Dream of living close to the beach...
Been in Long Beach for almost 4 years now. I was in Torrance the last time real estate was down. I was very naive about housing and real estate. We saw prices in Rolling hills drop to $500k, and we thought time to buy, the shocker was when we tried to sell our house and found out it's upside down. Loan is higher than value.
Now we are in the same situation. This time we're in Long Beach. The area where we are experience almost triple digits increase in value when we bought our house way back in 2005. Now the value drop down to the 2002 prices.
It's a different situation now since I am a realtor. I pretty much understand the ups and down of the real estate market. This time though I am an insider if that's the right term. Too many terminologies. As usual standard or regular sale( market value), short sale ( upside down or the loan is higher than what the current value),
REO (bank owned), Foreclosure (the bank already in the process of trying to get back the property and the owner haven't really decided whta to do), auction (basically these big investor comanies bought the foreclosed homes and trying to sell to the highest bidders, although a lot of bidders think they can buy it dirt cheap), trustee sale (the bank auctioning the properties they are getting back).
In a nutshell these are the deals that buyers and investors alike are waiting for.
It's what we call a buyers market but the problem is the lending institutions tighten the qualification process so the frustration sets in.
Well good luck folks I hope somebody will read this and ask me questions...;)
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