offer in. now we play the game…(REO)

[DWCAP]

[quote=smshorttimer][quote=j]Sick to your budget.

Remember how we got to where we are. If the Fed stops buying loans, rates will skyrocket and home values will plummet, and you will be stuck with a house you can’t pay for or sell. 16% of Californians aren’t making their payments, so there will be plenty more chances to buy.

Sounds like a sells gimmick; most people get attached to a house and lose their heads. As I said, remember how we got here.[/quote]

Wasn’t there something in the news recently that the Fed’s actions had the effect of lowering mortgage rates by a third of a point? Not exactly a steep plunge.[/quote]

The news I saw was ~0.5 of a point over treasuries. But remember the FED is also buying treasuries driving that down too. IF the fed ever stops, I can easily see rates going up 0.75-1%. That would put average rates somewhere right around 5.75-6%, and that will cost the average monthly payment about 10% more in interest. I guess you need to define what a ‘steep plunge’ is to you.

[all]

Save for more than 20% down.

With sub-20 you have no money to cover the difference between the appraisal and the accepted price if the appraisal is lower and in general you are a risky option. If they take your offer and you cannot perform they’ll get stuck with the property for another two months.

[all]

Save for more than 20% down.

With sub-20 you have no money to cover the difference between the appraisal and the accepted price if the appraisal is lower and in general you are a risky option. If they take your offer and you cannot perform they’ll get stuck with the property for another two months.

[all]

Save for more than 20% down.

With sub-20 you have no money to cover the difference between the appraisal and the accepted price if the appraisal is lower and in general you are a risky option. If they take your offer and you cannot perform they’ll get stuck with the property for another two months.

[all]

Save for more than 20% down.

With sub-20 you have no money to cover the difference between the appraisal and the accepted price if the appraisal is lower and in general you are a risky option. If they take your offer and you cannot perform they’ll get stuck with the property for another two months.

[all]

Save for more than 20% down.

With sub-20 you have no money to cover the difference between the appraisal and the accepted price if the appraisal is lower and in general you are a risky option. If they take your offer and you cannot perform they’ll get stuck with the property for another two months.

[urbanrealtor]

[quote=Rt.66]You started off on the wrong foot.

You should have foregone “your” agent alltogether and contacted the listing agent directly. Why did you feel the need to hire someone to tell the listing agent your offer number?

The listing agent will likely go with an offer that gets him 6%, not a split 3%.

This should be the first and most obvious condition to this process for you. Placate greed, if you want to win a bidding war. You could have also told the listing agent that the 2% reduction in your initial offer will go to him/her as a bonus for their trouble (I have never had a realtor reject such).

At that point you would likely have had the listing agent tripping over himself trying to align you as the heir apparent to the knife catching.

You must think like the persons involved think.[/quote]

I have gotten a lot of REO offers accepted.

It is true that greed is a factor but I am not sure I would agree about making it a prerequisite to go unrepresented.

Some people I have talked with go to a listing agent and consult with an agent before they sign things.

Not bad as a middle ground.

[urbanrealtor]

[quote=Rt.66]You started off on the wrong foot.

You should have foregone “your” agent alltogether and contacted the listing agent directly. Why did you feel the need to hire someone to tell the listing agent your offer number?

The listing agent will likely go with an offer that gets him 6%, not a split 3%.

This should be the first and most obvious condition to this process for you. Placate greed, if you want to win a bidding war. You could have also told the listing agent that the 2% reduction in your initial offer will go to him/her as a bonus for their trouble (I have never had a realtor reject such).

At that point you would likely have had the listing agent tripping over himself trying to align you as the heir apparent to the knife catching.

You must think like the persons involved think.[/quote]

I have gotten a lot of REO offers accepted.

It is true that greed is a factor but I am not sure I would agree about making it a prerequisite to go unrepresented.

Some people I have talked with go to a listing agent and consult with an agent before they sign things.

Not bad as a middle ground.

[urbanrealtor]

[quote=Rt.66]You started off on the wrong foot.

You should have foregone “your” agent alltogether and contacted the listing agent directly. Why did you feel the need to hire someone to tell the listing agent your offer number?

The listing agent will likely go with an offer that gets him 6%, not a split 3%.

This should be the first and most obvious condition to this process for you. Placate greed, if you want to win a bidding war. You could have also told the listing agent that the 2% reduction in your initial offer will go to him/her as a bonus for their trouble (I have never had a realtor reject such).

At that point you would likely have had the listing agent tripping over himself trying to align you as the heir apparent to the knife catching.

You must think like the persons involved think.[/quote]

I have gotten a lot of REO offers accepted.

It is true that greed is a factor but I am not sure I would agree about making it a prerequisite to go unrepresented.

Some people I have talked with go to a listing agent and consult with an agent before they sign things.

Not bad as a middle ground.

[urbanrealtor]

[quote=Rt.66]You started off on the wrong foot.

You should have foregone “your” agent alltogether and contacted the listing agent directly. Why did you feel the need to hire someone to tell the listing agent your offer number?

The listing agent will likely go with an offer that gets him 6%, not a split 3%.

This should be the first and most obvious condition to this process for you. Placate greed, if you want to win a bidding war. You could have also told the listing agent that the 2% reduction in your initial offer will go to him/her as a bonus for their trouble (I have never had a realtor reject such).

At that point you would likely have had the listing agent tripping over himself trying to align you as the heir apparent to the knife catching.

You must think like the persons involved think.[/quote]

I have gotten a lot of REO offers accepted.

