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Home Buying and Selling
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Updated: 2 hours 31 min ago
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.More Articles by Elizabeth Weintraub:
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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.
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.
More Articles by Elizabeth Weintraub:
- Exactly What is a Short Sale?
- What Does a Short Sale Listing Agent Do?
- Explanation of a Standard Short Sale Procedure
Technorati tag: short sale delinquent
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.
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.
More Articles by Elizabeth Weintraub:
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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.
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.
More Articles by Elizabeth Weintraub:
- What is a Notice to Perform?
- Top 5 Lowball Offer Mistakes
- Is it OK to Make Multiple Purchase Offers?
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Technorati tag: backup offer
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.
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.
More Articles by Elizabeth Weintraub:
- The Benefit to Buying a Short Sale
- The Standard Short Sale Procedures
- The Basis for Short Sale Rejection By Banks
Technorati tag: short sale price
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.
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.
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.
More Articles by Elizabeth Weintraub:
- Do You Need a Lawyer to Do a Short Sale?
- Top 10 Reasons for Short Sale Failures
- How to Do a Bank of America Short Sale
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Technorati tag: buy home sell short sale
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.
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.
More Articles by Elizabeth Weintraub:
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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.
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.
More Articles by Elizabeth Weintraub:
- How to Make a Foreclosure Offer
- The Drawbacks to Buying a Foreclosure
- Should You Buy a Foreclosure or a Regular Home?
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Technorati tag: cheap foreclosure
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.
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.More Articles by Elizabeth Weintraub:
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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.
When Should Your Agent Come Over to List Your Home?
Sellers can get so excited when the decision is made to list a home that they can't wait to get it on the market. They often want an agent to run over and list the home immediately. However, although the seller may be emotionally ready to go on the market, the home might not be.
The first thing a seller should do while waiting for an agent to show up is remove all cars from the driveway. The agent will probably want to shoot photographs, and you don't want a photo of your home to go online with a car in the driveway. It looks terrible. Walk through your house and ask yourself if it's OK that the agent takes photographs of what you see. For example, if you don't want your child's yearbook photo online, take that picture off the wall. It's OK to shove dirty dishes in the oven but it's not OK to leave them in the sink. You don't have to bounce a dime off tightly tucked sheets, but please do make the beds.
More Articles by Elizabeth Weintraub:
- How to Choose a Listing Agent
- What Agents Say When Showing a Home
- How Long Should Your Home Be Listed?
Technorati tag: ready to list home
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
When Should Your Agent Come Over to List Your Home? originally appeared on About.com Home Buying / Selling on Monday, January 16th, 2012 at 05:00:01.
Maybe You Should NOT Buy a Home
Did you ever think you'd hear a real estate agent tell you that there are lots of reasons to not buy a home?
Not every person in the universe is an ...When Would You Issue a Notice to Perform?
You may never care about a notice to perform until you receive it.
I routinely close dozens of escrows in which I never prepare a Notice to Perform for either party. ...How to Tell the Difference Between Buyers and Sellers Markets
When most people set out to buy or sell, they're not wondering about whether it's a seller's or a buyer's market.
Home buyers and sellers are thinking about their own needs, about buying or selling. Moreover, sometimes agents, in their rush to grab a listing or sign up that buyer on a buyer's broker agreement, don't talk about the marketplace or educate their clients.
One of the first steps any serious seller or buyer should make is to determine the temperature in the marketplace. Is it hot, cold or neutral? It can mean a world of difference regarding your bottom line because your negotiation tactics will be polar opposites in opposing markets. The way you make money in a seller's market would lose you money in a buyer's market. Being uninformed about markets could cost you big time . . . read more about Buyers' and Sellers' Real Estate Markets.
More Articles by Elizabeth Weintraub:
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Technorati tag: buyer or seller real estate markets
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
How to Get Feedback from Home Buyers
One of the frequent questions I hear from readers is "Why isn't my house selling?" Sellers who don't receive an offer are often panicked and worried about what can be ...
Tips for Home Selling on a Budget
It's no wonder that a lot of sellers today are concerned about home selling on a budget.
