Highlights
Buying a house, condo or other real estate the largest and most complex purchase most Americans will ever make -- remains a huge part of the economy. In 2007, a dismal time for the business, about 6.3 million housing transactions occurred in the United States, according to the Realtor's trade group. But the market has taken a serious body blow in recent years. The National Association of Realtors predicted the sales of existing homes in 2007 would be 10.8 percent below 2006. Sales of new homes were expected to be at the lowest level in a decade. The Internet has made it much easier for a layperson to locate properties that fit their needs and budget. As a result, while about 90 percent of tr...
Buying a house, condo or other real estate the largest and most complex purchase most Americans will ever make -- remains a huge part of the economy. In 2007, a dismal time for the business, about 6.3 million housing transactions occurred in the United States, according to the Realtor's trade group. But the market has taken a serious body blow in recent years. The National Association of Realtors predicted the sales of existing homes in 2007 would be 10.8 percent below 2006. Sales of new homes were expected to be at the lowest level in a decade. The Internet has made it much easier for a layperson to locate properties that fit their needs and budget. As a result, while about 90 percent of transactions involve a real estate agent, the rest were simply buyers and sellers hooking up independently. By-owner sales are popular among many people, in part because it saves on commissions. But even more buyers favor using a real estate agent who has the expertise and time to negotiate the complex processes. It may be obvious that no purchase in your life will ever be as crucial, but the good news is that it does not have to be as intimidating as you think. The single best piece of advice is not to let the big numbers and the jargon unnerve you. Simple, easy-to-understand step-by-step advice and instructions are available in literally hundreds of books in the library, on-line articles and websites (enter the words "real estate tips" and "selling" or "buying" in any search engine). Most give the exact same information although each may have a bit of a bias such as favoring by-owner or using a Realtor. Other significant advice: have patience; this can often be a long process and time usually is on your side. Trust your instincts; if a deal seems too good to be true, there's often a reason. Believe in options; just like buying a used car, there is always another house out there. Buying a home is essentially a lengthy parade of complex decisions, starting with whether this is the right time to be making a transaction. But the websites and books lay out the specific criteria you can use to make an informed judgment call rather than just making a blind guess. For buyers, the process includes finding out precisely how much you can spend on a house without destroying your standard of living; locating financing; identifying a large array of potential homes so you are not focused on one choice; visiting, inspecting and evaluating properties; negotiating a deal, and closing the deal.
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real estate transactions
Forum Publishing GroupDeerfield Beach Sept. 30 •2363 SW 15th St, #92 $96,000 Sellers: LaSalle Bank National Association and Ownit Mortgage Loan Trust Buyers: Issac B. Rosario and Betsaida Roman •1380 SW 47th Ave $130,000 Bank-owned Sale Sellers:...Tags: Foreclosures, Fannie Mae, Homes, Financial and Business Services, Deutsche Bank AG
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Ask the Experts: Foreclosures 101
- Patty Gable, RealtorŪ, EXiT Realty Central, Maitland - Larry Wechter, RealtorŪ/property manager, ReMax Partners, Fort Lauderdale New Homes: How does a foreclosure differ from a traditional sale? Patty Gable: Typically, a bank foreclosure property is...Tags: Property, Foreclosures, Sales, Fort Lauderdale
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Ready to move now?
What is an immediate-occupancy home?
"Many potential home buyers in today's market are sidelined with a house to sell. Once they sell their homes, they cannot wait for a home to be built and need a new residence right away. To insure we are able to...Tags: Hurricanes, Natural Disasters, Meteorological Disasters, Homes, Government
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Understanding short sales
What is a short sale?
According to foreclosureuniversity.com, "a short sale is when a lender accepts a discount on a mortgage to avoid a possible foreclosure auction or bankruptcy. Instead of buying from a seller, you are purchasing the property...Tags: Real Estate, Foreclosures, Fannie Mae, Sales, Financial and Business Services
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Crotty's plan to slash impact fees gets chilly reception
Sentinel Staff WriterOrange County commissioners said Tuesday they are open to helping developers survive a slumping economy and collapsed housing market. But they were cool to a proposal by Mayor Rich Crotty to slash impact fees paid by developers as much as 50 percent....Tags: Property, International Drive, Rich Crotty, University of Central Florida
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Free Agent Pavano Joining Indians
The Indians and free agent pitcher Carl Pavano, a four-year bust with the Yankees because of injuries, agreed to a one-year, $1.5 million contract Tuesday. General manager Mark Shapiro said Pavano, who turns 33 Thursday, is guaranteed a spot in...Tags: Chicago Cubs, New York Mets, Chan Ho Park, New York Times, Derek Lowe
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Company at center of New Mexico probe did business with Pa.
Call Harrisburg BureauThe California company at the center of an investigation into state contracts in New Mexico has done nearly $600,000 worth of business with Pennsylvania since 2003, according to the Rendell administration. CDR Financial Products, based in Beverly Hills...Tags: Philadelphia (Philadelphia, Pennsylvania), Corporate Crime, Chaka Fattah, Regional Authority, Government
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Wednesday's Highlights
SERIES
American Greed: The series returns with a look at how greed changes people's lives (7 p.m. CNBC).
13: Fear Is Real: Two contestants are buried alive in the premiere of the unscripted competition series "13: Fear Is Real" (8 p.m. CW).
Great...Tags: Owen Wilson, Rihanna, Television Industry, Miami Heat, Kevin Kline
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Vick wants to auction Ga. home after value drop
Associated Press WriterAfter more than a year on the market and a $400,000 price reduction, Michael Vick's eight-bedroom home in the Atlanta area will go on the auction block if a bankruptcy judge agrees to the move. The imprisoned former NFL star disclosed the auction...Tags: Michael Vick, Football, Homes, Financially Distressed Companies, Personal Service
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Manhattan luxury housing market takes a hit
Park Avenue property owners are feeling a little poorer.
In what seemed like a New York-minute, prices of luxury homes in the area suddenly started to fall. One penthouse owner on Central Park West repeatedly slashed the asking price down to $9.9 million...Tags: Prices, Stock Broking, Long Island, Fannie Mae, Sales
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Vick wants to sell Georgia home at auction
Associated PressMichael Vick is asking a bankruptcy judge to allow him to sell his eight-bedroom home in the Atlanta suburb of Duluth at auction. The house has been on the market for more than a year and is listed at $4.1 million. The imprisoned former NFL star...Tags: Michael Vick, Bankruptcy, Auction Service, Real Estate Agents, National Football League
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IN BRIEF
U.S. consumer bankruptcy filings jumped nearly 33 percent in 2008 amid a recession that's expected to keep filings rising into the new year. Overall consumer filings reached 1,064,927 last year, up from 801,840 in 2007, according to data published by...Tags: New York Stock Exchange, Transportation, Philadelphia (Philadelphia, Pennsylvania), Continental Airlines Incorporated, United Air Lines
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