sell my house: The Short Sale Process In A Nutshell - 07/26/10 05:40 AM
Many people have heard the term short sale, but most are unfamiliar with its definition or process. Short selling has become more widely accepted in the real estate market in the past two years as a way to keep more distressed properties from entering into full foreclosure.
A short sale is when a buyer makes an offer to the loan holder for a lesser amount than what is owed. This is often done on homes that are in pre-foreclosure or are already bank owned. As an example, a homeowner owes 300k on the mortgage. A purchaser offers the bank 220k for … (1 comments)
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sell my house: Short Sales 2010 Statistics - 07/26/10 05:31 AM
Recent data from the national Association of Realtors has shown that the first half of 2010 has shown a slight increase in short sales among at risk properties. A 2.3% increase is the average for the nation. While some areas have higher amounts, many areas are showing less than 1% increase.
Short sales have been promoted as an option to avoid foreclosure. Homeowners negotiate with the bank to sell their homes for less than the market value or the amount owed. As a way to keep more distressed homes from entering the market, lenders were encouraged to use this tool.
However, … (0 comments)
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sell my house: Foreclosure Statistics 2010 - 07/26/10 04:44 AM
Foreclosure statistics for the first half of 2010 have been released; the results are mixed. For the first 6 months of the year foreclosures were down 5 % from the previous 6 months. This is a good sign, showing that mortgage modification programs may be helping and that the economy may be turning around. However, these same numbers were 8% above the same time period for 2009, a bad sign that recovery may still be far away. The next six months will be the deciding factor if the housing market is improving or not.
The first 6 months of 2010 saw … (3 comments)
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sell my house: Home Buyer Tax Credit - 07/10/10 09:55 AM
Approval of the extension of the Home Buyer Tax Credit, for first time home buyers, has given home buyers until September 30, 2010 to arrange a closing and still qualify for the $8,000/$6,500 tax credit. The original deadline was June 30, 2010 but due to data released in May 2010 revealing sharp declines in sales of existing and new homes and continued foreclosure activity, the House passed a new bill, the H.R.5623, extending the home buyer credit for new and existing home buyers.
Home buyers that have entered into a contract on a home purchase by April 30, 2010, but having … (1 comments)
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sell my house: Steps Of Foreclosure - 07/10/10 09:44 AM
Steps of Foreclosure begin when the lender is no longer willing to work with the property owner to bring the loan balance to current status. While there is no concrete law regarding the number of missed payments which must have occurred, some lenders are willing to delay longer than others hoping to avoid the cost, time and paperwork involved.
Although foreclosure allows the lender to claim title and force sale of the property based on loan default, there are foreclosure steps which must be followed
Default Notice requires the lender to inform the property owner by letter stating foreclosure is pending … (0 comments)
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sell my house: There are many resources to determine your house value - 07/09/10 04:11 AM
There are a variety of different ways that you could use to determine your homes value. It is good to note your house's value can change throughout the year. A few of the reasons people would need to know what their house is worth is to sell their house, refinance, or to calculate their net worth when strategies retirement.
There are a few ways to determine your house value:
Hire a certified home appraiser to give you an appraisal on your home. Hiring an appraiser is also an option that will lead to the largest expense. Call a local realtor who you may be interested … (2 comments)
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sell my house: Foreclosure Prevention Numbers First Quarter 2010 - 07/01/10 03:04 AM
For the first quarter of 2010, there was a 75% increase in the number of people completing foreclosure prevention programs in this country. Even more surprising is the fact that the number of loans that were 60 or more days delinquent fell for the first time in two years this past quarter. These are astonishing facts, considering the large number of people losing their homes to foreclosure around this same time.
Mortgage loan modification plans are becoming a popular way to prevent foreclosure, as evidenced by the above numbers. Within the last quarter of 2009, there were over two-thirds of loan … (1 comments)
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sell my house: US Home Prices Rise 0.8 Percent - 07/01/10 02:39 AM
The Federal Housing Finance Agency has just issued their monthly report about house value and sales. The report shows that home prices increased by 0.8 percent from March to April 2010. This increase is a good sign of recovery in the housing market.
The report shows that the increase in house value i may be due to the deadline of the first time home buyers programs that ended April 30th. To qualify for the credit, buyers must have been locked into a valid home purchasing contract prior to this date. The report also shows that the incentive for down payment assistance … (0 comments)
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sell my house: How Much Does it Cost to Sell my House with a Realtor? - 06/24/10 02:38 AM
If you need some assistance in selling your home, odds are that your considering contacting a realtor. Also, you are probably wondering what will be the realtor cost. This will vary with different realtors and agencies, and you will decide all of this and put it into a contract. Sales are statistically proven to be more successful when a person involves a realtor in trying to sell their home. The advertising and networking a realtor does is vitally important, especially in this economy. You may not want to give up that 6% or 7% of revenue, so you have to answer … (0 comments)
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sell my house: "Real Estate Leads" the Way to Better Real Estate Sales - 06/23/10 02:25 AM
A real estate lead is information collected about someone who is potentially interested in buying or selling property in the real estate market, or interested in having the value of a property assessed. When collecting information about a lead, from any source, it is important to record key contact information of the persons interested such as name, e-mail address, phone number, and an available mailing address. This information is important in order to establish contact with potential buyers and sellers so as to let them know what services you are able to offer in any property transactions they hope to make. … (5 comments)
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sell my house: Selling Home in Los Angeles: An Upward Trend for April 2010 - 06/21/10 05:39 AM
Throughout Los Angeles, home sales were up for April of 2010. The perception that homes cannot be sold in this real estate market is proving to be false. With all types of homes being sold for great prices, it is still a great time for sellers to sell their home if they are considering it. Los Angeles realtors are very accessible and able to answer all questions you have regarding the home selling process. This article will discuss some of the areas in L.A. that are displaying an upward trend in selling homes for 2010.
