Good morning code....
Unless the listing price is a "bank approved" price there is no connection between the owner's asking price and what the lender is willing to accept. The purchase of a short sale is a "two step" process which requires the approval initially of the owner and finally by their lender.
It's not unreasonable to present your offer contingent upon the lender's willingness to pay "closing costs" but there are no guarantees it will be accepted. Nothing ventured nothing gained......
Nobody knows the exact answer to your question. The top economists in our country have different opinions on when home prices will start appreciating again. The reason for this is that there are many factors that affect the real estate market including interest rates, consumer confidence, the unemployment rate and foreclosures.
As of now prices are still sliding, however not nearly as rapidly as they were just a couple years ago. In Suffolk County 19,870 homes sold in 2009 and then 20,214 homes sold in 2010 according to MLS. In Blue Point 23 homes sold in 2009 and then 29 homes sold in 2010 according to MLS. This increase in sales is a good sign that we are moving towards market stabilization - it shows an increase in demand and also helps reduce the over-supply. However, all things considered, I think we're easily looking at a few more years before we see any type of appreciation.
That being said, if I was looking for a home and trying to time the market, I would buy now (or actually a few months ago) for a few reasons. If someone buys a home today and the value decreases slightly, chances are that would make more sense then buying in the future for a slightly lower price, but at a higher interest rate. The cost of a home to a buyer isn't just the price – the cost is the monthly payment added up over time, which is a combination of the price and the interest rate.
Another benefit to buying now instead of waiting is that the selection is greater now. By waiting and buying with less of a selection, there will be fewer choices and so the buyer may end up settling for a home that doesn’t meet their needs as well. Also with the considerable tax benefits of homeownership, even if the value of the home goes down slightly, this may be out-weighed by the money put in one’s pocket from the tax benefits.... more
I would be happy to answer any specific questions you might have. Much depends on location, budget, etc. Would you please contact me so we can discuss it. Thanks.
Certified Buyer Representative
Century 21 Princeton Properties
Are you a first time home buyer? If so, you might be able to qualify for the special program that credits you with up to $7500 help with down payment money. Call your bank or your local Coldwell Banker Realtor. Coldwell Banker has an excellent competitive mortgage company affiliate that will be able to assist you with information about the type of loan package that would best suit your situation. You could also visit ColdwellBanker.com online to contact the company for a mortgage.
You should also try to set a budget that allows you to spend less than you earn so that you can build a savings account. If you buy a home, you may need money some month for repairs, for example. As a renter, those expenses are paid for by your landlord. Good luck to you!... more
I am not in your market, however foreclosures are typically offered through your local MLS, so any agent in your area should have access to the bank owned listings. I recommend finding an exclusive buyers agent who can represent you on these types of properties.
You can research government owned properties at the website below.... more