How can three words say so much? Every Saturday morning "Good Morning America" features a segment where viewers submit their own video's and hold up a sign expressing their thoughts, which are only printed and not spoken If you have never seen it, the displays make a profound statement. When my daughter used to watch that purple dinosaur, we would hear the magic words sung over and over, time and time again. I never thought that magic words would be applicable to real estate. Apparently now, … [Read more...]
Newly Signed Relief Plan to Benefit First-time Home-buyers and Distressed Homeowners
July 28, 2008 By 1 Comment
The most exciting piece of legislation in the soon-to-be enacted housing relief bill is the tax benefit for first-time home-buyers. First-time home-buyers will be eligible for a tax credit of up to $7500 towards their federal income taxes provided they meet the income requirements. The tax credit isn’t a complete giveaway; buyers will have to repay the $7500 over 15 years, but the loan comes interest-free. Not a bad deal! The income limitations are $75,000 for a single person, $150,000 … [Read more...]
Foreclosure Update for Pasadena California
February 5, 2008 By Leave a Comment
Foreclosure's are increasing in Pasadena. The map below indicates properties in some stage of the foreclosure process. The colors represent what category the property is in. A green pin means that the property is in the "preforeclosure" stage. A notice of default has been filed informing the owner that unless the debt is brought current the bank will proceed to auction. The blue marker indicates that an auction date has been set while the green depicts the bid at the auction was not acceptable … [Read more...]
Anatomy of a Short Sale – Will Someone Make a Decision?
January 6, 2008 By 3 Comments
When a property owner becomes delinquent in their house payments they can attempt what is known as a short sale. A short sale indicates that the proceeds of the sale will not cover the debt on the house, indicating the lender will be taking a loss. The question then becomes how much loss is a lender willing to accept? Or is the lender likely to make more money by allowing the house to be foreclosed on and take it to auction? Negative Equity If a home was purchased in the last couple of years, … [Read more...]
Foreclosure – It Happens
November 30, 2007 By 1 Comment
A few days ago we looked at the number of properties that were in some stage of foreclosure in the City of Pasadena. With so much talk these days about the increasing number of foreclosure's we thought we would attempt to explain the process for a property that goes into default. To get a good understanding of what's involved, we need to first explain what happens when you purchase real property. In California we use a deed of trust. Other states may use a mortgage. The deed of trust provides … [Read more...]
What You Have To Say