Archive for the ‘Foreclosure’ 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.

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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.

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

Foreclosure Prevention Has Saved 116,000 Homes

March 1, 2010

The Treasury Department has stated that 12 percent of borrowers who applied for help from the federal foreclosure prevention program since its inception one year ago.

At the end of January, approximately 1 million borrowers initiated the application process, or about 116,000 home owners, had their loans modified. Officials have said 76,000 additional applications have been approved and are awaiting approval.

Also, there are approximately 830,500 home owners currently in a trial modification review period. This is a time period given by banks to determine if payments are doable for a borrower and to ensure the qualifications of the assistance program are met.

The Home Affordable Modification Program brings monthly loan payments down to 31 percent of home owners’ pre-tax income.

An estimated 60,500 people have been denied permanent modifications.

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

Currently, there are many great opportunities to purchase a home in Hoboken. Perhaps you are considering buying your very first home, or you may be at the point in your life that you are searching for your ultimate dream home. If either may be the case or if it is something in between, contact Eddie Perez at (201) 344-2886 or go to Hoboken Condo Expert.

Should You Buy a Foreclosure?

September 27, 2009

The latest media reports are projecting a second tidal wave of foreclosuresist2_4152871-home-loan to hit in late 2009 or early 2010 as unemployment remains high, home prices continue to fall and banks’ self-imposed foreclosure moratoriums expire.

Now may seem like the perfect time to find prime real estate at a bargain-basement price and buy a foreclosure.

Despite the hype, nationwide, foreclosures still comprise less than 3 percent of the actual market nationwide.

In reality the foreclosure market is very small. Delinquent mortgages have hit about 7 percent of total properties, which means that 93 percent are still in good standing.

Although, there are still plenty of foreclosure bargains out there, no matter where you live, especially if you are patient and well-educated in your market.

In order to get the best deal on a foreclosure you need to make a strong offer, likely in cash, without any inspection or financing contingencies.

With no contingencies you can save thousands of dollars. But that’s where a first-timer could get into trouble. The house could have problems with mechanicals, foundations, electrical or any number of big-ticket items. Always consider adding on an additional $10,000-$20,000 in the final purchase price to cover any hidden major expenses.

If you are interested in buying a foreclosure, contact Eddie Perez Broker-REALTOR, CDPE, to find out all the benefits and options. Eddie’s market includes Hoboken, Jersey City, Weehawken and Union City.  He can be reached at eddie@InvestHoboken.com or 201-344-2886.