Home sales increased 2.5 percent in April, 2008

BUYERS, TIME TO BUY IS NOW before Home prices heading up AGAIN... DON'T MISS THE BOAT !!!

For release:Friday, May 23, 2008C.A.R. reports sales increased 2.5 percent, median home price fell 32 percent in April LOS ANGELES (May 23) – Home sales increased 2.5 percent in April in California compared with the same period a year ago, while the median price of an existing home fell 32 percent, the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.) reported today.
"Home sales registered a 2.5 percent year-to-year gain compared with April 2007, ending a 30-month string of year-to-year percentage decreases that began in October 2005," said C.A.R. President William E. Brown. "This is not to say that the credit crunch that has contributed to the sales decline has disappeared. Both tighter underwriting standards and the ongoing effects of the credit/liquidity crunch continue to constrain sales."
Closed escrow sales of existing, single-family detached homes in California totaled 366,720 in April at a seasonally adjusted annualized rate, according to information collected by C.A.R. from more than 90 local REALTOR® associations statewide. Statewide home resale activity increased 2.5 percent from the revised 357,640 sales pace recorded in April 2007.
The statewide sales figure represents what the total number of homes sold during 2008 would be if sales maintained the April pace throughout the year. It is adjusted to account for seasonal factors that typically influence home sales.
The median price of an existing, single-family detached home in California during April 2008 was $403,870, a 32 percent decrease from the revised $594,110 median for April 2007, C.A.R. reported. The April 2008 median price fell 2.6 percent compared with March's revised $414,640 median price.
"Significant price declines are spurring home sales to bargain hunters and first-time buyers at the middle- and low-end of the market, especially in areas with a concentration of distressed properties," said C.A.R. Vice President and Chief Economist Leslie Appleton-Young.

"A year ago, homes for sale under $500,000 accounted for 40 percent of sales, the middle segment ($500,000 to $1 million) made up 45 percent, and the over $1 million segment captured 15 percent of the market. As of April 2008, that has shifted to 64 percent, 26 percent, and 10 percent, respectively, as the crunch severely constrained funding to the market over $500,000, with a correspondingly dramatic decline in sales."
Highlights of C.A.R.'s resale housing figures for April 2008:
. C.A.R.'s Unsold Inventory Index for existing, single-family detached homes in April 2008 was 9.2 months, compared with 11.3 months for the same period a year ago. The index indicates the number of months needed to deplete the supply of homes on the market at the current sales rate.
. Thirty-year fixed-mortgage interest rates averaged 5.92 percent during April 2008, compared with 6.18 percent in April 2007, according to Freddie Mac. Adjustable-mortgage interest rates averaged 5.19 percent in April 2008, compared with 5.45 percent in April 2007.
. The median number of days it took to sell a single-family home was 52.1 days in April 2008, compared with 53.1 for the same period a year ago.
Regional MLS sales and price information is contained in the tables that accompany this press release. Regional sales data are not adjusted to account for seasonal factors that can influence home sales. The MLS median price and sales data for detached homes are generated from a survey of more than 90 associations of REALTORS® throughout the state. MLS median price and sales data for condominiums are based on a survey of more than 60 associations. The median price for both detached homes and condominiums represents closed escrow sales.
In a separate report covering more localized statistics generated by C.A.R. and DataQuick Information Systems, 2.1 percent, or 7 out of 334 cities and communities, showed an increase in their respective median home prices from a year ago. DataQuick statistics are based on county records data rather than MLS information. DataQuick Information Systems is a subsidiary of Vancouver-based MacDonald Dettwiler and Associates. (The top 10 lists are generated for incorporated cities with a minimum of 30 recorded sales in the month.)
Note: Large changes in local median home prices typically indicate both local home price appreciation, and often, large shifts in the composition of housing market activity. Some of the variations in median home prices for April may be exaggerated due to compositional changes in housing demand. The DataQuick tables listing median home prices in California cities and counties are accessible through C.A.R. Online at http://www.car.org/index.php?id=Mzg0OTQ.

. Statewide, the 10 cities with the highest median home prices in California during April 2008 were: Saratoga, $1,480,000; Manhattan Beach, $1,372,500; Los Gatos, $1,335,000; Santa Barbara, $1,067,500; Cupertino, $918,500; San Carlos, $885,500; Danville, $829,000; Redwood City, $817,500; San Clemente, $809,500; Santa Monica, $780,000.
. Statewide, the cities with the greatest median home price increases in April 2008 compared with the same period a year ago were: Los Gatos, 11.3 percent; Yorba Linda, 6.6 percent; Carlsbad, 3.6 percent; Cupertino, 2.1 percent.
Leading the way...® in California real estate for more than 100 years, the CALIFORNIA ASSOCIATION OF REALTORS® (http://www.car.org/) is one of the largest state trade organizations in the United States, with nearly 175,000 members dedicated to the advancement of professionalism in real estate. C.A.R. is headquartered in Los Angeles.

April 2008 Regional Sales and Price Activity*Regional and Condo Sales Data Not Seasonally Adjusted

FOR MORE INFO. GO TO THIS LINK => http://www.car.org/index.php?id=Mzg0OTU=

Dear Customers,
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Remember our services are FREE and you're always in good hand with us, Nancy and I we love to helps and represent you and your Family in the search for your Dream Home ... If you have any questions or simply just want us to show the properties you found by using our Searching Tool, Please do not feel hesitate to give us a call at (714) 531-2678 or email us at http://us.f568.mail.yahoo.com/ym/Compose?To=mrlittlesaigon@yahoo.com

Sincerely

Vinny Tran / Nancy Do
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(714)531-2678

YAHOO Source 4-18-2008 - Is It Time to Buy Real Estate?

YAHOO Source 4-18-2008
Is It Time to Buy Real Estate?
by Vicki Gerson
Friday, April 18, 2008
provided by

Investing in real estate used to be considered a "no brainer," a can't-miss investment.

But these days, this sure thing isn't so sure. Home prices keep falling. Standard & Poor tracking shows prices down 7.7 percent nationally in November 2007.

The National Association of Realtors, or NAR, reports that sales of single-family homes were down by 13 percent in 2007, the biggest drop since a 17.7 plunge in 1982.

Representatives of the NAR say that this makes it the best buyer's market in a long time. Prices are down, interest rates are near a 45-year low and the supply of houses is high.

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But others argue that with the real estate market in a tailspin, it might be a very long time before prices rebound -- making it a poor market at this time.

Even those who advocate real estate investing concede that you need the right circumstances before you take the plunge.

Who Should Buy a Home?

"Dual-income customers should definitely buy a home now," says George Kaiser, vice president of banking operations for Northbrook Bank and Trust and West America Mortgage Co., its sister company. "People with assets in reserve and a credit score of at least 680 should buy as well. Anyone with a credit score less than that will have to verify their income."

