Home : Blogs : Amber Castonguay Jefferson County Wisconsin Real Estate : Amber's Blog

Home Selling and Home Buying Information Jefferson and Dodge County Wisconsin

The CENTURY 21 Newsletter

February - 2008

	A Different Ending

	The Offer Ingredients

	Revised Resolution

Amber Castonguay

I am pleased to present you with the latest issue of Life@Home. Delivered to home buyers, sellers and owners on a monthly basis, this electronic newsletter is designed to give you the real estate information that is important to you. In each issue, you will find practical tips and articles related to buying, selling or owning a home, as well as the latest news on real estate trends. I hope that you enjoy this issue of Life@Home. If I can be of any assistance, please do not hesitate to contact me.

Visit Century21.com and view more than 250,000 property listings! Visit my website at www.AmbersHomeFinder.com to view all properties.

A Different Ending

Homeownership isn't always a happily ever after story. There are times when owners can no longer meet their mortgage obligations. In this case, there are several options.

One is foreclosure. In this scenario, buyers have a grace period where they can stay in the home and try to make good on their outstanding debts. Eventually, if they are unable to reverse their current course, the bank or lender will evict the owner, reclaim the home and place it on the market for sale. A second, lesser-known option is called a short sale. Here the lender agrees to take a loss on the home in exchange for recouping most of what is owed to them. In other words, if you owe $90,000 on your mortgage, your bank may agree to take $80,000 and consider the debt paid. The benefit for the lender is that the case is expedited and closed without the added expense of a foreclosure proceeding. Of course the seller would not see any profit from the sale. If you find yourself in such a position, research the short sale option further. Start by using online resources to learn about the agreement. If you think it is feasible for you, consult with your lender and a real estate attorney who is familiar with this arrangement Also, it is very important that you understand the tax implications in a short sale. While the lender may be willing to accept less than what it is due, the government will consider the debt forgiveness as income and a taxable gain. Speak with a certified public accountant that is well-versed in this area. When you closed on your home, you surely did not envision yourself in this situation. Unforeseen circumstances, such as a job loss, can put you in a position you never imagined. It is imperative that you look at all options, including bankruptcy, foreclosure and the short sale before you select the one that will work best for you.

The Offer Ingredients

It's the moment you've been waiting for - your RealtorÂ® has called and said the couple who visited your open house earlier in the week has made an offer. Although adrenaline will be high, it is important to remember that the "offer to purchase" is a starting point for negotiations. The buyer is issuing a bid that you can accepted as is, rework through discussions, or reject outright.
Here's a closer look at some parts in an offer. . Earnest money - In most cases the buyer will give their agent or attorney a check, say $500, to show they are serious. . The purchase amount - This will include the amount of the down payment, the remaining balance and details about the buyer's financing. . Closing costs - The offer will delineate which party will pay for certain professional and service fees. . Inspections - Structural, pest, lead and radon are some of the common inspections required by the buyer. . Contingencies - These are clauses that allow the buyer to exit the deal without penalty if certain conditions are not met. For instance, if an inspection reveals a compromised foundation, the buyer would probably be able to walk away without consequence. . Time tables - A timeline will be laid out for the entire purchase process, from inspections to the date of the closing. . How to settle disputes - In the event either party is dissatisfied, the offer will include guidelines for the appropriate course of action.

Revised Resolution

Try a new approach to your New Year's resolution. Choose one specific goal for each area of your life. For example, under the heading of family - one family activity each month. Under home - landscape the front yard. Health - walk three days a week. Achieving one goal in each area can really make difference.

CENTURY 21 Crossroads Realty
520 Hartwig Blvd. . Johnson Creek, WI 53038 . 920-699-8124
amber@century21crossroads.com . http://www.century21newsletter.com/Reports/hitcounter.asp?mem_sid=23860&lang=0

Posted by Amber Castonguay Jefferson County Wisconsin Real Estate on 02/01/2008 11:42 AM

Comments (3)

jefferson county wi home seller, jefferosn county wi home buyer, johnsonn creek, jefferson, fort atkinson, watertown, ixonia, lake mills wi

This post has been included in Wisconsin Information Jefferson County, WI Information Johnson Creek, WI Information

3 Comments on Home Selling and Home Buying Information Jefferson and Dodge County Wisconsin

Amber

What a nice newletter. Well put together.

Sincerely

Tom Braatz

02/01/2008 11:48 AM

by Tom Braatz, South Eastern Wisconsin (Tom Braatz)

Steve

Amber-are you in there? Come on out!

Great information! Let us know about you!

Steve

02/01/2008 11:50 AM

by Obeoman Steven Stearns (www.obeo.com)

I prefer FSBO sites, but not real estate agency. Agents take commissions and it is cheaper that money to sell your property at FSBO site. I saw many sites, but I think Fizber was the best. There are many services that can help sellers and buyers like real estate forms at http://www.fizber.com/real-estate-forms.htm for sellers or http://schools.fizber.com/ for buyers.

07/25/2008 08:41 AM

by Joel Sanders (Fizber)

Leave a response…

Name:

Notify me of new comments:

Comment:

What does the graphic say?