HomeReport
Real Estate & Finance News That Affects Your Home                                                                    Page  1 2 3 4

SEPTEMBER 2009 - PAGE 1

ON SALE NOW Great Buys, Fast Sales In Today's Housing Market No matter what's going on, every housing market offers opportunities for buyers and sellers -- and our local market is certainly no different. Knowing the options available for your particular situation is key to making a financially sound decision about buying or selling a home today. Unfortunately, some homeowners in our area have experienced the painful process of losing their homes to foreclosure. Some of those homes are still on the market, now listed for sale by lenders and other institutions at bargain prices -- a real opportunity for buyers who have good credit and sufficient cash. Other homeowners can see foreclosure on the horizon, unable to stay current on their mortgage payments yet owing more to their lenders than their homes are worth. These homeowners may still have some options such as conducting a "short sale" in which the home is sold for what the market will bear, with the lender receiving all proceeds from the sale and forgiving any remaining debt. In these situations, buyers not only help sellers avoid foreclosure, they can also benefit from below-market prices. This special issue of our newsletter provides an inside report on how sellers can conduct short sales -- and how buyers can purchase short-sale homes or other under-valued properties right now. Whatever your situation, we hope you'll contact us for more information and the expert assistance you need to accomplish your homeownership goals. BARGAIN PRICING Price Key To Short-Sale Success Among other things, a successful short sale requires a well-calibrated listing price. It's a delicate balance. On the one hand, the listing price must be low enough to quickly attract a buyer who is willing to endure the complexities of the short-sale process. (Offering your home in the best possible condition is added motivation for buyers looking at bargain-priced properties, some of which are in less-than-ideal shape.) On the other hand, the higher the price offered by the buyer, the more likely it is your lender will approve the short sale. Lenders agree to short sales when they believe the proceeds are likely to be higher than expected proceeds from foreclosing on the same property. While some lenders will negotiate, responding with a counterproposal if they don't like the initial offer price, others will not. To find the perfectly balanced listing price for your short sale, we'll prepare a thorough Comparative Market Analysis (CMA) that factors in the sales prices of comparable, recently sold homes in the area along with the area's pricing trends -- which we keep a close eye on. Getting the listing price of a short sale right serves all parties involved.                                                                                                                                                                                                                                                          Page  1 2 3 4