Renters who have stable jobs might find this a good time to try homeownership because of the lower prices, says Scott Rose of Coldwell Banker in Deerfield, Ill.

William Chu, senior mortgage loan consultant, American Chartered Bank, suggests it's a particularly good time to look at the higher end properties if you can afford them because with the pool of buyers shrinking, upper market sellers are lowering their prices to attract a larger pool.

"So if you qualify, you could purchase a more expensive home at a much lower price than you could a few years ago," he says.

However, as always, consumers need to shop intelligently, avoid risk and buy what they can afford.

Kaiser warns that potential homebuyers must not get in over their heads. They should feel comfortable with their mortgages and be confident they can handle the payments along with taxes and insurance.

Those with lower credit scores will find it a little tougher.

"If you have some credit challenges or less than 20 percent down, be prepared for higher interest rates due to risk-based lending," says Rose.

Who Should Not Buy Now?

While prices are more attractive these days, not everyone should be in the market.

"There is no hard and fast rule that applies in all cases, whether it be a good market for real estate or a down market, such as we are currently experiencing," says Valerie Anderson-Jones, CPA, JD, CVA at Kessler Orlean Silver & Co. PC. "Tax advantages can make the ownership of real estate quite appealing, but the decision whether or not to own a home should be based on many factors.

"The size of the down payment and resulting mortgage will play a large part in this decision, as well as the amount of any other assets and debt one currently has."

Brent Kalka, Certified Funds Specialist, or CFS, and financial adviser at Mueller Financial Services Inc., Elgin, Ill., points out there are times a person or couple should not consider buying in this market.

"For example, if a retired couple is thinking of selling their home in order to downgrade and gets less than fair market value, they will lose more financially then what they gain by getting a good deal on a less expensive house and are better off financially by waiting until the market turns around."

A second consumer who ought not consider changing residences is a homeowner who, prior to the market downturn, had 20 percent equity in their home and didn't have private mortgage insurance, or PMI payments.

"With home values down," he says "their equity has dropped, and they no longer would have the 20 percent down payment necessary in a lateral or upgrade purchase to avoid PMI, which can run anywhere from $50 to $150 per month."

Kalka also believes that potential homebuyers should consider the fact that the real estate market could be no better or even worse a year from now, so they have to decide if they want to wait it out.

People whose jobs are shaky should wait until their situation is more secure.

"To buy on what you are making now if future income is not stable is asking for trouble," Rose says.

Also, if you are experiencing a life change, such as an upcoming job transfer, getting married, planning to move geographically within the next two years or struggling financially, you should wait.

"People who are thinking of flipping a home should not buy," says Walter Molony, spokesman for the National Association of Realtors. "Housing is a long term investment, and if you're only planning to be there for a year or two, keep renting."

According to Karen L. DeRose, CFP, DeRose & Associates, Chicago, renovating and flipping homes is much harder today and not something she is recommending to any of her clients. She says several of her clients now have to sit on these properties and the gains they thought they would get have been eaten away by the decline in home prices.

People with heavy credit card debt should not consider buying now. "They must clean up their credit first," Chu says.

Should You Buy a Home in Foreclosure?

The Census Bureau reported that the number of vacant homes in 2007 climbed to 2.8 million from 2.07 million. This is the biggest one-year jump on record. What does that mean to potential homebuyers?

Although property is available, Marsha Schwartz, a broker associate from Coldwell Banker Residential Brokerage in Northbrook, Ill., and Rose believe that buying a home in foreclosure can be a challenge and not always a good deal. Sometimes the home has been neglected for a long time due to financial reversals. Be prepared to invest money in the property.

Before you purchase it, have a professional inspection done, even though most of the time the home is being sold "as is." It also pays to research comparable prices to make sure the price of the foreclosure is significantly below values in the area.

"You can always buy a home in foreclosure, but it depends on how much the lender is willing to lose to get rid of the property," Kaiser adds. "Sometimes you can get a good deal."

Is Raw Land or Commercial Real Estate a Good Alternative Now?

"Now is a great time to acquire land, because when you look at the residential market, many homebuilders are looking to get their existing inventory off the books," says Ben Reinberg, Alliance Equities LLC, headquartered in Chicago.

"However, if you are going to buy land, you must have the ability to hold that piece of land until you have an opportunity for the next cycle to come around."

When purchasing land, investors should investigate if it has sewer and water, what type of zoning it has and what you can do with it as well as the location of the property. When buying a piece of land, lenders require 30 percent to 60 percent equity depending on where it's located and what the selling price is.

Reinberg believes if you have the opportunity to purchase the land at a discount (less than it would have sold for three to five years ago), buy it.

"There will be opportunities to buy land within the next 12 to 18 months, especially if we go into a recession," Reinberg says. "The market is correcting itself, and was very inflated. Now it's adjusting."

In addition, Reinberg expects the rental market to be strong compared to the condo market, so multifamily properties will be in strong demand as well.

But he does issue a word of caution. "Be careful what you buy in this down market. Due diligence is important, and if you are a novice you may want to hire a commercial real estate broker."

Why Not Wait Until the Economy Turns Around?

"If you wait till the economy turns around, the interest rates may not be as favorable, nor in all probability will there be as much inventory," says Schwartz.

She feels it's hard to predict when the market will bottom out, just as you can't predict when a stock has "bottomed out" until it has started to rise again.

Homes are starting to sell because prices have been lowered, but Kaiser doesn't anticipate home prices dropping much more. Interest rates are also dropping, and that is changing consumers' outlook.

When Will the Housing Market Turn Around?

The National Association of Realtors is projecting that home sales will trend up this year.

"The timing of the recovery is a bit ambiguous because there are buyers looking for a bargain, while others are looking for more signs of stability. Still others are looking for interest rates to keep lowering, with prices still bottoming out in their area," says Molony.

However, he suggests the window of opportunity for buying is within the next six months.

But there is serious disagreement on that point.

"Overall my consensus is to wait another year to see how the housing market settles and see how capital gains plays out," says DeRose. She bases her thoughts on the fact that Census Bureau Data indicates this is the highest housing inventory in history with 17.9 million housing units available. In addition, foreclosures are at an all time high.

"I am recommending to my clients that they do not purchase another home or one on contingency unless their home sells first. Otherwise, they could end up carrying two mortgages."

"Over all, the real estate market won't be strong till the spring of 2009," says Bob Mecca, CFP, MBA, RIA, of Robert A. Mecca & Associates LLC. He recommends that people look now, establish a list of priorities and amenities and do their homework. Then, negotiate.

"Of course, Realtors will say to buy now, but the investment has to make sense and have appreciation potential," he adds.

Mecca believes people should wait and see if the economic stimulus package takes hold as well as keeping an eye on the Federal Reserve rate. "If the Fed starts hinting that interest rates are done with, then is the time to start investing and flipping homes."

