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Buyers Market All Locations : Nationwide Real Estate Advice

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George Raymo…, Real Estate Pro in Fort Worth, TX
Fri May 31, 2013
George Raymondo answered:
Your question does really make sense, but simply put the VA loan is one of best loan programs out there. I am current looking to buy a home and I am going to use my VA entitlement. The VA loan offers $0 down, low rates, and NO monthly mortgage insurance. Only way to get out of paying PMI or MIP/MMI is to come up with a lot more money. And most people don't know this but you can get more than one VA loan. It's called 2nd Tier Entitlement. So why would you do anything other than a VA loan and save your money for a rainy day? ... more
0 votes 4 answers Share Flag
Lea Shaw,  in Austin, TX
Thu Feb 26, 2015
Lea Shaw answered:
Absolutely, in fact I encourage all sellers to get pre-approved prior to selling their home so that they know what amount they can be qualified for on their next home.
I would be happy to pre-approve you when you are ready.
Lea Shaw
Pulse Funding of Texas Inc.
512-266-3800 - Office
512-592-7910 - Cell
... more
0 votes 12 answers Share Flag
Mona Cohen, Real Estate Pro in Los angeles, CA
Tue Jun 7, 2016
Mona Cohen answered:
Hello,

What price are you preapproved at ? How many bedrooms/ ba are you looking for ? Please send me an email at mona@monacohen.com I can help you find the right home..
0 votes 13 answers Share Flag
Pam Mcclain,  in Crossville, TN
Tue Apr 16, 2013
Pam Mcclain answered:
It is very important that you find yourself a realtor that works for you in your absence. I work hard for my clients. My plan is to advertise on numerous websites and local newspapers. In addition Open Houses/Realtor Open Houses, are a way to get interested people in to see your home. If I may help. Please call 931-200-8058 ... more
0 votes 4 answers Share Flag
Suzanne MacD…, Real Estate Pro in Morristown, NJ
Thu May 16, 2013
Suzanne MacDowell answered:
Only a few weeks ago the answer would probably have been 'no'. However, just yesterday I heard from one lender who is once again able to do 90/10 loans, a first mortgage for 90% of the value and a second mortgage for the other 10%. Check around with several lenders and see what can be done. You might also want to check with local realtors to see if they now of such a product in your area. ... more
0 votes 7 answers Share Flag
Laura Karamb…, Real Estate Pro in Downers Grove, IL
Sun May 19, 2013
Laura Karambelas answered:
Good morning!

Yes, in our current market there can be 5 contracts on a property. Our inventory in Downers Grove is down about 19% from last year while our sales are up approximately 32%. Our low inventory and an increase in sales is creating demand. We are seeing multiple offers and a very quick market time.

I don't know which home you are referring to so I am not able to answer about the amount of money needed to clean the property.

Does your daughter have an agent of her own? If not, I would recommend that she works with a local agent who will help her through the buying process as well as explaining the market in Downers Grove.

I hope this helps!
... more
0 votes 7 answers Share Flag
Nadine Mauro, Real Estate Pro in Lake Worth, FL
Sun May 12, 2013
Nadine Mauro answered:
Hi Louis,

Yes. There is a nice duplex priced at $259,000.

You could live on one side and have a family member or other live in the other half. There is another listing for $249,900.

Call me and we can make arrangements to see these houses.

Nadine Mauro
Highlight Realty
561-414-0864
NadineSellsHouses@gmail.com
... more
0 votes 7 answers Share Flag
Toni Nicholas, Real Estate Pro in Burlington, NC
Wed May 6, 2015
Toni Nicholas answered:
...assuming you meant sellers, many sellers may be in financial distress and may not be able to do any necessary things to help sell their home. Further, there are many agents who are not addressing the whole picture including the financial distress of the owners. Many agents who do not address the probable short sale of the property, may, in fact, push their sellers into foreclosure because they're too stubborn to come clean, too stubborn to learn, or outright refuse to risk pricing the property appropriately for fear of losing the listing! Many agents will not learn how to conduct a short sale and GET IT SOLD! ...which is why I began specializing in Short Sales.

