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Lessons learned in (attempt at) buying an REO

Filed under: deals, real estate — taewoo @ 6:54 pm November 19, 2008

(REO = bank owned property that failed to sell at auction after property foreclosed)

1. ALWAYS get local team members (i.e. lender and realtor especially)

2. If the bank disagrees with the appraisal you got, they will ask for another. Put a clause saying that the seller will pay for ALL additional appraisals if needed.

3. Never pay for points or discount. They get paid through the mortgage yield spread. Make sure it does NOT exceed 1.375%. Next time, I would ask for 1%.

4. Never put more than $1000 in deposit. REO deals can get nasty so if you back out or can’t close the deal, no big deal.

5. Get a realtor that has thick skin. Most real estate realtors and brokers are bunch of turds. Don’t expect them to think, but at least train them to fight for you.

 

I am so mad at myself.

Bay area housing inventory snapshot - September 2008

Filed under: deals — Tags: , — taewoo @ 4:23 pm October 4, 2008
Housing Inventory Snapshot September 30, 08
  Average List Price Median List Price Average Days On Market
Santa Clara County, CA
Single Family under $1M $572,450 $549,888 86
Single Family over $1M $2,113,967 $1,549,950 76
Condo/Townhome under $600K $346,303 $330,000 84
Condo/Townhome over $600K $806,929 $728,000 63
San Mateo County, CA
Single Family under $1M $638,652 $629,999 80
Single Family over $1M $2,310,539 $1,499,000 70
Condo/Townhome under $600K $421,809 $425,000 82
Condo/Townhome over $600K $865,258 $749,950 70
Santa Cruz County, CA
Single Family under $1M $590,735 $579,900 98
Single Family over $1M $1,833,901 $1,485,000 106
Condo/Townhome under $600K $359,986 $351,000 94
Condo/Townhome over $600K $907,236 $799,000 134
Monterey County, CA
Single Family under $1M $387,638 $304,800 97
Single Family over $1M $2,734,887 $1,895,000 119
Condo/Townhome under $600K $277,085 $244,900 114
Condo/Townhome over $600K $878,543 $750,000 145
San Benito County, CA
Single Family under $1M $417,190 $335,000 104
Single Family over $1M $2,560,712 $1,350,000 136
Condo/Townhome under $300K $148,560 $144,000 85
Condo/Townhome over $300K N/A N/A N/A
Alameda County, CA
Single Family under $1M $442,008 $399,000 81
Single Family over $1M $1,753,805 $1,445,000 84
Condo/Townhome under $600K $330,632 $319,900 81
Condo/Townhome over $600K $744,491 $670,000 94
Contra Costa County, CA
Single Family under $1M $354,444 $290,000 87
Single Family over $1M $1,889,172 $1,549,000 103
Condo/Townhome under $600K $260,368 $220,000 91
Condo/Townhome over $600K $722,157 $685,000 77

Bay area housing inventory snapshot - August 2008

Filed under: deals — Tags: , — taewoo @ 11:20 pm August 4, 2008
Housing Inventory Snapshot July 30, 08
Average List Price Median List Price Average Days On Market
Santa Clara County, CA
Single Family under $1M $583,314 $565,000 84
Single Family over $1M $2,093,908 $1,509,725 75
Condo/Townhome under $600K $361,929 $357,155 85
Condo/Townhome over $600K $792,636 $709,950 56
San Mateo County, CA
Single Family under $1M $636,483 $629,000 80
Single Family over $1M $2,394,203 $1,499,500 70
Condo/Townhome under $600K $428,472 $425,000 83
Condo/Townhome over $600K $865,582 $749,000 66
Santa Cruz County, CA
Single Family under $1M $604,040 $599,000 93
Single Family over $1M $1,903,588 $1,495,000 101
Condo/Townhome under $600K $381,353 $399,000 91
Condo/Townhome over $600K $873,999 $799,000 125
Monterey County, CA
Single Family under $1M $412,488 $340,000 101
Single Family over $1M $2,583,441 $1,795,000 111
Condo/Townhome under $600K $276,099 $200,000 106
Condo/Townhome over $600K $912,930 $760,000 112
Alameda County, CA
Single Family under $1M $457,464 $419,900 77
Single Family over $1M $1,666,147 $1,385,500 84
Condo/Townhome under $600K $344,652 $335,000 80
Condo/Townhome over $600K $726,323 $669,000 62
Contra Costa County, CA
Single Family under $1M $367,885 $305,000 88
Single Family over $1M $1,870,871 $1,499,000 93
Condo/Townhome under $600K $269,420 $239,000 89
Condo/Townhome over $600K $708,917 $675,000 81
MORTGAGE. National Averages (July 30, 08)*
30-year fixed Rate - 6.55% APR - n/a%
15-year fixed Rate - 6.16% APR - n/a%
5/1 ARM Rate - 5.57% APR - n/a%
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