Month: August 2008

Buyer’s Are Here!!!Why Is Your Home Not Selling?

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I know I have said this before, but if your home is for sale and you are getting little to no traffic….. your home is NOT priced to Sell.  

We are now seeing multiple offers on not only single family detached homes but now w/ townhomes.   Not LOWBALL multiple offers, but LIST PRICE OR BETTER.   (Don’t believe me….give me a call,   I will show you the proof, or let’s schedule an appointment and I will take you out and actually show you what is going on in today’s market.

It is a tough market especially for traditional sellers.   If you price it correctly you will get a buyer.   (When I say this my clients always say or think…Candice that means price it low.)  

Now let’s think about this.   If your price is too high and you are getting little or NO traffic and you are LUCKY enough to get an offer, it will probably be LOW and on top of that they are going to ask for 3% closing and then expect YOU to pay for every little thing at home inspection time.   Now if you have it priced WELL…..you will get lots of traffic and probably get multiple offers at the price you have it listed at….Not a low-ball offer.   You the seller are now in the driver’s seat and your buyer feels that he has gotten a deal….That means your buyer is less likely to ask for closing costs or repairs.   Why, because they are getting a “deal”

In the end, you, the seller, are saving the money.

Sweeping it Under the Rug

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Don™t be shocked next week if you hear reports in the media that the foreclosure rate is becoming stagnant or even that the percentage of foreclosures on the market is declining.

Don™t get too excited just yet.

Why I do believe things are beginning to get better. Try to remember that in the past few months and even just a few weeks ago there have been laws past and new programs implemented to help homeowners faced with foreclosure delay the process. Many of these programs are just delaying the foreclosure process to help homeowners get back on their feet, but realistically don™t be surprised if in another month or two we see another surge of foreclosures in our market.

I™m certainly not trying to be too negative, just realistic.

On a positive note, I am seeing many more short sales on the market as compared to last year at this time, when all I saw were foreclosures. Banks are working with homeowners and they are tightening up the way they do business. This is a great sign and in my opinion is another step in the right direction.

Frequent Questions Buyers Have about Buying a Foreclosure…

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When buying a foreclosure it is important to know that each REO property is different depending on the financial institution that own it.       Almost anything can happen all the way up to settlement, sometimes even after settlement occurs!     Let™s look at some questions that often arise in foreclosure transactions.

 1.           Are there any consequences if the Seller™s addendum states that the Buyer must waive their write to receive a Property Owner™s Association Package?

2.       Will I, the Buyer, receive a copy of the signed Regional Sales Contract back from the bank and the bank™s counter addendum?

 3.           As a buyer, what are the risks related to the bank being able to void the contract at anytime and for any reason?

 4.         Do I, the buyer have to use the settlement company that the listing company recommends?   Will this help my offer?

 5.       What does œAS IS really mean?

 6.         Should I, the Buyer, plan on countering the Bank™s counter offer?   Or is it a waist of my time?

 7.         What if I, the Buyer choose not to sign the Bank™s Addendum?

As as buyer, you don’t want to wait till you are writing an offer on the home of your dreams for these and other questions to arise.   If you are in the market for a new home and you have a real estate question, please don’t hesitate to call me. I specialize in foreclosures and have had the opportunity to be on both sides on the transaction.

In A Nut Shell-Housing and Economic Revovery Act of 2008

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This past week the President of the United States signed the Housing and Economic Recovery Act of 2008. The purpose of this bill is to help many of the 400,000 homeowners refinance their loans into more affordable loans that are backed by the government.

For first time home buyers, this bill will offer a temporary tax credit.

Also included in this bill, is reform focused on modernization of Freddie Mac and Fannie Mae. In addition, there will be permanent increases in conforming and FHA loan limits.