What Does it Mean to Buy and Bail?

ôBuying and bailingö refers to the act of buying a second property and allowing a first home to fall into foreclosure. Homeowners who purchase second properties in this scenario are typically ôupside downö on their primary residence, meaning they owe more on their first home than it is worth in the current market. It’s likely that they had an adjustable rate mortgage and their monthly mortgage payment grew to a payment they could no longer afford. For some, an easy solution appears to be buying a second property at a depressed price with a fixed rate mortgage in order to lower their monthly mortgage payments. At the same time, they let their first home fall into foreclosure û hence the term buying and bailing. See More About Nutley Real Estate >>

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It’s often said that it takes money to make money, and that’s certainly true when you’re selling your home. If you’re thinking about selling your home, you may be asking yourself,  What are the costs involved in selling my home, and how can I lower them?ö The first step to lowering the costs involved in selling your home is being aware of what they are, so be prepared for the following costs when shopping for settlement services. Read More > takes money to make money, and that’s certainly true when you’re selling your home. If you’re thinking about selling your home, you may be asking yourself,  What are the costs involved in selling my home, and how can I lower them?ö The first step to lowering the costs involved in selling your home is being aware of what they are, so be prepared for the following costs when shopping for settlement services. Read More >

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Many Americans just finished filing their taxes for 2010, and roughly a third of taxpayers itemized deductions on their tax returns. For many taxpayers, the decision to itemize or not is driven primarily by the amount of their home mortgage interest deduction. The average homeowner deducts over $10,000 in home mortgage interest, which for a taxpayer in the 25 percent tax bracket, results in a tax savings of approximately $2,500. Read More >>

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So do you want to buy a short sale home in New Jersey, these deals can be very complex, Short sales may take sometimes 6months to a year to get a bank approval while totally owned bank homes can be closed within a 30 day period. The difference between a distressed property sale and a regular retail sale is when buying a bank owned home or short sales the buyer is usually responsible for all town occupancy requirements and you are truly buying the home “AS IS” no repairs will be made by the bank etc. If you are truly interested in buying a Bank Owned Home or Short Sale give me a call and I can explain the whole process to you.

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What is the fair market value of my home?

These are two very common questions when people are considering selling a home. Talk to any real estate agent, and the first thing they’ll tell you about calculating home value is that location is a big factor, but not the only factor. After the big real estate crash many people are asking themselves, ôWhat is the fair market value of my home? Read More >

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Buying Short Sales: What You Need to Know

As the real estate market remains volatile, one of the best options for many new homebuyers is purchasing a short sale home. But, what does ôshort saleö mean? A short sale is when lenders have the opportunity to sell a property before the bank forecloses on the home rather than after. While buying short sales creates the opportunity for real estate investors to pay well-below-average housing prices for properties within ideal locations, there are still drawbacks. READ MORE >>

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Find The Lowest Rate When Buying A Home in Nutley

So you’ve got your new home picked out and you’re ready to embark upon the long process of securing a home loan and ultimately taking ownership of your dream home. Armed with that excitement, you take to the Internet in hopes of uncovering a hidden interest rate nugget, that low rate that other people have overlooked and that you have found through persistence and effort. Well, as you embark on that trip, there are some things to keep in mind during the pursuit for the lowest interest rate possible.

There are probably thousands of web sites offering financial data that can be pertinent to your search, so it is important to quickly cut through them all and pick one that seems to be at least somewhat reputable and has easy-to-access information. You’ll probably want to focus your search on a 30-yeark, fixed-rate mortgage to get a barometer of the interest rate climate initially.

There are many sites out there that will go into detail on interest rate fluctuation but finding one with graphs that can show you the trend of that rate over time will provide you with a great piece of ammunition when trying to determine what the short term market might do and what kind of interest rate would, in the end, be a good one for the time frame you’re looking at.

In addition, there are scores of financial articles written every day about the state of the real estate market and doing some reading on the current state of the market will help you greatly in your pursuit for a low interest rate. Sites like the Wall Street Journal online and other respected newspapers usually publish their full financial sections online. Google News and other outlets can additionally offer a slew of recent financial articles with a search or two.

Each loan has its own special set of financial aspects, so comparing them can be difficult at first glance. Thankfully, there are sites out there that will do it for you and doing a search for financial loan comparisons will give you a few good results. By putting in some information about you and your financial status, you can get some loan offers back that are tailored to your situation and can be compared against each other. This is a great step to help save time that might otherwise be spent deciphering the many loan options available through a multitude of lending agencies.

