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Recently I had some buyers looking at a home that was listed as a short sale, but I knew we could get a better deal…

I knew sooner than later, I would be seeing the home again as a bank owned listing. I told my clients to hang tight and that I would check the MLS everyday until it appeared. Sure enough, a week and a half later it came on The MLS for $130,000 as a bank owned property. I called my clients the minute I saw it and we wrote an offer for $115,000 cash.

The bank came back the next day at $117,000 cash and we snatched it up. Not only that, but the bank repaired some broken pipes under the house that the original owner most likely would not have been able to afford to do. Basically, the bank took a month and a half and did nothing when it was a short sale.

Once it was a bank owned, we bought it in two days for less money and had repairs thrown in as a bonus. Bank owned One, Short sales Zero. The second situation is very similar. My clients put in an offer of $340,000 on a short sale listed at $389,000. Again, we waited patiently for almost two months while the bank had the home reappraised and numerous BPO’s done.

In the end, after two months, they rejected our offer and let the home go into foreclosure. Like the last time, I watched the MLS and saw the home come up as a bank owned property for $390,000. My clients and I both felt the home was overpriced and we should wait and watch it to see if it would reduce. After two weeks, it hadn’t sold and we decided to make our move.

We came in at $333,000, and waited for a response from the bank. This time it took one day to get their answer, which was no. After a week of wrangling, we put the home into escrow for $339,000. So, we got a lower price in only a week when it was bank owned. Bank Owned Two, Short Sales Zero.

Article submitter S. Miller knows all about shopping Big Bear, CA foreclosures and Big Bear, CA houses overall. Check out more of her posts online.

Stephanie Miller Finance big bear, Finance, home buying, home for sale, house for sale, luxury homes, new homes, property, property listings, real estate, resort homes, single family homes, vacation homes

A question I seem to get quite a bit these days from my clients is ” What is the difference between short sales and REO’s?” I then , usually, go into a whole explanation of the pro’s and con’s of each, and end up telling them that REO’s are superior in every way. I have a couple of dealings over the past couple of months that really bring this point home.

For over a year now, I have had the pleasure of dealing with a wonderful family. They in North Hollywood, and have been searching for their perfect house in this area for quite awhile now. The first few times we looked around, we didn’t find anything that would have benefited their situation. The family had decided to take about a year, waiting for prices to drop, before they wanted to search again.

So, I took them out a couple of months ago and found a cabin that was perfect for them. The cabin is super clean and situated on a great lot with a ton of beautiful oak trees. Even at the $149,900 price tag, it was a great deal. The one big problem with it was it being a short sale listing. I warned them of the major hassles that usually accompany buying a short sale, but they liked the house enough to risk it.

Over a month into the process, and we still hadn’t heard a response back. It was around this time that I had come to the conclusion that the selling agent hadn’t done his part in filing the short sale paperwork. I informed my clients that the only option we had now was to wait until the bank responded. The selling agent contacted me over a month later to inform me that the bank had snatched this property from him, and didn’t respond to our offer.

It is obvious why I have such a disdain for short sales. I am sure this won’t be the end of it…

Article submitter Marie Strahg has much experience shopping a Big Bear, CA foreclosure plus Big Bear realty overall. Check out more of her posts online.

Marie Strahg Finance big bear, Finance, home buying, home for sale, house for sale, luxury homes, new homes, property, property listings, real estate, resort homes, single family homes, vacation homes

Recently, my clients and I threw a hat in the ring for a bank-owned property. Form my previous experience, it seemed like everything was going smoothly.

So, after a week went by I wasn’t too concerned. After almost two weeks went by, I became alarmed. I called and emailed the listing agent two or three times a day for three days without receiving a response. I finally had to call his broker and demand that someone who was competent be put in charge of the deal. I was given an assistant who seemed to have some idea of how things worked.

Finally, after almost three weeks, I was emailed an extension agreement that stated we were requesting an extension due to the listing office opening escrow with the wrong company and not realizing it for two weeks. Two weeks? If I hadn’t called the broker with my concerns the listing agent would have just coasted along obliviously and incompetently until our deal crashed and burned.

Luckily I also have had some good experiences with bank owned properties. I did recently sell one of these properties for a property listed by an agent from Lake Arrowhead. Like before, it did take the bank quite awhile to open the escrow, but everything else was top notch. The agent I was working with was very good about keeping me updating, and her assistant was on top of it as well. I was then able to file all my paperwork in a timely fashion.

