It came across my desk the other day thatRE/MAX andReal Property Management are teaming up to provide sellers alternative solutions if their property is unable to sell in this current market. Real Property Management will help find tenants, manage your property, work with you on the best rental price, advertise your property and more.
It seems to like a win/win for my clients especially the way the real estate sales market is today. Renting may be that alternative solution that will help you make the payments on your mortgage, but with Real Property Management, you don't have to become a landlord. From personal experience, being a landlord is a lot of work and it is not for everyone. At least check out Real Property Management if you are unable to sell as it may be a great alternative solution.
With the news that there are foreclosure freezesfrom several banks due to paperwork issues, I applaud those banks that took the initiative to halt the process and evaluate the issues. As a real estate consultant, I am glad to see there are banks caring about issues before they become problems, in the same proactive way I conduct business.
So what does this mean to you and me, the everyday people feeling the effects of bank bailouts and tough economic times?
There eventually will be a back log of properties that will come on the housing market. This back log may adversely affect real estate prices, again.
There is a possibility that current properties that are Bank Owned (aka Real Estate Owned, Foreclosed) will be delayed in closing due to paperwork backlog.
Homes that are Short Saleare NOT affected by this freeze. Short sales are a totally different process and are not combined in the freezing process.
As Jerome Idaszak from Kiplinger.com states, "The only sure cure is time. The question is, how painful will it be to get from here to there." I could not state it any better.
With interest rates so darn low, and with a tough economy, we all need a breath when it comes to money, so it may be advantageous to refinance your mortgage.
I recently discovered Easy Home Refinancing products that allow you to refinance with very low closing costs. Each mortgage bank is different, so check with the banks about their various offerings. If you are plan to stay in your home for a while, this may be a great option for you to save big money over the long haul. And you can use the extra cash to:
Pay down on your principle
Save for a down payment on a new home
Save for your child's education
Go out to eat more often
Take a vacation
It is definitely worth the time to explore how much you can save by refinancing.