Posts Tagged ‘I need to do a short sale in california’

We all have been at fault about this home depreciation effect, whether done intentionally or unintentionally. “So how is a silent neighbor currently depreciating my home,” you may be wondering? Let’s take a closer look at the foreclosure effect.

Silent neighbors depreciate your home value because every home that goes into foreclosure and is resold by the bank,  further drops your home value and neighborhood value. From the moment a homeowner misses their first mortgage payment, is foreclosed on, and all the way to a sheriff’s eviction, on average, that distressed homeowner shared their hardship with at least one neighbor. What is the response of most neighbors to their distressed neighbor’s problem? “When they foreclose on you, if you need help on moving day, just let me know.” That is a sincere help, but sincerely the wrong kind of help. While that distressed homeowner’s neighbor meant well in his approach to help, it still didn’t help stop the foreclosure, and from depreciating your current home value.

As a rule of thumb, any home that forecloses within a half to one mile radius from your home, and has similar features, square footage, and so forth, it will have an impact on your current home value. When foreclosed homes go on the market, they sell anywhere between 70%-90% below market value, while some short sales actually sell at current market value, or close. In most cases, it is obvious that a foreclosure sale damages your home value more than a short-sale. Asset Plan USA recognized that bank foreclosures cost the bank more in time and money, and is not a win-win for neither the bank or the foreclosed homeowner.

So what are solutions to a distressed real estate market still in recovery? Out of about ten solutions that exist, here are the two most commonly exercised, and will help not devastate your current home value; a loan modification (About 20% applicants are approved.) or a short sale. The third solution is you. You are also another solution to this recovering real estate market. How? By not being a silent neighbor yourself, and proactively finding out who in your neighborhood is going through a hardship where foreclosure is eminent. As a proactive neighbor, you can immediately introduce them to a real estate agent with the appropriate certifications and market knowledge to help your neighbor avoid the pain of foreclosure, and not devastate your current home value.

The faster we help each homeowner in hardship, the faster we can begin experiencing a healthier real estate market. Instead of judging our neighbor’s situation, lets get into curiosity, and be of help in a time of need. Feel free to obtain a FREE report about “Loan Modification Secrets” at: http://www.beatbankrepo.com/Loan-Mod-Secrets.aspx or just call us at 760.596.9856, and we will forward it to you. One last thing, go see your neighbor, and share this article with them, because you are helping them avoid foreclosure and uphold your home value.

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