It's No Secret that I read the news when I'm working out in the morning. Between my bouts with "sucking wind" and sweat in my eyes, I can view the latest subscriptions that I have coming into my Google Reader.
Here are some of the Top Headlines and I will post and provide commentary for!
Compared to the other Large Banks, these stats are quite impressive. I have not had a Wells Fargo "promise" letter go bad when they were helping some of our Short Sale and Loan Mod Clients. I cannot say that for all the banks that our clients have their mortgages with :(
Know your rights when short selling or getting advice about short selling. Real Estate agents have a vested interest in Short Selling real estate - it's called their commission. That is why we don't just have you take our word for it - we have other sources that are not members of our team that advise our clients as well. In addition, Loan Modifications - be careful - make sure you get the "promises" in writing from your bank(s). Principal Reductions - Same rule applies, get everything in writing.
It seems that we may have sharpened both sides of the blade a bit too much. While this will protect CA homeowners - it also may speed up the "Foreclosure" process. Have a read and see what I'm talking about.
We have some of our clients that have not paid their mortgage for over a year with no sign of a Notice of Default being filed. That all may end soon according to the latest news about Robo signing. It was last week when I was noticing that several states have judged the "robo signing", not as some may have thought they would. It was judged as not being a "big deal". (beware, cop vernacular at work!!!)
Have we seen the bottom of the real estate market? No, not yet according to the article starting this rant. Currently, we have a real problem with our local Santa Clarita real estate inventory. All of our clients are feeling it, other's clients are also feeling it. One thing is for certain, with the lack of new "for sale" inventory - prices will continue to climb unless Interest Rates are increased. The Interest Rates increasing does not seem like something that will happen, for the time being.
However, it's no secret that the banks are controlling the release of their foreclosure properties. How long do you think that will last?
Be Safe - get a GREAT real estate agent to represent you and call us if we can help.