Everyone can't do Short Sales - 08/27/10 08:51 AM
Short sales are in high demand in this down economy. They have become commonplace amongst listing agents, and can present quite a bargain for the savvy househunter who knows where to look.But they are also a complex and complicated transaction that requires some knowledge and research. As with any real estate transaction, make sure you are working with a skilled and professional REALTOR®.
Short Sale - Not A "Small" Process
Submitted by Rusty Collins on Thu, 2010-08-26 08:14
It is not quick.  The word "short" in "short sale" does not mean small amount of time for the transaction-that would be a misgnomer in a … (2 comments)

Should you Cut your Losses (Short Sale) - 08/19/10 08:49 AM
A new real estate algorithm: Cut your lossesBalancing the 'short sale'By Scott Cousins When it comes to mortgage payments, conventional wisdom says there's a simple algorithm about cash flow: If you don't have enough, your home is in real danger. And if you owe more than your home is worth - known as "being underwater" - you're out of luck.But that's conventional wisdom. In fact, more and more defaulting homeowners are turning to a technique called a "short sale." That's when a property owner strikes a deal with a buyer willing to purchase a home for less than what's owed to … (1 comments)

20% of mortgage loans are underwater nationwide - 08/10/10 08:58 AM
20% of mortgages are underwaterby Les Christie More than 20% of the nation's mortgage borrowers owe more than their homes are worth.At 21.5% for the third quarter, it is a small improvement over the previous quarter, when 23.3% of loans were underwater, according to real estate website Zillow.com.This so-called negative equity is a hotly watched statistic because it is a prime predictor of foreclosure -- second only to loss of income."It is the paramount challenge facing housing markets," said Stan Humphries, Zillow's chief economist. "We already have had record levels of foreclosure and, combined with high unemployment, negative equity is very … (0 comments)

Will FHA Mortgage Lending go Bust? - 08/09/10 08:00 AM
The FHA Rethinks Its Mortgage LendingIs this the end of the cheap Federal Housing Administration mortgage?Over the last few years, as the private mortgage market has remained in lockdown, the FHA, which is backed by the government, has increased its lending activity. Instead of requiring borrowers to put down 20% on a home as a bank might, FHA mortgages require as little as 3.5% down.The low barrier to entry made FHA mortgages a more popular option among borrowers. Today, they make up about 30% of the existing mortgage marketplace, up from just 3% in 2006, according to the CMPS Institute, which … (0 comments)

10 Worst First-Time Homebuyer Mistakes 2010 - 08/05/10 08:47 AM
10 Worst First-Time Homebuyer Mistakes 2010
by Amy Fontinelle, Investopedia.com 1. Not Knowing What You Can Afford As we've all learned from the subprime mortgage mess, what the bank says you can afford and what you know you can afford or are comfortable with paying are not necessarily the same. If you don't already have a budget, make a list of all your monthly expenses (excluding rent), including vehicle costs, student loan payments, credit card payments, groceries, health insurance, retirement savings and so on. Don't forget major expenses that only occur once a year, like any insurance premiums you pay annually or … (2 comments)

 
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Brian Turner

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