Lancaster is one of the up … (1 comments)
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sell my house: Philadelphia Pennsylvania Home Selling Statistics – What You Need To Know About The Current Marketplace When Selling A Home In Philadelphia - 06/21/10 05:34 AM
If you have been thinking about selling a home in the Philadelphia area in the near future, then there are some Philadelphia Pennsylvania home selling statistics that you should be aware of to help guide you through the process. The real estate market is constantly changing, so it makes sense to be armed with the most current information before putting a home, or condo on the market. When planning a strategy for selling, there are three major areas of information that a person should keep their eyes on, as they go forward with the process. The Market Action Index (MAI), the … (0 comments)
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sell my house: Building Permits On The Rise To Start 2010 - Good News For Real Estate In General - 01/23/10 11:28 AM
The housing market has been on a down slope due to the current economy, but things may be looking up for 2010. Housing permits during the end of 2009 had declined severely but due to the new tax credit for first time home buyers, the building permit industry is on the rise. This may be a good time for people to say sell my house or join a home buyer's organization to assist with the new rise in home buying or home building.Builders are preparing themselves for the renewed economy, it is slow moving but hopefully the rise will stay steady … (0 comments)
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sell my house: Recent Home Buyers Statistics A Real Estate Change - 01/10/10 03:46 PM
People looking to sell a house have a reason to cheer about statistics that were released regarding November real estate sales. An annualized rate of 6.54 million units was sold in November. This is an increase of 7.4% from October numbers. Even bigger, it is an increase of 45.4% from the number of units sold a year ago.This number was a surprise to the experts. The forecast had been for November to have an annualized rate of 6.25 million units sold. The actual results surpassed that figure by over a quarter of a million units.Home buyers snatched up these units because … (2 comments)
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sell my house: The End of Subruban Communities - See The Good In The Real Estate Bust! - 12/20/09 10:39 PM
The housing crush has had a range of side effects across the nation. However, with more and more new home developments struggling to fill the new properties, a new phenomenon has appeared. There are fewer and fewer new suburban developments showing up on the fringes of communities. Expansion that was so rampant in the real estate boom has suddenly disappeared or stalled midproject, leaving empty houses gaping at passerbys.Some of these communities are filled with homes that are in foreclosure which makes it harder to sell a home next door. Home owners have vacant lots next to them and they need … (0 comments)
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sell my house: Home Buyers Still Investing In Real Estate And Making It Work - 08/27/09 03:18 PM
Okay, the real estate market has gone down and a quick rebound is not likely, or possible. Homeowners are finding viable options to continue to make money in the real estate market despite the recent changes. By adapting to the environment, savvy real estate investors are still flipping home properties with a twist. They are purchasing lower cost single family houses in areas of great potential and updating them. However, rather than putting them on the market for sale right away, these flippers are becoming landlords, renting the property to keep building equity and pay the mortgages.How long are these new … (0 comments)
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sell my house: Sell Your House Fast - Home Seller Checklist - 06/08/09 12:03 PM
With the existing home inventory index still hovering around 10 months of supply for the nation, every home owner who needs to sell their house should be ready for buyers. In an effort to get you ready for the buyers who will be walking through your doors I suggest you do some research and follow some key tips to get your home sold.Pricing your home right is a key factor is selling your home in a buyers market, which we are in. The days of posting a sign in your front yard and receiving multiple offers in a few days are over. … (1 comments)
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sell my house: Government Needs $800M for Reverse Mortgage Plan - 05/07/09 05:45 PM
The Federal Housing administration (FHA) operates a program that guarantees reverse mortgage loans. Reverse mortgage loans allow home owners over the age of 62 to borrow against the equity in their home. Borrowers are allowed to obtain payment for approximately 60 percent of the equity in their home and allowed to received payments for the rest of their life.The FHA makes guarantees to the lenders who give revers mortgages to elderly home owners. If the home owner lives longer than expected and home prices continue to decline the home will not have enough equity to cover the cost of the loan.The government recently ask Congress for … (0 comments)
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sell my house: Low Mortgage Rates Will Help Some Of The 420,000 ARM Mortgages Due To Adjust In 2009. - 02/07/09 08:56 AM
According to the Treasury Department over 420,000 home owners mortgages are going to adjust this year. These are home owners who purchased homes with adjustable rate mortgages, some of whom tried to make a quick buck off the real estate boom. Others purchased their home using a hybrid mortgage so they could afford a larger home in hopes they would be able to refinance in a couple years to a lower rate.Well, their time has come and this year their rates will adjust. The good news for many is that interest rates are at an all time low. So low in … (2 comments)
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sell my house: Mortgage Applications Drop After Surge - 12/10/08 11:38 PM
Last week a move from the federal government caused interest rates to decrease to a very low rate. Mortgage companies noticed the increase in refinances from traditional home buyers who were taking advantage of low interest rates to save cash flow ever month.One thing you have to consider when going to refinance a home is that it is not free. It actually cost about 4 percent of the loan amount to close a refinance. This percentage is cost to pay the closing agent, loan agent or broker and possibly some taxes or closing fees. One week after the mortgage industry saw … (1 comments)
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