Byron Guillermo

FSBO's can be good in a buyer's market if you are working with a real estate professional that know how to investigate if that property is selling out of profit not as distressed sale. This means your agent must have to do a little digging into that homeowner's current financing situation. Is the current mortgage almost paid or it is one of those who got hammered by the Sub-prime market.

Many can be the drawbacks and few the benefits, remember the seller is the one making the profit and you are inheriting what comes with that house. I always recommend my buyers to work with me hand to hand in obtaining the most out of their purchase.

Every home sold by an agent protects you in many ways, don't try to get into the seller's game of not using agents. Think as you go to the doctor's office, you want to be checked by the professional not by the receptionist.

Good Luck! - Sat May 24 2008, 22:30

Wendy,

By reading this thread myself, am so confused too. Here my two cents! First and foremost you may have to tell yourself if you are pre-approved by any financial institution on the difference that you won't cover. REO properties are totally different than a regular resale transaction, you must keep in mind that the banks, lenders, or service companies don't have any idea what the house offers more than what they were told by realtors offering a Broker Price Opinion on that particular property.

Los Angeles is in a REO driven market at the moment, if you are planning to move in the next six months you have a better chance to succeed in your purchase. Low interest rates, plenty of inventory , and different programs to assist educators such as CalFHA loan.

Consult a knowledgeable real estate professional that will listen to your needs and plan accordingly. Not every experienced realtor out there understands the foreclosure market, but most important is that you must have the mentality of get goer. REOs are a handful task to accomplish!!! - Sat May 24 2008, 22:18

W.b.

Based on your quick history, there are program out there where you can obtain excellent financing. You must consult with different lenders such as banks, and brokers, this is with the whole idea to identify what is best for you. Co-signers are always welcome, but you definitely can be on your own! don't get discouraged easily and do your homework .

If you need a reputable loan officer contact me and I will refer you one who is honest and will work relentlessly for you. - Sat May 24 2008, 22:03

Lyn,

The idea of selling your property is good! If you acquired that property long time ago and never refinanced you may have a good chance to sell it right away for the right price, since Lancaster is in a declining market.

Call me if you need any assistance, I cover Palmdale and Lancaster, you must have to notify your renters in advance since Section 8 protects them a lot. - Sat May 24 2008, 21:54

Rumors are rumors! There are many factors involved in the Short Sales, many of the lenders are advising their investors to work on their Short Sales. I am currently working with a company that specializes in Short Sales and service many of these banks and service companies.

They have realized that if they keep ignoring the SS or even not modifying loans, they will be sinking deep into this REO ocean. I seen properties that lost more than 25% of their market value and were sold in a short pay negotiation. - Sat May 24 2008, 21:46