MOUNTAIN RESORT PROPERTIES INC. - Robert J. Gaffney

TO RENT OR TO BUY: what used to be a given – that you would buy a home as soon as you could afford to – has become an agonizing conundrum for many a would-be homebuyer, in the face of the housing market’s big bust and super-slow recovery. Low prices seem to create a wide-open window of opportunity, but they also create the concern that prices will keep falling after closing. And that Catch-22 has hundreds of thousands of buyers-to-be stuck on the fence.

Fortunately, there are handful of life, mortgage and local market signals which indicate that the time *might* be right to hop – scratch that – leap off the fence and into homeownership:

MORTGAGE ARE GOING UP. Home prices have been low for the last several years, and in fact are currently looking like they’re heading back down to the same levels they were at the depths of the real estate recession. During this same time frame, interest rates have also been low – this one-two punch has created record-high affordability for the last four years running, causing buyers to believe that this window of opportunity won’t be closing anytime soon.

While prices don’t look like they’ll be skyrocketing anytime soon, interest rates are another story. Rates have been on a rollercoaster over the past few months, and with inflation and Fed rates set to spike later this year, today’s low interest rates might be as good as they’re going to get for a long time to come. And I mean a very long time – in the next few years, governmental intervention in the mortgage markets is likely to wind down, and that means higher mortgage interest rates are not only inevitable, they’ll probably be here for a long, long time.

Mortgage rates on the rise are one signal that now might be the peak of home affordability, and the peak of the opportunity to buy.

RENTS ARE GOING UP. Rental rates in many areas are also on the rise – in fact, the foreclosure crisis has acted created additional demand on many markets’ rental housing inventory in several different ways. First, former homeowners who lost homes to foreclosure now need to rent; as well, buyers in foreclosure hot spots have been hesitant to buy, many electing to stay renters far beyond when they would have otherwise. On top of all that, super-tight lending guidelines have stopped even some who would like to buy homes from doing so. As a result, rental homes are in high demand – and rents are rising.

Rising rents at a time when the prices of homes for sale are low and, in some places, falling? One more signal that now might just be the time to buy. (Of course, where foreclosures are high, the chances of continued depreciation are, too – to offset this risk, have a long-term plan, to minimize the possibility that you’ll owe more than your home is worth when you need to sell. Read on for more on how to plan for the long term and minimize your homebuying risk.)

YOUR INCOME AND CAREER ARE STABLE FOR THE FORESEEABLE FUTURE. The smartest homebuyers look to their lives, not just the market, for signals about when the time is right to buy. Homebuying is a long, long-term endeavor these days. The goal is to be able to commit to staying in the same place, geographically-speaking, for 7 to 10 years before you buy (more in a foreclosure-riddled market, less in an area that has been more recession-resistant). Most lenders will require that you’ve been at your job – or in the same general field of work – for at least two years before you buy. But that’s the bare minimum – beyond that, you don’t want to be barely beginning a career in which you think you may need to move sooner than that, nor do you want to buy when you’re advanced in your career, but in an industry which is dying or downsizing the workforce in your region (unless you have a strong Plan B).

When you get to the spot in your career where you can realistically project a stable income 7 to 10 years out, life might be giving you a green light to move forward on your homebuying dreams.

YOU CAN REASONABLY PREDICT THE HOME YOU'LL NEED IN THE YEARS TO COME. Since successful homeownership requires that you be ready to be in the place for a good number of years, best practice is not just to buy a home with the space and number of rooms you need right now – rather, you should aim to buy the home you’ll need 5, 7 or even 10 years down the road (to the best of your ability to predict, of course). You might be a newlywed with no kids now, but you plan to have them in a few years. Or maybe you’re a newly minted empty nester right now, but can project that you’ll want to retire - and might not want to climb two flights of stairs to get to and from your bedroom - 10 years down the road. Before you buy, you should be in a position to buy the home that meets your future needs – not just your current ones; and that requires that you have a reasonable idea of your life vision and plan for the future.

If you’re able to predict – and afford, at today’s prices – a home with the space, amenity and geographic location you’ll need 7 to 10 years from now, you might be in a good phase of life to get off the rent vs. buy fence.

