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James Berg's Blog

By James Berg | Agent in Folsom, CA
  • Bank of America offers borrower's up to $30,000 to short sale.

    Posted Under: Home Selling, Foreclosure, Property Q&A  |  May 15, 2012 8:31 PM  |  54 views  |  No comments

    If you currently have a mortgage with Bank of America this may be great information for you to consider. 

    Bank of America announced they are allowing borrower's to receive up to $30,000 when short selling their homes. If you currently have a loan with BofA and are considering exiting, today has NEVER been easier to leave that debt behind, while potentially receiving a substantial amount of cash paid directly to you at closing. This offer is for homeowner's who currently have a mortgage with Bank of America. Investor particiaption and guidelines apply.

    If you call our office we can pre-screen your loan to determine if a borrower may be eligible without even listing the property. This program can be the best option that has ever been offered for homeowner's that qualify. If you would like to learn more about this program or would like to find out if you or someone might be eligible to participate in this program offered exclusively to Bank of America customers please feel free to contact me directly to discuss in more detail.

    Capital Equity Group
    (916) 667-6038


  • October Home Sales Increase according to a report completed by the California Association of Realtors

    Posted Under: Home Buying in California, Home Selling in California, Property Q&A in California  |  November 25, 2011 12:14 PM  |  131 views  |  No comments
    LOS ANGELES (Nov. 15) – California home sales posted a marginal increase in October and also
    were above year-ago levels, according to figures released today from the CALIFORNIA
    Closed escrow sales of existing, single-family detached homes in California edged up to a seasonally
    adjusted 493,240 units in October, up 0.9 percent from a revised 488,700 in September, according to
    information collected by C.A.R. from more than 90 local REALTOR® associations and MLSs
    statewide. October home sales also were up 8.5 percent from the revised 454,740 units sold during
    the like period a year ago. The statewide sales figure represents what would be the total number of
    homes sold during 2011 if sales maintained the October pace throughout the year. It is adjusted to
    account for seasonal factors that typically influence home sales.
    “Based on preliminary analysis, it appears that the lower conforming loan limits has had a cooling
    effect on home sales in October, particularly in the higher cost markets across the state, such as the
    San Francisco Bay Area and coastal regions of Southern California,” said C.A.R. President
    LeFrancis Arnold. “This evidence supports the need for reinstating the higher loan limits while the
    housing market is in transition to recovery.”
    The October statewide median price of an existing, single-family detached home sold in California
    was $278,060, down 3.3 percent from $287,440 in September and down 8.9 percent from the
    $305,150 median price recorded for October 2010.
    “While October’s sales were on track with expectations, the month-to-month drop in the median price
    was larger than usual for this time of year,” said C.A.R. Vice President and Chief Economist Leslie
    Appleton-Young. “Because of the lower Fannie, Freddie, and FHA conforming loan limits, some
    buyers purchased less expensive homes so that their mortgages would meet the criteria for the lower
    limit, while others were unable to qualify for nonconforming loans that typically have higher down
    payment requirements and higher mortgage rates. The resulting change in the mix of sales drove
    down October’s median price.”
    Other key facts of C.A.R.’s resale housing report for October 2011 include:
    The Unsold Inventory Index for existing, single-family detached homes was 5.3 months in October,
    up from 5.1 months in September but down from a revised 6.2-month supply in October 2010. The
    index indicates the number of months needed to deplete the supply of homes on the market at the
    current sales rate.

  • Purchase after Short Sale

    Posted Under: Home Buying in Folsom, Home Selling in Folsom, Foreclosure in Folsom  |  November 17, 2011 9:23 PM  |  222 views  |  No comments
    Unfortunately we get so much different information when looking for information regarding short sales.  The truth is, short selling is not the end of the road.  Under HUD guidelines a borrower may be eligible to qualify for an FHA loan, immediately after a short sale. The borrower must have a clean mortgage history, this means the borrower maintained on time mortgage payments throughout the complete short sale process.  This also relates to all liens involved and the borrower also must qualify as having a valid hardship and must meet other credit requirements.  For more information on short selling in Folsom or surrounding areas, please feel free to contact my team directly at Capital Equity Group.  We are happy to serve members of our community and are committed to educating homeowner's on their real options when being underwater on their mortgage.  Capital Equity Group is located in the historic district of Folsom and specializes in Short Sales and buying and selling real estate. 

    James Berg
    Capital Equity Group
    (916) 294-7594 / Phone

  • Banks are allowing people to Short Sale

    Posted Under: Home Selling in Folsom, Foreclosure in Folsom, Property Q&A in Folsom  |  September 21, 2011 11:07 PM  |  230 views  |  No comments

    Banks Agree to More Short Sales

    Daily Real Estate News | Friday, August 26, 2011

    Banks are agreeing to more short sale transactions, and short sales are taking less time to sell, which is helping to clear large inventories of distressed properties more efficiently, says James J. Saccacio, RealtyTrac CEO, in releasing new housing data this week. 

    “This is a glimmer of hope that lenders are getting more realistic,” Rick Sharga, senior vice president of RealtyTrac, told Bloomberg News. “It’s a win for borrowers who avoid foreclosure, buyers who get a house in better condition and banks that lose less money, which is also a win for taxpayers.”

    During the second quarter, the number of homes nearing foreclosure accounted for 12 percent of total home sales, with banks agreeing to more transactions at prices below the outstanding mortgage balance, RealtyTrac reported in releasing its second quarter data this week. 

    What’s more, pre-foreclosure homes took an average of 245 days to sell after receiving the initial foreclosure notice--that’s down from 256 days in the first quarter, RealtyTrac reports. 

    Sales of homes in the foreclosure process or short sales sold on average for a 21 percent discount--or an average sales price of $192,129--compared to the sales price of non-distressed homes. 

    Source: “Home Short Sales Increase as Banks ‘More Realistic’ on Market,” Bloomberg News (Aug. 24, 2011)

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