Selling Your Home in a Foreclosure and Short Sale Market
Make no bones about it, selling in a foreclosure and short sale market is tough.
Generally, the only sellers who put their homes on the market in areas dominated by foreclosures and short sales are sellers who genuinely need to sell. This includes those sellers who accepted a job transfer, are going through a divorce or are retiring. For whatever reason, these types of sellers usually can't wait for the market to turn around. They need to sell now.
Sellers want to know how much of a hit they will have to take to move that home in a market filled with distressed sales . . . read more about Selling in a Foreclosure and Short Sale Market.
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Selling Your Home in a Foreclosure and Short Sale Market originally appeared on About.com Home Buying / Selling on Monday, February 8th, 2010 at 05:00:33.
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The 18 Crucial Steps in the Home Buying Process
The home buying process is pretty simple and straight forward, but I probably think that way because I'm so accustomed to working with home buyers that the entire path is ingrained in my brain.
For home buyers who purchase maybe one or two homes in a lifetime, the path to home buying can appear complicated and confusing. Some wonder if they should first call a lender or a real estate agent. What happens after an offer is signed? How long does it take to close, and are there any hoops to jump through?
I've laid out the steps from A to Z for you -- detailing the entire home buying process -- answering all those questions and more. In some states, buyers prepare an offer letter and conduct home inspections before entering into a purchase contract. But the basic procedure is still the same.
If you follow each of the 18 steps, even if some are out of order as I have listed them, you will still end up receiving the keys to your dream home. But you can't leave out crucial steps out of the home buying process without asking for trouble
. . . read more about Home Buying Process.
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The 18 Crucial Steps in the Home Buying Process originally appeared on About.com Home Buying / Selling on Friday, February 5th, 2010 at 05:00:12.
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Best Ways to Advertise Your Home for Sale
As a home seller, do you feel comfortable writing ad copy to advertise your house for sale?
Many home sellers freeze when they think about advertising their houses. Sellers wonder:
- Which print publications are the best for advertising homes for sale?
- What should the ad say to attract home buyers?
- Does direct mail draw and where would I get a direct mail list?
- How can I create a flyer and post it on the Internet?
One of the easiest ways to come up with good ad copy is to look at how other home sellers advertise and make your ad message better than everybody else's. But that doesn't mean exaggerate. How often have you read about a "peaceful, serene setting," and discovered the home sat next to the railroad tracks? Sure, it's peaceful, when the trains aren't running
. . . read more about House Advertising.
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Best Ways to Advertise Your Home for Sale originally appeared on About.com Home Buying / Selling on Wednesday, February 3rd, 2010 at 05:00:14.
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Best Defense for Home Buying in Another State
The thought of home buying in another state can cause a state of panic if a home buyer doesn't know where to turn.
When I decided to move from Minneapolis to Sacramento, the thought of making that transition and handling all the home buying details long distance was a bit scary. I worried that I wouldn't buy a home in the right neighborhood, or that I might overpay for a home.
Even worse was the thought that maybe I would get to Sacramento and find out my home in Minneapolis had not closed on time . . . read more about Home Buying in Another State.
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Best Defense for Home Buying in Another State originally appeared on About.com Home Buying / Selling on Monday, February 1st, 2010 at 05:00:22.
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How to Tell If You're Ready to Make a Purchase Offer
How do home buyers know when it's time to make a purchase offer?
A few years ago, I showed homes in Sacramento to a single woman from the Sierra foothills who wanted to buy her first home. We toured seven or eight on Saturday and met again on Sunday to see another half dozen. When we finished, I asked for her opinion. She was not ready to make a decision. Against my advice, she decided to think about it overnight and promised to call me on Monday.
The following morning, she called to say she wanted to buy the first house we toured in Rosemont, an affordable community in Sacramento County. However, when I checked availability in MLS -- as it so often happens -- the home had sold the night before.
She did not understand that when she found a home she liked, she should make an offer. But the next home she wanted, she wrote a purchase offer on the spot, balancing the paperwork on the hood of my car. Afterward, I waited for the seller's agent to show up, and we presented it within minutes, before any other offer had a snowball's chance in the Mojave of getting accepted
. . . read more about when to make a purchase offer.
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How to Tell If You're Ready to Make a Purchase Offer originally appeared on About.com Home Buying / Selling on Friday, January 29th, 2010 at 05:00:25.
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Is Dual Agency Right For All Home Buyers and Sellers?
I'm not going out on a limb when I say that most buyers and sellers don't know whom their agents represent. They don't understand dual agency, nor do many know why agency relationships are important because zero attention is drawn to agency.
