I'm with you TTB. We've been trying to purchase in East Sacto since February and all we see is very old, rundown homes which are still overpriced. I say they're overpriced because the same houses seem to be sitting for weeks on end on the MSL with no apparent movement... If they were priced right they'd be in escrow. Also, we recently made an offer that was only about 4% below asking and the seller didn't even counter! This is a condo that's been on the market since the first of the year. Go figure!!! I think many sellers are reeling from the down turn in the market and are hoping to salvage what they foolishing paid too much for a few years ago. I guess some of us will just need to be more patient. I do know that I don't intend to make the same mistake some of these sellers made when they paid for overpriced junk...

Tue May 6 2008, 23:52

Dear Trying to Buy,
You can also purchase tons of anger management counseling in addition to great homes down here.

Tue May 6 2008, 02:40

Thank you to everyone offering help. I think there are two schools of thought. One being try everything you can to get what you want in such an important decision. The other being that putting out so much effort is not realistic, which is 'evidenced' by so many failed offers and so much time spent.

Tue May 6 2008, 00:20

Bruce,

That is a lame phishing attempt that highlights your desperation and lack of professionalism. I'm FROM Texas you moron, I KNOW what homes sell for there and I have no desire to move back to BFE. Take your pitch somewhere else and don't tell me what to do. I will not call you.

Mon May 5 2008, 22:31

Hi there
Do not give up! Work with an agent that will take the time to show you the comps in the area. I would then keep making offers on homes. If they don't sell, they are bound to come down in price if the seller really wants to or needs to sell. If there is no motivation then the price may not come down! If your agent is telling you not to offer a certain amount, you are in control, you have the right to offer whatever you want to! You eventually will get lucky because there will be a motivated seller. Keep trying and it should pay off!
Joan Patterson
Keller Williams Realty
8250 White Oak Avenue, Ste 102
Rancho Cucamonga, CA 91730
951-204-1864

Mon May 5 2008, 14:25

Dear TTB: Although there are lots of homes priced "in the market," some of them are not. Banks will review their prices on bank owned homes only once a month, and even if their home is priced above market, they will only accept 3-5% below list price--a little more if you have an all-cash offer. I would perform a comparative market analysis on the home you wished to buy and I also have some other resources available to you that would help you make an intelligent decision if repairs were required on that bank owned home. Remember, buying a bank owned home has more risk involved than buying a home from a normal seller. It comes down to the level of disclosure for each.

GOOD LUCK!

Mon May 5 2008, 14:14

Dear Tryin to Buy,

I am guessing that some of the homes you are offering on are bank owned properties. Sometimes the banks can be slow to adjust their prices but that does not mean they wouldn't look at an offer. The best advice I can give you is to have your agent comp the neighborhood that the home you are thinking of writing on is in. If your offer falls into the comparable range then send those comps over with your offer to support it. Remember though if you are in a multiple offer situation you are going to have to be aggressive about your offer and put your "best foot forward" so that you can compete with others writing on the same property.

I would be happy to talk with you about this further if you have more questions. Please do not hesitate to contact me directly.

Jillian Anderson
jilliananderson@kw.com

Mon May 5 2008, 13:16

I was out showing a ton of REOs this weekend in College Greens and Rosemont. I've noticed that many banks are now putting in brand new stoves and new carpeting. Banks are also giving buyers incentives. Many REOs are receiving 16 to 20 offers. Of course, these are the hot properties in desirable neighborhoods. If you want to make an offer, I would pay more attention to the days on market and surrounding comparable sales than the list price. Adjustments to pricing are typically made at the 30 - 60 - 90 - 120 day marks. Why not come in a few days before that time period and make the offer you want to make? Where are you looking that you've having such difficulty buying a home that's not selling?

Mon May 5 2008, 13:15