Home Buying and Selling Real Estate

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How Long Does it Take to Sell a House?
2012-02-15 06:00:00
There is no stock answer to how long does it take to sell a house? That's because selling quickly depends on a lot of variables, some of which a seller or the listing agent cannot control. You've also got market conditions to consider. I generally ask sellers: which is more important -- to sell quickly or to get the most money? Sometimes, you can get both. For example, I listed a fixer upper. Within a week, we received 12 offers and sold for almost 25% more than the last comparable sale. The transaction closed with an all-cash offer two weeks later. The sellers relied on their agent's advice, thank goodness . . . read more about How Long Does it Take to Sell a House. More Articles by Elizabeth Weintraub: Should You Fix Up Your Home or Sell As Is? Learn How to Price Your House 10 Ways for Sellers to Attract Home Buyers ©Big Stock Photo Technorati tag: how long sell house At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estat...

What Does an "As Is" Short Sale Really Mean?
2012-02-13 06:00:00
You can tell a buyer she is buying a short sale as is, and she'll say yeah, yeah, but she probably won't know what As Is means. I know this because I warn buyers over and over that short sale homes are sold As Is. Sure enough, right after the approval from the bank and subsequent home inspection, I'll get a request from the buyers for repairs. They think the bank will issue a new approval and either lower the sales price or give them an extra credit for the repairs the home needs. By virtue of the verbiage contained in the Residential Purchase Agreement we use in California, for instance, all homes in California are sold As Is. Only short sale homes and some foreclosures are really sold As Is. Read more about as is conditions for a short sale home. More Articles by Elizabeth Weintraub: Will Short Sale Banks Pay for Repairs? Easy Solutions to Common Short Sale Problems How Can Another Buyer Outbid Your Short Sale? Technorati tag: as is At the time of writing, Elizabeth Weintrau...

Is Deed in Lieu a Good Idea For You?
2012-02-10 06:00:00
President Obama included the deed in lieu of foreclosure initiative in his HOPE for Homeowners Program and, ever since, underwater homeowners have been wondering whether a deed in lieu is right for them. On the surface, it sounds plausible. You give the bank a deed-in-lieu and it goes away. No more threatening phone calls or letters from bank collection departments. Poof, the problem vanishes. For example, Bank of America put out a pilot program last summer that offered underwater homeowners a deed in lieu option. Plus, the bank sweetened the pot by exchanging cash for the deed in lieu. You can pretty much guess who it benefits. Does that mean you should consider giving the bank a deed in lieu. Maybe, maybe not . . . read more about deed in lieu of foreclosure. More Articles by Elizabeth Weintraub: Is Jingle Mail an Option for You? How to Get Cash for Keys Ways to Postpone an Auction ©Big Stock Photo Technorati tag: deed in lieu of foreclosure At the time of writing, Elizab...
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It's Harder Buying a Bank Owned Home Than a Regular Home
2012-02-08 06:00:00
With so many bank-owned homes on the market, some home buyers are wondering about the differences between buying bank owned vs. a regular home. And why wouldn't a buyer be tempted to buy a bank-owned home? The prices are attractive; plus, buyers are constantly hearing that banks are desperate to give away those homes. One of the problems with this unfounded premise is banks aren't desperate to dump inventory, not on the open market, anyway. To presume that banks will do anything to get rid of a home is magical thinking. Moreover, buyers who aren't careful or don't know what they are doing can find themselves in over their heads . . . read more about the differences between buying a Bank ed Owned vs. Regular Home . More Articles by Elizabeth Weintraub: 8 Tips for Making REO Foreclosure Offers How to Find Bank-Owned Homes How to Buy Bank-Owned Homes ©Big Stock Photo Technorati tag: bank owned homes At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Asso...
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Does a Bank Only Do a Short Sale if a Seller is Delinquent?
2012-02-06 06:00:00
Many sellers automatically assume that they have to be delinquent to do a short sale. I've heard agents express the belief as well -- that short sales are granted only to sellers who are delinquent. Not only that, but they believe the property has to be in foreclosure. That's not necessarily true. Even a HAFA short sale allows a seller to apply for the process while not yet in default. Of course, with a HAFA, foreclosure must be imminent, but that doesn't mean a seller needs to be delinquent upfront. More Articles by Elizabeth Weintraub: Exactly What is a Short Sale ? What Does a Short Sale Listing Agent Do? Explanation of a Standard Short Sale Procedure Technorati tag: short sale delinquent At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California. Does a Bank Only Do a Short Sale if a Seller is Delinquent? originally appeared on About.com Home Buying / Selling on Monday, February 6th, 2012 at 05:00:36.Perm...

