Short Sales are Here to Stay.

Short sales are here to stay. Maybe not forever, but they are not going away soon. Have you been curious when you've heard the term, what it means? Have you thought it was a fast track to buying a house? There are a lot of misconceptions and frequently asked questions that we are prepared to answer for you at a class we are hosting. There are three dates and locations to choose from.

• Feb. 10, 6:30 pm at the Eastside Library, 2559 Hubbell.


• Feb. 17, 6:30 pm, Pleasant Hill library, 5151 Maple


• March 1, 7:00 pm Altoona Library, 1600 5th Ave.

Bring questions, bring a friend, pass the info on. Hopefully we can dispel some myths, answer some questions and be of assistance to you in your real estate needs.

Bill 770-2455 Bob 979-2883

Update on Foreclosure Notices in Iowa

Cara Heiden, co-president of Wells Fargo Home Mortgage of West Des Moines talked about foreclosures last week in the Des Moines Register. She says foreclosures need to move forward. "In general, no one is being foreclosed on who shouldn't be." She says that Wells Fargo borrowers who lose their homes have not paid mortgages an average of 16 months. Does that make you think the process needs to be streamlined? Can you imagine living in your home for over a year and not making a payment? You could, conceivable, save up a good chunk of cash and buy the next house on contract. Or you could be irresponsible, neglect maintenance, tear up the property, put tenants in and collect rent, be your neighbor's worst nightmare..for well over a year.

The Business Record reports that one in every 896 housing units in Iowa received a foreclosure filing in October, compared with one in 79 housing units in Nevada, the national leader. See how fortunate we are! Polk County had 428 foreclosures in October. Realty Trac vice-president, Rick Sharga, says "The numbers probably would have been higher except for the fallout from the recent 'robo-signing' controversy."

As always, we can take the lemons and make lemonade. Those foreclosed houses are going to make someone a good home. Maybe you?

Bill 770-2455 Bob 979-2883

What does Freeze on Foreclosures Mean?

There is a new freeze on the foreclosure process for many residential lenders. In light of the possible (probable) fraud in the backlog of foreclosures, many banking institutions are putting a freeze on their proceedings. How could this affect the market? Some home owners could sigh a small breath of relief. It could buy them a bit more time to save themselves financially or it could leave them in an uncomfortable limbo. It will defiantly put a lot of vacant houses in a precarious position where the former owners are no longer taking care of it and the banks are not able to take control of the upkeep.

The Bloomburg article states that foreclosure properties accounted for 24% of all the home transactions in the second quarter of 2010. The Des Moines Business Record quotes Bill Knapp as saying "he has seen little evidence that the foreclosure freeze is affecting sales" in Des Moines.

On the bright side, the interest rates are still at an all-time low, and there is large inventory of homes for sale. Pick up the phone with any questions about the local real estate market.

Bill 770-2455 Bob 979-2883

Disaster or Oppotunity?

The Business Record ( Dec. 09) show that bankruptcy filings in the Southern District of Iowa have increased 20% from 2008 to 2009. In Polk county there were 944 bankruptcies filed in 2006. In Dec. of 09, 1,862 were filed in Polk County.

The website realtytrac says there were 7,284 new foreclosure filings in 2009. The newest Business Record has the latest statistics for Des Moines area foreclosures. Mortgages that were 90+ days delinquent in Dec. 09 - 5.04%. In Dec. 08, 3.35% were 90+ days delinquent. The foreclosure rate in the Des Moines area ( 1.71%) is higher than for the state of Iowa (2.04%), but lower than the national average (3.16%). Those figures are for Dec. 09.

These are startling statistics. But as Winston Churchill has been quoted - A pessimist sees the difficulty in every opportunity; an optimist sees the opportunity in every difficulty. We need to put on the rose-colored glasses and identify the opportunities. Mortgage companies and banks do NOT want to be landlords. These properties will get sold. Could one of them be your dream house? It might be a good time to investigate. You could qualify for an $8,000 or $6,500 tax credit. You could get a new mortgage with still low interest rates. You could shorten your mortgage to 15 years and gain equity quicker.

If you are in one of these dire situations, don't hide your head in the sand. Talk to professionals and see what solutions are available. Repeat, mortgage companies do NOT want to be landlords. Short sales can be worked out, deed in leau of foreclosure, loans retructured. Lets look for the Opportunities.

Whatever your situation is, The Eisenlauer Team is ready to assist. Give either Bill (770-2455) or Bob (979-2883) a call.