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What Makes Short Sales Fall Apart and Cancel?

Wed, 22 Feb 2012 05:00:26 +0000

You might think that more short sales fail than succeed, and you might be right.

I don't know of anybody who is actively tracking precisely how many short sales close and how many blow up. But I do know that if the sellers qualify for a short sale and the short sale is priced properly, that short sale is probably going to go through. If not to the present buyer, then it will probably close with the next buyer who isn't as impatient.

In my market in California, it wouldn't surprise me to learn that almost half of the homes for sale now are short sales . . . read more about 10 Reasons Short Sales Fail.

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

What Makes Short Sales Fall Apart and Cancel? originally appeared on About.com Home Buying / Selling on Wednesday, February 22nd, 2012 at 05:00:26.

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Tips for Spring Home Buying

Mon, 20 Feb 2012 05:00:04 +0000

Right now, it's the best of times and the worst of times for buyers in the spring home buying market.

In some parts of the country, there are not very many homes for sale, yet there is demand. Ordinarily, little inventory and high demand would put upward pressure on home prices, but that's not always true when other factors are present such as those inherent in a slow economy. Interest rates are remarkably low, less than 4%, which helps to spark interest among spring time home buyers. Little inventory, low interest rates and a multitude of home buyers can create a crazy merry-go-round. Read more about how to survive buying a home in the spring.

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

Tips for Spring Home Buying originally appeared on About.com Home Buying / Selling on Monday, February 20th, 2012 at 05:00:04.

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Should You Hire Your Agent's Home Inspector?

Fri, 17 Feb 2012 05:00:00 +0000

If you don't trust your agent, you might not want to hire your agent's home inspector.

However, don't make the mistake of thinking that you can find a better home inspector. Just because a home inspector maintains membership in a home inspector's association doesn't mean the home inspector is competent. Some states don't license home inspectors, and California is among those states.

Plus, if your home inspector missed a serious defect during the home inspection, you might have a difficult time recovering damages from a home inspector the agent doesn't know. Some home inspection contracts limit the inspector's liability to the amount the consumer paid for the home inspection . . . read more about Agent's Home Inspector.

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As of this writing, Elizabeth Weintraub is a Broker-Associate, DRE #00697006, at Lyon Real Estate in Sacramento, California.

Should You Hire Your Agent's Home Inspector? originally appeared on About.com Home Buying / Selling on Friday, February 17th, 2012 at 05:00:00.

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How Long Does it Take to Sell a House?

Wed, 15 Feb 2012 05:00:10 +0000

There is no stock answer to how long does it take to sell a house?

That's because selling quickly depends on a lot of variables, some of which a seller or the listing agent cannot control. You've also got market conditions to consider. I generally ask sellers: which is more important -- to sell quickly or to get the most money? Sometimes, you can get both. For example, I listed a fixer upper. Within a week, we received 12 offers and sold for almost 25% more than the last comparable sale. The transaction closed with an all-cash offer two weeks later.

The sellers relied on their agent's advice, thank goodness . . . read more about How Long Does it Take to Sell a House.

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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 Does it Take to Sell a House? originally appeared on About.com Home Buying / Selling on Wednesday, February 15th, 2012 at 05:00:10.

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What Does an "As Is" Short Sale Really Mean?

Mon, 13 Feb 2012 05:00:23 +0000

You can tell a buyer she is buying a short sale as is, and she'll say yeah, yeah, but she probably won't know what As Is means.

I know this because I warn buyers over and over that short sale homes are sold As Is. Sure enough, right after the approval from the bank and subsequent home inspection, I'll get a request from the buyers for repairs. They think the bank will issue a new approval and either lower the sales price or give them an extra credit for the repairs the home needs.

By virtue of the verbiage contained in the Residential Purchase Agreement we use in California, for instance, all homes in California are sold As Is. Only short sale homes and some foreclosures are really sold As Is. Read more about as is conditions for a short sale home.

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

What Does an "As Is" Short Sale Really Mean? originally appeared on About.com Home Buying / Selling on Monday, February 13th, 2012 at 05:00:23.

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Is Deed in Lieu a Good Idea For You?

Fri, 10 Feb 2012 05:00:20 +0000

President Obama included the deed in lieu of foreclosure initiative in his HOPE for Homeowners Program and, ever since, underwater homeowners have been wondering whether a deed in lieu is right for them.

On the surface, it sounds plausible. You give the bank a deed-in-lieu and it goes away. No more threatening phone calls or letters from bank collection departments. Poof, the problem vanishes. For example, Bank of America put out a pilot program last summer that offered underwater homeowners a deed in lieu option. Plus, the bank sweetened the pot by exchanging cash for the deed in lieu. You can pretty much guess who it benefits.

Does that mean you should consider giving the bank a deed in lieu. Maybe, maybe not . . . read more about deed in lieu of foreclosure.

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

Is Deed in Lieu a Good Idea For You? originally appeared on About.com Home Buying / Selling on Friday, February 10th, 2012 at 05:00:20.

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It's Harder Buying a Bank Owned Home Than a Regular Home

Wed, 08 Feb 2012 05:00:50 +0000

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 unfounded premise 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.

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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 Than a Regular Home originally appeared on About.com Home Buying / Selling on Wednesday, February 8th, 2012 at 05:00:50.

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Does a Bank Only Do a Short Sale if a Seller is Delinquent?

Mon, 06 Feb 2012 05:00:36 +0000

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.

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_{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.

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How to Get a Mortgage When You Have Bad Credit

Fri, 03 Feb 2012 05:00:08 +0000

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.

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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.

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Should You Write a Back Up Offer?

Wed, 01 Feb 2012 05:00:40 +0000

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.

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_{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.

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