How to Get a Mortgage When You Have Bad Credit
2012-02-03 06:00:00
The problem with getting a bad credit mortgage is it's expensive. The only people making loans to people with bad credit are the guys who are charging an arm and a leg for the mortgage. They can get away with it because as long as they follow state usury laws and people are willing to take their money, it's legal. For some borrowers, those who have gone through a foreclosure or a bankruptcy, a bad credit mortgage is better than no mortgage. If you go that route, just don't plan on sticking with the mortgage for any long period of time. Make it a short-term solution . . . read more about taking out a Bad Credit Mortgage . More Articles by Elizabeth Weintraub: What is a Hard Money Loan? How to Buy a Home With Bad Credit Buying a Habitat for Humanity Home ©Big Stock Photo Technorati tag: bad credit mortgage At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California. How to Get a Mortgage When You Have Bad ...

Should You Write a Back Up Offer?
2012-02-01 06:00:00
Buyers don't often think about putting in a backup offer. I suspect it's the fear of the unknown, and buyers probably think it's not worth their time. Another reason could be because a backup offer is not a sure deal so agents discourage them as well. Agents like to close transactions because that's how we get paid. If an agent is writing only one offer a month, that agent probably can't afford to wait to see if the buyer will get lucky. That agent wants the buyer lucky right now. And lots of buyers don't want to wait, either. They want to know right now if they can buy that home . . . read more about a Back up Offer. More Articles by Elizabeth Weintraub: What is a Notice to Perform? Top 5 Lowball Offer Mistakes Is it OK to Make Multiple Purchase Offers? ©Big Stock Photo Technorati tag: backup offer At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California. Should You Write a Back Up Offer? original...

How Flexible is That Short Sale Price?
2012-01-30 06:00:00
After all these years of short sales, there are still buyer's agents who ask if the seller is willing to take less than the advertised short sale price. Not only is a listing agent prohibited from answering that question due to her fiduciary relationship with the seller, but it's a stupid question. OK, maybe stupid is too strong of a word. Perhaps ignorant is a better modifier. Or, maybe I just expect more out of a buyer's agent? If an agent doesn't understand how short sales work, then the agent has no business representing a buyer for a short sale. More Articles by Elizabeth Weintraub: The Benefit to Buying a Short Sale The Standard Short Sale Procedures The Basis for Short Sale Rejection By Banks Technorati tag: short sale price At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California. How Flexible is That Short Sale Price ? originally appeared on About.com Home Buying / Selling on Monday, January 30t...

Struggling Homeowners Take on Roommates
2012-01-27 06:00:00
In order to reduce expenses, some cash-strapped home buyers are teaming up with a friend to buy a home together as tenants in common instead of buying as a single person. Personally, I think most single people are better off trying to qualify for a home on their own and taking on a roommate in a rental capacity rather than in a co-owner capacity. The reason is if it's your home, it's your rules. If you own a home with another person, you've got to make compromises. Plus, taking on a roommate can help make your mortgage payment more affordable . . . read more about Roommates. More Articles by Elizabeth Weintraub: 10 Good Reasons Not to Buy a Home Buying a Home the Seller Rented Safety Tips for Women Home Buyers ©Big Stock Photo Technorati tag: roommate At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California. Struggling Homeowners Take on Roommates originally appeared on About.com Home Buying / Sellin...

Buying Before Dumping Your Short Sale Home
2012-01-25 06:00:00
I get calls from a lot of underwater sellers who ask about buying a new home before selling a short sale. It's a perfectly reasonable question. Sellers want to know if they should buy a home while their credit is still good and before they do a short sale. Seems to make sense to a lot of people. But it's not as easy as one may think because there are basically 3 ways to buy before a short sale, two of which automatically disqualify a seller from buying. The first thing to think about is why would a short sale lender let you do a short sale if you could qualify to buy a new home? . . . read more about Buying a New Home Before Selling a Short Sale . More Articles by Elizabeth Weintraub: Do You Need a Lawyer to Do a Short Sale? Top 10 Reasons for Short Sale Failures How to Do a Bank of America Short Sale ©Big Stock Photo Technorati tag: buy home sell short sale At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento,...

