Beverly Hills Foreclosures

August 19, 2011 by  
Filed under Beverly Hills Foreclosures

Beverly Hills Foreclosures

By: Joshua C Anderson

Published: Friday, 19 Aug 2011

Afshar Properties Chief Correspondent

Yes, you read correctly, foreclosures in the most affluent of communities. It’s no longer an uncommon sighting to see short sales or even foreclosures in these areas. Beverly Hills is only the tip of the iceberg. Areas like Laguna Beach, La Jolla and even Hollywood Hills are experiencing the same issues. Some foreclosures are in the $25 million range and some are even larger. What many of these foreclosed home owners failed to realize was that they could have avoided the stiff ramifications by opting to short sale. Recent studies have shown that lenders are approving short sales of that magnitude.

Housing assist of America, a short sale firm has teamed up with Coldwell Banker in Beverly Hills and has several active short sales well over a million dollars. The result is amazing for the homeowner; some have even had tax liens paid off. No two short sales are alike, however Housing Assist has an iron clad system that’s has so far proven effective for even the most bizarre of circumstances. The majority of their clients have been through the motions of the modification so they know that the short sale is really the last option. “When I short sold through Housing Assist, I definitely had piece of mind and was kept in the loop throughout the entire process”, said a former client of theirs.

2012 will without a doubt be the biggest year for short sales since they became popular a few years ago. When they started out they took nearly a year to complete, now they lenders have streamlined there process and they are now being completed with 90 days. In addition to the fast track programs, lenders have many incentives for sellers and want the listing to close as much they do.

Underwater On Your Santa Monica Property? Consider a Short Sale

Underwater On Your Santa Monica Property?  Consider a Short Sale

Tough economic times have certainly had their affect on the housing market.  Even in upscale neighborhoods like Malibu and Santa Monica, properties have decreased significantly in value.  As the values of these house decline, homeowners who don’t own their houses outright are paying high priced mortgages that will continue to increase.  In many cases, homeowners will owe more than what their house is now worth.

A short sale should be your first thought if owe more on your property than what it’s worth and paying your mortgage is a financial burden.  If your decide to foreclose on your property, you could be left with horrible credit.  If you decide on a short sale, you could wipe out your debt and start fresh.  In a short sale, a lender or bank will accept less than what’s owed on the property.  Lenders agree to short sales because cutting their losses and not dealing with the difficulties of the foreclosure process is a better than collecting form a homeowner who doesn’t ht money they owe.  More and more of these transactions are happening, as homeowners hope to climb out of debt

If you owe more on you Santa Monica property than what’s it’s worth, and you are trying to alleviate yourself of the pressures of debt, contact Housing Assist of America for further information on the short sale process.  Housing Assist of America has helped more than two hundred homeowners conduct a short sale of their home.

Owe More Than What Your Westwood Home is Worth? Think Short Sale.

Owe More Than What Your Westwood Home is Worth?  Think Short Sale.

A short sale should be your first thought if you owe more on your property than what it’s worth and paying your mortgage is a financial burden.  After all, foreclosing on your property could leave you with horrible credit.  In a short sale, a lender or bank will accept less than what’s owed on the house.  Lenders agree to short sales because cutting their losses and not dealing with the difficulties of the foreclosure process is easier than collecting from a homeowner who doesn’t have the money they owe.  If you choose a short sale, you could start fresh while wiping out your debt.   More and more of these transactions are happening, as homeowners are trying to climb out of debt

Tough economic times have certainly had their affect on the housing market.  Even in upscale neighborhoods like Beverly Hills and Westwood, properties have decreased significantly.  As the values of property declines, homeowners who don’t own their houses are paying high ticket mortgages that will continue to rise.  In many cases, homeowners will owe more than what their house is now worth.

If you owe more on you Westwood property than what’s it’s worth, contact Housing Assist of America for further information on the short sale process.  Housing Assist of America has helped more than two hundred homeowners conduct a short sale of their home, and they can certainly help you if you are trying to alleviate yourself of the pressures of debt.

Considering a Short Sale of Your Los Angeles Property?

Considering a Short Sale of Your Los Angeles Property?

Over the past few years, as the economy has slumped, so has the housing market.  Even in upscale neighborhoods like Beverly Hills, properties are no longer worth what they once were.  As property values are declining, homeowners who don’t own their houses outright are paying high priced mortgages that continues to increase.  In some cases, homeowners will owe more than what their property is worth.  These houses are referred to as‘underwater’.

When you owe more on your property than what it’s worth, and paying your mortgage is a financial burden, you should consider a short sale above any other solution.  Foreclosing on your property will leave you with horrible credit while a short sale will alleviate your debt and give you a fresh start.  In a short sale, a lender or bank will accept less than what’s owed.  Lenders agree to short sales because they find that cutting their losses and not dealing with the difficulties of the foreclosure process is a better than collecting form a party who doesn’t have what they owe.  Data shows that lenders are approving more and more of these transactions.

