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 against the number of homes that are being sold.  Some say that the delay in getting these homes on the market could be due to the moratorium on foreclosures.  Others say that banks could be strategically holding back in releasing the homes so they do not drive prices down and cause further decline in property values.  Of course there is the other factor that it takes a while to get the house vacated and cleaned out to be ready for sale.

Banks seem to be prolonging the foreclosure process on homes with delinquent mortgages.   They are more willing to negotiate with homewoners about loan modifications and other ways to keep them in the house. All indications point to the fact that banks are dragging their feet in foreclosing.  The inventory of homes for sale is low.  Once again, homes are getting multiple offers. 

Elizabeth Eugenio, (909) 376-8615

Certified Residential Specialist, Certified Distressed Property Expert, Graduate Realtor Institute

Elizabeth@HomesByLiz.com, www.HomesByLiz.com

Are banks holding on to foreclosure inventory? is a post from: Chino Hills Real Estate Resource Center

You’ve seen ads offering you a list of foreclosure properties.  Have you really thought what does it take to get your offer accepted by the bank, especially when  you are competing with several offers?  Yes, the good deals get several offers.  The question most buyers ask is what price should I offer?  Some buyers think that they should offer thousands below selling price to get a good deal.  That may not always be the case.  Bank owned properties are selling 101% of listed price.  That means, buyers are offering higher than listed price

In order to be successful in buying foreclosures where you are competing, most of the time with savy investors who have lots of money to put as down payment is a process.  To start with, work with a Realtor who is a foreclosure specialist and has successfully closed bank owned transactions and worked with lenders in the past and who will educate and provide you their expertise.  Otherwise, you could be writing offers after offers and not get your offer accepted.

Making an Offer on a Foreclosure Home is a post from: Chino Hills Real Estate Resource Center

You have probably heard about it already!  In an effort to aid the ailing economy, the Federal Reserve dropped the interest rates dropped below 5%.  Many homeowoner who are current on their loans can take advantage by refinancing.  However, those who are in danger of foreclosure and need the most help cannot take advantage because excellent credit is required.  

In my opinion, the homeowners who are upside down on the value of their home and those who are behind should be the first priority to get assistance.  There are so many homeowners who desperately need help to get from down under.  When we agents look for listings in the Multiple Listing Service, we find that almost half of listings are either short sales or bank owned.  In Chino Hills, today, there are a total of 313 listings of which 110 are short sales and 3o are bank owned properties.  That goes to show the great need to assist homeowners in danger of loosing their home.

For those who are thinking of buying, they should do it soon and take advantage of the low interest rates inspite of what you hear that prices may still come down.  A 1% drop in interest rates will reduce your mortgage payment considerably thereby allowing you to afford more home.  With interest rates at it lowest probably in your lifetime and the large inventory of homes available. are you living in the house of your dream?  The first step is to have yourself pre approved by a lender. 

If you have any questions and need assistance in getting you to the right direction, just contact me and I will take care of the rest from start to finish.  You may reach me by email at emeugenio@gmail.com or call (909) 376-8615. 

Elizabeth M. Eugenio, (909) 376-8615

Email: Elizabeth@HomesByLiz.com, Website: www.HomesByLiz.com

Certified Distress Property Expert (CDPE), Certified Residential Specialist (CRS), Graduate Realtor Institute (GRI)

Interest Rates are at a 37-Year Low is a post from: Chino Hills Real Estate Resource Center