Rebecca Austin discusses ” Common Loan Modification Questions “ the Law Office of Michael Groves
Radio Show: Home Help Radio with Rebecca on KPRZ
Date: 12-03-11
Rebecca Discusses ” Myths & Misconceptions about Underwater Home Values~A Guide for Homeowners in 2012 ” – If you are a homeowner whose house value is less than what you owe, or if you are falling behind on your mortgage payments, listen to this segment as Rebecca brings clarity to the common myths and misconceptions about Short Sale, Loan Modifications, and the Lending Institutions that hold your mortgage.
Radio Show: Home Help Radio with Rebecca Austin on KPRZ
Date: 12-03-2011
Rebecca Discusses the “ Current San Diego Real Estate Market ” January 2012
Radio Show: Home Help Radio with Rebecca Austin
Date: 12-3-2011
Rebecca Discusses some of the ” Strategies for Homeowners in 2012“
Radio Show: Home Help Radio with Rebecca Austin
Date: 12-24-2011
Rebecca Discusses some of the ” Smartest Real Estate Decisions for 2012 “
Radio Show: Home Help Radio with Rebecca Austin
Date: 12-24-2011
Rebecca discusses current ” Real Estate & Loan Modification Scams “–Seller’s BEWARE!
Radio Show: Home Help Radio with Rebecca Austin on KPRZ
Date: 12-24-2011
Could This Double Dip Turn Into A Triple?
Barclays Expects a 7% Drop In Home Prices
Research firms Barclays Capital and Clear Capital say a “triple dip” in home prices is eminent. They are estimating a 6-7% drop in prices over the coming months followed by a gradual rise.
How much fact is behind this prediction and is an accurate one for San Diego? To figure this out we need to look at REO and Distressed Inventory. The banks will need to be removed from the Real Estate Market before we see normalization. In San Diego, there are approximately 73,000 homes and condos that are either in shadow inventory or in a state of eminent foreclosure. These homes will need to cycle through the market as Bank Owned sales or as Short Sales. At our current sales pace (about 12,000 distressed sales closed in 2011) we are looking at a 5-6 year cycle before we are through this bank mess.
The biggest factors involving our prices within the market itself will be the pace at which this inventory is introduced into our market. The government/banks have been somewhat strategic in their release of their inventory and it’s nice to think that they are doing this to control the inventory. (We won’t go into how it affects their books and their ability to appear more or less profitable to suit their needs). Peripheral factors are of course lending rates and the ability for buyers to qualify, employment and the overall health and confidence of our economy.
Home Owners considering selling to “test the waters”now is the time to prepare to list. However, listing in June may net you a higher windfall. Current inventory is up and you’d be jumping in the cage with some serious competition.
Home Owners who are stretched financially and underwater,there is no better time than right now to consult and plan for the next 10 years. This is not going to fix itself and, to add to the urgency, The Mortgage Debt Forgiveness Act that allows you to cancel the debt, is up at the end of the year.
Buyers/InvestorsIf you can buy, these are the times when the new money emerges. If you can buy, you are amongst the minority who can take advantage of what will most likely be the greatest Real Estate opportunity of our lifetime. We will all look back at this Depression and say, “I wish I bought 10 houses in 2012”.
The HAFA program (Home Affordable Foreclosure Alternatives Program) is a Government Program that gives Banks and Home Owners incentives if you decide to sell your underwater home and rid yourself of massive debt.
Tips for Home Owners Planning To Sell Utilizing the HAFA Program:
- Once you decide to sell, you can apply for the HAFA program and get the banks approval BEFORE you put a sign up.
- Apply in the fall and get the approval in the early spring. Many people would prefer to wait to sell until the spring, but HAFA gives you the peace of mind now.
- Our clients are getting additional money for moving expenses through this program.
- You don’t have to talk to the bank.
- No need to miss payments in order to qualify but if you have that’s ok too.
- Generally, the debt is forgiven on purchase money loans if it’s your primary residence. (but we include a free consult with a Tax Professional)
- The banks pay for all the costs of the sale.
- You don’t have to move out until the closing date.
First step is to see if you qualify. Request a phone consultation and receive more information to help you make the best decisions for you and your family.
You are seeing the news…whispers of a Real Estate recovery. Although this Broker still has a large grain of salt in hand, I will say this. Logic says this, homes half price of what they were 4 years ago, yet to meet anyone who wouldn’t love to live in San Diego, a tourist destination with million things to do, the best climate on the continent, amazing quality of life, and rates that everyone agrees will be increasing soon…if I were going to buy a house I’d call San Diego a solid long term bet. As an investor, there are flips to be reno’d and there is cash flow like never before.
