Monday, April 30, 2007

Want to Stop Foreclosure? Read this now

Unfortunately there are times when people get behind in their mortgage and they are facing foreclosure by the bank. We really want to make sure to let everyone know that banks do not want to own real estate. They really love lending money for people to purchase real estate but they have no desire themselves to actually own it. So we came up with some steps that we have helped people with in the past to make sure they can avoid foreclosure.

  1. If you get behind on your payments and you are having trouble with catching up then call your bank immediately and speak with them. Make sure you speak to someone in loss mitigation and make sure they have you on record that you called them.Explain your situation.
  2. Banks are run by people to and they understand that things happen. In fact they can be more understanding then you think. The bank may give you multiple options such as a payment plan, or a loan modification, and if you have to sell and you do not have enough equity then they may consider a short sell.
  3. Short Sale - this is when you have to sell your home but do not have equity in your home in order to pay all associated fees that are incurred during a sale.
  4. Contact your local realtor immediately! - Get opinions of the value of your home from such websites as http://www.globaltrusthomes.com/home_value.shtml. This website gives you an instant value of your home.

Remember that banks don't want to own your home. They really do understand and want to help you out. Please remember that even though things seem bad they will be worse if you don't call and speak with your bank. They want to work things out so give them a call and see what kind of options they can give you.

What happened in March in Long Beach?

It is always important to take a look back every month and see what happened in the market space. When buyers and sellers are looking out a property it would help to know how all real estate in Long Beach is performing. Performance of real estate in long beach can be looked at many different ways. We like to look at how many new properties came on the market in Long Beach and how many properties were sold during the month.

If a market has inventory growing at a pace that is too rapid for the market could absorb there may be an economic issue in the market place. For the month March we had a 27% increase in the number of properties that came on the market. This is not terrible considering we are entering spring time.

  • We still had a very healthy 265 properties close during the month and 189 properties going into escrow.
  • Number of properties that went into a Pending Status - 189
  • Number of Properties that Closed: 265
  • Number of Properties that Expired 135
  • Total Active as of today: 1589
  • Total Active at the start of March 1252

As a whole things in Long Beach are moving in a positive direction. One might want to think otherwise as a result of the data above but the market continues to have sellers selling and buyers buying.