How to get a deal in this market??

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wendyinoc_IHB

wendyinoc_IHB

New member
I just still can not believe the prices. I went to an open house today and its been on the market for over 200 days. When I sold a property last year I sold in one week because it was priced right. Why do they think they can get such high prices?? How much below what they are asking can you offer?? My goal is to find a deal. They have to start showing up due to foreclosures soon.. Any thoughts on how to get a deal in this market?
 
<p>wendyinco -</p>

<p>what (if anything) was said to you at the open house? Was there an agent just asking for someone, anyone, to make an offer? Were they taking the position that eventually some ignorant jackass would happen along?</p>

<p>I too am curious about this market. </p>
 
I thought it was worth about $50K less. $30K for being way to high (same condo on sale for this price but very little light. coming in) and what I will lose if I buy it. She said she would call me if seller is interested. I got a call tonight so I will talk to her tomorrow. I will let you know. I'm checking out another property tomorrow.
 
Wendy,





When you find something you're interested in, go down to the OC Tax Assessor's office and the Recorder's office and see what the status of the property is. On a property we were interested in back in December, a co-agent of the seller's that was assisting with the open house suggested that we make a low ball offer. There were a few things that made us unsure about the house, so we didn't rush to make an offer, but the agent's comment was so odd that I decided to do a little background check. It turned out that the seller's adjustable rate mortgage was about to reset to some ungodly amount (IIRC, about 11.5%). We were also able to find out how much they bought the place for, what they refinanced for, and any home equity loans. This allowed us to know how underwater the seller was (and the minimum they would have to sell for) and how distressed they were - i.e., how "negotiable" the price was. While we were doing the research, however, two other parties came in with full or near full price offers.
 
Yes. At the Tax Assessor's office, you can find the owner's name from the address. From there, go down the hallway to the Recorder's office and look up the person's name. You can then see if an NOD has been filed and the purchase price of that home (or any others he/she may have bought). When looking at the deed of trust, look through all the pages for any "riders." If a person has an adjustable or interested only, it will usually be found on a separate rider, but within the same document.
 
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