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Wednesday, February 10, 2010

Short Sales are on the rise, but will the industry be ready to handle the volume?


From 2007-2009 the realestate and banking industries experienced a staggering number of foreclosures there was so much volume that it became an investors haven. Bank owned or REO properties ofter sold for more than twice the market value and investors continbued to bid up the prices on these homes. This made true first time home buyers very frustrated becuase they often could not compete with the banks request for the highest and best offers like the investor.

Now in 2010 the industry is about to become flooded with a hugh number of Short Sales, simply becuase the Obama adminstration called for banks to allow up to 6 months of default payments before foreclosure proceeding could begin, and in addition banks were mandated to help with mortgage modifications. Sometimes the trial modification payments were much higher than the exisiting mortgage payment than the homeowner is in default on.

All these measures have  caused a delay in the inevitable increase of defaulted loans and the increased stress on homeowners who received bad loans to begin with.  But will the realestate industry be ready for the increased volume, hopeful buyers and long waiting periods? Right now the average wait is about 6 months but with increased volumes this may increase to more than 12 months waiting time before a buyer realizes his purchase.

There is one bright spot in the light of this tunnel. Wachovia Bank is rising as a leader with a plan. Wachovia has streamlined the Short Sale process with 7 day approvals in most cases which means the buyer can complete his/her transaction within 2weeks-30 days depending on their purchase method when givien the seller at least 1% of the sales price or $2500. This is very encouraging for both buyers and sellers.

By Tara
http://aquien.prucalifornia.com/
http://sites.google.com/site/todaysrealestatetrends/

Thursday, January 21, 2010

"Deed for Lease" program homesbyarea Nesters.com

"Deed for Lease" program homesbyarea Nesters.com

http://sites.google.com/site/todaysrealestatetrends/

Alane Quien
Realtor/Financial Advisor
Prudential California Realty
1101 Sylvan Ave Ste A-7
Modesto, CA, 95350
Uinted States of America
Work: 209-526-4040
Mobile: 510-258-4371
Fax: 209-526-0967
aquien@prucalifornia.com
Visit MyBlogLogand get a signature like this!

Real Estate Markets & World Trends: Exciting things are Happening in Real Estate Everyday!

Real Estate Markets & World Trends: Exciting things are Happening in Real Estate Everyday!

http://sites.google.com/site/todaysrealestatetrends/

Alane Quien
Realtor/Financial Advisor
Prudential California Realty
1101 Sylvan Ave Ste A-7
Modesto, CA, 95350
Uinted States of America
Work: 209-526-4040
Mobile: 510-258-4371
Fax: 209-526-0967
aquien@prucalifornia.com
Visit MyBlogLogand get a signature like this!

Exciting things are Happening in Real Estate Everyday!

That's right everyday is a good day to buy real estate! there are new properties entering the market. Prices are low and interests rates are low too! The best way to get started is to get started.

Most people like to go out and look and then get excited. That's getting the cart before the horse! How can you go out shopping with "NO MONEY IN YOUR WALLET?"  the best way to do that is to get set up to "Just Look Online!"

Because if they find a property that they potentially cannot financially afford. They will become discouraged and dissappointed. Many will tell themselves that they will just save up for the down payment which may be years from now.

By that time life has continued at its feverish pace and they most likely have gioving upo their dreams of owning a home.  So first things first.

1. Fnd out just how much of a loan you can qualify for. 2. Next contact a local realtor who is familiar with the area. Make and keep your real estate appointments. This is very important. Stick to a rigid schedule until you land a decent property. 3. Follow through on all the paperwork needed. 4. Do your due dillilgence and get all the inspections done on time! 5. Be ready for the closing make sure all the funds that you need are already in the bank.6. Start enjoying your new home!








Alane Quien
Realtor/Financial Advisor
Prudential California Realty
1101 Sylvan Ave Ste A-7
Modesto, CA, 95350
Uinted States of America
Work:  209-526-4040  209-526-4040
Mobile:  510-258-4371  510-258-4371
Fax: 209-526-0967
aquien@prucalifornia.com



Visit MyBlogLogand get a signature like this!

Tuesday, January 12, 2010

Short Sales are on the rise in California

In the current market climate Short Sale selling is becoming more popular with homeowners who are in trouble with their banks. With many home values continuing to fall, homeowners are opting out of the banks long drawn out Loan modification programs, and are instead choosing to sell their homes via a short sale.

Homeowners see the short sale as an alternative to waiting for endless months to get through to tedious process of underwriting, submitting and updating pay stubs and detailing every cent of how they spend their hard-earned and sometime dwindling paychecks. For many families the stress of waiting on the loan modification is taking its toll. A short sale allows them to remain in control of their home and oversee just who is making offers.

Even though many will not realize a profit, those who hold a loan with Wachovia are guaranteed to receive at least 1% of the sale price or $2,500.00 on the sale of their home.

Some banks are giving cash for keys, but not on the short sale. Homeowners who are considering the Short Sale route should get legal and tax advice from professionals in those field before moving forward. Also homeowners should open the dialogue with their banks and keep them abreast of their decision to sell the home. The banks are the best source of information on whether or not a deficiency balance will be charged to the homeowner after the sale.

Homeowners should not be afraid to face the new economic climate, with information, hope and courage. Homeowners who do pursue the Short Sale will more than likely have a better chance of repairing and improving their credit after the sale, over homeowners who abandon or ignore the problem.

Check out the enclosure link at www.squidoo.com/californiashortsales

http://sites.google.com/site/todaysrealestatetrends/

Alane Quien
Realtor/Financial Advisor
Prudential California Realty
1101 Sylvan Ave Ste A-7
Modesto, CA, 95350
United States of America
Work: 209-526-4040
Mobile: 510-258-4371
Fax: 209-526-0967
aquien@prucalifornia.com
Visit MyBlogLogand get a signature like this!
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