bank owned: Short Sale Package
- 06/05/10 11:38 AM
Make sure your short sale package is thorough.At a minimum, the lender will want to see: The offer to purchase your home, including the buyer's preapproval letter; Your hardship letter; A balance sheet listing your monthly income and expenses; Statements from your checking, savings and other asset accounts; A net sheet from your real estate agent listing all of the closing costs that must be paid for your short sale to close; Supporting documentation, including two months' worth of paycheck stubs and all your bills; Your last two federal income tax returns. … (0 comments)
bank owned: Storage Space
- 05/30/10 02:33 AM
No matter how much storage space they have, most people feel that it's never enough. Most buyers put storage space high on their list of priorities for a new home, and all sellers must face the minor indignity of having prospective buyers open all of their closets to determine the size of each one.Even an enormous closet looks small if it is cluttered. Your closets should be as organized as possible while your property is on the market. If you have too many things, have a yard sale, rent a storage unit temporarily, or make a tax deductible donation to a … (1 comments)
bank owned: Tenant/Landlord Relationship
- 05/29/10 04:45 AM
It is important to attract and keep great tenants when you own investment property. A good way to begin a positive tenant/landlord relationship is with clear communication about what you expect from your tenants and what they can expect from you.The written lease agreement spells out the legal obligations of each party--the landlord must ensure that the property is habitable and complies with local codes, and the tenant must pay the rent in a timely manner and not damage the property. Make sure that the terms of the agreement are stated clearly in straightforward language.Let the tenants know of your commitment … (1 comments)
bank owned: What is Fair Market Value?
- 05/27/10 04:04 AM
What is the best price for some real estate? Mortgage lenders, appraisers, and real estate brokers use what is called the "fair market value" (FMV). FMV is defined as "the price that a buyer is willing to pay and the seller is willing to take". Sounds great, but how is this price determined?The starting point for determining a fair price may be an opinion of the value or "competitive market analysis" : a CMA. This analysis uses information on similar properties which are: 1) currently for sale, 2) already sold, or 3) expired listings (which did not sell). Local, national and … (0 comments)
bank owned: Need Title Insurance?
- 05/26/10 02:53 AM
Title insurance is one of the closing cost items on the closing statement when a home is purchased. This insurance protects the buyer from defects in the title that are not discovered until after the closing. There are two kinds of title insurance--coverage that protects the lender for the balance of the mortgage if the buyers have a loan, and coverage that protects the buyers' equity in the property.It is prudent to purchase owners' coverage because most of the title problems that arise after a closing are not from a sloppy title search, but are the result of inaccurate information in … (0 comments)
bank owned: FHA Advisory
- 05/25/10 06:11 AM
If you are in default on an FHA-insured mortgage, and the lender intends to foreclose, you should know about the Mortgage Assignment Program. You will have to provide certain information to the FHA to apply for this program. To be considered eligible for assistance, the home must your primary residence, you must be at least three full payments behind on the mortgage, and the reason for your failure to make the mortgage payments must be due to circumstances beyond your control, such as unemployment. The FHA must be reasonably certain that you can resume making the payments at the end of … (0 comments)
bank owned: The Title Search
- 05/24/10 03:11 AM
The people who do title searches have an extremely important job. They must ensure that the sellers really own the property being sold and that all liens against the property are being paid off as a result of the sale.If the seller has had financial difficulties, for instance, and didn't pay his bills, there may be judgments that must be satisfied on or before the closing. Someone in addition to the party who signed the sales agreement may have an interest in the property. If so, it will be necessary for that person to sign the sales agreement and the deed … (4 comments)
bank owned: Need Mortgage Protection?
- 05/23/10 02:08 AM
If you have a mortgage on your home in town, you have probably gotten several offers from insurance companies that sell coverage to pay off your mortgage if you die unexpectedly. Insurance is a good idea in most cases, however, mortgage insurance is usually a poor value.If you read the large print, it looks like the policy will protect your family if you die before your mortgage is paid off. All you have to do is fill out the paperwork, have a physical exam, and pay a little more each month. The fine print, however, may limit the coverage to accidental … (1 comments)
bank owned: Evaluating Neighborhoods
- 05/22/10 04:32 AM
When sellers think about curb appeal, they usually think about their own front yard and the effort required to keep the house looking good. When prospective buyers look at homes, they evaluate the house and the neighborhood. If you need to move, the price that your neighbors get for their house could have an impact on the value of your home.This knowledge makes its own case for doing your part to make the neighborhood appealing. The time to take remedial action is before you think about moving if your house is the one with peeling paint, over-grown bushes, rusty bicycles, and … (1 comments)
bank owned: The Settlement
- 05/21/10 05:19 AM
The buyer and seller will sign the settlement sheet at the closing, detailing all of the charges that each party has incurred during the sale of the house. It is crucial to go over the sheet for accuracy and to make sure that you understand everything on it before you complete the transaction.When a contract is negotiated, each side agrees how to divide the loan fees (or points), as well as the other closing charges, such as state or local taxes or escrow fees. Your Realtor can go over the settlement sheet and help you compare it with your purchase agreement. … (1 comments)
bank owned: Moving Day
- 05/20/10 09:05 AM
