Janice Spencer

Suzie,

I'd like to answer your question with another question. Is getting in a HOME when the pricing hits the bottom the most important factor in your decision to purchase? If it is then you a chasing an illusive goal. People always try to handicap the pricing, and the only way to know you've hit bottom is when prices start to rise again. Guess what, you just missed the bottom! My point is that when you buy a home, you are making an investment. AND you a buying a HOME. There are many other things to consider other than just the price of the home. Are there financing plans available that work for you as a Buyer? Is the interest rate reasonable? Can I get into the area I desire? Or do I need to just get my foot in the door now so that five years down the road I can use it as a stepping stone? People waiting for the prices to drop even more have seen mortgage rates go up. So the value of saving $10,000-$20,000 in purchase price is lost in paying more $$$ in interest. My advise is now as it always has been....if the current market conditions allow you to achieve your buying and selling goals now, then now is the time to act. If the current conditions don't allow you to achieve your buying goals, then wait. Pretty simple, but people make it so complicated. I wish you the best.

Warmly,
Janice Spencer - Fri Aug 22 2008, 05:56

Dear Shilo,

Most of the foreclosure lists you will find to be combersom and not very helpful. Since banks hire agents to list all their properties, and since in Brentwood many REO properties wind up with multiple offers, you will really want to work with an agent, especially as a first time home buyer. You'll want to choose an agent who will take the time to carefully explain the bank addendums and what your risk is with any given REO listing. If you want a website to shop from, my suggestion in Home Buyer Scouting Report. Use the link provided to see a demo of the site and it's benefits (it does allow you to search only for foreclosures if you like). Let me know if I can be of further assistance or if you'd like to be able access the HBSC site.

Warmly,
Janice Spencer - Wed Aug 20 2008, 07:44

Dear Shilo,

I didn't see any answers from a local agent yet, so I thought I'd take a moment to respond to your question. Brentwood has a Down Payment Assistance Program that can be used in conjunction with an FHA loan, but it is quite difficult to use this source since they require you to use one of only three loan agents and they may be out of funds right now. FHA currently allows Seller Funded Down Payment Assistance, but will discontinue doing so after Oct. 1st. State employees have access to some special programs through CALPERS. I work with a certified mortgage planner who is well versed on all the First Time Buyer Programs available, and she takes the time to help you decide of the options available, which makes the most sense in your long range financial plan. If you'd like her contact information, let me know.

Warmly,
Janice Spencer - Wed Aug 20 2008, 07:36

I don't have an answer for you. I just have a question instead. With all the properties out there to purchase, why would you buy one with a pool in such bad condition that it would need to be filled in? Just wondering....
Janice - Tue Aug 12 2008, 19:30

Dear Jenny,

Unfortunately, you've heard a very old play on words that has been around for a long time. But, making another play on words, you've asked a loaded question.

To learn about police activity in a neighborhood, many cities post the call information on their websites. And it is important to remember that you should always be aware of potentially dangerous situations no matter how safe you feel in a particular neighborhood.

From a professional standpoint, agents have to refrain from characterizing neighborhoods with regard to safety and other factors. It is a Buyer's obligation to satisfy their concerns about a neighborhood through careful investigation using whatever means available.

Good luck, and I know you'll make the right choice!

Warmly,
Janice Spencer - Sun Aug 3 2008, 13:02