Myrl Jeffcoat’s Real Estate News
THE REAL ESTATE
NEWSLETTER FOR TODAY’S HOMEOWNER
had more than our fair share of bad news in the housing marketplace in
recent months, but there may be reason for a glimmer of hope, and a new
dawn breaking at last on the horizon.
and more GreatWest GMAC Real Estate Professionals are reporting offers
being written, and more buying activity than seen in awhile.
entry-level housing arena seems to be enjoying some exuberance being fed
by the CAL FHA, First Time Buyer program.
real estate agent reported they had been working with a buyer for a few
weeks, using this type of financing for a home in the low $200,000
range. Many homes in nice
areas available in that price-range - are often bank owned properties.
The rule of thumb with bank owned homes is they are sold “As Is.” The banks will usually not make repairs. But if a buyer uses CAL FHA financing it will be essential to find a home, which is in good repair, as CAL FHA financing mandates it. Finding that a property is in need of a new roof, or other major repair will often be a deal killer.
if the home is in excellent condition, and in a nice area, with a good
price, it will not be uncommon to have multiple offers, from those
hoping to procure the property.
(continued on next column) -
you find that you are in a multiple offer situation on a property you
wish to buy, and is owned by a bank, or even a regular home-owning
seller for that matter, there are guidelines you can often expect.
the bank finds they have received multiple offers on a property they
own, they may reject offers outright, which are not acceptable to them.
Among any offers still left in the game, the bank may counter
back on all - addressing that the property is in a “multiple offer”
state; and, that all potential buyers, should then counter, amend, or
provide their “highest and best” offer back to them.
Hence, a “bidding war” can ensue. Should this occur to you as
a buyer, you will need to assess how much the home is worth to you, and
how much you can afford, before responding.
Knowing this type of activity has actually been going on in the last few weeks, allows us to begin wrapping our arms around the idea that we may in fact be seeing the very first glimpses of a new dawn for housing.
If you are interested in obtaining more information about CAL FHA First Time Buyer programs, or any other financing available for your home buying experience, please contact one of our many friendly and very qualified GreatWest GMAC Real Estate Professionals.
We will also be happy to assist you in locating a home to
purchase using the CAL FHA lending program.
We look forward to hearing from you!
you are currently considering selling or marketing a home, please feel
free to call or contact me. I can provide a free, no-obligation
Comparative Market Analysis of your property. . .Or if you are thinking
of buying a home, I would be pleased to be given the opportunity to sit
and explore with you the
opportunities that await homebuyers at the
Service is always
Sacramento - El Dorado
- Placer Counties
Date: March 20th 2008