Foreclosure

When driving through local neighborhoods, you might notice many “For Sale” signs that have foreclosure banners attached to the top. While this distressed financial situation is unfortunate for the owner, a Santa Cruz home in foreclosure could be a great investment for you.

Purchasing a foreclosed property might seem extremely complex. If you’re interested in a great real estate deal, but feel a little overwhelmed, it’s important to cut the confusion and contract with professionals who are experts in distressed properties. They can walk you through the process, eliminate foreclosure frustration and get you the best deal.

Here are a few tips to help you successfully buy a Santa Cruz home in foreclosure:

• Find a good real estate agent.…

Consider buying foreclosed properties if you are looking for real estate bargains. Foreclosure is a legal process in which the insurer or lender repossesses the property from the borrower who defaulted on their loan.  Santa Cruz foreclosures are easy to find with just a little work.

Here are nine tips to help you find the best Santa Cruz foreclosures:

1. Find a real estate agent: The first step is to get a reliable and trusted real estate agent.  Never try to purchase a foreclosed property by yourself.

2. Get pre-approved for a loan: If you’re not paying cash, pre-approval is a must. It means you have met with a loan officer and he or she has “pre-approved” you for a certain amount you can afford.

3. Locate foreclosed properties:…

If you are financially distressed, it might be time to cut your losses and minimize the damage to your financial future. If you’re feeling the economic pressure of an impending foreclosure, then consider putting your Santa Cruz real estate up for a short sale.

While it might seem like short sales should be a speedy process, they’ve been known to play havoc with many unsuspecting sellers. In honor of April Fool’s Day, we’ve created a list of the many short sale pitfalls sellers encounter.

• Settle your accounts – Strive to pay off all your other debt. Your bank might not approve your short sale application if you have judgments from other creditors pending.

• Pay your HOAs – Even if you’re defaulting on your mortgage, it’s…

There’s good news for buyers and sellers of Santa Cruz real estate: The U.S. Economic and Housing Market Outlook that came out the end of February is encouraging. According to this research done by Freddie Mac, both the economy and the housing market are showing cautious signs of recovery.

Here are some of the changes stimulating these improvements in both nationwide and Santa Cruz real estate markets:

• Loans that were seriously delinquent or going into foreclosure declined to the lowest quarterly share since the start of 2009, according to the latest Mortgage Bankers Association Mortgage Delinquency Survey.

• In January, existing home sales were at their highest since May 2010, according to the National Association of…

In today’s precarious job market, many luxury homeowners are finding they can’t afford their massive, custom-designed properties any longer. As the once rich are having to quickly sell or abandon their Santa Cruz real estate, you might be able to snag a good deal on a distressed luxury home.

There are many horror stories associated with short sales and foreclosures, but if you do your research, are patient and can act quickly, you might be able to purchase the home of your dreams. If you want to take advantage of this sour market, then consider the following guidelines — and happy house hunting!

• Find an agent who has experience with distressed real estate. Interview Santa Cruz real estate agents to find out their history of dealing with foreclosures…

When a buyer makes a short sale offer on your Santa Cruz home, it’s impossible to know for sure if the offer will be accepted by the lender.  Even when you’ve negotiated the offer with the buyer and come to an agreement that meets both of your needs, there’s still no guarantee that the lender will say yes to the short sale.

Here are three tips to help get short sale offers on your Santa Cruz home accepted by the lender:

1. Convince the lender that you have a legitimate hardship. Submit a hardship letter, pay stubs, bank statements, monthly budget and profit and loss statement to demonstrate that you cannot make your monthly payments and have no disposable income. Here are examples of hardships to mention in your letter:

a. lost your job
b. reduced…

Just over a year ago, the federal government launched the Home Affordable Foreclosure Alternatives (HAFA) program.  It was supposed to streamline the short sale process for Santa Cruz home owners and home owners nationwide.  This article provides an update on HAFA.

How does HAFA benefit Santa Cruz home owners?

Home owners who don’t qualify for a loan modification can apply for a short sale through HAFA.  If the home owner qualifies for a HAFA short sale, the difference between the sale price of the house and the loan balance is forgiven.  In addition, HAFA offers qualified home owners $3,000 for moving expenses.

How well is HAFA working?

From April, 2010, to December, 2010, HAFA had disbursed just $9.5 million of the $4.1 billion in its budget.  And,…

According to a nationwide survey from Move, Inc., real estate investors are likely to be three times more active than other types of homebuyers in their local markets within the next two years.  If you’re one of those soon-to-be real estate investors, you may want to consider buying Santa Cruz foreclosures.

Here are a few tips to help you get the best buy:

• Don’t judge Santa Cruz foreclosures by their appearance.  A million dollar mansion may have a beautiful façade but may be hiding extensive termite damage to its foundation.   On the other hand, a fixer-upper may look rundown but may have excellent structure and can be fixed up easily for a fairly small amount.  Always get a professional home inspection to determine exactly what you’re buying.…

The real estate market is flooded with homes for sale.   Interest rates are at an all time low on fixed rate mortgages.  And, terms for acquiring a home loan are still fairly open.  This is expected to change and possibly soon, which means now is prime time to buy Santa Cruz homes for sale.

To help you with this process, here are answers to four of the most popular questions I’ve recently received from home buyers:
 
Q:  Where can I find the best deal on Santa Cruz homes for sale?
A:  The answer is almost anywhere.  Because homes are sitting on the market for a long time, most homeowners are more willing than ever to negotiate.

Q:  What about buying new construction?
A:  The option for new construction is open to more people than ever before.  Builders are…

The Santa Cruz real estate market is still a buyer’s market which means, as a buyer, you can get a good price on a home.  However, if you know what to look for, there are properties on which you can get a great price.
Here are three areas of the Santa Cruz real estate market that generally offer the best prices:

1. Homes that have been on the market for several weeks (or months!) -  Have your real estate agent send you homes that have been on the market for several weeks or months.  These property owners are more motivated to sell than the owners of newly listed homes.  They’re more willing to negotiate for lower prices or even give you extras such as home warranties or paying a portion of your closing costs.

2. Bank owned properties.  Bank owned…