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Is a distressed property for you? Here are pros and cons of buying one: Advantages of Buying a Distressed Property First, you'll be dealing with a highly motivated seller – either a bank in the case of a foreclosure, or in a short sale, sellers who are in financial trouble and very interested in getting out of a mortgage they can no longer afford. These types of sales take much of the emotion out of the process. You won't be insulting anybody, for instance, if you make an offer that's lower than the asking price. (That's not to say that the low offer will necessarily be accepted, of course.) Lenders are extremely interested in getting these homes sold and off the liability side of their balance sheets. Many foreclosed properties can be purchased for only a percentage of what they would have commanded five years ago. (This situation is beginning to change, though; bidding wars are breaking out on some foreclosed properties these days, especially those that are moderately...

Many of the homes for sale today - as many as half in some markets - fall under the category of "distressed properties." These are homes that have either gone through foreclosure or are being marketed as "short sales." In a short sale, the homeowner can't afford to maintain the mortgage, but the lender - rather than foreclosing - agrees to the sale of the property for less than the balance of the loan. These types of sales have different dynamics than traditional sales - with more paperwork, often a longer transaction process and, in some cases, more frustration. For these reasons, many buyers shy away from foreclosures or short sales.However, if you understand the potential pitfalls of purchasing a distressed property - and work with an agent who has a thorough knowledge of this market - you can get a great home at a great price. Many agents have been specially trained in working with foreclosures or short sales through the Certified Distressed Property Expert ...

A number of factors affect your credit score; improving the score requires you to take care of those factors such that you can manage your credit better. Follow these simple steps to improve your score: Improve your payment history: Avoid making late payments on your bills. Clear up all your past-due bills as soon as possible. Request your creditor for an alternative plan with low monthly payments. Negotiate with your creditors to remove charge-offs from your report and re-open those accounts. Request your creditors to erase late payment entries after you re-start paying in time. Reduce your outstanding debts: Pay off high interest debts first. Keep your balances low and try to keep your revolving debt to 50% of your available credit. Don't close old and unused accounts rapidly in order to lower your available credit. It will raise your debt-to-credit limit which has a negative impact on your score. Try to close accounts gradually over several months. Verify if the accounts closed...

Short sales have become very common and can be an excellent solution for homeowners who must sell and owe more on their homes than they are worth. A number of myths have developed about short sales and it is important to understand the reality of this process if you are going to be dealing with a short sale in any way. Myth #1 – The Bank Would Rather Foreclose than Bother with a Short Sale This is one of the most common misconceptions. The reality is that banks do not want to foreclose on your property because the foreclosure process is incredibly costly. Banks, investors, and even the federal government have all publicly stated that if a person is qualified for a short sale, the deal needs to be considered. In more cases than not, banks receive more on their investment through a short sale than a foreclosure. Myth #2 – You Must Be Behind on Your Mortgage to Negotiate a Short Sale While this may have previously been the case, today lenders are looking for verifiable hardship, monthly c...

Back in the fall when the federal tax credit for homebuyers was extended and expanded, the April 30th deadline seemed so far away. If you look at your calendar today, you willl notice that April 30th, the last date for a signed purchase and sales agreement to be in place, is only 82 days away! I will admit that Spring has started early this year with buyers taking advantage of the homebuyer tax credits. But, there a lot of buyers that are still procrastinating. In the real estate world 82 days is not a long time. Don't miss out on this excetional opportunity to buy a home! With low prices, low rates and up to $8,000.00 in tax credits (for first time homebuyers and the up to $6,500.00 for previous homeowners), this is an ideal time to buy a home! Help spread the word! Tell everyone you know about this excetional opportunity!

Home Affordable Refinancing Many homeowners pay their mortgages on time but are not able to refinance to take advantage of today’s lower mortgage rates perhaps due to a decrease in the value of their home. A Home Affordable Refinance will help borrowers whose loans are held by Fannie Mae or Freddie Mac refinance into a more affordable mortgage. Home Affordable Modification Many homeowners are struggling to make their monthly mortgage payments perhaps because their interest rate has increased or they have less income. A Home Affordable Modification will provide them with mortgage payments they can afford.

Replacing a home’s windows, appliances, or roofing can be pricey. So knowing approximately how long before the refrigerator is likely to stop working or the roof might spring a leak can have value to buyers and home owners. If you are thinking about buying a home, you may want to factor in replacement costs for aging components when you make an offer. If you already own a home, this information can be helpful when trying to decide whether to replace a component before a move. A recent study by the National Association of Home Builders provides some insight that can help you estimate the average useful life of more than 100 household appliances and building materials. Of course, the actual longevity of any household material depends on maintenance, use, quality of installation, and climate conditions. So, these averages are only a general guide. 100 Years or More Brick siding: Lifetime of the home All wooden floors: Lifetime of the home Cellulose insulation material: 100-plus years 50-1...