Distressed real estate has become a big business. Many people are looking to capitalize on people who are uneducated. Be careful when seeking help. If you are delinquent or behind on your mortgage, read this quick article before you do anything.
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Banks pulled one of the greatest magic tricks of all time. They made millions of Bank Owned REOs disappear. We all know that all great magicians make things re-appear afterwards. It seems that the banks are about to make the REOs re-appear now. 
Earlier this year, Bank of America started the new trend of banks trying to rent their foreclosed inventory rather than sell it. Now they’re going a step farther and looking to give away the homes! 
Back in March we told you about Bank of America’s REO Rental Program. In this post, I told you that if Bank of America was successful, other large banks would follow suit. This prediction is now a reality. 
What would happen if local governments started seizing homes by eminent domain due to borrower delinquency? What kind of precedent would this set? Is it good or bad for stabilizing the housing market; or should we leave the market alone and let natural forces take over? 
When you buy a home, one of the most important things you should do is to check on statuses of permits for anything that looks to be an addition or a major modification to the home. For example, room additions, garage additions, bathroom additions, major remodels, adding a guest house or building a second story above the garage all must be permitted by the city. 
I recently sold a two unit property in Long Beach for one of my bank clients. This was an REO. Unfortunately, when it was assigned to me, I had no clue what I was getting myself into….. 
I recently sold an REO home in Placentia California. If you still think the real estate market is a dump, make sure you read this case study to be proven wrong. This case study will be an overview of what happened on this home from Foreclosure Sale through final Disposition. 
The big banks have stopped foreclosing, thus pulling millions of REO homes off the market. Many of these delinquent homes are turning to short sales or REO Rental programs. In the first scenario, banks work a deal with the borrower to sell the home, short of the outstanding loan balance. In the second, banks take homes back and then rent them to the former borrower or another tenant. One of the things most folks neglected to consider was how the REO rental programs could and would be financed. This presents one of the largest hurdles. 
We’re pleased to announce that our new e-book California Real Estate: How To Pay Significantly Less Than Your Neighbors & Avoid Costly Mistakes is now available for download! We gave out a few copies over the weekend and have already gotten some positive feedback. Please let us know your thoughts. You can purchase |
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