Tuesday, July 20, 2010

Understanding Short Sales

A short sale in real estate occurs when the outstanding obligations (loans) against the property are greater then what the proeprty can be sold for. The borrower (normally the seller) proposes that the secured lender accepts a compromised (reduced) payoff amount upon the sale of the property.

Generally speaking, a seller must be in arrears with their loan, however a lender may consider a short sale based on the financial hardship of the seller. Always confirm the requirements with the lender.

A short sale has tax, financial and legal implications which may be best understood by consulting with an attorney specializing in this area. If you find yourself facing this dilemma, please call us today to discuss your options.

Monday, July 12, 2010

Deed in Lieu

What is a Deed-In-Lieu? For persons facing foreclosure of their property, a Deed-In-Lieu of foreclosure is a disposition option in which a mortgagor (property owner) voluntarily deeds collateral property (homeowners house for instance) in exchange for a release from ALL obligations under the mortgage.

Want to know more on this subject? for Frequently Asked Questions (FAQ) on the U.S. Department of Housing and Urban Development (HUD) website.

Thursday, July 8, 2010

Price Reduced!

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Price reduced to $275,000 on this single family home with three bedrooms and 2 full baths. Located in a water privileged community this home is just  a short distance from the boat ramp.

Parking for 2 cars plus a trailer with boat or third car! Large deck installed recently and walk out lower level from spacious family room. Garden shed and 1 year home warranty included. Call today for an appointment to see this clean and tidy home!

MLS# AA7222511