Nick Cameron

I'm sure it is not, but it could be an auction price an that is the opening bid. Also, it could be a short sale and they are trying to drum up offers to submit to the bank.

I can find out more if you are really interested in making an offer.

There are lots of deals out there currently.

Nick Cameron
NickCameron@kw.com - Wed Nov 26 2008, 12:55

Depends on the age of the child, grade school, middle school, or high school.

Nick - Fri Jul 25 2008, 14:02

Modesto is the largest city of the three, it has around 225,000 people, 24% of our residents are commuters to the bay area. All 3 cities are great investments right now with home prices falling under 100 dollars a square foot.

Hope this helps,
Nick - Thu Jun 5 2008, 17:34

If you mean property management as part of all your expenses, it will actually be pretty close. In the terms of rentals in our area you are going to want to focus on 1200 to 1500 square feet, once you get larger than that you do not get your bang for the buck in terms of rentals. Also, the best school district in Modesto, according to most buyers is the Sylvan school district. The prices there are just a tad higher than in the rest of the city. I suggest you fill out the rental worksheet from the millionaire real estate investors website.

Hope this helps,
Nick - Mon May 19 2008, 14:42

S-
What I am trying to tell you is I am an experienced REO agent, I have closed over 40 this year alone. Sellers are more accountable than banks, ask an agent to see the new CAR REO disclosure that tells you banks are exempt from NHD, TDS and everything else that all other sellers have to do in order to sell the property. I would say in your case for the write off and the ability to pay off your home means I would wait as well, but most homeowners would have to pay the higher payment the entire time they lived in the home, not just until they could refinance and move on to the next one. Most are not as savvy as you and as a professional I advise, basing everything they know, on not being able to sell or refinance in 5 years, if you can still afford then purchase, if you can't, don't, that simple. Escrow companies must make money to, but also know that you can negotiate with them as well, just like you can us, don't be afraid to pull your escrow from a title company if you are paying fees, it is your right as a buyer. In REO transactions, the bank always chooses the title company and escrow, so make them pay the fees. On the Time article just giving one side of the story, I'm just glad that someone finally gave that side, I understand the market real well and not everyone should buy now, but most first time buyers should, it would be real hard for them to develop the equity to refinance in 2 years to lower an interest rate if it goes up 1 point, plus, they usually do not have cash to buy the rate down or pay it off, the article was meant for those who can not pay cash.

Nick
(answering as I do BPO's for Banks) - Wed May 14 2008, 16:11

S-
I'm not doubting your inspector as being fantastic, what I am trying to relate is the are so many hidden things that inspector's can not find, and there is no one to hold accountable after escrow has closed, the addendum's you sign in an REO transaction take away so much, read one really closely and you'll see what I mean. As a cash buyer you still have escrow fees, sorry about a bad experience, that should never happen in this customer service industry. As for a list of certified agents, well it is small, but if you give me a city, I can tell you a few that are certified REOMAC agents, which I feel is the most comprehensive training for REO agents to date. - Wed May 14 2008, 15:20

S-
Certifications are just a matter of completing classes that are put on by REO companies, or attending REO conferences. I do agree with you that REO's are the best properties to be had, but all property should be a 3 year minimum investment, most REO's you will have no clue at what has been done or will go wrong with them in that time frame. You can not put a price on knowing what modifications owners have made, who lived in the property, neighborhood trends, the kind of stuff you get when an owner has pride in what they are selling. Myself, as an investor, would gladly pay 20k-30k more to know everything that has been done to the property, know that it is not stigmatized, and it was taken care of. For the quickest buck, REO's are the way to go, but speculation purchasing is still a bad idea. On the short sale front, you can rescind an offer, but if you resubmit it could take just as long as the first time for an acceptance. I also recommend you read the Time magazine article outlined below that talks about waiting to purchase. I can almost guarantee that interest rates are going to rise real soon, I mean real soon, and if you are on the fence this article should help you make the jump one way or the other.

Nick - Wed May 14 2008, 13:17

Alright, yes the 2 of us are with Keller Williams, however, I never take the easy way out, short sales, inevitably, take a long time to go through, it is not in the buyers best interest, in a declining market, to make an offer and have to wait months to see if the bank accepts it. I will however show short sales if the clients want to go that route. That being said, I have a buyer's agent that takes people to the properties. Think of a real estate team like a baseball team, one pitcher is not derived to handle every situation, instead you have a starter, middle reliever, and a closer. That is how good teams work in real estate as well, we have specialists in each field. It is better to master one facet then be okay at all. My buyer's agent is not pro foreclosure or pro short sale. They are pro wants and needs analysis of each client, then getting them the best home at the most affordable price.

I ran out of space but I hope this helps, an agent should never steer you, just give you information and let you make an informed decision.

Nick - Tue May 13 2008, 13:43

Wendy,

Most all agents have access to foreclosure list and how REO properties work. I personally feel as an REO, buyers agent as better apt to handle your questions and concerns than listing agents that work 100 to 200 properties at a time. That is something you find with a lot of REO agents is we can not handle showing 15 to 20 homes in an afternoon because we have 30 BPO's and Listing worksheets, weekly status reports, and outstanding CFK's. I would just call a local Keller Williams office and ask to speak to a lead buyer agent for a top team, they should be able to help you out.

Nick - Tue May 13 2008, 11:33