Realty Times - How To Wait Out Creeping Home Equity Gain

Realty Times - How To Wait Out Creeping Home Equity Gain

Realty Times - Buying Short Sale

Realty Times - Buying Short Sale

The Trouble with Vacant Homes

By Ruben Gonzalez Jr.

Prudential California Realty (DBA)

Today’s housing market makes it tougher to get the price for a home and, often, sellers can’t wait around while their homes are on the market. They may have a new job in a different location, may have already bought their next house or need to move to their new location so the kids can start at their new schools.

If sellers already have a new home, it’s likely that they’ll take all their furniture and leave the property empty during selling process. The U.S. Census Bureau’s most current data shows that more than 2.2 million for-sale houses in the U.S. were vacant in 2008, and that number has risen over the last few years as more homes fell into foreclosure or short-sale status.

Yet it all comes down to perception for buyers, who understand that vacant homes can suffer from a wide variety of ills due to neglect and deferred maintenance. Moreover, vacant houses pose unique challenges for showcasing and selling because many buyers cannot see beyond an empty home. They’re looking to buy a “home,” as opposed to a “house,” and without furniture, wall art, rugs, lighting and décor, there are few emotional connections.

Plus, with no furnishing to focus on, a potential buyer will be on the lookout for imperfections, such as floor scratches, nail pops, chipped grout and other imperfections.

The easiest fix for a vacant home is to bring in a home stager, who can give the property a comfortable, lived-in look, enabling potential buyers to better visualize how they would use the home.

When a home buyer perceives flaws and can’t see a home’s potential, there will be fewer offers, greater price reductions, more days on the market, higher carrying costs and less profit.  

A vacant home can also hurt your negotiating power. If buyers know that you are already out and most likely paying another mortgage, they will figure you are more motivated to sell and will likely present a low-ball offer.

By staging a vacant home, you will create a proper vision for the property and achieve a quicker and hopefully more profitable outcome.

Ruben Gonzalez can be reached at (562) 507-0754 or E-mail. Prudential (dba) is an independently owned and operated broker member of BRER Affiliates, Inc. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Equal Housing Opportunity.

Realty Times - Principal Reduction Will Solve The Housing Crisis and Jumpstart The Economy

Realty Times - Principal Reduction Will Solve The Housing Crisis and Jumpstart The Economy

Realty Times - Real Estate Outlook: Bernanke on Housing

Realty Times - Real Estate Outlook: Bernanke on Housing

HOAS getting SLICK, Floridians in "woe" & Distressed properties on the RISE

HOAS (homeowner's associations) in need of cash are using a tactic to force banks to pay association fees . The "reverse foreclosure" tactic works like this:

When a homeowner/borrower stops paying their mortgage, backs more times than not delay taking the property into foreclosure. During this delay neither the owner nor the back pay the association fees. So, to remedy this the association files its own foreclosure notice. If and when the association takes over the title, it is still not able to sell the property due to the bank's lien. So, the association goes to court, renounces the property and asks the judge to give title back to the bank. When the judge does this, the bank has the obligation of paying the fees. Touche HOAS!!!

When it RAINS it POURS!

We all know, especially us here in Florida, this cold winter was not only unexpected but not appreciated. However, that's not all Floridians had to "woe" about. Homeowners who faced foreclosure during our housing downturn were not just driven there by one factor but were victims of multiple issues that left them financially strapped, according to a study conducted by Strategic Guidance Stems. Joel Searby, their director of marketing, said “What we found in talking with people who've gone through foreclosure is that there's a 'plus-one factor,' meaning job loss coupled with other circumstances such as divorce or health problems that usually led to homeowner distress."

Are distressed sales gaining greater market share?

Yes, according to First American Corelogic, distresses properties accounted for 29% of all U.S. homes in January 2010 (average sales price $161,600). Real estate owned sales rose 22% up from December's 19% (average sales price $247,700) and short sales rose to 8% from 7% with an average sales price of $141,900.

Numbers don't lie folks prices are rising, however the ship has not sailed so

DON'T MISS THE BOAT!!!

Contact me @

RealEstatewithRuben@gmail.com

SEE YOU AROUND THE NEIGHBORHOOD!!!

Potential Home Buyers who DELAY have a lot to LOSE

Springtime is the time when the market HEATS UP, so all you potential buyers need to be prepared to move quickly on a particular home. First time home buyer and move up tax credits worth $8000 and $6500 expire APRIL 30th. So, my best advice is to begin working with a Realtor NOW!!!

