Michael & Belinda Jackson

We are representing a buyer on a bank owned home. Our close date is still 4 days away. Buyer loan docs have already been sent to escrow, buyer has signed, lender is ready to fund... BUT There are some unpaid taxes due on the property that the servicer needs to pay before we close. So how long might that take?? 1-60 days, GREAT !! Here we are 4 days before closing, we push like crazy for the last 30 days to get closed on time, even early and now it is up in the air if we will close on time. The banks must do a better job and stream line this process or I will have to pluck the last few hairs from my head !!

When working with sellers the question always comes up when we recieve an offer. How much will I need to pay for any needed repairs? Sure the contract says $1,000 but what if it costs me $1,200, can I just stop when I have spent $1,000? Well, I guess you can, legally, BUT please ask yourself the question, is it worth loosing a deal over? NEVER. I understand that some buyers give the sellers a list a mile long and don't really care how much was put in the contract, we get that. I think all parties need to be reasonable for sure, but in today's buyers market, sellers really need to do whatever they can within reason to make the buyers happy and get it closed !! I know, I know- but the contract says... We get it, but it is never worth it to lose a deal over a few hundred dollars. If the buyer walks you will need to disclose any issues with the home and the next buyer will ask for the repairs to be done. So... within reason, Fix the stuff !

We listed this great house 554 days ago. CRAZY !! Started out as a regular sale, then went to a short sale. 4 buyers later ( thanks to the VERY slow short sale process of a very large bank- They have the letters B and A in their name, any ideas which lender ?) Then we finally got bank approval, had a buyer stick it out and we are set to close this week !!!! YEAH YEAH

So the lesson, don't EVER give up, keep pushing, they are all not this hard. And yes, figuring all the hours spent on this file we will have earned maybe $1 per hour for all our time, but in the end we have a very happy seller !!

So we place an offer for one of our clients on a bank owned home. A few days later we get the standard " Multiple Offers Notification" form telling our buyer that the seller has received multiple offers and asking if we would like to make any changes to our offer or leave it the same. So... the buyer asks, what do you think? As the buyers agent we do need to give our best advise but at the end of the day, it's the buyers choice. We are big fans of advising clients to just go in with their best offer up front, and when that form comes in, just leave it the same. Yes they don't want to lose the home over a few thousand but how high do you want to go? After you have looked at the sold comps with your buyer and given your advise, step back and let the client make the final call. Our advise, come in strong and stay firm...

These are the questions we get asked every week. Are they going lower? Will they stay low? How long before they go up? What if we buy and they go lower? WOW ! Let me get my crystal ball and I will get back to you. What a crazy time in our market, who would have thought rates would still be around 5% in mid 2010, not us ! All we can tell buyers is... It cannot and will not stay this low for to much longer, it just can't. The market will not allow it. At these home prices and with these low rates, do not make the mistake and wait for a "better time or a better deal" The clock it ticking ! BUY NOW.