Bonita's Blog

At $119,900 - Opportunity is Knocking!

This 3 bedroom, 2 bath, 1144 sq ft home is Bank owned and is waiting for a new owner to add their personal touches. The Living room is the perfect place to relax in front of the fireplace or entertain. The vaulted ceilings give the room a spacious feel. The kitchen has lots of cabinets and counter space and there's room for a kitchen table. The master bedroom has a large closet for lots of storage. The large backyard is just waiting for your special touch.  

For more information go to: www.SacValRealtor.com and click on "My Listings"

We are all aware of the impeding elimination of the Nehemiah program.  My understanding was that a buyer needed to be credit approved and registered with Nehemiah before 10/1 to still be able to go through with the down payment assistance.  I have heard different things today and yesterday. First, I have heard that the secondary market has already begun to halt purchase of these loans and that many wholesale lenders have either cut off loan submissions with these programs or have set earlier dates. Second, I heard from another source that if your escrow had to be closed by 9/10. That would basically mean if you are not already in escrow, there is very little chance that it will go through. Does anyone have any additional information?

So the newest trend with foreclosures seems to be bus and limo tours of foreclosed properties. I am trying to understand why buyers think these tours are worhwhile.

I can understand from the agent and lender's perspective. Get 10 to 20 people on a bus and you have a captive audience to pick up business over the course of a dozen or so stops.

What I do not understand is why the consumer thinks this i a great idea.  It's not like you could not see these homes any other way. I am sure part of it is the novelty of the idea.  Think about it though, every home you are seing during the tour is being seen by your possible competition at the same time.  Also, you have had to wait to see these homes till the day of the tour.

By working with an agent who is a member of the local Association of Realtors, you can have your own personalized tour-- geared towards exactly what you are interested in, when you want it.  You can actually take a look at some of these homes as soon as they come on the market instead of waiting for tour day, which might be too late.  Also, you will someone with you to answer your question without 10  to 15 people nearby.  Maybe you want to spend more time at one property, or not stop at another, you don't really have that choice with bus tour.

Call me crazy, but I cannot see that this concept benefits the buyer.  A better idea would be to call an agent that knows the area you are interested in, or get a referral from a trusted friend of family member if you don't know an agent. Provide the agent with your criteria and ask them to set up a private tour of several homes for you.  If you do not already have a lender, ask the agent for a referral and contact the lender for a loan pre-approval before you go out shopping.

You will have much more control over your shopping experience than you ever would on a bus or in a limo filled with strangers.