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64082 : Real Estate Advice

  • All7
  • Local Info0
  • Home Buying4
  • Home Selling0
  • Market Conditions1

Activity 6
Wed Aug 26, 2009
If you can go with the Hompath financing I would use this option. The rate might be a little higher but with out PMI or MIP the APR is usually better than your other options.

PS. I only Lend in the State of Florida ... more
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Mon Aug 3, 2009
Trisha Lee answered:
Brittany -
No, there is no law that says you must prove there is another offer but REALTORS abide by a professional code of ethics where they cannot misrepresent information in a transaction. There is a big difference by the way between a REALTOR and someone who has their real estate license and that is the code of ethics, REALTORS have one and abide by it, others don't. What Cathy said is very true about pricing, timing and creating "buzz' on a property. All the things that hold true for you as a buyer are very likely the same for others in the market looking at similar properties.

That's one of the reason REALTORS push for clients to get pre-qualified and ready to make an offer at a moments notice because now, probably more than any time in recent history, the speed with which transactions happen is lightening and I've had several situations where there are multiple offers. Some we've won, others we haven't, but I can't imagine a scenario where someone would fabricate another buyer. If you, rather than bidding against someone, just decided to walk away, the seller and agent would have NO one to negotiate with. It's just never good business to be anything other than up front about situations, but remember, the sellers agent is just that the "SELLERS" agent and it's their job to try and get the best price for their client whether it's an individual, a lending institution, or someone like Fannie Mae, Freddie Mac or the VA Administration.
Hope this helps.
Trisha Lee REMAX Boone Realty Columbia, MO 65203
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Sat Aug 1, 2009
Trisha Lee answered:
Brittany -
I ran into this exact situation today. My buyer wanted to put an offer on a property that has just come on the market and there was already on offer in the works (just like yours) but they had at least one other come in so they are extending the deadline for ANYONE to make an offer and it will then be "highest and best" a one shot opportunity to get this house. Michelle and Anna are correct in the fact "it's not over until it's over" or until the fat lady sings. Until ALL parties have signed ALL paperwork, you do not have a firm completed contract and anything goes. Sorry it hasn't worked out for you but you can STILL do highest and best and if it's really discounted, even going up you might come out better than a regular sale. Just know there are many twists and curves on the path to home owernership ESPECIALLY when it's a reo and this is when a really good REALTOR will be worth their weight in gold negotiating on your behalf. Good luck.

Trisha Lee REMAX Boone Realty, Columbia, MO
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Tue Jul 14, 2009
Ask Cathy Marketing Group answered:
The best way to research this is to look at the original asking price of the home, how long it has been on the market and how much the sales price has been dropped. You can find all of this on the MLS with the use of a buyers agent. You can normally "guesstimate" what a builder will negotiate by looking at his/her past sales. I would also look at similar homes in similar neighborhoods to see what they are selling for to draw a conclusion about what market value should be. There is no rule of thumb that every builder will negotiate X%. In your question you say "new construction that is not selling"... that tells me that the builder has not found market value yet. Market value is the price that a buyer is willing to pay for a home. With builders there are many extinuating circumstances. For instance, the lender who is holding the note is probably holding a construction loan and they frown upon "lease purchase" (rent to own). And if they allow a lease purchase, the lender will require that the builder increase his/her equity position to at least 20% which can be difficult to accomplish in these times. Also, the builder probably owes more on the note than the market will bear for the home. Some builders are choosing to eek along making payments on the home rather than do a short sale with the bank and lose their ability to get more construction loans for future building. If their ability to get a construction loan is taken away, they are essentially out of business. So, as I say alot when I answer these questions, it depends. Your best bet is to look at the MLS research for the neighborhood you are interested in and then find a Realtor that is "in the know" about the new construction builders. With that information you will be able to set a price that the builder will most likely take. Give me a call anytime and we can discuss further! ... more
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Mon Jun 22, 2009
Angela Korbin answered:
In my opinion they have really firmed up on their asking price in the last few months. Homes that would have take $10,000 off at the first of the year I have had to fight to get it at $5,000 under list price. Whether it is a bank or a home owner they come to real estate agents to price them at fair market value. We compare that home to ones that are like it in the neighborhood. Then we deduct for the amount of work that needs to be done to it. We do the same thing for our buyers before they put in an offer. If you need any assistance pricing homes please feel free to contact me.
Angela Kunzler
Prudential Gaslight Realtors
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Sun Jun 21, 2009
Ask Cathy Marketing Group answered:
Yes, there will be more foreclosures. We just had a meeting in St. Louis with Jay Pappasan from Keller Williams University and he said that there are many more adjustable rate mortgages that are going to reset this year. When the rates adjust/reset then many homeowners will be forced into positions that they can't afford. Hopefully, the HASP program will help homeowners who are current on their mortgages to refinance and lower their current payments into 30 year fixed notes. I believe we are near the bottom of the crisis, but only time will tell if I am right! If you'd like to know the value of your home and the prices of homes sold around you, go to It will update you monthly on the activity surrounding your property. If you'd rather I set it up for you, just email me at Jodie Roemer at Bank of America is a great resource for info on the HASP Program. I can get you her number if you'd like to visit with her as well. Thanks! ... more
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