reo: Real Estate Agents Website Replacement Homesearch.com - 08/19/14 12:54 AM
Well the cats out of the bag. We have been wondering for years how will they replace us? Zillow/Trulia wants our advertising dollars, and are trying to figure out how to get a brokers cut, the big name franchise brokers want a percentage of our commissions.
 
But to design a virtual sales data base website with virtual sales agents so banks and FSBO can sell to buyers direct? It's called Homesearch.com. Started by Nationstar aka Auction.com. Don't be fooled by eliminating the agent's commission the prices won't be lowered for the consumer it will be going into the Banks pocket … (0 comments)

reo: Low Balling In A Seller's Market? Really? - 04/16/13 05:05 PM
This last August something changed around town.  Suddenly almost in the blink of an eye, sales started to rise, supply dried up and I don't mean just a little suddenly we are back in, multiple offers situation. Boom, the beginning of the 2012 National run on Real Estate.  I think it is important to always forward national and local market updates and trends to my buyers in a way to keep them educated to the current market so they make intelligent offers in order to expedite a favorable response to their offers, and if the buyer still insist on "Low Balling" usually after signing and printing, faxing 5-8 … (4 comments)

reo: Dreamhome Now, Used To Be A Toxic Asset! Buying A REO? - 01/27/12 05:32 AM
Ah, the new wave of how to buy a house in the sea of toxic assets. Also known as someones gonna be Dreamhome. If you have yet to venture into purchasing an REO aka Bank Owned, this is what "as is" IS! You make the offer it gets accepted by the Bank aka toxic asset servicer.
 
But before you get a fully executed contract in hand the buyer will have to sign 30 pages written by a lawyer (to cover the banks a$$) and this document will basically tell you they are selling "as is" with no repairs! OK the … (0 comments)

reo: Buying a Bank Owned "AS IS" ie Getting Married on Your First Date? Really? - 09/05/11 05:32 AM
Would you really get married on a first date? Would you sign a contract to purchase a home "AS IS"?
We have all by now helped buyers purchase Bank Owned Homes aka REO's. We know the term "As Is" no repairs to be done. After all it is the first Counter Offer your buyer will sign before the bank will even accept your offer, the contract, written by clever high paid lawyers repeatedly states you are purchasing the home "AS IS" with no repairs to be paid for by the seller.
I have to liken this to getting married on a … (4 comments)

reo: Hompath aka Fanny Mae Homes Great Deal? Read The Fine Print! - 08/11/11 04:18 AM
With RE market changing on a daily basis, I am always amazed how creative the REO sales and financing has morphed. For example a have a buyer who was interested in a Homepath home with financing. The concessions are very attractive to a buyer financing, no appraisal fee, two year home warranty, 3.5% of purchase price towards buyers closing costs, 3.5% down payment, fixed rate, no mortgage insurance. Wow got to have it, right?
The fine print? This home was priced $35,000 over comparable values in the same area, now on the market for over 60 days, one price reduction of … (0 comments)

reo: Banks Need to Step Up & Their Listing Agents Also! - 08/04/11 04:23 AM
How many times have I represented a buyer on a sale with a Bank owned property and the first thing buyers have to sign is a Seller Disclosure stating "AS IS" no repairs! Before the buyer even does their inspection to find out what "AS IS" IS!!! Then when we do the inspections we find electrical outlets not functioning, some previous owner di it your selfer has installed a dishwasher with out a relief valve or neglected to pull premits and didn't know what they wre doing???
 
I think when a buyer does an inspection on the roof, home, mold … (3 comments)

reo: Buyers Market!! I Don't Think So! Buyer Beware Market! - 05/04/10 09:47 AM
DRIVE BY ONLY. SHORT SALE APPROVED AT 175k. No seller paid termite, no seller paid home warranty, sold in as-is condition. Buyer to pay $175k+ plus $3k as a 'seller contribution' to the lender. Property has tenant inside who has not paid rent in 9 mos. New buyer to evict tenant or re-lease to them.
 
After the lastest seige of buyer frenzy. I thought I had seen it all but something new always manages to amaze even me! Sellers are taking full advatage of todays buyers who must really qualify for a loan and have proof of funds just … (0 comments)

reo: The Shadow Inventory Tsunami Cometh! Buyers Prepare! - 12/31/09 04:00 AM
 
"A report conducted by First American CoreLogic found there was a 1.7-million-unit pending supply of residential housing inventory, an increase from 1.1 million a year earlier."  Is this more than we thought? When will they release know inventory? No one knows for sure. My guess would be it will trickle out slowly in order to only meet the current demand and keep prices stable.The flood the market lesson has been learned and should not be repeated. My guess is the low in the market here was reached last Dec-March 2009 and has slowly started to level off and even climb … (0 comments)

reo: Buyers On The Internet Know It All! Or Know Too Much? - 10/16/09 02:02 AM

    I showed a REO house yesterday to clients, they really liked it went home to think about it. Well this morning I get an e-mail they found the same house listed $40,000 less on both Zillow and the agents web site. So how does that make me look? And how does the list agent look?
 
   I had already e-mailed the agent a few days before because I wanted to know if the the bank would consider $40,000 less with an all cash offer and quick close. Maybe he figured he could bait my clients for himself? Maybe … (6 comments)

reo: Stop The Insanity RE Downward Spiral Banks Take Note!! The Trickle Down In RE - 12/31/08 03:20 AM
  TRUTH IN LENDING
 
This country is quickly spiraling out of RE economic control. Here is the scenario. House #1 goes into Foreclosure because an ARM and value drops. Bank forecloses and lists the house on the MLS for 55% of the original loan. Now this is where the domino effect starts. Now the neighbors see this house which is comparable square footage lot size etc, to their home. So why should they continue paying on a mortgage that is higher than the property value? Even though they can make the payments the lender will not do a loan modification … (0 comments)

 
Tere Rice, First Time Home Buyers, VA Buyers, Horse Ranches,  (Allison James Estates & Homes) Rainmaker large

Tere Rice

First Time Home Buyers, VA Buyers, Horse Ranches,

Temecula, CA

More about me…

Allison James Estates & Homes

Address: pob 1362, Temecula, Ca, 92590

Mobile: (951) 693-0093

Fax: (951) 271-9099

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