How Long Should a Seller Wait for Offer Acceptance?
2012-01-23 06:00:00
You can't put off offer acceptance or rejection. I realize that sellers would prefer to have the luxury of a little bit of time to think about an offer and ponder its significance. The amount of money a seller nets can make a huge difference and has a bearing on future plans. It's a big deal to sell a house. Seller s might need to discuss the ramifications of an offer with other family members. But it's also a big deal to the buyer. Buyers don't want to wait very long to get an answer. The longer a buyer waits, the more anxious a buyer becomes. Plus, if a seller drags her feet, a buyer might think the seller is playing games, maybe waiting for a better offer, and that can infuriate a buyer like there is no tomorrow. More Articles by Elizabeth Weintraub: What is a Backup Offer? How to Negotiate Multiple Purchase Offers Making a Good Offer on a Home Technorati tag: offer acceptance At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real E...
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How to Buy a Cheap Foreclosure
2012-01-20 06:00:00
Buyers tend to lean toward checking out foreclosures for one reason and one reason only, and that is to buy a cheap foreclosure. Because it's the cheap price on that foreclosure that makes up for the hassle of dealing with the bank, the asset manager, the confusing bank addendums and the foreclosure bank's 'as is' policy. At least in theory that's how it's supposed to work. But not every foreclosure is a cheap foreclosure. I'm seeing movement, though, toward banks pricing their foreclosures more in line with the comparable sales. Of course, many of those comparable sales are, no surprise here, short sales and foreclosures . . . read more about cheap foreclosures. More Articles by Elizabeth Weintraub: How to Make a Foreclosure Offer The Drawbacks to Buying a Foreclosure Should You Buy a Foreclosure or a Regular Home? ©Big Stock Photo Technorati tag: cheap foreclosure At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate...
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It Might Be Smart to Rent Out a House That You Can't Sell
2012-01-18 06:00:00
If you can't sell your home, it might be a good time to think about whether it's smart to rent out a house. If you ask an agent, he or she might try to talk you out of it. That's because most agents are not in the property management business. So, if they don't sell your house, they won't make any money. But, in some markets, it might make more sense to rent out the house instead of selling it. Of course, if you're waiting for the market to turn around, it could take a long time for the market to recover. I figured out that if homes were to theoretically appreciate annually at a conservative estimate of 4% per year, a home that has lost 50% or more of its equity won't regain that "lost" equity for at least 18 years . . . read more about how to Rent Out a House . More Articles by Elizabeth Weintraub: How to Sell a Rental Alternatives to Home Selling Why Your Home Isn't Selling ©Big Stock Photo Technorati tag: rent out houseAt the time of writing, Elizabeth Weintraub, ...
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When Should Your Agent Come Over to List Your Home?
2012-01-16 06:00:00
Sellers can get so excited when the decision is made to list a home that they can't wait to get it on the market. They often want an agent to run over and list the home immediately. However, although the seller may be emotionally ready to go on the market, the home might not be. The first thing a seller should do while waiting for an agent to show up is remove all cars from the driveway. The agent will probably want to shoot photographs, and you don't want a photo of your home to go online with a car in the driveway. It looks terrible. Walk through your house and ask yourself if it's OK that the agent takes photographs of what you see. For example, if you don't want your child's yearbook photo online, take that picture off the wall. It's OK to shove dirty dishes in the oven but it's not OK to leave them in the sink. You don't have to bounce a dime off tightly tucked sheets, but please do make the beds. More Articles by Elizabeth Weintraub: How to Choose a List ing Agent What...
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Maybe You Should NOT Buy a Home
2012-01-13 06:00:00
Did you ever think you'd hear a real estate agent tell you that there are lots of reasons to not buy a home? Not every person in the universe is an ...Read Full Post
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When Would You Issue a Notice to Perform?
2012-01-11 06:00:00
You may never care about a notice to perform until you receive it. I routinely close dozens of escrows in which I never prepare a Notice to Perform for either party. ...Read Full Post

How to Tell the Difference Between Buyers and Sellers Markets
2012-01-09 06:00:00
When most people set out to buy or sell, they're not wondering about whether it's a seller's or a buyer's market. Home buyers and sellers are thinking about their own needs, about buying or selling. Moreover, sometimes agents, in their rush to grab a listing or sign up that buyer on a buyer's broker agreement, don't talk about the marketplace or educate their clients. One of the first steps any serious seller or buyer should make is to determine the temperature in the marketplace. Is it hot, cold or neutral? It can mean a world of difference regarding your bottom line because your negotiation tactics will be polar opposites in opposing markets. The way you make money in a seller's market would lose you money in a buyer's market. Being uninformed about markets could cost you big time . . . read more about Buyers' and Sellers' Real Estate Markets . More Articles by Elizabeth Weintraub: How to Handle a Short Sale Where to Get a Mortgage Why Was Your Offer Rejected?...

