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Fairway Prk : Real Estate Advice

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  • Home Buying6
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Activity 6
Fri Jun 11, 2010
Bob Georgiou answered:
Start with Bryan LeBards answer and Ill take it from there...

There are many reasons to NOT do this, I advise going back to your land use guy and have him recommend an agent or tax/real estate attorney to discuss better ways to do what you are are trying to do. (Establish a non-recourse loan, reset the tax base, offset or reallocate costs, et al.) ... more
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Sun Aug 23, 2009
Dawn Rivera answered:
Hi Jen, my two cents is that unless the home is one you want very much and has no termite work, roof, or other big item to be fixed. I would not agree to pay more then the appraised price. If you absolutely want this house and do not mind paying the extra cash, the value will go up in a few years.......As for losinf your deposit if you have not removed the contingencies you should get your deposit back....Dawn ... more
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Tue Aug 18, 2009
The Medford Team answered:
Jen:

Bottom line:

It’s VERY hard to pull it off, HOWEVER, we’ve done it a large number of times already this year, so I know it can be done.

Here are the problems:

(1) Cash is king, and banks will automatically go with cash because the appraisal and property conditions will not be issues.

(2) MANY REOs do not qualify for FHA because of the condition of the property. UNFORTUNATELY, not all REO agents will tell you whether or not their property qualifies, and MANY buyer’s agents don’t have enough experience to know the difference. You may therefore end up writing on properties for which you don’t stand a chance and never know why your offer wasn’t accepted. REO agents certainly won’t tell you.

(3) Every appraiser looks at properties differently – ESPECIALLY FHA appraisers. New appraisal regulations make this even more difficult, which is many REO sellers prefer cash and conventional loans. See the link at the bottom for more details.

(4) REOs are being priced artificially low right now, so you cannot be writing on properties close to your limit AND expecting to get a credit back. The numbers simply do not work. If you are willing to be realistic about your prospects, then we can get you into a home that fits your loan (but won’t necessarily be the home of your dreams…).

Let me know if you have any additional questions. carl@carlmedford.com

http://www.trulia.com/blog/carl_medford/2009/05/new_appraisal_guidelines
http://www.trulia.com/blog/carl_medford/2009/07/top_10_things_i_hate_abo
http://www.trulia.com/blog/carl_medford/2009/07/artificially_low_list_pr
... more
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Tue Aug 11, 2009
Dawn Rivera answered:
Hi Jen, The homes in Hayward, (if they are in decent condition) are getting 30 to 40 offers so the prices have been being pushed up slightly. The agents have been setting lower prices to encourage multiple offers. In some cases (short sales) the homes are on the market longer because it is a slower process to go through a short sale, than if it is bank owned or a non-distressed sale....I hope this was helpful feel free to contact me if you have any other questions or need clarification on this one.....Dawn 510-909-0373 ... more
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Tue Aug 11, 2009
Dawn Rivera answered:
Hi Jen, to accurately answer your question we would need the property address as Carl stated, but I can give you an approx. answer..... The starter homes in decent condition, in the lower price ranges, weather they are Short sale, bank owned or not are getting multiple offers and in some case it is driving the prices up. For instance a home I was showing my client, was listed for 399,000 got 20 offers the best being 420,000 and so it sold for 420,000...I hope this was helpful....Dawn ... more
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Thu Jun 18, 2009
Judi Abbott answered:
Sure you can! But should you? If your goal is to save broker fees, done! Broker fees are typically a Seller's expense. Since you weren't familiar with this custom, I'd think twice if I were you about trying to navigate the complicated contracts & disclosures. BEWARE! If it doesn't cost you more why not trust this important transaction to a real estate professional? Best of Luck!!!! ... more
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