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Saturday, 04 July 2009
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Last Update 5-18-2009

 

Some professionals say that this market slump may last beyond 2010. Our original prediction was by 2010 that things would start to change. For now we are sticking with that. We see large development projects moving forward but are still wondering who the customers are. We are not on the road to recovery yet. Both residential and commercial markets have been targeted. Your best investment is in medical facilities and apartment buildings at this point. Of course a good deal is a good deal in any market on the residential or commercial side. 

Lots of properties staying on the market with no buyers and lots of seller competition. Buyers still having a bit of a run around to get financing and forclosures and short sales are going strong.

 Everything below this line has not changed and or been edited as our opinion of the current conditions are the same.

 

Buyers: We still say "green light". As long as you can get the financing it is a great time to buy and probably will be throughout 2009. February thru October are typically the months of highest real estate transactions so before or after these months are probably your best deals. As we have always said "You make your money when you buy a property and not when you sell it" so be sure to work with a company that knows what they are doing.

New Mortgages: In general the criteria has tightened up in regard to obtaining a new loan. More financial information needs to be verified versus previous loans that required only stated income and no documentation (strictly based on credit score). 

Sellers (Caution): Our advice is if you don't need to sell right now then don't! Is the real estate market losing value and will this trend continue? All indications are that we are clearly in a recession but historically property values have only increased over time even after the worst of times. If you are upgrading to a higher dollar value property keep in mind that prices are relevant. You may not get exactly what you want when you sell but when buying you will more than likely find that your dollar goes further.

Market Status/Projections: In general many professionals have left the business on the lending and brokerage side. That is not necessarily a bad thing as those who remain are probably more qualified to help you through times like these. Historically this will all just end up being a blip on the radar screen or some bar chart somewhere as values eventually climb and or double once again. Owning real estate and or a business is probably still your best bet to achieve financial independence. Real Estate is however a bit less volatile than starting a new business.


Is this exactly what I should expect and how things will progress? No, these are only our opinions backed up by fact and solid reasoning. Since March 2006 I can honestly say that our market projections have been extremely accurate. No one has a crystal ball and can definitively predict the future but our track record so far has been right on target.

 

Vestport Inc.

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Short Sales

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Thank you for visiting Vestport Inc.!

 

Arthur S. Jovellas, CCIM

 

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(Certified Commercial Investment Memeber)

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Short Sales
Vestport Inc. has been working with many customers and clients buying and selling short sale properties in the last several months. Though it is unfortunate that a seller may need to short sale a property it can be a great opportunity for both sides of the transaction. First, for the seller they can avoid foreclosure provided the property closes escrow successfully. In most cases a buyer will save money buying a short sale below market value. If you are a potential seller with an ARM mortgage and the ARM is coming down way too fast for you to handle financially then call us immediately if you don't know what to do next. We can help more than likely and will do our very best to save your good credit. It is far better to short sale a property than to destroy your credit for 7 years or so. We say or so because typicall lenders go back 7 years when looking at your credit but sometimes they go back even further. If you wait until you receive your foreclosure notice it may be far too late unless you can pay off the entire loan. You must try at all cost not to fall behing on your payments. You need to act well in advance of a foreclosure sale and know exactly how to deal with the banks. We have worked with buyer's and seller's of short sale properties for some time now and understand what needs to be done and when. The banks expect these transactions to be completed in very specific ways. You need to understand the way that they think from A-Z for the best chance of avoiding foreclosure. Each bank is different and some cooperate more than others. We are familiar with the entire process and can help if you call. There are no fees. We get paid by the bank only if we succeed in selling your property.

Call Vestport Inc. today at 617-799-6928 to get started. It cost nothing for us to talk and there is absolutely no obligation. We don't constantly market new potential customers and clients. 99% or our business comes from repeat referrals and networking. We consider our referrals as the highest of compliments. Going it alone is ridiculous. We have seasoned professionals, multiple subscriptions to several listing services (not just one service), all the necessary contracts, superior network/telecommunications network and are committed to use all of our assets to get you results. At Vestport Inc. it's all about assessing the clients needs first!

 

 

 
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