"Many people believe that the earliest turn around will be in the second half of 2008," Schwartz says, "while others believe it will not be till the first half of 2009. Other people think people will have a wait and see attitude until after the presidential election, which would prolong the market turnaround."

The bottom line, Molony points out, is that all real estate is local, and people need to understand what is going on in their local market area before they buy. Internet research is an important first step, and you need to know if it is a buyer's or seller's market locally or if it is balanced.

Molony projects that home prices will stay flat this year, but 2009 will lead back to more normal market conditions with prices rising 3.1 percent.

Copyrighted, Bankrate.com. All rights reserved.

Sincerely
Your Home SOLD in 45 days or we'll buy it for cash!!!
Vinny Tran / Nancy Do
www.VinnyTran.com
(714)531-2678

SELLER Beware ... FORECLOSURE FRAUD !!!

FREDDIE MAC !!! SELLER Beware ... FORECLOSURE FRAUD !!!

Avoiding Mortgage Fraud
Mortgage fraud is becoming more common. To protect your home and your home equity it is important to understand and recognize the signs of mortgage fraud. It's also important to know how to report fraud to state and federal authorities so they can stop scam artists from preying on innocent borrowers.

Scam artists will often target homeowners already struggling to meet their mortgage commitments or anxious to sell their homes. There is help available when facing financial problems or foreclosure, but make sure you are dealing with a reputable organization before getting involved. Fraud schemes may sound good, but ultimately the goal is to take your home – not help you keep it.

Here are several common frauds being reported today:

Foreclosure Rescue Scheme
If you have fallen behind on your mortgage payments, this may seem like an attractive solution – but beware. A foreclosure rescue scheme often begins with a scam artist offering a promise to pay off your delinquent mortgage, allowing you to stay in the home as a renter with the option to purchase the home back when your financial situation improves.

But what really happens is a series of steps designed to cash out the equity in the home and disappear:
As part of the "rescue," the homeowner will be required to deed the property to a new borrower who is often "investing" in a rental property, but who is really part of the scam.
The proceeds of the sale pay off the delinquent loan and the new borrower removes all the equity in the house, never to be seen again.
The distressed homeowner is now merely a renter in a home they no longer own, unaware that the new borrower is not making payments.
When the new borrower defaults on the loan, the homeowner is evicted from the home – they have lost the house and all the equity in it.
Scam artists are very crafty and will often vary the scheme depending on the homeowner they are talking to, so be cautious. Some warning signs that a scam artist may be trying to set you up as a victim of a foreclosure rescue scheme include:

Being approached by a stranger with an unsolicited "rescue" offer.
Receiving an unsolicited call, mail or flyer about "foreclosure rescue" or saving your home.
Participating in a complicated deal that you don't fully understand.
Signing documents that have blanks or false statements. Regardless of what you are told, this is never okay.
The best solution when you face financial difficulties that may endanger your home is always to talk to your lender or a reputable counselor.

Illegal Flipping
Flipping is a legitimate practice where an investor purchases a property in need of repairs or upgrades, makes the necessary changes to the property in a very short amount of time and sells the home for a profit.

We've all seen the TV shows about flipping and they're fun to watch. But there are scam artists who use flipping to make money illegally.

Often times, the scam artist will offer much more than the asking price of a home with a stipulation that the "surplus" amount over the asking price is given back to the borrower at closing.

At closing, the inflated value of the home will be attributed to home improvements that were never made. The scam artist will pocket that surplus money and default on the loan.

As a homeowner, especially one whose house has been on the market a long time, this may seem like an attractive deal but remember – falsifying documents is fraud.

Video: SELLER Beware ... FORECLOSURE FRAUD !!! ... 1) Turn on your speaker, ... 2) Click on ARROW ICON below

Sincerely
Your Home SOLD in 45 days or we'll buy it for cash!!!
Vinny Tran / Nancy Do
www.VinnyTran.com
(714)531-2678

Is Orange County Real Estate Market BOUNCING BACK ?

Orange County Home Price Showing Stabilize in many cases Start Heading UP UP UP !!!!

BUYERS ALERT ... BUYERS ALERT !!!

I'm doing the preview and showing approximately 70 - 80 homes a week ... For the last 3 weeks every where I go ... Many properties which has reasonable price was SNAP OUT from the market and PENDING IN ESCROW right away ... BACKUP OFFERS status are all over the Internet.

Combine of:

1. US Dollar weakening
2. Stock Market are so risky to get involve
3. GOLD price is too high and may crash at anytime (Just like Real Estate market couple years ago)
4. At this moment China continues to be THE WORLD #1 Buyer of Building Materials ... Even here at home The good old USA many American's Companies prefer to do business with China than at home ... CHINA BUYING POWER PUSHING BUILDING MATERIAL PRICE UP.
5. Look at GAS PRICE almost $4 Dollars per Gallon driving EVERYTHING ELSE UP.
6. But housing continue to have Lower Interest Rates
7. Housing price at their Lowest Price since 2004
8. Tax write off advantage
9. Chance to building up Equity and Saving
10. Chance to Fulfill your AMERICAN DREAM is to owning your owned home ... So your wife don't yell or get Mad with you because you're missing the boat again.
11. After all NOW at this moment INVESTED IN REAL ESTATE in southern California specially ORANGE COUNTY seem to be the WISE CHOICE to me.

Please Read my previous Article which I wrote 2 months ago ... Back then after I analyzed that Real Estate Market it self will stabilize in the next 3 to six month and for sure it's start working now ... Many buyers know that the market is bottom out so they all jump off the fence at the same time and start buying making offers left and right AT THE SAME TIME ... in some case I experienced that property pricing was increase by $20,000 to $30,000 after only couple days of listing my own listings also got multiple offers (15 to 20 offers in 2 weeks) and most of them are over asking price.

If you look closely in some case actually buying is paying less than renting ... specially for many young couple ... remember STARTER HOME is not your dream home but it's a first step to getting there ... it's will help to saving for your equity, Tax advantage and place to call home.

DO IT NOW ... Don't miss the BOAT ... believe me I'm in this business close to 20 years I know what I'm talking about ... If you are waiting for MEDIA NEWS you are TOO LATE !!! HEY BUYERS ... !!! WATCH MY LIP ... DO IT NOW "BUY NOW" BEFORE IT TOO LATE !!!...

Sincerely
Your Home SOLD in 45 days or we'll buy it for cash!!!
Vinny Tran / Nancy Do
www.VinnyTran.com
(714)531-2678

Why serious buyers need loan Pre-approval?

Why serious buyers need loan Pre-approval?

Obtain the Best Rates & Lowest Closing Costs
When you are ready to purchase a home, it makes sense to negotiate from the strongest position possible. In a strong real estate market, sellers can be more selective in the final buyer they choose to negotiate with. In such a crazed seller's market, it's not uncommon for a home seller to receive multiple offers on their property. With that said; there are certain things you can do to make certain that your offer is the one Seller goes with.

