On the surface, a short sale seems like the perfect deal. However, before you take the plunge, you need to understand how this type of home purchase works. What Is a Short Sale? A short sale is a home sale in which the homeowner is selling the home for less than he or she currently owes on the mortgage. In most cases, this means that the buyer is paying less for the home than it's worth, which leads to instant equity. Short sales allow homeowners to get out from under mortgages without damaging … [Read more...]
Pros And Cons Of Buying A Foreclosure
When a homeowner stops making regular mortgage payments, the bank can foreclose on the property. This means that the bank takes possession of the property in an attempt to recover the debt the homeowner owes. In some cases, the bank may try to recover this debt by selling the property at auction. In other cases, the bank will simply list the foreclosed home for sale. Choosing to purchase a foreclosed home has both advantages and disadvantages for the buyer. Weighing these advantages and … [Read more...]
5 Ways Millennial Buyers Can Snag Their Dream Home In This Sellers Market
According to the 2017 Home Buyer and Seller Generational Trends Report, Millennials bought 34% of the homes sold; the largest of any generation last year. Millennials looking to buy their first, or second, home need to ready themselves for a surprisingly competitive market. Lack of supply causes attractive homes to garner multiple offers in just a few hours! What can a Millennial buyer do to appeal to sellers and be the one who ends up with the home? Here are 5 ways they can snag … [Read more...]
A Mortgage Pre-Approval Can Help You In Your Home Purchase Negotiations
A mortgage pre-qualification is an initial estimate of what type and size of mortgage a borrower could get. It is limited, though, because it's only based on what the borrower tells the lender, which might not be the same as what the lender finds out when it goes through a full process of analyzing the borrower and his credit. The Initial Loan Pre-Qualification To get pre-qualified, a borrower starts by finding a lender. Typically, he will give the lender basic information on his ability to … [Read more...]
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