WITH THAT SAID. . . buying a home is a massive decision and includes multiple, long-term financial and lifestyle obligations, so if one or more of these signals are present for you, that doesn’t mean you have the green light to run out and buy a home tomorrow – rather, it’s a good sign you should begin down that path, if you’re so inclined. You’ll still need to do the work to make sure your personal finances and holistic life picture are also in alignment before you buy, as well of the work it takes to ensure that your real estate and mortgage decisions are sustainable and smart, over the long-term.

It’s not overkill to check in with a mortgage pro, a tax pro, a local real estate broker or agent and a financial planner to make sure all your ducks – not just one - are in a row before you make your move.

Together, we can help you find the home of your dreams, an investment property or a second home. Or, if you just don't want to make the plundge just yet, I can also help you find a rental property that will suit you and your family in the meantime.

If you want to make the next step to home ownership, please give Robert Gaffney a call @ (570) 228-9126 or e-mail me at rgaffney@crystalspringsbuilders.com

MOUNTAIN RESORT PROPERTIE, INc
Robert Gaffney - Sales Associate
48 Sugar Maple Lane
Hardyston, NJ 07419
Direct Cell # (570) 228-9126

Using the power of pre-inspection

Imagine finally finding a buyer for your home, negotiating the offer, opening up escrow and beginning to pack your prized spoon collection when disaster strikes. The home buyer's pest and dry rot inspection has revealed issues that have caused the buyer to panic. Your sale is now in danger of failing!

While most states require that sellers disclose all known defects to a buyer, it's the unknown issues that inspectors are hired to find. These paid consultants have the tough job of crawling into the nooks and crannies of your home, the places most of us rarely if ever visit, to identify problems that can haunt the home buyer if not addressed prior to closing.

So how can you avoid a nasty surprise? One popular way is to consider the power of pre-inspections. A pre-inspection simply means you have your home inspected before you receive an offer from a buyer. The advantage to this approach is that if your home does have some challenges you can fix them before you receive an offer. Also by having a pre-inspection you may be able to outflank your competition by advertising the fact that your home has a "clean" bill of health which will potentially help you sell faster and for more money.

So what kinds of pre-inspections might you consider? There are a wide range of inspections that can be performed on any home and choices vary by region, which is why it is always best to consult with a local agent before deciding on which pre-inspections are right for your home. All of that being said, some of the most popular inspections include:

Whole home inspections - A top to bottom review of your home from the foundation to the roof. These inspections are often very extensive and include detailed reports on all of the systems of the home including plumbing, electrical, heating and cooling, and structural components.

Pest and dry rot inspections - These inspections are focused on identifying evidence of active (and inactive) wood destroying organisms like carpenter ants and termites and the damage they may have caused. In addition inspectors will identify issues that can cause rot in a home like leaking water pipes, poor ventilation, earth to wood contact, and moisture problems.

Well and septic inspections - In rural areas many homes use well and septic systems for drinking water and sanitation. Inspections of wells focus on gallons per minute production and the safety of the drinking water while septic inspections focus on making sure the tanks and lines moving the waste water away from the home are functioning properly.

Pool inspections - In areas of the country where pools are popular it is common for buyers to request a pool inspection. These inspections often review the area around the pool for safety including the pool itself, the pool deck, pool liner, lighting, heating and pump systems, and filtration systems.

Roof inspections - A roof inspection will evaluate the current state of the roof system identifying problem areas such as missing tiles, valleys and flashing which may need repair, gutter systems, downspouts, and the estimated life span of the current materials.

Foundation inspections - Often a foundation inspection may be called for if a home is built on a soil type or area that has a history of slippage, or if the foundation is showing signs of fractures. In addition many buyers order a foundation inspection if a home is older or if the home has beams which are sagging due to a lack of support.

One word of caution: anything you learn as a result of a pre-inspection will no doubt need to be disclosed to a potential buyer (even if you don't fix it) because of disclosure laws. Check with a local agent or attorney for details in your state.

So where can you find a reliable inspector? One source is the American Society of Home Inspectors, the oldest trade group in the nation specializing in overall home inspections. In addition you may be able to find a trust-worthy inspector simply by asking for a referral from your friends, neighbors, or a local agent.

