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Is Walking Away The Right Thing To Do?

by elizabetheugenio on February 21, 2010

Many homeowners choose to walk away from their mortgage even if they can afford to make payments because the value of their property has declined.  It is called Strategic Default.  They feel it is a beneficial reaction to an upside down mortgage.
The difference between a regular default and a strategic default is that on a [...]

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What’s Ahead in 2010?

by elizabetheugenio on January 24, 2010

Here are some facts from data from the California Association of Realtors  (CAR):
1.  California remains  ahead among all nations in market recovery due to the  many first-time home buyers buying homes now that home prices and mortgage rates remain low and most of all,  the home buyer tax credits offered by the government.
2. High unemployment [...]

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Finding Good Deals on Homes

October 4, 2009

We often hear from our buyers: “Find me a good deal”.  What is a good deal?
When you buy a home in foreclosure, you are buying it “As Is”.  There are no disclosures so it is up to you to do your due diligence in determining the value of the home based on condition.
Banks require several [...]

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Should You Buy The Home?

August 24, 2009

As we see more and more distressed sales, most homes are being sold “AS IS”.  On a short sale, the sellers have to disclose material facts.  However, on a foreclosure sale, the buyers don’t even get a disclosure so it is more important than ever for buyers to hire a professional inspection company to evaluate the condition of the home [...]

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Deadline to lower your property tax is coming up!

July 26, 2009

With the current decline in property value,  the County Tax Assessor allows a reevaluation of your assessed property tax. If your home was not automatically reassessed, you can apply for a reassetsment.   July 31 is the deadline.   
In 1978,   a constitutional amendment was passed that allows a temporary reduction in the assessed value when a property suffers a “decline-in-value.” When the current [...]

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How can we minimize foreclosures?

June 10, 2009

Foreclosures hit record high in the first quarter.  In California, foreclosures and short sales comprise 46% of the housing market inventory.  According to The Mortgage Bankers Assnociation, nationally, 1.3% of loans started the foreclosure process in the first quarter. 
Most common belief is that the cause of borrowers defaulting on their loan is because of high [...]

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Are banks holding on to foreclosure inventory?

May 18, 2009

Rick Sharga, vice president of Realtytrac, a company that compiles data on foreclosures indicated that banks are sitting on foreclosure inventory that they have not put on the market.  These creates ”shadow inventory” that could create havoc once they flood the market.  There is a discrepancy between the number of homes that have been foreclosed on [...]

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7 Months left to take advantage of Buyer’s Tax Credit!

May 4, 2009

To stimulate the U.S. housing market, Congress passed a legislation granting a tax credit up to a maximum amount of $8,000 to first time buyers who purchase a home from January 1, 2009 to December 1, 2009.  To qualify as a first time buyer, you may not have owned a residence during the 3 years prior [...]

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Economic Recovery is everyone’s responsibility

April 13, 2009

The Obama administration is putting a lot of effort to help the country’s economic recovery.  However, did you ever consider that we also have a responsibility to help with this gigantic effort of recovery and not leave it to the govenment?   How can we do our share? 
As I go to different neighborhoods and talk to people, I often hear [...]

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Beware of Mortgage Loan Modification Scams

April 8, 2009

While loan modification has benefited numerous homeowners lower their payments and save their home,  scams are on the rise.  There has been a lot of coverage lately in the news regarding foreclosure prevention scams and it is good because it weeds out the scammers who take advantage of homeowners who are already in financial hardship.  
Here [...]

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