The answer is no.
It will take either a bad hard-money loan with lots of cash down and horribly high interest rates or to wait three to five years based on the loan type you apply for.
I am just sorry that it sounds like you were not advised of that reality prior to filing.
Many people are opting for bankruptcy by default or upon bad recommendation by others because it appears to be a quick fix to a tough dilemma. However, bankruptcy is viewed by most financial advisers as a last resort when all else - credit counseling, budgeting and other efforts have failed.
Bankruptcy has far reaching consequences which make every day life very difficult for many years. Over the next few years you will find that it will impact your credit, finding employment, impact every day tasks like renting a car, and other necessities of life. Notwithstanding the fact that whether you are allowed a loan in a few years or not, your credit report will still wear the bankruptcy label for the next seven to 10 years depending on how you filed.
Why am I going on about this? Because you are now in a position to tell someone how to avoid what has happened to you. I am certain that if those who have had to file could do it again, with better counsel, they would not file or would not place themselves in a position to have to file.
Now that you have some time on your hands while you await the bankruptcy discharge, there are great free online tools to help you in beginning again and staying on track in preparation not only to purchase but to also establish spending disciplines that lead toward a healthier financial future.
I personally recommend sites such as http://www.mint.com and http://www.crown.org - wonderful and easy to understand tools that I use myself and have referred to family and friends.
Also, please don't go the hard money route. There is no guarantee of what the market will do and you are in no position to take such a financial risk.
My best to you,
Keisha Mathews, REALTOR
Century 21 Landmark Network
Thursday, November 25, 2010
Saturday, November 20, 2010
What happens to my second lien if both my wife and i are on the second lien and she filed for chapter 7 bankruptcy?
Q: what happens to my second lien if both my wife and i are on the second lien and she filed for chapter 7 bankruptcy? will they go after me now? My wife was laid off last year and was living on unemployment for while. now there is no more unemployment money. the mortgage and second lien depended on both me and my wife to pay. now its all on me and we are in trouble. i have wife and child with another baby on the way due beginning next year in addition with another family member living with us. i am sole provider. The second lien was not part of a typical 80/20 loan instead we used second lien money towards house improvements since it was crappy house. we cannot afford attorney to give us any legal advice. we got loan modification for second lien and they are pressuring to sign that before we are even approve to loan modification on first lien. what if we decide to short-sale or foreclosure, will they go after me due to second lien? HUD counselors are useless and bank is all about taking all they can. thank you, Mike
A: Mike, your question is "what if we decide to short-sale or foreclosure, will they go after me due to second lien?" The answer is, it depends.
If you decide to short sale, the second lien will require some type of payment towards allowing the short sale. The second lien holder will decide what their terms are. Sometimes they want as little as 10% of the balance owed and sometimes as much as 3% of the purchase price. What you can also definitely count on is that they will continue to pursue you for the deficiency.
If you foreclose, the second lien goes away, however the senior does not.
Your initial question re bankruptcy sounds like she may not have filed yet, and that you are investigating your options. May I suggest Norm Schriever, a debt counselor, with Unity Financial Solutions. Tell him I referred you and he will give you a free one hour consultation.
He is also affiliated with the Law Office of Kristin Marshall who is a real estate attorney. Unity Financial specializes in Credit Card Settlement, Debt Management and Bankruptcy. Most recently they have been assisting homeowners who have concerns with their mortgages and need options on what to do. The company will review your loan documents free of charge and advise you free of charge. Their goal is to help individuals in the long run to clear up their debt and begin again as quickly as possible.
They work in conjunction with the law office should the need arise for bankruptcy or court matters. They are also members of the BBB and have been featured on msNBC, CNNMoney.com, New 10, SacBee and are on Facebook.
Norms contact info is below:
Unity Financial Solutions
Norm Schriever
(916) 548-6350
norm@unityfs.com
Let me know how it goes.
A: Mike, your question is "what if we decide to short-sale or foreclosure, will they go after me due to second lien?" The answer is, it depends.
If you decide to short sale, the second lien will require some type of payment towards allowing the short sale. The second lien holder will decide what their terms are. Sometimes they want as little as 10% of the balance owed and sometimes as much as 3% of the purchase price. What you can also definitely count on is that they will continue to pursue you for the deficiency.
If you foreclose, the second lien goes away, however the senior does not.
