Ecologically focused homes for cold temperatures in Colorado, New york, and Massachusetts.
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The national foreclosure rate fell 2% in February from a month earlier, according to an industry report released Thursday, the latest sign that the pace of foreclosures is slowing.
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Terms Related to the Short Sale Process and Foreclosure Process
- By Anthony J Phillips
All the terms and acronyms for short sales and foreclosures can be a little overwhelming. Here is a list of the most frequently used.
Pre-Foreclosure – the period beginning with initial mortgage default up to when a distressed property is sold. The length of which is considered Pre-Foreclosure and varies depending on state laws.
NOD – short for a notice of default. This is an official notice from the lender that the borrower has defaulted on the mortgage. The notice formally begins the foreclosure process. The notice of default also outlines the reinstatement.
Reinstatement Period – the time stipulated in the notice of default in which the borrower may reinstate the loan, making required payments and bringing the account and a good standing.
Short Sale – a situation in which the seller owes more money on the loan than the sale of the property will likely produce on the market and is unable or unwilling to bring money to closing. The seller may or may not be in Pre-Foreclosure.
Notice of sale – if, after receiving the notice of default, the borrower does not reinstate the loan, the notice of sale is recorded. The notice of sale explains when and where the foreclosure sale will be held.
Foreclosure sale – also known as the sheriff’s auction or trustee sale, is when the property is auctioned for sale to the highest bidder.
Redemption Period – the amount of time that the distressed owner has to redeem the real estate after the foreclosure sale. Redemption typically requires that the owner pay the sales price, interest, and other costs. Not all states provide redemption.
REO – the acronym for real estate-owned. REO as the status of a property when a foreclosure sale is not successful and when ownership of the property is transferred involuntarily to the lender.
As with any real estate transaction, it is highly recommended that you seek both legal and tax advice from qualified professionals.
Anthony Phillips is a Las Vegas Realtor and has received his National Association of REALTORS® Short Sales and Foreclosure Resource certification and the Executive Financial Management certification from Cornell University.
Visit my site at http://www.mylvhomesales.com
Article Source: http://EzineArticles.com/?expert=Anthony_J_Phillips
Lots of people, especially those trying to battle high utility bills, believe in energy-efficient homebuilding.
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The Helmsley Carlton House is being sold to a partnership between private-equity firm Angelo, Gordon & Co. and Extell Development for about $170 million.
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Mall owner General Growth Properties has bolstered its case for exiting from bankruptcy protection as a stand-alone company.
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The New York real-estate investor will buy one of the nation’s largest commercial-mortgage-servicing specialists for $100 million in new equity and assuming $180 million of Centerline’s debt.
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Erin and Robert Smith had no problem handling the $2,000 monthly payment on their home … until they lost their jobs.
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Understanding Real Estate Contract Clauses
Many people might argue that investing in real estate is one of the most interesting and exciting ways to save for your retirement and create a steady stream of current income today. Let’s face it, lots of people are addicted to real estate investing! I’ll admit that I’ve been swept up myself in the past.
One thing about real estate investing that makes it different than other forms of investing, such as the stock market for instance, is the fact that real estate investments are much more complicated especially when it comes to closing the sale. If you’ve ever been to a closing then you know what I’m talking about!
There is a sort of mad flurry of paperwork shooting out every which way. There’s papers on the table, there’s papers coming out of briefcases, there’s papers on the floor, there’s papers being passed around from you to the buyer to the seller to the broker to the lawyer back to you again. Initial here; initial there; sign here, and sign there… it can very quickly turn into a madhouse which is why you want to be as familiar as possible with real estate contracts before you go into closing.
That’s why I thought I’d write this article today and explain a few simple clauses that you should expect to see in a regular real estate contract. Hopefully you’ll be able to familiarize yourself with them here and therefore get a leg up when it comes time to battle during closing.
The first clause I want to talk about is the condition precedent clause. This basically says that the purchaser or the seller may want one of a few specific events to occur before a certain obligation becomes fixed. That may be confusing so let me try and give an example. Say the purchaser wants the town to approve building a new park next to your building and you refuse to purchase the building until the town has agreed to build the park.
Once the town has built the park, the purchaser will now be contractually obligated to purchase the building from the seller. You get the idea… these things will be spelled out in the condition precedent clause and obviously this clause won’t be present in all contracts.
The building permits clause is the next one I want to talk about. This is similar to the last clause in that you may require the seller to make sure the building permits are up to date or that the zoning is approved by the city before you purchase the building. These sorts of things will be spelled out in the building permits clause.
Brokerage fees clause. Most people don’t realize that brokerage fees are negotiable and not only are they negotiable between you and your broker but they can even be negotiable between you and the seller. They state which of you has to pay the fees or if you share the fees or any combination of the two. This will be spelled out in detail in the brokerage fees clause section of your contract.
Well fortunately I’ve only touched on three clauses today in this article but hopefully at least they will give you a heads up so that you understand a little bit what to expect when it comes to real estate contract clauses.
Jason Markum has been an article writer online for well over 13 years. When he’s not writing articles, he has a good time running a dinnerware pfaltzgraff web site where he also reviews stoneware dinnerware sets for your home use.
Article Source: http://EzineArticles.com/?expert=Jason_Markum