Because of this, I was able to deliver excellent customer service to my client. Please be aware when you are hiring an agent, and make sure you are asking plenty of questions to make sure they are on the up and up. It is important to make sure that your Realtor is a fulltime agent and can devote all his time to you. Always make sure they are knowledgeable about how the of your local housing market.

If you do plan on buying a property in the Big Bear area, I would not suggest hiring an agent from L.A or Orange County. If your intentions are to purchase a bank owned property, it is very beneficial to hire an agent that is familiar in that field. It is a sad fact how differently banks can operate, and if you don’t have an agent that is proficient in the bank owned property, they could cost you lots of money, and even possibly the property.

Author Info: Marcus Fetzer knows all about researching Big Bear, CA foreclosure deals plus Big Bear realty in general. Check out his other posts online.

Marcus Fetzer Finance big bear, Finance, home buying, home for sale, house for sale, luxury homes, new homes, property, property listings, real estate, realty, resort homes, single family homes, vacation homes

You may not be aware that buying an REO, a bank owned property, is quite a different process then buying a property the old fashioned way, and it is extremely important that your Realtor understands the difference. Let me tell you why if your Realtor doesn’t know the vast difference between the two, how it can cost you a lot of money, and possibly cause you to all together lose your property.

When a bank owns a property, they have complete control over the situation. They have the ability to make the rules and do not have to follow any disclosure requirements. The bank will typically have you, the buyer, sign an addendum which will give them full disclosure to the process, and leave you with no protections.

The bank will set a timeline that they demand you stay on top of, or they will enforce consequences on you. The odd thing is that they can take all the time they need before they deliver any type of response to you. Almost a month ago, I was approved and have been holding money in escrow for a bank owned property. It took the bank three weeks into the thirty-day period before they even opened my escrow.

We didn’t get a copy of the signed contract or bank addendum until three weeks into the deal. Of course, the bank addendum we signed at the beginning of the transaction had us agree to pay a $100.00 per day per Diem for every day we went over the 30 days agreed upon in the contract.

Then they did nothing on time to make it possible for us to make the deadline. As many of you know, the majority of short sales do not close successfully. This is usually due to the listing agent not knowing how to do them, but taking the listing anyways. If the listing agent doesn’t put in all the work ahead of time, a short sale is a nightmare. REO’s can be the same. In this case, the listing agent assured me that he had done all the footwork and the bank was ready to move.

Article submitter Allen Fulton knows all about shopping Big Bear, CA foreclosures plus Big Bear, CA houses in general. Check out his other articles on the internet.

Allen Fulton Finance bank owned property, big bear, Finance, home buying, home for sale, house for sale, luxury homes, new homes, property, property listings, real estate, reo, resort homes, single family homes, vacation homes

I just had the REO from heck nightmare with some insane per diem issues. I anted to spread the word of caution around to anyone who is listening.

Obviously, we decided to proceed with our offer on the cabin, knowing it would probably be a prolem if we did not. This is where my experience came into play. I have had this happen to me numerous times on bank owned purchases and I have learned that my buyer just needs to forget about the bank and make sure he does everything he needs to do to stay on track.

As long as we can prove that the delay was not of our doing, we can get out of having to pay the per Diem. I made for sure that all inspections, including the termite inspection, was done by the listing agent, and done in a timely manner. Fortunately, since my client is paying for this property in cash, we needn’t worry about the appraisal. If a client were to be purchasing a home from a loan, you need to be in direct contact with the lender throughout the process, making sure the appraisal is completed in time.

If at all possible, you do not want any last minute situations popping up during the closing period. More then likely not everything is going to go your way, but if you follow the steps you need to take throughout the process, things will turn out just fine. I find myself always telling my clients that the banks really don’t have an idea of what may be happening at every moment throughout the process. It seems as though they just kind of float through just waiting for something to happen.

It hasn’t been uncommon for me in the last few years to witness banks doing something that is just out of sorts. You will rarely find a bank transaction that actually goes all the way through the process without a glitch. The key it to hire a bright, informed realtor to help you have a successful experience.

Author Info: D. Thuster knows all about shopping Big Bear, CA foreclosure deals plus Big Bear realty overall. Check out his other posts online.

