voiceofsandiego.org: Survival... Turns Out You're Not Alone in the Housing Market

Turns Out You're Not Alone in the Housing Market

Published: Monday, October 26, 2009 10:30 PM PDT

A few things:

I feel like I'm learning a ton about the housing market from reading the comments under this post. If you haven't had a chance to read the ones that came in over the weekend, they lend a lot of perspective from would-be buyers about how crazy this market is right now.

One commenter summed it all up:

i was being to think I was alone.

Feel alone no longer! If you have tips from a successful house hunt, or ideas about anything these commenters have mentioned, please chime in.

Reader BK wrote in to offer his frustrating house-hunt take. He said he was lied to for seven months by a broker who never submitted his offer to the home’s seller, a bank.

He said other buyers should ask for a written response from the bank staff member managing the property, the REO asset manager, to make sure the sales agent submits the offer for the foreclosure. He also suggests that buyers just walk away from short sales when they're soliciting "back-up offers." Typically that means a bank is already in the negotiating phase with somebody else and you'll just be waiting for an eventual no.

I'm telling you it's an absolute nightmare, between the moratorium (dwindling stock of foreclosures for sale) and market manipulation it is probably the worst time to buy a home aside from the low interest rate. ...

In turn it is hurting and postponing the economy and stopping a lot of sales for the agents. A lot of times none of the offers are submitted just talk to manipulate the purchase for more money. Someone in politics needs to step in and stop the short sale scams that are hurting the consumers.

A couple of you wondered why there are so many more issues with FHA and VA loans. A lot has changed about those programs in the last year or so but I wrote about some of the headaches associated with those loans last fall.

As of a couple of days ago, all phone calls in North County must include a 1 plus the area code when you're making a phone call. For background on the area code switch, click here.

Last one: Visit Survival tomorrow for the newest Case-Shiller numbers that will show us how San Diego home prices fared in August. Most of the folks I've talked to are expecting prices to continue rising. We'll keep you posted in the morning.

-- KELLY BENNETT

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