MOUNTAIN RESORT PROPERTIES INC.
Robert "Bob" Gaffney - Sales Associate
48 Sugar Maple Lane,
Hardyston, NJ 07419
Off: 973-823-1293
Fax: 973-823-0088
Cell: 570-228-9126 (Call me directly)
E-mail: rgaffney@crystalspringsbuilders.com
Url: www.crystalspringsbuilders.com
www.mrphomes.com
www.robertjgaffney.com

What to expect at closing

You've survived house hunting and the bidding and negotiating on your new home, and now it's time to make it yours. But to do so, you have to sit down with various people, which may include the seller, your real estate agent, title and mortgage company officials and possibly your attorney at what's known in real estate lingo as the "closing table."

At closing, you will close on the purchase of your new home, and if you are taking out a mortgage, on your home loan, as well. The whole process may take about an hour. Here's what's expected of you:

Complete the walkthrough
Before the actual closing, you'll most likely have the opportunity to perform a walkthrough of the property and confirm that the condition of the home is as it should be, as specified in the sales contract.

Bring enough cash
At closing, you'll be paying for your share of the closing costs, and will be bringing the down payment, so be sure to bring a certified check or a cashier's check. Your lender will provide a lender's check for the remaining balance that's due on the home.
Your HUD Uniform Settlement Statement (which both you and the seller will sign) will detail the closing costs (plus all the monies involved in the transaction), as well as who is expected to pay them.

Show id
You will also be required to show proof of your identification, such as your driver's license or passport.

Proof of insurance
Bring a copy of and proof of payment for your homeowner's insurance, plus your flood insurance policy, if you have one. Your lender may want to review these before allowing you to close on the home.

Sign on the dotted line
To transfer ownership of the home, both the buyer and seller will be required to sign several documents.
You may be required to review and sign the purchase agreement, a promissory note for your loan, mortgage documents, title documents, the settlement statement and the truth in lending statement (which will outline the costs of your loan, your payment schedule and amount financed), while the seller will also sign the settlement sheet -- and, importantly -- the deed to the home to transfer ownership of the property to you. Copies of these documents will be filed at the county recorder's office, but be sure to keep your own copies as well.

Take the keys!
Once all the necessary paperwork is completed and everything is in order, you will be given keys to the home. While you will no doubt immediately change the locks upon moving in, the keys are the final sign that the home is indeed yours.

POST A COMMENT OR A QUESTION

MOUNTAIN RESORT PROPERTIES INC.
Robert "Bob" Gaffney - Sales Associate
48 Sugar Maple Lane,
Hardyston, NJ 07419
Off: 973-823-1293
Fax: 973-823-0088
Cell: 570-228-9126 (Call me directly)
E-mail: rgaffney@crystalspringsbuilders.com
Url: www.crystalspringsbuilders.com
www.mrphomes.com
www.robertjgaffney.com

How does the closing process work?

It would be great if closing a real estate transaction was like buying a new bike or TV, just cruise through the aisles, pick your favorite model and head for the register. But this just isn't the case. Real estate transactions are complex and involve as many as twenty different players including real estate brokers, buyers, sellers, attorneys, inspectors, appraisers, lenders, and often contractors. Because of this, even the simplest transaction today typically takes between 30 and 45 days to close.

The closing process begins with the acceptance of an offer which is prepared by the parties themselves, a real estate broker, or often an attorney. This process varies by state but often involves an initial offer or letter of intent from the buyer followed by a series of discussions and or negotiations with the seller. Once an agreement is hammered out the details are typically memorialized in a written form that all parties sign.

 Once accepted the offer is typically placed with an escrow company. An escrow company is a depository for legal documents and often acts as a notary and closing agent to process signatures and monies for the parties involved in a transaction. It's important to note that they do not represent either party in the sale, and because of this they are often referred to as a neutral third party in the transaction. In some states an attorney may act as the closing agent and prepare the closing documents.

 Prior to closing, all of the conditions of sale must be met. These conditions are often referred to as contingencies. The most common contingency is the buyer's ability to secure a new mortgage. Often this is the most time consuming aspect of closing a real estate transaction as the lender must conduct employment verifications, credit report reviews, financial statement reviews, and order an appraisal for the home itself. In addition many buyers and their lenders require an inspection of the home. These inspections can vary by state and local custom but often include pest and dry rot inspections, whole home inspections, or specialized inspections that are area specific like a radon gas inspection.

