[garysears]

JP,

Lakeside 92040. It is a little further maybe than I’d like, 35 minutes vs current 25 minutes to work. There isn’t much in Lakeside under 300K. The property layout is a little unique and certainly not for everyone. That combined with the 20% down conventional requirement probably kept everyone else away. I choose to take that as a sign that this was meant to be my place. I had expected fierce competition like my previous offers on properties. I think that after a few weeks on market people start to assume there is something wrong with the place.

We have a tenant in mind for the granny flat…a long time friend who will likely be a long term renter and we’ll offer an under market rate. If we move we’ll have someone we trust to keep an eye on the place. My monthly out of pocket cost will be less than the 2/2 condo I’m renting now in La Mesa.

[garysears]

Thanks UCGal. Kind of seems like my post was a threadjack. I guess that was a long way of saying lowballing is not as easy as last year. Having said that, I always offered what I was willing to pay. And in some cases cash or conventional will get you preference over government low money down financing.

I never played the “highest and best” game. My first offer was always my highest and best. I was always prepared to walk on any deal, knowing there will ALWAYS be other houses out there and even the rare good deal.

One way to play the game is to make your offer a conventional offer with max down. Then, when you are in escrow you can probably change the loan type and down payment. Getting into escrow is the hard part. Cash is cash at closing. Doesn’t matter who writes the check.

[garysears]

Thanks UCGal. Kind of seems like my post was a threadjack. I guess that was a long way of saying lowballing is not as easy as last year. Having said that, I always offered what I was willing to pay. And in some cases cash or conventional will get you preference over government low money down financing.

I never played the “highest and best” game. My first offer was always my highest and best. I was always prepared to walk on any deal, knowing there will ALWAYS be other houses out there and even the rare good deal.

One way to play the game is to make your offer a conventional offer with max down. Then, when you are in escrow you can probably change the loan type and down payment. Getting into escrow is the hard part. Cash is cash at closing. Doesn’t matter who writes the check.

[garysears]

Thanks UCGal. Kind of seems like my post was a threadjack. I guess that was a long way of saying lowballing is not as easy as last year. Having said that, I always offered what I was willing to pay. And in some cases cash or conventional will get you preference over government low money down financing.

I never played the “highest and best” game. My first offer was always my highest and best. I was always prepared to walk on any deal, knowing there will ALWAYS be other houses out there and even the rare good deal.

One way to play the game is to make your offer a conventional offer with max down. Then, when you are in escrow you can probably change the loan type and down payment. Getting into escrow is the hard part. Cash is cash at closing. Doesn’t matter who writes the check.

[garysears]

Thanks UCGal. Kind of seems like my post was a threadjack. I guess that was a long way of saying lowballing is not as easy as last year. Having said that, I always offered what I was willing to pay. And in some cases cash or conventional will get you preference over government low money down financing.

I never played the “highest and best” game. My first offer was always my highest and best. I was always prepared to walk on any deal, knowing there will ALWAYS be other houses out there and even the rare good deal.

One way to play the game is to make your offer a conventional offer with max down. Then, when you are in escrow you can probably change the loan type and down payment. Getting into escrow is the hard part. Cash is cash at closing. Doesn’t matter who writes the check.

[garysears]

Thanks UCGal. Kind of seems like my post was a threadjack. I guess that was a long way of saying lowballing is not as easy as last year. Having said that, I always offered what I was willing to pay. And in some cases cash or conventional will get you preference over government low money down financing.

I never played the “highest and best” game. My first offer was always my highest and best. I was always prepared to walk on any deal, knowing there will ALWAYS be other houses out there and even the rare good deal.

One way to play the game is to make your offer a conventional offer with max down. Then, when you are in escrow you can probably change the loan type and down payment. Getting into escrow is the hard part. Cash is cash at closing. Doesn’t matter who writes the check.

[garysears]

Here is my REO saga.

I just started escrow. First time buyer, used a buyer’s agent. I think a year ago was the absolute best time to low ball on the REO price. Had I been making offers last year I would have been offering 10% under list at a minimum.