If your Los Angeles property is underwater and you are trying to alleviate yourself of the pressures of debt, contact Housing Assist of America for further information on the short sale process.  Housing Assist of America helped more than two hundred homeowners with a short sale of their home.  

How is the real estate market in the Brentwood areas of Los Angeles (Brentwood, Brentwood Park, Mountaingate, South Brentwood, Sullivan Canyon, Westgate, Westridge Hills, Brentwood Glen, Brentwood Circle, Brentwood Country Estates, Brentwood Highlands, Bundy Canyon, Crestwood Hills, Kenter Canyon, Mandeville Canyon, Museum Heights,Brentwood Flats, Brentwood Hills, Brentwood Terrace, Brentwood Heights)?

How is the real estate market in the Brentwood areas of Los Angeles?

We understand that many of you are questioning the real estate market in Brentwood.  We have had people request statistics for homes & condominiums in  Brentwood, Brentwood Park, Mountaingate, South Brentwood, Sullivan Canyon, Westgate, Westridge Hills, Brentwood Glen, Brentwood Circle, Brentwood Country Estates,  Brentwood Highlands, Bundy Canyon, Crestwood Hills, Kenter Canyon, Mandeville Canyon, Museum Heights,Brentwood Flats, Brentwood Hills, Brentwood Terrace, Brentwood Heights, etc…If you are looking for the median price of homes, inventory in the specific Brentwood market,  price per square foot, and more information in the specified markets, please  be sure  to give one of our experts a call to help answer any questions you may have.

Buyers Market: It is a great market if you are looking to purchase a home in any of the Brentwood areas that we specified above.  There are a number of reasons that the market is great for buyers:

  • home price in Brentwood are lower than normal
  • interest rates are truly at an all time low

Sellers Market: It is a great market if you are looking to sell a home in any of the Brentwood areas that we specified above.  There are a number of reasons that the market is great for sellers as well:

  • great homes are getting sold fast and for top dollar
  • there are many investors and buyers looking to purchase homes in Brentwood

We have been busy helping facilitate all types of deals in the Brentwood areas.

Please visit www.housingassist.com or call an experienced agent for more information (888) 877-0078


California Home Sales Drop

August 18, 2011 by  
Filed under California Home Sales Drop

California Home Sales Drop

In July, California home sales fells to their lowest level in 16 years.  Economic turmoil is certainly keeping buyers away from purchasing properties, as July say an 11 percent decline from property sales in June.

Financial analysts are claiming that the political drama regarding the debt ceiling has much to do with buyer’s concern over purchasing new properties.  With concern over the nation underwater in debt, buyers are showing more trepidation than ever.

July saw almost 35 percent of resale homes as foreclosures, and almost 18 percent sold in short sales.  Serious buyers should definitely consider the idea of a short sale.  When an homeowner is underwater on his mortgage, a lender might consider allowing the owner to sell his property for less than what’s owed.  In these cases, buyers can find dream deals on properties that are worth more than the asking price.


Short sales in Beverly Hills?

August 18, 2011 by  
Filed under Short Sale/Loan Modification Blog

Short sales in Beverly Hills?

By: Joshua C Anderson

Published: Tuesday, 2 Aug 2011

Afshar Properties Chief Correspondent

Over the past few years the housing market has taken a turn for the worst, even in affluent communities such as Beverly Hills, Bel Air and Malibu, to name a few. Homeowners are left with few options once their property value declines. In some cases, the homes are owned free and clear, but in most they carry high ticket mortgages that seem to balloon as the market declines. If a home goes into foreclosure and sells at auction, the neighborhood will be adversely affected. Often times when the property is underwater, a homeowner can choose to short sale it as long as there is a legitimate hardship, and in 90 percent of the cases, there are.

Los Angeles based Housing Assist of America knows the short sale market better than most. With over 200+ short sales under their belt and one of the biggest names in real estate backing them, they are a short sale powerhouse. Coldwell Banker brought them on board in 2011 and hasn’t looked back since. The secret to their success lies in their ability to negotiate effectively with hardball lenders, an attribute that separates Housing Assist from the distressed property expert.

Overall the short sale is a proven method to alleviate debt and get a fresh start, no matter what the property is worth or how much you owe. It is always advantageous to the seller in every aspect, however in some cases there could be tax ramifications. Whether it’s a 250k home in a modest community or 1.5 million dollar villa in Beverly Hills, the banks just want to cut there losses and move on, The process is exactly the same, but keep in mind no two short sales are alike. Avoiding foreclosure at all costs should be a top priority to sellers. And recent research has shown that lenders are approving more and more of these complex transactions. As of April 2011, bank of America has completed well over 23,500 short sales nationwide, with Wells Fargo and GMAC at 13,500 apiece and counting. JP Morgan Chase has even offered some owners as much as $30,000 as an incentive to short sale their property.

