The "BANKS" aren't waiting any longerHere is what I've seen happen.... 6 months ago -- House A a Bank Owned (REO) property was priced at $400,000. It sat on the market for 6 months, and someone finally made an offer -- of $350,000. The banks quickly within 48 hours accepted the offer. TODAY! Sale house - sale value house- now instead of pricing house A at $400,000 -- the bank will price it under market -- so they price it at $350,000-- they have 10 - 25 offers within the first 48 hours -- the Accepted offer is WELL over asking -- close to $375,000-- $400,000 -- and the bank had zero holding days. It is taking almost a week to get an answer from the bank. So if you're wanting to buy an REO property - plan on a "Buyer's Market" frenzy. Will we start to see a slight rise in prices, probably --- REO's may start to push up the price instead of pulling it down. PS _- if you are looking to buy a home in Tracy or Mountain House, find yourself a great REALTOR who knows the market. The great homes are selling before a sign goes in the yard.
We have a SHORTAGE of HOUSES to SELL!Oh my goodness -- if you are looking for a home in good condition, in a good neighborhood is getting harder and harder. Agents in the Tracy and Mountain House area are now starting to put offers on ... hold on to your hats..... 'SHORT SALES". WOW -- you heard it right, and you heard it here first. While a short sale listing might have been the KISS of DEATH --agents are writing and buyers are buying Short Sales? WHY? Why are Short Sales selling..... because the owners are taking care of these homes. Grass isn't dead, the home is still in good condition, there is still love in the home. Now that buyers want to put offers on Short Sales, all we have to do is get the banks to work a bit faster and there really will be a shortage of inventory.
It's my commission - No I won't share!A tiny little story called YES! Once upon a time a potential buyer emailed Susan about a property. Susan spoke to the buyer and arranged to meet to view the property over the weekend. Subsequent email - the buyer said "my last real estate agent paid my closing costs, what can we work out?" Susan having been burned badly by other buyers said very nicely -- "I work hard for my money, I'll ask the seller to pay your closing costs, if the seller won't pay your home warranty, I will pay for that, other than that if you want someone to pay you to work for you then you need to find another Realtor. By the way, if you don't disclose the fact the the your agent is contributing it is loan fraud. If you decide you'd prefer to use another agent please let Susan know so that she can remove you from her data base." Imagine Susan's surpirse when the following email came from Mr. Buyer - "full commission will be fine, I look forward to working with you." Yes there will be a buyer broker agreement Yes I protected my commission and I got it -- WHY -- because I'm worth it!
Where do THEY get thier information????Frustrations are mounting. Where are people getting thier information? How many times have I heard this week what the Tracy Real Estate market is like? LOTS - Here's the problem, they are wrong. I'm working in this market, I see what is happening, and yet there are those who want to buy who are certain that they know that there is no problem getting a 2500 square foot house, that is less than 10 years old for only $200,000. Why do they think this? Auctions.... starting bid $179,000 for this house -- STARTING bid not RESERVE bid. So let me be the first to tell you..... homes that are Tier 1, great condition, priced well, in the $300,000 and less price range are selling within 5 days with multiple offers. These homes are going OVER asking price. How do I know this, because I've been on the representing buyers who keep getting 'beat out' and they are offering more than asking. So who's buying homes in Tracy or Mountain House right now? Investors - with cash, and first time home buyers. The $500,000 and up market is still stagnant as there is no one to move up into these houses. Call an agent, find an advocate, find someone who will actively search for the perfect home for you.
Should I just let the bank take the house back?I'm hearing this far too often. Many people are following along on the current trend. My home is worth so much less than I paid for it, why should I keep it. My neighbors just bought for half of what I paid. I don't want it anymore, not at the price I paid for it.Sounds like a great arguement, except for one small detail -- you signed a contract to pay the bank back for the money you borrowed. So what are your options? 1) You stay in the home, keep making your payments, and realize that eventually the market will improve, and you'll have equity again. (This is a bitter pill for most of us to swallow, however it does make the most sense. If you can make the payments, you still get an incredible tax advantage, that by walking away and renting for 3 - 7 years you lose those tax benefits. You also don't have a huge negative "hit" on your credit.) 2) You can walk away, yep just pack up and leave. Eventually the bank will figure out that you've left. Your neighbors won't be happy as the grass and weeds grow, potential vandals get into your home. Keep in mind that by walking away you will always ALWAYS have to disclose the foreclosure to get a new loan. Yes, I know it won't stay on your credit report -- but remember that loan application - there is a place that asks -- "Ever had a bankruptcy? Ever had a home foreclosed? You have to check YES if you have or you just committed Loan Fraud. 3) You can find yourself a great REALTOR who has experience processing a Short Sale. Short sales are a longer process, hopefully that is changing. I've heard from some of the banks that they have hired more people to work in their Home Retention departments so that Short Sales can be processed more quickly. What is the worst thing you can do? NOTHING -- that's right - sit and do nothing and eventually the Sheriff will come knock on your door, after your name has been posted in the newspaper announcing to the community that you haven't paid your mortgage. If you are behind even one month on your mortgage payment call and get help today.
