Epain Homes

Thought I’d post a nice comment in full from local blogger and Realtor Eric Rojas. Like I tell my wife, disagreement is good, it provides more ideas rather than just agreeing with one idea…

I might disagree with your “waiting game”. There is no guarantee the right deal will be there for you later. I personally have offered on a foreclosure (lost in a multiple offer) and have won a multiple offer short sale for my clients on another place this month.
Meaning, many preceived the prices as agood deal and jumped. This is still very rare, even in our worst months here after Red October.

You did acknowledge people could jump if it’s a steal. But finding the combo of good location, good building, good price is still tough… especially if you don’t write and offer.

I know of sales happening now that are $50K less (give or take) than previous sales on units for sale simply because the buyer wrote an offer (did not have to wait and compete when the price finally would be lowered).

Anyway, I’m biased here, but also put my own money where my mouth is. Making an arbitray decison when it’s better to buy based on the current market is like trying to time any market. I think if a home is what you want and you have a good understanding of the location… and you can afford it… take a shot.

If you were in the market today (say renting and needed a place for your growing family) you’d wait another 6 months even though a great house becomes availble?

Saw this in a recent What’s Your Problem? column in the Trib. regarding a builder’s failure to return an elderly couple’s earnest money deposit. A sad tale, the husband got cancer and subsequently died and thus the couple didn’t want to purchase the home. The potential buyer’s relied on the developer’s oral promise that they’d refund the earnest money if the gentleman got cancer. I read that in the end they did get 3/4 of the deposit back.

But really, would you expect a developer to honor an oral promise regarding an earnest money refund? Get it in writing!

Nice video over on YouTube from a local practitioner I know well. Who’d have thunk it. I’ve had like 3 deals with this guy, good lawyer for your smallish condo development projects. Never knew he was high-tech. I don’t think his firm even has a Website.

Saw a review of the above in the Sun-Times.

Thought this was an interesting overview reporting from a Florida real estate auction done to sell a developer’s condos. I used to think of this as limited to the foreclosure scene but not anymore. We have a client who’s going to do one of these shortly so I’m very interested and will be reporting more in the near future.

As long as you can set a minimum bid, what’s to lose?