Short Sales – Use the Market to Your Advantage

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If you have been considering the real estate market, I'm sure you have seen that many of the homes up for sale are listed as short sale. Purchasing a home for less than what is owed on the home is called a "short sale." In the present real estate market, there are many short sale options open to a prospective home owner. Adjustable rate mortgages and less favorable economic times have triggered higher than normal foreclosure rates. If you are looking to purchase a home, this is the perfect time to exploit the market to your own benefit. With some thorough investigation and an open mind, you may find the home of your dreams at a rock-bottom price.

Locating a Short Sale Quickly

To initiate the short sale process, interview real estate agents. Many real estate agents already are knowledgeable in dealing with properties that are short sales. Listing agents often have pre-existing relationship with the bank that is carrying the mortgage. You want to find a realtor that has expertise and knowledge on how to get a property that is a good value. Once you settle on a realtor, let him or her know upfront that you are looking for a short sale property. This will help the real estate agent find an ideal property more quickly.

Short Sales are Often Bargains

A short sale will often be offered at a good price to the buyer because the bank does not want to have their assets at risk in the property. The lender is in jeopardy of losing a reasonable amount of money in a foreclosure proceeding. The listing price is minimal and so you will not have to attempt bargaining with a seller over the price. The lender wants the property sold as quickly as possible to keep from losing any more money.

Things to Anticipate When Buying a Short Sale Property

The process of buying a property in a short sale is not the same as purchasing a home from an individual because you are dealing with an institution rather than a person. Once the bank accepts your offer, the title company working with the bank will process all of the title and escrow particulars of the purchase agreement. With a short sale, as a buyer you have to proceed swiftly. The title company and the lender may not act as quickly owing to the large amount of paperwork involved in selling a property in this manner.

To accelerate the process of buying a home in a short sale, get all of the requested documentation in as quickly as you can. Typically there is a month or so before your closing date but that does not mean that nothing is happening. There is a lengthy behind the scenes process involved in the mortgage paperwork and the transfer of the property. Keep in touch with your lender and realize that you are dealing with a corporation and not an individual so the process will be a little different. The time waiting for the closing will slide by, and you will be in a great new home.

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Source by Karen Bellas

Foreclosure Timeline – How Long Does it Take?

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The most important issue in the entire foreclosure process is that of how long it will take from the first payment being missed to the eviction of the homeowners. It is also an issue that most foreclosure victims have no idea about, and spend more time worrying about than any other aspect. Without knowing if or when the process has started, when the sheriff sale will be manufactured, and how long they have after the auction until they are removed from the property, homeowners feel they have little control over the situation. Having a firm idea of ​​the time frame of the foreclosure process, though, will allow them to put together reasonable plans to stop it with the time they have available.

The timeline of the foreclosure process will depend almost entirely on the state laws, so homeowners in danger of missing more than one mortgage payment should look those up as soon as possible. Various time lines are determined by the state, including notices that must be posted or processed, redemption periods after the sale, and the scheduling and confirmation of the sheriff sale. Even procedures for postponing a sheriff sale are determined by the state laws. All of these aspects will be taken into account for the actual time that foreclosure victims have available to save their homes.

However, in general, the mortgage company will start the foreclosure process about 3-6 months after the first missed mortgage payment. Even though they can start it after the loan is technically in default (after 30 days late), lenders understand that many homeowners face short-term financial hardships and will be able to get back on track quickly. If the homeowners are keeping in contact with the bank, working out a repayment plan or trying to sell, they may pose the actual foreclosure filing for a number of months, depending on the success of the homeowners. The mortgage company will want to give their clients some extra time to pay the loan back if the lines of communication are open. Of course, if the homeowners do not call the bank and ignore the phone when the lender calls to find out why they are not making the payments, then the foreclosure will begin much earlier.

Typically, a few weeks to a few months after the foreclosure is filed, the sheriff sale will be delivered at the county courthouse. Again, homeowners can get this postponed for a while, if they are working on a solution to save the home. Keeping in contact with the bank, letting them know how the process is going, and asking for more time if it is needed are all actions that foreclosure victims can take to prevent losing the home at a hastily scheduled foreclosure auction. The homeowners will have to put something in writing to the bank to show what they are working on, but postponing a sheriff sale can be quite simple. All it takes is communicating with the bank and working on a solution to the problem.

Now, after the sheriff sale, there are two possibilities, depending on the state foreclosure laws . First, the eviction process may begin right away. If this is the case, it can be another 2 weeks to a month or so between the sale date and the eviction date. The bank will have to ask the court for possession, the court will have to confirm the sale and order the county sheriff to evict the former homeowners and change the locks. But this is not a one-day process, with the sheriff kicking out the homeowners a few hours after the auction. Homeowners will still have a small amount of time to plan their future, find a new place to live after foreclosure, and move items out of the house.