While the escrow is opened, a title company may be hired to conduct a preliminary title report. This report will provide a comprehensive review of all of the recorded documents which affect the deed to the property. Examples include easements, liens, tax assessments, covenants, conditions and restrictions, and homeowner association bylaws. The buyer and lender must approve of the preliminary title report prior to closing.

 Once the conditions of sale have been met and the preliminary title report has been approved, all parties will agree to sign closing documents. In some states this will mean that all parties will meet together and sign documents at the same time, while in other areas it is customary to sign independently. Once the documents have been signed, notarized copies will be forwarded to the lender, funds will be released, and the sale will be recorded at the local recorder's office.

 Lost? Not to worry, many escrow companies like First American Title Company are happy to provide a local guide of what to expect when closing a transaction in your area. In addition, an agent will be happy to explain the local customs for your specific market.

Mountain Resort Properties, Inc
Robert Gaffney
Cell: 570-228-9126
e-mail: rgaffney@crystalspringsbuilders.com
Url: www.robertjgaffney.com

"TRUTH IN NEW JERSEY REAL ESTATE" ( Vol #2 )  2010 Market Trend Messages:

Mountain Resort Properties, Inc - Robert J. Gaffney / Sales Associate - 570-228-9126

My Mission Statement:

"To inform the public in the TRUE Real Estate market currently effecting New Jersey, and to educate consumers in making better informed decisions on purchasing a home."

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The market is hot and the home prices are the best they've been in years. Take advantage of the current events unfolding in the real estate market.

Grab a piece of the AMERICAN DREAM while you have the advantage.

I can help you find a property throughout Northern New Jersey. Either in, Hudson, Bergen, Passaic, Sussex or Morris Counties.

Call Robert J. Gaffney for information on any available properties. No matter what you're looking for, For Rent By Owner, Lease with Option To Buy or a regular home purchase.

I can also help you in searching for rental properties.

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A FEW FACTS ON THE NEW JERSEY REAL ESTATE MARKET:

2010 Market Trend Messages:

• Taking into account a number of factors, homes are more affordable now than they have been since the beginning of 2001. The NATIONAL ASSOCIATION OF REALTORS®’ "affordability index" is a measure that factors the average price of home sales, mortgage interest rates, average family income and other economic indicators to determine how affordable owning a home is in a particular area. The current affordability index for New Jersey is 133.2, which is for the 4th quarter of 2009.

• Increasing levels of affordability mean a home purchase is within reach for more New Jerseyans than the same time the year before. The median price of a single family New Jersey home in the 4th quarter of 2009 is over 8 percent lower than in the 4th quarter of 2008.

Source: NATIONAL ASSOCIATION OF REALTORS®

• It is important to remember that real estate is cyclical. Home sales in New Jersey remain healthy, although there has been a decrease from the height of the market in 2005. Even without the federal home buyer tax credit incentives, right now is an excellent time for financially capable consumers to buy because of high affordability and near record-low mortgage rates.

• Buyers and sellers need to feel comfortable with their decisions about whether now is the right time to purchase a home. For most people, purchasing or selling a home is more than a strictly financial decision. Whether it’s finally realizing the joy of raising a family, celebrating a long-awaited retirement, or relocating to pursue better employment opportunities, for many people a real estate transaction is the realization of a dream. Individuals should talk to a REALTOR® about the real estate options that exist and will help them to achieve their dreams.

• It is important to remember that during this period of transition, sellers may get less for their house than other homes in their neighborhood might have in the past few years but, in turn, they may pay less for the next house they decide to purchase. In addition, buyer incentives help sellers. The more buyers able to enter the market, the larger your potential pool of purchasers will be.

• The 2009 median price of a second home in New Jersey was $246,300. Because of the relatively high amount of inventory, there are plenty of affordable options that, when paired with low interest rates, could be once-in-a-lifetime opportunities. Who wouldn’t want their investment to double as a vacation getaway and a foundation to build lasting memories?

