It is no secret that there are a lot of home sellers who owe more than their home is worth. Because they are underwater on their mortgage, many are forced to ask the bank to take a payoff of less than they are owed, otherwise known as a short sale. As of today, ~14% of [...]

The housing downturn has meant that there are a lot of bank-owned homes for sale on the market. (Also known as Real Estate Owned or REO properties.) Successfully negotiating the purchase of a home that is owned by a bank is a process that requires patience and a different approach compared to buying a home [...]

One of the most important steps in purchasing a home is having it professionally inspected. A professional inspection can reveal hidden defects in a home and can provide a list of items that will require maintenance or repair during your ownership. Quality and thoroughness of home inspectors varies widely. Many inspectors show up armed only with a [...]

We just wrote an article about how to negotiate the price of a house, primarily talking about a “regular” real estate purchase from a private-party seller. Buying a home that is listed as a short sale is a whole different game, and you need to understand how the listing price may be set, how the [...]

Negotiating the price when purchasing a home can be one of the most anxious moments in the home buying process. Will the seller say yes to my offer? Will I get the house at a price I can afford? Will I be paying a fair price, given the current market conditions? Do I have to [...]

All states have their own seller disclosure laws for the sale of residential real estate. In Washington, this disclosure is known as “Form 17″ and is required to be filled out by most, but not all sellers of real estate.

The process of closing on a home is often confusing to home buyers and sellers and differs from state to state. We’re in Washington, so I’ll talk you through the process here, but if you are in another state, the process may or may not be the same. Preliminary closing items Your title insurance and [...]

When buyers think of purchasing distressed properties, they are usually thinking about a short sale or bank-owned (REO) property, or perhaps purchasing a home at a foreclosure auction. One category that isn’t talked about as much is homes that are part of a bankruptcy. Homes that are part of a bankruptcy represent their own unique [...]

In this real estate market, there are a lot of foreclosed homes owned by banks, known as Real Estate Owned or REO properties. If a home is not purchased at the foreclosure auction, its ownership reverts to the bank, and the bank will then turn around and sell the home on the open market. Many [...]