Archive for Foreclosures
Nov
07
Foreclosures Up 23 Percent – How Can I Sell My House Fast To Stop Foreclosure
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Shaun Greer asked:
The 2008 first quarter results are in and they do not look good. Foreclosures are up 23 percent from the first quarter in 2007. This marks record foreclosures across the nation. Now one in every 195 house holds is in some sate of foreclosure.
We are only four months into the year and already over 156,000 home owners have lost their homes to foreclosure. The real scary thing is that the foreclosure rate is not slowing down, it is actually speeding up. This means we will see more foreclosures each and every month. There were only 4 states in the nation that did not have increasing rates of foreclosure.
So where are the hardest hit areas? Nevada, California, Florida, and Arizona top the list with the largest amount of foreclosures and the trend does not look to be slowing anytime soon. One out of every 54 homes in Nevada is in a sate of foreclosure. This is amazing considering they are still one of the fastest growing cities in the nation. Many people moving to Las Vegas and other areas of Nevada are renting until they see the market bottom.
Many people are wondering if the newly passed government programs created to help stop those falling into foreclosure is helping. Despite all the effort the government has been putting into new bills and laws to help stop the foreclosure nightmare, it just does not have a chance against all the default loans. It is like sending trying to stop a freight train with one box car. The laws that are being created are taking time to create and are only helping a few home owners. They have no chance stopping the foreclosure momentum.
Even more disturbing is the fact that over 360 billion dollars worth of mortgages with adjustable interest rates is going to reset in 2008. This is only going to increase the number of foreclosures across the nation.
So what can you do if you live in Las Vegas, Stockton California, Detroit, or any other area and you are starting to loose your house to foreclosure. There is a simple and easy answer, sell your house. Now you might say, easier said than done right? Well it is in fact that easy. Even though there are not many home buyers looking for houses you still can sell your house.
The best way to sell your house if you are falling behind on payments or see the foreclosure monster coming your way is to contact a local professional home buyer. You see, there are many ways to sell houses and professional home buyers make a living from helping people sell their house, at no cost to you I might add.
Even if you owe more for your house than what it is worth, you can sell your house. Local home buyers will work with the banks to release the loans against your home and they will buy it from you, all this at no out of pocket expense. The problem is many people do not realize that professional home buyers exist, they think the only way to sell a house is through a realtor or for sale by owner, not true.
So, if you need to sell your house to stop foreclosure contact your local home buyer and receive a free offer on your house today. If you contact them today you could have an offer on your house within 48 hours. They can explain to you your home selling options and possible solutions. Then you just choose the right one for your situation.
Investing in Real Estate?
The 2008 first quarter results are in and they do not look good. Foreclosures are up 23 percent from the first quarter in 2007. This marks record foreclosures across the nation. Now one in every 195 house holds is in some sate of foreclosure.
We are only four months into the year and already over 156,000 home owners have lost their homes to foreclosure. The real scary thing is that the foreclosure rate is not slowing down, it is actually speeding up. This means we will see more foreclosures each and every month. There were only 4 states in the nation that did not have increasing rates of foreclosure.
So where are the hardest hit areas? Nevada, California, Florida, and Arizona top the list with the largest amount of foreclosures and the trend does not look to be slowing anytime soon. One out of every 54 homes in Nevada is in a sate of foreclosure. This is amazing considering they are still one of the fastest growing cities in the nation. Many people moving to Las Vegas and other areas of Nevada are renting until they see the market bottom.
Many people are wondering if the newly passed government programs created to help stop those falling into foreclosure is helping. Despite all the effort the government has been putting into new bills and laws to help stop the foreclosure nightmare, it just does not have a chance against all the default loans. It is like sending trying to stop a freight train with one box car. The laws that are being created are taking time to create and are only helping a few home owners. They have no chance stopping the foreclosure momentum.
Even more disturbing is the fact that over 360 billion dollars worth of mortgages with adjustable interest rates is going to reset in 2008. This is only going to increase the number of foreclosures across the nation.
So what can you do if you live in Las Vegas, Stockton California, Detroit, or any other area and you are starting to loose your house to foreclosure. There is a simple and easy answer, sell your house. Now you might say, easier said than done right? Well it is in fact that easy. Even though there are not many home buyers looking for houses you still can sell your house.
The best way to sell your house if you are falling behind on payments or see the foreclosure monster coming your way is to contact a local professional home buyer. You see, there are many ways to sell houses and professional home buyers make a living from helping people sell their house, at no cost to you I might add.
Even if you owe more for your house than what it is worth, you can sell your house. Local home buyers will work with the banks to release the loans against your home and they will buy it from you, all this at no out of pocket expense. The problem is many people do not realize that professional home buyers exist, they think the only way to sell a house is through a realtor or for sale by owner, not true.
So, if you need to sell your house to stop foreclosure contact your local home buyer and receive a free offer on your house today. If you contact them today you could have an offer on your house within 48 hours. They can explain to you your home selling options and possible solutions. Then you just choose the right one for your situation.
Investing in Real Estate?
Nov
02
What to Expect in the Foreclosure Market in Phoenix and Scottsdale
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Liz Suto asked:
Now that the me-too investors are attempting to exit the Phoenix and Scottsdale real estate market, they’re leaving a trail of foreclosures that anger many homeowners but have piqued the interest of the investors willing to come for the clean-up.
