William Boone

Hello thank you for your question. My name is William Boone with Lyon Real Estate. I just ran a search on the Metro List and found 5 single family homes priced from 89,900 up to 250,000. If you would like me to email these to you just let me know and thanks again for your question. - Sat Jun 14 2008, 21:12

Great question for todays market...... In the past months, you may have had encountered the term “foreclosure” a dozen of times especially with the current crisis in the national housing market. If you are lucky enough not to have any problems with your mortgage payments, you should still try to understand how foreclosure works – just in case. For starters, foreclosure is the repossession of a property by a mortgage lender because the owner failed to fulfill his mortgage payment obligations.
These properties can be listed with very aggressive prices, in some cases we are seeing multiple offers because of this. The inspection period for a buyer can be moved up from the standard 17 days in a normal transaction to 10 or even 5 days depending on the bank. In most cases the banks list these properties "as is" ..... You still have the right to your inspections but need to understand that the bank may not agree to repair anything. If a buyer can not close escrow on time there can be penalties ranging from 50.00 per day to 150.00 or more in some cases. If you are looking to purchase a bank owned home they can be a great bargin but you should work with a buyers agent who knows what to look out for and help guide you...... thank you for your question I hope this helps - Tue Mar 11 2008, 20:36

Hello thank you for your question. The average commission in Northern California for residential homes is 2.5% of the sales price. The seller is normally the party who is paying the buyers agents commission. If the listing agent also becomes the buyers agent (dual agency) the seller could ask for a lower commission since the listing agent is only going to recieve 2.5% on the selling side but as a dual agent representing both buyer and seller he or she would recieve the whole 5.0%. I personally feel there should be some room to lower the total commisson when I act as a dual agent for my clients everyone wins. - Sun Mar 9 2008, 23:26

Having worked with buyers on many REO transactions a good average is price per sqft. You can search my web site with all REO (bank owned properties) in all 3 major counties, Sacramento, Placer, El Dorado http://www.wboone.golyon.com the links are at the top of of the web page. Once you find an area you are looking in then you can single out all REO listings and see who is the best price per sqft and this will help you determine a good offer. - Thu Feb 21 2008, 12:23

Are you a first time home buyer? if so you have done your homework .......... Your personal finances sound very solid which is a good thing. In regards to what a bank will take on any given property depends on many things. Most people really don't understand the bank lost 6 months of mortgage payments and paid 30,000 plus for foreclosure attorney fees. The banks have 3 BPO (broker price opinion) ordered at 90 days in the pre forclosure process. These BPO are done by agents & brokers from all different companies. Once they have the BPO they know what to expect for a price. The last transaction I just closed in Roseville was a bank owned property. I was the buyers agent in the transaction and got the bank to go down 50,000. Every listing depends on each individual bank and the property itself. Some areas are holding value better than others. New homes are really something to consider as well. The last 5 transactions I close in 2007 Nov-Dec were all new home sales. I got the builders to go down to $150-$138 per square foot. These homes were all upgraded good lots and super deals! New home builders are starting to hold at certain price ranges. Give me a call if you would like to go into more detail thank you - Sat Feb 16 2008, 23:04

Hello sorry to hear the loan is not what you hoped for. To answer your question if you have not removed all of your contingencies including the loan you should be able to get your initial deposit back. Your agent if you are working with one should be able to help you with this. Are you working with a buyer’s agent in this transaction? Or is the listing agent representing both buyer & seller? On the original purchase contract did all parties initial page 5 for liquidated damages clause & arbitration....... Also on the original purchase contract was page 1 paragraph 2.I checked? Bottom line in any transaction buyers are due their deposit back if the never released all of their contingencies in writing. This does not mean sellers always agree but if it did end up in arbitration more than likely the buyer would get their deposit back. See my web site for more information thank you and I hope it all works out for you. Have you considered trying a different lender to run a quick good faith for you? A good lender can give you a good solid bid for rates without running your credit based off of what you tell them and assuming it is correct information. FICO score, debt vs income, I have several very good lenders I could put you in contact with just let me know thank you. - Wed Feb 20 2008, 18:03