Short sales explained in a terrific new book. Inman News is the leading source of news for the real estate industry. I receive it’s news updates twice daily and this afternoon there was a book review on a new book that I thought would be of great use to any home owner who is thinking of selling his home as a short sale. The book is titled “How to Use A Short Sale…
Posts Tagged: homeowner
Real Estate Recovery Signs – Foreclosure Rates Are Down in NJ
While national foreclosure rates rose 15% during the first half of 2009, in New Jersey foreclosures are dropping. NJ foreclosures are down by 30% for the first six months of 2009 compared to the same period in 2008 according to Realty Trac. In May, the New Jersey Judiciary announced foreclosure activity for the first 4 months of 2009 was down by 20%. These figures certainly point to an improving housing…
Real Estate Appraisal Rules Have Changed….Uh Oh
Real estate appraisal rules have changed in major ways. The changes are a response to the financial crisis. It’s an effort to avoid issues in the future that created havoc. When the Home Valuation Code of Conduct went into effect by Fannie Mae and Freddie Mac on May 1st, appraisal protocols for mortgage loans changed. To protect consumers, loan officers, mortgage brokers and real estate agents can no longer choose appraisers….
Beware of Short Sale Fraud
Beware of short sale fraud. This is a growing problem in the short sale market. There is a new thief who preys upon homeowners who must put their home on the market as a short sale. Simply put, a short sale occurs when a homeowner can no longer pay his mortgage, has no other assets and the loan amount is greater than the home is worth. As a result there…
Bergen County Real Estate – How’s the 1st quarter looking?
The figures are in and the real estate market in Bergen County is doing OK. It’s still a buyer’s market for homes but you can see some signs of improvement with Bergen County real estate. In January I had written that the real estate market in Bergen County would shift during the 4th quarter of 2009 and stabilize. From then on for a few years we would be working in…
What is a short sale and does the bank own the house?
A short sale occurs when a home that is sold is worth less than the mortgage amount and the homeowner cannot make up the difference. For example, you sell a home for $75,000 but the mortgage is $100,000; you’re short $25,000. The bank enables the homeowner to sell the house by forgiving the $25,000 difference. So while the bank doesn’t own the house, the owner can’t sell it without the bank’s cooperation. Of course, in…
