Real Estate


Whether buying or selling, do your homework first

The problematic state of the housing market poses a wide range of challenges not only for individuals selling a home, but also for buyers looking to score a new home.

Before testing the real estate waters these days, buyers and sellers alike should have a good understanding about how the housing market works. One place to find valuable real estate insights is the World Wide Web. Here are a few sites that serve up a range of information for home sellers & buyers:

  • Bankrate: Click Here
    • Offers “News & Advice” for homebuyers and sellers in a tough real estate market. Click on the link in the menu for information.
  • FinancialWeb: Click Here
    • Covers both the seller and buyer ends of the real estate game.
  • Home Buyer's Information Center: Click Here
    • Provides checklists, to-do lists and other important considerations when buying a home.
  • National Association of Realtors: Click Here
    • Features consumer protection tips, remodeling advice and mortgage contract pitfalls insights.
  • RealEstateABC: Click Here
    • Offers a number of real estate insights, including how to sell a home in a slow market and tips for first-time homebuyers.

Program gives short sales a boost with lenders

Home sale transactions categorized as “short sales” may soon become more frequent and popular. A planned incentive program will make these sales more appealing to lenders, thus making them more cooperative in arranging such sales.

A short sale of a home is when the proceeds from the sale fall short of the balance owed on a mortgage loan secured by the property. In a short sale, the lender agrees to discount a loan balance because of an economic or financial hardship on the part of the borrower (homeowner).

The homeowner/debtor sells the mortgages property for less than the outstanding balance of the loan, and turns over the proceeds of the sale to the lender. The lender has the right to approve or disapprove a proposed sale. Extenuating circumstances influence whether or not lenders will discount a loan balance. They are usually related to the current real estate market and the borrower's financial situation.

The incentive plan, recently proposed by the Treasury Department, would provide subsidies of up to $2,500 (total) to lenders and servicers who accept a short sale. It's a way to encourage short sales as a means of clearing a lender's excess inventory and reducing the number of foreclosures.

The fees are designed to help compensate lenders for the extra time and effort required to process a short sale, according to a report from John Burns Real Estate Consulting, a research and consulting firm. It also motivates lenders to be more cooperative, and homeowners to leave their property in good condition.


Buying A Home

Click below to download a file about what to expect when buying real estate:
Buying Real Estate

Selling A Home

Click below to download a file about what to expect when selling real estate:
Selling Real Estate

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