Tuesday, April 14, 2009

Is it the right time for you to buy a home?

It is the right time for you to buy a home? That is a question that truly no one can answer for you. It is one of the questions that we get asked each and every day.

In this economy and everyone is asking themselves about each and every purchase and if they really need what they are about to buy. Whether it is the right time for you that is the most important question.

Our goal here, and with all of our clients, is to make sure that they have all of the information that they need to make the decision that is best for them.

Some are struggling with:

  • Will prices in the area I am looking go lower?
  • Should I wait to see what will happen with employment and the economy before I decide to buy a home or condo?
  • What are interest rates at right now and will a bank even lend me money if I wanted to buy a home?

We are going to be covering the answers to these questions and more on a special call this Thursday at 5:30PM PST to help you with make the decision that is best for you.

This call is live, free, and will give you the answers to your most pressing questions. If you have a question you can participate in the call or even chat to us the question you want answered.

To get the complete details of this call visit:

http://www.instantteleseminar.com/?eventid=7021884

Monday, February 09, 2009

Floating Condo Bound for Long Beach?

Condos are a wonderful part of the real estate here in Long Beach. If you are looking for a condo we have some of the best options available anywhere...or so I thought.

Really, Long Beach offers everything from High Rise luxury condos, Lofts, Townhomes, and low-rise buildings. Truly a great variety of condos to choose from. Well, it looks like a developer has come up with another style of condo to offer.

A Floating Condo

RisMedia, shared today on their website that a developer is offering a condo development that will float along the Missippi River. This has to be one of the most interesting ideas in condo development that I have heard in quite some time.

It is definitely targeted at a specific niche of customers. I only say this because if you went to work one day and by the time you came back in the evening your condo was 100 miles further down the river that might not be the best development for you.

Maybe they will bring the floating condo concept out here, and it could travel from San Diego to San Francisco.

Can't wait to hear thoughts on this one.

Monday, December 22, 2008

Have REO's taken over Long Beach?


So are banks taking over the Long Beach real estate market? Well let's see if we can find some answers to this question. All James and I seem to hear these days is it is all about the REO business. Now don't get me wrong there are properties out there owned by banks and we both expect that to increase but let's be real it isn't the entire Long Beach real estate market.
How many REO's are in Long Beach
I decided that I would search for REO properties in Long Beach and see how many where available. The graph to the left was done on the 17th of December and shows exactly how many REO's are in the MLS system as of this date.
There are 283 REO's that are available in the city of Long Beach. The amount of inventory to chose from is 1554. So 18.2% of the real estate market in the city of Long Beach is currently owned by a bank.
So the vast majority of properties in Long Beach are not owned by banks. The real question comes into play is what will happen with the 455 short sales that are currently listed for sale in the market. These have the potential to end up owned by banks if the banks don't work something out.
With all of the attention in the media about the TARP program and the bank bailout I would have thought (Maybe naively so) that this would help the people who wanted to keep their homes and were attempting a short sale. These properties hitting the market as REO could push the REO market to 50% of the Long Beach real estate market.
I don't think anyone would disagree that a market where 50% is owned by banks is a good idea. We shall see what the new year leads us to.
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Friday, December 19, 2008

4 Tips to make your bank owned offer be a winning offer

Cash is King as they saying goes is once again the popular saying of many these days with changes in the lending environment. While we are noticing that cash is gaining leverage, specifically with bank owned properties, there are limitations to cash offers even in this day and age.

Whether you are purchasing a property all cash or not here are some ways that you can distinguish your offer from the many others that are on the hottest real estate deals throughout the city of Long Beach.

  • Short Closing Periods - An all cash offer and a 30 day escrow isn't much better than a 20% down offer and a 30 day escrow. Short escrow periods are (10-15 days) are a way to make sure your offer stands out. If you are using a loan, ask your loan officer how quickly they can get your loan done to give you an edge.
  • Per Diem Penalties - Most bank contracts charage between $50-$150/day for every day you are late past your originally agreed upon escrow period. If the property and price are what you want, offer a large penalty along with your short escrow period as this shows you are committed to closing.
  • Follow the Rules! - Or maybe make sure your agent is following the rules. Many agents who list properties for banks will receive 15,20, 30+ offers on a property so make their life easy. If they need the offer e-mailed, make sure you e-mail it, not fax it. Ask your agent what the instructions are for presenting offers so you can make sure yours doesn't fall to the bottom of the heap.
  • Act Quickly - Banks are allowing for just a few days on the market in many cases, so if you see that must have home or condo, get out to see it and write your offer the same day so you get the opportunity to be considered by the bank.

Following the above and most of all having all of your documentation ready to take action will make the process of purchasing a bank owned home or condo in Long Beach one that is fun and makes you happy that you got a great as well! Call your Long Beach real estate agent or start searching the Long Beach MLS to find what properties are available today.