The vast majority of Purchaser's today go about the process entirely wrong, putting themselves at an overwhelming disadvantage!

Let's look at this from the Sellers perspective for a moment. If you were the Seller and had multiple offers on your property, all things being equal, would you accept the one with Certificate of Financing Approval or the one that was still conditional on Financing? The answer is obvious. Why then, do so many buyers wait to start the financing until after they have found the home?

What I have found is that those buyers are usually very good, qualified buyers and are not worried about getting approved. Even though they usually are correct and will ultimately be Approved, the Seller in most cases has no guarantees.

Lastly, from a cost savings perspective...

As a prospective purchaser, it makes all the more sense to start the financing early on so you can get a firm handle on your interest rate and estimate of points and closing costs. If you do this before finding a home, you are not under any time constraints and are less likely to over pay like a buyer who has found a home and is under strict time constraints.

Watch this Video to understand more about Home Loan what is the difference between Prequalified and Preapproval why it's so important when buying or refinance home.
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Should you decide that you wish to take advantage of Pre-Approval, simply give us a call at (714) 531-2678 or Email us at mrlittlesaigon@yahoo.com we will locate the absolute best mortgage rate and lowest closing costs possible and process your application without any cost or obligation.

Vinny Tran / Nancy Do
Your Home SOLD in 45 Days or we'll Buy It for CASH !!!
Visit us at => www.VinnyTran.com
(714)531-2678

VIDEO: FORECLOSURE is NOT an option !!!!

VIDEO: FORE CLOSURE IS NOT AN OPTION !!!!
WHY SHORT SALE? ... Because FORECLOSURE IS NOT AN OPTION, Many people with Mortgage late payments THINK that a FORECLOSURE MIGHT BE OKAY, or just be 7 years on the credit report ... WRONG!!! FORECLOSURE CAN BE MUCH WORSE AND THE DEBTH NEVER GOES AWAY Find Out Why?
1) Turn on your speaker
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Vinny Tran / Nancy Do
Your Home SOLD in 45 Days or we'll Buy It for CASH !!!
Visit us at => www.VinnyTran.com
(714)531-2678

Buying A Home - Top things to know

Buying A Home
Top things to know

1. Don't buy if you can't stay put.

If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner.

2. Start by shoring up your credit.

Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.

3. Aim for a home you can really afford.

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

4. Don't worry if you can't put down the usual 20 percent.

There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price.

5. Buy in a district with good schools.

In most areas, this advice applies even if you don't have school-age children. Reason: When it comes time to sell, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values.

6. Get professional help.

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Look for an exclusive buyer agent, if possible, who will have your interests at heart and can help you with strategies during the bidding process.

7. Choose carefully between points and rate.

When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say five to seven years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.

8. Before house hunting, get pre-approved.

Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history.

9. Do your homework before bidding.

Your opening bid should be based on the sales trend of similar homes in the neighborhood. So before making it, consider sales of similar homes in the last three months. If homes have recently sold at 5 percent less than the asking price, you should make a bid that's about eight to 10 percent lower than what the seller is asking.

10. Hire a home inspector.

Sure, your lender will require a home appraisal anyway. But that's just the bank's way of determining whether the house is worth the price you've agreed to pay. Separately, you should hire your own home inspector, preferably an engineer with experience in doing home surveys in the area where you are buying. His or her job will be to point out potential problems that could require costly repairs down the road.

VIDEO from Money Talk News - HOME: Rent or Buy ?
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Vinny Tran / Nancy Do
Your Home SOLD in 45 Days or we'll Buy It for CASH !!!
Visit us at => www.VinnyTran.com
(714)531-2678

Eat your Heart Out ... C21 Olympic Team Christmas Party 2007

Hey Leesa & Anthony Thank You so much for the great party this is the first Christmas party with you guys and we like it very much you guys are great.
Video: Eat your Heart Out ... C21 Olympic Team Christmas Party 2007
To watch Video to see how we party:
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About Us
Welcome to CENTURY 21 Olympic Team.

CENTURY 21 Olympic Team is the largest, most active Real Estate company in the Southern California.

CENTURY 21 Olympic Team understands the goal of every buyer: to receive maximum value for the price you pay. We specialize in one thing: Value. Pre-construction prices, waterfront property and hidden gems along the Southern California are our niche. We'll show you where the deals are.

CENTURY 21 Olympic Team also gives you the attention you want and the personal assistance to help you make an informed purchase that suits you, not us. If you want to find your deal and feel good about it, CENTURY 21 Olympic Team Real Estate Company is the place.

Value. Hidden gems. The best deals in pre-construction pricing. That's us. We know about the deals before they hit the market. That's who we are. CENTURY 21 Olympic Team professionals.

Our Mission:
Our overall mission is to assure that owners and investors receive the most effective research, advisory and transaction services tailored to the nuances of each property type. We achieve this mission by providing our agents with specialized training, custom tools and research for each property type as well as ongoing organization and communication.

Our Real Estate Company has more listings and real estate sales in Orange County than any other real estate company. We feel that our success comes from important things like being accessible to you.

Vinny Tran / Nancy Do
Your Home SOLD in 45 Days or we'll Buy It for CASH !!!
Visit us at => www.VinnyTran.com
(714)531-2678

National association of realtors® - March 06, 2008 - Flat Existing-Home Sales Likely Before Gradual Recovery

National association of realtors®

Flat Existing-Home Sales Likely Before Gradual Recovery

WASHINGTON, March 06, 2008 - The volume of existing-home sales is expected to hold steady through late spring, with a gradual recovery during the second half of the year as the mortgage situation improves in high-cost areas, according to the latest forecast by the National Association of Realtors®. Lawrence Yun, NAR chief economist, said many buyers have been waiting for higher mortgage loan limits. “The higher loan limits for both FHA and conventional loans will increase consumer choice and provide greater access to lower interest rate mortgages in high-cost regions,” he said. “Therefore, a notable rise in home sales can be anticipated in the second half of the year."

The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in January, held at a stable level of 85.9, unchanged from December, but was 19.6 percent below the January 2007 reading of 106.8. “This additional sign of a stabilizing market is encouraging, and our members are telling us there’s been a pickup in shopping activity.” Yun said. “Our hope is that the increased traffic of buyers looking at homes will translate soon into more contract offers.”

The PHSI in the West jumped 13.0 percent in January to 93.8 but remains 12.7 percent below a year ago. In the Midwest, the index rose 0.6 percent to 85.2 but is 13.3 percent lower than January 2007. The index in the Northeast declined 4.1 percent in January to 69.6 and is 28.0 percent below a year ago. In the South, the index fell 6.1 percent in January to 89.5 and is 23.8 percent below January 2007.