Your initial question re bankruptcy sounds like she may not have filed yet, and that you are investigating your options. May I suggest Norm Schriever, a debt counselor, with Unity Financial Solutions. Tell him I referred you and he will give you a free one hour consultation.
He is also affiliated with the Law Office of Kristin Marshall who is a real estate attorney. Unity Financial specializes in Credit Card Settlement, Debt Management and Bankruptcy. Most recently they have been assisting homeowners who have concerns with their mortgages and need options on what to do. The company will review your loan documents free of charge and advise you free of charge. Their goal is to help individuals in the long run to clear up their debt and begin again as quickly as possible.
They work in conjunction with the law office should the need arise for bankruptcy or court matters. They are also members of the BBB and have been featured on msNBC, CNNMoney.com, New 10, SacBee and are on Facebook.
Norms contact info is below:
Unity Financial Solutions
Norm Schriever
(916) 548-6350
norm@unityfs.com
Let me know how it goes.
Thursday, November 18, 2010
I rented a home in July of this year and learned recently that is in foreclosure.
Just answered this question on Trulia:
Q.:I rented a home in July of this year and learned recently that is in foreclosure. The owner wants me to assume the loan and pay him off $20,000.
Is this a difficult process? The home is perfect for me, but I filed chapter 7 this year and don't think I will qualify for much of anything at this point. Can you give me feedback on this?
A.:
1. Assumable loans are rare these days, so verify that the loan is indeed assumable.
2. With your recent BK filing, you more than likely will not qualify for a loan for another few years, possibly 3 to 5 years. Meet with a reputable lender to see when you will qualify again. Since you are in Rio Linda, I recommend Eddie Fairchild of Summit Funding at (916) 504-9636.
3. Do not sign any paperwork without professional representation from a REALTOR and reputable ttle company.
4. DO NOT give up any money with the intention of potentially owning the home.
5. Divorce the property. Be prepared to leave the property. From a professional vantagepoint, and based upon the information you have provided, the circumstance is not leaning in your favor.
With the holidays upon us, you may want to think about being settled and look ahead. Start looking for another property to rent, and cut your loses now rather than allow any more time to go buy and watch your hard earned money go down the drain on a property that has no interest in you. Sorry to deliver the message so hard, but I'm just the messenger, by profession I might add! :)
My best to you!
Q.:I rented a home in July of this year and learned recently that is in foreclosure. The owner wants me to assume the loan and pay him off $20,000.
Is this a difficult process? The home is perfect for me, but I filed chapter 7 this year and don't think I will qualify for much of anything at this point. Can you give me feedback on this?
A.:
1. Assumable loans are rare these days, so verify that the loan is indeed assumable.
2. With your recent BK filing, you more than likely will not qualify for a loan for another few years, possibly 3 to 5 years. Meet with a reputable lender to see when you will qualify again. Since you are in Rio Linda, I recommend Eddie Fairchild of Summit Funding at (916) 504-9636.
3. Do not sign any paperwork without professional representation from a REALTOR and reputable ttle company.
4. DO NOT give up any money with the intention of potentially owning the home.
5. Divorce the property. Be prepared to leave the property. From a professional vantagepoint, and based upon the information you have provided, the circumstance is not leaning in your favor.
With the holidays upon us, you may want to think about being settled and look ahead. Start looking for another property to rent, and cut your loses now rather than allow any more time to go buy and watch your hard earned money go down the drain on a property that has no interest in you. Sorry to deliver the message so hard, but I'm just the messenger, by profession I might add! :)
My best to you!
Friday, July 9, 2010
How Do You Value A Property?
This question was recently asked and here is how I answered:
If you are asking how to determine a property's value, there are various ways to assist in detemining a property's value. Ultimately the worth is determined by what was paid for it. How you gather information on what to pay for it depends on what you require the value for. The value of the property, no matter how the info is gathered, should be at or near the same price, no matter which tools you use.
