Lansing, MI Mortgage

BUY NOW! Part III – Suppy and Demand and Homeowners Who Have a Home Listed for Sale

If I heard the following phrase once, I’ve heard it a thousand times: “I’ve just been sitting here doing the right thing and making my payments and I’m the one who’s getting the short end of the stick.”

Well, yup, kinda, but kinda not, too.

Yes, now that the housing stimulus is over, if you want to sell your home, you will have to drop your price. Supply and Demand says so and Supply and Demand don’t lie.

Yet if you are selling in order to buy another home, and like many, your next home is priced higher than the one you are listing, then now is the best time for you to drop your price and buy up.

The numbers have never looked so good. Here are a few things to think about…

Short Sales Continue to Frustrate

If you are a home owner and you want to sell your home but you owe more than buyers are willing to pay, then you have three options:

1. You can sell the home anyway and pay the difference at the closing.
2. You can request that the bank to whom you owe your mortgage take an amount short of the full balance. This is a short sale.
3. Some combination of the above.

If you are a buyer and have written an offer on a home that is listed as a short sale, you know the following story all too well…

The New Good Faith Estimate – a friendly introduction

In the spirit of being a teacher and working with professionals, the video embedded here is a very good explanation of the new forms that lenders will be using as of the beginning of 2010. It was put together by the National Association of Realtors. The NAR (and the Realtors who are a part of it) has been a huge advocate for consumers…

The Folly of the Reg Z Exemption

There’s an interesting pair of verses in the book of Proverbs. They go like this: “Answer not a fool according to his folly, lest you be like him yourself.” Then right after that we read, “Answer a fool according to his folly, lest he be wise in his own eyes.” This is no contradiction…