There are many good home deals involving Short Sales and/or REO's(Bank Owned).
The caveats of such:
Short Sales-Can take months to close.
If you are looking for an immediate possession this may not be for you.
Allow at least 45 days for close of escrow. Some banks are pushing them through faster now but still takes at least 45 days.
Check out our website for our short sale listings http://www.ccshortsales.com
REO's (Bank Owned)
There could be hidden damage from past tenants. You are purchasing AS-IS. You are still encouraged to bring in a Home Inspector , at your expense, prior to offering or write in your contract. This could save you thousands of dollars. Most banks require you use their purchase offer contract. If you must use a loan , they will require you be approved by their loan officers even though you can use whom you want. Most are wanting 3% down earnest money.
AUCTION(Foreclosures)
Must be ready to purchase, with cash down, loan in place , prior to bidding and close in 30 days. Penalties can occur beyond 30 days. You get everything that comes with these homes in terms of liens and encumbrances. You need to perform due diligence to ensure you have a clean title. You do not want to inherit someone elses bills.
Contact me if interested in any of the above.
YourBrokerTerry@comcast.net
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I service , but not limited to, the following communities:
Walnut Creek, Pleasant Hill, Concord, Martinez, Clayton, Alamo, Danville, Blackhawk, Orinda, Lafayette, Moraga,
San Ramon, Bay Point, Pittsburg, Antioch, Oakley, Brentwood, Benicia, Berkeley, Oakland |
Accredited Buyers Representative-ABR
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| I can assist you in the purchase of Residential, Single Family Homes, Condos, Townhomes, Mobile Homes, Lots and Land, 1031 Exchange, Investment Properties, Short Sales, Foreclosures, REO properties |
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Buyers:
Searching for a home in todays market.
1-Don't even start searching until you have been totally pre qualified for a loan. You will waste time and look at homes that you cannot afford.
2-Have a list of the most important items you are seeking in a home. Such as location, one story, two story, yard, garage, schools, parks, pet friendly, near transportation etc.
3-I know it is hard but do your best to keep emotions in check. Understand this is a business venture as well as a home.
4-If you are not a handyman, you need to look for a home within your price range that hopefully will have a recently installed roof, updated plumbing, updated electrical with little or no foundation issues. Those are your biggie expenses. Painting is cosmetic and easily rectified. Flooring is cosmetic and easily rectified.
5-Friends and family try to help but sometimes they can interfere greatly. Research whom you use as a Realtor.
Find one that has had lots of experience and years and is full time, not part time. Then rely upon the expertise of your Realtor.
6-ALWAYS get a home inspection by someone representing your interests, not the sellers nor the listing agent.
It will be money well spent and can save you thousands down the road.
7-Some things to consider for inspections but not limited to:
Roof
Electrical
Plumbing
Foundation
Windows
Fireplace
Pool
Spa
Sewer
8-Once you find a home you like and want to make an offer, drive by that home at various times of day and watch the activities of the neighborhood. See older people walking? Mom pushing stroller? Kids playing carefree?
Or is it isolated? Street Corners have several individuals standing around? Cars parked in the yards? Cars coming and going from a particular residence?
Do your research on home sales in the area. Many times you can get the seller to pay your closing costs.
List price is not set in stone. Everything is ALWAYS negotiable. If not, move on, unless a particular home has smitten you so hard you cannot go on.
BEWARE
Of interest only loans, negative amortization loans, opt a payment loans , UNLESS you know you can re finance within a short period of time. These loans were never meant for long term.
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Why Use a Buyers Agent?
- To PROTECT your interests
- To PROVIDE you with COMPARABLE sales in the area you are seeking to purchase
- To SHOW homes within your budget without trying to extend your budget boundaries
- To have a NEUTRAL third party accompany you and assist in evaluating a home's price, offerings, condition etc.
- To EASE the burden of the ESCROW process once a home has been located and you have an accepted offer
- To go over DISCLOSURES with you to ensure you understand and/or to lead you to the source(s) needed to assist in understanding
- To provide you with a list of qualified HOME INSPECTORS, TERMITE INSPECTORS and any other qualifed INSPECTION company(You can use whomever, list is provided as a courtesy)
- To ASSIST YOU IN OBTAINING loan from a qualified , ethical lender if you have not already been pre-approved for a loan
- To be your SOUNDING BOARD throughout the process.
- To ENSURE your are abiding by the contractual terms(PROTECTS your earnest money)
- To be your NEGOTIATOR- on price, repairs, conditions and terms
- To OVERSEE the escrow process and SET UP the LOAN DOCUMENT signing at Buyers convenience.
- To be at YOUR SIDE when signing loan docs in the event issues come up that need attention before you complete your signing.
- MY JOB does not stop after the signing. I will always be available to you in the future for advice and/or for any future purchases or real estate sales.
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