Real Estate Terms And Jargon Made Simple, Understandable

You may be able by now to decipher what “double, non-fat, hold the whip, caramel macchiato” means, but today’s terminology in real estate has become more technical and confusing. Just as a barista staring you down and waiting for your order can be intimidating in the coffee shop, trying to read some property listing descriptions in today’s world requires a higher level of understanding.


To help sort through the technical jargon, here are some common terms heard in real estate today.

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Which REO Should I Buy?

As we start the new year of 2011, it promises to be more of the same. The economy is still sluggish, unemployment remains high, and foreclosure rates are continuing to climb. The retirement accounts people have been counting on for years are now evaporating under the added strain of bad economic conditions, increased taxes and government intervention and a general malaise of the public towards the future.

Due to these factors many investors are finding it necessary to take a more active role in their investment strategies. They are no longer willing to let some “wall street” yuppie with no business experience handle their retirement accounts or more to the point, their family’s future. To some investors the answer is to take a more active role in controlling their investments by becoming involved with more tangible assets, ones they can see, touch, and feel – like real estate. For these awakened investors, owning rental property can be an extremely effective way to protect their capital and generate cash flow.

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Traps Foreclosure Buyers Need To Know

Interest in buying foreclosures is on the rise and the statistics show that nearly half of all home sales are distressed properties.

Even though it is hard to argue that these deals are the best pricewise, home buyers need to be aware of possible traps that exist when dealing with foreclosures and bank owned properties.

If you are thinking of buying a foreclosure at auction keep in mind that most likely you will not have an opportunity to see the property inside. Auction buyers usually don’t have the time to ensure they are getting a clear title and possible deficiencies may exist.

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4Q Wasatch Front Home Sales, Prices Decline

The residential real estate market remains mired in one of the worst downturns ever along the Wasatch Front, but it is showing some signs of improvement, a new report shows.

In Salt Lake County, 1,934 existing single-family homes were sold in the fourth quarter of 2010, down 21 percent compared with the fourth quarter of 2009, the Salt Lake Board of Realtors reported Thursday. The median selling price was $215,000, down 4.4 percent from the same three-month period in 2009. Median prices peaked at $256,000 in the summer of 2007.

The Realtor group attributes the declines in both sales and prices to federal home-buying incentives that boosted demand for homes in late 2009 and early 2010. Sales fell off in the second half of last year after the incentives expired.

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Why Your Best Investment Right Now is a Home

I’ve heard it over and over again for the past couple of years from friends, family, business colleagues, and even my local bartenders and baristas. The refrain is eerily similar each time, and it sounds something like this: “What are you waiting for?  Now is the time to buy that house.” I let these comments roll off my back for a long time, as I knew the metrics of large supply overhang, increasing foreclosures, slow GDP growth and anemic employment figures were liable to keep home prices down for some time.

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Buying Tips for Short Sales

With new records being set in foreclosure rates, sellers are turning to short sales more and more. How does a short sale work? The seller has to make arrangements with their mortgage lender to accept a sale for the property for an amount that is less than what is owed. This agreement typically ends up with the lender waiving the rest of the loan. This is a better option than going through a foreclosure. The result of this is that the buyer gets a good discount on the property, and the lender avoids the difficulty of having to sell the property again. Due to the exorbitant amount of losses suffered by mortgage lenders during the financial crises of 2007-2010, they are now much more willing to accept short sales than they have been in the past.

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8 Reasons To Invest In Your Home

Not long ago, you could have your big remodeling project and get your money back too. Owners recouped an average of 87% of home improvement costs at resale in 2005, according to Remodeling magazine.

But by 2010 the magazine had pegged the typical payback at just 60%. Hardly the right time to tackle the new kitchen or master bathroom you've been dreaming of, right?

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HUD Extends Foreclosure Anti-Flipping Rule

The Department of Housing and Urban Development (HUD) announced that it is in the process of approving another one-year suspension of its anti-flipping rule on foreclosed properties bought with FHA loans. The suspension was first initiated on February 1st of last year to allow investors to quickly renovate foreclosed homes and selling them to first time buyers as a means to further sales of foreclosed properties.



In 2003, HUD issued a rule that prohibits the FHA from insuring a mortgage on a home that was owned by the seller for less than 90 days. HUD initiated the anti-flipping rule early last decade because the Federal Housing Authority (FHA) discovered that too many of these quick sales were made at grossly inflated prices and involved fraudulent activities.

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Seizing an Opportunity: Housing Slump Whets Investors’ Appetite in Resale of Foreclosures

Most CEOs entered 2011 hoping the economy will soon fire on all cylinders. For one business chief, however, mortgage delinquencies and tight credit standards are a dream come true.

Sean Whalen is the CEO of Property23, an Orem-based startup that has successfully capitalized on the recent real estate meltdown, seeking out foreclosure properties across the country and prepping them for resale. Most of its clients are fellow investors who are hoping to rent or resell at double-digit profit when the recovery gathers steam. Since it was founded in 2008, the company has bought and sold no less than 4,000 properties and currently employs more than 100 people.

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Submitting A Short Sale Package

So…..You’ve evaluated a potential short sale and decided that it meets your investment criteria. You have the information you need from a listing Realtor to submit the short sale package to the lender. Now you need to gather information from the homeowner.