With that, the world is now looking at San Diego as one of the first indictors of a Real Estate recovery. When will we see the bottom? Oh, about 6 months after is happened… While we’re waiting, why don’t we get our arms around how to find our next San Diego home, 2011 style.
“The loudest person in the rooms is many times the one who knows the least” If you there are people in your world who talk a big Real Estate game (you know, the guy who talks just a little louder than necessary at the Starbucks about the market) most likely he’s not doing anything. Our clients don’t sit around and talk about the market. They just go buy a house that they love and they get the best deal along the way.
The Steps To Buying a San Diego Deal In 2011
Choosing to enlist the help of a Real Estate Agent to find a home is your choice. Just like buying a car, doing your taxes, going to small claims court, you have the choice to represent yourself. Take the car buying example. I will research online for the type of car I want, but when it is time to buy I have always gone to a dealership and bought. This is just my style; I know that I don’t know everything about cars so I want the professionalism of the dealership experience and the education they provide along the way. I also want to know where they live in case I have an issue later.
Why would someone spend hundreds of hours trying to become a Real Estate expert when they could simply work with an Agent (who by the way doesn’t charge you a penny for their services?). Simple. Trust. On behalf of the Real Estate Industry, I’d like to apologize for that. As Realtors, we have to admit (and I do every day) that the bar is low for several reasons. Multiple choice tests, (just check c, right?), next to no Broker support and education, a much more complex career than most realize, and a once booming market that could make a monkey a millionaire has resulted in a ton of embarrassing stories for Realtors. Thanks to these experiences, some people see Agents like commodities that they would only use as a last resort.
Others see the value in enlisting the help of really good Buyer Representation.
The obvious benefits:
- It’s what we do. There is so much going on in the local markets you can’t expect you’ll learn it all. Active, experienced agents will educate you on the local market and help you sift through all the lies and garbage. (online especially)
- Time Saver. Most people research way too much before asking for help. If we are looking for the bottom on the market, we could completely wipe ourselves out by just getting stuck in analysis paralysis.
- The DEAL is in the negotiations!! This is the most overlooked aspect. If you think you are going to find a home 20% off market on Realtor.com or Zillow, think again!! The deal is in the negotiations of the price, terms, repairs etc. This is where solid Buyer Representation comes in.
Here are the steps we have found have worked the best for our recent success stories:
- Know what you can afford.
- Polish Up Your Credit for the Best Rate and Payment.
- Know what you want in a home.
- Know where your options are.
- Look at SOLDS not ACTIVES.
- Narrow it down to communities.
- Get accurate data
- Take a tour and get in some homes.
- Reassess Or Commit
- Find the Deals
- Offering Aggressively
- Negotiating Terms, Repairs, and Extra Goodies
- Avoid the Potholes along the way.
For More Information on how to access the data that is critical to finding your ideal San Diego home at the best price possible, click here.
As Promised:
List of This Weekend’s Open Houses – Click Here
We are hosting several Open Houses this weekend throughout the County.
Remember, we price our homes to sell so this is a great way to gain perspective of the current market.
List includes not only our Open Houses but Open Houses from all Real Estate Companies plus Bank Owned Homes and other Deals.
You’ll get Addresses, Pictures, Asking Prices, and Driving Directions so you can tour at your leisure without sales pressure.
Bank Owned Bonanza. Fannie Mae’s Brand Spanking New Buyer Assistance Program.
This just in….Monday, Fannie released a new Buyer Down Payment Assistance Program to help Home Buyers buy Bank Owned Homes. Add that to their First Look Program and you get the opportunity to crush those Cash Investors who have been beating you out on all those other properties.
Get the List of Homes that Qualify for This Program – County wide.
Home Owners with a Nasty Loan or just Plain Old Bad Timing – Analyze Your Real Estate Situation.
Online Home Evaluation
Derrick and I talked about the awesome benefits of this tool for our Upside Down Friends. It’s the result of years of helping people in your situation and produces a solid, visual, and predictable plan.
Here’s our talking point from the show and the highlights of what the Evaluation provides:
- Analyze the Value of Your Home
- Analyze Your Loan
- Analyze the stability of your Community
- Analyze your Options – Living Wise
- Eg – Loan Balance – $500K, Home Worth $350K, Option Arm Loan – No Mod option, Live in a Community with a lot of PreForeclosure Activity, homes aren’t as well maintained. Payment $3500. Average rent in area $2500. Perhaps average rent closer to work in a better neighborhood is $2900.
- Graphs visually predict the next 10 years – if you stayed or sold and repurchased.
- BOA loans especially have it good. You can actually get full approval for the short sale including the price PRIOR to listing it for sale. That means, much more predictable outcome.
- The best time to list is now or sooner – buyer activity is way up, banks are ready to work with you, move in the summer when the kids are off school.