#1 way to help some clients!Hold on to your hats -- because the number 1 way to help many clients in today's market is to Short Sale thier property. In the Tracy and Mountain House CA numerous home owners need help NOW. I know -- it's a long drawn out process, I know it's a ton of extra work, I also know it is so rewarding. People who are behind on the mortgage payments are SCARED! They really do not know where to turn or to who. Hense -- you come in as the person who can answer thier questions, and give them HOPE. For most people who try to sell thier home as a short sale, they view the experience as doing the "honorable thing". They don't want to just walk away and not honor thier commitment to the loan. How and Why they are in this position vary from person to person, but bottom line is these clients need our help -- more than anyone else in the real estate market today. Please show my short sale properties, be on the helping side.
Countrywide REVAMPS short sale division - Seller need to live in their HOMES!I finally got through to Maureen, a very nice person at Countrywide. Here's the result: Countrywide is revamping their entire Loss Mitigation Department and Short Sales will have it's own division with it's own loss mitigators/home retention specialists. This is a good thing. Nothing will happen until at least Friday, as the new system is not operational YET. Maureen said, "don't even bother to call prior to Monday." On a personal note I have a new loss mitigator assigned to me -- yippee. Homes will be disqualified for a short sale if they are not owner occupied. If it is a second home, an investment property etc, Countrywide will kick it back. So, if your homeowners have moved out - they need to move back in until their short sale is approved. that's if for now. Short Sale - Countrywide's NEW? PolicyWhile I was trying to get some answers from Countrwide on a short sale I'm working. I was told about thier new policy that went into effect last Friday. If the home is vacant Countrywide will NOT approve a Short Sale. Has anyone else been told this. My clients were approved hardship in October -- they will move back into the property if necessary. I did pitch a slight fit to the poor girl on the phone about things being retroactive, etc. She said "Well your file has not been declined yet." AURGHHH Read the abbreviated story here -- if you can help let me know -- PLEASE.
Countrywide Short Sale Help neededIf anyone can help or offer advise on how to get Countrysde off their proverbial behinds I'd love to know. Perhaps it just my illustrious Loss Mitigator that has an issue. Offer in January --- 1031 Cash deal for $20K more than comps. Short sale/hardship approved per Countrywide in January. Appraisal ordered and completed in February. I call daily -- or close to it -- have not gotten a single return phone call despite help from supervisor -- NOTHING -- I can't get any information. WOW _- I know short sales are tough -- but I've got 12 and NONE of them are like this. Chase and EMC acutally call and email ME! HELP Buyers -- what to expect. Buying a home in Tracy or Mountain HouseWord of WARNING -- this is purely my observation based on recent experiences. Buyers who are expecting to offer more than 5 - 10% less than asking are in for a rude awakening. We are seeing multiple offers on most "tier 1" properties. When a property comes on the market, and you love it, if it's priced well, then you better be certain that others are thinking the same thing. "I want to buy this house,today." What happens then? The best offer wins. Multiple offers, multiple people want the house and one person will get to purchase this great house. Will it be you? Find a great local Realtor. Most good Realtors will ask around to see what other real estate agents have coming up. Frequently an agent will have a listing 3 - 10 days prior to the home being listedin the MLS. Do yourself a favor if you really want a particular house -- offer what you want to pay -- not necessarily how little the bank will take. Use a great agent, and trust them Happy home buying.
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Susan Goulding; Tracy, CA Real Estate - Local Realtor in Tracy, CA Tracy, CA More about me… Keller Williams Real Estate; Tracy, CA Office Phone: (209) 914-5573 Cell Phone: (209) 914-5573 Email Me As a local Realtor and community volunteer I always have a lot to say. This is the perfect place to say it. I hope this is a place you will return to day after day to read what I wrote and to comment. Have fun. Check out my web site at www.SusanGoulding.com 
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