How to Get Feedback from Home Buyers
2012-01-06 06:00:00
One of the frequent questions I hear from readers is "Why isn't my house selling?" Sellers who don't receive an offer are often panicked and worried about what can be ...Read Full Post
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Tips for Home Selling on a Budget
2012-01-04 06:00:00
It's no wonder that a lot of sellers today are concerned about home selling on a budget. Times are lean for many of us. Sellers want their dollars to stretch as ...Read Full Post
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Weintraub's Real Estate Predictions for 2012
2012-01-02 06:00:00
What better way to start out the new year than to read my Top 10 Real Estate Predictions for 2012? Alright, maybe you could be watching the Rose Parade and shoving chips into your face, which is what I would prefer to do on New Year's Day. But after all the hoopla is over, it's back to business as usual. I spent an inordinate amount of time analyzing the real estate market over the past 12 months and coming up with a logical forecast for 2012. In fact, almost every year I finish my predictions in November. This year took longer than usual. Maybe that's because 2012 will be an unusual year for real estate. Let me know what you think about my real estate predictions for 2012, OK? More Articles by Elizabeth Weintraub: Top 10 Real Estate Predictions for 2011 Top 10 Real Estate Predictions for 2010 Top 10 Real Estate Predictions for 2009 Technorati tag: real estate predictions 2012 At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estat...

Tips for Surviving Power Outages
2011-12-30 06:00:00
Few of us like to think about disaster striking or preparing for power outages. Yet, power can go out at any time, especially if you live in a populated area such as any major city in California. While a storm is a likely culprit to cause a power outage, sometimes power outages happen because too many people are using energy at the same time. California has more than 35 million people and not enough energy sources to adequately service its population. Don't wait for the power to go out before you stock up on supplies because you could find the store shelves raided and empty during a power outage. Moreover, put all your emergency supplies in one place where they will be easy to locate. Otherwise, you could be stumbling around in the dark searching for stuff. You also have no control over how long power will be out, so make sure you double up on back-up supplies. Of course, to make the wait easier, you can always call your public utility company and be assured that a bazillion...
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Ways to Avoid a Short Sale Problem
2011-12-28 06:00:00
It's not unusual for a seller to agonize over potential short sale problems, but it's pretty much a wasted effort, the agonizing. I say they should save the agony for a real short sale problem and not live through the excruciating pain over and over without cause. Besides, maybe these sellers who worry so much will be lucky and experience a smooth short sale? It's totally possible. But some sellers are insistent. They want to know all the awful things that could happen to them. Why? Those things might never occur. On top of which, if these sellers have hired an experienced short sale agent, that agent can help them to avoid potential short sale problems. Cutting the problem off at the pass is half of the solution right there. Moreover, once you get past the biggest short sale problem, the other problems might seem like small potatoes to you. More Articles by Elizabeth Weintraub: 10 Alternatives to Short Sale s What is the Standard Short Sale Procedure? 7 Tips for Short Sale Suc...
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Is There a Standard Short Sale Procedure?
2011-12-26 06:00:00
In some short sales, there is such an animal as a standard short sale procedure. I know it's difficult to believe. That's because almost every short sale is unique. When a seller calls to ask about a short sale, after asking a series of questions, I can pretty much tell which direction to take. There are variations of short sale procedures that depend on a variety of circumstances, which meet certain criteria. For example, a seller could do a standard Bank of America short sale, but it might be a slightly different procedure depending on the type of loan, number of loans with Bank of America and the seller's financial situation. The short sale procedure may also depend on whether Bank of America is the actual investor or if the bank is simply the servicer. But, yes, there are standard short sale procedures. Even if each might be a little bit different. More Articles by Elizabeth Weintraub: How to Do a Bank of America Short Sale How to Do a Wachovia Short Sale How to Do a Fann...
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When is the Best Time to Buy a Home?
2011-12-23 06:00:00
Have you ever wondered when is the best day to buy a home? Before I got into real estate, I used to think it was a day in mid-summer. Maybe that's because instead of taking a family vacation, my parents always moved during the summer months. Once, my mother moved and didn't even give me the new address, if you can believe that. I had to call my brother and ask, "Hey, where's our new house?" I don't believe my parents gave a lot of thought to the best day to buy a home. The last time my mother bought a house, she bought the cheapest home she could find near the University of Minnesota. Whether it was the best day to buy didn't enter her head . . . read more about Best Day to Buy a Home . More Articles by Elizabeth Weintraub: Reasons to Buy a Home Tips for First-Time Home Buyers How to Find the Right Home ©Big Stock Photo Technorati tag: best day buy homeAt the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sa...

