Tags: South Pasadena real estate, South Pasadena homes for sale, South Pasadena Home Values , South Pasadena real estate listings , South Pasadena short sale agents
Getting the most for your home or property means doing more than putting a “For Sale” sign out front. In a competitive market where new homes for sale are added daily, your listing needs to be seen in a variety of places in order to stand out. And sometimes the right buyer is waiting out of state, or even in another country. We know which neighborhoods will best fit our clients’ real estate needs and budgets. We are familiar with local real estate zoning laws and know where to obtain financing. We are Realtors and brokers and act as intermediaries in price negotiations between buyers and sellers. Also may help to arrange favorable financing from a lender for the prospective buyer; often, this makes the difference between success and failure in closing a sale..
The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a “mortgage” or “deed of trust”. Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property.
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Are you behind in your mortgage payments, or
concerned that you soon might be?
Have you received a preforeclosure letter from your lender?
First of all, don’t be ashamed. Millions of homeowners are in your situation – many times through no fault of their own. A job loss, a serious illness or other circumstances can put you in danger of foreclosure.
The economic downturn has led to many homeowners being “under water” in their loans, meaning they owe more than their home is worth, making it impossible to refinance.
While only certain homeowners will be able to take advantage of this alternative, it may be your best option because it keeps you in your home and typically results in the least damage to your credit.
Your lender may be willing to modify the terms of the loan, whether it’s reducing the principal, lowering the interest rate or other creative strategies to make the loan affordable for you. As part of the stimulus package, the U.S. government has programs to provide incentives for banks that use this strategy as an alternative to foreclosure.
One of the biggest problems in foreclosures is that homeowners sometimes physically damage the property, or even sell some of the fixtures, before leaving. Needless to say, this is not a good idea. It may expose the homeowners to financial and legal liability. It also makes the properties much more difficult to sell.
To prevent this, some lenders offer a program called “Cash for Keys.” The homeowners receive a check for vacating the property within a certain time period and leaving it in good condition. If you have no alternative other than foreclosure, you should ask the bank about this option.
Many of the homes for sale today – as many as half in some markets – fall under the category of “distressed properties.”
These are homes that have either gone through foreclosure or are being marketed as “short sales.” In a short sale, the homeowner can’t afford to maintain the mortgage, but the lender – rather than foreclosing – agrees to the sale of the property for less than the balance of the loan.
These types of sales have different dynamics than traditional sales – with more paperwork, often a longer transaction process and, in some cases, more frustration. For these reasons, many buyers shy away from foreclosures or short sales.
This is an outstanding time to buy a home – distressed property or not. With historically low interest rates, and a glut of homes on the market in many areas, there are bargains to be found.
Is a distressed property for you? Here are pros and cons of buying one.
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First, you’ll be dealing with a highly motivated seller – either a bank in the case of a foreclosure, or in a short sale, sellers who are in financial trouble and very interested in getting out of a mortgage they can no longer afford.
If you’re looking for a “steal,” you’re probably not going to find it. The market is heating up, with more and more buyers jumping into the market. If you’re purchasing a home to live in, you’ll often be competing not only against buyers similar to yourself, but against investors. More competition inevitably leads to higher prices.
The transaction process for short sales or foreclosures often takes longer than for traditional transactions. It’s sometimes not clear which lending institution actually owns a mortgage loan, and it can take time to get it all sorted out – especially if there’s a second mortgage involved, which is often the case.
Buyers from around the world are looking to connect with local real estate experts, just like The Manzo Team. This new strategic initiative gives consumers increased opportunities to help Consumers locate real estate in any part of the world. When you list your home with The Manzo Team of South Pasadena real estate agents your home listing will automatically appear on the new site, enabling you to expose your property listing with buyers around the world.
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