Hello, I would like to hear your opinion on this. My agent told that there is no good home for the price of 270-290k of Single Family with 3 beds

Asked by Angieng, Orange, CA Sun Aug 1, 2010

in Anaheim, Stanton, or Fullerton. So, he said I should either increase my budget or settle for a townhouse. When I searched on the website, there are a few short sale houses that are 270, and he said that the closing price will end up to be 300k, even thought it listed for 270. When I asked him to put in the offer, he said that he wanted to research more with the sellers, so he has been holding off. I do not know what to believe. What are your opinions on this? Should I call the seller agents to find out the information on my own or is it better to wait for my agent?

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Sun Aug 8, 2010
Most offers on short sales don't close. You may have to wait 4 or 5 months. Then find your offer was not accepted. It's not a pleasant experience.

You will not receive funding beyond appraised value. Appraised value is what recently homes sold for in that particular area. So, for a seller to sell their home to anyone that is not a cash buyer, their price is going to be in the same price level as short sale property.

Look at "normal" listings, not at distressed property. Negotiate! You may be surprised. .... Happy funding, Rudi
Web Reference:  HTTP://www.umboc.com
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Karen Parsons…, Agent, Laguna Beach, CA
Thu Aug 5, 2010
Hi Angieng,

I can understand why you are frustrated and it sounds like your agent does not want to deal with short sales....none of us truly do, but they can be done (I do it all the time) and if you have found some, it's worth sending them an offer, if you like the house.

Someone is going to buy it....why not you?

As far as your term "good" is that based on neighborhoods or based on your financing? FHA has requirements for condition of homes. If it's the FHA conditions, you might speak to your lender about a 203K FHA loan which allows you to include the necessary improvements in the escrow process. It's great for homes we might consider "fixers"...and frankly with short sales, you'll have time to get the loan processed while you wait for loan approval.

I'd be happy to speak to you more if you want to shoot me an email.

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Robert Suarez, Agent, Toms River, NJ
Mon Aug 2, 2010
I do have one more thing to add after reading the some of the posts.
Yes it is hard to find a property in a certain price range sometimes. Yes short sales are are hard and time consuming.I thought that is why an agent gets compensated for their time.
We as agents must first try to accomplish what the client is requesting. I do not think what Angieng asked was so unreasonable .
The agent in my opinion did not want to work for his client .I think, he just wanted to find a quick and easy sale he could convince his client to buy. I am sure he is successful because of this attitude. Because he closes the deal, the easy deal
I went into real estate because of a agent like him. That condescending attitude that they know and you do not. I have noticed that attitude in agents that the client does not know what they want or have no knowledge of the market. No knowledge of the market might have been true in the past . The internet has changed that. I feel If agents want to be relevant in this changing market they must provide a service by doing the hard search or hard deal. Otherwise why not find your own house and have a lawyer do the paperwork.
Web Reference:  http://RobertisTomsRiver.com
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Mahesh Mike…, Agent, Anaheim Hills, CA
Mon Aug 2, 2010
He Is probabaely right... Hard to find house in North OC for under 300K.. Have you considered moving to RVSD county? The option is Townhouse or a higher price.......

Seems like your agent is honest and upfront.

MIke Patel
Web Reference:  http://www.mikepatel.com
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James Wu, , Orange County, CA
Sun Aug 1, 2010

I see that most relies do not agree with your current agent.
But your agent may be correct with his/her reason.

The first thing for you is to determine what is "good", and it is very hard for a home buyer.
There are many single family homes in these areas in this price range, but you need to consider:
(1) Is the neighborhood safe, clean, and quiet.
(2) How good are the neighboring schools?
(3) How do you feel when you walk around the neighborhood? Do you feel the area is declining, steady, or moving up?
(4) How much money you need to spend to fix the house after your purchase the house?
(5) With the total money (purchase + repair + ???), how is the deal compared to a higher-price house.
(6) Will you consider a condo or attached townhome, instead of a single family house?

Realtor, Irvine.
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Caroline York, Agent, St Petersburg, FL
Sun Aug 1, 2010
I am confused, is the agent working for you or the sellers? If he is the sellers agent then I would recommend that you find an agent that will work in your best interest. Often agents that handle both sellers' interests and buyer's interest in the same transaction become less assertive on your behalf. Also, find out how many short sales this agent has closed. Experience counts when it comes to getting things done in a short sale. Knowing who to contact at the lender's office regarding a specific property goes a long way. Knowing what forms a specific lender wants will also speed up the process. Knowledge on the realtor's part will have a positive result when making an offer on a short sale and a bank owned property.

