Jason Roshek

Real Estate and Banks

The Real Estate Industry is changing.  It is changing a lot.  Today alone, I have had a Bank, Wells Fargo Rejected an offer because the Sellers, THAT IS the SELLERS did not qualify for a Short Sale, that I understand.  The problem is the Sellers claimed Bankruptcy.  So the only option is for the Sellers to let the home go to Foreclosure.  Nice Job, Wells Fargo.  way to work with the Sellers. 

Then I had a client that makes a better offer by quite a bit with financing and the Bank has choose to go with a much lower offer because it is a Cash DEAL.  The Closing rate of a financed home that is Bank owned has been a 50 percent rate of Close. 

So, Iike I said the Real Estate Industry is a Changing.

The Funny part is that the Government wants to help consumers and lenders.  Lenders want help from the Government and the People want HELP.   Yet the people are not getting help.

Appraisals that are lower than the Purchase Price

So... you really want a great deal.  Here is how you know you made a great deal.  When your lender does the appraisal and the appraisal comes in less than your negotiated price.  That is when you know that you got a GREAT DEAL.  What this means is that the Buyer(s) and the Seller(s) agreed on a price, a fair price.  Then the Lender sends out an appraiser to make sure the property is worth what the property is worth so that you the Buyer know you can get the financing you need. 

Lately, Appraisers have been under the gun.  The main reason is the Lenders are trying to blame the bad loans that they made... on the appraisers.  So Appraisers are checking their work not just once but twice.  If the comparatives sold homes are not there to confirm the purchase price...then you are going to get a great deal.  That is if the Seller will agree that we (the nation) are in a declining market. 

Now, not all of the markets are declining,  In fact, Woodland Park is stable, but just outside of Woodland Park there are a few homes that will have a hard time selling just because of some market conditions.  One of the biggest market conditions right now I believe is the price of gas.  The further the home from the BIG CITY, of Colorado Springs you are starting to see some price decreases.

So, be on the look out for these deals.