There are currently three acceptable and most common tools of "gathering" that information:
1. CMA (Comparable Market Analysis) - Completed by a licensed real estate agent. When completing a CMA, agents should keep in mind three crucial factors,
a) Only use comps within a half mile radius of your subject property, this helps ensure you are using properties that actually fall within the same parameters (builder, style, year built, etc) of your subject property. It isn't fool proof, but that's where your knowledge of the area and market should kick in and adjust for any discrepancies.
b) Keep your filters (min/max sq ft, year, bed/ba, etc) as close as possible to the subject property for the best determination. For example, If your subject property is 1400 sq ft you would be doing an injustice to set your filters at min1000 sq ft and max 1800 sq ft because once you add or subtract 200 or more sq ft to a home (the size of another room), the case could be made that that home now is automtically valued less than or more than your subject property. In the event you need to contest a value determination by a lender (in the case of a short sale), you will be able to make a better case when you use "cleaner" filters.
c) Never tweak your CMA. In this current market, the decision makers are the lenders, not the sellers. All lenders have recruited the assistance of other agents (BPO agents, such as myself ) to ensure they are either getting the correct value to help mitigate their loses, or in the case of a buyer, are making the loan at the appropriate risk value. The bank that I do BPOs for is Bank of America (Landsafe Appraisals), and they have tightened down on their BPO agents so much so that they have actually let some agents go, and they monitor your BPO results on a regular basis to ensure you are being consistent in your formula, as well as share best practices for determining value.
2. Appraisal - These are completed by a licensed appraisal professional and the results are much more detailed than in a CMA and as a result can be used to contest a CMA or BPO if necessary.
3. BPO (Broker Priced Opinion) - Typically requested by Senior lienholders, these reports are usually completed using the senior lienholder's BPO company's form (usually electronic and online). A pretty detailed report, asking for info such as can you determine if the property is vacant or occupied, most recent comparable three "solds", most recent comparable three "listeds" - dates listed/sold, year of build, beds/baths, sq ft, miles from subject property, etc), and normally includes pictures of the subject property, and sometimes pictures of the comparables.
Here is a short sale negotiating tip on BPOs: Currently, these reports are updated normally every three months. That is good information to know when you are negotiating and come to a bump over price. Sometimes a three month old report can mean the difference between a denial (if the buyer's offer is too low), and an approval (if an updated BPO is completed and comes back slightly lower).
Just to reiterate, whether you are on the REO side, short sale side, or buyer side, the lender has the final say, and they are scrutinizing values more now than before - and rightly so. So just remember to keep your value determinations above board and you will be making the best decision for all involved.
Keisha Mathews
"The Short Sale Lady" TM
If you are asking how to determine a property's value, there are various ways to assist in detemining a property's value. Ultimately the worth is determined by what was paid for it. How you gather information on what to pay for it depends on what you require the value for. The value of the property, no matter how the info is gathered, should be at or near the same price, no matter which tools you use.
There are currently three acceptable and most common tools of "gathering" that information:
1. CMA (Comparable Market Analysis) - Completed by a licensed real estate agent. When completing a CMA, agents should keep in mind three crucial factors,
a) Only use comps within a half mile radius of your subject property, this helps ensure you are using properties that actually fall within the same parameters (builder, style, year built, etc) of your subject property. It isn't fool proof, but that's where your knowledge of the area and market should kick in and adjust for any discrepancies.
b) Keep your filters (min/max sq ft, year, bed/ba, etc) as close as possible to the subject property for the best determination. For example, If your subject property is 1400 sq ft you would be doing an injustice to set your filters at min1000 sq ft and max 1800 sq ft because once you add or subtract 200 or more sq ft to a home (the size of another room), the case could be made that that home now is automtically valued less than or more than your subject property. In the event you need to contest a value determination by a lender (in the case of a short sale), you will be able to make a better case when you use "cleaner" filters.
c) Never tweak your CMA. In this current market, the decision makers are the lenders, not the sellers. All lenders have recruited the assistance of other agents (BPO agents, such as myself ) to ensure they are either getting the correct value to help mitigate their loses, or in the case of a buyer, are making the loan at the appropriate risk value. The bank that I do BPOs for is Bank of America (Landsafe Appraisals), and they have tightened down on their BPO agents so much so that they have actually let some agents go, and they monitor your BPO results on a regular basis to ensure you are being consistent in your formula, as well as share best practices for determining value.
2. Appraisal - These are completed by a licensed appraisal professional and the results are much more detailed than in a CMA and as a result can be used to contest a CMA or BPO if necessary.
3. BPO (Broker Priced Opinion) - Typically requested by Senior lienholders, these reports are usually completed using the senior lienholder's BPO company's form (usually electronic and online). A pretty detailed report, asking for info such as can you determine if the property is vacant or occupied, most recent comparable three "solds", most recent comparable three "listeds" - dates listed/sold, year of build, beds/baths, sq ft, miles from subject property, etc), and normally includes pictures of the subject property, and sometimes pictures of the comparables.