Existing-home sales are forecast to remain flat around an annual level of 4.9 million in the first half of the year before improving to a 5.8-million pace in the second half. With a weak first half, total sales for 2008 are projected at 5.38 million, but are then seen to rise 3.5 percent to 5.60 million in 2009. The aggregate existing-home price is projected to decline 1.2 percent to a median of $216,300 this year, and then increase 3.5 percent to $223,800 in 2009.

A pattern of disparate price performance continues around the country with a roughly even split between up and down markets. Recently released data for the fourth quarter shows strong price gains in markets such as the Kennewick-Richland-Pasco area of Washington; Topeka, Kan.; and Atlantic City, N.J. At the same time, many areas that have lost jobs are showing price declines.

“Significant price declines in some local markets have sharply and quickly improved local affordability conditions, and are inducing buyers to return to the marketplace,” Yun said. NAR’s housing affordability index is forecast to rise 14 percentage points to 127.0 in 2008.

New-home sales should decline 23.7 percent to 590,000 this year before rising 7.2 percent to 633,000 in 2009. Housing starts, including multifamily units, will probably fall 25.1 percent to 1.01 million this year, and then continue to slip another 2.7 percent to 987,000 in 2009.

“As builders sharply cut back production, vacant new-home inventory has consistently declined over the past year-and-a-half,” Yun said. “That will permit a quicker return to balanced market conditions in many local areas.” The median new-home price is likely to fall 6.1 percent to $232,200 this year, and then rise 5.1 percent in 2009.

The 30-year fixed-rate mortgage, which has moved erratically in recent weeks, is expected to hover around 5.8 percent most of the year, and then rise to an average of 6.3 percent in 2009.

Growth in the U.S. gross domestic product (GDP) should be 1.5 percent this year and 2.4 percent in 2009. The unemployment rate is projected to average 5.4 percent in 2008 and 5.5 percent next year.

Inflation, as measured by the Consumer Price Index, will probably be 3.2 percent this year and 1.5 percent in 2009. Inflation-adjusted disposable personal income is expected to grow 1.4 percent in 2008 and 3.1 percent next year.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.

# # #

(1) The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.

The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months. There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons.

An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales.

Existing-home sales for February will be released March 24; the next Forecast / Pending Home Sales Index will be released April 8.

VIDEO Home Foreclosure Buyers - Avoid These 7 Costly Mistakes
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Vinny Tran / Nancy Do
Your Home SOLD in 45 Days or we'll Buy It for CASH !!!
Visit us at => www.VinnyTran.com
(714)531-2678

Buyer Miss-Understood about SHORT SALE

Buyer Miss-Understood about SHORT SALE
Understand SHORT SALE is NOT BANK OWNED
This is the real Email Answesr from us to one of our buyer Misled by the Short Sale Listed Price!

"VinnyTran.com" wrote:
That's OK ... I am glad that you now understand what is the meaning of SHORT SALE and also other mess seller leave behind for buyers (to name the few like: Tax lien, other junior liens on the house, law suit ... ) buyers must clean it up before taking title of the house
Yes this Saturday 2pm at my office and we'll continue our home searches in the area, I have your Mc.Duff and Lampson property on my list beside that we going to visit other bank repos properties in the area ... see you then.
Sincerely
Vinny / Nancy
(714)531-2678

ACTUAL Buyer wrote:
Chu Vinny,
What an eye opening! Txs so much for the info. I have
been searching the wrong way. I got misled by the
listed pricing...My intention was not to focus on
short-sale, but the houses I found happened to be short-sale.
Here is one bank owned, pls arrange to see this Sat.
P622621 - 11691 MAC DUFF STREET, 92841
we’re open to your suggestions....
Also, can you pls check to see if the house on Lampson
is short-sale or bank owned?
Sincerely,

--- "VinnyTran.com" wrote:
> Hi ,

"Recently, short-sale houses are lowering their
> asking price to $350K price range"
>
> So you really Do Not understand what short sale
> really is, it is something like this:
> (2 years ago Many buyers purchase properties under
> NO DOWN payment) there for their purchase price also
> is their Mortgage Loan.>
> Example: >
> In 2006 a buyer Purchase his home at $600,000
> with NO DOWN there for his Mortgage Loan also is
> $600,000.
> In 2008 as today market that same home only worth
> $450,000 ($150,000 less than what they bought the
> house for).
> There for at a BIG LOSS for their financial they
> decided to get rid of the house by selling it at
> LESS THAN today market price ($450,000) ... by
> listing the property way lower than what it worth
> ... sometime they listed at $100,000 with the hope
> that some Buyer will put an offer in and purchase
> home for that price ... So they can use this buyer
> as a bargain chip to get out of their Bad Loan.
> Now let say some Buyer whom Do Not understand
> what Short Sale really is and thought if they offer
> $100,000 for that house they can get the house for
> that price and gaining $350,000 Equity in that
> house.
> But that is not the case ... 10 times out of 10
> times Lender will not approved such a Naive and
> Crazy selling price ... They will reject such a none
> sense offer or counter the offer back almost to the
> Full Market Price (we are very lucky if they giving
> us 10% discount on the market price ... Usually is
> 5% discount on Market Value is the norm.)
> Do some more research about Short Sale for
> yourself so you'll have a better understanding what
> is it all about, BANK REPO, REO is a must better way
> to buy foreclosure homes.>
> Sincerely
> Vinny Tran
> (714)531-2678
>
>
> ACTUAL Buyer wrote:
> Hi chu Vinny & co Nancy,>
> Thank you very much for your guidance, here is our
> situation:>
> Presently, our saving is around $40K. Our combined
> income after taxes are appx $5+K/mo. Based on the
> estimate calculation, a house of $350K + taxes =
> $2.5K/mo, which is 50% of our monthly income.
> Recently, short-sale houses are lowering their
> asking
> price to $350K price range. We're hoping to find
> "the"
> one w/in this range.>
> We understand it's difficult, but would like to
> continue this search a little longer. Looking
> forward
> to your further advice.>
> Sincerely,>
>
> --- "VinnyTran.com" wrote:
>
> > Hi ,> >
> > Nancy and I we have been helped many buyers very
> > much with financial situation like you guys moved
> in to there First Lovely Home.> >
> > 1) SHORT SALES are NOT the answer for your
> > searches.
> > 2) Most of the Single Family Homes is out of your
> > reach.
> > 3) You both now almost in the exhaust mode and
> > pretty soon will giving up in your search for
> homes.> >
> > My advice is: ... Ready to move in Bank owned town
> > houses with all new carpets, new paints, new
> > appliances ... is your BEST option at this moment.
> > This investment will allow you guys to save on TAX
> > and build up your Equities for your Dream Home in
> > the next few years.> >
> > Believe me I did want to tell you this at First
> > but ... at that time it is Not the right time yet.> >
> > NOW ... I hope it is the right time ... Think
> > about it and let us know and remember you are
> always
> > in good hands with us.
> > Sincerely
> > Vinny Tran
> > (714) 531-2678

Vinny Tran / Nancy Do
Your Home SOLD in 45 Days or we'll Buy It for CASH !!!
Visit us at => www.VinnyTran.com
(714)531-2678

Video: My OPEN HOUSE

Video: My OPEN HOUSE
If You driving around "Little Saigon" area and happen to see the YELLOW OPEN HOUSE of Mr. "Little Saigon" & associates then stop by to say hello ... at our open house we usually put out more than 25 signs out there to Direct Buyers to our seller Homes ... Buyers and Sellers in the area Love to visit us at our OPEN HOUSE ... Time for them to update their Real Estate Market Info ... Nosy Neighborhood ... Old Clients Just want to stop by and say HI ... Other peoples Just want to know who the Hell is Mr. Little Saigon :-)???
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2) CLICK the Arrow Icon below to watch Video.

