The bank-owned properties reduced price around 50%--60% of the 2005 sold price.
For example, 2005 the price of the property was $540,000 and the REO price only $220,000 now.

It's the best time to do investment. A good condition property always attract a bunch of investor.
That's why you need to add price to get the transaction. Good Luck!

Hi to all the lovely buyers and agents who is working harder than ever to get into contract. I go to alot of different convention and conferences through out the state and see this happening everywhere (each market varies).

When there is low supplies and high demands = price goes up. This is the case for every aspect in business.

We did discuss these issue with a few different Asset Manager and some did mention 1st Quarter of 2010 will we then see more asset being release. ( Yet hard to say for sure since we have been hearing this since the moratorium).

Just remember COMMUNICATED WITH THE LISTING AGENT IS VERY IMPORTANT and working with an experience agent who had handled REO and Short Sale transaction. It can get alittle MESSY!
http://www.JacksonPhan.com - GOOD LUCK EVERYONE!

Absolutely, the market hit bottom people mostly investors started buying up inventory, and the prices are rising, I assume you are talking about bank owned or short sale properties? If you love a property believe that someone else will too always overbid even if it's a small amount it shows intention to the seller it will hardly affect your monthly payment and you get your dream house, I fell your frustration but hang in there and bid high the screaming deals are done..investors are running the prices up. Happy Hunting and good luck ...

Geta, I work with 8 REO listing Agents that list in the East Bay. Four of these Agents work out of our Antioch Office. What we have been getting is 10-30 Offers on everything we list. Unlike the Solano County market where the Banks are giving the homes to Homepath Buyers, we are seeing the cash offers getting the acceptance. You agent is telling you to be aggressive, so that your offer is accepted over a cash offer. We have noticed that the winning offers are 10-20% higher then list. The homes that need TLC,Fixer,Etc. are selling for less or equal to list. Hang in there. The problem is that Antioch has a little over 1 month inventory and most of these listings are Short Sales. The banks have held back foreclosures causing the inventory to slump. As long as the banks manipulate the inventory, we will have more demand then houses in Antioch.
Hang in there it will get better. Besides they are talking about raising the Tax Credit to $15,000.

Adrian Huntington
Coldwell Banker Coon & McCreary Realtors
4711 Lone Tree Way
Antioch, CA 94509
adrian@YourEcoRealtor.com
925-212-6456

Since for the first time in years you can buy a beautiful and large home under $300k with low interest rates and in most cases with 3.5% down payment, and have an $8000 tax credit that can be applied toward your closing cost, it attracted many investors and first time home buyers. Since I have several listings with multiple offers, I would recommend being the first one to write an offer. Your real estate agent should be able to provide you with the comps that show how much the real estate value of the house you are buying should be in order to make an attractive offer. I also would recommend giving your best, highest and a cleanest offer without asking for too much if possible. You also need to make sure to be the back-up offer in case the first offer doesn't go through. In this market being smart pays off. Good luck to you.

Hi Geta,

Unfortunately, it's not just Antioch but pretty much all around. Most properties are getting multiple bids soon as they come on the market..this is especially true with bank owned properties. You may have a better chance looking at short sales because by the time short sales get approved, most buyers that have put in bids have moved on. I am sorry the news is not good but now that you know the market, you can act quickly. Good luck..:)

Kamal Randhawa
Broker
510-932-1066

Yes, this is happening in the Antioch and Pittsburg area. Inventory is low and demand is high, resulting in most homes getting 10-20+ offers after being on the market for only a few days.

There are, however, a couple of things to keep in mind. First, the offer can't be too high, otherwise there may be a problem with the appraisal.

Here's an example: I have a bank owned property listed in Antioch for $238,000. We received an offer for $300,000 and the selling bank did not accept that offer (even though it was the highest) since they knew there were going to be issues with it appraising.

The other thing to consider is it's more about just the offer price - it's all of the terms that the seller considers when evaluating an offer. For example, are you asking for a credit towards your closing costs, and if so how much? Are you asking for the seller to pay for the pest inspection, section 1 repairs, natural hazards report, title insurance, transfer tax, home warranty, etc.?

Also, it can depend on what kind of financing you are using. You are most likely competing against all cash buyers or others who are perhaps offering a larger down payment, conventional vs. FHA, etc.

It's not uncommon for us to submit 20+ offers for buyers and they are still not getting their offers accepted in the current market. My advice is to keep plugging along and hopefully more inventory will be coming on the market soon.


Craig Lawler
Security Pacific Real Estate Services
Craig@RealEstateCraig.com
Cell: 925-698-2581

If you would like to get pre-approved or have any mortgage questions, please feel free to contact me. I am a licensed mortgage banker (all 50 states) w/ over 12 years experience.

Dan Sidenberg
561-901-4907
DSidenberg@wcslending.com

Yes, the market has become very competitive. Overbidding is sometimes necessary if there are other bids. Your agent should check with his own data to see if the house is worth the bid. Excellent condition homes will have more bids than ones that needs work.