The official blog site for information about the Real Estate Market in South New Jersey and homes for sale.
Not HighTech Design. This company’s line of weird and wonderful bathroom sinks includes this fossil shaped basin that sends water twirling down the drain.
It is made of ammonite concrete.
The company also has designs featuring cubes, wedges, shallow pans, and even basins.
On the Web: hightech-design-products.com
In a short sale, a buyer pays less than the amount a seller owes the lender.
There are more cases of ’short selling’ in markets where home values are dropping.
Typically, when a homeowner can’t pay his mortgage because he has suffered some sort of hardship — loss of a job or divorce for example — he simply sells his home. But when home values are dropping, this can be a problem. In some cases, a homeowner might find he owes more on his mortgage than his home will sell for. In these cases, lenders will sometimes accept less than the amount owed on the home, assuming the homeowner doesn’t have other assets that can be sold to make up the difference. The lender then doesn’t have to go to the expense of selling the house at auction.
The question you have to ask yourself is: Are you really getting a great deal?
If the house was purchased at the peak of rising home values, then the homeowner might have paid a premium price for the property. If values are dropping today, the lender may only be able to discount the property to current market values. So in that case, you wouldn’t really be getting a bargain at all.
You’ll have to know what similar houses in the market are selling for to find out if you are getting a good deal.
Find out how long the home has been on the market and make sure you get good inspections. A seller who is in financial trouble often can’t keep up with repairs. You’ll want to have a good idea what has been neglected. Short sales are tricky legal propositions. You’ll want to make sure you have an attorney experienced in this sort of sale. You will also want to know who the lender or lenders are and remember the lender will be looking for a better deal than a short sale will offer so the lender probably will not instantly agree.
If you are looking to avoid foreclosure, call us to find out what we can do to help you with selling your home.
This is a tactic used by sellers or buyers to help the buyer qualify for a mortgage. It is a lump sum paid at the closing. It pays the mortgage company for reducing the mortgage interest payments for two or three years.
If the seller wants to pay to allow the buyer to be qualified, the seller pays for it. If the buyer has the cash but doesn’t qualify for the payment at current interest rates, the buyer could pay up front for the reduced interest rate that would be charged for two or three years.
Example of a two-year buydown:
The home price is $134,000, if the seller pays to have interest and monthly payments reduced by 2 percent in the first year and one percent in the second year, the seller would pay the mortgage company about $4,000 at the closing.
A detailed example of a three-year buydown
Add up the savings, and you will find they come to $15,853 in this case, which is what it costs to buy down the interest rate and payments for three years.
There is one other advantage to the mortgage buydown: It increases the payment more gradually than introductory-rate mortgages on which the monthly payment increases dramatically after two or five years.
Note: The 30-year interest rate in this example is different than rates presently charged on most 30-year mortgages.
Reduce your electricity bills by systematically purging your family room of wasteful energy practices. Read
Cut your power consumption, lighting, and heating and cooling costs when you work from home. Read
Lighting eats up as much as 20% of your annual electric bill, but using energy-efficient bulbs and making other simple changes can cut lighting costs dramatically. Read
Maintain your large kitchen appliances is part of a smart home energy efficiency plan. Read
Understanding your laundry room appliances is part of a smart plan to help you save energy in your home. Read
Visit houselogic.com for more articles like this.
Copyright 2010 NATIONAL ASSOCIATION OF REALTORS®
HUD has updated their list of homes available to purchase. You can view the current inventory of available HUD homes in the Southern NJ counties of Camden, Atlantic, Burlington, Gloucester, and Cumberland**. These properties are bank/lender foreclosures that HUD has acquired; HUD does NOT foreclose on properties. Please note that the priority of Owner Occupant means that the properties are not yet available to investors but are only available to purchasers planning on occupying the property (signed affidavit will be required). When the priority shows All Bidders, the properties are available to owner occupant purchasers and investors.
All bidders need to be pre-approved if mortgage financing is to be used. FHA financing is usually the best for home buyers. Call me if you need a referral to a mortgage lender.
ATTENTION: Home Buyers as is outlined in the policy for forfeiture of earnest money deposit, please be aware that contract cancellations as a result of loan denial due to “property condition” will result in the forfeiture of the earnest money deposit. THIS POLICY IS STRICTLY ENFORCED.
Confirm with your mortgage lender that the approved financing program can be used on an AS-IS sale prior to submitting your bid!
I represent home buyers and home sellers as their exclusive REALTOR in the Southern NJ counties of Camden, Gloucester, Atlantic, Cumberland, Salem, & Burlington. Full REO service for asset managers.
Sign up to receive free notifications into your e-mail of new and updated HUD owned homes that come onto the market. Don’t accept second-best in your HUD purchase transactions, call The HUD Expert.
** I have posted the list on NJ HUD Homes as of 04/02/2010.
Speaking of Real EstateReSales & Investment Realty LLC, 15 Potter St Suite 7, Haddonfield, NJ 08033 - (856) 795-3111 x263
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