Buy now…but what if you lose your job or your spouse does.

Over 1/2 of all the sales were Bank Owned last year in California. Of course you know that if you breathe or know what a white Bronco means.

I think the interest rate is going to bob up and down and your lender needs to snag it right when it drops. Its possible. Also there are all kinds of little things like the floating rate, the one time switch.

I went to Circuit City today. The sign said, they no longer guarantee the lowest price.

That makes sense. I didn’t buy anything. Like a true shopper, the 10% off things did not lure me to buy. It had a twilight zone feeling creeping in. I went to Mervyns the last day and it really was the twilight zone. We bought a garment rack for 15 dollars. (They sell anywhere else for 200.) We didn’t need new and pretty purely industrial.

I have people still try and offer 1/2 of the listing price on a bank owned. It’s not in the cards people!  They will find a buyer who is savvy on buying and they will get the house.

Actually I fell for that and wrote an offer like that only to get educated squarely by the mega listing agent. I learned. I went to Bank owned classes. I paid the price of street smarts too. I am getting my REO Bank Owned Certified status next week.  We do know something everyone doesn’t.  How to handle the Bank owned properties, the open houses, the offer, the escrow and the close. Long Beach, Irvine, Redondo Beach and up to the valley- we have bank trained ready agents hitting the streets with the black and yellow signs…bank owned.

But back to what we don’t know…the hairline trigger of the mystery of the interest rate. I am still impressed by the statement of a Chase agent who said 3 weeks ago..The rate now gives your clients 40K more buying power than the interest of last week. Now thats a deal!

REO’s are selling. One lady at our Church just bought one and has a LOT of fixing up to do. We know about special financing to help that.

I have two short sales for this year one a list and one a buy. There is just a lot of waiting on those.

Progress for me -last month sold one and this month leased one selling 1 and countering one. Thats’ progress.

 This is good news!  I just had to share it…. 

News of the day! They said it…..This is what they said….

“Daily Real Estate News  |  November 12, 2008  

These Cities Are In Line for a Rebound 
Have we reached bottom? In many cities, knowledgeable observers say yes.

In October 2005 at the peak of the boom, the median sales price for a U.S. home reached 7.3 times per capita income. By this May it was 5.7 times, just about the historical norm. Home inventories have flattened. The decline in sales has ended ¢â‚¬â€œ and in some places sales have expedited.

“The indicators are starting to look better,” says Adam York, an economic analyst with Wachovia.

Here are seven markets that SmartMoney magazine says are in line for a rebound:

• Seattle
• Raleigh
• Des Moines
• Philadelphia
• Denver
• Birmingham, Ala.
• Salt Lake City

Source: SmartMoney (11/01/08)

REO’s are selling. One lady at our Church just bought one and has a LOT of fixing up to do. We know about special financing to help that.

I have two short sales for this year one a list and one a buy. There is just a lot of waiting on those.

Progress for me -last month sold one and this month leased one selling 1 and countering one. Thats’ progress.

 This is good news!  I just had to share it…. 

News of the day! They said it…..This is what they said….

“Daily Real Estate News  |  November 12, 2008  

These Cities Are In Line for a Rebound 
Have we reached bottom? In many cities, knowledgeable observers say yes.

In October 2005 at the peak of the boom, the median sales price for a U.S. home reached 7.3 times per capita income. By this May it was 5.7 times, just about the historical norm. Home inventories have flattened. The decline in sales has ended ¢â‚¬â€œ and in some places sales have expedited.

“The indicators are starting to look better,” says Adam York, an economic analyst with Wachovia.

Here are seven markets that SmartMoney magazine says are in line for a rebound:

• Seattle
• Raleigh
• Des Moines
• Philadelphia
• Denver
• Birmingham, Ala.
• Salt Lake City

Source: SmartMoney (11/01/08)

 twittered 7/10/08

Merrill Lynch sidestepped the problems of Enron but many people wonder if they have some issues to clean up as well. Our family suffered the loss of most of the small amount managed by Merrill Lynch. At that time nearly everyone I knew with any money managed anywhere were losing large summs as well. Anyone else want to make a comment?