Foreclosure in 91360>Question Details

Sabine, Home Buyer in Malibu, CA

Well, I called the listing agent this am. The REO was originally listed at $469... they had offers

Asked by Sabine, Malibu, CA Mon May 12, 2008

signifcantly higher and they raised the list to $525. They currently have 4 strong offers on the property... guess I am SOL. I am not there yet anyways. Due to my current lifestyle, it would be more convenient for me to wait another 2-3 months to buy...

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If you do not NEED to buy immediately, you will save +/- $5K a month (8-15% a year) by simply waiting. It's good to be out looking, so when the right home comes along, you'll be both pre-qualified and you'll recognize the value. We're still sliding -- and will be -- until more homes are affordable.
0 votes Thank Flag Link Mon May 12, 2008
Sabine certain REOs are selling with multiple offers right now and this will continue and not let off. The REOs I am seeing go out fast are priced aggressively and tend to have good upgrades and look to be in decent condition. If you want to find an REO that does not have multiples offers then you are looking at a serious fixer and it will be locationally challenged and the neighborhood may have some issues.

Example I have buyers in escrow now this current escrow and the two other REOs we wrote on, all had 5-6 competing offers. Good property is not sitting on the market.
Web Reference: http://www.homebuysblog.com
0 votes Thank Flag Link Tue May 13, 2008
Agent Remarks say " REO. Sold in As Is condition. Bank will not provide pest repairs, home repairs, smoke detectors, hot water heater bracing, or home protection policy. If you feel you need repairs paid by seller, submit as credit toward closing costs. Bank will review all offers on Monday, May 12 & will accept best net offer. Horse facilities on property - buyer to verify zoning. House size of 1798 per appraiser. Tax assessor shows permitted size of 944 SF - buyer to verify actual. "

There is a 2600 sf home in the SAME tract for under $500K, also an REO. See the link below for all "comps" in the Conejo Country Homes tract. Be careful out there and do your due diligence.
0 votes Thank Flag Link Mon May 12, 2008
Thanks guys, that makes me feel better.... this house was pretty cool... not like the others in that price range and it was horse property... but need a lot of work. Who are these people that are jumping in and offering more than the list price? If the market is still sliding, why are these REO's going so fast? This was not the greatest area of T.O (if you are curious, it was on Calle Camelia)
Barry, you really think there will be better deals in the coming months? That would be great. I am wondering if this October/November will be a good time to buy? I will have a lot more money back from my investments, and will be able to put a larger chunk down.
0 votes Thank Flag Link Mon May 12, 2008
Well, dont beat yourself up about it. It is pretty common in the market right now. As we discussed in a previous blog, you may be advantaged by your delay. Good luck!
0 votes Thank Flag Link Mon May 12, 2008
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