Posted by Annalisa Burgos | July 10, 2009
In this week’s vlog, I talk to real estate broker and attorney Tara-Nicholle Nelson about how homeowners who are struggling to make their mortgage payments can get their loans modified and avoid foreclosure.
You’ve heard about extending the loan, converting an ARM to a fixed rate mortgage, and reducing the interest rate, but what about loan forgiveness? Will the lender write off all or part of your loan? Do you need to hire a company or can you work directly with your lender and do it yourself?
Get more tips and advice about the loan modification process:
Posted by Annalisa Burgos | April 2, 2009
As they say, April showers bring May flowers. And in real estate, it seems like all the elements are in place for a perfect storm heading into the prime Spring season.
News headlines are proclaiming “falling home prices” and “interest rates at record lows.” Throw in record levels of foreclosures on the market, and you’ve got a trifecta for a Spring homebuying spree.
We already started to see the trend in February, when the National Association of Realtors’ reported a 5.1 percent jump in existing home sales, citing a surge in distressed home sales. And with the latest S&P Case-Shiller Home Price Index showing home prices in 20 major cities down 19 percent from a year earlier, this trend is likely to continue.
Speaking of home prices, what are today’s sellers supposed to do when trying to price their homes? Yes, they’re supposed to be using comps to determine fair market value. But if you’re competing with foreclosures, short sales and just desperate (er, motivated) sellers, it screws up the whole paradigm. Not sure if you can really call all this “fair.” Unfortunately, that’s the reality of selling in this market. So if you have no choice but to sell now, buck up, get realistic, research what’s happening in your market and try these tips on how to price your home to sell, courtesy of FrontDoor Insider and San Diego Realtor Kris Berg. And real estate guru Barbara Corcoran shares her top 4 must-do tips, including one on pricing your home.
Home values aren’t what they used to be. But the ways to determine home value won’t change. Sellers, get back to the basics and check out FrontDoor’s Home Seller’s Guide, specifically steps 7 and 8.
And buyers, we’ve got tips for you too. FrontDoor’s Top 10 for April features our Top 10 Bargain Markets for Homebuyers. And check out steps 9-10 of FrontDoor’s First Time Homebuyer’s Guide. Just because prices and interest rates are falling doesn’t mean everything is an automatic bargain. You’ve still got to do your due diligence.
Happy house hunting and selling!
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