Posts Tagged ‘Foreclosure’
Attention Homeowners!
Free Special Report On How To Avoid Foreclosure!
Any Condition – Any Price Range – Any Area!
Email or call me for more information about the “How to Avoid Foreclosure” informational packet.
Phone: 310-662-1784
Email: aaron@embracevision.com
I’m in the business of buying houses and I might want to buy your house or condo. If you want to sell your house easily, I’ve got the perfect solution. Normally, selling a house is a costly, complicated and time consuming process.
But I have a much easier solution for you!
I represent a group of private investors who purchase several homes per month in multiple different areas and surrounding neighborhoods. We use private funding, which means there are no banks to wait on or hassle with and we can close quickly. To be clear, I am not a real estate agent, I am looking TO BUY YOUR HOUSE WITH CASH.
I’m sure you’ll agree we’re in a buyer’s market and getting top dollar for your home is close to impossible. In fact, selling today is a very frustrating experience. If you want a FAIR MARKET CASH OFFER and the ability to close quickly we can help.
Your current situation or the condition of your homes doesn’t matter. If you need to move fast, if you are behind on payments, if you are facing foreclosure or bankruptcy, if you are going through a divorce or any other problems that involve your home, we can help right now.
I may be able to buy you house, or maybe not, a lot of it depends on you. However, I can make you a fair market offer.
If you’re looking to solve your problem quickly call me right away at 310-662-1784.
Take care,
Aaron Clendenning
Phone: 310-662-1784
Tags: Any Area, Any Condition, Any Price Range, Avoid Foreclosure, Foreclosure, Special Report
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Mortgage Market Update
From the desk of Joe Bailey
Keeping You Informed…
Planning To Use The $8,000 Tax Credit? It’s Time For A Re-Pre-Approval
As the federal home buyer tax credit nears its April 30 end-date, there’s a lot of would-be home buyers in California and elsewhere working hard to get under contract.
What’s A Re-Pre-Approval?
If you’re among them, a piece of advice: If your pre-qualification and/or pre-approval letter is more than 8 weeks old, get yourself “re-pre-approved”. Mortgage guidelines have been in flux and your original lender letter may now be invalid.
As examples, over the past half-dozen months, the majority of lenders have reduced risk tolerance with respect to:
- Maximum debt-to-income ratios : Now capped at 45%
- Minimum allowable credit scores : Heavy penalties starting below 740
- Calculation of “assets in reserve” : Only 60% of some assets can “qualify”
For buyers of condominiums and certain townhomes, even the subject property itself comes under tougher scrutiny.
You Only Get One Chance To Claim The $8,000 Tax Credit
Today’s mortgage applicants need to be a complete package. It takes more than just good income and credit to get approved anymore and today’s buyers would be prudent to revisit their qualifications.
What passed underwriting in January may not pass in May.
Being pro-active brings other advantages, too. If a mortgage re-pre-approval does unearth an issue, addressing and correcting it up-front will be simpler than trying to clean it up once a home’s already under contract. If things fall apart after the April 30 deadline and you lose your claim on $8,000 — tough noogies.
With More Homes Going Under Contract, Home Prices Certain To Rise This Spring
As expected, the Pending Home Sales shot higher in February, boosted by the federal home buyer tax credit’s April 30 deadline.
Pending Home Sales Spike
Versus the month prior, February’s index rose 8 percent but remains well off the highs set last October.
For today’s home buyers and seller, the Pending Home Sales Index is an important measurement. This is because a “pending home” is a property that is under contract to sell, but not yet closed.
According to the National Association of Realtors®, 80% of homes under contract close within 60 days, historically. Therefore, a higher Pending Sales figure in February projects that April’s Existing Home Sales will be higher, too.
More Pending Home Sales Means Higher Home Prices
If you’re a California home buyer today, no doubt you’ve noticed the extra market activity.
On right-priced homes, multiple offer situations are more common; sales prices are settling closer to listing price; Days on market is falling. These are the signs of a buyer-heavy market. It drives home supplies down and home prices up.
It’s a good time to be a seller, in other words. Especially as buyer activity looks poised to peak.
Get Ahead Of The Surge To Get The Best “Deals”
When the home buyer credit faced its last expiration in November 2009, we saw a pattern of buyers rushing to beat the deadline. There’s no reason to expect that won’t happen again. And as it does, Pending Home Sales should continue to climb. Average home sale prices should rise.
Home buyers may find it smart to go under contract sooner rather than later. Pending Home Sales is a warning shot. Higher home sales figures are ahead.
“Play like a champion today!”
Joe Bailey - Loan Officer
O. (831) 689-8500
C. (831) 251-5167
Joe.Bailey@BaileyMortgage.com
Tags: First Time Homebuyers, Foreclosure, Pre-Approval, Re-Pre-Approval, Tax Credit
Posted in Mortgage Market Updates | No Comments »
PICTURE: Stephanie and Bob Walker chronicled their home’s short sale in a popular blog called Love in the Time of Foreclosure. (Stephanie and Bob Walker / October 15, 2006)
Love in the Time of Foreclosure
Banks’ resistance to the tricky transactions is softening as the number of distressed properties increases.
February 17, 2010|By Alejandro Lazo – Article was found in the Los Angeles Times.
Nineteen months ago, the recession took Bob Walker’s job. Then, creditors lined up to take the three-bedroom hilltop home that the computer consultant shared with his wife, Stephanie, a playwright still looking for her first break.
Avoiding the stigma and financial fallout of foreclosure became an obsession for the Walkers. They talked to the banks, found multiple jobs, put their Silver Lake house on the market and tried to stitch together a plan to repay their debts. Finally, they turned to a short sale, chronicled in a popular blog: Love in the Time of Foreclosure.
“We really thought that, worst-case scenario, we will sell the house and break even,” Stephanie Walker said. “But it didn’t work. We went into great losses.”
In a short sale the lender lets a homeowner unload a house for less than what is owed on the mortgage. The transaction recognizes that the home isn’t worth what the owner paid for it after more than two years of falling real estate values.
Such deals are appealing to struggling homeowners because they escape weighty house debts — but they don’t get away unscathed. Their credit scores will be damaged, perhaps less severely than in foreclosure, but still badly enough to limit for years their ability to borrow money. There may be tax consequences. And any money invested through down payments and renovations will be lost.
Lenders, which can withhold approval of a short sale if they don’t like the price, have resisted such sales because they are difficult to execute, particularly when multiple creditors and other parties are involved. And short sales lock in losses that might be reduced if the sale is delayed until the market improves.
But that resistance is softening. With more Americans losing jobs and missing mortgage payments, banks and investors increasingly are agreeing to short sales as a less costly alternative to foreclosure.
Short sales approved by Fannie Mae and Freddie Mac, which own 57% of U.S. mortgages, nearly quadrupled in the first nine months of 2009 compared with the same period in 2008. At the nation’s largest mortgage servicers, short sales soared 165% to 74,513 in the first nine months of 2009 from the year-earlier period.
Short sales are still few compared with foreclosures, but policymakers are looking at such sales to shrink the number of bank-owned homes on the market.
Tags: Foreclosure, Love in the Time of Foreclosure, Short Sale
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