REAL ESTATE

By Inman News Feed

Seconds count in short sales

Home Sale Hindsight Tara-Nicholle Nelson Inman News Q: I signed a contract to buy a short sale in January 2010. The owners filed for bankruptcy and I was told that the agent was a short sale specialist and they had a bankruptcy lawyer. The sellers' bankruptcy went to court and was made official a few months ago. Last month, the contract was approved (by the bank), but I was just now told of a second lien for over $100,000 with (another company)! Now, I'm told we're waiting to see if the other company will approve the short sale. A month has lapsed, with no word from anyone. I was told that the bank offered the (second lender) $3,000 to pay off the second mortgage, which seems to be the norm. I have basically no input on this deal and I am pretty much left in the dark. So here are my questions: 1. It has been one month since the bank approved the loan -- how long will it wait until it forecloses on the home? 2. I have been told this deal has to happen because of the bankruptcy, but it just...

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Posted Jul. 30, 2010

REAL ESTATE

By AC Weekly

VIDEOS: First Time Home Buyer's Guide

Philadelphia Weekly's video guide to buying a home for the first time.

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Posted Mar. 30, 2010

REAL ESTATE

What's Your Home Worth?

The Zestimate (pronounced ZEST-ti-met, rhymes with estimate) home valuation is Zillow's estimated market value, computed using a proprietary formula. It is not an appraisal. It is a starting point in determining a home's value. The Zestimate is pulled from data; your real estate agent or appraiser physically inspects the home and takes special features, location, and market conditions into account. Variations in price also occur because of negotiating factors, closing costs, and timing of closing....

Provided by Zillow

REAL ESTATE

By Inman News Feed

Buyer beware when when home lacks permits

3 steps to safeguard your purchase Paul Bianchina Inman News It's an all too common situation. You find a perfect home for sale in an ideal neighborhood. It's been beautifully remodeled, and it has everything you've been searching for. Even the price is right. Something tells you it might be too good to be true, but you put in an offer anyway, and it's accepted. You start doing all the paperwork, and sure enough you discover the catch that you always somehow suspected was there. The sellers did all of that remodeling work without any building permits. So now you're faced with a dilemma. You really want this house. The sellers insist that all the work was done by licensed contractors, and that they have full documentation and photographs of all the work as it was being done. The sellers also tell you that they're willing to allow any type of inspection on the home that you'd like -- except for one by the city. They explain that they had a bad experience with a building inspector on a previous home, or that they have an ongoing feud with the city over their water...

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Posted Jul. 30, 2010