The school is not only important to your kids, but also has major impact in terms of price appreciation or more correctly depreciation in current condition. In future you have to sale your house some day, you will clearly see the different between a good school district and a so-so one.

Wed Jun 25 2008, 10:22

Thanks RE KyuuKetsuKi

I agree with you on dublin vs san ramon as far as prices. Both areas are decling markets and they are coming down fast. My kids are in pre-school so either community would work great.

thanks for sharing the info ..I will be chekcing the second home tomorrow.

Wed Jun 25 2008, 10:16

Violette;

The banks are bleeding money and if they had the resources i:e bodies to go out and do the work then they would.

I have gotten help for agents before who were very good and honest. My agent who moved to Mexico (retired) made sure that I did not buy any investment property in 2006 and was on my like a hawk!..


I have interviewed a dozen or so agents in the last 6 months and everyone is out there to make a quick buck!

In this day and age anyone with internet access can get most of the info

Wed Jun 25 2008, 10:14

Hi Donald,

You should always work with a Realtor. The bank does. The bank pays a Realtor who specializes in the area the home is listed for a BPO- a broker Price opinion. The Realtor goes out takes a look at recent sales in the neighborhood and present listings and based upon competitives listings combined with competitive sales, goes back to the bank with how much the home is worth. The bank then sends out an appraiser for a second opinion and the home is listed at the price determined by the Realtor and appraiser. The bank, a finacial instituion has every faith in a Realtor to protect its invetors, shouldn't you do the same for yourself.

Violette Beshay
VBeshay@remax-execs.com

Wed Jun 25 2008, 00:00

Hi Donald:

For Dublin, I found these 2 properties which could be good deals. The first one is cheap and the second one is built by Toll Brother. I will not buy in Dublin if price is same as San Ramon. Dublin's school is not as good as San Ramon. Especially its high school is sub-par.

http://www.redfin.com/CA/DUBLIN/4372-ROSCOMMON-Way-94568/hom…
http://bankownedspecialists.com/ClientPropertyDetails?ls=MAX…

Tue Jun 24 2008, 23:23

thank you KyuuKetsuK for the sharing this great info. I doubt any agent on this board will ever share this info with us on this board.
I have lost all hope in these agents nowadays-they are here just to get a referal. Sad indeed.

I am looking at some homes in Dublin too and the prices have dropped 10% in the last 3 months or so on resale home.

Tue Jun 24 2008, 23:12

Banks finally get more realistic on pricing. Look at this 2 updated listings:

http://clients.listingalert.net/clientorganizer/organizer/li…
http://clients.listingalert.net/clientorganizer/organizer/li…

Both are dropped a lot recently. Now their prices are in par with similar ones offered by builders. If know how to deal with banks, You can make the purchase by yourself. You may also get 3% seller credit back since their is no buyer agent to split commission. Unlike ordinary seller, banks usually give 6% instead of 4.5% commission. The seller agent will be very happy with his/her 3%.

With 3% credit back, that 2950sqft house listed at 790k will only cost you 766k. Since the house is new, you do not need to spend extra to repair. 766k for near 3000sqft house in near perfect condition is a good deal.

Tue Jun 24 2008, 17:17

Mike, as others have already stated, it's best to work with a Realtor who is experienced in handling REOs. There is no charge to you for using a Realtor, and most banks will not accept offers submitted by unrepresented buyers anyways. The price you offer depends on a lot of factors, including how long the home has been listed as an REO. The bank will have done some research before listing a home, so the $700k price is likely what they consider to be a fair price for that area. However, they likely have some "buffer" in that pricing, and the longer a home sits unsold, the more you should be able to negotiate.

Good luck!

Fri Jun 20 2008, 11:09

Mike, banks do their homework before putting their assets on the market. They usually contract 2-3 local agents and a appraiser to do evaluations so they can justify market value. This could be based on current market conditions, the surrounding "REOs" if any, and regular sales within the last 3 months. This process happens before marketing, when they get an offer, and even before close. Working with an agent is always recommended because the money you may think you're saving by not, usually an agent can negotiate in your favor in one or many ways. If I can help feel free to go to my website, my contact info is there.

Thu Jun 19 2008, 21:15

You need to have an experience agent, who is familiar with REO's, pull up comparable sales in that area for you. From there, you'll be able to tell whether or not the property is already priced well (oftentimes drawing multiple offers), or if there should be room for negotiations. Many times, banks will allow for a credit towards buyer closing costs, such as an interest rate buydown on your loan. There are many seller concessions that buyers can ask for when buying an REO, and it's ALWAYS a good idea to allow a buyers agent to represent you. I'm very expecienced in REO transactions, and would be more than happy to assist you if you'd like to contact me at the web reference listed below, or at GrantA@apr.com. Good luck!

Thu Jun 19 2008, 20:27

Hi Mike, it's always in your best interest to work with a licensed Realtor when buying any property, especially in cases where the property is a REO. Normally, REOs are sold "as is", so it’s imperative to have a stellar property inspector (and I'm not talking about a "2hrs and done" inspection). Also, we would need to look at sales of similar properties to come up with a solid offer price.

Please contact me and let’s get started with taking the proper steps to insure you make a smart purchase at a great price.

Best Regards,

Steven A. Ornellas, GRI, ABR, e-PRO, CMPS, RE Masters, MBA
REALTOR® / Mortgage Banker-Broker / Certified Mortgage Planning Specialist

Steven Anthony Real Estate & Financial Services
Expect Excellence. Get What You Expect.™
Cell: 510.461.6011
http://www.Steven-Anthony.com SteveO@Steven-Anthony.com

Thu Jun 19 2008, 20:26