According to the Valley Voice a well respected newspaper in Tulare County.  The Headline said it all.  And it is very much on target.  For what I have been experiencing in the last few weeks.

It appears that the value of the homes is starting to creep in an upward position.  and I see a lot of investors still out there flipping those bank owned reo's and coming out okay. 

Short sales are still the biggest listings out in the market today.  And it appears that some lenders and negotiators are starting to work with us alittle better.  Still not the perfect scenario for the first time homebuyer that wants to take advantage of that tax benifit.  However, with some lenders wanting to get some of their books clear off for their first quarter. Things may be improving.

The Bank owned reo's are still being released slowly. To keep the demand up and the market steady. And ofcourse many buyers are still thinking that since it's an reo "distress sale".  They will make low ball offers way under asking price.  And I havn't seen that working.  Because generally there will be multiple offers on them.  And everyone "Buyers" will generally be countered at "Best and Highest" offer.  So if you really want that property.  Buyers better step it up.  and go the highest and best offer you can.  Otherwise you will probably loose it to the one that did step it up.

I still see the market holding very steady and everything moving.  So that is big positive for a first quarter. Let's see if those prices keep increasing and we can start seeing some regular owner type listings.

Have Great Day!  Let's all go sell a home today.  And make some nice person smile with their new home keys.

 Sincerely

Eddie

Thank Valley voice for the positive note on your article regarding the market picking up in the central valley. I see that the market listings are starting to shrink.   And our inventory is starting to get thinner.  Good job to you investors that are buying these good deals that are coming up now a days.  I see that the smart guys with the cash are getting some great buys.

Keep it up....And call all of your investors...cause these deals....they won't last long...

Go Get them...

Eddie Mendez                                                                                                                       

Regarding the REO Wave coming. The new law that went in about 2 weeks ago has many independent agents scratching their heads and wondering.  I see that the NAR/CAR presidents had a real nice song and dance about a week ago.  Regarding the out come of the REO Wave coming and overnight changes.  That we would be seeing.  When is it suppose to happened?  I understood it was an immediate change.  However,  I still see the same old names on most of the REO's listing agents. And the same old 7 days to respond to all or most offers being submitted.

I really think that we need to email our NAR and CAR presidents and reprentatives and let them know how we feel about.  And I think that we could see a positive out come in the end.

It's about time we all got a share of the pie.  No more and less,  just our share.  We've all worked just as hard and desverve the same.

Let's all get our pens and paper out or our emails out. Let us unite for what is right.

Now let's go to work.

Eddie Mendez

I have not read anything about NAR coming to our aid as of yet?  Has anyone? Are we suppose to twittle our thumbs and wait for them? Or are we suppose to start emailing our NAR reps to get out there and start doing something for us.

What could they do?  Well maybe if they watched and listen to what the Car Manufactors, Fannie Mae, Freddie Mac and others have done and been doing.  And possibly avoid their mistakes.  Especially the staying in the Luxury Suites and taking their private Lear Jets etc. to Washington, DC.  And going before Congress that route.  But, just the plain old common sense way. 

Maybe some kind of tax incentives to Brokers and Realtors of some kind. Maybe be creative and email our NARreps some ideas and brainstorm.  I don't know what we could do?  But, I do know that two heads has always been better than one. So let's get our heads together.

Okay folks we can at least try. We are not all that busy that we can't come up with some great ideas. And pass them on.  Our NAR representives could use our help to wake up this sleeping giant. The real estate industry.  So let's send our NAR rep's the ideas that they maybe looking for.

And who know's maybe this squeeky wheel may get a little attention.  And the goverment can come to our aid too.  Why be left out we pay our share of taxes.  God knows we need the help.  We can do wonders in great numbers.

Have a Great Thanksgiving.

Eddie Mendez

Today is a Great Day to sell a home,

I am pleased to announce that the Market in Tulare has started to warm up in the last 6 weeks. I see the investors starting to pick up some great deals.

And the first time home buyers are out taking advantage of the new FHA limits. The interest rates are not bad.  However, Banks are much tighter than ever.

I see priced right homes. Are moving fairly good and Everyone wants a good Deal!

I see that the short sales and REO properties are also moving. We must remember. That banks don't want to lose money and have those homes on the market forever.  So it looks as if they are also starting to try to work. To try and get those homes gone. Out of their negetative cash flow. And off their books. I see lots of these are getting multiple offers.  So don't lose out go in at highest and best offer. Otherwise you'll be losing out. No longer taking $5K off the listing price. 

Keep in Mind however, that if you are bidding on a Short Sale or REO properties. That the response time is generally longer, much longer. So don't get discourged.  I've seen them take as long as 60 days to get an acceptance or a counter.  So hang in there.  And bear in mind that their is extra paper work disclosures.  And addendums that have to be signed. and Verification of funds.

Generally most Short Sale or REO offers must also provide a pre-approval letter by an local bank underwriter.  They may choose what lender that may be.  It doesn't mean that you have to use that particular lender. But it means that that seller will only want to accept an offer by a lender they can trust.  Will be able to close the escrow when the time comes. 

So let's go sit on those Open Homes and take advantage these beautiful days.  And find a new family a new home.

Question: My wife and I bought our house about 30 years ago. We still owe some on it because we refinanced a couple of times in order to make major repairs and improvements.

I plan to retire in December 2009 but my wife has to work until 2011 before she can retire. We are both Federal workers. Our oldest son lives down South and wants us to sell our place in Virginia and move closer to him and his wife when we retire. We have thought about the idea and for the past 2 years we have casually looked at different areas near our son's house. We have noticed that the prices of the houses down there are going up. Do you think it would be a wise idea to purchase a house now, hire a property manager and rent the house out until we are both retired? What are the pros and cons?

Answer: If you can afford it, by all means go for it.

Despite the depressed real estate market currently in many areas, I still think real estate is a good long term investment.

In fact, now is a good time to buy when prices are low.   (continued at my web site) www.eddiemendez.com