In my experience, you might want to know that the current short sale market in California takes forever...weeks and weeks...and then they can accept someone else's offer. It's not the low-ball market anymore. I've found foreclosures much easier to work with and close. It also helps when the banks and title companies are nearer the foreclosed property. Tracy, CA and the surrounding areas have a lot of both...trust me I work in your area. Sure, there are strategies to use, but like I've said before, find what you like and bid your desire.

Your mortgage professional must tell you know what you can qualify for and afford comfortably. I do homes and loans in the Stockton/Tracy and surrounding areas and have a great buyers home & loan package to save homebuyers money if interested. Couple that with FHA 3% down and you're off to a great start. 0% Veteran loans are also available! Best of luck!

Thu May 1 2008, 15:53

Foreclosure you need to work with an agent that knows how to place the winning bid for foreclosures there are many tips and tricks, also knowing what the market is like in that area. Good luck, keep in mind not all foreclosures are below market value, you might want to consider short sales, pre-foreclosures, relo's you can at times obtain better deals there.

Thu May 1 2008, 15:33

Louise, I assume you're asking about a bank-owned home and not a pre-foreclosure (short sale) home?

If it's a bank-owned home, then the bank has agreed to the list (asking) price. If it's a pre-foreclosure, then the real estate agent and the sellers (current owners) have set the price at a level that they hope will encourage buyers to place offers (bids) on the property. Typically this price hasn't been agreed to by the bank, and will just be a starting point for negotiations. Often the bank will ask more than the "list price" for pre-foreclosure (short sale) homes.

As others have mentioned, contact a real estate professional in your area for further assistance in placing an offer on your desired home.

Thu May 1 2008, 15:27

Louise,

My first suggestion would be to consult with a local real estate professional. They will be able to explain the process to you. As Adam stated below it is often a very long and difficult process and it may be at least a week until you receive an answer on your offer (most of the time longer).

I would recommend taking a look at other homes in your price range to get a feel for what you should offer. In my area foreclosures and short sale properties typically have lower prices but they won't always be in the best condition (which is the reason for the pricing).

As for pricing, you may offer whatever you choose. There is no "set" price in today's buyers market, however please heed the warning below that there may be multiple offers so if you really want the house make your best offer.

Hope this helps you.

Shelley Kefauver

Thu May 1 2008, 12:29

All listing prices are asking prices.

Buyers may submit any offer and the seller/bank will pick the offer they feel offers them the best value and security for themselves i.e. a larger down payment, buyer has better credit, no 3-6% seller credit asked for etc.

Bid your desire and you will have no regrets should the offer not be accepted. Today, most properties are getting multiple offers. Best of luck and if I may be of further service please visit our website or call me directly.

Thu May 1 2008, 11:12

Hello Louise-

I'm not sure which list you are referring to, however, I would advise getting in touch with a local realtor if you have found or are looking for a foreclosure residence and would like to move along in the process. While people can and do buy houses without assistance, the process of buying a foreclosure and bank negotiation is very involved and detailed. There are special circumstances, different contracts, multiple levels of the bank involved, etc. They will also be able to give you an idea of market trends and comparable property specifications so you can make an informed offer.

My best suggestion is to have a representative in your corner when you proceed. If you need to get in contact with a great agent in your area, please let me know and I can refer someone who is qualified to assist you.

Good Luck!

Thu May 1 2008, 11:08