Foreclosure - Short Sale - REO or Bank Owned

Have you ever wondered what all those terms mean? I have to tell you it can be very confusing... As an active real estate agent in Long Beach I see these terms each and every day. My clients however do not; however they hear about them.

There are many real estate websites out there where you see these terms... many of these sites are made to lead you on in order to collect your information to have you bothered by an agent. These lucky agents get to pay for your information.... But the worst part is much of this information is not accurate or old.

My website is updated daily from our local MLS so the information is hot... Many of my clients love my free listingbook site to use as a tool to find their new home. You are welcome to look to your hearts content and I will never bother you unless you ask for help.

But what this post is about are those terms.... Everyone wants a deal... and believe me they are out there. If it is a deal too good to be true... they normally are just that. Many of the homes in foreclosure process are almost destroyed and many of them you would not even be able to get a loan on...

When some one defaults on their mortgage (that is falls behind on their payments) the foreclosure process begins. This process takes a few short months before they will loose their home.

Right now we have many people in Long Beach who are trying to sell their homes through a process known as "Short Sale", in other words the bank maybe willing to take a lesser amount than owed.

The problem with Short Sales is they can take forever to go through the process and just may not even happen at all. Some of the prices on the Short Sales are way below what the bank may be willing to take. And finally the owner must prove they cannot make the payments anymore.

And finally for those who have done what they could they end up as an REO or Bank Owned Property.

When taking clients out I prefer to show them only the REO properties to save the disappointments they go through. You can see these properties on my website http://www.jeffhallrealtor.com/ Take a look, what can it hurt. Have fun... Jeff

Is Long Beach going to the dogs or the fish?

Here we are approaching the longest day of the year... The weather is warm, the sun is shining and another work week almost through. The City of Long Beach Parks Department has a special celetration. There are many exciting events in the evenings all summer long.

How many times have you made idle chat with a stranger and learned something? This morning was one of those times for me... this lady was walking her Airedale in the alley behind my home, and we started to chat. First I love Airedale's (my great grandfather use to raise them)and so the discussion went... She told me she was here for the dog show to be held over at Cal State Long Beach. So, if you are interested look it up...

Now those fish... The Long Beach Aquarium of the Pacific is about to start it 10th Anniversary bash this week... I am planning on attending the adult night on Tuesday. These events are fun and I even find it relaxing... be sure to pet the sharks.

One of the fun things about being a realtor is that time can be scheduled to enjoy our city. It is an interesting market right now and it keeps me hopping... but you need to take time to just relax. Remember all we have is our heath and families... Have a great weekend, Jeff

Art Walk - Saturday June 14

Hmmm smell the air... I think summer is arriving behind the clouds of our typical June gloom... I love those warm late spring evenings during this time of year, there is so much to do. Even if you have lived here a longtime you need to go downtown and see what is happening. With all the new homes in downtown Long Beach you are starting to see people on the streets... and speaking of the streets this is a good weekend to see some art and maybe even have a glass of wine or two.

The EAST VILLAGE section is the area bound by Long Beach Blvd and Alamitos, then Broadway to Ocean. This area is home to a variety of new restaurants, bars and art galleries. The streets will be closed and filled with vendors and live music. This is all FREE and the entire downtown area is walkable. On optional $10 pass will include: -Free transit on the Passport and Big Red Bus (double decker).

-Wine tasting at the Aqua on Ocean Bl.

-Free entry to the Museum of Latin American Art (plus live music).

-Discounts to area bars and restaurants.
This is a monthly event and getting bigger every month .
For more information check out ArtWalkLB

Maybe I will see you there... Jeff

Whats happening on 7th Street?

So, I take a few days off and come home to Long Beach to find major changes on 7th Street this morning. Whats happening...? The normal place to start is a Google search... starting with the City's traffic website but that was a dead end. I was able to find some upcoming projects for the future, but that does not explain what is happening today. There is a vital need to improve the traffic on 7th... I guess we just need to see what happens. Any thoughts? Jeff

A talk with mom

The past few days I have been on vacation in Northern Idaho to see my parents who live in the Silver Valley (about thirty miles east of Coeur d' Alene or sixty east of Spokane Washington). If I would have come a week sooner I could have skied at Silver Mountain which just concluded its longest ski season ever on June 1st.

I am fortunate to have a great relationship with my family and these visits are always a much need break from the busy life I live as an real estate agent in Long Beach. (I thought I would add a picture of some snow... from my homeland... I use to ski here as a young adult.... but the snow is now gone).

However that being said, the discussions are always about money and how I may or may not manage it... While my parents come from a more liberal outlook their outlook about money is very conservative, in a good way. She worries about debt and how each dollar is like a big stone around your neck and planning for the future. For those of us who are self-employed we realize this more that our counterparts that have a nine to five job.

Real Estate has many great benefits... the freedom to make your own schedule... it give us more time, or so people think. Taking a break is very important to our mental health and for our clients... sometimes they just do not understand that you need a day off and you might even loose a sale.

But what this blog is about today is the fact that many people for one do not understand how to manage money, and those in my business that take advantage of them. I work with many first time buyers and one of the things I like to tell them is this... Find a mortgage person you feel you can trust. Second have them explain the loan you are applying for and then you need to explain it to me. If it makes sense then things are probably fine... if not we have a problem. In the years of being a real estate agent/broker I have seen many mess's people have gotten into.

When making a decision this important you need to do the math. A interest rate of 4% sounds great, but when most of the people are paying 6% there is a problem.

So, take moms advice... Do the math, watch your spending and save.

Then take mine... take some time off enjoy life and be close to those you love. Jeff

Catalina

This post is coming a few days late... One thing I always like to tell new people coming to Long Beach is.... there is so much to do. In my philosophy of work hard, play hard this is very important. A good example is this past weekend we went to Downtown Disney and the park just to see the fireworks. A Disney pass can be affordable and offer great entertainment. Disneyland is just about thirty minutes from Long Beach. So Friday night we went to Disneyland, worked Saturday and Sunday off we went to spend the day at Catalina Island. You can get there via the Catalina Express. One of the things I like about going there is the peace, shopping, and adventures of a day trip. This past Sunday we had lunch, went out to see the seals at Seal Rock, then to our favorite nap spot on the grass. What more could you ask for. In the role of real estate agent for Long Beach and the surrounding areas, I feel it is important to take time out for myself and those I love. So, take someone you love to Catalina and enjoy... Jeff