Foreclosure in 94509>Question Details

Janice Spenc…,  in 94531

Has anyone else heard the news that Antioch has some great buys right now?

Asked by Janice Spencer, 94531 Mon Aug 6, 2007

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I agree that Countrywide can be one of the more challenging lenders to deal with, however it is all about the approach with them. Kill them with kindness, as my Grandmother always said, and take a position of "I'm here to help you get the most out of this sale." Is that betraying your client? because it is a business transaction and you have to take the emotion out of the equation otherwise you are not helping your client! We have a responsibility for creating a BUZZ in this market by taking the position of "THIS IS THE BEST MARKET EVER TO BUY." It wasn't to long ago when the sellers were brutalizing the buyers with the power of multiple offers, buyers writing letters with their over-bid offers practically begging the seller to accept their offer! Now it's the buyers turn and the expectation of buyers is they want a deal, and if the seller doesn't want to take a low ball offer, there are thousands of other homes out there for buyers to make offers on. I am holding off on taking listings and focusing solely on buyers. If we perpetuate gloom and doom in the market, even the buyers are going to go away! WE NEED TO PUT A POSITIVE FACE ON THIS MARKET OTHERWISE WE SHOULD CLOSE OUR DOORS! I'm going to get off my soap box now.

1 vote Thank Flag Link Tue Aug 7, 2007
Cindy, you are a bit off on your unsold inventory calculation. Three months ago were were at about 18.5 months unsold and now we're at 20+ months unsold inventory. But what does that have to do with the question, other than let us know that prices may drift downward still? It doesn't mean that there aren't great buys out there right this very moment. And Ed, we've not had a good market to flip in for some time now, and I'm guessing it may be 2-3 years or more before the market out here is suitable for flipping. But for Buyers who intent to live in what they purchase, there are many opportunities right now. And even though Ed is surprised not more agents get loan packages upfront for quicker response times, I say that it really is the bank's call, and for those of you who check the NOD's, you know a huge percentage of them are with Countrywide who doesn't even want to speak to you unless you have an offer on the table. They tell the agent and the owner something different every time you get them on the phone. I'm all for quicker response times, but that's more under the control of the bank than the agent at this point. And John, so great to have another voice of optimism, and good to see a familiar face. I was beginning to think Antioch hadn't really joined the bloggosphere yet, but you are renewing my faith!
1 vote Thank Flag Link Tue Aug 7, 2007
There are fantastic buys all over East County. Take the last auction of the WAMU REO's...there were sales of homes in Garin Ranch and Brentwood Hills in the upper $300k to low $400k. That was less than what they were sold for new in 2003! In Brentwood you have over 600 homes for sale and HALF are REOs. The auctions are just getting started. There is going to be another on August 22. There are two homes in Deer Ridge that are included in this latest auction and the bids start at $100,000!
1 vote Thank Flag Link Tue Aug 7, 2007
OK, now I'm a bit intrigued. Ed, are you doing sandwich lease options out there?
Web Reference:
1 vote Thank Flag Link Mon Aug 6, 2007
Yes but if you check today, there are presently 1,213 homes currently for sale and if you add in the mobile homes, vacant land, multiple unit buildings and commercial buildings (see you will tally over 1,400 properties for sale. The short sales are already turning into foreclosures. Daily. In June I was one of those 60 sales. Antioch is definitely not a flipper market, it is absolutely buy & hold. Stick with the newer stuff and put them out on lease options.
1 vote Thank Flag Link Mon Aug 6, 2007
It depends on how you define a "great buy." As of June, there were 1068 homes on the market and a total of only 60 sales. That's 17+ months of inventory based on solds and pendings. I think part of the issue is that sellers are unwilling to accept the fact that Antioch values have gone down. There are some good buys....but you're going to see even better buys as the short sales that have flooded the MLS turn into foreclosures.
Web Reference:
1 vote Thank Flag Link Mon Aug 6, 2007
The Hagley G…, Real Estate Pro in Pleasanton, CA
Absolutely Smoking Buys! With a population of @ 101,000 there are currently 1400+ homes on the market for sale and there are over 1,400 properties in default. More than a years worth of inventory there.

I just closed on a 10 year old Ponderosa home, 2,875 sq. ft. on a large lot for $535,000. These homes were selling @ $800,000 prior to the market adjusting. I looked at 48 homes and all but 3 of them were short sales or bank owned. I made offers on 5 homes at the same time and received a response from one of them and it was reasonable. 3 days after the close of escrow on this property I received a response on one of the other homes I submitted an offer on. Not quite as reasonable.

It amazes me that agents that are working short sales do not get packages up front from the lender to minimize response times.

I am looking at another 6 year old property @ 2,400 sq. ft. with a pool on 1/2 acre of land that will probably sell @ $525,000.

So many good deals... so little time...
1 vote Thank Flag Link Mon Aug 6, 2007
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