Profile picture for Eric Edelman

Eric Edelman's Advice

Contributions are sorted newest to oldest.

  • 5 Contributions
  • 0 Best Answers
  • 1 Helpful

Eric Edelman wrote:

Temecula and Murrieta Housing Market

Response
I'd like to think the market won't drop any more in San Diego either. We too saw price increases with the decline of REO's in the 2nd 1/2 of 2009 and early 2010. However, with rencent changes by lenders like Wells Fargo with regard to the short sale process, I think we're in for a lot more REO in the coming year or two. I'd be surprised if Riverside and San Diego don't see at least significant stagnation with prices if not more decline. As far as what to tell buyers? If a buyer wants to buy, they should buy. You can't time the market. There is more to it than just price. How many of us remember what we paid for our last car? We just know what the monthly payment is. People are to hung up on price when buying a house. It is all about payment. If prices drop 10% and rates jump 2% (which isn't a stretch, it could happen), then the payment would be higher than if they bough now.... my 2 cents...
September 20 2010
(0)

looked at a house with listing agent found out the house is a short sale should i get my own agent?

Answer
Always a good idea to have your own agent, looking out for your best interestes. You want to pick an agent who has handled plenty of short sales on both sides, especially the listing side. Ask specific questions of the agents you talk to "how many short sales have you handled?" "can you show me the MLS print-outs on some of your recent closings?" You want someone with recent experience. Short sales are always changing. Short sale lenders are always changing the way they do things. Someone who closed a short sale in 2007 isn't going to be on top of how things are done in 2010. Those of us who have done short sales in 2010 may not even know how things are done in 2010. Once you find a buyer's agent who is up to the task, it is up to them to interview the listing agent on any short sale you are interested in and determine if it is a viable property or not. Some short sales are a total waste of time. Talking to the listing agent, looking at title records etc. It is all part of the game.I do not agree the listing agent has more work to do on a short sale. We ALL have a lot of work to do on a short sale. The buyer's agent may not do as much work on the one you finally wind up getting as the listing agent, but that buyer's agent will likely follow up on dozens of properties and have to show you plenty of them and research plenty of them to find the right one for you.Short sales are a pain in the neck for all of us.Good luck to you and your agent!
September 20 2010
(0)

What am I missing about this seemingly win-win FSBO situation?

Answer
Sheryl is correct. Buyers equate FSBO with bargain. They expect the price to be lower than market value. I'm not sure why Realtors in your area won't work for less than 7%. I'm lucky to get 6 in my market. The average is less than 6. The 4% would be attractive to buyer's agents but you'll get more calls from listing agents than you will buyer's agents. Save yourself a lot of headaches and hire the right agent to sell the home. You'll come out ahead or at the very least even with your FSBO method.
September 13 2010
(1)

Upside down and BOA tell me loan held by private investor

Response
Most loans are held with private investors or bundled as securities. Very few bank loans are held in-house. If they told you loan modification or principal reduction is not an option then you may need to short sell. I would find a short sale specialist in your area. Anyone who is good and honest will help you apply for a loan modification (which you may have already done). There are two programs under the current administration. HAMP, for loan modifications and HAFA for short sales (people who don't qualifiy for HAMP modifications. Check out www.makinghomeaffordable.govDon't pay anyone to help you with a loan modification. Anyone who says they can get you a loan mod and wants money up front is going to be a dead end.Good luck. You are not alone!
May 23 2010
(0)

A realtor said if the house hasn't had any major bites to consider lowering the price $5,000. Really

Answer
I say if you've had showings but no offers drop 5-7% after three weeks on the market. If you're geting repeat showing but still no offers then only drop 3-5%. If you get no showings at all in a 14-21 day period, drop the price 7-10%.
May 23 2010
(0)