Tuesday, June 10, 2014

Review of recent house sales in my area::find out what house sold for in my area







Review of recent house sales in my area::find out what house sold for in my area








As               I               spoke               with               my               mother               recently,               we               talked               about               the               current               state               of               finances.

She               is               aware               of               many               people               struggling               with               Forclosures               right               now.

She               has               helped               as               many               as               she               could.

She               worked               part               time               for               a               bit               after               she               retired.

She               stopped               her               part               time               work               well               over               a               decade               ago.

She               was               able               to               stay               with               the               same               job               for               quite               some               time.

She               stated               that               when               she               retired               she               made               $39,000.

This               was               in               the               early               90's.

She               asked               me               if               I               thought               that               was               good.

I               said               yes.

It               was               good               for               the               time.

She               and               her               husband               continue               to               do               well               with               a               nice               sized               home               with               equity               in               an               upwardly               mobile               community               in               Maryland.

They               are               both               retired               and               live               off               of               the               retirement               fixed               income.

It               amazes               me               how               many               now               that               salary               doubled               would               be               looked               at               by               many               as               barley               getting               by               to               make               ends               meet.

New               Home               Values               in               the               New               Foreclosure               Climate               in               MD
               In               fact,               my               neighborhood               most               homes               are               valued               at               over               $600,000.

On               the               real               property               search               which               is               Maryland's               tax               assessment               system,               the               median               value               on               my               block               was               over               $630,000.

With               that               tax               value               being               the               basis               for               real               estate               property               taxes,               appraisers               are               having               a               tough               time               in               some               cases               getting               a               value               over               600,000.

I               recall               a               case               where               a               client               had               work               done               to               there               house.

They               got               and               appraisal               for               $400,000.

They               had               50,000               worth               of               real               work               done               to               there               house.

They               updated               their               kitchen               and               bathroom               and               added               a               new               2               car               garage.

The               appraiser               came               back               and               said               the               new               value               was               $390,000.

In               this               case,               the               local               sales               dropped               the               value               of               the               home.

In               spite               of               all               the               work,               the               home               dropped               in               value               during               the               2               months               it               took               to               complete               the               work.

Luckily               this               person               had               several               hundred's               of               thousand               of               dollars               in               equity.

In               many               cases               with               people               this               would               have               lead               right               to               Foreclosure.
               To               qualify               for               their               homes,               most               couples               had               to               earn               roughly               $200,000.

There               are               many               homes               in               my               neighborhood               that               go               for               well               over               1               million.

Those               whom               qualify               for               those               loans               are               dealing               with               different               kinds               of               jumbo               loan               borrowing               strategies.

The               income               of               those               in               the               million               dollar               homes               is               also               something               that               its               hard               to               ascertain.

Most               have               done               stated               income               deals               which               allow               you               to               show               lower               amounts               of               table               income,               but               based               upon               good               credit               history               you               can               state               your               income               with               minimum               income               verification.
               Its               brings               me               back               to               question,               in               an               area               with               so               much               prosperity,               why               are               so               many               families               struggling               with               foreclosure?

When               I               take               a               closer               look,               I               see               many               house               are               up               for               sale.

One               of               the               recent               local               Realtor               housing               statistics               showed               that               homes               in               my               zip               code               this               summer               were               being               sold               for               5%               less               than               their               listing               price.

So               if               a               home               was               listed               at               $500,000               it               sold               for               $475,000.

It               would               be               great               if               you               have               $200,000               in               equity.

However               most               people               I               know               are               mortgaged               to               the               max.

That               $25,000               might               have               been               all               the               equity               they               had               in               the               home.

As               I               considered               those               factors,               I               read               the               new               outline               for               Bush's               Aid               for               Mortgages.

What               I               thought               would               be               an               interesting               take               on               a               solution               turned               out               to               be               an               example               of               why               some               politicians               need               a               perspective               change
               Who               are               some               of               the               New               Foreclosure               Climate               in               MD
               The               administration               seems               to               challenge               those               speculative               investors               whom               are               facing               foreclosure.

