Bay Area CA-purchase

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  • #13738
    miztay2u
    Participant

    How is everyone doing on purchase in the San Francisco Bay Area. Was qualified March 5, 2015. Have been looking crazy on line and went looking at homes. Qualifed amount is hard to purchase in the Bay Area. I have moved to looking in the Pittsburg/Antioch area. But prices are jumping in that area also. Asking prices our being over bided by 20-50K. And thats to live in a decent area. I want to make sure I feel safe wherever I purchased. Please help give some ideas.

    #13742
    rashad3000
    Participant

    Wow. Sounds like another bubble in CA.

    Honestly, it seems like it will be very difficult to purchase there. What is your qualified amount? Your problem will be that even if your offer is accepted, you will need to have the house appraiser for that amount. If you have to have the seller drop the price by $5-10,000, that may be a deal killer in a market such as that, with so many buyers willing to pay MORE than asking.

    #13744
    TTrumble
    Member

    Hello miztay2u,

    One thing you might want to look at is our program for REO properties through Bank of America. BOA provides NACA members with priority access to a select number of REO (foreclosed) properties. The window to make an offer on these is rather narrow, 14 days if I remember correctly and it’s not going to be a huge selection of properties, but the program has two distinct advantages.

    First, NACA members who make an offer on one of the selected properties have priority over any other offer, even if they are higher than the NACA member’s offer. Second, BOA discounts the interest rate on the loan before any buydown on your part. This could be the kind of solution you are looking for.

    To get more information, please contact the NACA Real Estate Department at NACARED@naca.com or 425-519-6222.

    Hope that helps!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 5 years, 7 months ago by TTrumble.
    #14640
    miztay2u
    Participant

    @ttrumble thanks for your response. I have been checking on the BOA REO listing as they come. The only thing majority of the homes are in rural CA and not in the Bay Area.

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