Banks are also loosing (LTV) Loan-To-Value ratios, which Capital Economics experts state "the clearest sign yet of mortgage credit conditions". These may be small changes, but at this point anything helps and this is the first sign of positive upswing.

This pristine and recently remodeled home, on a treed lot, is perfect for your family with 2150 square feet, 3 bedrooms and 2 baths. Upon entering this home you will notice the open floor plan with laminate wood floors throughout, fresh paint and new hardware.  The large and spacious living area features a beautiful fireplace with mantel and a great designer touch with a slatted wood wall, perfect for mounting your television. The updated kitchen has slate flooring, abundance of cabinetry, updated appliances, planning desk and opens to the living area.  Entertaining will be easy with the openness of the dining room, living room and kitchen.  Entering the master bedroom you will notice the remodeled bath with a tiled floors and shower, and large walk in closet with built-ins.   The 2nd large bathroom features travertine flooring, vessel sink and tiled tub and shower.  Loads of built-in cabinets in the garage and a private, treed backyard completes this beautiful home!

Happy Hallo-Wine!!!

Eligible homeowners may qualify for up to $50,000 in interest-free loans and the money can assist borrowers for up to 2 years.

When you find a short sale property that peaks your interest, unfortunately the home and price is probably too good to be true. Before you get too excited call your real estate agent (Heldoorn Team 817-491-3030) to research the property and enlighten you with more details of the situation of the seller.

In most real estate markets, fewer than 1 in 10 short sales actually close escrow. Just because the home is listed does NOT mean it is really for sale (because it is subject to the banks approval), nor does it mean that it will sale for advertised price. Here are 6 things a buyers should know ...

1. Research Comparable Sales Prior to Viewing the Home

Short Sales are priced below comparable sales and most are ridiculously low. So low that the sellers, bank will never accept them. These homes will receive multiple offers and buyers need to be prepared to make offers at the market price...NOT THE LIST PRICE. If you're not prepared to pay above superficial price on a lowball short sale listing, THEN PASS.

2. Ask your agent to research the bank and number of loans on the property.

The more loans and lenders, the more difficult the transaction. Not to mention, the closing process will take longer. 

Some lenders, deserving or not, get bad reputations for being difficult to work with. If you have an experienced short sale agent, like Kellee Heldoorn, they should know which banks are easier to work with than others.

3. Find out if the Listing Agent has sold a short sale before.

A listing agent that has never sold a short sale before can be a very risky proposition for you. Thats because its up to the listing agent to submit the short sale package and negotiate with the bank. The short sale package, alone, is a complete nightmare. If one page is missing from the 200 page package, the bank will reject the offer (that has probably been sitting on the banks desk for 3 months) and the process has to start from the beginning....ugh. Ask yourself, do you want to risk rejection of your short sale purchase because the listing agent has no experience?

4. Is the SELLER cooperating with the bank?

Some sellers do not want to cooperate and are slow to return required documents. The seller thinks that they can stay in the property longer and they are proving to the bank that they are "trying" to sale the home. Some sellers dont even allow buyers to view inside the property. This is called a "Drive By Only".

5. How many offers has the short sale property received?

Short sales will receive multiple offers if priced under the market value. An agent is not required to disclose the terms of the offers, but you will want to know how many offers you are up against. You want to make an offer that will beat the competition yet still be below market, or don't waste your time.

6. Realize that now all agents are REALTORS.

This means that the listing agent may decide to submit only the first offer to the bank, regardless of price or terms. Also realize that even if your offer is submitted to the bank, because this process could be months before a short sale approval, another buyer could outbid you.

I have listed an sold several short sales, so I personally know that it CAN be accomplished. But, its like finding a needle in the haystack and all stars have to be aligned before the close of escrow actually occurs. Some words of advise are...be patient, dont fall in love with a short sale property because the odds are not in your favor of owning the home and KEEP LOOKING!  

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have gone up in the last six months, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, if home prices come down a little further but interest rates up, it could cost you even more to service a mortgage on an identical home!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates and low home prices, rather than to hope for a further break in prices in the future.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.