It is true that greed is a factor but I am not sure I would agree about making it a prerequisite to go unrepresented.

Some people I have talked with go to a listing agent and consult with an agent before they sign things.

Not bad as a middle ground.

[urbanrealtor]

[quote=Rt.66]You started off on the wrong foot.

You should have foregone “your” agent alltogether and contacted the listing agent directly. Why did you feel the need to hire someone to tell the listing agent your offer number?

The listing agent will likely go with an offer that gets him 6%, not a split 3%.

This should be the first and most obvious condition to this process for you. Placate greed, if you want to win a bidding war. You could have also told the listing agent that the 2% reduction in your initial offer will go to him/her as a bonus for their trouble (I have never had a realtor reject such).

At that point you would likely have had the listing agent tripping over himself trying to align you as the heir apparent to the knife catching.

You must think like the persons involved think.[/quote]

I have gotten a lot of REO offers accepted.

It is true that greed is a factor but I am not sure I would agree about making it a prerequisite to go unrepresented.

Some people I have talked with go to a listing agent and consult with an agent before they sign things.

Not bad as a middle ground.

[SHILOH]

I think fundamentally this market cannot be sustained and yet I expected to not buy until 2011-but the tax credit is really making things confusing. I have made two offers – one was an REO around Mt. Helix area and the other a short sale in Lakeside.
Both were offered more than the asking price and both were bought much higher. On the first one it was a fixer n a decent location and the offer was $5000 over asking. On the second one in Lakeside it was a small house on fairly large lot and offer was around the asking price on the high end, but the asking price varied by $25K. The short-seller had spent a lot of $ on upgrades, electrical and some kitchen remodel. The I think prices are still not stable and there seems to be bidding wars in this market – and with the tax credit, this is not going to go away soon. So the goverment again has a vested interest in creating the bidding war to raise comps and receive property taxes based on the assessment… But the experience of this repeatedly happening to myself and others makes me think the market is ustable and unhealthy. Also – some friends of mine lost a beautiful home that they had dumped thousands of money in — I think it was on 4 acres. But they lost it and I don’t know the details yet but I am guessing they mismanaged their upgrades and used helocs and got in over their heads. It was a short sale//they owned the home for many years prior to the big bubble.

[SHILOH]

I think fundamentally this market cannot be sustained and yet I expected to not buy until 2011-but the tax credit is really making things confusing. I have made two offers – one was an REO around Mt. Helix area and the other a short sale in Lakeside.
Both were offered more than the asking price and both were bought much higher. On the first one it was a fixer n a decent location and the offer was $5000 over asking. On the second one in Lakeside it was a small house on fairly large lot and offer was around the asking price on the high end, but the asking price varied by $25K. The short-seller had spent a lot of $ on upgrades, electrical and some kitchen remodel. The I think prices are still not stable and there seems to be bidding wars in this market – and with the tax credit, this is not going to go away soon. So the goverment again has a vested interest in creating the bidding war to raise comps and receive property taxes based on the assessment… But the experience of this repeatedly happening to myself and others makes me think the market is ustable and unhealthy. Also – some friends of mine lost a beautiful home that they had dumped thousands of money in — I think it was on 4 acres. But they lost it and I don’t know the details yet but I am guessing they mismanaged their upgrades and used helocs and got in over their heads. It was a short sale//they owned the home for many years prior to the big bubble.

[SHILOH]

I think fundamentally this market cannot be sustained and yet I expected to not buy until 2011-but the tax credit is really making things confusing. I have made two offers – one was an REO around Mt. Helix area and the other a short sale in Lakeside.
Both were offered more than the asking price and both were bought much higher. On the first one it was a fixer n a decent location and the offer was $5000 over asking. On the second one in Lakeside it was a small house on fairly large lot and offer was around the asking price on the high end, but the asking price varied by $25K. The short-seller had spent a lot of $ on upgrades, electrical and some kitchen remodel. The I think prices are still not stable and there seems to be bidding wars in this market – and with the tax credit, this is not going to go away soon. So the goverment again has a vested interest in creating the bidding war to raise comps and receive property taxes based on the assessment… But the experience of this repeatedly happening to myself and others makes me think the market is ustable and unhealthy. Also – some friends of mine lost a beautiful home that they had dumped thousands of money in — I think it was on 4 acres. But they lost it and I don’t know the details yet but I am guessing they mismanaged their upgrades and used helocs and got in over their heads. It was a short sale//they owned the home for many years prior to the big bubble.

[SHILOH]

I think fundamentally this market cannot be sustained and yet I expected to not buy until 2011-but the tax credit is really making things confusing. I have made two offers – one was an REO around Mt. Helix area and the other a short sale in Lakeside.
Both were offered more than the asking price and both were bought much higher. On the first one it was a fixer n a decent location and the offer was $5000 over asking. On the second one in Lakeside it was a small house on fairly large lot and offer was around the asking price on the high end, but the asking price varied by $25K. The short-seller had spent a lot of $ on upgrades, electrical and some kitchen remodel. The I think prices are still not stable and there seems to be bidding wars in this market – and with the tax credit, this is not going to go away soon. So the goverment again has a vested interest in creating the bidding war to raise comps and receive property taxes based on the assessment… But the experience of this repeatedly happening to myself and others makes me think the market is ustable and unhealthy. Also – some friends of mine lost a beautiful home that they had dumped thousands of money in — I think it was on 4 acres. But they lost it and I don’t know the details yet but I am guessing they mismanaged their upgrades and used helocs and got in over their heads. It was a short sale//they owned the home for many years prior to the big bubble.

[Author]

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