Margaret Kapranos

Bring your tax returns and bank statements to a knowledgable and reputable lender. Online quick analyses are not reliable sources of an accurate number and a motivated seller will need to see something more substantive. - Mon Apr 23 2007, 15:51

This question implies that deals are to be made by scouting for these types of sales. Sometimes there are deals but more often that not, there aren't and the headache is not worth it. Rather, the wisest approach to the best deal is to work with an agent skilled in negotiation (both in the initial offer and with subsequent contingencies) and look for houses that have sat on the market for a while with a very motivated seller. Foreclosures follow a very specific, lender-driven process where the lender is trying to recoup their investment. Foreclosures aren't rampant in San Rafael and in my experience, given this neutral market, the lender can expect to get a fair market value on the house. Foreclosures in this market, aren't necessarily a good deal contrary to popular myth and the full set of disclosures you want your purchase, aren't always there. Since I end up listing with many FSBO sellers who previously tried to sell on their own, there tends to be more deals, but it is very much a buyer beware approach. Sellers claim to have more knowledge about how to proceed with a sale, than they do. I can't tell you how many times I've seen sellers say 'oh I had to do this?' This causes frustrating delays and puts the onus of the purchase squarely on the buyer's shoulders. I don't advise as a general rule for inexperienced buyers to purchase in either mode. - Mon Apr 23 2007, 15:51

You should work with the REALTOR who can run comps on previously sold properties, as well as rely on their knowledge of the area. You should never offer more in a neutral market (the number of houses in contract vs. actives on the market) unless you get wind from the listing agent that other people are submitting offers too. Yes, there is a difference between condos and single family houses. The spread for condos can be in the high $400's to the high $700's. Houses can be found in the low $700's to several million. Location and condition of property are two main factors driving prices. - Mon Apr 23 2007, 15:51

The market has returned to a normal market in that homes are now sitting on market for approximately two months (3 months for condos). The average real estate price is slightly over $1 million for single family homes (slightly over $600,000 for condos). There's a healthy inventory of choices thoughout all neighborhoods at the moment however, buyers should not expect to see 'fire sales' as it is very much a neutral market-favoring neither side of the transaction. Multiple offers still occur for the more desirable homes but buyers hould know that in general they can spend more quality time selecting the home of their choice. Sellers need to know they need to do the necessary prep work to get their houses ready for market if they are to get top dollar. - Mon Apr 23 2007, 15:51

Allan Garber All California Mortgage in Larkspur. - Mon Apr 23 2007, 15:51