The closing on the sale of your home is Friday morning at 11:00, and that afternoon at 3:00 you are to complete the transaction on the house you are buying. Your sellers are completing the purchase of their new house on Monday. As sellers, each of you is obligated to leave your house vacant and clean at the time of the closing, and you will take possession of the home you are buying after the closing.If you are faced with a game of musical moving vans, you may want to negotiate with your buyers or sellers to remain in your old … (1 comments)
bank owned: Energy Efficiency
- 05/19/10 02:52 AM
Home buyers are increasingly concerned about the rising cost of energy. It is common for buyers to ask about utility costs and the energy efficiency when they are considering a home. One way to reduce energy costs is as simple as changing your light bulbs--from standard ones to compact fluorescent bulbs which are designed to fit most standard light fixtures and lamps.The initial purchase price of compact fluorescent bulbs may seem a little steep--they average between $13 to $20 per bulb, but they last at least 10 times longer than a standard light bulb and will reduce your energy bills significantly. Manufacturers … (0 comments)
bank owned: Termites
- 05/18/10 04:14 AM
Most home purchase agreements have clauses that deal with termites. After the agreement is ratified, a termite inspection is arranged. Before the closing can occur, the sellers must be able to produce papers signed by a licensed exterminator stating that the house is free of infestation and any termite damage has been repaired.Before you sign an agreement to buy or sell a home, you should read the termite clause and be sure that you understand it. Who selects the exterminator and pays for the inspection? If bugs are found, who pays for the treatment? Are the sellers obligated to repair any … (1 comments)
bank owned: Moving Companies
- 05/16/10 11:52 PM
Contacting different moving companies is one of the first steps in moving to a new house. You will find a variety of service options and price ranges from which to choose, whether you are moving across town or thousands of miles across country.Call several companies for estimates. Ask each company exactly how their charges are calculated and what is included. How much insurance is included in the estimate? What is the cost for additional coverage? Are there special provisions for fragile or unusually valuable items? Is the delivery date guaranteed? If economizing is important, ask if there are ways to cut … (1 comments)
bank owned: Deadlines
- 05/16/10 07:04 AM
Both buyer and seller should be aware of all of the deadlines in their purchase agreement. Each contract is different, but there are usually time limits covering the structural contingency, the financing application, the loan commitment, and the closing.If you are careless, you could lose your right to ask a seller to pay for needed repairs. There may be a limit on the time the seller has to respond to the buyer's request to complete repairs that are not required by the contract. Failure to apply for your mortgage on time may place your deposit at risk if the loan is … (2 comments)
bank owned: Home Inspections
- 05/14/10 01:50 AM
If you have a house for sale in town, your buyers will probably include a structural inspection contingency in the contract which will allow them to have an expert check the house and the major systems and appliances.A professional structural inspector can help buyers to "know" the house and to feel comfortable with it, but the inspection does not result in a pass or fail grade. The buyers will learn important things about the house, such as where the water cutoff valve is located, in case of an emergency. The inspection may also help buyers set up a budget for repairs … (1 comments)
bank owned: Lender's Appraisal
- 05/12/10 06:06 PM
Many sellers think that the sales price of their home is determined entirely by what they are willing to accept and what the buyer is willing to pay. There is another variable that can complicate the sale of a home--the lender's appraisal.To protect the interest of their investors, the mortgage lender's broker hires an appraiser to give an independent and objective evaluation of what the property or home is worth. If the appraised value is lower than the selling price, the seller will be glad that he has enlisted the services of a professional and experienced real estate agent. The agent … (1 comments)
bank owned: Pricing
- 05/12/10 05:23 AM
You have just found the perfect new house for your growing family, but it is a bit out of your price range -- unless you can get an extra $20,000 for your home. One can never be sure how much a house will sell for. It is always possible to list a home for a little more than it may be valued in the hopes that you could get lucky. After all, it just takes one buyer, and the market is busy!However, if you want to sell your home faster, maybe you should consider taking less than you hoped to get. … (0 comments)
bank owned: Remodel or Move?
- 05/11/10 04:44 AM
Your family has outgrown your home in town, but you have roots in the community that make it difficult to leave. Is remodeling the solution?Get professional advice before you jump into a major renovation project. Decide what changes you want to make, and get bids from several contractors. When you have an estimate on the cost of the project, talk to your Realtor to determine if these changes will be cost-effective. Over-improving your home may make it difficult to get your money back if you sell it soon.It is a good idea to talk with friends who have remodeled to get … (1 comments)
bank owned: Investment in Your Neighborhood
- 05/10/10 04:06 AM
Some neighborhoods have the reputation of being terrific places to live, and the difference is often the investment that people make in their community. These neighborhoods embody a community spirit that reflects the pride of the people who live there. In addition to the financial investment the residents have in their property, they also invest their time by participating in local affairs.How can you become active in your community? You can participate in your neighborhood association by volunteering to serve on committees, and you can keep abreast of issues that could impact your area by testifying at hearings or writing letters … (0 comments)
Make sure your short sale package is thorough.At a minimum, the lender will want to see: The offer to purchase your home, including the buyer's preapproval letter; Your hardship letter; A balance sheet listing your monthly income and expenses; Statements from your checking, savings and other asset accounts; A net sheet from your real estate agent listing all of the closing costs that must be paid for your short sale to close; Supporting documentation, including two months' worth of paycheck stubs and all your bills; Your last two federal income tax returns. … (0 comments)
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