It's Harder Buying a Bank Owned Home VS a Regular Home
With so many bank-owned homes on the market, some home buyers are wondering about the differences between buying bank owned vs. a regular home.
And why wouldn't a buyer be tempted to buy a bank-owned home? The prices are attractive, plus, buyers are constantly hearing that banks are desperate to give away those homes. One of the problems with this is banks aren't desperate to dump inventory, not on the open market, anyway. To presume that banks will do anything to get rid of a home is magical thinking. Moreover, buyers who aren't careful or don't know what they are doing can find themselves in over their heads . . . read more about the differences between buying a Banked Owned vs. Regular Home.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
It's Harder Buying a Bank Owned Home VS a Regular Home originally appeared on About.com Home Buying / Selling on Wednesday, February 8th, 2012 at 05:00:50.
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Does a Bank Only Do a Short Sale if a Seller is Delinquent?
Many sellers automatically assume that they have to be delinquent to do a short sale.
I've heard agents express the belief as well -- that short sales are granted only to sellers who are delinquent. Not only that, but they believe the property has to be in foreclosure. That's not necessarily true. Even a HAFA short sale allows a seller to apply for the process while not yet in default. Of course, with a HAFA, foreclosure must be imminent, but that doesn't mean a seller needs to be delinquent upfront.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Does a Bank Only Do a Short Sale if a Seller is Delinquent? originally appeared on About.com Home Buying / Selling on Monday, February 6th, 2012 at 05:00:36.
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How to Get a Mortgage When You Have Bad Credit
The problem with getting a bad credit mortgage is it's expensive.
The only people making loans to people with bad credit are the guys who are charging an arm and a leg for the mortgage. They can get away with it because as long as they follow state usury laws and people are willing to take their money, it's legal. For some borrowers, those who have gone through a foreclosure or a bankruptcy, a bad credit mortgage is better than no mortgage.
If you go that route, just don't plan on sticking with the mortgage for any long period of time. Make it a short-term solution . . . read more about taking out a Bad Credit Mortgage.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
How to Get a Mortgage When You Have Bad Credit originally appeared on About.com Home Buying / Selling on Friday, February 3rd, 2012 at 05:00:08.
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Should You Write a Back Up Offer?
Buyers don't often think about putting in a backup offer.
I suspect it's the fear of the unknown, and buyers probably think it's not worth their time. Another reason could be because a backup offer is not a sure deal so agents discourage them as well. Agents like to close transactions because that's how we get paid. If an agent is writing only one offer a month, that agent probably can't afford to wait to see if the buyer will get lucky. That agent wants the buyer lucky right now.
And lots of buyers don't want to wait, either. They want to know right now if they can buy that home . . . read more about a Backup Offer.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Should You Write a Back Up Offer? originally appeared on About.com Home Buying / Selling on Wednesday, February 1st, 2012 at 05:00:40.
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How Flexible is That Short Sale Price?
After all these years of short sales, there are still buyer's agents who ask if the seller is willing to take less than the advertised short sale price.
Not only is a listing agent prohibited from answering that question due to her fiduciary relationship with the seller, but it's a stupid question. OK, maybe stupid is too strong of a word. Perhaps ignorant is a better modifier. Or, maybe I just expect more out of a buyer's agent? If an agent doesn't understand how short sales work, then the agent has no business representing a buyer for a short sale.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
How Flexible is That Short Sale Price? originally appeared on About.com Home Buying / Selling on Monday, January 30th, 2012 at 05:00:26.
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Struggling Homeowners Take on Roommates
In order to reduce expenses, some cash-strapped home buyers are teaming up with a friend to buy a home together as tenants in common instead of buying as a single person.
Personally, I think most single people are better off trying to qualify for a home on their own and taking on a roommate in a rental capacity rather than in a co-owner capacity. The reason is if it's your home, it's your rules. If you own a home with another person, you've got to make compromises.
Plus, taking on a roommate can help make your mortgage payment more affordable . . . read more about Roommates.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Struggling Homeowners Take on Roommates originally appeared on About.com Home Buying / Selling on Friday, January 27th, 2012 at 05:00:40.
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Buying Before Dumping Your Short Sale Home
I get calls from a lot of underwater sellers who ask about buying a new home before selling a short sale.
It's a perfectly reasonable question. Sellers want to know if they should buy a home while their credit is still good and before they do a short sale. Seems to make sense to a lot of people. But it's not as easy as one may think because there are basically 3 ways to buy before a short sale, two of which automatically disqualify a seller from buying. The first thing to think about is why would a short sale lender let you do a short sale if you could qualify to buy a new home? . . . read more about Buying a New Home Before Selling a Short Sale.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Buying Before Dumping Your Short Sale Home originally appeared on About.com Home Buying / Selling on Wednesday, January 25th, 2012 at 05:00:02.
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How Long Should a Seller Wait for Offer Acceptance?
You can't put off offer acceptance or rejection. I realize that sellers would prefer to have the luxury of a little bit of time to think about an offer and ponder its significance. The amount of money a seller nets can make a huge difference and has a bearing on future plans. It's a big deal to sell a house. Sellers might need to discuss the ramifications of an offer with other family members.
But it's also a big deal to the buyer. Buyers don't want to wait very long to get an answer. The longer a buyer waits, the more anxious a buyer becomes. Plus, if a seller drags her feet, a buyer might think the seller is playing games, maybe waiting for a better offer, and that can infuriate a buyer like there is no tomorrow.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
How Long Should a Seller Wait for Offer Acceptance? originally appeared on About.com Home Buying / Selling on Monday, January 23rd, 2012 at 05:00:33.
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How to Buy a Cheap Foreclosure
Buyers tend to lean toward checking out foreclosures for one reason and one reason only, and that is to buy a cheap foreclosure.
Because it's the cheap price on that foreclosure that makes up for the hassle of dealing with the bank, the asset manager, the confusing bank addendums and the foreclosure bank's 'as is' policy. At least in theory that's how it's supposed to work. But not every foreclosure is a cheap foreclosure.
I'm seeing movement, though, toward banks pricing their foreclosures more in line with the comparable sales. Of course, many of those comparable sales are, no surprise here, short sales and foreclosures . . . read more about cheap foreclosures.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
How to Buy a Cheap Foreclosure originally appeared on About.com Home Buying / Selling on Friday, January 20th, 2012 at 05:00:37.
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It Might Be Smart to Rent Out a House That You Can't Sell
If you can't sell your home, it might be a good time to think about whether it's smart to rent out a house.
If you ask an agent, he or she might try to talk you out of it. That's because most agents are not in the property management business. So, if they don't sell your house, they won't make any money. But, in some markets, it might make more sense to rent out the house instead of selling it.
Of course, if you're waiting for the market to turn around, it could take a long time for the market to recover. I figured out that if homes were to theoretically appreciate annually at a conservative estimate of 4% per year, a home that has lost 50% or more of its equity won't regain that "lost" equity for at least 18 years . . . read more about how to Rent Out a House.
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
It Might Be Smart to Rent Out a House That You Can't Sell originally appeared on About.com Home Buying / Selling on Wednesday, January 18th, 2012 at 05:00:10.
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