The second possibility is if the state law allows for a redemption period, which is extra time after the sale that homeowners can work to keep their homes. During the redemption, they can try refinancing, selling, or paying the loan in full some other way, and keep the home in their names. After the end of redemption, though, the eviction process will start and it will be a few weeks after that that the sheriff shows up to remove everyone. But, if homeowners are unaware of the extra time they are given by state law, they may move out of the house before they have to. Redemption periods can be used by homeowners to begin a savings plan, pay off other debts to improve their credit, or begin to recover financially in other ways.

Without having the relevant information to understand how long the foreclosure process will take, many homeowners make mistakes that could otherwise be avoided. They may believe they have to move out before it is necessary, crippling their ability to start repairing their financial lives. Or, they may think that they have a lot of time left because of faulty assumptions about when the bank will start the foreclosure process, which can leave them starving at a sheriff sale before they even know it has been scheduled. Knowing how long foreclosure takes, and understanding that it is connected differently in each state, is some of the most important advice that homeowners can receive, and will allow them the greatest opportunities to save their homes.

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Source by Nick Heeringa

What Does a Lis Pendens Mean in the Foreclosure Legal Process?

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One of the legal terms that homeowners in foreclosure often come across is lis pendens . They may initially find out about the term when trying to refinance their house and the mortgage broker turns them down because of this type of document filed against the property. If a lis pendens has been filed, it will show up with the county recorder as a document affecting the title.

A lis pendens does not stop or prevent foreclosure at all, as it is strictly a document serving notice upon any other party that is researching the particular property affected by the document. In most cases of a homeowner behind on the mortgage payments, the lender's attorneys will file the initial foreclosure lawsuit with the court and a lis pendens will be sent to the county clerk or recorder's office to indicate that a particular property is in the process of a pending litigation.

The term lis pendens is Latin for "lawsuit pending," and the lawsuit that it is referring to is the legal process of foreclosure. If the lender was not suing for the property to be sold for payment of the defaulted mortgage loan, this document would never be filed in the first place, as no lawsuit would be pending.

In fact, a lis pendens specifically indicates that the property is facing foreclosure, and the document will show anyone, such as a title company or prospective foreclosure refinance lender, researching the real estate that it is involved in a lawsuit. So the lis pendens is meant to signify the foreclosure; it does nothing to prevent the foreclosure, but it does not itself affect the homeowners' ability to save their home.

The most commonly used legal mechanism that would stop foreclosure is filing bankruptcy with the court, and even this only puts the process on hold while the creditor and debtor are coming to an agreement to negotiate a settlement of the debt.

Homeowners may also wish to consider getting rid of the lis pendens affecting their home by mounting a defense against the lawsuit that has led to the foreclosure process. This is a direct defense of the litigation, though, not an extra legal process like bankruptcy that may be used to put the suit on hold.

If a lis pendens is filed with the county recorder against a piece of property, this indicates that the house is already in some stage of the foreclosure process. The homeowners are no longer in the preforeclosure stage, or purely behind in payments. At this point, foreclosure can not be preverted, as it is already being pursued by the lender and its attorneys – it must be stopped, and homeowners need to begin putting together a realistic plan and researching various ways to stop foreclosure, such as a mortgage modification, repayment plan, selling the house, or a foreclosure bailout loan.

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Source by Nick Heeringa

Stage Your Home – Use Your Own Stuff to Stage Your Home For Better Market Value

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On first glance the home appeared cluttered and undecorated. I looked around for her 'feature collection' and focused on that. We redecorated the living room first, using things she already had on hand, even a swath of beige cloth she was being planning to 'make something with' as ​​a swag for the bay window.

"Wow, you have some terrific art!" Let's put this all to work for you.

Her collection of Ansel Adams was strung through the house and offered a foundation for the home presentation. We began by collecting her seven bold black and white prints matted in white with black frames. White walls were in good condition and the beige carpet was an attractive backdrop. We moved the gray-beige patterned sofa set away from the wall and focused it on the fireplace. She bought out some pewter candlesticks and a collection of red glassware to add to the mantle, but first we hung two of the Adams prints above the mantle. On an adjacent wall, we hung three of the prints above a buffet table we moved in from the dining room to house the family's game collection. A red table runner adorned the top of it and held a pair of rejuvenated lamps on either end. In the center, a red glass bowl held pinecones from her garden.

In an open corner, we stand a tall bookshelf, a red upholstered winged armchair, and hung the last two Adams prints in a vertical display to accent a reading corner. A small round table covered with a soft gray cloth and a piece of white lace held a red ginger jar lamp and a few small photos. Books elevated some photos, and an open book on one side of the table indicated someone liked to read.

