Profile picture for g6t6o

Buying now in CA

Yes I have read everything and anything I can.  Prices are going lower and now is not the time to buy.  But we are going to start looking and offering 10-15% below asking price, we plan on staying there at least 10 years if not longer. 

 

That being said, has anyone had luck in CA with offers of 10% below asking?

 

We are looking in the Modesto/Stockton area.

  • February 18 2008 - US
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Answers (18)

You will have NO PROBLEM bidding 10-15% below asking there.

  • February 18 2008
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Profile picture for g6t6o

Yes, but are people selling at 10-15% below?;)

  • February 18 2008
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Stockton is the foreclosure capital of the of the US if not the world.

 

Do yourself a favor and wait a few years, they will paying YOU to live in houses there.

  • February 18 2008
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they will pay me?

 

I better move to Stockton!

  • February 18 2008
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"I better move to Stockton!"

 

Trust me, you don't want to.

 

And you'll have to wait a few years for the free houses.

  • February 18 2008
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Profile picture for g6t6o

Just that area, we area looking in Manteca/Salida, not actually Stockton;)

  • February 18 2008
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Profile picture for gloriataube

what about Aptos California- looking for a bargain there -3-4 bedrooms- 2 bathrooms or more

  • February 18 2008
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--And you'll have to wait a few years for the free houses--

 

no problem, i can wait for a free house!

  • February 18 2008
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g6t60,

You definitely can buy a home for 10-15% off of the listing price, especially in Stockton. What’s more important is to buy under the comps (do not use comps older than 2-3 months tops) in the neighborhood. If you buy a home for 15% off of a listing price that is 15% overpriced, what’s the point. Then again if a listing is priced 15% below the comps and your able to get, lets say an additional 5% off of the listing price, your in a much better position. What I’m seeing, and I’m in a much healthier area or CA than Stockton, is homes that are priced below market are actually getting multiple offers on them and even selling above the list price.

  • February 18 2008
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Profile picture for g6t6o

Thank you MG.  That being said, with the drop in this area I can't see using comps more then a month old, at the most!;)

 

We don't have a realtor yet, can they get me something that shows say all the 4 bedroom houses in a certain area and what they sold for in the last month?

  • February 18 2008
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Profile picture for CORONA NICK

g6t60,

 

Check out this site and tell me if you still think the same way. Sales slowest in over 20years!

Southern CA market

 

  • February 18 2008
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I agree, the more current the comps the better...still, ask for 2-3 months to see if there has been any stabilization in prices...and yes, a realtor should be able to show you the comps with all the applicable criteria. I know this is a huge commitment/investment so try not to get emotionally involved when making lower offers, I’ve found that sellers have not been as flexible as you would expect. You might have to make several offers before you get the deal you’re looking for. Best of luck!

  • February 18 2008
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G6, make sure the REA you hire is willing to drive you around and buy as many cups of coffee's that it takes! lol

  • February 18 2008
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"no problem, i can wait for a free house!"

 

Just keep in mind you will have to live in it, that will be the catch.  Live in Stockton. 

 

Hey don't you live in paradise currently?

  • February 18 2008
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--Just keep in mind you will have to live in it--

 

I cant rent it out? you never said I would have to live there! deals off.

 

yes, plus my office has an ocean view remember! jeez

 

let me know if and when my area is going to have FREE houses tho ok?

 

 

  • February 18 2008
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Profile picture for NVBob1

"We are looking in the Modesto/Stockton area."

 

Your prime central for a buyer.  I would deeply discount if not more than 60%.

You have more inventory than anyone had imagined due to foreclosures.

If you can go down to say 1998 prices, exclude any adjustment for inflation.

Modesto/Sktn prices are going nowhere for a long long time to come.  Your going

to be more like Texas after the Oil patch bust of early 80s.   Good Luck!

 

With such discounts where are the investors?  gone-- fallen by the waist side... 

 

 

  • February 18 2008
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To be honest homes seeming to be selling in our price range fairly quickly, at least in Salida.

 

Here is one home we are going to look at this week, just listed at 259K

 

http://www.zillow.com/HomeDetails.htm?zprop=53156668

 

Sale History

 

01/20/2006:     $450,000
10/25/2002:     $240,000
06/25/1999:     $181,500

  • February 18 2008
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Profile picture for Selling Oakdale

g6t6o,  I am in the area you are talking about and the prices keep going down, but of course not like they were.  Salida is a good area as is manteca.  Florsheim has homes in Manteca for 200K off of Hwy 120 just west of Hwy 99.  They look pretty nice with tons of shopping all around.  You can absolutely offer 10% off the listing price and it will probably be accepted on a resell.  If you offer that and closing costs, you'll probably be in good shape.  Be prepared to come up from the 10% to say 7% discount and 3% in closing costs.  The price difference from the discount won't be that much of a difference and it will save on your cash out of pocket.

  • February 19 2008
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