Jana "Yana" Farella

Melissa,
You're welcome to log on my website - www.JanaFarella.com , and view listing in this area - Southwest Riverside County. There usually are multiple pictures of each property, and you can search by each city right from my home page. This area has one of the highest foreclosure rates in the country. Some bank owned properties are in a great condition, some need a lot of repairs. The prices here didn't decline 4% or 17% as often published in media. Some homes lost 50% or more of their value if we compare prices with year 2006. There are some incredible deals available. Examples: homes that sold for $700K are now selling for $350K, and some homes that sold for 1.3 mil are now priced at $700K. I just closed escrow on bank owned property in Hemet - 1330 sq.ft, 2bed, 1.5 ba, 2 car gar, RV parking, over 8,000 sq. ft lot, @ only $119,000. The bank/seller paid for new flooring and paint. I just received my Money Magazine Issue, and there is an article on how to buy a Foreclosed home. The author suggest to offer 10% - 30% less on bank owned property if the property has been on the market for more than 90 days. If the property is bank owned - REO, and it is in a good condition and priced at or below the market value, there usually are multiple offers... I've seeing as many as 39 offers on one property. These properties usually sell for higher amount then the asking price - if the appraisal comes through...
If your offer gets accepted at $38,000, there should just be standard closing costs associated with the purchase. Please feel free to e-mail me and I can send you The Estimated Buyer's Cost Sheet. My e-mail address is JanaFarella@Tarbell.com or you can call me at 1-951-970-9747. - Wed Jul 2 2008, 18:23

I don't have the details of your contract, but if you didn't get the lender approval yet - sure, go ahead and buy another property. This is the story of today - most buyers just can't wait numerous months, and in some cases by the time the lender approves the short pay, the property is already worth much less, and the property is not appraising, and the lender/seller needs to approve the new amount... The prices in some areas have dropped so rapidly, that this is happening even with REO's... Last week my buyers saved thousands of dollars because the appraisal came in lower, and the lender/seller had to lower the price in order to close that transaction... There are short sales that are closing, so don't give up on them... Good Luck! - Fri Jun 20 2008, 22:18

Steven,
if you're an agent - nobody knows what your reasons might be. I know for the fact that the banks are refusing to pay the fees/commissions to the agents if they are a principle of the transaction - short sale or REO(buyer). So in case your property is a short sale, and you would list your own home, there's a chance you wouldn't receive any commission... Maybe you were just looking for more creative ideas to better serve your clients, or maybe you're not the same Steve Compos Tony is reffering to. Either way, if I can be any help, please let me know. I am familiar with Carlsbad/Encinitas area/schools... I would love to list your home! (951-970-9747) - Wed May 28 2008, 05:50

Steve,
Looks like you already received a lot of good advise. As a seller be realistic about the price. Too many sellers set their price based on yesterday's market. Have three Realtors prepare Comparable Market Analysis - CMA. CMA will list asking and selling prices of similar homes, as well as amenities and sizes. If a lot of homes like yours are on the market, then I suggest you set an asking price 5-10% below what homes like yours have been selling for. That raises the odds to get your home sold, and even getting multiple offers. We are in a declining market whether most of us would like to admit it or not. In case the sale of your home will be a Short Sale, make sure you hire a Realtor who is familiar with the Short Sale requirements and procedures....
I'm including an article from msn.com - it applies directly to San Diego market. Hope this helps! - Mon May 26 2008, 19:27

Kathleen,
I suggest you move on and contact one of the Realtors from Buffalo who responded to your question... The broker should not hold you to your agreement for obvious reasons. Realtors like the one you came across make the rest of us look bad. Good luck in your search! - Mon May 26 2008, 18:27

It sounds like the home hasn't been foreclosed on yet. If the listing agent has good communication with the lenders (first, second or what might be the case), you might still be able to get the property through the short sale. Technically the Seller is the one who needs to accept the offer, but the bank needs to approve it. In most cases banks/lenders prefer to sell properties through short sale. Once property becomes an REO, it become a liability for the banks - the average cost of foreclosure costs lender about $50,000 in fees, maintenance.... If your offer is full price and your loan can be processed quickly, and if the listing agent has a good communication with the lenders, you should be able to get this property through short sale. The lenders can usually delay trustee's sale... - Sun May 25 2008, 19:40