Here is a short sale negotiating tip on BPOs: Currently, these reports are updated normally every three months. That is good information to know when you are negotiating and come to a bump over price. Sometimes a three month old report can mean the difference between a denial (if the buyer's offer is too low), and an approval (if an updated BPO is completed and comes back slightly lower).
Just to reiterate, whether you are on the REO side, short sale side, or buyer side, the lender has the final say, and they are scrutinizing values more now than before - and rightly so. So just remember to keep your value determinations above board and you will be making the best decision for all involved.
Keisha Mathews
"The Short Sale Lady" TM
Monday, June 21, 2010
More Evidence That the Housing Market May Be Recovering
On May 3, PMI Mortgage Insurance Co., a provider of residential mortgage insurance, released its second quarter U.S. Market Risk Index.
The Index uses economic data--home price appreciation, employment, affordability, excess housing supply, interest rates and foreclosures—to determine the risk of price declines in the nation's MSAs (metropolitan areas). These risk scores indicate the probability whether home prices in a given MSA will be lower at the end of the next two years.
According to PMI, the Index shows fresh evidence of a greater probability of a recovering national housing market—and the likely prospect of higher housing prices in many markets in two years.
Key findings include:
• Of the nation’s 384 MSAs, 356 had a declining Risk Score, meaning the projected risk of prices falling is reduced.
• The number of MSAs with a Risk Score of less than 50--suggesting better than even odds of higher housing prices in certain markets in two years--increased 26.5%.
• The 10 most improved MSAs (where the risk of price declines is now lower) are Columbus, Ohio; Pittsburgh, Pa.; Memphis, Tenn.; Charlotte, N.C.; St. Louis, Mo.; San Antonio, Texas; Kansas City, Mo.; Nashville, Tenn.; Chicago-Naperville, Ill.; and Indianapolis, Ind.
• The 10 least improved MSAs (where future price declines are expected) are Phoenix-Scottsdale, Ariz.; Santa Ana-Irvine, Calif.; Orlando-Kissimmee, Fla.; Jacksonville, Fla.; Los Angeles-Long Beach, Calif.; Tampa-St. Petersburg, Fla.; Riverside-San Bernardino, Calif.; Las Vegas, Nev.; Fort Lauderdale, Fla.; and Miami-Miami Beach, Fla.
If you’re considering buying a home in one of the most-improved MSAs, now is a good time to act, as prices may be on the upswing, according to the Index.
To learn more about the PMI Index and prices in the Sacramento area, give me a call today.
The Index uses economic data--home price appreciation, employment, affordability, excess housing supply, interest rates and foreclosures—to determine the risk of price declines in the nation's MSAs (metropolitan areas). These risk scores indicate the probability whether home prices in a given MSA will be lower at the end of the next two years.
According to PMI, the Index shows fresh evidence of a greater probability of a recovering national housing market—and the likely prospect of higher housing prices in many markets in two years.
Key findings include:
• Of the nation’s 384 MSAs, 356 had a declining Risk Score, meaning the projected risk of prices falling is reduced.
• The number of MSAs with a Risk Score of less than 50--suggesting better than even odds of higher housing prices in certain markets in two years--increased 26.5%.
• The 10 most improved MSAs (where the risk of price declines is now lower) are Columbus, Ohio; Pittsburgh, Pa.; Memphis, Tenn.; Charlotte, N.C.; St. Louis, Mo.; San Antonio, Texas; Kansas City, Mo.; Nashville, Tenn.; Chicago-Naperville, Ill.; and Indianapolis, Ind.
• The 10 least improved MSAs (where future price declines are expected) are Phoenix-Scottsdale, Ariz.; Santa Ana-Irvine, Calif.; Orlando-Kissimmee, Fla.; Jacksonville, Fla.; Los Angeles-Long Beach, Calif.; Tampa-St. Petersburg, Fla.; Riverside-San Bernardino, Calif.; Las Vegas, Nev.; Fort Lauderdale, Fla.; and Miami-Miami Beach, Fla.
If you’re considering buying a home in one of the most-improved MSAs, now is a good time to act, as prices may be on the upswing, according to the Index.
To learn more about the PMI Index and prices in the Sacramento area, give me a call today.