Vinny Tran / Nancy Do
Your Home SOLD in 45 Days or we'll Buy It for CASH !!!
Visit us at => www.VinnyTran.com
(714)531-2678

For Sellers Only - How To Sell Your Home For TOP DOLLAR in The QUICKEST Time ...

When you decide to sell, the first thing to do is investigate the local housing market.

Consult the large real estate sites, like Realtor.com, Zillow.com and HomeGain.com to see how similar homes are priced in your neighborhood. Many newspapers also list the selling and asking prices of recent sales, plus how long the houses were on the market. Note the prices for your neighborhood during the last several months.

Check how sales were running, say, a year ago, so you get an idea of whether the market is heating up, cooling down, or staying put. This exercise should give you a sense of what your home is worth.

Selecting an agent
You may decide that you can sell your home without an agent. It's an attractive thought, since you would save the 6 percent of the selling price that a broker typically collects. But balance that against the work involved in advertising a house and being available at all hours to show it.

If you do decide to work through an agent, ask for referrals from friends or check the Web and local newspapers for advertisements. Don't simply accept any recommendation. Make an appointment with an agent and interview him or her for the job.

Evaluate the person as though you were a buyer: Is he or she professional and personable? Does he say the right things to make you want to see the home? Also, since the agent will likely be able to advise you on a selling price, how well does his or her price jibe with the homework you did on your own? Don't be fooled by an agent who is merely flattering you with an inflated price. Go by what you already know about your house and the current housing market.

Ask whether he or she will be the agent actually showing the house. Some brokers have specialists whose main duty is to win the listing. Then another of the broker's agents takes over.

The lowdown on commissions
Once you find an agent you like, you have to formally sign a listing agreement. This is a contract, laying out the specifics of your arrangement, including how long you will let the agent represent your home and what the compensation will be.

Many agents prefer an exclusive listing, meaning you agree to pay a commission regardless of whether the agent is actually responsible for finding the seller. You should commit for no longer than three months (one month, in a hot market). In case you find the agent lacking in enthusiasm, you don't want to be locked into a bad situation.

When you discuss the listing agreement, discuss other issues as well. For instance, if there are certain times when you want the house off-limits for walk-throughs, let the agent know.

Also, consider negotiating the commission. If your house is expensive, an agent might not flinch if you suggest 4 or 5 percent instead of the usual 6. Conversely, if you know it's a buyer's market, consider offering the incentive of a higher commission if the agent can land you a sale within 5 percent of your asking price.

After you've signed a listing agreement, you may want to give your lawyer a call to notify him or her that you're selling your house and will need help reviewing bids and contracts. If you don't want to pay for a lawyer, your agent should also be able to guide you through this process.

Getting ready for an open house
Whether you sell on your own or work with an agent, you'll want to spruce up your house before it goes on the market.

Take an objective look at it: Is it cluttered? A little worn and tired? Consider a new paint job. Tidy up. Move unneeded furniture into the attic, basement or rented storage. Remove some of your personal items, like family pictures and knickknacks. Mow the lawn. Plant flowers, if it's the right season. These seemingly insignificant details can add many thousands of dollars to your eventual sales price.

If you're no good at this kind of thing, consider hiring a home "stager," someone with experience preparing homes for showings. Their fees can be more than offset by quicker sales and higher selling prices.

Speaking of which, you'll need to settle on an asking price. In doing so, forget what you originally paid for the house, how much you've spent on renovations or remodeling, and even how much money you need to move on to your next home. When it comes to pricing your property, the only yardstick that matters is what comparable homes are selling for in your neighborhood now -- which may be more, or less, than you sank into it.

Your research will already have given you a good idea of how the market is faring. Your agent should also provide you with comparable sales and discuss why your house should be priced higher or lower.

Timing is the key
Also note how long the homes were on the market. If you're in a seller's market, with listings moving in a week or two, think about adding a premium to the asking price.

In a buyer's market, it's especially important to get the price right. The critical selling time is within the first month after your home hits the market. If the price is too high, you'll turn off potential buyers and agents and then have a hard time attracting them back, even if you lower your sights later.

When you receive a bid via your agent ask for guidance in how to respond. This will depend on how you priced the house, what the housing market is in your area and your urgency to sell or wait for a better price.

Make sure your lawyer or agent reviews the contingency clauses included with the bid. For example, it's generally not a good idea to agree to sell your home with the contingency that the buyer must first sell his or her own home.

Also make sure that all the buyer's contingencies are restricted within specific amounts of time. For instance, if the deal is contingent upon the home passing an inspection, then the inspection must occur within a week to 10 days of an accepted bid. The same is true of the closing date: Make the buyer commit to a reasonable date, usually 45 to 60 days from acceptance.


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If You Want To Sell Your Home Fast And For TOP DOLLARS in the next 30 Days then this 9 minutes VIDEO loaded with SELLER TIPS is for you ... LOW BUDGET with HIGH RESULT of "Power Repair" and "Cosmetic Touching Up" + The DO'S and DO NOT'S when selling Your Home FAST and For TOP DOLLAR ... This "AWSOME VIDEO" will SAVE you TEN OF THOUSAND of DOLLAR GUARANTEED.
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TESTIMONIAL Videos from our happy sellers to watch:
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Let meet Bill & Mary ... Whom could not sell their Anaheim's home for 6 months with other agent untill ...


Let meet Bart & Sharon


Let meet Peter & his Family


Let meet Scott & Kathleen


Their Homes and hundred other homes are SOLD by us ... We can help sell yours too !!! ... Your home SOLD in 45 days or we'll buy it for cash !!!



