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Caroline Tsou

How Much to Offer On Bank Owned Properties?

If a bank owned property is already selling 10% to 30% below market, how much should you offer if you find one you would like to purchase?

According to data from MLS, bank owned homes sold between 01/01/08 and 03/15/08 are sold less than 5% below the listing price.

Courtesy of
MLS Data
Average List Price
Average Sold Price
Percentage Difference
Chino
$312K
$299K
-4.71%
Chino Hills
$440K
$419K
-4.29%
Diamond Bar
$343K
$328K
-4.65%
Hacienda Hts
$396K
$387K
-2.14%
Phillips Ranch
None
None
-0.00%
Rowland Hts
$498K
$482K
-2.92%
Walnut
$435K
$425K
-3.01%

Reading from the chart above, in order to successfully purchase the bank owned property from the lender, I'll suggest making an offer at around 5% below the listing price if the property is pretty much in a good shape and does not require too much repair.

Home Resale Activity Ending February 2008

According to Dataquick who tracks home sales activities in Southern California, last month's sales total was the second-lowest for any

Data for 02/08 Single Family Homes
Number Sold
Median Price
Price Change Since 02/07
Chino
17
$392K
-20.9%
Chino Hills
25
$500K
-13.0%
Diamond Bar
10
$510K
-16.9%
Hacienda Hts
14
$518K
-12.2%
Pomona (91766)
18
$375K
-5.9%
Rowland Hts
18
$500K
-26.1%
Walnut
10
$640K
0.8%

month in DataQuick's statistics, which go back to 1988. Of the homes that resold in February, about one-third, 33.5 percent, had been foreclosed on by the lenders.

The Shoppes At Chino Hills

After long anticipation, The Shoppes At Chino Hills is finally going to open in May 2008. Located at the intersection of Grand and Peyton, we are going to see Banana Republic, Victoria's Secret and Ann Taylor Loft & other retail stores in this open air 50-acre retail development.

Some of my favorite restaurants such as California Pizza Kitchen, P.F. Chang's, Yard House Bar & Grill will be there too! It is such a good thing to see all those wonderful stores coming to Chino Hills!

Southern California Living - Beach Fun

One of the great joy of living in Southern California is to go to the beach. Since the weather is so nice here, it could be done almost all year long.

I love the smell of the ocean. When I go to the beach, I just sit back and listen to the sound of the wave crashing the shore and watch the serene view of the blue sky over ocean.

It is also so much fun watching the spectacular sunset and wait for the stars to fill the whole sky.

I always get so relaxed after a beach trip. It is wonderful living in Southern California.

Why Are Buyers Buying In A Down Market?

Unlike the conventional wisdom, buyers are still buying in today's down market. The following is a list of home sales in Chino Hills, Phillips Ranch and Diamond Bar in February 2008 using MLS data.

Home Sales by City
February 2008
No. of Homes For Sale
No. of New Listings
No. of Home Pending
No. of Homes Sold
Chino Hills
375
124
28
22
Phillips Ranch
69
17
1
5
Diamond Bar
230
77
21
13

When I ask one of my clients why is he buying in a down market, he told me that as long as he can enjoy living in his house and is not selling it, he doesn't mind all the ups and downs.

Also, due to the recent price decrease, the "Entry Level Housing Affordability Index" in California went up from 25% to 33% in a year according to California Association of Realtors. Combined with low interest rate and a large selection of houses to choose from, buyers are enjoying finding their dream homes at a more affordable price.