pasadena: REOs 101: Buying a Bank-Owned Gem in Pasadena
- 07/04/08 09:01 AM
What is an REO? When a homeowner doesn't make their mortgage payments, the lender forecloses on the property and auctions it off. If no one buys the home at the foreclosure auction, then the bank still owns the property and wants to get rid of it as quickly as possible. This is an REO, which stands for "real estate owned." The name comes from a category on the bank's list of assets. REOs are also known as bank-owned properties or lender-owned properties. Banks don't want to build their own real estate empires. They want to get rid of these properties quickly, … (0 comments)
pasadena: Green Homes in Pasadena: Builders Getting Eco-Friendly with LEED system
- 07/01/08 05:45 AM
It seems like everyone's "going green" these days, from car makers, to educational institutions, to big companies trying to save on paper costs for bills. Now home builders are jumping on board too. Nationally, builders expect that by 2010 as many as 40-50% of homes being built will be "green," according to the National Association of Home Builders in March 2007. Even in Pasadena we have seen the eco-friendly Wilson Residences listed recently, and construction has begun on the "Pasadena Eco-House." So what is a "green" home? The US Green Building Council has provided a useful rating system called the Leadership … (0 comments)
pasadena: Housing Market Bad for Selling, Good for Real Estate Investing
- 06/24/08 09:22 AM
While the weakened housing market continues to be problematic for sellers, the outlook for residential rental property is looking good. A recent New York Times article on June 21, 2008 documents the significant increase in renters that thousands of foreclosures have caused. Gains had been made in the percentage of Americans who own homes, but recently that progress has been erased. The article states, "Americans are renting apartments and houses at the highest level since President Bush started a campaign to expand homeownership in 2002." (NYTimes) Investors benefit from this trend because more renters means more demand and increasing rents. One … (0 comments)
pasadena: Is it the Right Time to Buy Real Estate in Pasadena, CA? - Part 4 of 4: Price
- 06/23/08 07:25 AM
At last we come to price in our series. What could there be to write about price, Sam? Buy low, sell high just like the stock market, right? Yes, that's true but it's not quite as simple to use that rule for Pasadena real estate as it is for the stock market. If you want to buy shares of stock and you like Google, you would watch the price of Google each day in the newspaper or on the web. And you might keep your eye on the S&P 500 and NASDAQ indexes to see whether prices are rising and falling … (0 comments)
pasadena: Is It The Right Time to Buy Real Estate in Pasadena, CA? Part 2 of 4: Your Financial Situation
- 06/11/08 04:34 AM
The second thing to consider is YOUR OWN FINANCIAL SITUATION. The "right time" is different depending on whether you're a middle-income first time home buyer or someone with higher income and equity already in your home. For first time buyers this is a great market because sellers will be more likely to accommodate weaknesses in your offer because they're just glad to be getting an offer. If you've got a low down payment, if you want the seller to pay some closing costs, or even if you want to do a lease-option (a rent-to-own arrangement) sellers will be far more likely … (1 comments)
pasadena: Is it the Right Time to Buy Real Estate in Pasadena, CA? - Part 1 of 4: Taste
- 06/10/08 05:09 AM
"Okay, so the market's dropping, but is it the right time for me to buy?" This is the real estate question on many people's minds around Pasadena, but for the average person it's difficult answer apart from hearsay and speculation. So I'm writing this post to give you readers a solid framework to answer this question for yourselves. The key issues to consider With all of the media fixation on price, it's easy to assume that this is the only variable to consider; that if you find a great deal you should definitely buy right away. While price is very important, … (4 comments)
What is an REO? When a homeowner doesn't make their mortgage payments, the lender forecloses on the property and auctions it off. If no one buys the home at the foreclosure auction, then the bank still owns the property and wants to get rid of it as quickly as possible. This is an REO, which stands for "real estate owned." The name comes from a category on the bank's list of assets. REOs are also known as bank-owned properties or lender-owned properties.;)
;)
