Good morning and welcome to Beverly Hills Real Estate blog.
Friday morning... getting ready for another super Southern California Weekend. A little cooler today as the weatherman is calling for 77 degrees downtown Los Angeles. Hope you have a great weekend. Please don't forget that tomorrow morning we will be posting the weekend open house guide.
Yesterday we wrote about the market slowdown due to problems buyers are having obtaining loans. This morning's LA Times reports Bay Area home sales drop 41% because of stricter mortgage standards. Higher down payments and credit scores are now being required by lenders. Amazing huh? The lenders were partially responsible for the problem and now in an effort to correct their own mistakes... they're creating another problem.
We may have a solution for some of you caught in this "Catch 22" situation;
How about the seller taking back some paper? In other word, taking a second deed of trust or offering to finance the property themselves? It seems like a pretty good solution for both parties. Of course, we'd guess most sellers would need the proceeds from the sale of their homes to buy a new one... but... it never hurts to ask.
Did you here about the two arrests in a foreclosure scam? It is happening quite frequently in this day and age. Beware of people who offer you a chance to get out from behind the mortgage "8 ball." Often times these unscrupulous people are preying on people who are trying to hold onto their homes. Be cautious. The two arrested are from the San Fernando Valley and have been charged with numerous counts of fraud, forgery and conspiracy. An LA County Sheriff's Detective working the case says. "There's so much real estate fraud out there, we're working like crazy but we're not even putting a dent into it.," Beware!
Finally, if you'd like to make a comment go to http://www.patandmelody.com/ and click on the "Contact Me" button at the top of the page. We're here to help!
Have a great day and talk with you tomorrow.