Thomas Hutchinson

Sandy,
The first step to take is to sit down with a trusted mortgage company in your area and discuss all of your options. It's likely (depending on your overall credit history, job status, etc) that you could qualify for an FHA loan (which isn't necessarily credit score driven). Then, find yourself a trusted Realtor who will take the time to educate you on the entire process and assist you in whatever steps the lender maps out for you to improve your credit as necessary.

Good Luck!! - Tue May 27 2008, 12:35

Riverbank will recover about as quickly as the rest of the local market (north/east Modesto). There is plenty of supply and demand has increased in the last couple of months. We will continue to see more foreclosures in the coming months because of the sheer number of loans that are scheduled to reset soon. If you're selling, you should have a pressing need to do so...If you're buying, it's really a great time because of the selection of homes that are available and the affordability of interest rates.

I'm here to help should you need the assistance of a Real Estate Professional - Fri May 9 2008, 09:21

Ditto...Mark is likely the best around and his reports are second-to-none. - Fri May 9 2008, 09:12

Joe - Take a look at your listing agreement (and any supporting documents that you signed) as it should clearly spell out what your obligation should you wish to cancel your listing. If indeed you agreed to a fee for cancelling, then there's not much you can do. If you don't want to pay the fee, simply request that the broker remove your home from the MLS and the sign in your front yard (if applicable). If you have a legitimate reason for removing your home from the market, I'd be surprised if the broker gives you much grief.

Good Luck! - Fri May 9 2008, 09:05

Hello Marilyn,

The first thing to remember in writing an offer to purchase real estate (or any purchase, actually), is to ask yourself if your offer is "reasonable". Whether or not the bank/investor will allow concessions back to the buyer depends on so many other factors that it's impossible to know beforehand (especially because the lender/investor will never tell you up front). In basically every transaction, but especially if you're a buyer writing an aggressive offer, there needs to be some justification for why the offer is structured a certain way...whether there's buyer concessions, the offer is considerably low compared to the listing price, seller paid inspections and/or repairs, etc.

You must also take into consideration the local market conditions for the area where the property is located. Case-in-point: I recently closed a short sale where the Seller owed $340k and an offer for $270k less $15k for buyer's closing costs were requested (along with all of the normal/customary inspections and repairs). The home is in a declining market area with high foreclosure rates and where there are many other short sale and bank owned properties on the market. The particular home was on the market for over 8 months with the history showing the price progressively dropping during that period but with no offers.

Initially the Buyer's offer was countered at nearly $330k. However, I was able to justify the lower price and ultimately the lender/investor accepted the original offer. The entire process was long, but in the end the Buyer bought a nice home at a great price (which was substantially under both appraisals) and the Seller was thankful that they were out from under what was surely a very stressful time and situation.

I happened to represent both Seller and Buyer in this case and with help from the title company and my understanding of the local market we were able to close a very difficult transaction.

So the short answer to your question is no...you should feel free to request buyer concessions if you can justify the overall purchase offer in the long run.

Something further for you to consider. The Buyer in the above transaction had to endure a lot of uncertainty and be extremely patient because the bank/investors do not make these decisions quickly. As I mentioned, they take into account so many factors before making their ultimate decision one way or the other. Be sure that your agent has a clear understanding of the local market and ask yourself whether there are any other "substitute" properties that you would consider if you are unable to get the concessions your need or think are reasonable.

Good luck. I hope you become a happy homeowner soon!!! - Thu Apr 24 2008, 22:59