Vinny Tran / Nancy Do
Your Home SOLD in 45 Days or we'll Buy It for CASH !!!
Visit us at => www.VinnyTran.com
(714)531-2678

Housing: Best time to buy in four years

Housing: Best time to buy in four years
By Les Christie, CNNMoney.com staff writer
Mar 6th, 2008
Home values have declined across the country, giving homebuyers the best buys they've had since 2004.
NEW YORK (CNNMoney.com) -- It may be the best time to buy a house in more than four years.
Home prices have dropped so quickly and so far that valuations - the difference between what a home should cost and its actual price - are the lowest they've been since 2004, according to a report.
The Cleveland-based bank National City Corp. (NCC, Fortune 500), together with financial analysis firm Global Insight, revealed Tuesday that more than 88% of the 330 housing markets surveyed showed price declines and improved affordability during the last three months of 2007.


Housing rescue: What you need to know


"Housing valuations are almost back to long-term norms," said National City's chief economist, Richard DeKaser. He called current affordability "the best in the past four years."
But DeKaser cautioned that home prices could fall even further.
"This isn't to say home price declines are over," he said. "We could move below historic norms. By the end of 2008, housing markets could be broadly under valued."
Prices still improving
There are still 21 housing markets, or 6% of those surveyed, that are severely over valued, including Atlantic City and Madera, Calif. That's down from 56 overvalued markets at the peak of the housing bubble in 2006.
The report compares actual median home prices with what the authors determine are proper home values based on population density, relative income levels and interest rates, as well as historically observed market premiums or discounts, to determine whether markets are over or under valued.
The report also factors in market intangibles that make some areas more desirable places to live, and more expensive.
"Declines are no longer confined to once-frothy markets," said DeKaser.
The survey covered home valuations during the last three months of 2007, but DeKaser pointed out there's reason to believe that valuations are even more favorable for buyers today.
Price declines have continued into 2008 and interest rates, although they have inched up lately, have been steady or lower compared to late last year. There have even been wage gains; personal income rose 0.5% in December. Soaring foreclosure rates have added inventory to many housing markets, depressing home prices further.
The biggest gains in affordability occurred in California, Michigan and Florida, which are areas that have also been some of the hardest hit by foreclosures. Those states registered 43 of the 50 biggest price declines.
Bend, Ore. currently tops the overvaluation list. Home prices there were judged to be about 59% higher than their fair-market value. Miami, despite a median home price decline of 5.7% last year, is the most overvalued big city, by 44%.
All the best bargains were found in Louisiana and Texas. Houses in Houma, La. were under valued by 31.2%, according to the report. Dallas was the most undervalued big city, by 30%.
Hope Now: We've helped 1M home owners

DON'T MISS THE BOAT THIS TIME !!!

Remember our services are FREE and you're always in good hand with us, Nancy and I we love to helps and represent you and your Family in the search for your Dream Home ... If you have any questions or simply just want us to show the properties you found by using our Searching Tool, Please do not feel hesitate to give us a call at (714) 531-2678 or email us at mrlittlesaigon@yahoo.com

Vinny Tran / Nancy Do
Your Home SOLD in 45 Days or we'll Buy It for CASH !!!
Visit us at => www.VinnyTran.com
(714)531-2678

Thu Feb 14, 2008
Kinh Thua Quy Vi,

Bat' dau` buoc' qua TET toi co' rat' nhieu` BUYERS (My~ va` Viet) bat' dau` goi. vao` de^? kiem' nha` FORECLOSURES mua.
Toi co' cam? tuong? la` thi truong` Dia Oc' se~ bat' dau` "Chuyen Dong" tro? lai trong vong` 6 thang' nua~ vi` Hit Bottom.
Theo kinh nghiem cua? toi Khi Dau` Tu vao` Dia Oc khong nen dung` tin tuc cua? Media va` Bao' chi' de^? quyet' dinh cong viec vi` vao` luc' do' la` da~ qua' tre^~ roi^` ... tin tuc cua? Media va` Bao' chi' chi? la` LA BAN` huong' dan~ chung' ta ve` su Phat' Trien? hoac Suy Giam? cua? thi truong` ma` thoi ... Trong thi truong` Dia Oc .. DAY LA` THOI` CO* TOT^' cho nhung~ ai nhin` thay' co hoi nay`:

1) Vat Lieu Xay Cat' Tren THE GIOI' da~ va` dang bi TRUNG CONG Thau mua rat nhieu` nen gay ra tinh` trang khan hiem' Vat Lieu .... Se~ gay ra gia' nha` moi' muon' duoc xay cat' se~ tang len mau chong'.
2) Xang Nhot' (OIL) cung~ vay ... Tang gia' vun vut khien' vat gia' leo thang kinh khung?
3) Nha` California cach' day 2 nam ... neu^' gia' 1 can 4 plex la` $1,000,000 bay gio` chung' ta co' the^? mua voi' gia' khoang? $750,000 ... Vi` nha` tut gia' nen MAC CA? va` TRA? GIA' nha` voi' chu? nha` co' phan` de dang` hon rat nhieu ... Dau Tu vao` Dia Oc' co' Loi. - Benefit ve` thue' ma' tax nua~
4) Phan loi` TUT GIAM 30 nam FIX khoang? 5.375%
5) TIEN EURO tang manh khung? khiep trong khi US Dollar tut giam? The Tham
6) STOCKS khong phai? la` noi bo? tien` vao` luc' nay`
7) BONDS Return qua' YEU'
8) DAU TU VN ... coi Phieu Luu qua'

Hien nay toi thay' toan` la` nhung dau' hieu TOT de DAU TU dia oc vao mien Nam California ... Theo toi khoang? tu` 3 cho toi' 6 thang' nua~ la` THOI DIEM KHONG THE BO? QUA DUOC ve` dau tu DIA OC tai California ...

MUA KHI TAT CA MOI NGUOI DEU BAN'
BAN KHI TAT CA MOI NGUOI DEU MUA

Khi nha` da~ HIT BOTTOM thi` se~ co' rat' nhieu` nguoi` se~ cung` nhau do^? Xo^ nhau ra di mua nha` tao tinh` trang CHEN LAN^' va` kich' thich' thi truong` se~ lam` gia' nha` tang nhanh, Phan Loi` Tang nhanh va` Tra? gia' rat' la` kho' khan.

Neu anh em nao` DAU TU vao` DIA OC tai California ky` nay` (2008) khoang? 5 nam sau khi nhin` lai. (look back) anh em se~ la` nguoi` VERY VERY HAPPY vi` da~ nghe loi` khuyen^ cua? toi.

Good luck to you all
Vinny Tran / Nancy Do
Your Home SOLD in 45 Days or we'll Buy It for CASH !!!
Visit us at => www.VinnyTran.com
(714)531-2678

Note: Neu anh chi co' nguoi` quen muon' mua nha` dau tu vao` dia oc tai vung` Orange County xin gioi' thieu cho tui nay` ... Xin cam on truoc' - Vinny Tran/ Nancy Do

Home Buyers Understand What Is "SHORT SALE"???

Home Buyers
Understand What Is "SHORT SALE"???

