Archive for the ‘Distressed Properties’ category

Don’t Be Left In The Dark About Your New Hoboken Home

February 24, 2011

An ad for a Hoboken estate sale catches your eye and you decide to take  a look at the home that is being offered. The home looks like a great deal, but are you aware of the disclosure process when it comes to buying a home from an estate or out of foreclosure?

What many people do not realize is that a property listed by a corporate or institutional seller in many states is exempt from having to make disclosures on the property available to buyers. In contrast, when you buy a home from a private “equity seller,” you must be told about the leaky roof or the bad septic tank. The bank who owns a distressed property does not have to let you know about these problems. What you don’t know can leave you in the dark about a lot of what you need to know about the biggest purchase of your life.

Unfortunately, when this happens, many times buyers are left fending for themselves when it comes to trying to retrieve information about the condition of the home they are considering. As a result of the rising number of foreclosures in the past few years, this is becoming more and more of a problem for many buyers.

It is very common among banks selling foreclosures to complete a disclosure form that will say something to the extent that they have no knowledge or any information about the property, and that you are advised to have it thoroughly inspected. A few states do require all sellers to disclose any information that they may have. However, it will be difficult to prove what information the seller really did have later if it does come down to it.

It is best if you are buying a home in this situation to avoid relying on disclosures and have the property you are considering buying intensively inspected.

Don’t be left in the dark about the biggest purchase of your life. If you are considering purchasing one of these homes, it is important to contact a local Realtor(R) such as myself, Eddie Perez of ReMax Gold Coast Realty, to gain more information on how to protect yourself. You can reach me directly at (201)-795-0100 or check out my InvestHoboken website.

Foreclosure Filings Have Dropped

May 31, 2010

April not only brought us spring showers in Hoboken, but the foreclosure filings have dropped. According to RealtyTrac, bank repossessions hit a record high. The two events happening at once suggests that foreclosure activity has begun to level off, but not yet decline.

In the U.S. more than 333,800 properties received a default notice, scheduled auction or bank repossession in April. This represents a decrease of 9 percent compared with March and 2 percent compared with April 2009 as stated by RealtyTrac.

A total of 103,762 properties received a default notice, a decrease of 12 percent compared with March and 27 percent compared with April 2009, when activity peaked at more than 142,000 notices.

Foreclosure auctions were scheduled for the first time on 137,643 properties in April, a decrease of 13 percent compared with March, but an increase of 1 percent compared with April 2009.

Bank repossessions, known as “real estate owned” or “REOs,” numbered 92,432 properties. That was an increase of 1 percent compared with March and a spike of 45 percent compared with April 2009. The previous peak for bank repossessions was 92,182 in December.

RealtyTrac expects a similar pattern to continue for most of this year, with the overall numbers staying at a high level and ripples of activity hitting the various stages of the foreclosure process.

To find out what is going on in the Hoboken real estate market, please go to Hoboken Homes.

If you have been patiently waiting to buy a Hoboken home, now is the time to do it. All of the key factors are in place to ensure that your home purchase will be a major, positive life changing event.  With low mortgage rates available, along with the recent passing of the new tax credits, this is the opportunity you have been waiting for. Make 2010 the year you purchase your dream home. For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  Eddie can also be reached by phone at 201-344-2886.

New Shorter Waiting Period From Fannie Mae

May 3, 2010

Effective July 1, Fannie Mae will reduce the waiting period for former homeowners who lost a home through foreclosure, short sale, or deed in lieu, to purchase another home.

The concept behind the new Fannie Mae policy is to strengthen housing markets that have been weakened by foreclosures. 

In addition, the new rule may assist some struggling homeowners to avoid foreclosure since they will be able to reenter homeownership quicker.

Depending upon the circumstances the shortest waiting period will now be only two years. Any prospective borrowers should contact lender or mortgage broker for details about the waiting period.

For more great reasons to buy a home in 2010, please click on The Best Time to Buy a Home is Now!

If you have been patiently waiting to buy a Hoboken home, now is the time to do it. All of the key factors are in place to ensure that your home purchase will be a major, positive life changing event.  With low mortgage rates available,  this is the opportunity you have been waiting for.  Make 2010 the year you purchase your dream home. For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  Eddie can be reached at eddie@InvestHoboken.com or 201-344-2886.

Help for the Unemployed

April 12, 2010

If you are one of many homeowners who have lost their job, relief from your mortgage payments may be right around the corner. With the help of new guidelines set up by the federal government, some lenders may be forced to offer forbearance.

