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91941 : Real Estate Advice

  • All13
  • Local Info0
  • Home Buying8
  • Home Selling1
  • Market Conditions1

Activity 10
Franceakite, Home Buyer in Dallas, TX
Wed Jun 10, 2015
Franceakite answered:
A typical REO or Bank Owned transaction takes 45 days or less. If you are paying cash then you can usually cut that time down to at least 21 days but not much more since the bank is dealing with multiple properties and they just don't have the time to act as quickly as you do.

Each bank tends to have slightly different procedures but I would always anticipate at least a 72 hour response time during the work week (Mon-Fri) and don't expect any answer over the weekend. They are a bank after all and keep banker's hours :-)
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1 vote 6 answers Share Flag
Sao_angelina, Renter in
Mon Aug 27, 2012
Sao_angelina answered:
Thank you for all your prompt responses. I am currently doing as all have suggested so hopefully within the next two years I will be able to become a home owner.
0 votes 4 answers Share Flag
Janet McCart…, Real Estate Pro in San Diego, CA
Fri Aug 17, 2012
Janet McCarthy answered:
Hi Andre,
La Mesa has four zip codes and currently 94 listings ranging in value from a 2 bedroom, 1 bath with 690 sq. ft asking $199,000 to a 6 bedroom, 9 bath 8743 sq. ft home asking $1,999,500. Average Active asking price is $607,714 for 4 bedroom 3 bath home.
Solds for the last 90 days come in at $175,000 for a 2 bedroom, 1 bath home with 704 sq. ft. to a 6 bedroom, 6 bath 4509 sq. ft home that sold for $999,000.
Average sold price for the last 90 days was $404,249.
If you want to know how much your house or a specific house is worth than shoot me an email with the specifics - rooms, address, etc... and I will give you a comparative market analysis which will show you how much homes of the size and in that area have sold for.
Janet McCarthy
Connect Realty
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0 votes 9 answers Share Flag
Victoria Hya…, Real Estate Pro in La Mesa, CA
Tue Mar 6, 2012
Victoria Hyatt answered:
Based on the info you have given you should qualify now to purchse with an FHA loan, 3.5% down. There are many lenders available who would be happy to review your credit and employment history to tell you exactly what you qualify for. I can highly recommend Carl Kahn with Amerifirst (760) 504-3655 Cell . He has helped me to close many transactions, even tricky ones where there has been a bankruptcy.

If you would like to discuss your options further or begin your home search in La Mesa, please give me a call or email and I will be happy to help!

or go to to begin your home search like a real estate agent for free.

Victoria Hyatt
US Premier Realty, Inc.
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0 votes 8 answers Share Flag
Tina Lam, Real Estate Pro in San Jose, CA
Fri Jul 1, 2011
Tina Lam answered:
In the public domain, I find that provides a very good interface to search for sold comps. You can search sales records by 3 months, 6 months, etc. You can download all the sales into excel and do your own counting. They list out whether the sold comps are short sales or not. To weed out REO, you have to do it manual and use the keyword search.

Good luck.
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0 votes 2 answers Share Flag
Jason Lopez, Real Estate Pro in San Diego, CA
Tue Apr 5, 2011
Jason Lopez answered:
Great question, especially in this market! I included a link to a video I posted recently on things to consider when it comes to resale value...which is a backwards way of looking at what might be important to buyers! I also have a video on how how to buy a foreclosure and some info on the Fannie Mae Home Path loan program, which offers some great incentives for buyers. Good luck! ... more
0 votes 23 answers Share Flag
David McGhee,  in San Diego, CA
Sun Oct 17, 2010
David McGhee answered:
Your agent has a fiduciary duty to represent you. Occassionally an agent may represent the buyer and the seller in a transaction, in that case the agent has a fiduciary duty to both parties. The question you need to ask yourself is can an agent who is a party to a transaction seperate his/her personal interests from what is in your best interest. ... more
0 votes 3 answers Share Flag
Roomie Of Bl…,  in San Diego County, CA
Thu Jul 29, 2010
Roomie Of Blue answered:
Terry is correct and obviously experienced in purchasing homes from the court house steps. I am also a Realtor and want to let you know that he/she is correct, where the other reply is not. ... more
0 votes 3 answers Share Flag
Jed Lane, Real Estate Pro in Petaluma, CA
Mon Jul 13, 2009
Jed Lane answered:
Nothing to add to the long or short answers except do not rely on the advice of a real estate agent to decide if sellinig and short paying your loan is what you should do. Talk to an CPA and an attorney to decide, once you've decided it is what you need to do then bring in the Realtor.

Any agent that advises you to sell short or advises you on your financial options is working outside the legal bounds of thier license.
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0 votes 4 answers Share Flag
Suzanne MacD…, Real Estate Pro in Morristown, NJ
Mon Nov 5, 2007
Suzanne MacDowell answered:
Oh, my goodness, there are so many factors that go into How are REOs selling in your geographic area? In my area, only about 1% of the properties under contract are REOs, so there are not a lot of buyers for them. What is the condition of the property? The worse the condition, the less buyers want to pay. No one is going to do the work for free any longer. What is the actual market value of the property? Your offer should be based not on asking price but on market value. Are you buying a home for yourself or are you purchasing the property as an investment? If an investment, then determine a percentage off of market value less fix up costs and don't budge from that price.

The absolutely best advice I can give you is to find a realtor with actual and extensive experience working with REO buyers and do what they tell you to do.
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0 votes 17 answers Share Flag
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