Are You Facing Foreclosure?

May 22, 2012

To "Foreclose" in the original sense means "bar someone from redeeming a mortgage". It means to stop, prevent, rule out or prevent a course of action, in this case, prevent the mortgagee (home owner) from redeeming (making good) his mortgage and take possession of the mortgaged property. The word comes from Latin "for" meaning in this case "out" plus "clore" to close. This is a right that is stripped from the homeowner in favor of the lender, then and only then can the lender take possession of the homeowner's property. In other words, the homeowner has the right to make...

How You Can Sell Your Property Faster

March 20, 2012

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Theoretically we all have access to properties being sold thanks to the Internet. In addition there are real estate companies who for a small fee, offer to do all the paperwork and you therefore "save" on the commission that otherwise would go to a real estate agent. There is also a very famous real estate website which offers to rebate 40% or more of the commission back to you via a discount. It seems as if it is just a matter of finding the property you like then buying it. It seems as if technology has made human assistance unnecessary....

What You Need to Know to Get your Offer Accepted by the Bank

May 17, 2011

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Most Buyers believe that if the property is distressed or in a short sale, they then would have the most chances of their offer being accepted, since the bank is “distressed” or wants to sell fast. However, it works totally in reverse, on a short sale or distress situation, the Buyer has the least flexibility and the least leverage when presenting an offer. In many occasions they don’t even have a second chance! Meaning they are not even countered by the bank. The property is distressed NOT the bank! Remember the legal definition of distressed property, “the legal seizure of...

Why a Short Sale is a Better Deal Than a Foreclosure?

May 17, 2011

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Short sales are a great deal when they are approved. A short sale means that the bank has given permission to the owner to sell his/her property for less than what is owed. To see a thorough explanation of how short sales work and how to do one follow this link. The problem is it takes several months for the bank to grant this permission, in the meantime you have to wait and there are no guarantees that the bank will approve the sale. Buyers think logically, it benefits the bank to sell on a short sale since they get...

How to Do A Short Sale

June 23, 2010

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What is a Short Sale: The term “Short Sale”, to “sell short” means exactly that, when you sell for less. The World Book Dictionary defines “short” as used in this sense as “not coming up to the right amount, measure, standard, etc... The cashier is short in his accounts.” From the point of view of the bank, selling short means that the bank is going to get less money than what is actually owed on the property. Because of this reason, the bank has to agree to you selling the property for less than what is owed. The advantage for...

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