Elite K Investments Blog
Market Updates
January 20, 2022
Real Estate market is showing signs of a slow down!
Below is a summary of some key points from a Redfin articles from Oct 19th 2018 -
- The headline speaks to a Sales Slump in September for Homes with prices showing the smallest Increase Since the 2012 when the Real Estate Market bottomed out.
- More expensive markets like Seattle, Los Angeles and San Jose-CA, showed decline in sales. This is causing an increase in inventory.
- First time in 3 years, there was an increase in the number of homes for sale.
- Even though the newly listed homes in September increased to 3.6% but buyers are reluctant to make offers and purchase as September sales fell 4.8% year over year.
- For the large metro area tracked by Redfin, 50 out of the 71 areas have seen a decline in home sales.
- This decline is a result of high home prices and rising mortgage rates.
- Last year around the mid of October, rates were still below 4%, now they are near 5% for the first time since 2011.
- Competition was noticeably less intense than last year.
- 3rd QTR 2018, 42% of the people searching for homes in Grand Rapids on Redfin.com were searching outside of the metro areas with Chicago being one of them.
October 29, 2018
Should I List With A Realtor or Sell to an Investor Buyer
You and your spouse are expecting your second child and your current home does not meet your needs anymore. You need to sell it and buy a bigger house to accommodate your growing family. Do you find a realtor or sell to an investor?
Last year, you got sick. You were self-employed so when you stopped working so did your income. You were in the hospital for 3 to 4 months. You got behind on your mortgage payments. You are getting better now but the bank has started foreclosure proceedings. You are so behind on payments and you don’t have the resources to get caught up? Do you find a realtor or sell to an investor?
Your 89 year old Mothercannot live on her own anymore. She can’t move in with you since you live 3,000 miles away. Plus, she needs care 24/7. You find such a facility, arrange for her to move in and now her house is vacant. Do you find a realtor or sell to an investor?
If you said Realtor, you might not be 100% accurate.
If you said Investor, you might not be 100% accurate.
The correct answer depends on time and condition of the house. If your house is pretty updated and you have 6 months to 1 year to sell it, you should go the Realtor route. That does not mean, you can’t sell it to an investor, but you might not get the full retail price you were hoping for.
If your house is pretty out dated and you are under a time deadline of 30 to 60 days, your best option will be an Investor buyer. Investors can usually pay all cash, which means there is not bank appraisals or waiting period to be concerned about. Investor buyers can close quickly usually in 3 to 4 weeks thus saving you time and money in holding costs. Investor buyers buy in As-Is condition, so you don’t have to spend time and money fixing up items in the house or clean up the house. With an experienced investor buyer, you take your personal items and leave anything you don’t want behind. Again, time and money savings on your part.
Are all investors alike. Absolutely not.
- You should find an investor buyer who is a Real Estate Solutions provider!
- Someone who will take the time to listen to your situation and provide the best possible solution.
- Someone who is local preferably so knows your market as well as the requirements of your Village or town.
- Someone who can provide references,proof of completed projects and testimonials.
- Above all, someone you can trust.
So remember, time and circumstances determine if you should list with a Realtor or sell to an investor buyer. If you are in a situation right now and need a Real Estate Solutions provider, you can visit www.elitekinvestmentsbuyer.com . Let us provide some options that best fit your needs.
June 6, 2018
5 reasons why a Real Estate Investor is a better buyer for a Short Sale Property!
Short Sale is a common route for many people facing foreclosure, because in a short sale, the lender accepts a lesser amount as payoff than the mortgage amount.
1. No Time Constraint!
Regular home buyers usually have atime frame in which they need to either buy a property or renew their current lease. A Real Estate investor is not waiting to move into the property and therefore has no time constraint.
2. Tolerance for the temperament of the lender!
Depending on who the lender is, determines how smooth or ugly the short sale process will be. Each lender isdifferent and they have their own set of rules as well as requirements. There areusually months of repetitive requests of documents from the lender. Regular buyers get frustrated easily and they are not used to the games lender play,and walk away. An experienced Real Estate Investor knows the rules of the gameand so they can roll with the punches.
3. It’s not a smooth ride!
Regular buyers have enough on their minds between property inspection and mortgage approval to evenconsider that mid stream the house that they are trying to buy, the lender hasjust sold the mortgage to another lender and the clock starts again or worse,the foreclosure sale date has been set and the house is going to auction in afew weeks. Now they have to start their search for another house.
4. Patience!
Short sale process can take as little as a couple of months to over a year! A regular home buyer cannot wait that long but a Real Estate Investor can and will.
