Short Sale offers, how much should I list my house for?
August 22, 2008
My house has been for sale for a year now and I can no longer afford to make payments. I want to try to do a short sale before I consider foreclosure, but the bank will give me no suggstions as to how much an acceptable lowball offer would be. I owe 165,000 on the house and want to get out of there asap!!! I was thinking 139,999, what do you think would be the lowest the bank would take?
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Home Shopping Tips
August 8, 2008
Home Shopping Errors That Can Lead To Foreclosure
Foreclosure is a four-letter word to those shopping around for their home or who have recently bought a property. There are things you can do before you buy to reduce your chances of foreclosure.
Buying more home than you can afford is the number one reason for a foreclosure. Just because the bank approves you for $300,000.00 doesn’t mean you should buy a house for $299,000.00.
Be very cautious about the size of your mortgage. Instead of going for the maximum allowance of what you are approved for, leave some breathing room. Live below your means instead of right at them.
A Rainy Day Fund
It’s also a good idea to work to keep at least six months worth of mortgage payments in the bank in case something happens to your income level so you have time to react. Keep this money in a high interest bearing account but ensure you can get to the funds easily if need be.
Power of Sale - Beware
July 2, 2008
Cons of Buying A Power of Sale
When you decide to buy a power of sale home, there are some things you need to watch for. Quite often, a home that was repossessed by the mortgage lender can have a need for repairs.
If the individual or family that lost the home had financial problems for quite a while, it’s a very wise idea to have the home inspected before you buy. The family might have been suffering enough financial hardship that there could be problems in the home due to lack of proper maintenance.
Getting a Home Inspection
An inspection can reveal whether problems are major or minor and the inspection might be part of the requirements for your obtaining the mortgage as well. Don’t fret at cosmetic problems. The savings on the home purchase could far outweigh the costs of doing some painting and cleaning but you want to be careful about other issues such as:
• The roof
• The furnace
• Water damage
• Fire hazards
You can save a lot of money when buying a foreclosure home but do your due diligence so you aren’t purchasing a money pit.
What to do when you cant afford your house payments?
April 12, 2007
Not too long ago my parents bought a house. Everything was going fine until my dad lost his job. Now my parents cant afford to pay for their house and they are 3 months behind with payments. Im worried that the house will go into a foreclosure and I dont want this to happen. Can you please tell me what to do?
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.