Vicki Moore

Confused Home Buyer,

The only way anyone knows - even the experts - whether or not any market has hit bottom is when it starts to rise. Then we can look back and say: Oh! That's when we were at the bottom.

The best time to buy a home is when you're ready and it makes sense for you/your finances.

I love this quote by Mark Twain: Don't wait to buy real estate. Buy real estate and wait.

Ask your agent to prepare a statistical analysis to try to determine the direction of the market. "Try" is the operative word here. The point is to be as informed and as comfortable as possible about your decision. - Fri Nov 7 2008, 14:53

It sounds like the situation has really deteriorated and perhaps legal counsel is necessary. Legal Aid Society of San Mateo County, http://www.legalaidsmc.org
800-381-8898 They'll be able to review what's happened and advise what your next steps should be.

I also suggest keeping a record of every interaction you have - phone calls, conversations, messages, etc. - Fri Aug 8 2008, 14:07

Hello Confused Home Buyer - There's a lot to navigate so I can understand the confusion.

You should definitely get pre-approved prior to starting the process. It's not your credit that may or may not be an issue but the lenders who are over-burdened with files, making it take longer than what we're used to. Without that, it's not wise to even start looking.

Sounds like you just need a bit more information. It would be helpful for you to take a more detailed look at what you get for the money; a close look at available inventory, statistics and market conditions. Bottom line is that to get what you want you're going to have to spend more than 500k - or, of course, alter your expectations.

REO's are a possibility and much easier to deal with than short sales. My suggestion is that you stay far away from short sales. Foreclosures are not a possibility because those require a full cash payment.

I hope that information is helpful. In order to get started in the right direction, your best bet is to hire a professional to guide you.

Best regards,
Vicki - Sun Jul 27 2008, 22:56

That's why it's important to negotiate with your buyer(s). That way they won't feel like they paid too much and you won't feel that you've left anything on the table.

Remember, there are a tremendous number of bargain shoppers out there. That alone could be the reason for the great deal of attention you're getting.

I recently had a similar situation. The sellers were very please with the results. I'm sure you will be too. Rely on your professional. - Fri Jul 18 2008, 16:13

Obviously this is a matter of opinion, but I don't agree with Gene. You don't say how long your property has been on the market. That's a crucial piece of information. But if you're heading for a situation with multiple offers you need to review and respond to them - see if any of them meet your needs.

If you walk away from multiple offers you'll missing out on an incredible opportunity to sell your house and may be setting yourself up for other problems. An opportunity to negotiate with more than one buyer is not one to walk away from.

Again my opinion, but you should not be meeting any buyers or their agents. Your agent should review the offers, clear up any omissions or mistakes, then present them to you.

One more opinion. :) If your agent has created a situation where you're receiving multiple offers it's likely that they've done a good job getting you and your house ready for sale. They should, however - this is where we agree - show you current comparables. I would imagine that you reviewed them when the property was listed and know how your property is priced. - Fri Jul 18 2008, 15:00

Prices are still rising in many San Mateo County areas. It's important to be neighborhood specific when looking at what prices are doing. Square footage is just one way of determining value/price. There are a lot of factors that have to be looked at to answer your question. It's one that can't really be answered on the fly. - Wed Jul 2 2008, 12:09