Finally, be thorough in your search. If you are truly looking to get a full picture of the loans available to you, contacting your local institutions (banks and credit unions) is a great step in the process and sometimes the added benefit of supporting local business or having a nearby branch office can make up for an interest rate shortcoming. It is up to you to assign priority to something like that.

Interest rates are important but while you’ve set out to pursue the lowest rate possible, you might find that there are other benefits you haven’t considered that are important as well. These aspects should also make their way into your loan comparison as things like convenience, reliability and other factors differ from lender to lender. Decide what is important to you and what concessions you would make to accommodate one of those other desires.

Finding the lowest interest rate possible is a noble goal and with the avalanche of online information at the fingertips of anyone with an Internet connection, finding that rate is easier now that in the past. However, as you go through your search, keep in mind that a mortgage is more than just an interest rate and remain open to other benefits that might offset a bit of a higher rate.

This is another original article by Joe Lane, co-owner of The Lane Real Estate Team at http://www.joelane.com/. Are you looking for an experienced Tri City WA Real Estate agency? With 20 years of service based, business experience, Joe and Colleen Lane work hard to serve home buyers and sellers for the Tri Cities of Washington’s Kennewick, Richland, Pasco, and surrounding areas.

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Stay Ahead of the Curve: Proactive Selling

As with anything else in life, becoming proactive in your pursuit of a particular goal will ultimately pay off. Everyone has heard the stories of men and women that took the reigns of their career and were able to rise through the ranks of their profession to a position of power. We’ve also all have the friend who hates his or her job, complains constantly, but does nothing to change the situation. Don’t be that person.

Getting proactive in your attempt to sell your home is perhaps the most rewarding, effective step you can take. While many sellers are more than happy to let their real estate agent take over and supply periodic updates on the situation, more and more, sellers are getting actively involved in the process to push a home sale along better than a real estate agent alone.

Know Your Home’s Weaknesses
Too many sellers these days are relying on the home inspection as part of the real estate process to tell them what needs to be fixed with a property and what the buyer might take an issue with. Don’t wait for an inspector to go through your home and point out problems after you’ve already accepted an offer. You run the risk of being surprised and having to negotiate a potential problem with an unhappy prospective buyer.

Instead, take it upon yourself to fix what needs to be fixed and perhaps commission your own appraisal. Getting your furnace or roof certified can speak volumes to a buyer that will appreciate not having to wait for an inspection to be sure that they are buying a quality home. If your personal inspection does turn something up, fix it and trumpet your new furnace or roof in your marketing materials for the home.

You can even go so far as to get an estimate for a repair that might be necessary and supply it as part of the materials you give to an interested buyer. Often times, that buyer will appreciate the fact that you have disclosed the true condition of the property and are willing to solve the problem over the course of a real estate negotiation. Getting this kind of information out in the open will only foster a stronger relationship between buyer and seller.

Follow Up With Interested Buyers
Your teacher may have told you that the best information you can get from a test you’ve taken is an understanding of the questions you got wrong. The same is true for showing a home, an exercise in dressing up your home in an attempt to give an interested buyer the best possible view of your real estate. Not every showing leads to a contract offer, obviously, and understanding what each one did not might help you better market your property.

It can be very easy to chalk up a fruitless showing to a less-than-committed buyer, but going the extra mile and getting information on why the home wasn’t up to snuff will help you later. You can contact the real estate agent of the interested buyer directly to get your reason. Don’t be pushy and certainly don’t be rude. Simply state that you’d like to know if there are steps you can take to make the home more inviting to the next interested buyer that takes a showing.

These steps can easily be taken in conjunction with a real estate agent that will likely appreciate the role you want to take in the selling process. Selling your home is often a team effort between you and your realtor, so bring a proactive nature to that team can help sell your home faster. Be that proactive person instead of the sit-back-and-take-it seller that is so common.

This is another original article by Joe Lane, co-owner of The Lane Real Estate Team at http://www.joelane.com/. Are you looking for an experienced Tri City WA Real Estate agency? With 20 years of service based, business experience, Joe and Colleen Lane work hard to serve home buyers and sellers for the Tri Cities of Washington’s Kennewick, Richland, Pasco, and surrounding areas.

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