Well, here goes that real estate roller coaster again. Inventories of available homes have dropped drastically in most markets from a year ago, For example, Oakland homes for sale have dropped nearly 52% from a year ago. Currently, the entire City of Pleasant Hill has only 25 available single family homes for sale. Prior to ... [Read More]
Well, here goes that real estate roller coaster again. Inventories of available homes have dropped drastically in most markets from a year ago, For example, Oakland homes for sale have dropped nearly 52% from a year ago. Currently, the entire City of Pleasant Hill has only 25 available single family homes for sale. Prior to the crash in 1996 of home values, we got down to only 13 available listings in Pleasant Hill. I blogged at the time that we had almost sold them all! I expect some needed relief in improving home values. Expect values to start rising in the next 6 months as improving values lag the market 3 to 6 months as people make buying decisions and they then go through the escrow process. Read More: http://realtormag.realtor.org/daily-news/2012/04/17/inventory-for-sale-homes-posts-big-drop
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They have said that 2012 will be called the year of the short sale. Here’s more evidence: http://realtormag.realtor.org/daily-news/2012/03/01/short-sales-rise-more-banks-view-it-better-option I’m closing 2 short sales right now. One of them the bank is allowing the seller to receive $25,000! If you know somebody who is in distress with their property and would like to learn what options ... [Read More]
Image by 401K via Flickr Did you know that if you are upside down on your home and process a short sale, that the amount that the bank forgives is scheduled to become taxable in 2013? That means that, for example, if the bank forgives say, $100,000 in order for you to sell you home, that $100,000 ... [Read More]
Image by 401K via Flickr
Did you know that if you are upside down on your home and process a short sale, that the amount that the bank forgives is scheduled to become taxable in 2013? That means that, for example, if the bank forgives say, $100,000 in order for you to sell you home, that $100,000 would be taxed at your tax rate. For a person in the 25% tax bracket that means they would owe $25,000 to Uncle Sam. If you are having trouble making your payments, I can think of no better reason to do a short sale in 2012. Contact us today. You do have options!
Image by Getty There are 2 answers to this question. 1. Home values are likely to fall another 4 to 5%. 2. It depends on many factors. Most economists seem to agree that 2012 is likely to be a flat to slightly down market in terms of values. However, we do seem to be hitting ... [Read More]
http://economistsoutlook.blogs.realtor.org/2011/09/28/financial-industry-corporate-profits/ Why? Uncertain regulation by the Feds. Our current administration needs to, in my opinion, find ways to provide confidence in our markets and the future. Unfortunately, I think this means the need to cut the government spending back to the Clinton levels. We just cannot sustain the current spending levels. Another thing that could ... [Read More]
The current Real Estate Market is a difficult one. Credit is hard to come by and the upgrade home buyer is scarce. This is no surprise with most home owners in California underwater or upside down. Their mortgage debt is more than the value of the house. This is a good time to utilize a ... [Read More]
The current Real Estate Market is a difficult one. Credit is hard to come by and the upgrade home buyer is scarce. This is no surprise with most home owners in California underwater or upside down. Their mortgage debt is more than the value of the house.
This is a good time to utilize a creative home purchase program called a Lease Option contract. Lets face it, if your credit is bad right now you will need time and work to get it back. So, why not put time on your side and let your monthly rent payments work for you.
What Is a Lease Option?
Lease options are a way to buy and sell homes without an immediate conventional mortgage. It gives buyers who can’t qualify for a mortgage the opportunity to get into a home right away. Then they have time to improve their credit and build up a down payment. Some components of the Option Contract establishes the price of the home, how much money accumulates each month toward purchase and how long the buyer has to purchase the home before the contract expires.
Advantages for the Buyer:
Here are some of the advantages when buying on a lease option:
1. The buyers can get into a home now, even if they can’t currently qualify for a mortgage.
2. It gives them time to improve their credit and build up a down payment.
3. They are not obligated to purchase the home at the end of the option if they decide: this home is not right for them, or if the real estate market changes significantly.
4. The buyer can end up with instant equity if the purchase price is well below the value of the house when the contract is exercised.
5. The monthly rent payments help accumulate money to be used in the transaction when the option is exercised.
6. The buyer gets to know everything about the house and the neighborhood first hand before buying.
The lease option is a great tool for buying a home. It is important to know all the in’s and out’s before entering into the contract. Be sure all of your questions are answered, and talk to a Realtor to see if its right for you.
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If your credit ratings are suffering because of mistakes on your credit report, it is your right to have it corrected at no cost. Credit bureaus are legally required to investigate disputed information by contacting the creditor that originally supplied them with the information. Keep in mind that the three major credit bureaus — Experian, ... [Read More]
If your credit ratings are suffering because of mistakes on your credit report, it is your right to have it corrected at no cost. Credit bureaus are legally required to investigate disputed information by contacting the creditor that originally supplied them with the information. Keep in mind that the three major credit bureaus — Experian, Equifax and Trans Union — usually have the same information for each consumer file, but not always. You need to contact the bureau that shows the error and provide the required documentation.
Factual information cannot be removed from a credit report, and the credit bureaus will not automatically remove information from your report just because you dispute it. You have to prove that information is wrong with supporting documentation before a credit bureau will correct a report. Under the Fair and Accurate Credit Transaction Act (FACT Act), a credit bureau must remove or modify a disputed item within 30 days if it is found to be inaccurate, incomplete, or unverifiable after a reasonable investigation.
No one knows your credit better than you do. So, it is imperative that you take charge and clean up your report. It not only effects your ability to buy a house, but it also reflects on interest rates you pay, and now more than ever your ability to get a job.
Contact information for the three major U.S. credit bureaus:
Experian: P.O. Box 2002, Allen, TX 759013. (888) 397-3742, www.experian.com
Trans Union: P.O. Box 1000, Chester, PA 19022. (800) 888-4213, www.transunion.com
Equifax: P.O. Box 740241, Atlanta, GA 30374. (800) 685-1111, www.equifax.com
At www.annualcreditreport.com, you can request a free credit report once every 12 months from each of the credit-reporting companies listed above.
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