A length of beige fabric in a small pattern swagged over the curtain rod and pooled on the floor on either side of the huge bay window. White mini-blinds were kept in place for light control, but the beige fabric offered a softer window surrounding.

Red and gray throw pillows and a deliciously warm red throw were added to the back of the pit group sofa for color and style. We centered a dark travel trunk with leather trim in the bay window area and added a few touches of red around the room with her glassware collection. Nothing else was needed.

Whether you live in the Denver Metro area or not, colors of the Rocky Mountains can Rock your World.

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Source by Dorine Verhoeff

Real Estate Books and Periodicals in Print 1988-89 Edition: A Guide to Real Estate Publications, Their Authors, Prices, Publishers Addresses and Othe

Real Estate Books and Periodicals in Print 1988-89 Edition: A Guide to Real Estate Publications, Their Authors, Prices, Publishers Addresses and Othe

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FSBO Home Staging Tips

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Here are my two top picks on FSBO Staging Tips:

The best home staging tip for 'For Sale By Owners' who wants to greatly improve their opportunities of making a quick sale at the highest price possible is this; DE-CLUTTER!

That means purge unnecessary "stuff" inside the house and out; children and pet toys, tools, magazines, newspapers, etc. Kitchen counters should be clear of clutter; rooms should be neat and orderly.

This idea is not only great for selling your home, it's a great living tip too. Over the last 6 months, I have greatly reduced clutter in my home (to the point, the workers at GoodWill recognize me). It has made my life much easier. With two grade school aged kids, clutter keeps creeping, so keep it up. You will appreciate it! If you can sense the change in peace in your home, buyers may sense peacefulness too.

The second most important home selling tip is to stage your home as "nonexclusive" or "general". Rooms reflecting family, pet, hobby, or career interests will not be appealing to as diverse an audience of home buyers as decor with a more basic feel. Neutral tones, solid colors, accessorize with fresh flowers. Do away with family photos (for now), religious signage, sports paraphernalia and other personal specific taste decor.

These thing can be done by the homeowner or by a Professional Home Stager. A Professional Stager is trained and objective and can help you sell your home quickly and at top dollar.

NEVER lower your asking price before calling a Professional Home Stager. Staging your home before it goes on the market is a key ingredient in maximizing your selling price.

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Source by Amy Powers

The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad Advisors)

The ABCs of Real Estate Investing: The Secrets of Finding Hidden Profits Most Investors Miss (Rich Dad Advisors)

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Please Read Notes: Brand New, International Softcover Edition, Printed in black and white pages, minor self wear on the cover or pages, Sale restriction may be printed on the book, but Book name, contents, and author are exactly same as Hardcover Edition. Fast delivery through DHL/FedEx express.



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3 Easy Ways to Sell Your Home

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If you are trying to sell your house, first there are few tips you can take they may help you. It's true that with the economy the way it is most people are not willing to sell their homes for less than it's worth. For those that are prepared to buy a home then this is the best time. If you are selling your home you need to reach out to the buyers. There will be buyers during this economy and you have to know how to bring them your way. A few ideas are to make good advertisement, put up a sign and flyers or contact a property dealer company.

If you are not in such a rush then advertising is a great way to bring house hunters to your home. The first place people go to find what they are looking for whether it's a house or a car, is the classified ads. Get your home in every classified ad you can, like the internet and all newspapers. Make sure you have your phone number correct and leave a brief description of the house. Make sure your phone is always nearby; you do not want to miss a call of a potential buyer. Sometimes serious buyers will scroll down the newspaper and if you do not pick up the phone they will just move on to the next option.

Put up a huge for sale sign in front of your house and make several flyers. Sometimes those who can not afford to hire a real estate agent will drive around your neighborhood to see what is available by themselves. If your sign is up they are likely to call you. If you make the flyers, have a nice picture of your house with a brief description and make sure your number is bold and legitimate. Adding the picture of your home makes it more interesting and serious. You can hang these flyers up at local grocery stores, near by schools and main streets. If someone is looking for a home in your neighborhood and they stumble upon one of your ads they would be very interested.

You can always resort to property dealer companies that offer to buy homes in cash. This would be good if you are in a rush to sell your house for whatever ever the reason is. It would also be best if there is no third party, meaning no real estate agent. When a third party is involved that means commission will have to be paid from somewhere and this will cost you.

So if you are trying to sell your house the ads are, bringing attention or a company that will pay in cash. Make sure that you keep your appointments with anyone who wants to come look at the house because if you do not then they are likely to go look at something else. The point is, never let a potential buyer slip out from between your hands.

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Makler Heidelberg

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Source by Cynthia Osborne