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October 23, 2008

Foreclosures

Filed under: Foreclosures — Frogman235 @ 10:51 am

It is interesting to see how volatile the foreclosure statistics are month to month. Much of it is due to the economic swings and the new legislations being passed to regulate the foreclsoure process. Some interesting stats are as follows:

  • U.S. Foreclosure Activity decreased 12 percent from August to September, but was up 21 percent from September 2007
  • U.S. Foreclosure Activity increased 3 percent from Q2 2008 to Q3 2008 and was up 71 percent from Q3 2007
  • California foreclosure activity decreased 32 percent from August to September, mostly driven by a 51 percent drop in NOD filings
  • The big drop in NOD filings in California is largely attributable to a new law (SB 1137) that took effect Sept. 8 and requires lenders to contact homeowners 30 days before filing a NOD
  • The trend we are seeing in general is that new state laws dealing with the foreclosure process are lowering numbers in some states, but it’s too early too tell in most cases if the laws will have a long-term impact or just forestall foreclosures temporarily
    The state laws are designed to regulate the process and protect the home owners as well. Overall, the impact should be to reduce the number of foreclosures by state each month but only time will tell if the regulations will have a lasting impact.

New Condos Online has partnered with Realty Trac to showcase foreclosure condos and foreclosure homes across the country. Until we can market and sell current inventory it will be difficult to find funding for new condo developments and home communities over the next few years.

December 29, 2007

Offering Foreclosure Info to Spark Interest

Filed under: Foreclosures,Home Buyers,Real Estate Agents — sunnydayz @ 8:50 am

In a housing market of rising foreclosure rates, brokers are beginning to utilize the “foreclosure hype” as a tactic to generate and capture new buyers.This morning I was reading the San Diego Union Tribune (Homes section), when I noticed a banner reading “San Diego Foreclosures” and “How to get started”.In my paperless environment, I clicked on the “How to get started” option and I was directed to a screen which advised the following:

In a housing market of rising foreclosure rates, brokers are beginning to utilize the “foreclosure hype” as a tactic to generate and capture new buyers.This morning I was reading the San Diego Union Tribune (Homes section), when I noticed a banner reading “San Diego Foreclosures” and “How to get started”.In my paperless environment, I clicked on the “How to get started” option and I was directed to a screen which advised the following:

Distress Sales resulting from bank foreclosures often represent a great way to get a fantastic deal on a home. It’s not easy for the average homeowner to find these deals, because you have to keep scouring the paper to see when one comes up.

If you’re the type of person who recognizes what a great deal some of these properties could represent, you will be interested to know about a new free computerized service which automatically searches out and downloads a current list of all such properties day in and day out. When you receive this free, no obligation service, you’re automatically plugged in to the most current list of Foreclosure Properties on the market, in the price range and area that interests you. This FREE service every week will save you a lot of research and running around.

Sounds great right?A no-brainer??If you have ever experienced the process of purchasing a distressed property, you know this is no walk in the park.To begin, once a property reaches the state of “foreclosure” it is a bank-owned asset.All negotiations are made with a representative whom has a black and white protocol of what to offer, what to accept, and what to walk away from.Along those same lines, most foreclosures are sold “as-is”, meaning what you see is what you get, no repairs will be made to the property.Plain and simple, there is no negotiating with the bank.

If you are interested in finding a similar deal, you’re best bet is to find a home in process of foreclosure, but that hasn’t actually foreclosed.This is referred to as, Notice of Default, it is the step prior to bank repossession.By obtaining a list of NOD’s, you can make an attempt to save a seller from the disaster of repossession and more importantly negotiate price, terms, and repairs in your behalf.It’s a much safer way to stay on top of the market and proceed with everyone’s interest in mind.You can obtain a Notice of Default list from any real estate agent who has a relationship with a title company.

****Information in Para 2,3 provided by San Diego Union Tribune, June 6, 2007Distress Sales resulting from bank foreclosures often represent a great way to get a fantastic deal on a home. It’s not easy for the average homeowner to find these deals, because you have to keep scouring the paper to see when one comes up.

If you’re the type of person who recognizes what a great deal some of these properties could represent, you will be interested to know about a new free computerized service which automatically searches out and downloads a current list of all such properties day in and day out. When you receive this free, no obligation service, you’re automatically plugged in to the most current list of Foreclosure Properties on the market, in the price range and area that interests you. This FREE service every week will save you a lot of research and running around.

> Sounds great right?A no-brainer?If you have ever experienced the process of purchasing a distressed property, you know this is no walk in the park.To begin, once a property reaches the state of “foreclosure” it is a bank-owned asset.All negotiations are made with a representative whom has a black and white protocol of what to offer, what to accept, and what to walk away from.Along those same lines, most foreclosures are sold “as-is”, meaning what you see is what you get, no repairs will be made to the property.Plain and simple, there is no negotiating with the bank.

If you are interested in finding a similar deal, you’re best bet is to find a home in process of foreclosure, but that hasn’t actually foreclosed.This is referred to as, Notice of Default, it is the step prior to bank repossession.By obtaining a list of NOD’s, you can make an attempt to save a seller from the disaster of repossession and more importantly negotiate price, terms, and repairs in your behalf.It’s a much safer way to stay on top of the market and proceed with everyone’s interest in mind.You can obtain a Notice of Default list from any real estate agent who has a relationship with a title company.

****Information in Para 2,3 provided by San Diego Union Tribune, June 6, 2007

Avoiding Foreclosure

Filed under: Foreclosures — FISH @ 8:50 am

houseBy now many of you have seen that foreclosures are up a whopping 93% this year. Too many people are not taking the necesary steps to avoid a foreclosure. First, enough of these crazy loans. Home buyers should not enter into loans with crazy teaser rates or adjustable terms that will cause drastic increases in their payments. Also home buyers need to make sure they can afford the home in the first place. Accept for in some markets in the country a home buyer should not spend more than 36% of their monthly income on a housing payment.

Once the house or condo is purchased and payment problems come up, you must stay in close contact with the bank of lending institution. Many banks will allow late payments or negotiated payments to prevent foreclosure. The dead beats that avoid the creditors and bank are the ones that end of losing their homes constantly. Lenders want you to pay and they are willing to be flexible and work with you but if you keep them in the dark, you will lose your home.

On the flip side, many investors profit from foreclosures. When the stock market tanks, people that have the money and the stomach for it pick up undervalued shares and stick it out. It is the same way with housing. Eventually the market will turn around, and investors that picked up foreclosed home for pennies on the dollar will benefit greatly.

In closing, make sure you can afford your time, get the best loan for you, and stay in conatct at all times with your lender.


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