Virtual RE office

WHAT TO DO – ARE YOU ON THE FENCE TO SELL YOUR HOME?

Prices are Probably Peaking Right Now ~ However The Low Supply of Homes is expected to Increase and the High Demand by Potential Buyers is expected to Decrease. Waiting Could Result in a Lower Sales Price for You in the Near Future

• Homes for sale in Alameda and Contra Costa Counties are currently down about 40% and 48%, respectively from just one year ago. This huge reduction in supply has led to many more multiple offers and higher prices continue

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We created a resume for REO and Banks that have bank owned properties in the east bay. If you would like to see how we manage our business representing bank owned homes, please click on Bank owned home in the east bay. If you are a buyer interested in purchasing a bank owned home, here are a few tips.

1.    Hire a competent Realtor that can get you the deals when they come on the market. The good REO properties go fast.

2.    Be pre-approved and ready to buy.

3.    Don’t think that cash is king. Banks care about their bottom line; many times bank’s will accept an offer that is more even though it’s has a loan.

4.    Be ready to accept the property in its current condition, but allow enough time to do inspections.

5.    Don’t think that a bank will counter your offer. Make your first offer your best and final.

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These past 5 weeks we have been involved in selling bank homes in Martinez, Pittsburg, Antioch, Richmond and Oakland. What’s been interesting has been the amount of interest we’ve received and the gambit of choices that are out in the market. There are hordes of people now buying bank owned homes in Contra Costa and Alameda counties, especially in Antioch, Pittsburg, Concord, Hayward and Hercules. Whos is buying these bank owned homes so quickly?  It’s investors with the cash and first time home buyers who understand the tremendous opportunity for them to get into a home at a great price.  Buying bank owned homes makes sense for both groups. Many have been cash buyers, but many have been buyers utilizing the FHA loan programs. The buyers that succeed in buying bank owned homes are those that come closest to the asking price. In many cases we have received offers that are significantly above the asking price. We try to price these bank owned homes at or slightly below current market comparables. From our perspective, we have seen many buyers being represented by many different agents, some using strategies that are doomed to fail. Using what we have learned and observing what has not worked for many agents, we developed a website specifically for foreclosure and pre-foreclosure homes that may help you when you are ready to buy your bank owned home.  The nice thing about this website is that the search has filtered out all the non-bank owned homes for sale in the East Bay so you can easily zero in on only bank owned homes in whatever area(s) interest you.  There are also some great tips to help you succeed when you make your offer.  The website name is a little long, but easy enough to remember since it tell you exactly what you will find there; www.FirstTimeBankOwnedHomeBuyer.com

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There is so much talk going on this week across the country about the proposed $700 billion government bailout and it can be very confusing about what it all means to us who are buying and selling homes here in the San Ramon Valley.  There is particularly relevant discussion in US News & World Report about how the bailout would affect interest rates.  Here’s my view from the perspective of a real estate broker who has to advise my clients every day continue

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