Add comment September 28th, 2007 05:31pm teamelite
Home Sales news features “Team Elite” Check it out! Just click on the link below with the global/story.
“Team Elite” has sent you an item from http://www.kron4.com
Bay Area Residents Make More, Pay More for Housing
http://www.kron4com/Global/story.asp?s=7140059
Find more items like this at http://www.kron4.com
Copyright 2007 KRON
Add comment September 28th, 2007 03:00pm teamelite
People who are not familiar with the daily activities of the Real Estate market have been led to believe that homes in forclosure sell with a greatly discounted price. The truth of the matter is that home forclosures happen for many reasons but the most common is the owner did not have enough equity to sell and could not afford their payment. With that understanding and the fact that the banks are not in bussines to lose money foreclosure homes are actually priced at a fair market value or maybe slightly below market value to compensate for the poor condition these homes are in. Current market conditions have created a buyers market and have caused prices to decline. Therefore what may be perceived as a below market price is actually properly priced because the banks dont want to hold on to the property to long and the home owner seller is still overpricing their homes considering current market values. If you would like more information on buying or selling a home call “Team Elite” at 392-4131
Add comment August 28th, 2007 01:49pm gmschmitz
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Add comment August 23rd, 2007 09:54am teamelite
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Add comment August 22nd, 2007 04:09pm teamelite
What is a short sale?
A short slae is when a lender accepts a discount on a mortgage to pay-off to avoid a possible foreclosure auction or bankruptcy. While the property is still being purchased, the Lender’s approval of the contract and terms becomes necessary as they must approve the discounted pay-off. For example: A homeowner, who is facing forecloure, has an existing first mortgage of $300,000. The buyer writes an offer for $220,000, which is accepted as full payment for the loan. This is a SHORT SALE.
It is best to do a short sale when the property is in the pre-foreclosure state because the banks do not like excess inventory and ad loans on their books.
What happens to the Seller’s credit rating when they allow an investor to short sell their property? (more…)