What Happens In A Short Sale Transaction

February 22, 2010
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A short sale is a better option than bankruptcy or foreclosure but it can definitely cost you money and damage your credit history.  Provided that you meet the lender’s requirements and you have a qualified buyer, then you can choose to go with a short sale.  You need to search for a buyer who has interest in dealing with extended deadlines and additional demands by the lender to purchase your home.

The buyer needs to be confident with your house so get a credible and reliable lender to help you with a successful short sale transaction.  If done right, the short…

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Filed Under: Real Estate, Real Estate Investing, Real Estate Valuation

Types Of Ownership For Real Estate Investment

February 22, 2010
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Investing in real estate can help you earn money.  How you own your real estate is important for reasons like tax purposes and professional liability.  Here is a list of several ownership entities that you can decide on before investing in real estate.

1. Individual ownership- all the profits and liabilities will go directly to you but you are also exposed to the greatest risk
2. Corporate ownership- limits your liability, gives you the opportunity to transfer ownership without triggering local real estate taxes.
3. Partnership Ownership- this kind of ownership will work if there are several investors going in together to purchase…

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Filed Under: Real Estate, Real Estate Investing

Understanding Mortgage Interest Rates

February 22, 2010
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It is worth taking your time to find and assess different deals to get on your mortgage.  Whether you’re buying or selling a home, it is important to decide whether you’re going to take a jumbo loan, a thirty year fixed rate mortgage or just looking at refinancing.  Because there are a lot of mortgage and refinancing deals, you need to look for the right mortgage that will suit your budget and needs.

Refinancing a mortgage can help lower the interest rate, have more time to pay and to pay off debts.  This can be risky but the risk is lower…

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Filed Under: Loans, Mortgage, Real Estate

Deadline Of Government Programs Could Pose Real Estate Problems

February 18, 2010
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The rise in home prices since the fourth quarter of 2009 is partly a result of the support from the government on the housing industry.  The government tax credit and the Federal Reserve Program worked to keep prospective buyers in purchasing houses that are affordable.

However, there is a lot of concern about the effect of these programs on home buying as well as the struggling recovery of home prices once these programs end this spring.   A lot of home owners and real estate professionals are concerned about buyers’ ability to buy new homes and home financing once the government programs…

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Filed Under: Foreclosures, Real Estate, Real Estate Investing

Vacation Living In Norris Lake

February 18, 2010
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You will feel like your on vacation all year round if you live in Norris Lake.  Water sports enthusiasts will definitely love the array of water sports they can do in Norris Lake like wake boarding and skiing.  You can have dinner and watch the varieties of birds and other wildlife in the region.

There is also a vintage feel to Norris Lake because it was created in 1936 as fishing camp to serve as weekend retreats for Atlanta City residents but now new and modern waterfront homes are constructed and constantly being built on the lake.  These homes are very…

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Filed Under: Real Estate, Real Estate Investing

Reasons Why You Can’t Buy A Bank Owned Home

February 18, 2010
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Banks can name the terms and conditions under which they will sell a bank owned home and you may not qualify to buy a bank owned home.  Here are some reasons why you might not qualify to purchase a bank owned home.

1. Some Bank-Owned Homes Do Not Qualify for Conventional Financing.  If the property requires too much work to meet health and safety codes, a buyer offering a 20% down will beat out an offer from a buyer obtaining an FHA loan.
2. FHA Appraisal Conditions.  FHA buyers may back out if the appraisal calls for conditions.  Foreclosed homes may require…

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Filed Under: Foreclosures, Mortgage, Real Estate, Real Estate Investing

Short Sales Have Less Negative Impact Than Foreclosures

February 16, 2010
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Homeowners who are facing problems with their mortgage payments decide to short sell their home to avoid facing foreclosure and its process.  Even if you avoid the process of foreclosure, doing a short sale can also affect the rating of your credit.

Although the credit rating for a foreclosure will decrease by 200 to 300 points, a short sale will also damage your credit score by 75 to 125 points.  It will also take tree years to qualify for another home loan compared to a short sale that will help you get a loan in about a year and a half.

The…

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Filed Under: Foreclosures, Loans, Mortgage, Real Estate

Common Misconceptions About Short Sales

February 16, 2010
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Some people are afraid to do a short sale due to a number of myths and misconceptions.  Here are some myths about short sales to help you fully understand and change your mind about short sales:

1. Short sales take 12 to 18 months to close.  Here is the average time frame for an average short sale:

o 7 to 10 days for the lender to acknowledge receipt of the short sale package that includes personal documents and real estate items

o A negotiator is assigned and an additional 30-45 days for an appraisal

o An extra 2 to 3 weeks for review and…

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Filed Under: Loans, Mortgage, Real Estate

Rent An Apartment in Richardson, Texas

February 16, 2010
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You’ll definitely see great neighborhoods and luxurious apartment communities when you decide to settle in Richardson, Texas.  Richardson is a city in Collin and Dallas Counties that has a stable economy based on the strong employment market of the city.  Major employers like Bank of America, AT&T, Nortel Networks and Rockwell Collins have corporate headquarters located within the city that gives residents a lot of options and opportunities for employment.

There are 50 apartment communities in Richardson that offers a wide array of prices.  Renters can choose a one bedroom apartment for $896 while a three bedroom apartment will cost about…

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Filed Under: Real Estate

Things To Consider When Investing In Real Estate

February 15, 2010
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There is a significant amount of risk when investing in the real estate market.  The real estate market these days are not looking good so it is harder to decide whether to invest on it today.  To make you decide whether to invest in real estate, here are some tips to follow:

1.  Everyone needs a house.  It is better to buy a house to save money than to rent. Although mortgage payments and expenses are higher when buying a house compared to renting, this expenses decreases over time as the interest on the mortgage is paid off.  Once the mortgage…

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Filed Under: Real Estate, Real Estate Investing
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