Daniel Thuster Finance bank owned property, big bear, Finance, home buying, home for sale, house for sale, luxury homes, new homes, property, property listings, real estate, reo, resort homes, single family homes, vacation homes

The real estate market has been very slow for quite some time. Fewer sales are occurring, so the government has expanded and extended the tax credit for buying a home in an effort to encourage consumers to buy a home now. Many believe there is a mammoth supply homes on the market waiting for buyers to come back to the party . Unfortunately it’s not that easy. These days many consumers find that they are not the only buyer when they write an offer on a house. That’s because there are few houses accessible to home buyers trying to put 10% or less down and qualify for a loan. The owner’s situation dictates the type of purchaser they can sell to.

Foreclosures

A significant supply of bank owned properties is being marketed right now, and they will continue to flood the market for the forseeable future.

When banks have finally completed the foreclosure process and they have clear title to a vacant home, they want to get it sold promptly. They offer it at or below market value and take an offer that will close quickly, even if it’s not at the highest price. As a result they’re selling to investors who can pay cash, or at least have a significant down payment and a lender ready to go.

Pre-Foreclosure Sales

Many homeowners who owe more on their mortgages than their homes are worth try to sell their properties as a short sale to salvage their credit. The lender must agree to forgive a portion of the loan for this type of sale to go through. Lenders would prefer not to do this, and often allow a home to be foreclosed before accepting a short sale. Buyers often wait months for bank approval, and may never get it. Those who can afford to wait and don’t mind the uncertainty of not knowing whether they’ll get the house usually make low offers on short sales. This is a sale that’s more suited to investors than to homeowners who need a place to live in a reasonable amount of time and with some predictability.

Brand New Construction

Home builders are not building nearly as many new homes as they once were. They are able to hold off and wait to develop their land when prices appear to be on the rise. There are some new homes available, and home builders are often very willing to work with buyers who are short on cash and need a lot of time.

Equity Sales

If a homeowner has equity in his home, they often choose to wait. They understand that home prices have gone down a lot since the highs of a few years ago. They look forward to prices rising again after the market reaches the bottom and all the distressed sales have worked their way through the system. A few understand that it’s an ideal opportunity to move up – if they can afford to do so. They’ll come out ahead because values of better houses have fallen more than values of less expensive homes Relocating employees may often have to sell regardless of market conditions.

Homes Available to Would-Be Homeowners

Many people looking for a home to occupy have to scrape together a minimum down payment and secure a home mortgage. This process is time consuming, and some of the time sales fall out of escrow. Recent changes to appraisal guidelines have made the situation more challenging. Banks will loan up to 80%, 90% or 96.5% of the appraised value, and recently appraisals have been coming in under the agreed price. Many distressed owners do not have the opportunity to wait for a buyer to go through this process, especially when it’s a real possibility that they won’t close at the end. As a result, they are selling to cash buyers instead. Some sellers take a very long time to get lender approval for an offer. This just isn’t an option for a family in need of a home. This leaves a few equity listings and new construction as the only practical choices.

Which Geographic Areas are Seeing this Problem

The most impacted geographic areas are those that had overblown home values just before the recession, including houses in Phoenix or Las Cruces, new homes in Chula Vista, and any homes in areas where sub-prime home loans were widespread. Anyone trying to buy new homes in San Diego, Los Angeles or Riverside will shortly find out that Southern California is one of the hardest hit housing markets. It was also one of those most in need of a return to reasonable prices.

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Horace Lenning Finance Finance, foreclosures, new homes, real estate

A whole lot of aspects have to be considered before you consider buying a home. One is checking the home features. I bet you don’t want that in the end run, what you will be buying need repairs. When coming into this entire process of owning a home, you can’t really avoid problems. And to ensure the home to be in excellent state, why not take the option to involve in real estate transactions?

At first probably you are already convinced that you will not need a real estate agent’s help. However, think again. You will go though holding papers and if you are just alone for that, you will be taking much time than to compare if you have asked for an agents help. Maybe what fears you is the additional expense. Whoa! But that’s a misconception. That direct cost is not true. If I am wrong in saying that, then that is because you have allowed it so. Remember that in the first place, you are the boss in that transaction. His/her job will only be as to guiding you towards the step before you own the house. There will be an expense yes, but not direct one. Second reason, you are assured of the legalities. Third, you could have wide choices of home because they have listings for you to see. The search won’t anymore be a tedious one for you. And fourth reason, you paper works will lessen. All of those are the job of a real estate agent, so allow them to work in their own field.

Your question then as home buyer is how will you search for that agent?

