Has the real estate market finally hit bottom?

Is it too late for buyers to get the best deals?
Has the real estate market hit bottom?

Interest rates are at all time historical lows, home prices have bottomed out and now the amount of homes sold are showing signs of being on the rise again.

So did you miss your opportunity to buy at the best time? Probably not, the rates are still low and there are many homes still on the market available for sale and many deals still to be had.

I would not suggest waiting too much longer if you intend on buying, with eminent inflation on the horizon due to Obama's careless spending of money we don't have interest rates WILL RISE AGAIN but how high?

Care to find out?

Read about recent home sales on the rise:
http://www.realtor.org/RMODaily.nsf/pages/News2009032301?OpenDocument

Troubled Home Owners Have Options

IS YOUR MORTGAGE PAYMENT DROWNING YOU?

This is commonly referred to by industry professionals with lingo such as a Home Owner being Under Water.

Well home owners under water have options and you should know about all your options before making a move BUT make a move and take action to do something NOW!!!

The longer you wait, the better the chance you will lose your home, ruin your credit and still owe money to your mortgage lender.

Contact us or your mortgage company immediately to see what can can be done to help. Keep in mind it may be better to have a 3rd party to assist in assembling the package of required documents with profit / loss statements, income / expense sheets, BPO's and other documents to help try and get a Loan Modification that you can live with.

Many home owners attempting to do this on their own are not always successful or risk allowing the banks to take advantage of them.

Remember you have options and we can help!

In most cases we find it's better for many home owners to attempt to sell their home by short changing the bank by selling for less then is owned to the lender or lenders and getting them to agree to this. This type of sale is called a Short Sale, it should be obvious why.

Short Sales can help home owners under water by allowing them in most cases to avoid foreclosure, bankruptcy and in essence saving their credit from total destruction.

Short Sales usually show on credit reports as Paid Settled or Settled for less than amount owed, either way it is way better then a foreclosure and in many cases will allow for a person in such situations to be able to qualify for a mortgage again in as little as two years, with a Foreclosure we'll see ya after 10 years!

So why is this a better option?

• Short sales are not Foreclosures so your credit can be salvaged fairly quickly with better management of your finances from that point forward essentially giving you a "do over".
• You won't be stuck owning a home which you owe more than it's worth. If you opt for a Loan Modification or Forbearance so you can keep the home the downfall is you will end up owing even more for the house once the lender tacks on to the back of the mortgage all the late fees and missed payments, they don't just forgive that money if you're keeping the house. (These modifications are usually only temporary reverting back to prevailing interest rates and higher payments after 3 to 5 years putting back where you started in a few more years.)
  

If you found any part of this article helpful or if it left you scratching your head with only more questions, call us today!

Our agents are standing by to assist with all your real estate needs including a search for another place to live ie: rentals


--

Marivic GMAC Real Estate
2056A Lincoln Highway (Rt. 27)
Edison, NJ 08817-3330
Office: 732-650-9911
Toll Free: 1-866-745-GMAC(4622) Ext.302
http://www.MarivicRealty.com
Email: contactus2@marivicrealty.com