The "818" on Real Estate

If you wanted to buy a home in the last few years but didn't, now may be your opportunity. Home prices have dropped over 35% in many areas. The price of a home today is like buying in the year 2003. Not only are prices down but the competition of other buyers as well. At the beginning of this decade people could buy homes with NO money down. The interest rates were low and there were very creative ways to finance a home. Mortgage companies were willing to take this risk because prices were on the rise. The price of a home in some cases would go up in a months time or less! For 2009 the Federal Housing Administration(FHA) has set their loan limit to $625,950. You can now purchase a home with a 3.5% down payment. This down payment can even be a gift and the seller can pay for your closing costs!! In a way; this is a NO money down loan once again. By not buying a home last year you have already made money. There is no telling when the market will turn, but the old saying goes "b...

This year has been difficult for many homeowners. People are struggling to meet their mortgage and property tax obligations. I’m sure you have received mailings from companies offering to help you “modify your home loan” or “reduce your property tax”. I would like to shed some light on these offers and point out some options that you have. Property Tax: The County will reduce the assessed value of your home for FREE. I haven’t had a chance to contact all of you regarding the Proposition 8 form. If you feel your home is worth less now than it was when you purchased it, give me a call. Don’t pay anyone for this service! For more info go to: http://assessor.lacounty.gov/extranet/list/newsList.aspx?newsid=78 Loan Modification: There are many private companies offering to modify your loan for a fee of $2,000 - $8,000 up front. These companies may help a homeowner get out from underneath a payment they simply cannot afford, but loan modifications can also be done for FREE. I have attached a...