5. Cash to close!
Most home buyers are dependent on getting a mortgage loan from banks to close on a property therefore they are not quick buyers. Most Real Estate Investors have cash and are ready to close in 30 days or less.
Lastly, if you are looking to work with a legitimate Real Estate Investor Buyer, please consider Elite K Investments at www.elitekinvestmentsbuyer.com. Check out the testimonials of other distressed home owners who Elite K Investments has helped by purchasing their property. Remember, we have the
time, patience and experience to roll with the punches that come with a short sale.
October 7th 2016
6 Things To Avoid If You Are In Foreclosure
If you are one of the many Americans who are facing foreclosure you must avoid these 6 things.
- Do Nothing!
The grip of fear is so strong for many people who face foreclosure that they put their head in the sand. Being in foreclosure is a scary thing but not taking any action should be even scarier. This problem is not going to go away by itself. You must take action!
- Not talking to your lender!
So you were 3 months behind in making your mortgage payment and the lender sent you a notice. It’s called a Lis Pendens. They are legally required to send notice when mortgages fall 3 months behind. Instead of taking that personally, call your lender, explain your hardship and ask what about your options!
- Not negotiating with the lender!
If the person you speak to at the lender, is not helpful, call again at a different time and speak to another representative. If you still feel you are not getting anywhere with that rep, ask to speak to a supervisor. Your aim here is to get as many options presented to you by the lender so you can make informed decisions. If the amount to bring your mortgage back to current is too high, negotiate an amount you can handle, provided you have access to such funds.
- Not talking to several Real Estate agents qualified in handling short sales!
When driving thru your neighborhood look for signs of realtors and when you see the same sign for many homes, you know that realtor might be an expert in your area. But that doesn’t mean that realtor is also can expert at handling short sale cases. When interviewing realtors, ask how many successful short sale closings have they had in the last 2 years. Please remember, the important words are: successful short sale closings”! This means they actually completed a successful short sale which is completely different than just getting a short sale listing.
- Not responding to Real Estate investors who are legitimate buyers!
Face it, when you are in foreclosure, you will receive many letters, postcards or calls from Real Estate investors who will claim they can buy your property. A word of caution, just like in any other field, there are good investors and then there are the others. A Real Estate investor, who is a legitimate buyer, will be able to provide you specifics on recent successful short sales where they were able to purchase the property.
- Trust your Gut!!!!
This is probably the most important. Being in foreclosure is challenging enough and you will meet several types of people who will claim to help you. Many of these individuals might be helpful and some might not. Trust your gut to make the right decision and go for it. You have much to gain if you take action and give these ideas a try!
Lastly, if you are looking to work with a legitimate investor buyer, please consider Elite K Investments at www.elitekinvestmentsbuyer.com. Check out the testimonials of other distressed home owners who Elite K Investments has helped by purchasing their property. Remember, there is help for you. You just have to reach out!
September 26th 2016
Don’t give up too soon
In a short sale!!!
How many times have you heard some of these comments?
- Forget short sales, they take too long.
- Never do a short sale, they don’t work.
- The buyers walk and the short sale falls apart.
- I owe too much the bank will never agree to a lower amount.
- The bank is asking for a price too high for the buyers and they walk.
- I am already in foreclosure so I don’t have time to do a short sale.
Most if not all of these comments are true in cases when the distressed home owners are working with an individual or team who are not experienced in handling short sales. Just because someone has a distinction that they are “Certified” in short sales doesn’t mean they know how to roll with the punches during a short sale process. The rules of the game change depending on which lender is involved in the short sale or how many liens are on the property. Also, how long the home owner has been in foreclosure ways heavily on a short sale process.
Short sale is not a guarantee but it is one of the best strategies for home owners who are under water on their mortgage and have no means to get caught up with their payments.
If you have tried all other options and are still facing foreclosure, your best bet might be to work with an experienced investor who has the team in place to roll with the punches during a short sale process. Someone who will stay committed to purchasing your property no matter how long the short sale process takes. Someone who will see it to completion!
If you are not working with someone like that, you might want to consider Elite K Investments at www.elitekinvestmentsbuyer.com. Check out the testimonials of other distressed home owners who Elite K Investments has helped by purchasing their property thru a successful short sale. Remember, there is help for you. You just have to reach out!
September 16th 2016
Relief for distressed homeowners looking to do a short sale to sell their property.
Clich Here to Read How: http://www.housingwire.com/articles/35861-short-sale-tax-break-on-verge-of-being-extended-until-2017#.VnsTcLUENUE.yahoomail
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