We expect to see short sales and REO’s to come in 2010 in Burlingame and if you’re hoping to buy or need to sell because of this, then you need an agent who is experienced in this kind of sale. The Wilkas Group is trained and has had experience with both short sales and bank owned sales. Do not use an agent who will learn on your transaction. There are too many issues that come up during the escrow to allow a person learning the system. Use an expert like the Wilkas Group.
I just ran a report to see how the market has been in San Mateo for single family and condo/townhouses this past year. San Mateo has about 90,000 people living in it making it the second largest city in the county. Prices run from entry level condos and houses into many millions of dollars for a huge house.
So you are a buyer in a buyers market – what an excellent time to be in the market to purchase property! Inventory is available and sellers are looking for you, however there are still items you need to watch out for to protect yourself and to make the most of your home-buying investment.
If a property is being sold as a Short Sale it means that the loan on the property is for more money than the property can be sold for. There is a shortage of funds due the lender. Sometimes a lender will forgive this amount and sometimes it will not. If the amount is forgiven it may not be a win for the seller because they may have to show this amount “forgiven” as income in their taxes the following year. It must be shown as income because it was money that was owed by the seller through a note to buy the property, but not paid back to the lender and the IRS looks at this as money in your pocket even though you never see the money.
As a CDPE, my job is to provide accurate information so that you can make an informed decision as to the best course of action.
Continuing from the article I wrote last week about the 7 Most Dangerous Short Sale Myths, here’s the last 3 for your education. I am here to assist you in helping you prevent a short sale of your property. But if it is necessary to go that route, let a CDPE expert help you. 5.…Read More »
Don’t let one of these dangerous myths land you and your family in Foreclosure A short sale can be an excellent solution for a homeowner who owes more on their home than what it is worth and has to sell. Unfortunately a number of myths about short sales have developed and is important you understand…Read More »
I have a question for you today: Can you buy anything in San Mateo County for $200,000 that is in an area you might want to live in? The answer is, YES! Last year I wrote about a client looking to buy something for no more than $350,000 and I took on that challenge, and…Read More »
I am Alex, the other half of the Wilkas Group, and I just earned the Prestigious Designation of CDPE. That means I am Certified by the Distressed Property Institute to help you determine what are the best options you have for your home if you are having difficulty in making your mortgage payments. What exactly…Read More »
Next week is Affordable Housing Week in San Mateo County and kicking it off is a free program on foreclosure prevention presented by the Housing Leadership Council of San Mateo County. Are you worried about foreclosure? Do you need more information in order to consider whether you should to sell you home through a Short…Read More »
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