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REO Properties – Tips and Suggestions

Lots of people are talking about REO properties; but do you know what they are referring to? When a bank forecloses on a property, they don’t want it. They put these foreclosed properties in a public auction; the ones that don’t sell are referred to as REO properties. REO properties can consist of anything from apartment buildings to vacant land.

Banks don’t deal in the real estate business; they only want to get cash. Because they only want to sell the property as quickly as possible, you can usually find REO properties listed on their website, along with the name of the loss mitigator who’s managing the sale of that property. The loss mitigator is similar to a real estate agent; you will need to contact him or her to set up a viewing, and make an offer if you’re interested.

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Looking For A Good Deal On A House: Bank REO’s Can Be Quite The Steal

One reason is that bank-owned sales transactions can be more complicated, in part because the sale terms must be approved by the lender or the lender’s attorneys. Another reason it is difficult dealing with bank-owned properties is that some lenders are in offices far away from where the loss-mitigation department is struggling to process the listings.

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Banker Wants To Save Foreclosed Homes

A former Wall Street investment banker has come to the Phoenix area seeking opportunity among the thousands of foreclosed homes.

Laurie Hawkes, co-founder and president of American Residential Properties, spent three decades working in real-estate banking and finance for big firms such as CB First Boston Corp. and Salomon Brothers before starting her own company.

Hawkes was one of three expert panelists at a seminar earlier this month in Phoenix to discuss the Valley's real-estate market.


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Real Estate Buyers Flock to Online Auction of Bank-Owned Assets

Savvy commercial real estate buyers looking to take advantage of the down market have come to LFC.com to conduct research and submit bids on various bank-owned assets in a portfolio of ten REO properties. With just over a month remaining before the bid deadline, the auction has already attracted over 4,600 hits to the website and interested buyers from nearly a dozen states.

The minimum bids are set far below current market prices, giving buyers the power to name their own price in a fair and transparent auction process and sending the message that the seller is in fact willing to trade these properties.


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The Advantage of Buying Short Sale Home

Short sale is usually a common solution left for most home owners because of the extended recession on the real estate market. The term “short sale” means that the owner at this point owes more on mortgage compared to actual worth of his or her property. The bank will not wish to own the property through a pricey procedure like foreclosures and so they will  be looking for those who are usually buying short sale home.

Which means that there is a excellent chance for those who are qualified to acquire the property for less than its value. It also means a chance for the owner to avoid getting a bad credit history because of property foreclosure. At the same time, the financial institution can still retrieve as much of their investment as possible in this way.

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Southwest Florida Real Estate Market Attracts Canadian Investors, Other International Clients

They come from Toronto, London and Dusseldorf, and they're all here for the deals.

Foreign buyers are on the hunt for real estate bargains in Southwest Florida. They scour listings from across the Atlantic and leave Canadian tundra in search of properties dotted with palms.



"They seem to be out shopping," Mary Bondurant, an agent with John R. Wood Realtors on Sanibel, said of international buyers. "They're feeling a little optimistic about the market in general but they know it's a good time to buy in Florida."



And local real estate agents say foreign interest could help revitalize the area. International clients tend to be cash buyers who are financially stable, since many of their countries haven't weathered financial storms to the level the United States has recently.

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How to Buy a “Short Sale” House

A short sale in real estate terms is when a borrower sells their mortgage for an under appreciated value because the home is worth less than what is owed on the mortgage. In this event, the lender agrees to allow the home to be sold for less than the amount owed on the debt. But like a loan modification, a homeowner must prove that they have gone through a hardship that has gotten them to the point that they are at with the short sale.


Like almost every real estate transaction, a short sale will require the seller to submit all of their financial information to the lender so they may determine if they are eligible for a short sale. Eligibility is a key importance with this topic, as the bank is more than likely enduring a huge loss. If the bank determines the seller not to be eligible, or they cannot demonstrate a financial hardship, this can prevent you from obtaining the property.

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HUD Offers Regional Housing, Economic Data on New Website

U.S. Department of Housing and Urban Development launched a new website Monday that offers economic and housing data by region, including Colorado and the Rocky Mountain region.
The site — www.huduser.org/portal/regional.html — provides information such as rental-home activity and employment statistics at the regional, state, metropolitan and county levels, HUD says.
“Current and reliable data shouldn’t be hard to come by,” Raphael Bostic, HUD’s assistant secretary for policy development and research, said in a statement. “This is precisely why this site will be so helpful to state and local lenders, developers, the real estate industry and the general public, who need the latest available data on their markets.”


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Are You Still Wary of Buying from a Foreclosure Properties Sale?

A lot of people have successfully purchased stellar homes at low prices from a foreclosure properties sale. The supply of foreclosure homes continue to grow and buyers are getting good options left and right. With proper preparation and serious research, that dream home is never far off if you consider foreclosures.
All types of homes can be found in a foreclosure properties sale plus their affordable prices are a definite draw. First time buyers and seasoned property investors alike are sure to find the ideal homes in these foreclosure offerings. But these properties are not without their unique set of risks and buyers can easily end up with a sour deal if they do not practice a little caution.

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Real Estate: Where Is It Safe To Buy?

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