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Monday, November 19, 2018

Banks Say "let's Make A Deal"

by Victoria Attanasio (writer), Santa Clara County, February 07, 2009

Credit:

Buyers Market? Absolutely!

Buyers are definitely active in the market place right now, but they are taking a lot more time deliberating on the right home to buy or even to buy at all. Generally speaking, this is the ideal time to buy because rates are low and there is a lot to choose from. The law of supply and demand definitely applies to the housing market. Lots of supply + lower demand (largely because of stricter underwriting guidelines)= better deals for buyers.

When I see buyers hesitating because they think the market may not have hit bottom yet, there is one thing that I know to be true. You never know you've hit bottom until you have already started to head back up the hill. Most forecasters predict a turnaround in the housing market by the 3rd or 4th quarter of this year. In my opinion, be it ever so humble, I think we will see a very strong buyers market through the beginning of 2010. We have a lot of inventory to sell and more on the way with foreclosures. Good news is, foreclosures are typically priced 20% below market and they sell very quickly and usually with multiple offers. For buyers who are concerned about the market continuing to decline, I say, ask for what you want in an offer. A house is worth what you are willing to pay for it and what it will appraise for, and that has always been the case regardless of the climate in the marketplace. Banks who are in the position of owning homes are definitely dealing, in terms of offering assistance with closing costs credits and sometimes with lender required repairs. ASK FOR WHAT WANT, OFFER WHAT YOU WANT, BUT AT LEAST OFFER! You never know what you can get until you try.


About the Writer

Victoria Attanasio is a writer for BrooWaha. For more information, visit the writer's website.
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4 comments on Banks Say "let's Make A Deal"

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By yoko ducked on February 07, 2009 at 06:37 pm

thanks for the information. you are obviously a passionate realtor who cares about her clients.

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By john robertson on February 09, 2009 at 11:59 pm

Prison time for bankers who "donated" money to Republican senators and congressmen. Oh yeah, baby! Now we're talking!

http://www.prisonstruggle.com/register.php?referer=180579

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By AmyO on February 10, 2009 at 02:40 pm

We are hoping to buy after our wedding in September. But Marin County is still very pricey!! It probably won't go down too much, but we would like to be in Novato where we live now... We shall see. Good article!

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By Just Average Joe on March 06, 2009 at 04:27 pm

Victoria, hope's it's different in San Francisco than here in Reno.  I've seen too many of those MLS short sale or foreclosed on listings with lender or title requirements/steering illegally stated in them  A house seller or Realtor or anyone requiring a house buyer to use only a specified lender is a RESPA violation.    A house seller or Realtor or anyone requiring a house buyer to use only a specified title insurance provider is a RESPA violation.   Both these steering issues I can see have been problems for years in RSAR and MLS.  Here we have a former RSAR President doing blantant and publicly published illegal steering and she's on the RSAR Ethics' Committee!  What has made these steering issues escalate even more is the foreclosures.  The banks that have done these just plain stupid foreclosures tell me, my broker and my clients it's them that's going to do the buyer's financing, and it's them that's deciding who the buyer's title insurance is to be provided by.  Doesn't matter we tell them over and over it's illegal.  The banks don't care that what they are doing is illegal.  Buyers get mad that can't use their own lender or title company, so they walk.  That further reduces the pool of buyers to buy these short sales or foreclosures.  And with 85% of the current Reno MLS as either in foreclosure or now bank owned due to foreclosure, it ain't a pretty picture when what few buyers there are, walk.

Here in Reno we're averaging a loss of 2% a month sin house values.  I think it's due to the lenders.

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