Macpink,

Patience is the most important criteria for a buyer. I have a DOZEN buyers who are looking at short sales and REO's and I tell them, with an FHA loan the stars have to align properly in order to get a home in an area like San Ramon. Many times it means passing up the new inventory (where multiple offers occur on the best homes) and waiting a reasonable amount of time until you can find an unreasonable seller who is about ready to come to his senses.

There are other options but they might not work for you. If you are interested in a consultation, I'll buy you a coffee over an initial discussion with no obligation.

The biggest challenge is the lack of available inventory in your price point. We have a series of institutions managing the real estate market and the best of the best buyers get moved to the front of the line (sadly). I'd love to help

Bob 'Love' Georgiou
RE/MAX Accord
Broker, ABR, e-Pro, GRI, CRS
Lic #01270522
http://www.bob2sell.com
925 980 3248

Buy and sell homes like an investment and make every dollar work!

The buying process is intense right now. Even with FHA loan pre-approvals, cash and conventional buyers are trumping the purchases. There's not much giving from the sellers in the form of seller credits. Most of the buyers are going in paying for almost everything over the 3.5% downpayment required. If you are pre-approved $250k, that means you need $8750 down, then add another $6-8k for closing costs. You are looking at a real out of pocket cash outlay for the purchase of $16k-$17k plus inspection fees and reports, and most banks want proof of that reserves to close in order to consider your offer.

The FHA lender also needs to be on the ball as well that if closing is delayed, there is a per diem charge to the buyer (per most banks counter contracts). With the REO inventory stagnant, short sales are gaining popularity for buyers. With demand up, you can only expect bidding wars on short sales like the REO's.

Hello Macpink,

Erica is absolutely correct... it is a very competitve market. It can deffinately be frustrating especially when you are doing it on your own. I would recommend that you interview your next agent to make sure that you fit and that your expectations are understood. Communication is critical.

I would love the opportunty to discuss my qualifications and explain why I can help you obtain your dream of owning a home.

Sincerely,


Lewis S. Bishop
Realtor & Certified Distressed Property Specialist
with Windermere Rowland Realty
_______________________________________

COMMUNICATE via Cell/SMS 925-368-7738 | Fax 925-889-5550 | eMail scottbishop@windermere.com

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Macpink,
I am sorry to hear that you've been so frustrated. You are in a very hot price range right now and you're smart to be seeking the help of an experienced broker. We have extensive experience on both sides of short sales and foreclosures. There are very particular things sellers are looking for in contracts so and I would be more than happy to help you navigate the market. Feel free to contact me at your convenience so we can get started finding you a home. I would be happy to send you our newsletter that addresses buying both types of property. I look forward to working with you.
Best,

Erica

Erica Jones Starkey
Broker, Co-Founder
DRE# 01503540
JSCA Real Estate Group
Providing Superior Solutions for Your Individual Real Estate Needs http://www.JSCArealty.com
office: 925.989.1613
fax: 925.905.2417