Times are lean for many of us. Sellers want their dollars to stretch as ...Weintraub's Real Estate Predictions for 2012
What better way to start out the new year than to read my Top 10 Real Estate Predictions for 2012? Alright, maybe you could be watching the Rose Parade and shoving chips into your face, which is what I would prefer to do on New Year's Day. But after all the hoopla is over, it's back to business as usual.
I spent an inordinate amount of time analyzing the real estate market over the past 12 months and coming up with a logical forecast for 2012. In fact, almost every year I finish my predictions in November. This year took longer than usual. Maybe that's because 2012 will be an unusual year for real estate. Let me know what you think about my real estate predictions for 2012, OK?
More Articles by Elizabeth Weintraub:
- Top 10 Real Estate Predictions for 2011
- Top 10 Real Estate Predictions for 2010
- Top 10 Real Estate Predictions for 2009
Technorati tag: real estate predictions 2012
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Weintraub's Real Estate Predictions for 2012 originally appeared on About.com Home Buying / Selling on Monday, January 2nd, 2012 at 05:00:42.
Tips for Surviving Power Outages
Few of us like to think about disaster striking or preparing for power outages.
Yet, power can go out at any time, especially if you live in a populated area such as any major city in California. While a storm is a likely culprit to cause a power outage, sometimes power outages happen because too many people are using energy at the same time. California has more than 35 million people and not enough energy sources to adequately service its population.
Don't wait for the power to go out before you stock up on supplies because you could find the store shelves raided and empty during a power outage. Moreover, put all your emergency supplies in one place where they will be easy to locate. Otherwise, you could be stumbling around in the dark searching for stuff. You also have no control over how long power will be out, so make sure you double up on back-up supplies.
Of course, to make the wait easier, you can always call your public utility company and be assured that a bazillion other people are without power. My utility company records messages that say things like, "We estimate power will be restored by o-dark-thirty, and by the way, there are 18,000 other households without power." Then o-dark-thirty comes and goes, and we still have no power. But the message is then changed to say, "There are 500 other households without power." Misery loves company, I guess . . . read more about Preparing for Power Outages.
More Articles by Elizabeth Weintraub, click below:
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At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Ways to Avoid a Short Sale Problem
It's not unusual for a seller to agonize over potential short sale problems, but it's pretty much a wasted effort, the agonizing. I say they should save the agony for a real short sale problem and not live through the excruciating pain over and over without cause. Besides, maybe these sellers who worry so much will be lucky and experience a smooth short sale? It's totally possible.
But some sellers are insistent. They want to know all the awful things that could happen to them. Why? Those things might never occur. On top of which, if these sellers have hired an experienced short sale agent, that agent can help them to avoid potential short sale problems. Cutting the problem off at the pass is half of the solution right there. Moreover, once you get past the biggest short sale problem, the other problems might seem like small potatoes to you.
More Articles by Elizabeth Weintraub:
- 10 Alternatives to Short Sales
- What is the Standard Short Sale Procedure?
- 7 Tips for Short Sale Success
Technorati tag: short sale problem
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Ways to Avoid a Short Sale Problem originally appeared on About.com Home Buying / Selling on Wednesday, December 28th, 2011 at 05:00:21.
Is There a Standard Short Sale Procedure?
In some short sales, there is such an animal as a standard short sale procedure. I know it's difficult to believe. That's because almost every short sale is unique.
When a seller calls to ask about a short sale, after asking a series of questions, I can pretty much tell which direction to take. There are variations of short sale procedures that depend on a variety of circumstances, which meet certain criteria. For example, a seller could do a standard Bank of America short sale, but it might be a slightly different procedure depending on the type of loan, number of loans with Bank of America and the seller's financial situation. The short sale procedure may also depend on whether Bank of America is the actual investor or if the bank is simply the servicer.
But, yes, there are standard short sale procedures. Even if each might be a little bit different.
More Articles by Elizabeth Weintraub:
- How to Do a Bank of America Short Sale
- How to Do a Wachovia Short Sale
- How to Do a Fannie Mae HAFA Short Sale
Technorati tag: short sale procedure
At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.
Is There a Standard Short Sale Procedure? originally appeared on About.com Home Buying / Selling on Monday, December 26th, 2011 at 05:00:14.
