I am looking for a realtor to help me purchase a house in the natomas area.

Asked by Tony, Wed Nov 5, 2008

I need someone with bank owned home experience. I have 5% down on 210,000. I dont want to go over the 210,000 limit. Also I would like for the bank to pay my closing costs. Does anyone think this is possible? I need to close by February. By the way I have a pre approval letter.

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Erin Stumpf…, Agent, Sacramento, CA
Wed Nov 5, 2008
Hi Tony,

Rob and Elizabeth are both great agents, and you can't go wrong with either one.

Web Reference:  http://www.sacreblog.com
2 votes
Ute Ferdig, Agent, Auburn, CA
Fri Nov 7, 2008
Hello Tony. I'd just like to add that you should keep in mind that you'll probably have to carry flood insurance when you buy a home in Natomas. Below is a link to more information about the new Natomas flood map and the flood insurance requirement. Good luck to you.
1 vote
Sue Archer R…, Agent, Palm Harbor, FL
Thu Nov 6, 2008
You've already had the top agents contacting you here and with all good advice. (I'll second everything they've said) and add a little more.

In your price range, consider that you'll have multiple offers on most houses, and expect it. Once you find a home that meets your lifestyle needs, and is in the price range. Spend the time to define the actual market value, in today's market, of the home. The realtor can help you determine that. Factor in repairs that might be needed, and the terms (since you are asking for 3% for closing costs) in to your equation as well. I also consider if the house has been on the market over 30 days....

The final decision on what you want to offer will be your decision. With all the information at your disposal, you now have to determine your level of risk. If you offer less than YOU consider the value to be, (NOT the listing price, the value), and you have terms, then you have a higher risk that someone else will win with their offer. The last decision- what to offer, will be based on your risk tolerance.

But one insight,....there is a pocket of homes in Natomas that is really nice, that is away from all the other developments where you can walk along the levee, and that is in your price range. They seem to be slowing down on offers and NOW might be a great time to buy. (Buyers slow down during the holiday and rains in their shopping for homes).

Last, I have an article on http://www.activerain.com under my name that is titled 'How to select a Realtor' that you might find helpful. But any of these submitters would 'pass the test' with flying colors.
Web Reference:  http://www.suearcher.com
1 vote
Rob McQuade, Agent, Sacramento, CA
Wed Nov 5, 2008
Hi, Tony. This is certainly a good place to connect with REALTORS®--and I'll bet there are a lot of us who've worked extensively with bank-owned properties given that two-thirds of homes that are selling in the current market are foreclosures.

It's common for buyers to request the bank to pay some portion of closing costs on a purchase, especially on homes priced under $250,000. Your strength is that you have 5% to put down, which puts you ahead of a lot of first-time buyers but probably also requires you to go with an FHA purchase. You'll probably be allowed to request up to 6% back from the bank--but the challenge is in asking for money back for those closing costs while still remaining competitive in a "hot" segment of the market: homes priced under $250,000.

I noticed you're shopping in 95834. Are you focused on South Natomas? North Natomas? Both? And be sure to talk with your insurance person about your premiums if you buy in Natomas--decertified levees will soon result in mandatory flood insurance coverage on top of your regular hazard insurance premiums.

If you have more specific questions, feel free to contact agents directly. Spend a few minutes reading through Trulia's questions and answers, it'll give you a feel for who's active and knowledgeable--and who you might be comfortable working with. Then get in touch with a couple agents before choosing an agent. While there are a lot of great REALTORS® on Trulia, not all of them will be right for you.

I hope this helps and best of luck!

Rob McQuade, ABR, REALTOR®
McMartin Realty | 2031 K St Ste 100 | Sacramento, CA 95811-4253

Tel (916) 444-7577 or Toll Free (866) 720-CITY (2489)
Fax (916) 444-7977

» Great homes, great neighborhoods: http://www.ForSaleInNorthNatomas.com
» Established neighborhoods close to Downtown: http://www.ForSaleInSouthNatomas.com
» Search all of Sacramento for real estate deals: http://www.ForSaleInSacramento.com
1 vote
Rosalyne, Home Buyer, Sacramento, CA
Sun Nov 16, 2008
try Alest Walker (916) 747-2156
0 votes
Erin, , South Lake Tahoe, CA
Sun Nov 9, 2008
Hi Tony: Just in case no one else has said it yet, ask your friends, family and co-workers to recommend a Realtor to you that they know, like and trust. By far the best source of information.

Good luck.

Erin Phillips
Keller Williams Realty
Web Reference:  http://SoldbyErin.net
0 votes
Jim Walker, Agent, Carmichael, CA
Wed Nov 5, 2008
yes, very possible. You have several good candidates already.

I want to add my aphorism: "List prices not closely correlated to market value."
In other words the bank REO departments are pricing houses way below their value or way above their value, rarely are they priced for exactly what they are worth.

2nd point. You may be competing against cash buyers and against buyers who are willing to pay their own closing costs. The banks are looking at their net receipt from the sale. If you want 6% closing costs paid by the bank then you may have to bid at least 6% higher than a competing buyer, to win a particular house.
0 votes
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