Finding professional agent can be a challenge. Start finding the right estate agencies out there. They may be small or large agencies but it’s the commitment level you should always consider. Individual agent matters most than agencies. Find an agent whom you think you are interested to work with. Look for the experience that agent has because it is much better that you find someone who works for more than two years holding their record from the agency that they are tested.

Try also searching for the listings online. There are lots of websites that refers for agents. Find time to read testimonials in individual profiles. But also consider those newbie but someone who has various successes in the field.

Referral from your family, friend, neighbors or coworkers is also a good option. At least, they can tell their experiences working with that particular agent.

Eventually, as you settled to start business with that agent, remember to be familiar with the different processes in the inspection of your papers. Be familiar and have that careful awareness. It’s best if you have lawyer of consultant too.

Maintain that perspective in the home you’ve been building in your head. Do not just think of today but think about future options. Think about walk-through as you deal with financial matters. So before finally closing deal to a real estate agent, weigh all of your ideas that relates to owning the house. If it is final then behold that house and start living in the luxury of its comfort!

Purchasing the beautiful and luxurious Vancouver real estate is a convenient reason for relocation. On a similar note, you may also be interested in Vancouver travel.

Adriana Noton Finance buyers, buying houses, Finance, homes, house for sale, new homes, properties, property management, real estate, real estate development, realty, vancouver

Less new homes have been sold in the last year or so, due to home buyers finding foreclosed homes more affordable in light of the recent recession. Research in the property market has however established that buyers now prefer ‘green’ homes to luxury homes with non-green additions.

Nearly fifty percent of buyers looking at homes prefer homes with energy saving fixtures like solar panels over luxury fixtures. Thirty one percent of interviewees preferred the luxury fixtures.

The neighborhood, in which the new home is located, is also an important consideration. People prefer their new homes to be in areas with low crime rates and in close proximity to their place of work. Only 6% of respondents would be prepared to sacrifice their proximity to shopping malls, whilst 3% of people would sacrifice their proximity to public transportation, such as bus routes.

A high number of people would be prepared to sacrifice on personal comforts in order to buy new homes.

Although 81 percent of respondents are facing significant financial obstacles when purchasing their new homes, the survey predicts a positive change in the property market after the elections.

Most interviewees wish to purchase a new home between now and 2014 and with the recession drawing to a close; now may just be the best time to do it.

Buying your own home is a beautiful feeling and buying ‘off the plans’ is perfect. You get to choose your own tiles, color schemes and in some cases you get to tailor the design by choosing which side you want the staircase or the built-in wardrobes to be.

New home developers hire real estate agents that are paid to represent the developer and builder. Due to the high volume of new home developments, real estate agents that sell new developments earn a lower percentage commission than for a normal sale and therefore many of them use high-pressure tactics to try and persuade you to sign the offer to purchase or sales contract. Therefore it is a wise idea to hire your own agent who will be more reasonable.

Developers’ agents are less likely to disclose the drawbacks of the development they represent, whereas your own agent acts as your fiduciary and will be required to point out the positives and negatives of a home to you.

Some developers prefer to use their own lender to finance properties, as this allows them to be informed as to your progress on the financing. Be sure that a lender is reputable and that you feel comfortable with them.

Should you also prefer a ‘green’ home, enroll a real estate agent who knows much about green and other environmental issues to help secure the ideal green home that will suit you.

Most green homes are more compact than ‘normal’ homes, so look around and make sure that you find a green house in the right size for your family.

A green home makes use of solar power and low flow toilets, double paned windows and is built from environmentally friendly materials that don’t have any negative impact on the environment.

Buying a new residence is an investment in your family’s future.

Buying a new house is often a convenient reason for relocation. As such, prospective buyers may be interested in finding a Guelph home or a Kitchener new home.

Adriana Noton Finance buyers, buying houses, Finance, homes, houses for sale, new homes, properties, property management, real estate, real estate development, realty

Whether someone shopping for a home is a seasoned veteran of home buying or out looking at their very first home, finance home tips are something that everyone can make use of before making their purchase. Things may be much different since the last purchase and there are now new sources of information that may not have been around or that buyers may not be familiar with or have changed one of the most commonly used financial measures in real estate.

There was a time when people that wanted to buy a home or that were trying to sell a home would contact the neighborhood agent and trust them with every detail. That is no longer the case as agents are in much heavier competition and making the sale is now is sometimes more important than what either the seller or buyer want. The internet presents a viable option as both a tool for selling and for research for real estate investment.