I do not believe agents such as these are doing what's best for their client, and I have run into many properties such as those you describe. You and your agent should be asking these types of questions as to why the seller is selling or your agent may conduct some good ole-fashioned research to determine whether there is any wiggle room between the mortgage owed and the asking price. I'm sure you will see many properties are listed at the break even point so that the list agent avoids marking the property as a "short sale." While this tactic is not at all helpful, this will also help you decide or avoid making offers on properties in the first place. You'll find out about those stubborn agents, inexperienced agents, or those who refuse to be flexible - due to the other reasons he or she has not told you. This is why I always conduct my research, and I do not work with these types of agents. I don't like wasting my time.... money, effort, etc.... So, while this tactic is not helping the sellers at all, your agent's research will show the true picture, and you can make your decision of whether you're even going to pursue the property in the first place. I've written about these issues and more in an article on short sales from the seller's perspective. If you'd like more info, please visit the link! Good Luck!
... more
0 votes 16 answers Share Flag
Paul Heller,  in Hollywood, FL
Sun May 17, 2015
Paul Heller answered:
Therevareva number of buildings that have good appreciation in value the last couple of years. The Beach Club, Turnberry Isle, Aventura Marina The Summit, the Residences, the Wave, just to name a few. There is also pre-construction project you may want to consider in Hallandale on the intracoastal that i would like to discuss with you. And it is in your price range. Please contact me and I will gladly show you the data.
Regards,
Paul Heller
Prudential Florida Realty
19056 N.E. 29th Avenue
Aventura, FL 33180
Paulheller@bellsouth.net
Cell 954-559-6411
Office 305-749-1583
To search for properties, go to my website at www.SoFlaBeachHomes.com
TRC, CSMS, E-Certified, REO Specialist Designation
... more
0 votes 11 answers Share Flag
Jen and Mark…, Real Estate Pro in Holmes Beach, FL
Tue Apr 16, 2013
Jen and Mark Bowman answered:
Please feel free to contact us. We can get you connected to a great agent with international connections.


Jen and Mark Bowman
Keller Williams Realty
941-840-0117
0 votes 4 answers Share Flag
Melissa Goss,  in Center Moriches, NY
Tue Apr 16, 2013
Melissa Goss answered:
Not necessarily, sometimes websites borrow off of the main website the home is advertised on. For Long Island, we use MLSLI, and zillow or trulia, and other sites will share this information. However, if I change info on one of my listings on MLSLI sometimes it takes these sister sites 24 hours or longer to update, and therefor it will be different than what it actually is. ... more
0 votes 2 answers Share Flag
Brad Davidson, Real Estate Pro in Placentia, CA
Mon Dec 22, 2014
Brad Davidson answered:
HI Jeremiah,

Check out me website at www.wehelpubuy.com. I have a program where I share my commission with my clients and you can use that money to pay your closing costs. My average client gets back about $7,000. I work with lenders who will contribute with credits of their own to save you more.

Give me a call for more information.

Thanks,

Brad Davidson
Broker - 01416432
714-961-8442
... more
0 votes 12 answers Share Flag
Bob Brandt, Real Estate Pro in Schaumburg, IL
Tue Apr 16, 2013
Bob Brandt answered:
Multiple offers means that one of the buyers will probably get it and is like a silent auction.
The seller can reject all offers, if they are all unsatisfactory and ask for a new round of highest and best offers. This just happened to me. ... more
0 votes 2 answers Share Flag
Nancy Milton…, Real Estate Pro in Edwardsville, IL
Mon Aug 5, 2013
Nancy Milton Holtzscher answered:
Hi, Imajn1: Could you be a little more specific? I will try to help, but don't know what you mean by a "group of home buyers." Thanks.
0 votes 5 answers Share Flag
Julie Reddin…,  in Highlands Ranch, CO
Wed Jan 8, 2014
Julie Reddington answered:
Is it this one on the link below? I can send you over homes for sale in Plum Creek
0 votes 8 answers Share Flag
Steven Ornel…, Real Estate Pro in Fremont, CA
Wed Apr 17, 2013
Steven Ornellas answered:
Hi Keith,

All properties, whether distressed or not, are going into contract with little delay during this STRONG Seller's Market. So, you should keep ALL of your options OPEN.

Many Buyers start a property search only focusing on distressed property due to a belief they are cheaper and less difficult to buy than non-distressed property which is simply is not the case.

