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You have probably heard on the news that a Harvard Professor is recommending that you do not buy homes and you only rent them. You have also heard that Warren Buffet is telling people to buy homes and it is a great time to buy. My take on this is listen to neither. I look at it this way: If as an investor you can buy a home and the rate of return exceeds what you can get elsewhere, buy the home. If you have a loan and the tenant pays your mortgage and all expenses plus some interest, this too is a no brainer. Buy in this situation. If you are an owner occupant buyer and your mortgage with expenses are less than what you can rent that same home for (which is the case in Sacramento due to the 4% interest rates or lower), you lose nothing when you buy this home and have the chance to gain. Remember, renting excludes any chance at future appreciation. Think long term in the situations mentioned above and you will be fine no matter what the market does. Regarding the Havard professor, from my small sampling of Harvard Alumni, I think of the many things they teach there, they teach their students and faculty to throw away common sense. I prefer common sense over a degree from any University. Regarding Warren Buffet, I think anyone like Warren, who is significantly vested in two corporations (if not many more) that will live or die based on the outcome of the real estate market, I think I know what his real motivation is. He is trying to save his ass. |
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Michael Gesner has sold many foreclosure homes representing sellers and buyers. Foreclosure purchases are a good opportunity for buyers to get a value property. Presently, value reo properties are getting multiple offers. I have strategies for how you can get through on these. |
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Buyers! Flash! This just in. Lien holders finally figured out that short sales cost them less than foreclosures. Consequently, short sales are starting to go through. Tie up a short sale property and hang in there as a buyer and reap the benefit of a value purchase. Also, unlike REO properties where the preference is a cash buyer, the short sale system does not care as much if you have a loan or are all cash. Happy Buying!! |
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