Foreclosure possible? Act quickly, advises real estate agent Juanita Cobb of Keller Williams Realty in Ontario, California.
"I specialize in foreclosure properties. I was excited by the prospect of trying to help people who are facing foreclosure avoid that mark on their credit score. The challenge so many people face when they're dealing with foreclosure is they don't have e
nough equity in their homes," she told me.
To sell your home quickly, advises Juanita, you've got to mark it down at least 10% below the current market levels. In Southern California's Inland Empire, new home construction is still robust and that creates more competition for sellers who don't have much equity.
She cites an example in Victorville, California, where a new home may be selling for $350,000 with 3,000 square feet and new marble counter-tops. An existing home that's 10 years old or older may go on the market for $345,000 but that seller may still have the price too high if the buys are really attracted to the newer home.
"Most people facing foreclosure are in denial," Juanita explained. "They got into the problem because their circumstances changed such as the loss of a job. Or, instead of paying off debt, they bought a new pair of jet skis. Those habits are hard to change and they can't bear the fact they may lose their home.
"Many foreclosure properties are from loans taken out 2 - 3 years ago and now the interest rate is changing. If I can't help a homeowner facing foreclosure, then I'll refer them to an agent who can help them with a short sale.
"Sometimes they get help from relatives, but then new payments are going to be higher than the old ones.
"I do have a listing of investors who are willing to work with the sellers since it's becoming a good market for investors. My advice is this. Don't let your home go into foreclosure, act decisively while you have a chance. One specialist told me a foreclosure can stay on your credit score for up to 10 years."
On the positive side, Juanita told me it's "exhilirating" for her if she can help a homeowner.
Contact Juanita Cobb
Cell: 626-676-3235
"I specialize in foreclosure properties. I was excited by the prospect of trying to help people who are facing foreclosure avoid that mark on their credit score. The challenge so many people face when they're dealing with foreclosure is they don't have e
nough equity in their homes," she told me.To sell your home quickly, advises Juanita, you've got to mark it down at least 10% below the current market levels. In Southern California's Inland Empire, new home construction is still robust and that creates more competition for sellers who don't have much equity.
She cites an example in Victorville, California, where a new home may be selling for $350,000 with 3,000 square feet and new marble counter-tops. An existing home that's 10 years old or older may go on the market for $345,000 but that seller may still have the price too high if the buys are really attracted to the newer home.
"Most people facing foreclosure are in denial," Juanita explained. "They got into the problem because their circumstances changed such as the loss of a job. Or, instead of paying off debt, they bought a new pair of jet skis. Those habits are hard to change and they can't bear the fact they may lose their home.
"Many foreclosure properties are from loans taken out 2 - 3 years ago and now the interest rate is changing. If I can't help a homeowner facing foreclosure, then I'll refer them to an agent who can help them with a short sale.
"Sometimes they get help from relatives, but then new payments are going to be higher than the old ones.
"I do have a listing of investors who are willing to work with the sellers since it's becoming a good market for investors. My advice is this. Don't let your home go into foreclosure, act decisively while you have a chance. One specialist told me a foreclosure can stay on your credit score for up to 10 years."
On the positive side, Juanita told me it's "exhilirating" for her if she can help a homeowner.
Contact Juanita Cobb
Cell: 626-676-3235
No comments:
Post a Comment