Forbearance means a lender defers some of a borrower’s payments until a later date. The deferred amount may be all or part of one or more of the  payments that are due. When a lender feels that a borrower’s hardship is only temporary they may consider forbearance.

The new requirements to qualify for forbearance, are a part of Home Affordable Modification Program (HAMP), and may really be a help to homeowners who are out of work.

Forbearance can last a minimum of three months and could extend to six months or longer. After the period of forebearance has expired, and if the homeowner still cannot afford the payments, they will than be considered for a HAMP loan modification or other HAMP programs instead of foreclosure.

For more great reasons to buy a home in 2010, please click on The Best Time to Buy a Home is Now!

If you have been patiently waiting to buy a Hoboken home, now is the time to do it while the home buyer’s tax credit is still in effect. All of the key factors are in place to ensure that your home purchase will be a major, positive life changing event.  With low mortgage rates available, along with the recent passing of the new tax credits, this is the opportunity you have been waiting for. Please click on tax credit information for more details.  Make 2010 the year you purchase your dream home. For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  Eddie can be reached at eddie@InvestHoboken.com or 201-344-2886.

Finally, a Light at the End of the Foreclosure Tunnel

March 22, 2010

Maybe it’s not over yet, but it looks like the end could finally be near.  RealtyTrac Inc. has stated that, the number of U.S. homeowners in foreclosure increased in February 2010 by 6 percent from the same time last year, it was the smallest increase recorded in four years.

 RealtyTrac Inc.  is a major foreclosure listing company that tracks foreclosures, has released figures that in February 2010, 308,000 households, or one in every 418 homes, receiving a foreclosure-related notice. This also is a 2 percent decrease from January

Some analysts fear that hundreds of thousands of homeowners who are still being evaluated for help under loan modification programs may lose their homes later this year.

Lets hope that the decrease in foreclosures is good positive sign that the housing market is on its way to recovery.

To find out what is going on in Hoboken real estate market, please go to Hoboken Homes.

If you have been patiently waiting to buy a Hoboken home, now is the time to do it while the home buyer’s tax credit is still in effect. All of the key factors are in place to ensure that your home purchase will be a major, positive life changing event.  With low mortgage rates available, along with the recent passing of the new tax credits, this is the opportunity you have been waiting for. Please click on tax credit information for more details.  Make 2010 the year you purchase your dream home. For more information contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  Eddie can be reached at eddie@InvestHoboken.com or 201-344-2886.

A New Government Short Sale Program

March 14, 2010

Another new relief plan is around the corner, courtesy of the federal government. Its purpose is to assist homeowners who can’t afford their mortgage payment or obtain a loan modification. The new plan is called the Home Affordable Foreclosure Alternative, and is intended to help homeowners into a short sale or deed in lieu and avoid foreclosure.

One incentive is that once a home owner is approved under the plan they will receive $1,500 in relocation money from the government.

To qualify a homeowner’s mortgage is required be in or near default. The house must be a principal residence. Any second lien must be paid off or negotiated away, so the title will be clean.

The plan is expected to start April 5, 2010, and end Dec. 31, 2012.

To find out what is going on in Hoboken real estate market, please go to Hoboken Homes.      

There may be many people who are struggling to pay their mortgage but you may be one of many who are eligible for the new Home Buyer Credits. Please go to tax credit information for more details. This opportunity could help change your life for the better.

Allow me to help you explore the many wonderful opportunities to purchase a home in Hoboken. Whether it be a lovely condo, brownstone, Classic Victorian or anything in between; I guarantee you there is a home for you. Please contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey

An Extension For HARP

March 8, 2010

The upcoming expiration date of The Home Affordable Refinance Program (HARP) is scheduled for June 10 and will be extended for another year, according to the Federal Housing Finance Agency.

The HARP program was started in April 2009 and has successfully refinanced 190,180 mortgages. Fannie Mae and Freddie Mac are running HARP and its eventual goal is to assist as many borrowers possible with little or no equity in their homes.

There may be many people who are struggling to pay their mortgage but you may be one of many who are eligible for the new Home Buyer Credits. Please go to tax credit information for more details. This opportunity could help change your life for the better.

Allow me to help you explore the many wonderful opportunities to purchase a home in Hoboken. Whether it be a lovely condo, brownstone, Classic Victorian or anything in between; I guarantee you there is a home for you. Please contact Eddie Perez, Broker-REALTOR, CDPE. Eddie’s market includes Hoboken, Jersey