When searching on the Internet, make note of sites that offer live chat. This is a great benefit as many issues can be answered right there on the spot. If live chat or a phone number is not available, there should be some sort of email form that can be filled out with an expected wait time.

If this is the first home that is being purchased, there are probably more questions than answers at this point. Write them all down and make sure that they all get answered. Never fear asking any question as this is a sizeable and often lifelong financial commitment. That being the case, the buyer will want to be absolutely sure about everything before signing on the dotted line. There may be some costs that the new buyer is unaware of that can also catch them off guard and putting out more money than they had initially planned.

Some of these costs are not things that are usually mentioned and may not have to be covered by the buyer. Experienced sellers may try and take advantage of a new buyer and make it appear as though it was assumed that they will be covering the costs of closing. In a struggling market, the buyer is the one that can do the talking and either negotiate some of these costs down with the seller or have them cover them outright. When faced with the possibility of starting over from scratch, they may just break and pay them to make sure the sale goes through.

When looking at the various mortgage rates that are available, buyers will often find that the rates are very close. This is really where the Internet comes in handy as rates can be looked at literally side by side. Don’t discount even the slightest variance as a portion of a percentage point can lead to an enormous amount of savings over the lifetime of the mortgage. Some real estate agencies can help you to respond about it.

Finance home tips are also available for free from some government and real estate agencies and various affiliate sites on the internet. By talking to an experienced representative, many of the answers that the realtor gives that are not exactly what the buyer was looking for can be looked into. This advice is usually free and may be the best and most honest advice that is received.

Shopping for a new home is never easy and there are a lot of questions that have to be answered before making a final decision. A home is the biggest real estate investment that people usually make and finalizing things should not be done until the buyer and seller are both 100% sure and happy with the deal that is brokered by the real estate agent.

Trying to find the perfect Calgary real estate agency? One of the main criterion for purchasing a home is one that requires the least Calgary home improvement, so it minimizes expenses. As well, homes need to be located closely to Calgary Associations and Clubs.

Adriana Noton Finance buildings, business, construction, decorating, Finance, home, homes, houses, interior decorating, Mortgage, new homes, real estate

We all want to conserve energy. This saves money on utility bills and has a huge positive impact on the environment. No matter what your reason, buying a newly built Energy Star qualified new home helps guarantee great energy savings.

What precisely is an Energy Star house? Are all new houses “green” and good for the planet? How do I know whether the house that I’m purchaseing is really energy efficient?

The federal government has defined standards as to what qualifies as an Energy Star rated new home. This is critical because terms such as “green” are vague. Is a homebuilder claiming to be green simply because he used energy-efficient fluorescent bulbs? Is it really “green” just because the house has insulation? While these are certainly good things, it does not make your home “green.”

To be confident that your new home you’re looking at is actually energy friendly, look for the official “Energy Star” certification that is only given to qualified home.

Government guidelines at www.energystar.gov, list the criteria a new home must meet to become Energy Star qualified:

First, the new home must make use of quality insulation that is both properly installed and inspected. Insulation should be used in the floors, walls and attics to ensure even temperatures throughout the home. This can drastically lower energy use and provide greater comfort in your new house as it maintains level temperatures.

Next, the house should be built with air tight construction and well fitted duct work. Small cracks and holes can allow cold air in and warm air to escape, greatly reducing the energy savings of your new house. An opening no bigger than a quarter can be disastrous.

Next, the home should make use of high efficiency windows with protective coatings and improved window frames. The goal here is to keep the cold out in the winter and to keep the warm air out in the summer. High quality UV coating on the windows also reduces fading of furniture, carpets and paint in your new house.

Next, Energy Star rated appliances should be used in the new home. These appliances use less electricity, oil and natural gas, and produce reduce waste compared to their non-rated counterparts.

Next, Energy Star rated appliances should be used in the house, including compact fluorescent bulbs, fans, lighting fixtures, appliances, refrigerators, air conditioners, dishwashers and washing machines. The more energy efficient appliances you have, the lower your electric costs will be.

Finally, Energy Star builders can go through a third-party verification process to verify that the new homes built attain these standards. This helps ensure that builders are reputable and are delivering on their energy-efficient promises.

Craig Axelrod is one of the principals from Emmy Homes. Emmy is which is one of LI’s top real estate developers. Emmy’s Commack real estate features luxury homes in Commack. Visit EmmyHomes.com for details.

Craig Axelrod Finance build a house, Finance, homes, houses, long island, long island real estate, new construction, new homes, property, real estate