July 2009 Monthly Archive
July 30, 2009
Many homeowners are asking "what is a short sale?" Rumors are flying around the Internet suggesting everyone who is struggling to make ends meet can sell their home for less than they owe and walk away from their property. While there is a portion of truth to this, borrowers must meet certain criteria before being allowed to short sell their home.
Today, I would like to provide an overview of what is a short sale to clear up any confusion you may have. 'Short sale' is a real estate industry term used when a lender accepts a discounted payoff on a mortgage loan. Short sales offer homeowner's who have defaulted on their mortgage an opportunity to sell the home for a lesser amount than is owed and avoid foreclosure.
July 27, 2009
"What is probate?" is a question I hear on a regular basis. In a nutshell, probate is the legal process used when a person dies. A series of events occur to tie up loose ends and distribute inheritance assets to heirs or beneficiaries. Everything decedents own must be accounted for and outstanding bills and taxes paid before assets can be distributed.
Let's further probe the question of "what is probate?" Probating estates is required within all 50 states of the Union. Probate is governed by state law, but the process can be different within each county of the state. This non-uniform standard can create confusion; particularly, if the estate administrator resides in another state or county and is not familiar with probate laws.
July 21, 2009 | Comments: 1
The term 'mortgage buyers' refers to investors who purchase monetary notes such as mortgages, promissory notes, land contracts and trust deeds. Individuals who own monetary notes can sell them in whole or part in exchange for a lump sum of cash.
When mortgage buyers purchase real estate notes and land contracts, the note holder assigns ownership rights by executing an assignment of mortgage. Typically, a real estate lawyer is required to execute the document and ensure both parties are legally protected in the event of default.
July 15, 2009
Investors refer to an individual or group of people who invest money into specific projects. All types of investment opportunities exist. People invest in stocks, bonds, small businesses, corporations, and real estate. Each type of investment comes with its own set of pros and cons. Some can be quite profitable while others take a large chunk out of your savings account.
Investors need to become educated about the market, product, business or individuals they are investing in. It would be rather foolish to invest your life savings into a project or person you know nothing about. Although you might possess beginner's luck and strike it rich your first time out, investing is a game that requires research, planning and a watchful eye over where your investment money is being spent.
July 10, 2009 | Comments: 12
Owner will carry is a becoming a popular way to finance the purchase of real estate. With the current credit crunch, many sellers are now offering to finance all or a portion of the purchase price in order to attract buyers. Also referred to as seller carry back, this type of financing is beneficial to both buyers and sellers.
Sellers who offer owner will carry financing open the doors to more buyers. Since many people are unable to qualify for a traditional mortgage loan, seller carry back provides buyers with the opportunity to purchase property without obtaining funding through a bank.
July 06, 2009
'Short sales homes' has become the buzzword of the day within the real estate arena. Word has gotten out that borrowers who have fallen behind in their mortgage payments can sell their house for less than they owe and walk away scott-free. Sounds great, but it's not 100-percent true.
Short sales homes are sold for less than borrowers owe on their mortgage note. But, the process is no walk in the park. Most banks want evidence there is a buyer in place before they will even discuss the option of short selling property. It is not easy to locate a realtor willing to tackle a short sale.
July 03, 2009
Executing a Last Will and Testament is a relatively simple and inexpensive process. A Will is used to bequeath inheritance to beneficiaries. There are many ways to draft a Will, but the most common is to utilize the services of a professional estate planner. Doing so can protect the Will from being contested in probate court.
The Last Will and Testament involves several elements. First, a probate executor is designated to handle estate-related affairs. Estate administrators are responsible for a variety of duties, so it is best to discuss this position with the person before naming them in the Will.