As I mentioned before, the foreclosure home inventory is decreasing, so some buyers are experiencing "bidding wars" which are pushing prices up. Currently about 30% of markets are experiencing price increases.

We still have low mortgage rates, however if the FED stops buying morgage-backed securities at the end of March- 30 year rates will probably rise 6%.

Don't miss this GREAT opportunity, because as we all know this is the time to BUY!!!!

Contact me with all you REAL ESTATE needs

RealEstatewithRuben@gmail.com

Now I had a California Facebook friend ask me an important question about a Landlord's responsibility concerning security. Here is a general list of Landlord's Responsibilities...

Providing a livable unit. LIVABILITY means the unit should:

• be weather and waterproof
• have working plumbing
• provide enough hot and cold running water
• have a working heating system
• have an electrical system in good working order
• be free from infestations of insects and rodents
• have sufficient trash cans
• have floors, stairways and railings in good repair
• have natural lighting in every room
• have working windows that open at least halfway or mechanical ventilation
• have safe fire or emergency exits leading to street or hallway
• have a working deadbolt lock on main entrance
• have working security devices on windows
• have working smoke detectors

The landlord/owner must return the tenant's security deposit within 21 days of regaining possession of the unit. If he/she has withheld part of the deposit, an itemized statement must be made available to the tenant.

Please contact me with any questions or concerns

RealEstatewithRuben@gmail.com

SEE YOU AROUND THE NEIGHBORHOOD!!!

FORECLOSURE CRISIS IS ENDING

THE END IS NEAR, according to Barclay's Capital the number of foreclosures available fell to 617,000 in December, down from 845,000 in November 2008. Buyers hoping to find a "steal" on a foreclosed home are finding it more difficult because the supply is decreasing. Remember when DEMAND exceeds SUPPLY = PRICE INCREASE!!!

On a related topic, the Mortgage Bankers Association announced that there are signs that the foreclosure crisis is ending. According to Jay Brinkmann, MBA's chief economist, "The continued and sizable drop in the thirty -day delinquency rate is a concrete sign the end may be in sight..."

30-day delinquencies have been a leading indicator of foreclosures

"...[This] gives us growing confidence that the size of the problem now is about as bad as it will get."

and more good news, The Fed announced that interest rates will remain low, the Federal Reserve chair Bob Bernanke told Congress that the rates are likely to remain low for an extended period. He also stated that the economy "still requires support for recovery."

Now for those of you smart and savvy. Buyers that have purchased and qualify for the TAX CREDIT, here is what the IRS requires when filing your income tax r

eturn. You will still need to file Form 5405, however they are not demanding that all parties' signatures be on the HUD-1 settlement statement in areas where both

the buyer and seller signatures isn't common. They also ask that the buyer sign the statement before attaching to the tax return.

Now for you fortunate repeat Buyers, the IRS is seeking documentation proving residency in the previous property for five consecutive years of the the past eight years. Proof can be property tax records, home owner insurance records, or mortgage interest statements.

Please contact me for all your REAL ESTATE NEEDS

RealEstatewithRuben@gmail.com

SEE YOU AROUND THE NEIGHBORHOOD!!!

Beware!!! Foreclosure Fraud is on the rise!

WOW! It's amazing to me how scammers con people, especially when they are down on their luck. First we had those greedy mortgage brokers and lenders granting RIDICULOUS unaffordable loans to people with the promise of "The American Dream." Well millions of those dreams turned to nightmares when that balloon payment came due or that interest rate flew threw the roof. Now I am sad to report scams are on the rise disguised as a negotiator between homeowners and lenders. Heres how it works..

They place ads telling you they can get you a loan modification that will reduce your monthly payment and save you from foreclosure. They lay out a plan and assure you that everything is going to work out. They will do all the negotiating with the lender and you only have to pay 2/3 of your mortgage payment. Of course, the payment is made out to the program or the organization not the lender - RED FLAG! You see where this is going right? No negotiation was ever done, no payment ever went to the lender and BAM you're home is being foreclosed on.

DON"T BE A CASUALTY!

Contact me for a list of programs that are on the up & up!

Some won't cost you a dime!

RealEstatewithRuben@gmail.com

SEE YOU AROUND THE NEIGHBORHOOD!