Mistie

Buyers are in charge, and you can expect to save tens of thousands to hundreds of thousands of dollars. If the bank refuses, then move on to another property. Continue until you find the bank who realizes that in order to sell, they must reduce. Don't become emotional about any one house, as such attachment will prevent you from being strong enough to move on when the bargain isn't optimal.

Stay tough and stay determined to find a good deal. - Fri Feb 22 2008, 11:50

The purpose of shopping for a bank-owned property is to get a good deal; otherwise, they aren't worth the look. I am aware of many REO's that have gone for $100K less than asking price. As a matter of fact, one home in our neighborhood was listed for $500K, and has been reduced to $299K. It's unlikely that it will even sell for $299K in this housing market. Why? Values are DECREASING, and most sellers simply won't make a profit on their investment.

It's so hard for some people to grasp the fact that home values have FALLEN, and by the end of 2009 the values are projected to have fallen by at least 30%. Why would anyone be willing to pay listing price when the values are projected to fall so much?

Listing prices, realtor evaluations, seller opinions, and appraisals have absolutely nothing to do with market value. Market value is only what someone is willing to pay in this market. If market value was listing price, then the property would have been snatched up long ago.

Make any offer, regardless of amount, on a property according to what the property is worth to YOU. Forget about anyone else, and don't depend on realtors' for advice. They're in the action for their own profit. Take care of yourself and your family, and don't be ashamed to be aggressive. - Fri Feb 22 2008, 08:58

Reatlors want you to believe that the house buying experience cannot be complete without them. Actually, Realtors have told me that they are necessities, and they just don't know how real estate transactions could be completed without them. Don't believe it.

The home buying experience is not as complicated as Realtors wish you to believe. You don't need to complete classes, and you don't need to be a rocket scientist to do it. Personally, I hate using Realtors, because they simply increase the price of the property, regardless of what they try to tell you. Realtors cost you money, whether you're a buyer or a seller.

If you're a seller, you will pay up to a 7% fee for the seller's Realtor. If you're a buyer and you don't use a buyer's Realtor, the seller's Realtor should give the seller a discount in commission because traditionally that 7% selling Realtor fee is split between the buyer's and the seller's Realtor. So if you eliminate a buyer's realtor, the seller should be able to pass the savings along to you unless the seller's Realtor is excessively greedy (and you'll find those.)

Find the property you like. Make the offer. If the home is listed by owner, then submit the offer to the owner. If the property is listed by a Realtor, then you can submit the offer to the listing Realtor. If the home is listed with a selling Realtor, then you 'll have to go through that Realtor anyway. The easiest way to make the offer is to download the sales agreement (contract) from the internet for the Board of Realtors of your state. Don't let Realtors tell you that you can't get them or that you can't use them. Bologna. Just because the forms indicate that they're for use by Realtors doesn't mean you can't use it youself. I've done it myself and it's easy. E-A-S-Y.

You don't need any special training to complete the sales agreement, as everything is self explanatory. It addresses everything necessary to complete the transaction -- everything from earnest money, closing dates, closing attorney, inspections, contingencies, etc.

So ... go for it yourself and save the time, money, and headache of dealing with a "buyer's realtor." - Fri Feb 22 2008, 11:41

It doesn't matter how much profit they WANT -- most sellers simply don't get what they want in this housing market.

Make a low offer on the property according to what it is worth to YOU. Yes, a "lowball" offer. That's the purpose of shopping for a foreclosure. If you can't get a good deal, then they're not worth the look.

The longer the property sits on the market the more of a cut Homes Inc will be forced to take, as home values are dropping at this very moment. Home values decreased 12% last year, and they're projected to drop by that amount for each of the next two years.

Don't worry about others think, and don't ask any Realtor for advice. Realtors are out for themselves, and you need to look our for yourself and your family's best interest. Homes Inc is a business, and don't feel like you can 'insult' them. Who cares, anyway? Look out for yourself. - Thu Feb 21 2008, 17:07