Maybe I got frustrated and impatient. I have been looking since 2004, waiting my time. I’m a little bit afraid I overpaid because I can see some possible downside in the future.

All of the offers I made were on REOs or short sales. I can say that in general today the list price is the lowest price the bank will entertain. Lower prices are rejected. If no full price offers are made the price is reduced by a little.

I think there is a shortage of 20% down buyers out there. Or, if they have the money no one wants to put it down. I am in that group. Unfortunately, the bank said no to FHA and VA. It is a multi-family and no one is lending on them with less than 20% down.

I first made a full price conventional offer at list price (20% down). The bank countered immediately with a change to inspection days and escrow time. The sudden response scared me because I had never heard anything from any of the other offers I made. Total silence. I didn’t like the reduced time so I countered for a discount and FHA. It was outright declined with no counter. I offered full price VA. The bank decided they didn’t want to do VA. I offered full price FHA. The bank decided against FHA, though originally they were accepting FHA offers.

Unbelievably to me, mine was the only offer after over 3.5 weeks on the market. Make that my 4 offers were the only ones. Immediately after they denied my full price FHA offer the bank reduced 25K. I made a full price 20% down offer and it was accepted. I can’t believe the bank didn’t want to sell to me for 25K more, but that actually just happened.

I am puzzled why I’m the only offer but 275K for over half an acre with 2 units (small 3/1, plus detached granny flat, plus possible extra 1 bed/ 1 ba apartment above garage set up to be a separate 3rd unit) seems like a bargain in the current market. Just proves that the government money is the entire market. Part of me thinks I should have offered 260K, but after a month of playing games, and still really wanting the house I decided to just pay full reduced price. I will pay for all repairs except termite.

Weird though. I am still puzzled. Seemed like a more than fair deal and no other takers but me for a month. Makes me feel like I must be a sucker. After all these years of analyzing, thinking about real estate, and actively looking…did I make a bad decision?

The way I justify it is that I can easily see 2400 a month as a rental. With my 20% down, PITI is around 1500. Throw in a boatload of maintenance and even 20% rental reduction and I believe I still cash flow. Property inspection yesterday had no deal breakers so I’m going to proceed.

[garysears]

Here is my REO saga.

I just started escrow. First time buyer, used a buyer’s agent. I think a year ago was the absolute best time to low ball on the REO price. Had I been making offers last year I would have been offering 10% under list at a minimum.

Maybe I got frustrated and impatient. I have been looking since 2004, waiting my time. I’m a little bit afraid I overpaid because I can see some possible downside in the future.

All of the offers I made were on REOs or short sales. I can say that in general today the list price is the lowest price the bank will entertain. Lower prices are rejected. If no full price offers are made the price is reduced by a little.

I think there is a shortage of 20% down buyers out there. Or, if they have the money no one wants to put it down. I am in that group. Unfortunately, the bank said no to FHA and VA. It is a multi-family and no one is lending on them with less than 20% down.

I first made a full price conventional offer at list price (20% down). The bank countered immediately with a change to inspection days and escrow time. The sudden response scared me because I had never heard anything from any of the other offers I made. Total silence. I didn’t like the reduced time so I countered for a discount and FHA. It was outright declined with no counter. I offered full price VA. The bank decided they didn’t want to do VA. I offered full price FHA. The bank decided against FHA, though originally they were accepting FHA offers.

Unbelievably to me, mine was the only offer after over 3.5 weeks on the market. Make that my 4 offers were the only ones. Immediately after they denied my full price FHA offer the bank reduced 25K. I made a full price 20% down offer and it was accepted. I can’t believe the bank didn’t want to sell to me for 25K more, but that actually just happened.

I am puzzled why I’m the only offer but 275K for over half an acre with 2 units (small 3/1, plus detached granny flat, plus possible extra 1 bed/ 1 ba apartment above garage set up to be a separate 3rd unit) seems like a bargain in the current market. Just proves that the government money is the entire market. Part of me thinks I should have offered 260K, but after a month of playing games, and still really wanting the house I decided to just pay full reduced price. I will pay for all repairs except termite.

