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How Long Does it Take to Sell a House?

Wed, 15 Feb 2012 05:00:10 +0000

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.

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

How Long Does it Take to Sell a House? originally appeared on About.com Home Buying / Selling on Wednesday, February 15th, 2012 at 05:00:10.

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What Does an "As Is" Short Sale Really Mean?

Mon, 13 Feb 2012 05:00:23 +0000

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.

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

What Does an "As Is" Short Sale Really Mean? originally appeared on About.com Home Buying / Selling on Monday, February 13th, 2012 at 05:00:23.

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Is Deed in Lieu a Good Idea For You?

Fri, 10 Feb 2012 05:00:20 +0000

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.

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

Is Deed in Lieu a Good Idea For You? originally appeared on About.com Home Buying / Selling on Friday, February 10th, 2012 at 05:00:20.

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It's Harder Buying a Bank Owned Home Than a Regular Home

Wed, 08 Feb 2012 05:00:50 +0000

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 Banked Owned vs. Regular Home.

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

It's Harder Buying a Bank Owned Home Than a Regular Home originally appeared on About.com Home Buying / Selling on Wednesday, February 8th, 2012 at 05:00:50.

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Does a Bank Only Do a Short Sale if a Seller is Delinquent?

Mon, 06 Feb 2012 05:00:36 +0000

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.

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_{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.

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How to Get a Mortgage When You Have Bad Credit

Fri, 03 Feb 2012 05:00:08 +0000

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.

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_{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 Credit originally appeared on About.com Home Buying / Selling on Friday, February 3rd, 2012 at 05:00:08.

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Should You Write a Back Up Offer?

Wed, 01 Feb 2012 05:00:40 +0000

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 Backup Offer.

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_{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? originally appeared on About.com Home Buying / Selling on Wednesday, February 1st, 2012 at 05:00:40.

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How Flexible is That Short Sale Price?

Mon, 30 Jan 2012 05:00:26 +0000

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.

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_{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 30th, 2012 at 05:00:26.

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Struggling Homeowners Take on Roommates

Fri, 27 Jan 2012 05:00:40 +0000

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.

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_{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 / Selling on Friday, January 27th, 2012 at 05:00:40.

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Buying Before Dumping Your Short Sale Home

Wed, 25 Jan 2012 05:00:02 +0000

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.

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_{At the time of writing, Elizabeth Weintraub, DRE # 00697006, is a Broker-Associate at Lyon Real Estate in Sacramento, California.}

Buying Before Dumping Your Short Sale Home originally appeared on About.com Home Buying / Selling on Wednesday, January 25th, 2012 at 05:00:02.

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