Posts from May 2011
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26
Appraisals: Why You Must Now Sell Your House Twice
Banks have become very conservative when lending mortgage money today. With the current foreclosure challenges in the country, we can't really blame them. The requirements now necessary to qualify for mortgages have gotten much more stringent and it seems will get even more stringent as we move forward. The banks want to make sure the prospective buyer has the ability to repay the loan. However, this does not just involve the borrower buying the property. The second way a bank can protect their investment in the mortgage is to make sure that the collateral backing that mortgage is secure. That is where the appraisal comes in. The bank wants to make sure that, should the buyer not be able to make their payments, the house they will be forced to take back will sell for an amount at least equal to the balance left on the...
24
Is a Short Sale or a Foreclosure My Best Option?
We get asked this question quite often. In a rapidly changing market, it is difficult to give absolute answers. Much depends on your family's personal situation. However, if you realize that you can no longer make the payments, you may have to decide between doing a short sale or letting the home go to foreclosure. Here are three things you may wish to consider: 1.) Impact on Your Future Ability to Get a Mortgage There are many different lending institutions, each with their own requirements when it comes to your ability to obtain a mortgage in the future. However, a common trend is to be much more lenient with someone working through a short sale rather than letting the house go to foreclosure. As an example, t...
20
5 Reasons You Should Consider Selling Now
If you plan on moving anytime in 2011, you should strongly consider selling your house now rather than waiting. Here are five reasons why: 1.) This is when your house will get the most exposure The spring, and particularly the month of May, is when most buyers enter the real estate market. This surge of buyers dramatically increases the exposure for your house . The best chance of getting quality offers (perhaps even multiple offers) is RIGHT NOW! 2.) Foreclosures and short sales will increase in about 90 days The good news is that the number of people paying their mortgage on time is increasing. This will lead to less distressed property sales later this year and throughout 2012. The not-so-good news is that there is still a large inventory of existing foreclosures and short sales...
17
Even the Naysayers Are Saying To Buy Now!
Business School professors Eli Beracha of East Carolina University and Ken H. Johnson of Florida International University have done extensive research on which makes more sense financially: to rent or own a home. They published, Lessons from Over 30 Years of Buy versus Rent Decisions: Is the American Dream Always Wise? In their paper, the professors do not dispute the social benefits of homeownership: "Home ownership is touted as the "American Dream". It is credited with enhancing wealth, increasing civic pride, improving self-esteem, crime prevention, child development, and better educational outcomes, among other benefits. This paper does not dispute any of these claims." What the professors were proposing is that homeownership is not a better investment strategy than ren...
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