In today's economy, many people are facing hard times, losing their jobs, homes, memories and self-confidence. One of the hardest things to do nowadays is to keep the home they've made their family history in. Letting go is a hard to do.
There are many avenues in which a bank, having a security in the property that people own, through their mortgage, is to either foreclose on the property through a trustee's sale, get a property back in lieu of foreclosure or a short-sale.
It is to the best interest of banks to try to keep the loan they have now with their current clients, as it is more expensive for the bank to foreclose or short-sale a property. This is, of course if the mortgagor (property owner) qualifies to get a loan modification and also get a 2nd chance in keeping the home.
What most people fail to realize, is that, a loan modification is geared for those, who are able to make payments on the modified plan, based on the current value of their home. Some restrictions to apply, so the bank holding your mortgage should be consulted before you take drastic measures.
One of the more better options for a home-owner in distress is to talk to a financial counselor in the hopes of deciding what is best for them. A HUD approved housing counselor can do just that. The number is 888-995-HOPE.
The other, better alternative to foreclosure is a short-sale, which allows a borrower to sell the property, despite current market values and loan amounts. A short sale gives the seller an opportunity to eliminate mortgage debt, and get a fresh start. Some restrictions apply, after all, the banks have to evaluate the amount of loss they have to take, and whether a borrower qualifies. A seller/borrower will in most cases, be able to close escrow without any further out-of-pocket expense. Additionally, the bank may give compensation to homeowners for moving expenses.
Fore more information on whether a short-sale is an option for you, call Nelli Derderian at (818)414-0513 for a FREE consultation.
Monday, February 7, 2011
Saturday, February 5, 2011
Buyer's dilemma...
With the current market, buyers are challenged with making decisions on the kind of property to purchase. More important than that is the type of sale the property is being marketed.
Whether it's a short-sale or a bank-owned, buyers need to be aware of short falls of each kind of transaction. While these types of sales usually give buyers a great opportunity to get a "good deal", they both present challenges.
Short-sales, also known as pre-foreclosure, pre-auction, NOD (notice of default), are properties that are being sold short of what they are owed to the bank. In other words, if there is a loan on the property of $500,000, and the property is being sold at $400,000, the bank is going to be paid less that what they are owed (in this case $100,000). When a bank takes a loss such as this one, they usually take their time in analyzing the loss, they order appraisals, broker price opinions, and weigh their pros and cons in making a decision to allow a seller to sell their property as a short-sale. Short-sale properties are somewhat priced competitively due to timing issues (bank may foreclose while property is being marketed for sale.)
With a short sale, since a private entity is selling the property, all aspects of a sale mimic that of a standard sale, i.e. disclosures, seller's history with the property, etc. The buyer usually will get more information on the property, hence make a more sound decision on the condition and potential of the property.
Bank-owned properties, also known as REOs (Real Estate Owned), are properties that the bank obtained through a foreclosure (or a trustee sale in California), and is now marketing the property for sale usually at market value (or sometimes less than market to be more attractive), and also give buyers a good opportunity to get a "good deal", but pose a great issue to buyers. Since the bank is selling the property and since it's never lived on the property, the bank is exempt from most disclosures, failing to give buyers a full picture on the history of the property, which a private seller is legally obligated to disclose.
Disclosures include: neighbor issues, property history, faulty systems, repairs and so on.
To get more information about these and other topics, call Nelli Derderian @ 818-414-0513.
Whether it's a short-sale or a bank-owned, buyers need to be aware of short falls of each kind of transaction. While these types of sales usually give buyers a great opportunity to get a "good deal", they both present challenges.
Short-sales, also known as pre-foreclosure, pre-auction, NOD (notice of default), are properties that are being sold short of what they are owed to the bank. In other words, if there is a loan on the property of $500,000, and the property is being sold at $400,000, the bank is going to be paid less that what they are owed (in this case $100,000). When a bank takes a loss such as this one, they usually take their time in analyzing the loss, they order appraisals, broker price opinions, and weigh their pros and cons in making a decision to allow a seller to sell their property as a short-sale. Short-sale properties are somewhat priced competitively due to timing issues (bank may foreclose while property is being marketed for sale.)
With a short sale, since a private entity is selling the property, all aspects of a sale mimic that of a standard sale, i.e. disclosures, seller's history with the property, etc. The buyer usually will get more information on the property, hence make a more sound decision on the condition and potential of the property.
