Short Sale, A Great Option!
I have talked to many home owners who are late on their mortgage payments, who are struggling to pay even their everyday expenses. Some have not paid their mortgage in over 6 months. Unfortunately, this is happening more often these days. My advice is, of course, try to modify your loan and save your home. Homeowners have to qualify for the modified loan plan. What if they can’t? What if they can’t even make the mortgage payments on the new lower interest rate? So, why not try to short sale the house? Lenders are becoming more understanding of the short sale situations. They are easier to deal with and get an approval on a short sale. Homeowners will have less effect on their credit score if they do a short sale rather than go through bankruptcy or foreclosure. A realtor will be able to assist homeowners with the short sale process.
Good Luck!
Shokoofeh Nowbakht, Realtor
Prudential California Realty
www.shokoo.com
How much under the list price can I offer?
This is a question I am asked quite often. Many people get their real estate news from what they hear on the radio, watch on tv, or read in newspapers. What many do not do is actually speak to the people who are in the business and have up to date information on the current market. Although I encourage my clients to ask any questions that comes to mind, it is my job and responsibility to explain to them what I have experienced in the market and where I think it will go from here. Of course, I can not predict the future, but if the facts are studied, trends can be found. I feel it is very important that I educate my clients on the current market, so that we can work together to accomplish the common goal. Read more
Has The Market Already Changed? I Think So!
I have been working with some clients for the past few weeks. They have been pre-approved for a loan and we have been looking at many homes in hopes of finding them what they are looking for. We find a nice house in Pacifica, they write an offer that is over the listed price. I heard back from the listing agent today, informing me that there have been 20+ offers some of them coming in at about $100,000 over the listed price. Read more
Learning to Budget! Kudos To The Teacher.
As many of you are aware my Prudential office in San Bruno, Ca. is the largest single independent Prudential office in the country. We are very progressive and have kiosk in several of the regional malls in the area. As I had my shift just before the holidays, a young boy, I’d say about 12 or 13 was looking at some listings. I let him look for a while and then approached. He told me he was 30 years old and looking for a rental for his family of 4 with a $60,000 annual income. I did a double take and he explained he had a home work assignment to balance a family budget including housing. I helped him find a few rental homes in the area. The reason for me writing about this, I thought it was a great assignment; Reality, Life. I think this should be taught in detail to all high school seniors and to all purchasing a home. I believe saving should be part of a family budget. The savings could be for a down payment, home maintenance, vacation, rainy day, etc. Read more
Are Home Auctions a Good Deal for Buyers.
Any type of real estate investment can be profitable. Like the stock market real estate is about timing. Auctions have become more prevalent in recent months and many buyers have asked if auctions are better deals than properties listed on MLS.
This very excellent question simplifies three bigger topics. First are you interested in just the purchase price, without concern of repair or remodeling costs? Next, have you done all the research you need to do with regards to the property, traditional sales have a contingency removal period. Finally will you be satisfied in focusing on the least desirable properties on the market. Read more
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
SSF Real Estate… things are looking up
As 2008 wraps up and we all grasp onto our crystal balls to determine the fate of 2009… I wanted to end the year on a positive note with some statistics from the San Mateo County Multiple Listing Service that may help to give us all a positive outlook on the Real Estate market for 2009. South San Francisco was one of the Peninsula’s hardest hit cities with short sales and foreclosures, but by the looks of it, SSF seems to be bouncing back just fine. 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
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