• A REALTOR® should be the first point of contact for consumers who are interested in purchasing or selling a home. REALTORS® have the expertise to help consumers navigate local real estate market conditions. With the help of New Jersey’s approximately 50,000 REALTORS®, the complexities of regional, state, and local housing markets can be demystified and many misperceptions can be corrected.

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Just a phone call away.

Please call me on my cell @ 570-228-9126 for immediate assistance.

or e-mail me and I will get back to you as soon as possible.

Please be sure to visit www.robertjgaffney.com to leave a comment about this or any article and to sign up to become a member for instant updates to your e-mail with specific Real Estate information.

I appreciate the feedback.

Thank You

Mountain Resort Properties, Inc 

Robert J. Gaffney - Sales Associate "GO-WITH-GAFFNEY"

48 Sugar Maple Lane

Hardyston, NJ 07419

(CEL) 570-228-9126 (preferred contact #)

URL: http://www.robertjgaffney.com

E-MAIL: rgaffney@crystalspringsbuilders.com

"Se Habla Espanol"

"TRUTH IN NEW JERSEY REAL ESTATE"

My Mission Statement:

"To inform the public in the TRUE Real Estate market currently effecting New Jersey, and to educate consumers in making better informed decisions on purchasing a home."

Mountain Resort Properties, Inc @ Crystal Springs

Call Robert J. Gaffney @ 570-228-9126 for more information.

The market is hot and the home prices are the best they've been in years. Take advantage of the current events unfolding in the real estate market.

Grab a piece of the AMERICAN DREAM while you have the advantage.

I can help you find a property throughout Northern New Jersey. Either in, Hudson, Bergen, Passaic, Sussex or Morris Counties.

Call Robert J. Gaffney for information on any available properties. No matter what you're looking for, For Rent By Owner, Lease with Option To Buy or a regular home purchase.

I can also help you in searching for rental properties.

A few facts on the New Jersey Real Estate market.

•With home prices reaching low points across the country, New Jersey’s unique advantages still make it a smart place to invest in real estate. In the long term, New Jersey homes appreciate better than the nation as a whole. On average, long-term appreciation of homes in the Garden State have been shown to exceed the national rates 5 times over.

•Mortgage rates are near historic lows. Though some buyers are waiting for home prices to hit rock bottom before entering the market, buyers that are looking to take advantage of long-term savings realize that now is the perfect time. If you wait to buy a home thinking prices will fall, you run the risk of interest rates climbing higher, which can have a major impact on your monthly payment.

•Loan limits on mortgages secured by Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) have been increased in high-cost areas, such as New Jersey, until December 31, 2010. The home loan limit you can receive from the federally-backed agencies, Fannie Mae and Freddie Mac, is set at 125% of your local area median home price and is capped at $729,750.

•The current rates are good news for sellers too. With low interest rates, more buyers will be able to enter the market.

•Waiting for prices to drop could cost you. A buyer obtaining a 30-year mortgage of $300,000 right now at a 5 percent interest rate will pay approximately $1,610 each month in principal and interest. If that same buyer waits until sale prices drop five percent, he/she runs the risk of interest rates going up. A 30-year mortgage of $285,000 at a 6 percent interest rate will cost the buyer $1,708 per month in principal and interest. Those few percentage points can equate to thousands of dollars over the course of a mortgage.

Just a phone call away.

Please call me on my cell @ 570-228-9126 for immediate assistance.

Thank You or e-mail me and I will get back to you as soon as possible.

Mountain Resort Properties, Inc

Robert J. Gaffney - Sales Associate "GO-WITH-GAFFNEY"

48 Sugar Maple Lane

Hardyston, NJ 07419

(CEL) 570-228-9126 (preferred contact #)

URL: http/www.robertjgaffney.com

E-MAIL: rgaffney@crystalspringsbuilders.com

"Se Habla Espanol"

Homeowner Price Reductions?

While reading an article in the Star Ledger this morning I came across a segment that talked about "Homeowners lower prices in bad market". I'm finding that the Real Estate market and industry is still a mystery to the average person. It never ceases to amaze me that homeowners put their homes on the market in a bad economy and still expect to get the price they thought up, with no market analysis, no professional direction or guidance and hope to sell the house quickly.