Bank-owned properties, also known as REOs (Real Estate Owned), are properties that the bank obtained through a foreclosure (or a trustee sale in California), and is now marketing the property for sale usually at market value (or sometimes less than market to be more attractive), and also give buyers a good opportunity to get a "good deal", but pose a great issue to buyers. Since the bank is selling the property and since it's never lived on the property, the bank is exempt from most disclosures, failing to give buyers a full picture on the history of the property, which a private seller is legally obligated to disclose.
Disclosures include: neighbor issues, property history, faulty systems, repairs and so on.
To get more information about these and other topics, call Nelli Derderian @ 818-414-0513.
Thursday, May 27, 2010
Need Housing?
Renters are challenged in the current marketplace when looking for property for lease. Due to declining values, today's rents may not cover mortgage, tax and HOA payments on many properties.
That is why it's necessary for prospective tenants to find the right property, with the right owner, involving agents who know the market, and who have the resources to check on any defaults and/or deficiencies against a property and its owner.
You can search for properties for rent here, and let your trusted Realtors® give you the peace of mind you need for your family.
Call us at (818)414-0513, or info@CardeaRealty.com to find out how we can help.
That is why it's necessary for prospective tenants to find the right property, with the right owner, involving agents who know the market, and who have the resources to check on any defaults and/or deficiencies against a property and its owner.
You can search for properties for rent here, and let your trusted Realtors® give you the peace of mind you need for your family.
Call us at (818)414-0513, or info@CardeaRealty.com to find out how we can help.
Got Real Estate?
Landlords: Having trouble finding good tenants? Uneasy about who may move in to your investment property? Locating good, qualified tenants is a challenge in this market.
That is why we have put together some resources to help you make a good decision on renting out your investment property:
1. Market your property on the MLS;
2. Carefully screen any potential tenant through FICO scores,
Statewide Eviction History, Nationwide Criminal History;
3. Contact references, and verify employment.
Call (818)414-0513, or Info@CardeaRealty.com for information on how we can help.
That is why we have put together some resources to help you make a good decision on renting out your investment property:
1. Market your property on the MLS;
2. Carefully screen any potential tenant through FICO scores,
Statewide Eviction History, Nationwide Criminal History;
3. Contact references, and verify employment.
Call (818)414-0513, or Info@CardeaRealty.com for information on how we can help.
Wednesday, March 31, 2010
CARDEA's Purpose
Hello everyone!
Just wanted to touch base and let you know how my company has been able to help buyers and sellers with their real estate transactions.
Yes, I am the broker, owner, active Realtor® of yet another Real Estate company, but unlike any other… CARDÉA Realty & Investments is a boutique real estate company catering to our buyers, sellers and investors with the utmost respect, dedication, knowledge and expertise.
Here are some achievements and designations that have given my team an edge:
1. AHS accreditation – Accredited Home Staging Specialist designation has given us the tool that is all about turning the home into a marketable product; the vehicle that transforms a lived in home into a home that is ready to sell.
2. GRI – Graduate Realtor Institute - This designation may only be earned after successfully completing a rigorous educational program. This program requires 92 hours of live course instruction giving us a solid background in servicing our buyers and sellers and giving them the tools they need to make the right decisions in their real estate holdings.
3. e-Pro – Internet- Professional - a comprehensive, online training program giving Realtors® the internet and online tools they need to properly service the Connected Consumer.
4. SFR – soon to be certified, Short-Sale and Foreclosure Resource Specialist is the only designation recognized by NAR (National Association of Realtors®), created to properly train, inform and arm Realtors® to properly guide distressed sellers to finance, tax, and legal professionals; counsel them on their options; qualify sellers for short-sales; develop a short-sale package and negotiate with lenders; and also to guide and protect buyers in their short-sale purchase.
5. SRES – Seniors Real Estate Specialist - knowledge and understanding of, and empathy for 50+ real estate clients and customers. Being able to identify key life stages, viewpoints, and transitions in relation to housing choices of the 50+ client.
Do I believe education is important? You bet! This is how my team and I can help our clients to carefully sell and choose the right property that will suit their lifestyles, plans and future values.
Most corporate real estate companies are based on a franchise model, giving strong emphasis on their name and forgetting about what's important. At CARDÉA, it’s all about YOU! We don’t have corporate goals or measures to go by, but just practice simple real estate with BIG results.
We have helped many clients achieve their Real Estate goals; we can help you or someone you know as well.
Your support and referrals are greatly appreciated.
Just wanted to touch base and let you know how my company has been able to help buyers and sellers with their real estate transactions.