Short Sales Are No Bargain for Buyers
From Elizabeth Weintraub,
Your Guide to Home Buying / Selling.
FREE Newsletter. Sign Up Now!
11 Reasons for Not Buying a Short Sale
Short sales happen when home values fall and sellers do not receive enough cash from a buyer to pay off their existing mortgages, providing lenders agree to take less than the amount owed to them.
On the surface, it may appear that a short-sale buyer is getting a good deal. Although a slim margin of short sales may be profitable for a buyer -- because there are always exceptions -- much of the time, a buyer would be better off buying a home that is not in default.
You are unlikely to hear real estate professionals tell you that it's not a good idea to buy a short sale. In part, that's because real estate professionals profit on a short sale. Everybody makes money except the sellers and buyers. Realize, too, that listing agents might push sellers to list as a short sale, because if the sellers went through foreclosure, the listing agents will not get the listing.
Here are 11 Reasons Why Buyers Might Not Want to Buy a Short Sale:
1) Sellers Paid Too Much.
If a home sold for $500,000 a few years ago and is now for sale at $400,000, that doesn't mean the buyer is picking up $100,000 of equity for free. It means the seller paid too much in a rising market and now the market has fallen. It means the seller has no equity.
2) Sellers Borrowed Too Much.
Banks that were eager to lend money in appreciating markets sometimes allowed borrowers to over-mortgage the home, meaning the borrower's loan balance exceeded the value of the property. Appraisals are subjective, and not all appraisers will place the same value on a home. Although against the law, some appraisers are pressured by banks to appraise at the amount the home owner wants to borrow.
3) Stringent Qualifications.
Inexperienced or unethical real estate agents might push a seller into considering a short sale when the seller does not qualify for a short sale. Sellers must prove a hardship and submit evidence of the hardship to the lender for approval. Some agents list homes as short sales without ever talking to the lenders or pre-qualifying the sellers.
4) Homes Sell at Market Value.
Lenders aren't naive or unaware of the value of a home. Lenders will insist on a comparative market analysis, known as a CMA, or broker price opinion, known as a BPO. If a lender believes a better price can be obtained by taking the property back in foreclosure over a short-sale offer, the lender may hold out for a higher price. That price will be close to market value. Lenders accept short sales when the home is worth the short-sale price, which means market value.
5) Homes Sell "As Is".
If a mortgage company agrees to a short sale, it is most likely also paying the closing costs in the transaction. Lenders ask buyers to purchase the home in its present condition. Lenders typically will refuse to pay for:
Suggested repairs disclosed on a home inspection.
Pest inspections or work necessary to issue a clear pest report.
Roof certifications or roof repairs.
Home protection plans for the buyer.
Deferred maintenance.
6) Length of Time to Close.
Depending on when the Notice of Default was filed, the lender's back-log of foreclosures and how much paperwork the seller has already submitted, it could take anywhere from two weeks to two months to get a response on a purchase offer from a lender. In addition, if two lenders are involved because there are two loans secured to the property, it could take longer to satisfy the demands of the second lender.
7) Lenders Can Change Conditions.
Some lenders reserve the right to renegotiate the terms of the short sale at the last minute. If the market changes, new laws pass or new information crosses the lender's desk, the lender can attempt to change the terms of the contract. Lenders generally have lawyers at their disposal, and ordinary buyers do not.
8) Lenders Discount Commission.
I don't know of any lenders who are paying traditional real estate commissions to real estate agents. They will want a discount. Moreover, agents end up doing two to three times the work of a conventional transaction and don't appreciate getting paid less to do more work. If you have agreed to pay your agent a certain percentage under a buyer broker agreement, you could be liable for the difference between what the lender will pay and what your contract stipulates, if your agent refuses to waive the difference.
9) Higher Buyer Closing Costs.
Because lenders rarely will pay for any extras, like a seller would be willing to do, if you want any of those extras, you will pay for them yourself. Sometimes lenders will refuse to pay for standard seller closing costs such as transfer taxes, too. If you want specific inspections, you will probably pay for them out-of-pocket.
10) Lose Control of Transaction.
If you need to close escrow by a specific date, lots of luck with that. A short sale home closing process takes an indefinite amount of time. The seller's lender calls the shots, not the buyer nor the buyer's lender. If you are trying to close escrow concurrently with the sale of your home, it might not happen.
11) Little Seller Motivation.
When the seller discovers that the short sale effect on credit is identical to that of a foreclosure, there is little incentive for a seller to cooperate with a short sale. There is no benefit to a seller to consider a short sale and move out before the foreclosure is concluded, except for peace of mind that the nightmare is over.
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Nancy and I we really hope that the above informations will help you understand more about buying SHORT SALE homes and how it work? ... Understand how Short Sale homes buying work will save you as buyer a lot of times and frustrations, If you have any questions regard to Short Sale please give us a call at (714) 531-2678 or Email us at mrlittlesaigon@yahoo.com , Good Luck and Good House Hunting.

Sincerely
Vinny Tran / Nancy Do
Your Home SOLD in 45 Days or we'll Buy It for CASH !!!
Visit us at => www.VinnyTran.com
(714)531-2678

Hi Guys

Just testing to see how this blog's stuff works and hope that will see many of you visit my BLOG site.
Many Peoples in Little Saigon and surrounded area know me by my nick name (Mr. "Little Saigon") rather than my real name ... Vinny Tran.
And the pretty lady stand next to me is my "HOUSE" (Nha Toi) Nancy Do ... For which of you Never get invited to Vietnamese wedding :-( (Poor you) the traditional dresses that we wore called "Ao Dai" and the funny Hats called "Khan Dong" ... THE MUST HAVE dresses when you Wed's to Vietnamese.
To make the long story short about how I got my nick name ... Once upon a time almost 15 years ago when I first starting out in my real estate carrier with ... Century21 A Neighborhood Emporium in Fountain Valley ... I don't know because of my SEXY SMILE or my Luck? I have many Vietnamese Clients trusting me and ask my help to find them a place call home here in the Sweet Little Saigon ... I remember even though it was rough and tough but some how with Luck I always put on the Company Monthly Report Activity 2 to 5 sales a month and a funny thing is I thought that is the way for a normal agents to do ... But I notice things start changing about me ... Pretty soon my boss called me in and says ... OH some other agent just moving out you want his office ? (later on I find out that He's just FIRE that poor agent because of poor performance) ... Peoples in my office start making fun out of me in a friendly way by greeting me with something like ..."Little Saigon Man" or "Little Saigon Super Star" and I think one of the agent in there could be ... Scott Tracy !!! ... called me "Mr. Little Saigon" then things start happened from then.

Vinny Tran / Nancy Do
Your Home SOLD in 45 Days or we'll Buy It for CASH !!!
Visit us at => www.VinnyTran.com
(714)531-2678