Are the bad days behind us?
For the For the past year I have been telling our neighbors that I see many signs of improvement in the real estate market. The skeptics kept saying “Coach, what about the hidden inventory that banks are holding?” I see is no evidence of a hidden inventory and the moratoriums have long since expired. Actually I think that if you look up and down your street, it looks significantly better than it did 24 months ago — fewer for sale signs, fewer vacant homes and fewer deferred yards. The pride is returning!
What are the banks doing with problem loans? They’re doing short sales and loan modifications whenever possible. Foreclosure is their least desirable and the last option. For the past year, I have been enjoying great short sale successes with my clients. My clients have been able to stay in their homes until it is sold and we have been able to negotiate payoffs for significantly less than their current principle loan amount. Additionally, the homes are sold in much better condition and future liability from the bank has been eliminated. With proper tax guidance many of our clients are now enjoying a fresh start.
The past year I have been telling my neighbors that The federal government, the state government, the California Association of Realtors and the banks are all in agreement that this is the direction people with a hardship should be exploring. This maybe an oversimplification but I am truly excited about our client’s successes. The most important thing that we can do is be proactive together. So don’t wait until it is too late. If you or someone you know is having a hardship, call us now. I will be upfront and let you know if I think your situation will qualify. Please allow me to answer all of your questions and concerns.
Coach