Basically, there are four types of "distressed/foreclosure" property. Here's a quick relative risk/difficulty scale for distressed property (1 being the most risky):

1) Trustee Sale-
You personally go to the County court house and bid on a home you probably have never seen the inside of, nor will have the opportunity to fully investigate. Seasoned investors need only apply. Cash/Cashiers check only, no financing. You may be interested in these two videos; “Foreclosure Auction Guide” http://www.youtube.com/watch?v=1CanJbhGdJM

2) Auction Company Sale-
A little better, at least you have a seat in a packed room where the auctioneer’s primary job is to get the highest offer from a much larger group than #1 above has. You are buying “AS-IS”. Do you have the ability to gauge cost of repairs you might see? This option is best for those who can walk a home and calculate refurbishment costs on the fly IF an investigative period has been allowed. If you are “gung ho” about an auction of this sort perhaps you should go through the steps to vet the property yourself and consider attending an event to see “how the sausage is made” and how comfortable you would be if you went this route.

3) REO-
When a property does not sell via #1 or #2 above you eventually see it come on market via a Realtor® MLS. You will still needs the skills to evaluate property condition and the good news is your Realtor® will be helping you to do so along with professional property inspectors you hire. The downside of an REO is the Bank typically only sells "AS IS" (meaning, the Bank will not typically make repairs even if you identify an issue) and the Seller's property disclosures are limited to what is statutorily required by law.

Before moving on to 4, 1 thru 3 above have a higher probability for issues with Title, referred to as "Title Defect" or "Cloud on Title", which means you would not have clean/clear ownership - not a comforting thought.

Some examples of situations affecting Title are:
-Outstanding mortgages/liens
-Restrictive covenants
-Outstanding future interests of others in the property
-Encumbrances
-Easements on the property
-Variations in the names of grantors and grantees
-Variations in the chain of title
-Outstanding dower interests.
-Adverse possession claims
-Structural encroachments
-Existing violations of equitable servitudes or covenants
-Zoning restriction violations

Here’s another video from the auction trenches: "Wells Fargo auctions off house they don't own" http://www.youtube.com/watch?v=yV6NeHoq1wA and here’s an interesting situation I have run into:

"REOs: How Buyers Can Avoid Hidden Unsecured Property Tax Liens" http://tinyurl.com/asvofat

4) Short Sale-
While there is nothing chronologically short about this option (plan on 60-90+ days before a Lender approval) it nonetheless is the closest relative to the non-distressed sale (where the Seller is selling “AS IS”/no Seller credits or repairs). The only real risk with these transactions is the underwhelming boredom and the overwhelming mystery of why it takes so long to obtain Lender Approval(s)!

Conclusion:
If you enjoy the “thrill of the deal” proceed with options 1 thru 2. If you like to know what you are getting for your money stick with 3 or 4 and non-distressed property.
... more
0 votes 5 answers Share Flag
Jackie Care, Real Estate Pro in oakland, CA
Tue Nov 5, 2013
Jackie Care answered:
I would recommend speaking with a mortgage broker and going over the various costs associated with buying a home. It's risky to be responsible for owning a home when you have very little financial reserves and equity even if its possible to buy with very little down. You may want to put together a plan to purchase and what you need to do to get there even if its not right away. ... more
0 votes 20 answers Share Flag
My NC Homes…, Real Estate Pro in Chapel Hill, NC
Tue Apr 16, 2013
My NC Homes Team answered:
No you are not required to attend a Home Ownership class though this is a requirement if you're working with the North Carolina Housing Finance Agency and some lenders will offer you a slight discount if you do attend one of these classes.

If you're not familiar with the NC Housing Finance Agency here's a link: http://www.nchfa.com/ Their a great resource from many.

Best of luck and happy house hunting.
... more
0 votes 2 answers Share Flag
Junaid Bashir, Real Estate Pro in Mclean, VA
Wed Jul 10, 2013
Junaid Bashir answered:
Hi,

What area are you looking to buy the foreclosure?

Thanks,

Junaid Bashir / Realtor http://www.bashirassociates.com
junaid@realtor.com
703-622-0560
0 votes 5 answers Share Flag
Edwina Cloud, Real Estate Pro in Alford, FL
Thu Oct 31, 2013
Edwina Cloud answered:
yes! I recommend myself, I am a local and have been selling Real Estate in the Washington County market for the past 12 years. Give me a call 850-373-7038
0 votes 5 answers Share Flag
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