10/29/2011
People always ask me how is the Real Estate Market?
My answer is UNBELIEVABLE!!!
I can tell you by the experience in my own house that we have lost 10% of value in one year.
That is a good opportunity for buyers? Absolutely YES!!!
In Corona we still can find deals under the $355,000 qualifying buyers under FHA 3.5% down and get them closing cost.
For a home in the 2,500 plus square feet.
Buyers currently owning a property with equity in it can currently buy a second or investment home?
YES!!! using the same programs or a conventional loan as well.
Lots of current homeowners feel that they have lost a huge amount of money in their homes... It depends, each situation is different.
If you bought in the peak of the market with and 80/20 loan no money down, lived in that property for six or seven years, saw your home go higher another 40 percent in value, refinanced, paid your debts, toys or trips, and now your home is worth less of what you payed for. Where is your loss?
Your loss is in the distress that mortgage amount is currently giving you.
Your loss is in the discouragement you feel seeing your property losing the value.
Your loss is in the reduction of income you are experiencing and the fact you were living beyond your means.
What is the solution for that now?
SELL...SELL....SELL.....
Get out from underneath of that while you can.
The law is on your side.
California is one of the few states that is protecting the homeowners now.
Loan mofifications?
Very few people are qualified for the loan modifications offered by the Bank and are hardly ever satisfied and in fact 90 percent end up foreclosing due to lack of knowledge or short selling.
Goverment programs are available and few of them have life expentancy.
Relocation assitance amounts are being dictated by the investor who holds your note.
Remember The banks only service the loan for few investors and they are the ones that allow the amounts to be distributed.
INVESTORS NEVER LOSE!!!!
If you know a friend or family member or have a neighbor that you see the property is going in physical distress help them. Pass this knowledge to them, have them call a Realtor and CERTIFIED SHORT SALE REALTOR.
I have done a lot of short sales with different banks.
I'm Certified with Bank of America, Wells Fargo, the board of realtors and my current broker.
This line of market is here to stay for another 5 years.
DON'T FORECLOSE!!!
DO what you can to prevent it!!!
Not only do I have experience on this subject, closing 90 percent of this type of transactions but I, myself am part of this percentage of distresss homeowners doing what I can to avoid the foreclosure issue.
Call me for a free consultation and analysis of your current mortgage situation.