The article states, A quarter of the homes on the market in New Jersey have seen atleast one price reduction". When a home is placed on the market it all depends on several factors to when the property enters into a contract and closes the sale. The most important factor is price. The home can be updated, newly remodeled or have many modern upgrades just installed, but if the price is not set according to the current market and existing home sales in that particular neighborhood any realtor can tell you that atleast one or more price reductions are in the cards.

I have been on many listing appointments in my career and I've turned down many listings due to overpricing. It does not benefit me or the homeowner if the price is to high compared to all the other homes that fit the same criteria currently on the market and nearby the subject property. Sure many realtors out there will take the listing and have the home sit on the market selling all the other homes currently for sale, usually part time realtors with regular jobs and excited with the notion of just getting a listing, but what does that do for your listing. All it does, is show other realtors listing properties in that neighborhood that it's much easier to sell their listings by pointing out to thier clients the value they can achieve on his or her home compared to the over priced homes on the market, but they can get  it for much less.

With the economy the way it is, with no end in site, the bargain hunters are out in droves. People on the verge of losing jobs, losing 401K plans that was meant for down payments on a first home or losing the home due to falling behind in mortgage payments the average first time homebuyer or the investor is looking to capitalize on the misfortunes of others. The problem, with all of the sub-prime mortgages that were handed out to the majority of the homes on the market today a good portion of them are trying to sell just after a pre-foreclosure, foreclosure or have no choice because they have to sell as a Short Sale. For those of you who are not familiar with "Short Sales", it is when you have passed through all of the above mentioned and now you have to sell quickly before the bank repossess the home and you end up owing what ever the amount is above what the bank sells the property for plus attorney fees, taxes and penalties.

For example, if you owe $250,000 on a mortgage, you've only owned the home for two years and through the sub-prime loan you purchased the home with a 95, 97 or even a 100% (no down payment 30 year home loan) what do you think the price is going to be? Now, lets say that home is in Woodbridge, the Star Ledger says the average of listings with price reductions are 28% and the average price reduction is 6%, you now put your house on the market at $250,000 because that is what you owe and you don't want to go into debt on a home you don't own. Now, 28% of other homes on the market in your neighborhood have had price reductions already at a rate of 6%, your price should be to start around $235,000. The problem is, you're starting off $15,000 in the hole, you don't even have an offer on your home yet and you can guarantee the prospective buyer will try discounting the price even further.

The Star Ledger also comments on "Home Sales are often driven by the price which nearby homes have sold", I've understood it to be always driven by the price at which nearby homes have sold, comparatively speaking.

This is nothing new folks, price reductions have been around since the first piece of real estate was sold. It's called negotiating the price. If the price is to high, the property will sit on the market and sell all the other homes around it.  First you'll see a Century 21 sign on it, then a Coldwell Banker, then a Weichert sign and finally a "For Sale By Owner" because the property has gotten stale and all the realtors, "who are the people who generate the prospective buyers" know about it.

Well, the good news is price reductions will benefift the first time buyer, as well as the move up buyer and the investor and the economy. Price the house right the first time and you should be able to save yourself thousands of dollars in taxes, recurring fees from the bank and the always dreaded Attorney fees which could mount up to a large portion of what you may end up owing in the long run.

Robert J. Gaffney - Sales Associate

Mountain Resort Properties, Inc @ Crystal Springs

Off: 570-228-9126

 "Rentals, Home Sales, Commercial or Business, NO JOB TOO SMALL"

Give me a comment, what are your thoughts on the current real estate market or my article, I welcome any opinions, good or bad.

No one has a crystal ball to determine when is the best time to purchase a home. Many in the media and financial institutions would have you believe they know when the time is right. I'm sure clients of Bernie Mahoff thought they were getting the best, up to the minute stock and mutual fund information that money could buy. Unfortunately, the only thing the money they were investing with Mahoff was buying was expensive cars, jewelry and multiple properties for Mahoff. How did that work out for you? 

The only thing you can do as a potential home buyer is trust yourself.  Only you can determine the best time to buy a home according to your own financial and personal situation. As long as your head is not next on the chopping block at work, you have enough money to cover closing costs and down payment and your happy with the choice of home you picked out of the many homes that are on the market is when you should take the plunge to purchase a property.