If you owe more on your property than its worth and it’s a financial burden to make the payment, the answer should be quite clear, short sale.

Navigating The Short sale Market in Affluent Communities

Navigating The Short sale Market in Affluent Communities

By: Joshua C Anderson

Published: Friday, 12 Aug 2011

Afshar Properties Chief Correspondent

When people think of Beverly Hills, Pacific Palisades, Malibu or Hollywood Hills, they automatically think of glamorous homes for the rich and famous. And while that may be accurate there is a number of homeowners in these areas that are down to their last penny and need to salvage what they can before it’s too late. It’s not uncommon to see short sales in these affluent communities. One of the reasons for this is that the short sale allows a homeowner to have a fresh start as opposed to a foreclosure which can carry serious ramifications, and with lenders approving more and more of these transactions there isn’t a better time to take advantage of the opportunity at hand.

As long as the bank and the seller have the same goals, the process should be fairly smooth. Lenders are working diligently to streamline the process and get the non performing assets off of their books. One sure way to complete the short sale with the best results is to hire an experienced team to facilitate the transaction. Several Realtor can be certified to handle distressed properties; however that doesn’t mean that they will get the short sale closed with the best results. Short sale realtors on the other hand are more likely get the job done because of their ongoing experience with short sales. Housing Assist of America who negotiates for Colwell Banker has closed over 200 short sales and has the knowledge and experience necessary to close even the most complex of transactions. This allows the seller to not only to get the best results, but more importantly piece of mind.

Governor Jerry Brown has signed the SB 458 & 931 laws which make the short sale much more attractive to underwater and in some cases delinquent homeowners. In essence it is a debt forgiveness law that applies to most homeowners. So matter what your property is worth, how much you owe and how far behind you are, you can rest assure that a short sale is the best course of action.

High Ticket communities cashing In on Short Sales

High Ticket communities cashing In on Short Sales

By: Joshua C Anderson

Published: Friday, 12 Aug 2011

Afshar Properties Chief Correspondent

Over the past few years no trend in real estate is hotter than the short sale. In the beginning, this type of transaction was sparse amongst agents and few ventured into them. However with lenders approving more and more of these transactions the high end real estate market is testing the waters. Recently a survey done in Los Angeles showed that a great percentage of short sales came from areas such as Beverly Hills, Holmby Hills, Malibu, Pacific Palisades, Bel Air and Hollywood Hills to name a few. These affluent communities contain homes that a worth between $500k to upwards of $20,000,000 dollars. Bank of America and Chase are the leading lenders but there are dozens of services that are becoming increasingly known for approving short sales. Homeowners now have an opportunity to rid themselves of the negative equity they have a accumulate over the years, and not without the help of newly appointed California governor Jerry Brown, who recently passed a debt forgiveness law known as SB 458 & 931. As one can imagine, the owners of these multi million dollar properties are short selling their properties left and right.

Currently, Colwell Banker in Beverly Hills is amongst the leading brokerage in this region that is handling these high ticket transactions. They recently brought in negotiating firm Housing Assist of America who are notorious for getting “clean approvals” in other words short sale approvals where the lender agrees to release the homeowner of the lien upon the close of escrow. In some cases the lenders have even paid sellers personal tax liens in the amount of $30,000. No two short sales are alike so it’s important to keep several things in mind before considering a short sale, such as, do you have a legitimate hardship? And can you afford to pay the taxes on the forgiven amount should that be required. One should always consult with an attorney and their accountant before moving forward with a short sale. In most cases, a homeowner can recover from a short sale within 18-24 months depending on their situation. In any case, if your property is upside down and you just cannot make the payment, it is quite obvious what the solution is.

Short Sales to Increase Over Next Few Years

Short Sales to Increase Over Next Few Years

Short sales will remain prominent over the next several years as foreclosure inventories increase and remain somewhat stable. With the prolonged foreclosure timelines along with enhanced processes and technology, more short sale closings will be completed in the next 2-3 years. For now, the average foreclosure timeline is 587 days, and the number of short sales is expected to increase by 25% next year.

In April of 2010, new short sale laws were implemented which have resulted in an incentive program. The new laws provide more incentives for secondary lien holders to consider approving the transaction in order to avoid foreclosure. Prior to this change, secondary lien holders were not guaranteed a percentage of the proceedings and had little incentive to sign in approval. Due to the change in the laws, secondary lien holders are more comfortable approving the short sale on homes in default and homeowners can avoid foreclosure consequences.

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