Technically, most real estate taken back by lenders do not go through a “foreclosure” process, even thought this article uses that term because most it is familiar with most readers. Most homes are bought with a trust deed, which makes it easier for banks to get properties back quickly in case of nonpayment. The first step in obtaining property from a homeowner that is late with mortgage payments is to send a Notice of a Trustee Sale. According to a report by the Realty Studies department at ASU, in the first half of 2007, over 8597 notices of trustee sales have been sent to homeowners delinquent on mortgage payments, compared to 11,354 in all of last year.
When most buyers hear the term foreclosure, the greed factor kicks in – GET IN FOR PENNIES ON THE DOLLAR, they’re thinking. THE BANK IS GOING TO GIVE AWAY THESE PROPERTIES!
In most cases, the “Pennies on the Dollar” thing is not reality. I’ve had several offers on distressed properties flat-out rejected by the lender, even though the offers were 30% lower than the latest sold comparables. No counter offer, not even a “try again” response. I was told in one case that the lender had a number in mind more like 15% lower than current value. Though I think lenders are beginning to wise-up, they are still not in that desperate phase that investors prefer.
So once you realize that you’re not getting properties half-off, then you’ll be in a better position to look at these properties objectively, compared to what else is available in the Phoenix and Scottsdale real estate market.
This scenario is repeating itself all over the Phoenix and Scottsdale real estate market: Investors bought new homes and didn’t add any upgrades. Perhaps they rented the home and that cheap builder carpet is now cheap, old carpet. Hopefully there is back-yard landscaping, but if so, it is usually minimal, dull and lifeless. Though these are problems that can go away with money, an investor must purchase these properties at a substantial discount just to upgrade the home to the same standards as other homes in the neighborhood.
Another common scenario is when the homeowner bought a home at full price during the housing boom, even though the home may have a location flaw such as being next to a major road, next to power lines, or backing up to a commercial area. Homes with location flaws must be sold at a substantial discount in a buyer’s market, so investors must buy these homes at an additional discount in order to make a profit.
In many cases, you may receive a better “deal” by looking for good properties with motivated owners. These are owners that may have a job transfer, or that have purchased another home and won’t mind giving up some equity in their current home just to get out. These homes are typically in better shape and have more upgrades that only a live-in owner will provide. I try to steer my investor clients to a well-located home with a good floor plan rather than a less expensive foreclosure home with a location flaw or a choppy floor plan. You can’t fix those things and they make the home harder to rent and sell.
If you are considering a purchase in the Phoenix and Scottsdale foreclosure market, make sure you look at the big picture before assuming that foreclosures are the best bargain. Look at the entire resale market first and look at each purchase with re-salability in mind. Make sure you know what is currently on the market for the area and what it is listed for – recent solds are only half the story.
Get Advise from a Scottsdale Realtor
Now that the me-too investors are attempting to exit the Phoenix and Scottsdale real estate market, they’re leaving a trail of foreclosures that anger many homeowners but have piqued the interest of the investors willing to come for the clean-up.
Technically, most real estate taken back by lenders do not go through a “foreclosure” process, even thought this article uses that term because most it is familiar with most readers. Most homes are bought with a trust deed, which makes it easier for banks to get properties back quickly in case of nonpayment. The first step in obtaining property from a homeowner that is late with mortgage payments is to send a Notice of a Trustee Sale. According to a report by the Realty Studies department at ASU, in the first half of 2007, over 8597 notices of trustee sales have been sent to homeowners delinquent on mortgage payments, compared to 11,354 in all of last year.
When most buyers hear the term foreclosure, the greed factor kicks in – GET IN FOR PENNIES ON THE DOLLAR, they’re thinking. THE BANK IS GOING TO GIVE AWAY THESE PROPERTIES!
In most cases, the “Pennies on the Dollar” thing is not reality. I’ve had several offers on distressed properties flat-out rejected by the lender, even though the offers were 30% lower than the latest sold comparables. No counter offer, not even a “try again” response. I was told in one case that the lender had a number in mind more like 15% lower than current value. Though I think lenders are beginning to wise-up, they are still not in that desperate phase that investors prefer.
So once you realize that you’re not getting properties half-off, then you’ll be in a better position to look at these properties objectively, compared to what else is available in the Phoenix and Scottsdale real estate market.
This scenario is repeating itself all over the Phoenix and Scottsdale real estate market: Investors bought new homes and didn’t add any upgrades. Perhaps they rented the home and that cheap builder carpet is now cheap, old carpet. Hopefully there is back-yard landscaping, but if so, it is usually minimal, dull and lifeless. Though these are problems that can go away with money, an investor must purchase these properties at a substantial discount just to upgrade the home to the same standards as other homes in the neighborhood.
Another common scenario is when the homeowner bought a home at full price during the housing boom, even though the home may have a location flaw such as being next to a major road, next to power lines, or backing up to a commercial area. Homes with location flaws must be sold at a substantial discount in a buyer’s market, so investors must buy these homes at an additional discount in order to make a profit.
In many cases, you may receive a better “deal” by looking for good properties with motivated owners. These are owners that may have a job transfer, or that have purchased another home and won’t mind giving up some equity in their current home just to get out. These homes are typically in better shape and have more upgrades that only a live-in owner will provide. I try to steer my investor clients to a well-located home with a good floor plan rather than a less expensive foreclosure home with a location flaw or a choppy floor plan. You can’t fix those things and they make the home harder to rent and sell.
If you are considering a purchase in the Phoenix and Scottsdale foreclosure market, make sure you look at the big picture before assuming that foreclosures are the best bargain. Look at the entire resale market first and look at each purchase with re-salability in mind. Make sure you know what is currently on the market for the area and what it is listed for – recent solds are only half the story.
Get Advise from a Scottsdale Realtor