Sellers agree to pay a certain commission to a listing agent. Whether that agent ends up dividing the commission with another agent isn't a huge concern for most sellers because the seller typically shells out the same amount of cash for dual agency as for single agency.
Since the seller generally compensates the buyer's agent, most buyers aren't concerned with agency relationships, either. Buyers reason they're not paying the fee, even though they are because it's absorbed within the sales price.
Here's an eye opener for you:
Dual agency isn't about who ultimately pays the fee.
I propose most people would want their own agent to solely represent them. However, that's not how it happens half the time and few realize the rights they sign away when they agree to dual agency
. . . read more about dual agency.
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Is Dual Agency Right For All Home Buyers and Sellers? originally appeared on About.com Home Buying / Selling on Wednesday, January 27th, 2010 at 05:00:06.
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Some Short Sale Banks May Demand a Seller Contribution
Some short sellers are astonished to discover that the bank may require a seller contribution on a short sale.
Should a seller make a contribution to get the bank to agree to approve the short sale? That depends. Most seller contributions can be negotiated with the bank. This means a seller might not have to accept the offer the bank initially proposes. Sellers often will agree to a contribution just to put the short sale behind them.
Moreover, if a foreclosure could result in a deficiency judgment, a seller might want to consider a contribution upfront, instead of on the back end, and try to put an end to the madness . . . read more about Short Sale Seller Contribution.
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Some Short Sale Banks May Demand a Seller Contribution originally appeared on About.com Home Buying / Selling on Monday, January 25th, 2010 at 05:00:30.
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How to do a Smart Mortgage Refinance
Tapping equity isn't the only reason to refinance; sometimes it can make financial sense to refinance a home mortgage just to get a lower rate.
Whether it's smart to refinance solely for a rate benefit depends on how long a home owner plans to stay in the home. Almost every new mortgage costs money, and it's those fees that smart borrowers want to recoup during the term of home ownership. Otherwise, if you're not getting any of that money back -- through a lower payment and a lower interest rate -- you may as well run out into the street during rush hour and throw stacks of money into the air.
But how do you compare rates to know if you're getting a good deal on a refinance? The best way is to compare Good Faith Estimates and work with a reputable lender. Since January 1, 2010, all lenders are required to use the same form. The biggest change is lenders cannot charge a borrower more for certain fees at closing
. . . read more about refinances.
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How to do a Smart Mortgage Refinance originally appeared on About.com Home Buying / Selling on Friday, January 22nd, 2010 at 05:00:14.
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Beneficiary Demands Authorize Loan Payoffs
Home owners generally do not see a copy of a beneficiary demand until they are ready to sell their home or refinance an existing mortgage.
In fact, if you asked most home owners to explain a beneficiary demand, few could. Less surprising is the fact that the majority of today's home owners do not plan to pay off a mortgage prior to its natural conclusion at the end of an amortization period, unless they win the lottery or a large inheritance falls into their laps.
Back when I was a kid, during the stone age when dinosaurs roamed the earth, people used to make regular deposits to a passbook savings account or stuff extra money into the mattress. When they saved enough to pay off their mortgage loan, they proudly marched down to the bank with a suitcase of cash and paid it off in person.
Today, of course, home owners receive a beneficiary demand. Some do not understand why the loan balance due for payoff is much higher than the balance shown on their loan statement. That's because a loan statement reflects the status of a loan and beneficiary demands are more detailed; beneficiary demands reflect a number of fees plus interest
. . . read more about beneficiary demands.
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Beneficiary Demands Authorize Loan Payoffs originally appeared on About.com Home Buying / Selling on Wednesday, January 20th, 2010 at 05:00:15.
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What is a Notice to Perform?
You may never care about a notice to perform until you receive it.
I routinely close dozens of escrows in which I never prepare a Notice to Perform for either party. But sometimes, either a buyer or a seller is slow to perform or refuses to adhere to elements of the purchase contract. In California, for example, buyers have 17 days by contract default to remove contingencies. If the 17th day arrives and the buyer has not submitted a release of contingencies, the seller might have no choice but to give the buyer a Notice to Perform.
Sometimes I advise my buyers to submit a Notice to Perform to sellers to try to force sellers to meet the contractual obligations of the purchase contract. That doesn't make me a mean person, though . . . read more about Notice to Perform.
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What is a Notice to Perform? originally appeared on About.com Home Buying / Selling on Monday, January 18th, 2010 at 05:00:28.
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