The               current               administration               indicated               the               government               is               not               business               of               bailing               out               speculative               investors.

The               aminstration               does               not               have               a               policy               to               support               those               whom               gambled               and               turned               out               wrong.

The               current               administration               also               stated               that               they               were               interested               in               working               with               FHA               to               build               policy               to               give               loans               to               those               will               good               credit               whom               are               faced               with               rising               interest               rate.

Those               whom               have               good               credit               with               a               slight               fiancial               challenge               will               be               able               to               get               a               loan,               with               or               without               the               administrations               help.

Though               there               are               few               Stated               Income               deals,               they               have               not               gone               completely               away.
               The               people               I               know               facing               foreclosure               are               doing               so               because               they               are               going               through               a               traumatic               experiences.

Some               have               just               gone               through               or               continue               to               go               through               a               divorce.

Some               had               a               recent               job               loss               and               can               not               find               a               job               paying               and               equivalent               amount.

Some               have               seen               unexpected               deaths               in               their               immediate               family               for               various               reasons.

The               big               picture               is               that               these               people               have               has               some               issue               as               a               distraction               and               now               are               behind               on               the               mortgage.

The               New               Foreclosure               climate,               also               prevents               investors               from               being.
               I               know               one               woman               that               has               a               home               valued               at               $450,000               in               December.

She               has               been               attempting               to               sell               her               house               at               390,000               since               March.

She               is               now               in               foreclosure               and               is               frustrated.

She               stated               she               was               simply               willing               to               walk               away               from               the               property               for               the               mortgage               balance,               which               is               slightly               over               $300,000.

Her               problem               is               so               many               other               homes               in               her               area               have               sole               for               just               over               300,               000               that               here               home               in               8               month               as               dropped               tremendously               in               value.

She               had               a               house               on               her               block               in               July               sell               for               $315,000               which               is               less               than               she               owes               on               the               house.

If               she               were               to               sell               it               at               fair               market               value,               she               would               have               to               come               to               the               table               with               money.

There               are               many               other               cases               like               her               situation.
               What               can               be               done               in               the               New               Foreclosure               Climate               in               MD
               Quite               honestly,               I               don't               know.

I               know               that               investors               have               the               pick               of               the               litter.

They               are               able               to               swoop               in               and               pick               and               choose               what               deals               they               will               do.

Most               are               only               looking               for               situation               that               they               can               get               in               and               out               of               quickly.

When               the               Fall               &               he               holiday               season               fast               approaching,               a               slow               housing               market               is               about               to               get               slower.
               I               have               faith               that               we               can               get               out               of               this               quagmire.

My               belief               is               that               while               this               is               a               correction,               we               can               and               will               survive.

I               know               that               many               will               go               through               much               pain               right               now,               but               things               will               get               better.

My               thoughts               on               a               solution               start               with               education.

The               more               people               are               aware               of               what               they               sign               up               front               the               better               we               all               are.

Many               people               bought               $600,000               homes               with               low               interest               payment               ARMs.

The               ARM               loans               expired               and               people               were               not               prepared               to               make               the               new               payment.

Two               people               that               might               have               made               a               combined               100,000               a               year               can               afford               a               3000               note               on               a               home.

Where               clauses               allow               new               payments               to               adjust               up               to               4500               in               interest               rate               environment,               many               people               were               not               prepare.

When               you               add               the               fact               that               some               still               continue               to               be               laid               off,               it               makes               a               touch               situation               more               of               a               challenge.
               That               said,               education               is               key.

Sometimes               experience               is               the               best               teacher.

Its               a               tough               price               to               pay               but               people               hopefully               learn               there               lesson               well.

My               hope               is               that               the               solution               is:
               1)               Education               of               the               consumer               base               about               best               lending               practices               
               2)               New               life               experience               that               parents               of               this               generation               can               pass               down               to               others
               I               hope               and               pray               that               this               challenge               get               much               better.

While               I               do               not               know               the               solution,               I               do               know               things               can               and               will               improve.






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recent house sales in my area
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recent house sales in my area
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recent house sales in my area
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recent house sales in my area
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recent house sales in my area
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