How to successfully buy a property in this Market!
If the home is bank owned or REO offer 10% above the asking price.
A Short Sale, look at the properties that are already under contract and make offers. Many of the first offers are tired of waiting for short sales and you'll become #1. Keep some cash in reserves. Banks and Short Sales sellers are not paying for Home Owners Association back payments and they are mounting up fast (sent to an attorney), I've seen up to $20,000.00. Banks are not making any repairs, roof, leaks and they're not doing termite work.
*Banks are pricing properties around 8% higher this month compared to last month.
*We've had a slight rise in inventory. This is the first time this has happened in over a year.
*Pended deals are the same as January (and better then any year since 2005).
*Standard sales are a fantastic value. They're in perfect condition and have great locations. The challenge is to convince the bank appraisals of the Standard Sale's value over that of a distressed property. That's my job!
I think what happens in March and April will probably give us an indication as to how the rest of this year will go.
Peggy Roegiers, #01327798
949-436-1298
e-PRO, SRES, Coldwell Banker
Your Next Home: www.camoves.com/Peggy.Roegiers www.PeggyRoegiers.com
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