Is it Negotiable?

It was another beautiful weekend here in Pasadena, perfect for taking a nice drive around and visiting some open houses. Which many people did, and are doing. Of the questions I get asked throughout my day (predominantly in open houses), one of the most recurring is, "do you know of any good foreclosure?" The actual foreclosure part isn't what is good, rather the expected discounted price, which is not necessarily the case every time. It tends to be more of a sensationalist tactic from the media, but still one grounded in truth. And although there are many more foreclosure properties (both short sale and bank owned), they are less prevalent in Pasadena and surrounding areas (depending on your where you are). So ultimately, I encourage clients to look through all listings, and to not only focus on foreclosures. There are many other things that can help you negotiate a better price when writing an offer (days on market, conditions, etc). But, if you do want to search for bank owned, here is a great place to do it: search BankOwned

Part of all this is also an increasing willingness of buyers to do work on a property. This can help bring the overall price down significantly, by getting a home that needs some care at a nice discount then putting in the time to get the work done themselves (Not to worry those of you who fear the DIY. You don't have to use a hammer, you can get a contractor). Here is a little story of how a couple created a lovely kitchen with a little hard work and some determination, all for $6,000 (We redid our kitchen for $6,000, This Old House Magazine).

etcList
Pending home sales up 6.3%; prices seen falling (CNNmoney.com)
FHA chief warns on Congress housing rescue bill (Reuters)
LandSource files for bankruptcy (CNNmoney.com)

theMarket
Stocks finish widely mixed after Friday's sell-off (AP)
Dow +.58% ][ Nasdaq -.61% ][ S&P 500 = +.08% ][ 10YrBond +1.37%