The good news is that the economy is showing signs of recovery. Unfortunately, I believe this is the calm before the storm as there are simply too many underlying problems with our economy. Basically, at some point we have to pay for over consumption, lack of savings, and uncontrolled lending practices. However, that is a matter for another day. Today, we are going to talk about the latest increase in real estate prices in many parts of the bay area.
BUYERS BEWARE! When looking to purchase a home in today's market make sure you understand why prices are moving forward in the areas. In many bay area locations this is driven by the artificial shrinkage of REO properties hitting the market. Banks have been encouraged and in some cases restricted from bringing these homes on the market despite the fact that they have completed the foreclosure process on many of these homes. This has happened over night and when you have a sudden reduction of homes on the market prices will rise.
Now this is not the case in all bay area markets, but you should be made aware. Ask you realtor, what is the rate of change of new bank owned homes entering the market over the last 3 months in your area. In addition, NEVER, NEVER, NEVER, waive your appraisal contingency. If you submit an offer and your contingency approval has been waived you have no protection against the home not appraising. There are many situations now in parts of Oakland, Hayward, San Ramon, and Fremont where we have received multiple offers on properties several above asking. Be smart..Be safe...and consult a Realtor
Mr. REO - Joseph Bradley
Family Realty has specialized in REO, Short-Sale, and Pre-foreclosure properties for over 30 years, with our founder and my grandfather Joseph Goodwill. My success as the owner and chairman is based on maintaining F.O.C.U.S. during market upturns and downturns: F.O.C.U.S. stands for Financially Secure, Operational Expertise, Customer Focus, Unparalleled Industry Knowledge and Superior Technology. We are a boutique real estate firms that provides personalized services to consumers or banking institutions looking to sell or purchase a home in Contra Costa, Alameda, and Placer Counties located within California. As the Broke-Owner of Family Realty Group, I am personally involved in all of our client transactions ensuring the highest level of focus and accountability in servicing your needs. If you would like a FREE Home Seller or Home Buyer Handbook, or list of available REO properties please call me at 925.401.0405 or email at josephb.frg@gmail.com.
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email: josephb.frg@gmail.com
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