Posted on 01 May 2008 by gracekeng
Yesterday I read an article of “No deal for anxious home buyers” by Sue McAllister of the San Jose Mercury news. She mentioned that “more than 900 houses for sale in
Santa Clara
County for $450,000 or less, many home buyers assumed that market was soft and are shocked to find themselves outbid on foreclosed, bank-owned properties in this price range.” There is a Santa Clara 4 bedrooms home asking for $430K. When my buyer tried to put an offer, the agent told us she has one accepted offer and 5 backup offers for over $500K. I don’t agree with Sue’s openion. Some of those foreclosure home purchase price has been dropped for $200K. Do the math… even you have to over bid for $40K it could still be a good deal. I believed there are still alot of deals out there. I think it is important for the buyer to be pre-qualified before writing an offer. Do remember that our slow market is not going to be forever and it is not local either.
I saw a blog article of how to buy foreclosure home was written by Norman of myeastbayagent.com
He listed the following 4 steps:
1. Define your strategy.
2. Is your financing in place?
3. Don’t be disapoointed by rejection or failure.
4. Write clean offers, write clean offers, write clean offers.
Of course it is over simplified steps of buying foreclosure home. If you are interested in buying foreclosure home, Please contact me.
1st Time home buyer advices buyer advice Real Estate bits & pieces
Yesterday I read an article of “No deal for anxious home buyers” by Sue McAllister of the San Jose Mercury news. She mentioned that “more than 900 houses for sale in
