Christine Moscinski, Broker Associate/Realtor

No one really knows when the home prices will stop dropping. Forecasters say it will level off sometime by this summer others say next year (2009). Some good indicators are past trends, but even that is not 100%.

If you must sell your house, put it up for fair price, clean it up, declutter, stage it right (with what you have or little investment) and it will sell.

Selling now, yes, you may get a better price than later.

There are still buyers out there that need to move or relocate for whatever reason be it schools, job, etc.

The world is not coming to an end. - Yesterday, 13:10

Every market is different and some Chicago suburbs & neighborhoods are still thriving through everything albeit at lower values. But forecasters are looking at historical trends and predict that the housing market will stablize this summer. The thing that people don't want to understand is that it takes work to find great deals (with instant equity in a great location) so even if the market continues to slow you cannot lose. And another great thing is that INTEREST rates are at 5.8%.

Why wouldn't someone take advantage of that? - Tue May 13 2008, 16:00

Becaue 90% of the time they only focus on negatives thus putting peaple in panic.

...propaganda or free speach? - Tue May 13 2008, 16:03

I agree, you can purchase for under $200 or go further south as Patti suggests.

But really with inventory being so high, I would negotiate 5-8% below any asking price!

It's a Buyer's market! - Fri May 9 2008, 12:45

In REO's typically the "highest and best" offers are considered even if at below "market". They really want to recoup most money from the debt owed on these homes.

I've been through many of these types of homes and trust me, there are some that are run to the ground, but there are great "clean", winterized and maintained homes is great shape that you can get at $ .50 -$.70 on the dollar!

It's all about the "hunt"! - Fri Apr 18 2008, 14:29

There are so many deals out there in REO's! Short Sales/REO's the bank will take "less than" what is actually owed on the property and are willing to take a loss (& judgement filed against any loss they may have incurred). Some Realtor's do not know how to phrase the lingo, but if you get a good Realtor w/a great attorney that specializes in short sale/foresclosure (to perform due diligence and thorough lein & title search), you can make out like a bandit and get a great home at an outstanding price!

But the thing that most people are unaware of is that you cannot "low ball". You must make a fair market offer or the bank will flat out refuse it. Learn more on my website on how to make short sale offers...

If you are patient (it takes patience) willing to take a chance and wait for a few weeks for the lender to accept/refuse your offer - Sat Mar 15 2008, 18:52

My apologies, I was referring to REO! - Tue Mar 18 2008, 07:25

I disagree. If he property is already in foreclosure status, Seller has nothing to do with sale. If in pre-foreclosure then letter is written to lender that home will go up for sale thru Realtor and they must agree upon price and commission in writing and Lender approves or disappoves any offers & terms.

Ultimately bank decides how to move forward when in default.

When you are dealing with a short sale you negotiate ONLY with the Lender. Their approval depends on offer you make and they do not take "low ball" offers. They want to collect at or "near" what is owed on the property to avoid more of a loss in court and will accept "highest and best" only. Meaning that the offer must be close to what they are asking and collateral must be credit ready or cash. Also, you need an attorney that specializes on REO's, as they know exactly how to handle these types of purchases and what to do.

To learn more about making an offer on bank owned reo's, read more on my website "Placing a Bid on Short Sale/REO Property" - Sat Mar 15 2008, 19:30