Tuesday, March 16, 2010
Our landlord is facing foreclosure and is short selling...
...I want to accomodate but I don't want it to become invasive. Can I put a limit to the number of daily showings? What kind of notice am I entitled to move out?
Hi Mary
As a short sale listing agent I can tell you that your situation is not at all uncommon.
Overall it appears that you were not in receipt of all information; only as it unfolded, which is not your fault. You are to be commended for accomodating your landlord because many tenants make it difficult for the landlords to smoothly close the sales under these conditions.
Notice I say "smoothly". The reason is this, although you can make it difficult, California tenant/landlord law states that once the property goes into escrow to exchange ownership, you can then be given a 30 day notice to vacate. The outcome of fighting that is just futile.
You are doing the best thing for your family by cooperating. As far as showings, you can use your one good card and let the listing agent know what is more comfortable for you. Keeping in mind of course that the goal is to be able to have the property shown.
I usually work with the tenant and offer them showing options:
1. Call tenant to schedule appointment, allow min 24 hr/ 2 hrs/etc
2. Showing only on ____ from __ to __
3. Make offer contingent upon showing (if tenant is irrate and not cooperating)
You can hold your landlord to this because, afterall, they want the property shown and you hold that power.
Below is the link to the CA tenant/landord publication I referenced earlier.
http://www.dca.ca.gov/publications/landlordbook/catenant.pdf
In addition, when looking for a new property, to assist in avoiding renting from someone in possible foreclosure trouble, ask the owner when was the last time they refinanced and how much do they owe on the property. If they say they refied within the past five years, that could spell trouble. Most people who have refied/purchased in the past five years are now upside down and facing foreclosure. Stick with homes that are older than five years, or recently purchased (within the past few months). These homes, where the loan is affordable, are a safer rental bet. No guarantee, but some guidelines that may save you from a repeated occurance.
Let me know if I can be of further assistance!
Keisha a.k.a. "The Short Sale Lady"(tm)
Hi Mary
As a short sale listing agent I can tell you that your situation is not at all uncommon.
Overall it appears that you were not in receipt of all information; only as it unfolded, which is not your fault. You are to be commended for accomodating your landlord because many tenants make it difficult for the landlords to smoothly close the sales under these conditions.
Notice I say "smoothly". The reason is this, although you can make it difficult, California tenant/landlord law states that once the property goes into escrow to exchange ownership, you can then be given a 30 day notice to vacate. The outcome of fighting that is just futile.
You are doing the best thing for your family by cooperating. As far as showings, you can use your one good card and let the listing agent know what is more comfortable for you. Keeping in mind of course that the goal is to be able to have the property shown.
I usually work with the tenant and offer them showing options:
1. Call tenant to schedule appointment, allow min 24 hr/ 2 hrs/etc
2. Showing only on ____ from __ to __
3. Make offer contingent upon showing (if tenant is irrate and not cooperating)
You can hold your landlord to this because, afterall, they want the property shown and you hold that power.
Below is the link to the CA tenant/landord publication I referenced earlier.
http://www.dca.ca.gov/publications/landlordbook/catenant.pdf
In addition, when looking for a new property, to assist in avoiding renting from someone in possible foreclosure trouble, ask the owner when was the last time they refinanced and how much do they owe on the property. If they say they refied within the past five years, that could spell trouble. Most people who have refied/purchased in the past five years are now upside down and facing foreclosure. Stick with homes that are older than five years, or recently purchased (within the past few months). These homes, where the loan is affordable, are a safer rental bet. No guarantee, but some guidelines that may save you from a repeated occurance.
Let me know if I can be of further assistance!
Keisha a.k.a. "The Short Sale Lady"(tm)
Monday, February 8, 2010
What the heck is a short sale contingency? And is it true that you can count on more than a year for an offer on a short sale to be accepted?
A "Short Sale Contingency" is a status which means the bank has received an offer and is reviewing it for possible acceptance.
Is it true that you can count on more than a year for a short sale offer to be accepted? No. The average time of acceptance is three months.
The variables are who is the lender? How many lenders? Is the property in default? Is the listing agent experienced, and a few more. But as with any transaction, Murphy's law always rules.
However, if you prepare yourself as a buyer (pre-approved, motivated, identified your "must have's" and "can't stands"), aremed yourself with great representation (preferrably a full-time REALTOR who is experienced and successful in making offers in this market), there is a great possibility that, should you make an offer on a short sale, that the average time will prevail.
