remax: Short Sale Advice for Illinois Homeowners
- 10/16/10 01:30 AM
Navigating Short Sales: What to Do When the Sale Price Leaves You Short If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through … (1 comments)
remax: March Real Estate Newsletter
- 03/06/10 03:14 AM
March Newsletter March 2, 2010 Real Estate Terminology for First Timers First time buyers face a learning curve that can feel overwhelming if the right level of support and education is not available. It’s not enough to merely educate one’s self on buying strategies, mortgage application, and closing process. Buyers must also navigate through a sea of unfamiliar legalese, home building lingo and real estate specific jargon. The glossary below is by no means complete and is no substitute for the careful guidance of an experienced real estate agent, but it can serve as a good primer for consumers getting their … (1 comments)
remax: What is foreclosure?
- 02/28/10 12:44 PM
Foreclosure is a process that allows a lender to recover the amount owed on a defaulted loan by selling or taking ownership (repossession) of the property securing the loan. The foreclosure process begins when a borrower/owner defaults on loan payments and the lender files a public default notice or a lis pendens (Latin for “lawsuit pending”) – depending on the state. The default notice is a public record, and for buyers it’s the first step in locating a property in foreclosure. The foreclosure process can end one of four ways: 1. The borrower/owner pays off the default amount to reinstate the loan … (0 comments)
What is a short sale? A Short Sale is when the lender agrees to accept less than what’s owed on a mortgage that is secured by real estate via a sale of the property to a third party. With this agreement, the lender releases the borrower from the mortgage, thereby preventing foreclosure. What are the benefits of a short sale to the homeowner? The seller wins by avoiding foreclosure by selling their home before the foreclosure auction even if they owe more than its worth. If they were to sell the house the traditional way with a … (2 comments)
remax: February Newsletter
- 01/28/10 12:42 PM
Invest in Cool This Winter Most of us spend the coldest months focusing on ways to keep our homes warm and cozy. Strange as it may sound, winter can actually provide the perfect opportunity to add air conditioning to your home (or to replace an aging cooling system). By bucking conventional wisdom you should be able to save money while making sure your home is as ready as you are for summer. Heat Wave-Proof by March Like shopping for tire chains during a blizzard, you don't want to find yourself desperately searching for air conditioning after the spring and summer … (0 comments)
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