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Home Selling in Gilroy : Real Estate Advice

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  • Home Buying25
  • Home Selling1
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Activity 4
Sat Jul 6, 2013
Nina Daruwalla answered:

I do not understand the whole situation.....You bought one, and paid $20,000 more on it than List Price? Perhaps there were Multiple Offers? and you needed to pay more to get it?
And now you are Listing the SAME home or Another for Sale and your agent is asking you to accept $10.000 less on it? is there only One Offer on it? Is it a Regular Sale? or a Short Sale? So many questions......and why the 3% in closing costs?? Why dont you call your agent over and sit down discuss this in detail and ask her WHY? what is the reasoning and strategy here??
Wishing you the Best,
Nina Daruwalla
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Mon Oct 5, 2009
Grace Hanamoto answered:
Hello Buyer101 and thanks for your question.

To be frank, the listing agent may, indeed have an offer on the home that is pending approval from the bank. The only way to know for certain, unfortunately, is to work with a Realtor and to see the comments on the listing. Many times what appears on the MLS "public site" is not the same as what we, as Realtors, see on the same listing.

Work with your agent to determine what is really happening with the home that you'd like to see and buy. Incidentally, your own agent can get you into the home do not need to work with the listing agent to see the property if it is still available.

Good luck!!

Grace Morioka, SRES, e-Pro
Area Pro Realty
San Jose, CA
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Sat May 23, 2009
Nina Daruwalla answered:
Hi Stanley,

Lets Talk real estate, will help you through the short sale as best as feasible. Need to know all details, and speak with Lender/s before any promises can be made.
Sent you an email, all the Best,
Nina Daruwalla
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Thu Jul 4, 2013
Fancy That answered:
I am no expert, but my fiance and I are just researching buying a property in GILROY :) We both own our own homes (mine in San Jose, his in Monterey) and part of the reason it's difficult for buyers (even though home prices are amazingly low) is that because the buyers' current homes are also not selling, or we may not want to sell due to making no money on them. Some other folks are upside down in thier current homes. So even if they WANT to move or buy another property...they can't. They are stuck.

All this leads to - how do we come up with over $160+K cash for the 20% down payment? Normally, you could easily come up with the down by selling your current home for a sizeable profit.

So yes, it's harder for buyers to get qualified. Back in the day, there were some crazy/creative loans being offered. Not the case in the current market....lenders are very conservative. It's 20% down, full documentation, etc. More fiscally responsible for all parties.....but bottom line, harder for folks to get loans.

We are currently deciding on how to get pre-qualified, having someone look at our numbers and decide what we can do. We'd like to keep our two homes, because selling them now means barely any profit on them. We want to rent them, and sell them down the road some time.

But that leaves us the the same situation - coming up with the down payment :) We both have very healthy incomes...just not a huge lump sum of cash lying around.....

Again - no expert! JMHO
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