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Thursday, December 18, 2008

Bank Owned in Long Beach..Prepare for a journey

Getting a great deal on a bank owned/foreclosure property in Long Beach is certainly possible, although the journey may be different than you think. If you listened to the media you would think that you could walk down your favorite street, see a number of bank owned properties, offer them 10 cents on the dollar and have a home in a few days. Although I would love for that to happen for any of my customers, the reality is much different.


Buying Long Beach real estate that is bank owned is a great way to save money and get that home or condo that you have always wanted. Being prepared for the journey of buying a property from a bank will help to make the process a smooth one regardless of the agent that you choose to help you with it.

  1. Be prepared to lose - I know it sounds crazy, but there are certainly a good number of people out there searching and making offers on the best deals throughout Long Beach. The best priced bank owned homes can get anywhere from 6-30+ offers. So be prepared to lose a few times when making offers.

  2. "Double App" - The requirements of many of the bank owned listings requires that you apply for a loan using their recommended loan company or loan officer (often referred to as a "double app"). You don't have to use that lender to complete your loan, but in order for your offer to be reviewed you will often be asked to apply for a loan with the recommended lender. Having all of your documentation ready for those lenders will make your life much easier.

  3. Conditions may vary - Finding a home that is in the best neighborhood and that has been heavily upgraded for super cheap is not likely. Be prepared to find homes that need some work, but remember you will be saving some good money on the purchase.

  4. Delayed documentation - The bank is dealing with thousands of offers at a time, so they are often slow to return documentation that your lender is waiting on. Make sure you have the time in your contract to allow for some of these inevitable delays.

Being prepared for the journey makes it much easier. You could certainly win on your first offer and that would be great! Just in case though, keep the tips above in mind and you will get that great deal on a bank owned property in no time.

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Wednesday, December 17, 2008

Holiday Gallery of Trees Event on 2nd St

The holiday spirit is alive and well in Long Beach. There are many great charities throughout the city and we wanted to highlight one today that is having a great fundraiser in Belmont Shore.


Operation Jump Start is hosting it's "Holiday Gallery of Trees" event in the short. There are 18, 3-foot tall Christmas trees that you can purchase raffle tickets fr. Each tree has $150 of prizes on them provided by the local merchants. Each day until the 20th of December volunteers will be available in front of the Washington Mutual bank on 2nd St with the winners being announced on the 20th!


This is a great charity to support during this holiday season. Operation Jump Start is a non-profit organization that provides adult mentors and an array of enrichment programs to disadvantaged Long Beach youth starting in the 8th grade and taking them through high school to prepare them for college. They have had such success with the program that their college attendance rate is 97% WOW!


We hope as you support your charities this holiday season that Operation Jump Start and their Holiday Gallery of Trees event can be on your list.
Here is the flyer for their event with the times that they the volunteers will be present to sell the raffle tickets.
For complete details of times that volunteers are available to assist you click on HGOT schedule and you will be taken to a PDF of the schedule.

Tuesday, December 16, 2008

Can we say affordable housing?


So you have been watching the real estate market for years patiently waiting for it to adjust and then you will pounce on something and buy it! Does that sound like someone you know?
Then as prices keep adjusting they keep making more excuses about the price and the market and everything else that one can imagine. Sometimes those people just like to talk a big game but never do anything but lose lots of money in the stock market.
So if someone has been waiting for prices to become more affordable now would be the time. There are homes, condos, investment properties that are now available that will have positive cash flow from day 1! Does that mean these deals are all over the place? NO! Does it mean that every seller will take 25 cents on the dollar because somebody has cash? NO.
What it does mean is a prudent investor can purchase properties that are going to be great winners long term. Think of it like buying GE stock at the moment (I am not an investment advisor but that is what people are saying).
How much do things cost?
The chart above shows the available properties currently listed for sale in Long Beach and a few other cities in the area. I didn't chart anything more than $300,000 because at that price and below it is less money you would have to put down and easier to find a renter because of the price you would be asking for rent.
Between just Anaheim and Long Beach there are over 1,500 that are under $300,000. Now if you can't even find 1 property between those two cities that meets or exceeds your requirements you might not be someone who wants to purchase property, ever.
Define your requirements
Before you plunge into buying a property make sure you take the time to look at what you can afford. I am not talking about those online calculators. I am talking about meeting with a lender either one from your past or one referred by your real estate agent. If you don't have one let us know here and we will give you at least 2 people to speak with.
Determine how much money you have to put down and save some money for repairs as well. Some of these properties need a little bit of love to put them in shape.
Take Action
Most of all take action. You will be glad you did as you will be one of those people you hear at parties say "I picked up this amazing deal 10 years ago and I still get money every month". Remember it is a long term came not a short one.