There are also ways that your agent can gain more control over the timeframe of the short sale and ensure that you are kept current on the activities of the short sale as it progresses. This indirectly forces listing agents who may just sit idly by to actually work the short sale.
For more tips and info feel free to visit my site, contact me by email keisha.mathews@century21.com, or contact our office at (916) 266-4835.
Web Reference: http://www.SacramentoShortSaleLady.com
Is it true that you can count on more than a year for a short sale offer to be accepted? No. The average time of acceptance is three months.
The variables are who is the lender? How many lenders? Is the property in default? Is the listing agent experienced, and a few more. But as with any transaction, Murphy's law always rules.
However, if you prepare yourself as a buyer (pre-approved, motivated, identified your "must have's" and "can't stands"), aremed yourself with great representation (preferrably a full-time REALTOR who is experienced and successful in making offers in this market), there is a great possibility that, should you make an offer on a short sale, that the average time will prevail.
There are also ways that your agent can gain more control over the timeframe of the short sale and ensure that you are kept current on the activities of the short sale as it progresses. This indirectly forces listing agents who may just sit idly by to actually work the short sale.
For more tips and info feel free to visit my site, contact me by email keisha.mathews@century21.com, or contact our office at (916) 266-4835.
Web Reference: http://www.SacramentoShortSaleLady.com
Thursday, February 4, 2010
How do I buy a foreclosure?
The Sacramento, CA area industry standard is as follows:
1. Know what you can afford - Attain a preapproval letter from a lender or ensure you have supporting documents if you plan to pay cash. This is referred to as "proof of funds".
2. Find a good REALTOR - There are varying types of real estate agents out there. But the one that may best serve you will be a REALTOR, full-time, and with the experience needed to help you navigate this challenging market. You will provide your agent with the pre-approval or proof of funds (or both) right up front. This lets the REALTOR know that you are serious and ready to move forward when you identify a home.
3. Identify your "Must Have's" and "Can't Stands" - Your REALTOR will go over this checklist with you which will also include the area you desire, square footage, bed/bath requirements, etc.
4. Check MLS (MetroList Services, Sacramento service provider) - I recommend ONLY using this database because sometimes the online property websites are delayed with the statuses of the properties, and by the time you see something you want, it may no longer be available. Your REALTOR can set up a client portal for you which displays properties available in real-time. The REALTOR can also choose to send you ONLY foreclosures or sometimes they are referred to as "Bank Owned" and "REO's" (Real Estate Owned, a terminology the banks use to identify what's on their books).
5. Once you identify a property, because you took the steps above, you are all ready to go! Your REALTOR can submit an offer on your behalf and you have increased your chances of aquiring that property because you are prepared in avance and know EXACTLY what you want.
Happy House Hunting!!
1. Know what you can afford - Attain a preapproval letter from a lender or ensure you have supporting documents if you plan to pay cash. This is referred to as "proof of funds".
2. Find a good REALTOR - There are varying types of real estate agents out there. But the one that may best serve you will be a REALTOR, full-time, and with the experience needed to help you navigate this challenging market. You will provide your agent with the pre-approval or proof of funds (or both) right up front. This lets the REALTOR know that you are serious and ready to move forward when you identify a home.
3. Identify your "Must Have's" and "Can't Stands" - Your REALTOR will go over this checklist with you which will also include the area you desire, square footage, bed/bath requirements, etc.
4. Check MLS (MetroList Services, Sacramento service provider) - I recommend ONLY using this database because sometimes the online property websites are delayed with the statuses of the properties, and by the time you see something you want, it may no longer be available. Your REALTOR can set up a client portal for you which displays properties available in real-time. The REALTOR can also choose to send you ONLY foreclosures or sometimes they are referred to as "Bank Owned" and "REO's" (Real Estate Owned, a terminology the banks use to identify what's on their books).
5. Once you identify a property, because you took the steps above, you are all ready to go! Your REALTOR can submit an offer on your behalf and you have increased your chances of aquiring that property because you are prepared in avance and know EXACTLY what you want.
Happy House Hunting!!
Tuesday, February 2, 2010
We Are Moving To Sacramento Without Ever Seeing It?...
Where are the safest, nicest areas to live in sacramento? anything close to the sacramento airport? we are moving without ever seeing sacramento.
