A short sale is a program that allows the homeowner to sell the home for less than the amount owed on the mortgage.
You may be eligible for a short sale if you have an involuntary hardship and can no longer afford the monthly payments on your mortgage, or you’re unable to sell your home for the full amount owed on your mortgage.
One benefit to a short sale is that you avoid a foreclosure sale. You can live in your home until the new owner closes, giving you time to make other living arrangements. A foreclosure sale may be postponed once a written, signed offer is received and approved by your bank in writing.
Make sure you choose a real estate agent experienced in short sales:
1. They can provide your bank with your financial information; help explain your situation and why you are unable to pay your mortgage.
2. Your bank will review your information and determine if a short sale is an appropriate option for you.
3. If it is, then your bank will work closely with you and your real estate agent. Together, you will work through the details and steps to sell your home at an agreed-upon price so you can avoid a foreclosure sale.
If you would like more information contact me at info@adelelangdon.com
Sunday, April 25, 2010
Sunday, April 18, 2010
What today's practical home buyers are looking for...
A recent survey conducted by Avid Ratings of Madison, Wis., of more than 22,000 home owners who bought over the past nine years found current homeowners plan to be "more practical" this time around.
For example, a community clubhouse is "not a big deal anymore," Avid Chief Executive Paul Cardis said at the recent International Builders' Show in Las Vegas. The survey found buyers are willing to do without health clubs, dog parks, golf courses, 24-hour security, formal dining rooms, upstairs laundry rooms, home theaters and even swimming pools. However, a children's playground is essential, as are walking paths, a main floor master bedroom, large kitchen with island, home office, and two or three car garages.
In the master bath, whirlpool tubs have given way to soaker tubs and both are less important than an oversize shower with overhead shower heads and seating. Home owners are willing to give up more space in the master bedroom for these other must have features.
A major finding of the Avid survey is that builders and buyers are both focusing efficient use of space as opposed to rooms.
For example, builders should focus on construction efficiency, with simpler rooflines and foundations as buyers are rethinking space. For example, buyers are looking for kitchen cabinets that go all the way to the ceiling for added space and efficiency and steps that are tucked away and out of sight.
Builders and buyers should be on the lookout for dead space. If the dining room or media room is eliminated, some of that space should be put into secondary bedrooms.
The study found people are willing to live in less square footage, as long as that space is “livable"; they are not accepting the 10-by-10 bedroom anymore.
Avid's survey also found that there has been a "huge transition" toward "green" features such as high-efficiency appliances, insulation and windows. However, the survey suggests buyers still don't appreciate the recycled content of the building products that go into their homes.
If you would like more information or need help finding that perfect living space contact me at info@adelelangdon.com or sign up for my free monthly newsletter.
For example, a community clubhouse is "not a big deal anymore," Avid Chief Executive Paul Cardis said at the recent International Builders' Show in Las Vegas. The survey found buyers are willing to do without health clubs, dog parks, golf courses, 24-hour security, formal dining rooms, upstairs laundry rooms, home theaters and even swimming pools. However, a children's playground is essential, as are walking paths, a main floor master bedroom, large kitchen with island, home office, and two or three car garages.
In the master bath, whirlpool tubs have given way to soaker tubs and both are less important than an oversize shower with overhead shower heads and seating. Home owners are willing to give up more space in the master bedroom for these other must have features.
A major finding of the Avid survey is that builders and buyers are both focusing efficient use of space as opposed to rooms.
For example, builders should focus on construction efficiency, with simpler rooflines and foundations as buyers are rethinking space. For example, buyers are looking for kitchen cabinets that go all the way to the ceiling for added space and efficiency and steps that are tucked away and out of sight.
Builders and buyers should be on the lookout for dead space. If the dining room or media room is eliminated, some of that space should be put into secondary bedrooms.
The study found people are willing to live in less square footage, as long as that space is “livable"; they are not accepting the 10-by-10 bedroom anymore.
Avid's survey also found that there has been a "huge transition" toward "green" features such as high-efficiency appliances, insulation and windows. However, the survey suggests buyers still don't appreciate the recycled content of the building products that go into their homes.
If you would like more information or need help finding that perfect living space contact me at info@adelelangdon.com or sign up for my free monthly newsletter.
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