Need Real Estate Advice? Ask it or Provide It

8 Comments so far

1. ernie Moats on January 3, 2009 6:54 pm

   Now is the bottom of the boom, bust, recover cycle in real estate and that means it is time to buy. Low interest and low prices equal screaming deals waiting for the first to venture out and buy buy buy.
   Want rentals now is the time!

2. Bernie Moats on January 3, 2009 6:56 pm

   Time to step up to more square footage and ease the stress of small living. New construction homes are at rock bottom prices. Now is the time to go for it!

3. Ambra on January 22, 2009 3:09 pm

   Can anyone answer me this: Why does the home appraisal come AFTER you have agreed on price? This process only benefits the seller, because if/when the home appraisal (whom is neutral in the deal) comes in lower, then the buyer is only left with 2 tough options: walking away (hard to do when you are 90% into the process) or be into a house over-their-head. It seems preditory to me, and VERY FRUSTRATING!

4. David G from Zillow.com on January 22, 2009 4:04 pm

   Ambra -

   The purpose of the appraisal is to protect the (buyer’s) mortgage lender; not the seller. Trust me that most sellers are way more nervous than the buyers are about the appraisal.

   As a buyer, there’s nothing stopping you from asking to do an appraisal prior to making an offer. You’d have to do so at your own cost and you stand a chance of having the seller think that your deal may be painful but in this market, I’d be shocked if a seller refused. A $300 appraisal on every home you’re interested in could get pricey.

5. Francesca2000 on January 24, 2009 10:27 am

   Hi Amber,
   I think that Listing Agents should let their Sellers know that listing at a higher price means risking a low appraisal and not having a buyer at all.
   Yes, the buyer will walk away and there is no DEAL!!!
   No matter how much the like the house…would you buy for more then what it’s worth??

6. joe on January 25, 2009 8:33 pm

   What escape outs do I write into my contract offers when dealing with a bank foreclosure in case I dont find a buyer to flip to? sorry if this is in wrong spot.

7. Rob on February 24, 2009 10:06 am

   I am in a Southern California community where in 2006 I purchased a $1M+ home and put 20% down. Our community was hit pretty hard over the last few years and properties similar to ours in size and lot size are selling now in the $600’s. I am about $200K underwater and $400K below my original purchase price and have an interest only loan. It does not look like the latest stimulas provision assisting some loans with renegotiating their terms will help jumbo loan holders. I am fine with making my payments but can’t help think that this market will not recover in a timeframe that does anything for me and my family. I am seeing through Realtytrac that many of my neighbors are either going into pre-foreclosure or just walking away. At this point it is becoming increasingly difficult to justify paying such a high monthly cost to (basically) rent my property. I need some solid advice from someone that can review options with me. I would like to buy up one of the properties in the neighborhood at a short sale and pay today’s prevailing rate on the homes but don’t have much as a down payment. Please advise. Thanks

8. Lisa on August 25, 2009 6:43 pm

   I am in the short sale process and the 2nd loan is asking me to come-up with $5000 or they will not approve the 2nd loan. I don’t have 5000 and already have a lot of debt so I can’t take out anohter loan. They said they won’t negoiate and are not willing to settle for anything less. I told them I will have to foreclose on the property and they told me go ahead then. I don’t know what to do.. I don’t want my credit affected but I really don’t have any other options. Please help!!