How SB 458 Affects CA Civil Code 580e in a Short Sale
2011-12-21 06:00:00
Some people believe that SB 458 prohibits a seller contribution in a short sale, but that is not necessarily true. SB 458 is the anti-deficiency short sale legislation that was passed last July in California. It amended California Civil Code 580e and says a bank can't demand a contribution. It passed without much hoopla. Didn't hear any banks objecting to it, yet SB 458 effectively changed the rights of some banks after a short sale. Says the bank can't pursue a deficiency judgment if it approves the short sale. Of course, because of CA Civil Code 580e, some banks won't approve a short sale at all. So, you don't even get the chance to negotiate that seller contribution in advance. It will be interesting to see if California Civil Code 580e is challenged down the road. More Articles by Elizabeth Weintraub: Do You Need a Lawyer for a Short Sale ? How to Get Cash for a Short Sale Top 10 Questions About a Short Sale Technorati tag: sb 458 civil code 580e At the time of writing, ...

New Rules for the Government Refinance Program HARP
2011-12-19 06:00:00
I predict the government refinance program, HARP, will be on the lips of many people who own underwater homes. But whether the program will actually bail anybody out is uncertain at this point. It's pretty much the same as the old program with 2 important changes. First, it is now available to investors as well as owner occupants. Second, there is no cap on the amount of the refinance. In the past, it was capped at 125% of market value. These two changes will open the program to more troubled homeowners, but as with any government program, there are a number of restrictions for the government refinance program. More Articles by Elizabeth Weintraub: How to Refinance a Home Loan Hope for Homeowners FHA Refinance Program 3 Things to Know About Mortgage Refinancing Technorati tag: government refinance program At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California. New Rules for the Government Refinance Program...
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Should You Buy Your Retirement Home Now?
2011-12-16 06:00:00
According to the Mercury News, there are 3 ways to use financing to buy that retirement home. As an owner-occupied home, a second home or as an investment. It certainly might make sense to buy now, if your retirement is 5 to 10 years away. That's because not much will change between now and then, except prices will eventually rise and so will interest rates. Interest rates dropped last week below 4%. In many areas of the country, prices are bouncing around the bottom and are at a historic low. I'm still trying to buy a vacation home on the beach. Just a small home on the ocean somewhere from central to northern California. That is one area of the country that is not really depressed. It's hard to find an affordable home on the ocean. But it's still an excellent time to buy a retirement home. More Articles by Elizabeth Weintraub: Buying a Home in Another State Best Places to Live in America Relocating and Buying in a New Area Technorati tag: retirement home At the time of writ...
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How to Short Sale an Investment Property
2011-12-14 06:00:00
Banks are loosening up. At some banks, it is easier to short sale an investment property than it is to do a short sale on your own residence. Some commercial lenders are very lenient when it comes to letting an underwater landlord unload an apartment building. That's because commercial loans might carry different types of recourse, depending on your state laws. But even loans secured by one to four units are not impossible to short sale. More Articles by Elizabeth Weintraub: Tips for a Strategic Short Sale Short Sale Myths 7 Tips for Short Sale Success Technorati tag: short sale investment property At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California. How to Short Sale an Investment Property originally appeared on About.com Home Buying / Selling on Wednesday, December 14th, 2011 at 05:00:47.Permalink | Comment | Email this
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10 Alternatives to a Short Sale
2011-12-12 06:00:00
How many alternatives to a short sale do you need? How about 10 options, 10 alternatives to a short sale? Short sales are not the answer for every underwater homeowner, regardless of how it may appear. Not every seller should try to jump on the short sale band wagon. There might a better alternative for you than a short sale. You might owe it to yourself to explore all of your options before trying to do a short sale. At least this way there won't be any lingering questions in the back of your mind, and you won't be wondering what if . . . More Articles by Elizabeth Weintraub: Before Selling Your House as a Short Sale Options for Selling an Underwater Home If Your Home Does Not Sell Technorati tag: short sale alternative At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California. 10 Alternatives to a Short Sale originally appeared on About.com Home Buying / Selling on Monday, December 12th, 2011 at 05:00:08....

How to Deal With Home Buying Obstacles
2011-12-09 06:00:00
Many home buyers face home buying obstacles, and it's even worse when you are buying your first home. Very few first-time home buyers have clean-as-a-whistle-credit and sail through buying a home. ...Read Full Post
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