jane loveday

Yessir, locally here in San Diego we have our eclectic community of Ocean Beach, and within that community is one of the best places to eat - O'Bistro - located on Voltaire between Cable and Bacon. It is a casual place, dogs are welcome as they are in most places in Ocean Beach, and the patio during rain storms is one of the coziest places to sit, eat, enjoy a full bar menu and listen to the rain falling.

Their menu is simple yet unique - try and Afternoon Delight sandwich, their Seared Ahi Wrap or simply indulge in their magnificent Lobster Bisque.

Can you tell I'm a fan - and I totally recommend to anyone wanting a fun, funky yet amazingly cool dining experience!

http://obistrocafe.com/

Thanks,

Jane

Can anyone please explain? And I doubt anyone can until we have some sort of regulation as to how our offers are presented to lenders on short sales.

With some agents, they are submitting ALL offers then requesting highest and best once approval is received. Others are submitting the first only and holding all others as back-ups in the order they are received. Others, again, are submitting all offers to the seller and having the seller pick which one to send to the bank. And so it goes.....

It is unfair all around to buyers who are trying to buy their first home, who have saved and have great credit only to lose in the game of which offer is accepted or not.

And lenders are no better - submit just one to them, all of them (they don't always like that), and who decides to ask for highest and best from buyers - the seller, lender or the agent trying to make a higher commission?

What say you fellow Realtors, we need some sort of guidance to help what is becoming a 2004 version of multiple offer situations, especially here in San Diego.

With the tremendous amount of short sales and foreclosures everywhere, and some agents accepting a multitude of offers, only to counter everyone with "highest and best" I am trying an old concept that will (hopefully) give us a prime position.

It's the 'escalating clause'. If my buyers can qualify and afford higher than their current offer, then I submit a counter back with our highest and best, including an addendum that states we will supercede any other offer by $x amount, up to a ceiling amount, along with a pre-approval for that figure, along with a request for a copy of the offer we are besting. (Albeit with any confidential information blacked out).

This is working rather well, as not many agents are using this tactic. I would be interested to know if anyone else has considered this?

Working as a buyer's agent mostly, I have great frustration with offers I submit on short sales - or what seems like every offer these days. WHY? If we are not the first offer received, we are then a 'back-up', even if our subsequent offer is higher than the first with better terms. Agents are not required to write in the MLS that a first offer has been received, even if one has been 'accepted' by the homeowner but the bank is still looking at. At other times agents will present all offers, share what has come in, and in some cases creating a 'bidding war'.

So what gives? Representing buyers, I give them all scenarios, but it just doesn't seem fair that without regulation, we are at the mercy of not only listing agents, but the banks who may not have the time to ask if there are any other offers out there.

We need a straightforward rule to deal with ALL short sale offers, whether it is the first one received that stays in first place, or whether all offers are presented to the bank, or whether the highest and best is offered at the time of acceptance by the lender. Obviously the lenders need an offer to begin the process, but if another comes in higher, better, what then?

Any thoughts out there that you have encountered we need some kind of guidelines, or not?

Don't know about you, but the housing market is humming along briskly right now in my neck of the woods.  mostly first-time homebuyers who have diligently saved their money and people who are already successful, further on in life and realising this is it - THE time to buy.

Only today I had a buyer who was qualifying for a mortgage at 4.85% - that's a 20 year LOW - amazing, and yes he bought the point down which he was refinancing back into the loan but even so, with every $100,000 borrowed that's just $530 per month - although that can adjust with PMI and other costs such as HOA dues but even still - a complet bargain!

We are seeing the bottom here in San Diego, yes the prices may go a little lower, but our average home price is back at the 2002 rate, and it really is not going to go much lower. 

First Time Homebuyers unite - this is your time, your interest rate, your market and absolutely the prime time to buy!

We are all here to help, are you ready?