pasadena real estate: Creative Financing Can Work for You
- 07/24/08 04:42 AM
One of the most important trends in the current real estate market is creative financing. Creative financing involves borrowing money from sources other than institutional lenders and banks. Buyers have used it in past market downturns when bank financing became less desirable. The most common form of creative financing is seller financing, in which the seller lends some or all of the money to the buyer. And then because most home sellers don't want to be lenders, they sell the loan to an investor who does want to lend money and actually receive payments. Here's how it might work... Joe is … (0 comments)
pasadena real estate: Pasadena Property Values Really on the Rise?
- 07/15/08 09:34 AM
Perhaps you saw the recent headlines about property values being on the rise in Pasadena in the Pasadena Star News, and wondered what it meant for your prospects of buying or selling your home. If you're like me, newsstand headlines are an important source of Pasadena news. But what is the real story on the headline, "Property values on rise; Pasadena, San Gabriel show big increases"? What the story reports is that the total value of the property in these cities has increased from the perspective of tax assessments. There are two reasons for this: first is the new building projects … (0 comments)
pasadena real estate: Want a Deal on a Home in Pasadena? Consider a Fixer-Upper House
- 07/14/08 05:08 AM
Foreclosures and Fixer-Uppers Looking for a good deal and don't mind doing a little work for it? You may be interested in buying a "fixer-upper" to save money. There are more fixers for sale than in other periods because of the prevalence of foreclosures in the Pasadena area. When foreclosures happen, it means the homeowners are in serious financial trouble, which usually leads to not making repairs or doing necessary maintenance to save money. On top of the financial difficulties, the homeowners expect that the house will be taken away from them, and they are not happy about that. Homeowners in … (0 comments)
pasadena real estate: Frustrated Los Angeles Sellers Try Swapping Homes
- 07/07/08 05:40 AM
Imagine this: You have just been offered your dream job in New York. There's only one problem. You can't sell your Los Angeles home because the market's slow. What do you do? Turn down the job offer? Rent out your home and become a landlord from 3000 miles away? If only you could find someone in New York who needs to move to LA, you could simply trade houses. This idea of home swapping is becoming a reality for an increasing number of sellers who have been unable to find a traditional buyer for their home. Sellers get connected with other … (1 comments)
pasadena real estate: 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 real estate: 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 real estate: 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 real estate: Is It The Right Time to Buy Real Estate in Pasadena, CA? Part 3 of 4: Mortgage Rates
- 06/20/08 12:12 PM
The third thing to consider in your purchase of a Pasadena home are the mortgage rates. Rising or falling mortgage rates can affect your payments similar to rising or falling prices. Even if prices drop 5% more in Pasadena, rises in mortgage rates could make that cheaper house more expensive to pay for. Since 2005 mortgage rates for 30-year fixed mortgages have fluctuated between a low of 5.48% on January 24 of 2008 and a high of 6.80% on July 20, 2006 according to the Freddie Mac Primary Mortgage Market Survey®. As of the writing of this post, interest rates have … (0 comments)
One of the most important trends in the current real estate market is creative financing. Creative financing involves borrowing money from sources other than institutional lenders and banks. Buyers have used it in past market downturns when bank financing became less desirable. The most common form of creative financing is seller financing, in which the seller lends some or all of the money to the buyer. And then because most home sellers don't want to be lenders, they sell the loan to an investor who does want to lend money and actually receive payments.;)
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