Weird though. I am still puzzled. Seemed like a more than fair deal and no other takers but me for a month. Makes me feel like I must be a sucker. After all these years of analyzing, thinking about real estate, and actively looking…did I make a bad decision?

The way I justify it is that I can easily see 2400 a month as a rental. With my 20% down, PITI is around 1500. Throw in a boatload of maintenance and even 20% rental reduction and I believe I still cash flow. Property inspection yesterday had no deal breakers so I’m going to proceed.

[garysears]

Here is my REO saga.

I just started escrow. First time buyer, used a buyer’s agent. I think a year ago was the absolute best time to low ball on the REO price. Had I been making offers last year I would have been offering 10% under list at a minimum.

Maybe I got frustrated and impatient. I have been looking since 2004, waiting my time. I’m a little bit afraid I overpaid because I can see some possible downside in the future.

All of the offers I made were on REOs or short sales. I can say that in general today the list price is the lowest price the bank will entertain. Lower prices are rejected. If no full price offers are made the price is reduced by a little.

I think there is a shortage of 20% down buyers out there. Or, if they have the money no one wants to put it down. I am in that group. Unfortunately, the bank said no to FHA and VA. It is a multi-family and no one is lending on them with less than 20% down.

I first made a full price conventional offer at list price (20% down). The bank countered immediately with a change to inspection days and escrow time. The sudden response scared me because I had never heard anything from any of the other offers I made. Total silence. I didn’t like the reduced time so I countered for a discount and FHA. It was outright declined with no counter. I offered full price VA. The bank decided they didn’t want to do VA. I offered full price FHA. The bank decided against FHA, though originally they were accepting FHA offers.

Unbelievably to me, mine was the only offer after over 3.5 weeks on the market. Make that my 4 offers were the only ones. Immediately after they denied my full price FHA offer the bank reduced 25K. I made a full price 20% down offer and it was accepted. I can’t believe the bank didn’t want to sell to me for 25K more, but that actually just happened.

I am puzzled why I’m the only offer but 275K for over half an acre with 2 units (small 3/1, plus detached granny flat, plus possible extra 1 bed/ 1 ba apartment above garage set up to be a separate 3rd unit) seems like a bargain in the current market. Just proves that the government money is the entire market. Part of me thinks I should have offered 260K, but after a month of playing games, and still really wanting the house I decided to just pay full reduced price. I will pay for all repairs except termite.

Weird though. I am still puzzled. Seemed like a more than fair deal and no other takers but me for a month. Makes me feel like I must be a sucker. After all these years of analyzing, thinking about real estate, and actively looking…did I make a bad decision?

The way I justify it is that I can easily see 2400 a month as a rental. With my 20% down, PITI is around 1500. Throw in a boatload of maintenance and even 20% rental reduction and I believe I still cash flow. Property inspection yesterday had no deal breakers so I’m going to proceed.

[garysears]

Here is my REO saga.

I just started escrow. First time buyer, used a buyer’s agent. I think a year ago was the absolute best time to low ball on the REO price. Had I been making offers last year I would have been offering 10% under list at a minimum.

Maybe I got frustrated and impatient. I have been looking since 2004, waiting my time. I’m a little bit afraid I overpaid because I can see some possible downside in the future.

All of the offers I made were on REOs or short sales. I can say that in general today the list price is the lowest price the bank will entertain. Lower prices are rejected. If no full price offers are made the price is reduced by a little.

I think there is a shortage of 20% down buyers out there. Or, if they have the money no one wants to put it down. I am in that group. Unfortunately, the bank said no to FHA and VA. It is a multi-family and no one is lending on them with less than 20% down.

I first made a full price conventional offer at list price (20% down). The bank countered immediately with a change to inspection days and escrow time. The sudden response scared me because I had never heard anything from any of the other offers I made. Total silence. I didn’t like the reduced time so I countered for a discount and FHA. It was outright declined with no counter. I offered full price VA. The bank decided they didn’t want to do VA. I offered full price FHA. The bank decided against FHA, though originally they were accepting FHA offers.

