Refinance, Loan Modification or Short Sale?
Refinance, Loan Modification or Short Sale?
This is the biggest homeowner question when I attended a Foreclosure Help Clinic this last weekend. There’s no magic answer to this…it’s a case by case basis and really depends who the lender is or are when there’s more than one loan. Each lender is different.
Refinance – when you owe more than today’s fair market value of your property or if your income status has changed for the worst then refinancing may not be an option for you.
Loan Modification – when you want to keep your property because it makes more sense to stay than rent; when your income status has changed for the worst due to illness, job lost or decrease income, death, divorce… Read more
Bay Area Real Estate’s – Perfect Storm
Perfect Storm = Low Interest Rates, Low Prices, and Lower Inventory.
We have all the ingredients.
If you have been waiting for prices to stabilize you are on the cusp of being late.
Homes in Daly City, San Bruno, San Mateo, San Francisco and South San Francisco are selling. To keep up with the demand Bank of America is falling behind on appraisals and is hiring outside appraisers. I spoke to a termite inspector yesterday. He had 5 inspections scheduled for the day. Need I say we did not speak long. There is a buzz in my office. Conference rooms are filled with buyer’s consultations. Banks dealing with short sales are moving faster and be more aggressively. If you are a first time home buyer or a seasoned investor; jump in, the buying is great. It is a PERFECT STORM for you. Low Prices, Low Interest Rates and Lower Inventory. Getting a Loan in not impossible
http://www.pruvoices.com/2008/12/gettin-a-loan-is-not-impossible/
If you are busy with the holidays maybe meet with me (877-Lee Sells) or your favorite realtor just to get updated on the market so you are ready to take advantage of the Best Buyer’s Market in 30 Years come January.
www.leesellsmore.com
http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/30/RE8014CT0J.DTL
Getting a Loan is Not Impossible
www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/11/30/RE8014CT0J.DTL .
I had some good friends over for Thanksgiving. Pretty early in the evening the question came up; “Lee how is the Real Estate Market?” “People can’t get loans? Huh”, he stated. This occurs often. Everyday it is mentioned the “Credit Crunch” we have to loosen up credit. I hope everyone reads “You Can Qualify For a Mortgage, It’s Just Tougher” by Marni Leff Kottle of the S.F. Chronicle, Read more
Where in the World is Brisbane?
Known as the “City of the Stars”, Brisbane is one of the Bay Area’s best kept secrets. It is a small, close knit community with a population of just under 4,000 people. It offers not only the tranquility of country living, but also offers lots of sunshine and moderate temperatures throughout the year. And, best of all, you can be in the heart of downtown San Francisco within 10 minutes and it’s only about 8 minutes to the airport. There is a free shuttle to Bart as well as a Park & Ride lot for those who want to take the bus or train.
To my mind, Brisbane offers the best of urban living in a country setting. Nestled on the side of San Bruno Mountain, it is surrounded by trees. There are many hiking trails and even hidden staircases throughout the town leading through the canyons up to the mountain. It is a walking town where most daily activities can be accomplished on foot. Read more
What is Staging?
Staging is when a home is furnished and decorated before it is put on the market for sale. A staged home that is well done will highlight each room, but not crowd it. The following are several questions that I will attempt to address, like: How much does it cost? How long will it be furnished for? Who pays for it? Will it yield the seller more money at the end of the sale?
Staging a home can cost any where from several hundred dollars to thousands depending on size of home, services provided and the specifics of each contract. The details of the services you expect from your stager must be outlined in the contract before you sign the dotted line. Staging companies will normally have a minimum time period (days/weeks) that a potential client should fully understand. The cost really depends on exactly how many rooms they (stager) are furnishing and for how long. The contract should stipulate several important items like exactly what time and date the furniture will be installed and removed, what would it cost if you wanted to extend or adjust the time period of your contract?, and who is responsible for the furniture while it sits in your home? It is also important to ask, when does the staging company expect to get paid? Read more
Mixing Business with Pleasure… does it actually mix?
Have you ever felt obligated to use a family member when it came to a business deal? While most of us have, has it ever left you wondering if that was the best decision? In some cases, it is an ideal circumstance. While in others it may be an uncomfortable situation that you were strong armed into. Read more
Has Daly City Seen the Bottom?
No other city in San Mateo County has seen a greater depreciation in home value in the last year than Daly City. Back in September 2007, the average sales price of Daly City was $730,000, as compared to $565,000 in September 2008. This is a depreciation of almost 23%. The most common question is whether or not this is the bottom of the market. In this blog, I will share with you my expert opinion, as to why the bottom has come to Daly City, and this might be your last chance to get a great value. Read more
Offer Pricing
I have several buyers very confused. They offered the asking price for a Daly City home but were outbid by $50,000. This is not supposed to happen in a today’s buyer’s market. The low price is a marketing tool and not a realistic list price. I explained before making a purchase offer, buyers must determine the true present market value. http://www.pruvoices.com/2008/10/what-is-market-value/ Read more
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