What is a Multiple Offer?
Multiple would-be buyers submit bids for the same house and end up competing for it, creating a bidding war in some cases, and only one successful bidder in all cases.
With combined record low interest rates and sales prices, short sales everywhere, how can you prepare?
Find a competent and knowledgeable Realtor – http://www.janeloveday.com
You may be competing with investors delivering contingency-free, all-cash offers, be prepared to deliver your best offer, also get prequalified for loans, have all paperwork in order and know precisely how high you can afford to bid.
Don’t low-ball - Despite market challenges, don’t automatically make offers dramatically below asking prices. If you’ve been eyeing a property that has seen multiple price reductions and you’re ready to jump, others likely have been doing the same.
Buy less - just one reason to look at property below your means is that you’ll have money in reserve to bid up if you need to.
Short sales – they can be lengthy and tedious, acceptance dates can run two weeks to six months or more.
Bank-owned property – you may be working against investors again, consider making your best offer, have a larger down payment, don’t ask for closing costs and request a shorter escrow.
I am here, I can help!
Jane Loveday
Windermere Real Estate Agent
619-519-1615 Cell
http://www.JaneLoveday.com
Tuesday, March 9, 2010
Friday, March 5, 2010
Foreclosure Bargains are Harder to Find!
Homebuyers hoping to snag a really good deal on a foreclosed home are finding it increasingly difficult because supply is shrinking. Foreclosures are now down over a year ago, There are mixed signals for 2010: It's unclear how much of the drop in mortgage defaults is due to shifting market conditions, and how much is the result of changing foreclosure policies among lenders and loan servicers.
"Clearly, many lenders and servicers have concluded that the traditional foreclosure process isn't necessarily the best way to process market distress, and that losses may be mitigated with so-called short sales or when loan terms are renegotiated with homeowners," said John Walsh, DataQuick president. (http://www.dqnews.com/Articles/2010/News/California/CA-Foreclosures/RRFor100127.aspx)
Not only have attractive homes in popular neighborhoods already been snapped up, but also government help for distressed buyers is delaying more foreclosures. See http://makinghomeaffordable.gov/refinance_eligibility.html
Demand is driving up prices. Investors say typical prices have climbed from 75 percent of appraised value to 85 percent or higher when there are bidding wars on foreclosures. While California ranks 3rd among the States with the highest rates of foreclosure, (Arizona and Nevada are 2nd and 1st respectively) the amount of foreclosed properties currently available has dropped significantly, with the majority newly listed are short sales.
Jane Loveday
Windermere Real Estate Agent
619-519-1615 Cell
http://www.janeloveday.com
http://www.twitter.com/sdrealestate
http://www.facebook.com/realestatesandiego
"Clearly, many lenders and servicers have concluded that the traditional foreclosure process isn't necessarily the best way to process market distress, and that losses may be mitigated with so-called short sales or when loan terms are renegotiated with homeowners," said John Walsh, DataQuick president. (http://www.dqnews.com/Articles/2010/News/California/CA-Foreclosures/RRFor100127.aspx)
Not only have attractive homes in popular neighborhoods already been snapped up, but also government help for distressed buyers is delaying more foreclosures. See http://makinghomeaffordable.gov/refinance_eligibility.html
Demand is driving up prices. Investors say typical prices have climbed from 75 percent of appraised value to 85 percent or higher when there are bidding wars on foreclosures. While California ranks 3rd among the States with the highest rates of foreclosure, (Arizona and Nevada are 2nd and 1st respectively) the amount of foreclosed properties currently available has dropped significantly, with the majority newly listed are short sales.
Jane Loveday
Windermere Real Estate Agent
619-519-1615 Cell
http://www.janeloveday.com
http://www.twitter.com/sdrealestate
http://www.facebook.com/realestatesandiego
Refinancing your Home affordably!
The government is giving homeowners another year to refinance their loans under a little-used program designed to help borrowers whose homes have plummeted in value.
The Obama administration effort, known as Home Affordable Refinance Program, had been scheduled to end on June 10 but will now run out on June 30, 2011, the Federal Housing Finance Agency said Monday.
The program allows borrowers who owe up to 25 percent more than their homes are worth to refinance to lower interest rates.
It was originally projected to help 4 million to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac. So far, it has helped around 220,000, according to the Treasury Department.
Click here for more information: http://makinghomeaffordable.gov/refinance_eligibility.html
Jane Loveday
Windermere Real Estate Agent
619-519-1615 Cell
http://www.JaneLoveday.com
http://www.twitter.com/sdrealestate
http://www.facebook.com/realestatesandiego
The Obama administration effort, known as Home Affordable Refinance Program, had been scheduled to end on June 10 but will now run out on June 30, 2011, the Federal Housing Finance Agency said Monday.
The program allows borrowers who owe up to 25 percent more than their homes are worth to refinance to lower interest rates.
It was originally projected to help 4 million to 5 million homeowners with loans owned or guaranteed by Fannie Mae and Freddie Mac. So far, it has helped around 220,000, according to the Treasury Department.
Click here for more information: http://makinghomeaffordable.gov/refinance_eligibility.html
Jane Loveday
Windermere Real Estate Agent
619-519-1615 Cell
http://www.JaneLoveday.com
http://www.twitter.com/sdrealestate
http://www.facebook.com/realestatesandiego
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