There are currently 48 blog entries related to this category.
Saturday, March 2nd, 2013 at 1:01am. 66 Views, 0 Comments.
If you lost your Santa Cruz real estate because of foreclosure, you probably haven't given up on the dream of owning a new home. You may be scared to attempt new financing — afraid you’ll be turned down and embarrassed in the process.
There are a few guidelines that lenders follow to determine when you’ll qualify for financing after foreclosure. Arming yourself with this information will help you overcome your fears and qualify again for a mortgage.
Foreclosure With Extenuating Circumstances
Generally, lenders will take into consideration any extenuating circumstances surrounding the foreclosure on your Santa Cruz real estate.
Was there a death or illness that prevented you from earning money to pay your mortgage? Did you have a job transfer…
Sunday, December 9th, 2012 at 1:01am. 135 Views, 0 Comments.
If you are not able to meet up with your mortgage obligation, rather than foreclosing your home, you can opt for a short sale. This means selling the home at an amount lower than what you owe. However, it is good to mention that not all homes or sellers qualify for Santa Cruz short sales. Even if a home qualifies for short sales, some lenders may not accept it, especially if they will make more gain should you foreclose the property. Here are some of the tips that you should consider if you are opting for a short sale.
Seek legal advice from a real estate lawyer
Santa Cruz short sales are not always the best. So, it is important that you seek the advice of a real estate lawyer. A lender may still ask you to pay for the difference between the…
Monday, July 2nd, 2012 at 1:01am. 143 Views, 0 Comments.
Whether you are interested in purchasing foreclosures in Santa Cruz to fix and flip or live in yourself, you’ll probably have to do some work to make your new purchase shine. Here are nine of the best ways you can spend your time and money:
1. Scope out the neighborhood before renovating: You want to keep the home within the neighborhood standards and not go overboard. Drive or walk through the neighborhood and look at the other homes, landscaping, etc.
2. Pay attention to the key rooms: Kitchen and bathroom repairs and upgrades are at the top of the list of things to fix on foreclosures in Santa Cruz. They are the rooms that buyers will look at first and you, as an owner, will use the most.
3. Upgrade mechanics: Repair, replace, or…
Sunday, June 17th, 2012 at 1:01am. 140 Views, 0 Comments.
You’ve heard that buying a foreclosed home is a good idea. But you’re not sure why. Below are two benefits of buying foreclosed homes in Santa Cruz.
• Foreclosures are typically priced below their true market value. How much money can you save by buying foreclosed homes in Santa Cruz? Most sources say 5 to 15 percent is the average amount saved by buying a foreclosure.
• You can afford to get a larger or more luxurious home. Because the price is lower than the true market value, you can usually buy a larger foreclosed home for the same price as a smaller home that isn’t going through foreclosure.
There are also risks involved when buying a foreclosure. Before deciding to buy a foreclosure, ask yourself these questions:
Friday, May 4th, 2012 at 1:01am. 152 Views, 0 Comments.
Short sales in Santa Cruz are used by homeowners to prevent losing their homes to foreclosure. When you see an advertisement for a short sale, the home is in pre-foreclosure.
What is a short sale? It is an agreement between the sellers of a home in the beginning stages of foreclosure and their lender which allows the home to be sold for less than the existing loan balance. If an agreement is reached by all parties, a short sale could save the sellers’ credit by avoiding a foreclosure.
A short sale is not a short process, however. It is a lengthy process with many legal and financial aspects.
The basic short sale process flows as follows:
• The seller contacts the lender to discuss the possibility of a short sale.
• The seller issues…
Tuesday, April 24th, 2012 at 1:01am. 180 Views, 0 Comments.
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.…
Saturday, April 14th, 2012 at 1:01am. 188 Views, 0 Comments.
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:…
Sunday, April 8th, 2012 at 1:01am. 168 Views, 0 Comments.
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…
Saturday, March 17th, 2012 at 1:01am. 203 Views, 0 Comments.
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…
Thursday, December 22nd, 2011 at 11:01pm. 177 Views, 0 Comments.
Urban legends can be found within every industry, and Santa Cruz real estate is no exception. Getting a big discount because a home needs minor repairs or being able to acquire 100 percent financing in a snap definitely isn’t as easy as it sounds and is probably just what you think — a big fat myth.
Whether you’re an experienced buyer or it’s your first time purchasing Santa Cruz real estate, do your research and don’t get sidetracked by enticing fables that might cause you to miss out on your dream home. Below are three debunked mortgage urban legends that have been plaguing the industry for years.
1. You can get a foreclosed home for almost nothing. While foreclosed homes do tend to sell consistently lower than other homes on the market, they’re not…