital / Prepress Technician - Teri Fitzhugh
Graphic Artists
Carol Laird Anne Ray Jac Carter
Marcia Kasuba Yvette Tipton
Accounts Receivable - Michelle Williams
Information Technology / Network Engineer / Web Press
SilWeb Corporation
Kyle O’Leary
Receptionist Brentwood Press - Dorraine Hulsey
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E-MAIL Advertising: ads@brentwoodpress.com
Editorial: Antioch, Oakley, Pittsburg:
droberts@brentwoodpress.com
Discovery Bay: rroberts@brentwoodpress.com
Brentwood: rick@brentwoodpress.com
Brentwood Press & Publishing Corporation
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