[recordsclerk]

Those figures diffinately show that the more desirable areas are far from bottoming out. It also shows that Eastlake which took some of the greatest price hits is starting to show interest from buyers. I’ve noticed a lot of properties go pending in Newer Chula Vista. So eventually places like Chula Vista, Spring Valley, El Cajon, Escondido, Fallbrook, Valley Center will put pressure on more desirable areas.

[recordsclerk]

Those figures diffinately show that the more desirable areas are far from bottoming out. It also shows that Eastlake which took some of the greatest price hits is starting to show interest from buyers. I’ve noticed a lot of properties go pending in Newer Chula Vista. So eventually places like Chula Vista, Spring Valley, El Cajon, Escondido, Fallbrook, Valley Center will put pressure on more desirable areas.

[recordsclerk]

20% is pretty much the standard for the loan, but the banks that own the REOs are looking for the best offer with the best possibility to close escrow. I lost a bid to a cash offer for the same amount. I think the more money you have going into a deal puts you in a better position, but it’s not necessary in order to get the loan.

[recordsclerk]

20% is pretty much the standard for the loan, but the banks that own the REOs are looking for the best offer with the best possibility to close escrow. I lost a bid to a cash offer for the same amount. I think the more money you have going into a deal puts you in a better position, but it’s not necessary in order to get the loan.

[recordsclerk]

20% is pretty much the standard for the loan, but the banks that own the REOs are looking for the best offer with the best possibility to close escrow. I lost a bid to a cash offer for the same amount. I think the more money you have going into a deal puts you in a better position, but it’s not necessary in order to get the loan.

[recordsclerk]

20% is pretty much the standard for the loan, but the banks that own the REOs are looking for the best offer with the best possibility to close escrow. I lost a bid to a cash offer for the same amount. I think the more money you have going into a deal puts you in a better position, but it’s not necessary in order to get the loan.

[recordsclerk]

20% is pretty much the standard for the loan, but the banks that own the REOs are looking for the best offer with the best possibility to close escrow. I lost a bid to a cash offer for the same amount. I think the more money you have going into a deal puts you in a better position, but it’s not necessary in order to get the loan.

[recordsclerk]

It’s an aution and that is the starting bid.

[recordsclerk]

It’s an aution and that is the starting bid.

[recordsclerk]

It’s an aution and that is the starting bid.

[recordsclerk]

It’s an aution and that is the starting bid.

[recordsclerk]

It’s an aution and that is the starting bid.

[recordsclerk]

In my little experience trying to buy a REO, I’ve found that there are a lot of restrictions on buying REOs. You would have to do a pre-inspection prior to making an offer, so if you are planing on making a low-ball offer you would probably be wasting money on the inspection. On some of the properties there won’t be any electricity for you to check the appliances and lighting. This would include the gas stoves/ovens. Most of the properties have running water so you can at least run the faucets, flush toilets, check draining. You also have to pre-qual with their preferred lender and even in some cases get a loan commitment letter from a lender. This is something that bothers me because you will need to have your credit pulled each time you make an offer. Properties that are well priced usually have multiple offers. So it’s not that easy just to go out and make a bunch of low ball offers on a bunch of properties. The way I see it you have to wait and find a property you really like and are willing to pay full asking price or more if there are multiple offers. Then you would do a pre-inspection and pre-qual in order to submit an offer.
As far as loans go, most lenders would prefer 20% down regardless of what type of home you buy (REO, Short, Regular)as long as the appraisal falls in line with the asking price. I have made several offers and have yet to buy a home. My offers have either been too low and rejected or when I’ve made full price offers, I’ve been on the losing end of a bidding war. Another stragety that I use is look at homes that are little more then what I’m willing to pay and wait for price reductions until I’m satisfied with the asking price and immediately make an offer at/near asking price.
I believe that prices are still coming down, but there are some deals out there in distressed neighborhoods. If you are planing to buy in a more desired area or areas that have held up pretty good, I would wait at least till the end of this year if not longer. I’ve been shopping in Chula Vista for the last 5 months and 90% of the REO homes that I looked at have gone pending and a lot of them have failed to close escrow and ended up being re-listed. I’m in the market for 3000+sqft under 800K.

[recordsclerk]

In my little experience trying to buy a REO, I’ve found that there are a lot of restrictions on buying REOs. You would have to do a pre-inspection prior to making an offer, so if you are planing on making a low-ball offer you would probably be wasting money on the inspection. On some of the properties there won’t be any electricity for you to check the appliances and lighting. This would include the gas stoves/ovens. Most of the properties have running water so you can at least run the faucets, flush toilets, check draining. You also have to pre-qual with their preferred lender and even in some cases get a loan commitment letter from a lender. This is something that bothers me because you will need to have your credit pulled each time you make an offer. Properties that are well priced usually have multiple offers. So it’s not that easy just to go out and make a bunch of low ball offers on a bunch of properties. The way I see it you have to wait and find a property you really like and are willing to pay full asking price or more if there are multiple offers. Then you would do a pre-inspection and pre-qual in order to submit an offer.
As far as loans go, most lenders would prefer 20% down regardless of what type of home you buy (REO, Short, Regular)as long as the appraisal falls in line with the asking price. I have made several offers and have yet to buy a home. My offers have either been too low and rejected or when I’ve made full price offers, I’ve been on the losing end of a bidding war. Another stragety that I use is look at homes that are little more then what I’m willing to pay and wait for price reductions until I’m satisfied with the asking price and immediately make an offer at/near asking price.
I believe that prices are still coming down, but there are some deals out there in distressed neighborhoods. If you are planing to buy in a more desired area or areas that have held up pretty good, I would wait at least till the end of this year if not longer. I’ve been shopping in Chula Vista for the last 5 months and 90% of the REO homes that I looked at have gone pending and a lot of them have failed to close escrow and ended up being re-listed. I’m in the market for 3000+sqft under 800K.

[recordsclerk]

In my little experience trying to buy a REO, I’ve found that there are a lot of restrictions on buying REOs. You would have to do a pre-inspection prior to making an offer, so if you are planing on making a low-ball offer you would probably be wasting money on the inspection. On some of the properties there won’t be any electricity for you to check the appliances and lighting. This would include the gas stoves/ovens. Most of the properties have running water so you can at least run the faucets, flush toilets, check draining. You also have to pre-qual with their preferred lender and even in some cases get a loan commitment letter from a lender. This is something that bothers me because you will need to have your credit pulled each time you make an offer. Properties that are well priced usually have multiple offers. So it’s not that easy just to go out and make a bunch of low ball offers on a bunch of properties. The way I see it you have to wait and find a property you really like and are willing to pay full asking price or more if there are multiple offers. Then you would do a pre-inspection and pre-qual in order to submit an offer.
As far as loans go, most lenders would prefer 20% down regardless of what type of home you buy (REO, Short, Regular)as long as the appraisal falls in line with the asking price. I have made several offers and have yet to buy a home. My offers have either been too low and rejected or when I’ve made full price offers, I’ve been on the losing end of a bidding war. Another stragety that I use is look at homes that are little more then what I’m willing to pay and wait for price reductions until I’m satisfied with the asking price and immediately make an offer at/near asking price.
I believe that prices are still coming down, but there are some deals out there in distressed neighborhoods. If you are planing to buy in a more desired area or areas that have held up pretty good, I would wait at least till the end of this year if not longer. I’ve been shopping in Chula Vista for the last 5 months and 90% of the REO homes that I looked at have gone pending and a lot of them have failed to close escrow and ended up being re-listed. I’m in the market for 3000+sqft under 800K.

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