Wednesday, December 19, 2007

Is it a good time to buy a home in the San Fernando Valley?

Yes! Buying a home in the slow months of November and December can help you save $$$ on your next home purchase. Why? Because while everybody is out Christmas shopping and planning for the new years party, savvy home buyers are buying homes that have sat on the market for many months.

The number of bank owned homes has increased dramatically too. A bank owned site which instantly displays all bank owned homes in the San Fernando Valley can be found by visiting

Keep in mind that in order to find a great deal, you have to be willing to dedicate yourself to a bank owned specialist. You should also get pre-approved because when a good deal comes through, you want to be prepared to write an offer.

How do you determine how low the bank will go on the price?

I always tell my clients that you'll never know unless you try. Some listing agents will hint to what the home will most likely sell for. But keep in mind low-balling a seller can sometimes undermine your credibility and embarrass your agent. If you look at 5-7 homes in the local area, you'll have an idea on what the home is worth and will sell for.

What information will let you know how much negotiation power you have over price?

The first thing you want to look at is how long the home has been on the market and how many times the price has been reduced. The reason a house continues to sit on the market is because of price and condition. I believe price is always more important than condition but as far as homes which are completely updated, they always sell quickly and at a premium.

Can anyone buy a bank owned home?

Yes, buying a San Fernando Valley bank owned home is easy and can save you up to 50% off market value. Just keep in mind that it can take several weeks to get a response from the bank as they are inundated with foreclosures. Also be sure you are working with an Bank Owned REO specialist. You can search for bank owned homes at

Do you have bank owned pocket listings?

Yes! This is what sets me apart from most other bank owned agents. I have access to bank owned homes which are not even in the MLS. Pocket listings are homes which are not on the mls yet but will be soon.

If your a serious home buyer and want to save up to 50% off on your next home purchase, call me at 818-730-4128.


Richard Johnston, RE/MAX
Bank Owned REO Specialist - San Fernando Valley

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