Home Buying in San Ramon>Question Details

Vivek, Home Buyer in San Ramon, CA

2541 McLaren Lane, San Ramon, CA

Asked by Vivek, San Ramon, CA Mon Mar 24, 2008

What's up with this listing?
It is listed at 688 on trulia but if you search on google, it shows up in different places with different prices. It was once on sale by owner for almost a 100K more than this and has been on the market for quite some time
What's going on? Is 620K a good price for this?

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AJ and Vivek- as mentioned, there is no mention of this particular property being a "SHORT or REO" type property in the original post, from what I can see anyway. It seems that the way the property was listed was confusing in general, and I DID mention that I'm not familiar with East Bay listings currently and or market. I was just making a suggestion as to ways of handling the situation if Vivek were an astute investor and was comfortable with the Real Estate process. AJ, obviously your points are well taken and tax and loan histories would be relevant, but hopefully this knowledge could be attained through a BPO if asked for or through the local recorders office if they had the time and patience to check. Also, if the questionare was knowledgeable in RE matters, they would then understand the possible consequences relating value to SHORT SALES, REO'S etc.. Time of ownership and reasons for purchase would all play an important consideration. Also, having an agent is no guarantee of not getting into a short sale postion with any property as the current market clearly shows' especially in California. You could have the best Agent and be supplied with all the current information, buy at the best price, but still find yourself upside down. If you as a Buyer, are prudent and savey in your Real Estate dealings, than why not circumvent the Buying side and pocket the difference. At least that way your downside risk becomes less. It is not my intention to devalue a Buying Agents relationship. It is JUST not necessary ALL the time to have one, again in my humble opinion.
1 vote Thank Flag Link Mon Mar 24, 2008
Graham and Vivek,
It would be nicve if it were that easy but this property has gone to auction through the realtor. The highest bid is at 688K and they are entertaining 698K, you would have 3 days for investigations and 14 days to remove loan contingencies. My suggestion would be to move on, there are REOs coming up every week in San ramon. As far as trying to do it yourself, I would consider a few points that Graham did not mention, in this market a short sale is a large reality and to not have the backing tax and loan history alongside your offer may just waste everyone's time. For all the BPOs that you can get alongside extra comps an offer of 500,600,700K means nothing if it pushes them into a short sale situation and leaves you with nothing but spent money on research. There is a reason that people work directly with an agent, for every person trying to get a deal doing all there own work, there are multiple other deals that would have been more beneficial to them had they worked with an agent. Track the history of the REOs that are coming on the market around us and flying off. I have multiple clients that I set up on a property minder that notifies them and myself right when a new REO comes on and we jump on it together. If I can help in any way you can email me directly at ajcohen@apr.com or call me at 925.819.2747
Thanks,
AJ Cohen
1 vote Thank Flag Link Mon Mar 24, 2008
Vivek- I'm not familiar with that property since it is not in my area of expertise. BUT, it sounds like possibly your a savey Home Buyer, and if that's the case, and you feel comfortable with the negotiation process and your own abilities and understandings of the Home Buying process, here is a possibility to think about. Get one or possibly several BPO (Broker Property Opinions) specific to the property in question. Request at least 5 - 10 comps going back 3 months or so, if that is possible, as close to the specs of the home your interested in and as close as possible area wise. Take this information and contact Listing Agent direct, request a showing, and make your offer, but deduct the 3% buying side. On a 650K purchase, that's $19,500.00. You could easily come close to that 620K, or better. I'd also suggest that you present the offer in person to the seller if possible. I'd hire a RE Attorney to look over the paperwork on your behalf, perhaps on an hourly basis, but the overall savings to you would be substantial. Also, obviously if you don't feel comfortable with the process, by all means look at hooking up with a COMPETENT agent. There is obviously more to purchasing a home than just presenting an offer i.e., contingencies, inspections, loans etc, but the above scenario could work for you if getting the BEST price is important, and you feel REALLY comfortable with the process. I'm sure not all offices will want to supply you with a BPO, so you may have to call around to check on availabilty and cost. Good Luck!
0 votes Thank Flag Link Mon Mar 24, 2008
620K would be a wonderful price. Have you researched the property with the listing agent and found out the story? Would you like me to look into this for you or are you working with an agent that is researching the situation?
0 votes Thank Flag Link Mon Mar 24, 2008
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