Yes, I am the broker, owner, active Realtor® of yet another Real Estate company, but unlike any other… CARDÉA Realty & Investments is a boutique real estate company catering to our buyers, sellers and investors with the utmost respect, dedication, knowledge and expertise.
Here are some achievements and designations that have given my team an edge:
1. AHS accreditation – Accredited Home Staging Specialist designation has given us the tool that is all about turning the home into a marketable product; the vehicle that transforms a lived in home into a home that is ready to sell.
2. GRI – Graduate Realtor Institute - This designation may only be earned after successfully completing a rigorous educational program. This program requires 92 hours of live course instruction giving us a solid background in servicing our buyers and sellers and giving them the tools they need to make the right decisions in their real estate holdings.
3. e-Pro – Internet- Professional - a comprehensive, online training program giving Realtors® the internet and online tools they need to properly service the Connected Consumer.
4. SFR – soon to be certified, Short-Sale and Foreclosure Resource Specialist is the only designation recognized by NAR (National Association of Realtors®), created to properly train, inform and arm Realtors® to properly guide distressed sellers to finance, tax, and legal professionals; counsel them on their options; qualify sellers for short-sales; develop a short-sale package and negotiate with lenders; and also to guide and protect buyers in their short-sale purchase.
5. SRES – Seniors Real Estate Specialist - knowledge and understanding of, and empathy for 50+ real estate clients and customers. Being able to identify key life stages, viewpoints, and transitions in relation to housing choices of the 50+ client.
Do I believe education is important? You bet! This is how my team and I can help our clients to carefully sell and choose the right property that will suit their lifestyles, plans and future values.
Most corporate real estate companies are based on a franchise model, giving strong emphasis on their name and forgetting about what's important. At CARDÉA, it’s all about YOU! We don’t have corporate goals or measures to go by, but just practice simple real estate with BIG results.
We have helped many clients achieve their Real Estate goals; we can help you or someone you know as well.
Your support and referrals are greatly appreciated.
Thursday, July 30, 2009
We are now AHS (Accredited Home Staging) certified!
Experts All Agree! Staged Homes Sell Faster And For A Higher Price!
According to a recent USA Today article, a major residential brokerage company looked at nearly 2,800 properties in eight different cities and found that staged houses sold in almost half the time the non-staged houses did. They also found that sellers got substantially more money for a staged home.
This is further backed up by a 2003 HomeGain survey of 2,000 real estate agents nationwide that found moderately priced home improvements made before the sale, ranging from $80-$2,800, ended up producing the highest return on investment at the time of the sale when compared to other home improvement projects.
Source: AHS Designation.com
Now is the time to set your property apart from the rest. Let me know if you are interested in a consultation and/or a home valuation.
According to a recent USA Today article, a major residential brokerage company looked at nearly 2,800 properties in eight different cities and found that staged houses sold in almost half the time the non-staged houses did. They also found that sellers got substantially more money for a staged home.
This is further backed up by a 2003 HomeGain survey of 2,000 real estate agents nationwide that found moderately priced home improvements made before the sale, ranging from $80-$2,800, ended up producing the highest return on investment at the time of the sale when compared to other home improvement projects.
Source: AHS Designation.com
Now is the time to set your property apart from the rest. Let me know if you are interested in a consultation and/or a home valuation.
Sunday, November 18, 2007
Fast Facts - Industry Update - 11/18/2007
Calif. median home price - September 07: $530,830(Source: C.A.R.)
Calif. highest median home price by C.A.R. region September 07: Santa Barbara So. Coast $1,667,500(Source: C.A.R.)
Calif. lowest median home price by C.A.R. region September 07: High Desert $271,940(Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Second Quarter 07: 24 percent (Source: C.A.R.)
Mortgage rates - week ending 11/08: 30-yr. fixed: 6.24%; Fees/points: 0.4% 15-yr. fixed: 5.90%; Fees/points: 0.5% 1-yr. adjustable: 5.50%; Fees/points: 0.6% (Source: Freddie Mac)
Calif. highest median home price by C.A.R. region September 07: Santa Barbara So. Coast $1,667,500(Source: C.A.R.)
Calif. lowest median home price by C.A.R. region September 07: High Desert $271,940(Source: C.A.R.)
Calif. First-time Buyer Affordability Index - Second Quarter 07: 24 percent (Source: C.A.R.)
Mortgage rates - week ending 11/08: 30-yr. fixed: 6.24%; Fees/points: 0.4% 15-yr. fixed: 5.90%; Fees/points: 0.5% 1-yr. adjustable: 5.50%; Fees/points: 0.6% (Source: Freddie Mac)
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