Typically with a short sale, the homeowner is underwater and has experienced a financial hardship such as a job loss. To limit the damage to his credit rating, a homeowner may attempt to work with his lender to negotiate a short sale. Not only must the bank approve of the short sale itself, it also must agree to the price, since the bank will accept the difference as a loss.
Unlike foreclosures, in which the owner has walked away and the bank is looking to unload a vacant - and sometimes vandalized - property, a short sale isn't a distressed home that will sell at an extremely low price. According to data from RealtyTrac, short sales typically sold for nearly 10 percent less than the market price in the first quarter of 2011, whereas foreclosures sold at an average discount of 35 percent.
Home buyers wanting to purchase a short sale must have patience. In most cases, when a buyer makes an offer on a house, he receives a response from the seller within a few days, or even hours. With a short sale, the bank must approve of the sale and bank representatives are overloaded with cases.
Unlike foreclosures, in which the owner has walked away and the bank is looking to unload a vacant - and sometimes vandalized - property, a short sale isn't a distressed home that will sell at an extremely low price. According to data from RealtyTrac, short sales typically sold for nearly 10 percent less than the market price in the first quarter of 2011, whereas foreclosures sold at an average discount of 35 percent.
Home buyers wanting to purchase a short sale must have patience. In most cases, when a buyer makes an offer on a house, he receives a response from the seller within a few days, or even hours. With a short sale, the bank must approve of the sale and bank representatives are overloaded with cases.
Services
It often is difficult for homeowners to objectively value their homes, which often reflects their sense of personal style.
However, by consulting with a REALTOR(R), using online resources, investigating neighborhood trends, and soliciting the opinion of friends, homeowners can arrive at a reasonably accurate appraisal.
REALTORS(R) and real estate appraisers are the best sources of information on current market conditions.
Consumers should begin the home valuation process by consulting with their REALTOR(R) or a local real estate appraiser.
However, by consulting with a REALTOR(R), using online resources, investigating neighborhood trends, and soliciting the opinion of friends, homeowners can arrive at a reasonably accurate appraisal.
REALTORS(R) and real estate appraisers are the best sources of information on current market conditions.
Consumers should begin the home valuation process by consulting with their REALTOR(R) or a local real estate appraiser.
Various private companies are sending mailings to property owners offering their services to pursue a reduction in their property taxes.
These companies may charge hundreds of dollars to file for a reduction in value on behalf of the property owner.
Some companies are even imposing late fees if the application is received after an arbitrary deadline.
Be aware that solicitations from private companies offering to pursue a reduction in property taxes must clearly indicate that they are NOT a government agency and that their services are NOT approved or endorsed by any government agency.
These companies may charge hundreds of dollars to file for a reduction in value on behalf of the property owner.
Some companies are even imposing late fees if the application is received after an arbitrary deadline.
Be aware that solicitations from private companies offering to pursue a reduction in property taxes must clearly indicate that they are NOT a government agency and that their services are NOT approved or endorsed by any government agency.
When you're a real estate investor, you must seize the initiative-- and you need a broker with equal drive and ambition.
You need Ed Torrez, the broker pricing real estate right in eastern Los Angeles County.
While the market will ultimately determine your home's value, you need an agent who will price your property correctly from the start.
Ed will make sure that your home is valued correctly according to the market, so you can receive realistic offers sooner rather than later.
Ed is what you want-- a broker with extensive commercial real estate experience, as opposed to a garden-variety residential agent with incomplete knowledge of investment property transactions.
You need Ed Torrez, the broker pricing real estate right in eastern Los Angeles County.
While the market will ultimately determine your home's value, you need an agent who will price your property correctly from the start.
Ed will make sure that your home is valued correctly according to the market, so you can receive realistic offers sooner rather than later.
Ed is what you want-- a broker with extensive commercial real estate experience, as opposed to a garden-variety residential agent with incomplete knowledge of investment property transactions.
Investors like Ed because he is educated, professional and especially vigilant, recognizing opportunities across a large swath of eastern Los Angeles County.
Ed calls Whittier home, and his knowledge of residential and income property in the 90601 is unrivaled.
If you want to sell for the right price, communicate the quality of your home or apartments, and draw investors to a hot zip code, talk to the listing agent who knows all about it.
Beyond Whittier, Ed lists and sells a wide range of properties across eastern Los Angeles County, satisfying the needs of residential and commercial investors.
Ed calls Whittier home, and his knowledge of residential and income property in the 90601 is unrivaled.
If you want to sell for the right price, communicate the quality of your home or apartments, and draw investors to a hot zip code, talk to the listing agent who knows all about it.
Beyond Whittier, Ed lists and sells a wide range of properties across eastern Los Angeles County, satisfying the needs of residential and commercial investors.
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