How much over asking did you have to pay to get the house? - San Bernardino and Riverside Counties - California (CA) -The Inland Empire - Page 3 - City-Data Forum

Captjob · 07-15-2009, 09:06 PM

In addition to the above, the 6-month moritorium on California forclosures is about to end and there are literally thousands poised to enter the market. Alt-A, Option, I/O loans etc are all set to reset/recast within the next year or so and the flood gates will once again be open. Banks still refuse to work with homeowners regardless of what you see and hear on the news.

Many of my neighbors are getting ready to walk. Banks will try and slow the process so they can control supply and artificially control some prices; however, this will not change the fact the housing hurricane may have hit the eye but the back end of the storm is just now approaching.

Predicted housing price declines are still coming in at 15.9% more for Southwest Riverside County with a predicted flat bottom in mid 2010. (Money.com Jun 09)

Give it some time, rent a nice house for a while and never let a realtor pressure you into anything. Do what you feel is right for you. If investors want to buy these houses up cash and turn them into rentals....Great.

Position yourself for a better neighborhood.

Good Luck!

leonard · 07-16-2009, 10:07 PM

My home listed at 8:30 AM (MLS) and I have had 4 appointments with Realtors and 3 showings today (one will visit tomorrow). The price is NOT at foreclosure or Short sale levels. The first came within 1 1/2 hours of the MLS posting.

Part of it is the timing with school about to start. Families want a nice home and be able to move right in and get the kids started. Helps me.

It will slower later in the year, as it always does, but for now this is a good time to list if possible and yet not a bad time to buy either as it is unlikely prices will drop any significant amount. I have watched the news, shows, investment newsletters , etc and they have all claimed greater would occur drops than have happened. Mind you the prices have dropped a lot in the last two years, but not too in the last 6 months, when everyone was saying the bottom was a long way down. Don't think so. The banks are not stupid now.

Reignman · 07-22-2009, 05:44 PM

Quote:

Originally Posted by leonard

My home listed at 8:30 AM (MLS) and I have had 4 appointments with Realtors and 3 showings today (one will visit tomorrow). The price is NOT at foreclosure or Short sale levels. The first came within 1 1/2 hours of the MLS posting.

Part of it is the timing with school about to start. Families want a nice home and be able to move right in and get the kids started. Helps me.

It will slower later in the year, as it always does, but for now this is a good time to list if possible and yet not a bad time to buy either as it is unlikely prices will drop any significant amount. I have watched the news, shows, investment newsletters , etc and they have all claimed greater would occur drops than have happened. Mind you the prices have dropped a lot in the last two years, but not too in the last 6 months, when everyone was saying the bottom was a long way down. Don't think so. The banks are not stupid now.

Leonard,
If I may, what price range is your house?

Anyone:
I know "investors" are apparently all over the houses that are $200k and below. What about houses that are in the $500k to $700k range? Are they also selling the same way?

You are right. Selling will drop significantly once the schools start in september and into next February.

leonard · 07-22-2009, 10:41 PM

Quote:

Originally Posted by Reignman

Leonard,
If I may, what price range is your house?

Anyone:
I know "investors" are apparently all over the houses that are $200k and below. What about houses that are in the $500k to $700k range? Are they also selling the same way?

You are right. Selling will drop significantly once the schools start in september and into next February.

Mid $300,000.00 Had about 22 showings since last week and two offers so far. Will pick the surest one financing wise, not price.

izzyfromtexas · 08-06-2009, 09:47 PM

Good stuff I am reading! You all are so intelligent! Thanks for your insight.

sarahkate_m · 08-20-2009, 09:42 AM

please see my post at Considering Murrieta (Honest Facts please) - you won't be sorry. there's some wierd stuff going on with the properties on the foreclosure lists.

you want to get a property before it forecloses. you don't want to pay more than the owner wants to get to be free. HOWEVER many of the properties are UPSIDE down which means the owners expected the values to increase & have mortgages higher than the reasonable value of the house in today's market...

if you get a NOD list, you can approach the owner yourself & make a deal with them, avoiding the realtor fees. the escrow agency is mostly responsible for the documentation anyway, from the legal standpoint.

now's the time to buy, if you're cautious, patient & persistent.

sarahkate_m · 08-20-2009, 09:43 AM

leonard is right. this is the hottest sale season of the year, literally.

leonard · 08-21-2009, 02:58 PM

Quote:

Originally Posted by sarahkate_m

leonard is right. this is the hottest sale season of the year, literally.

Just heard on the news that last month had one of the highest sales percentages in the last 10 years. It will slow, but I believe baring something really negative happening, the bottom has been reached.

sds1350 · 08-27-2009, 07:47 PM

I recently moved into the area from out of state. Took us about 6 wks to get an accepted offer. Our first realtor was honest and nice, but she didnt know how to play "the game" that so many of these homes need you to play. After 8 offers with her (one short sale offer accepted by the owner but we backed out before the bank accepted) we dropped her and found a new agent. Our new agent had more connections and had worked with lots of REO and short sales. She knew the system. Our first agent was "old school". That wasnt working for us in the current market. We had 8 wks of temporary housing so we had to find a home fast. We had an FHA loan so I knew why we were getting out bid. We looked at homes all over Temec/Murrieta. We needed 4+ bedroom and our price range up to $350k. We finally got an REO and the transaction moved along, took about 60 days to close (FHA) and we are in our new home. Our REO was in excellent shape inside, the yard was a total redo, but the home is only 3 yrs old. What worked for us was finding an agent that could work the system. She knew lots of other agents and had a good relationship. She knew when homes were coming "down the pipes". Its stressful to bid, get out bid, wait, look, try....but you will finally be successful!! Good Luck.

CCaptain Jack · 08-28-2009, 05:49 AM

Hi sds1350,

Thanks for posting your buying experience. We will be heading that way from Florida and that info helps ... why do you suppose it took 6 weeks for someone to accept an offer? Were they just slow to respond, counter-offering, simply ignoring you in hopes of a higher offer? I'm confused when you say you were outbid because you had an FHA loan? Is having that loan a bad thing? I would think money is money regardless of where you got it from!

Was your goal to get an REO home or did you bid on regular sales? And if you did, were those regular sellers more receptive to your offer(s)?

Sorry for all the questions, I was planning on selling this house in Florida first and then heading west ... but if your experience is typical then I may have to go out and buy something first .... I am trying to avoid the temp housing thing as much as possible ..

I will be paying cash for the house, targeting the Murrieta area, do you think that would make a difference in expediting the process? Was the 60 day close due to the FHA loan situation?

Thanks again .... Have a Great Day!!