Tuesday, January 15, 2008

Recent Questions I've Been Asked...

Recent Questions I've Been Asked...

Q. What is the difference between Lender Owned, Bank Owned, Bank REO, REO, & Foreclosure?
A. Absolutely nothing. It all means the same thing.

Q. What is a Short Sale?
A. It's when the owner owes more than the house is worth and is trying to sell it short. Some agents even call this transaction a Short Pay.

Q. Where can I find a free list of bank owned homes for sale?
A. Visit http://www.bankowned.la/

Q. How low do you think they will go in price?
A. This would depend on how long the property has been on the market, the agent/broker, the sellers motivation, how much equity is in the property. The bottom line is, you'll never know until you write an offer. Be sure not to low-ball to low as some sellers will discredit you.

Q. I want to buy homes at 50% off market value. Where can I find these homes.
A. Visit http://www.bankowned.la/

Q. Can I use my lender to buy a home?
A. Yes, but I always ask my clients to work with people I know and trust.

Q. Where do you think the market is headed?
A. I'm thinking the market is still in a correction till the 2nd quarter of 2008. I'm also predicting the market will flatten for up to 2 years from there and gradually increase on average of 3-6% a year. Hopefully, the government will raise the FHA limits to allow more Californians to purchase homes with little or no money down.

Q. Will the government bail out the real estate market?
A. I believe the FED will lower interest rates in the coming week. I'm also thinking the lenders will attempt to work with more troubles sub prime borrowers to stave off a long term drag on the economy. Also, raising the FHA loan limits will help.

Q. Do you specialist in bank owned homes?
A. Yes. Keep in mind to be patient when purchasing a bank owned home as the lender can take up to a week to respond to simple requests.

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