[tony soprano]

So the stimulus bill makes some changes to the existing tax credit available to first time home buyers. Frankly, I would have thought something more aggressive would have proposed.


Homebuyers get a bonus in the stimulus bill

First time buyers could receive a $7,500 tax credit if they purchase soon.

[cut - don't copy large parts of articles]

[terracottapie]

I think what would get the housing market stimulated is for the banks that own these properties to actually DO SOMETHING....like respond to offers in a timely manner and sign the contracts so that the buyer can get on with financing and closing on the property. I have been ready, willing and able to buy a home since October and NO ONE WILL SELL ME A HOUSE! I have been prequalified with my mortgage co., my spouse and I have stable employment (nurse/teacher), I have cash in my savings...what is the problem? The problem is that each and every offer I have made, the selling bank either does not respond or verbally accepts the offer but fails to sign the contract to get the ball rolling. I have walked on 3 short sales where I was offering asking price because after one month I still had no response from the bank. And yes, I have heard all the advice, "just wait it out" "it might be a few months". The waiting is the problem. The house sits vacant, mortgage is still not being paid, house prices continue to fall so that it may not even appraise for the agreed upon price. The only explanation I get is that the banks are backlogged. Well, thats fine, they may be backlogged but is there anyone minding the store? Hmmm, heres a concept : Do something about the backlog!! I realize that they can't hire more people but they can all work together to get some of these properties moving. In my profession, if we have too many patients to take care of, our director will put on some scrubs and start doing patient care. What are the higher ups at the banks doing except wringing their hands and asking for money from the government? Maybe they need to sit down and help to process this backlog. At this point I am just disgusted with the banks as they are the ones who got us into this problem. This isn't the first time, either. I was in banking during the savings and loan bailout in the late 80's. I guess they have learned nothing.

[airics]

maybe you are being outbid

[terracottapie]

One of the sales were put into contingency status (therefore taking no other offers), on another the owner of the home who is a realtor told my realtor what all the bids were, thus we put in an offer accordingly. It was not a situation where we were outbid. The realtors, except for a few dishonest ones, were being very open about the situation and told me there were no other offers. I'm telling you its just the banks dragging their feet!

[airics]

did you check the assessors to see if the homes were sold? ive bought 2 homes, had answers in less than 5 days each

[BUGBULLY]

We are dealing with a house with my aunt. We are dealing with a Countrywide property. They have gotten back to us within 3 days, and every counter offer usually the same day, waiting for one we did this morning. I guess it just depends on the bank.

[Jonotastic]

I came across an article today from Forbes. Basically it was stating Las Vegas is the best market to get into currently. Average home prices have DROPPED 28% this year, but sales have INCREASED 15% this year. A strange mix...maybe a sign it may turn around within a year? I hope not, a little over a year before I can buy, stay low! lol

[jjameson922]

#34
Today, 03:19 PM
terracottapie
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A sale put into contingency does not mean no other offers will be accepted. A contingent offer means it is based on something else and the seller keeps the listing active for a time period until the contract writer can remove the contingencies. While the listing is active, the seller continues to receive offers and if they are presented an acceptable offer, they then must go back to the contingent offer writer and give them the specified time to perform. If that buyer cannot perform, generally because their present house has not sold, they have whatever time period, generally 2-3 days, to make arrangements to finalize and seek financing on the new property or the offer becomes null and void.

[kimba01]

Originally Posted by jjameson922

#34
Today, 03:19 PM
terracottapie
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Join Date: Sep 2008
Location: Desert Shores, Las Vegas, NV
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A sale put into contingency does not mean no other offers will be accepted. A contingent offer means it is based on something else and the seller keeps the listing active for a time period until the contract writer can remove the contingencies. While the listing is active, the seller continues to receive offers and if they are presented an acceptable offer, they then must go back to the contingent offer writer and give them the specified time to perform. If that buyer cannot perform, generally because their present house has not sold, they have whatever time period, generally 2-3 days, to make arrangements to finalize and seek financing on the new property or the offer becomes null and void.

Yes, but I think most agents steer clients from them for those reasons. It becomes a hassle.