Hi there,
We just recenly assisted another family who moved to the area without having seen it before. The ideal way would be to make a visit to the area if you can, for a few days, prior to the move. This is to determine what your own personal standard of "nice neighborhood" actually looks like,
Sacramento is a very diverse city with neighborhoods ranging from not so good to "dynamite". There are Sacramento neighborhoods near the airport as well as neighboring cities.
If you are unable to come to our fair city prior to moving here, the next best step would be a phone consultation with an area agent who can ask you questions to help determine your needs and wants, must haves, and can't stands, and then set out to make that happen for you.
Technology allows for tools such as picture tours and virtual tours of properties which can be sent directly to your email. Virtual tours are video footage of the property and neighborhood which give you the benefits of viewing the property from the comfort of your personal computer.
So a consultation, combined with utilizing technology can help narrow down your options and find you a home in just the right area, in just the right time for your move (maybe even in enough time to take advantage of the homebuyers tax credit before it expires this spring).
Hope that helps! My best to you and happy house hunting!!
Hi there,
We just recenly assisted another family who moved to the area without having seen it before. The ideal way would be to make a visit to the area if you can, for a few days, prior to the move. This is to determine what your own personal standard of "nice neighborhood" actually looks like,
Sacramento is a very diverse city with neighborhoods ranging from not so good to "dynamite". There are Sacramento neighborhoods near the airport as well as neighboring cities.
If you are unable to come to our fair city prior to moving here, the next best step would be a phone consultation with an area agent who can ask you questions to help determine your needs and wants, must haves, and can't stands, and then set out to make that happen for you.
Technology allows for tools such as picture tours and virtual tours of properties which can be sent directly to your email. Virtual tours are video footage of the property and neighborhood which give you the benefits of viewing the property from the comfort of your personal computer.
So a consultation, combined with utilizing technology can help narrow down your options and find you a home in just the right area, in just the right time for your move (maybe even in enough time to take advantage of the homebuyers tax credit before it expires this spring).
Hope that helps! My best to you and happy house hunting!!
Wednesday, January 20, 2010
The pros and cons of short sales vs equity sales...
The pros and cons of short sales vs equity sales...
(Digested Version)
Short sale: May have to wait 3 to 6 months for an approval from the bank but will get best value because banks make approvals according to appraisal on file and they do new appraisals every three months, standard.
Equity Sale: These are few because they are in competition with REO (bank owned) properties and short sales which both now make up about 85% of the market inventory. Also, the seller usually overprices their properties in hopes of getting more, so they are usually looked over because there is usually a short sale or REO property in the same, if not better condition, and at a lower price.
REO: Bank owned properties, the downside, they are bank owned and the seller may have left the property in horrible condition. They are now making efforts to prevent that by offering the seller's (or tenants) cash for keys to leave the property in good condition. In addition, FHA has recently announced that the 90-day flip rule (which was not allowing any FHA buyer to purchase any property that had not been on the market for a minimum of 90 days) is being postponed beginning Feb 1.
Alot of info to digest, but let me know if you have any additional questions!
(Digested Version)
Short sale: May have to wait 3 to 6 months for an approval from the bank but will get best value because banks make approvals according to appraisal on file and they do new appraisals every three months, standard.
Equity Sale: These are few because they are in competition with REO (bank owned) properties and short sales which both now make up about 85% of the market inventory. Also, the seller usually overprices their properties in hopes of getting more, so they are usually looked over because there is usually a short sale or REO property in the same, if not better condition, and at a lower price.
REO: Bank owned properties, the downside, they are bank owned and the seller may have left the property in horrible condition. They are now making efforts to prevent that by offering the seller's (or tenants) cash for keys to leave the property in good condition. In addition, FHA has recently announced that the 90-day flip rule (which was not allowing any FHA buyer to purchase any property that had not been on the market for a minimum of 90 days) is being postponed beginning Feb 1.
Alot of info to digest, but let me know if you have any additional questions!
Monday, January 18, 2010
90 Day Flip Rule Waived
90 Day Flip Rule Waived - Real Estate Investors Rejoice! If you're a real estate investor who has avoided deals because of the 90 day resale or flip rule, go find a deal! Friday, January 15, 2010, the FHA waived the rule, and will finance homes with no requirement for seasoning in a flip starting February 1st.
Saturday, January 16, 2010
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