Take it from someone that has been working in this real estate market for the past fifteen years, I've been through the ups and downs, the mid 90's were good, the late 90's were great, but the market we have today started roughly in 2005 when the banks were forced, by the government, to provide housing for low income buyers. The government told the banks and mortgage company's give loans to low income buyer's. Now, I'm sure the banks and mortgage company's either heard, "or else" or interpreted some other meaning to what was said, but nevertheless, the flood gates were opened, the water's were parted and the sky opened up to the real estate and mortgage market we see today. 

The government already has Fannie Mae and Freddie Mac, putting those in the government  in the mortgage business. I just can't wait to see the day that Obama is carting client's around in the White House limosine, attending Open House's and writing contract's posing as a Realtor. Well, wouldn't that be the next step? Well he was a community organizer. Yeah, community organizer, Senator, President of the United States then Realtor, makes sense, doesn't it? I wonder, was Obama ever an Amway salesman? Anyway, you get the idea.

If you need any further assistance in any real estate transaction or information I would be glad to help you, just give me a call. By the way, I hope you enjoyed the article, let us know if you have any input that could be helpful.

Robert J Gaffney - Sales Associate

Mountain Resort Properties, Inc @ Crystal Springs

Off: 570-228-9126

FORECLOSURE / BANK SHORT SALES AND AUCTIONS

The new thing for banks these days is to try to be in the Real Estate business. Too many times lately  banks and mortgage company's are stuck in the middle of collecting the mortgage and foreclosing on your home. But, these day's, as it has occurred many times in the past, financial institutions are faced with a new fad called Short Sales. Now, to understand how Short Sales work, once you get behind in your mortgage you start to receive the letters in the mail from your bank/mortgage company.  READ MORE ON www.robertjgaffney.com

Depending on the bank/mortgage company, you may have up to a full year before any foreclosure proceedings begin. Once your property is in pre-foreclosure you may have time to put the property on the market, as long as you haven't ignored the letters in the mail and you've come to grips with the fact that you are in danger of losing your home and any credit rating you may still be hanging on to. The pre-foreclosure or foreclose process has started and you have had the chance to list your property with a realtor or on your own.

By the way, it is my duty to let people know that may be currently facing this tragic situation, it would benefit anyone to use a realtor, especially for this. I say this because whoever is going to handle the sale of the property will have to in constant contact with banks, mortgage company's, appraiser's, home inspector's, buyers, attorney's as well as many other individuals involved in the sale of the property.

Now, you have your property on the market, you just found a buyer that is interested in your property. The buyer comes back with a contract and it gets excepted. Now what? You have a property that was just agreed upon for sale, but it is also in the middle of a pre-foreclosure or foreclosure process. Now the task at hand is to convince the bank/mortgage company to agree to accept the terms and conditions of the buyer and, more importantly, the price the buyer is offerring. Unfortunately, unless the buyer is purchasing the property for more than your property owes on the mortgage you will have to deal with the bank/mortgage company to see if they will accept the price.

Through personal experience, banks/mortgage company's will try to hold off, be very difficult or just try to ignore the request's made to close the transaction quickly. Banks/mortgage company's do not want to agree on a sale of a property, especially if the property is being offerred at below market value or less than the amount owed on the note.

At this point, if the purchase amount is less than what is owed on the property it will feel as if you no longer are the owner and you have to ask permission to sell your own property.

The newest craze is putting properties on the auction block instead of conventional sale. In my opinion, this is the reason why the banks/mortgage company's are "holding off" on approving Short Sales. The media likes to tell the public that Short Sale's are moving properties for the banks and the banks/mortgage company's are cooperating fully with the public. NOT TRUE.

The moral of the story, the earlier you can put the property on the market for sale, before it goes into pre-foreclosure or foreclosure, the better. I realize how difficult, frustrating and embarrassing it can be to lose your home, but it can be quite invigorating to help yourself out of your problem and not let it get to the control of others.

If you need any further assistance in any real estate transaction or information I would be glad to help you, just give me a call. By the way, I hope you enjoyed the article, let us know if you have any input that could be helpful.

Robert J Gaffney - Sales Associate

Mountain Resort Properties, Inc @ Crystal Springs

Cell: 570-228-9126