It’s getting harder and harder to get a deal on a foreclosure in the San Antonio metro. There are fewer foreclosed properties on the market every month in Bexar County, continuing a decline that began in the fall of 2012. Because of demand outstripping supply, and the increase of home prices in San Antonio overall, asking prices are higher now, and they often receive multiple offers. In March, 497 properties are scheduled for auction at the courthouse. This represents a 31% decrease from March of last year and 29% compared to the first quarter of 2013, according to research … (0 comments)
foreclosures: What to do when you get a crappy lowball offer on your house
- 01/11/11 09:47 AM
With the real estate market these days, even in San Antonio, it seems that no matter how nice your home is or how well priced, you might still get a lowball offer on it. Buyers are hoping to find a seller who is desperate to sell and will cut them a screaming deal. But if you're a seller on the receiving end of a lowball offer, don't take it personally--it's actually good news. Somebody liked the house enough to go to the trouble of making an offer on it! So here are some things you should think about, instead of wadding up the offer … (7 comments)
foreclosures: The Cannibalization of Short Sales and Foreclosures
- 07/13/10 01:27 PM
This is true in many real estate markets, including San Antonio's. Short sales and foreclosures are being used as sales comparables inappropriately, turning into a vicious cycle. Judy writes an excellent analysis of the problem.
‘Cannibalism’ is defined as a person, animal, or thing that eats the flesh of its own kind. When it comes to today’s real estate market, the predatory lending practices of mortgage lenders has led to the cannibalization of Short Sales and Foreclosures. If something isn’t done to stop the banks from feasting on the entrails of what’s left, their business practices may well … (1 comments)
foreclosures: How can you buy a home again after a foreclosure? Here are 5 steps to take
- 07/12/10 03:05 AM
I just wrote about the high number of foreclosures in the San Antonio metro, including Bexar and Comal Counties, the last six months. Following is some information to help home buyers get back on track after they have been foreclosed on. 5 Steps to Owning a Home Again After Foreclosure By: Barbara Eisner Bayer It won't be easy to obtain a mortgage after foreclosure. But with enough time, discipline, and desire, you can own your own home again. Here's what you need to do: 1. Stick with a job after foreclosure Did you fall into foreclosure because of the lack of … (6 comments)
foreclosures: Foreclosure postings in San Antonio, Texas
- 07/12/10 02:38 AM
More and more distressed home owners in the San Antonio area are seeing their home values falling below their mortgage balances: in other words, negative equity. According to Foreclosure Listing Service, Inc., there were 7,721 foreclosures on residential properties posted in Bexar County from January to June 2010. At least 20 percent of them were on homes in which the loan amount was more than the appraised value. In the same period last year, the percentage of upside-down homes was 13. Going from 939 to 1,552 upside-down homes is not a good sign. It's an increase of 65%. This puts the San Antonio … (1 comments)
We've all watched the Frank Capra classic, starring Jimmy Stewart: "It's a Wonderful Life". And each and every time we watch it, we get all warm and fuzzy inside. People are GOOD!! Bankers really care. No one gets Foreclosed on. "Why, why . . . that money is in your house, and yours . . ." Remember when the forthright, honest George Bailey was trying to convince his depositors NOT to TAKE ALL THEIR MONEY OUT OF HIS BUILDING & LOAN! 'Cause … (0 comments)
foreclosures: Unprofessional? Unethical? Discourteous? Or just plain stupid?
- 08/07/09 03:05 AM
Yesterday I submitted a third offer for my client on a fixer-upper owned by FNMA. FNMA requires a 10% earnest money deposit, which is a heckuva lot for the San Antonio market. The first two offers were competing with at least one offer, which was accepted. I received a FNMA form from someone at the brokerage notifying me that my client's offer would automatically become a back-up offer should the contract fall through. Last week, I discovered that the property came back on the MLS. I'd like to know why, in case there was an inspection that revealed significant problems with the … (5 comments)
foreclosures: My first - and possibly last - short sale transaction
- 02/10/09 02:49 AM
<rant> Well, we're waiting for the litigator for the lender to reply to his numerous voicemails, faxes, and e-mails. His boss said he was "one of the best" they have and didn't know why he wasn't getting back to the listing agent. He had responded very quickly with a counter to a previous offer. It was not accepted, but he agreed to the listing agent's suggestion of dropping the price. But when my client made a full-price offer, all-cash, set to close in 10 days, he suddenly vanished. - Did he get in trouble for agreeing to the lower price? - Is he … (7 comments)
foreclosures: Hey, Mr. Banker! Shovel Your Walkway, Dude! Or at least turn on the heater.
- 01/17/09 04:21 AM
I've been showing some lender-owned properties lately. Texas weather is notoriously fickle, and it has been cold lately, at least in the morning. I hate walking into a house and having my buyers say, "Wow, it's freezing in here!" Or they can't see the garage or the size of the walk-in closets and pantry without a flashlight. My bad. I have an arsenal of flashlights in my glove compartment, but the batteries all died in the summer--from the heat! It's hard to sell a house, even if it's bargain-priced, if the buyers aren't at least comfortable looking at it. So even … (8 comments)
foreclosures: Investors "swooping in" on foreclosured homes - like vultures! Bad investors. Bad!
- 01/13/09 01:29 AM
I had an e-mail this morning from someone wanting me to sign up for a short-sale course for Realtors. In order to convince me, for some reason, she included the following scary article, attributed to the Wall Street Journal and Bloomberg News. The bolding for emphasis is mine. ------------- ... Investors are swooping in and buying and accounting for most of the rise in sales. "While the purchases are trimming the inventory of unsold properties, most of those bought by speculators will likely return to the market when prices rise again, hampering any recovery", said Nobel laureate economist Joseph Stiglitz and Yale University Professor … (10 comments)
foreclosures: San Antonio good news roundup for real estate investment and relocation
- 06/24/08 02:27 AM
From the awesome Texas Real Estate Research Center come these news items illustrating my belief that San Antonio is still a stable, growing market for residential real estate: A great place to live"San Antonio has been named the fifth best large metropolitan city in America for relocating families by Worldwide ERC and Primacy Relocation. The two companies examined several factors, including job growth figures for 2007, percentage of nearby top-ranked colleges, average in-state tuition for four-year public colleges, the amount of pediatricians per 100,000 population, and taxes." Job growthSan Antonio's "entire private sector grew by 1,000 jobs, and medical facility growth … (4 comments)
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