If the agent is working on your behalf and not the sellers' I do not know why he has to talk and discuss things with the seller prior to your making an offer. If there are special required forms necessary they should be attached to the MLS listing or available. Have your agent write an offer and get a response from the seller. Get things going or you won't even be part of the game. Good luck!
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Mission Viejo…, , Mission Viejo, CA
Sun Aug 1, 2010
Angieng, there are houses in that price range but you have to move on them fast. I checked the sold properties in your price range and more than half of them were REO sold for cash. Your best bet is to find one that is a standard sale, meaning the owner isn't behind in payments or facing foreclosure. They just want to sell. When you present your offer also write them a letter telling who you are and how much this would mean to you and your family. Sometimes this helps the seller to decide which buyer they want to purchase their home. Good luck with everything!
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Dallas Texas, Agent, Dallas, TN
Sun Aug 1, 2010
Unless an agent can review all the homes for sale within your lender qualification amount no one can render an opinion.

Has anyone discussed you will also have closing costs on top of purchase price? Is that number configured into your ability purchase a home in specific area?

Short sales and foreclosures are time consuming to close IF they ever do SO if you searching for a home what is your time frame close within 45 -60 days THEN best search for other area(s)

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
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Jeremy Lehman, Agent, Garden Grove, CA
Sun Aug 1, 2010
I've been showing properties in Anahiem to some buyers for the past month. Your agent is correct in advising you that you're not going to get an offer accepted on a house in Anaheim at that price range unless maybe you are an all cash buyer with no contingencies. Unfortunately, we still have agents marketing homes well below market value to generate traffic. A bank is not going to approve a shortsale that is 10% below market value.

The best way to see is to ask your agents to see recent sales from the MLS in the neighborhood to confirm this. Whether you choose to follow your agent's recommendations is up to you. I tell my buyers not to pay attention to ask price so much, and to look at recent sales and condition to come up with our offer price. There's extra work involved, but at least we know what actually happening in the market when we negotiate the price.
Good luck to you.
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Spirit Messi…, Agent, Tucson, AZ
Sun Aug 1, 2010
I dont know the area, so have to assume your agent knows better than I in regards to the pricing. However, if you want to put in a short sale offer, do it and get another Realtor that will do it for you. Your agent might THINK they know where that short sale will settle, but until it does, they are not 100% right. A lot of agents don't like to work a short sale cause there can be a long turn around time, up to 6 months and a lot of them fall through. So what, then you can put in another. THat is your choice, not your agents, they work for you. If you go online, search MLS and can find some properties in your price range and they will not show you, thank them for their time but you will be forced to find another agent that will show you.
Best of luck.
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Connie Bramb…, Agent, Rancho Cucamonga, CA
Sun Aug 1, 2010
Hi Angieng,
Your agent should have put in the offer for you. and there are many homes in theAnaheim area.
there are also many townhomes in the anaheim area that ar bigger than many of the houses in that price range. I suspect your agent was just trying to get you the best property for the price you can afford. but if you ask to put an offer the agent should go with what you want ot do.
Connie Bramble
Prudential CA Realty
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Dp2, , Virginia
Sun Aug 1, 2010
It sounds like your agent wants you to spend more; however, there are certainly some SFHs with 3br in those areas within your range.
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The Hartanov…, , San Clemente, CA
Sun Aug 1, 2010
Make sure that you check out all the 3-br detached properties in those specific cities, listed by price ($270K-$290K) at:
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Robert Suarez, Agent, Toms River, NJ
Sun Aug 1, 2010
Hi Angieng,
Get another agent. If you found some homes. Your agent should have looked into it or had you put in a bid on the home . It is pretty straight forward and in my experience the sooner you get a bid in on a bargain property the greater chance of actually getting an accepted offer.
Web Reference:  http://RobertisTomsRiver.com
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Emily Knell, Agent, Huntington Beach, CA
Sun Aug 1, 2010
Yes, the definition of "good" would be good to know.

There's an area in Fullerton where a good amount of home have sold since Jan. for between $280-$300k that are 3 bedrooms. They have been selling in this price range because they're mostly originals from the 50's vs. granite counters, new cabinets, new flooring & windows etc.,,,,but they're in a good area, with great lot sizes.

There may not be anything currently on the market like that, so you need to find an aggressive agent who will 'beat on doors' to find them!

562-430-3053 cell
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Carolynn San…, Agent, Tustin, CA
Sun Aug 1, 2010
Thank you for your question, Angieng.

First it depends on what you mean by "good." There are always major fixer-uppers on the market, but they will require $$ for repairs before you move in.

If you are purchasing your new home with all cash then you have much more bargaining power. If not, the majority of homes sell at "market value." I would ask your agent to run a CMA, or comparable market analysis to base your offer price upon. Offer price should be related more to the CMA than the list price.

I am unclear as to what you mean by "researching more with the sellers." With short-sales it is imperative to understand where the home is in the short-sale process, so maybe that is what you mean. What information is it you hope to obtain from the selling agent?

I wish you the best in your home purchase. If you would like further information please feel free to give me a call or e-mail. 714.797.3622
Warm regards,
Carolynn Santaniello
Web Reference:  http://www.OCRealtress.com
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