Unbelievably to me, mine was the only offer after over 3.5 weeks on the market. Make that my 4 offers were the only ones. Immediately after they denied my full price FHA offer the bank reduced 25K. I made a full price 20% down offer and it was accepted. I can’t believe the bank didn’t want to sell to me for 25K more, but that actually just happened.

I am puzzled why I’m the only offer but 275K for over half an acre with 2 units (small 3/1, plus detached granny flat, plus possible extra 1 bed/ 1 ba apartment above garage set up to be a separate 3rd unit) seems like a bargain in the current market. Just proves that the government money is the entire market. Part of me thinks I should have offered 260K, but after a month of playing games, and still really wanting the house I decided to just pay full reduced price. I will pay for all repairs except termite.

Weird though. I am still puzzled. Seemed like a more than fair deal and no other takers but me for a month. Makes me feel like I must be a sucker. After all these years of analyzing, thinking about real estate, and actively looking…did I make a bad decision?

The way I justify it is that I can easily see 2400 a month as a rental. With my 20% down, PITI is around 1500. Throw in a boatload of maintenance and even 20% rental reduction and I believe I still cash flow. Property inspection yesterday had no deal breakers so I’m going to proceed.

[garysears]

Here is my REO saga.

I just started escrow. First time buyer, used a buyer’s agent. I think a year ago was the absolute best time to low ball on the REO price. Had I been making offers last year I would have been offering 10% under list at a minimum.

Maybe I got frustrated and impatient. I have been looking since 2004, waiting my time. I’m a little bit afraid I overpaid because I can see some possible downside in the future.

All of the offers I made were on REOs or short sales. I can say that in general today the list price is the lowest price the bank will entertain. Lower prices are rejected. If no full price offers are made the price is reduced by a little.

I think there is a shortage of 20% down buyers out there. Or, if they have the money no one wants to put it down. I am in that group. Unfortunately, the bank said no to FHA and VA. It is a multi-family and no one is lending on them with less than 20% down.

I first made a full price conventional offer at list price (20% down). The bank countered immediately with a change to inspection days and escrow time. The sudden response scared me because I had never heard anything from any of the other offers I made. Total silence. I didn’t like the reduced time so I countered for a discount and FHA. It was outright declined with no counter. I offered full price VA. The bank decided they didn’t want to do VA. I offered full price FHA. The bank decided against FHA, though originally they were accepting FHA offers.

Unbelievably to me, mine was the only offer after over 3.5 weeks on the market. Make that my 4 offers were the only ones. Immediately after they denied my full price FHA offer the bank reduced 25K. I made a full price 20% down offer and it was accepted. I can’t believe the bank didn’t want to sell to me for 25K more, but that actually just happened.

I am puzzled why I’m the only offer but 275K for over half an acre with 2 units (small 3/1, plus detached granny flat, plus possible extra 1 bed/ 1 ba apartment above garage set up to be a separate 3rd unit) seems like a bargain in the current market. Just proves that the government money is the entire market. Part of me thinks I should have offered 260K, but after a month of playing games, and still really wanting the house I decided to just pay full reduced price. I will pay for all repairs except termite.

Weird though. I am still puzzled. Seemed like a more than fair deal and no other takers but me for a month. Makes me feel like I must be a sucker. After all these years of analyzing, thinking about real estate, and actively looking…did I make a bad decision?

The way I justify it is that I can easily see 2400 a month as a rental. With my 20% down, PITI is around 1500. Throw in a boatload of maintenance and even 20% rental reduction and I believe I still cash flow. Property inspection yesterday had no deal breakers so I’m going to proceed.

[garysears]

Not good to hear. I have a USAA approval and was pretty sure I’d go with them just based on my history with the insurance part of the company.

[garysears]

Not good to hear. I have a USAA approval and was pretty sure I’d go with them just based on my history with the insurance part of the company.

[garysears]

Not good to hear. I have a USAA approval and was pretty sure I’d go with them just based on my history with the insurance part of the company.

[garysears]

Not good to hear. I have a USAA approval and was pretty sure I’d go with them just based on my history with the insurance part of the company.

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