Back when her life ran smack into the foreclosure crisis, Stephanie Alison Walker started blogging. It didn’t stop offers from evaporating or credit scores from plummeting. It didn’t keep her and her husband out of bankruptcy court. But it did turn out to be a great little love story.
Walker strung together her blog entries and created a book called Love in the Time of Foreclosure. You ride with her and her husband, Bob, down the rocky path that millions have traveled since the start of the housing crisis. Originally they had put 20% down on a 30-year, fixed-interest loan, with the income to back it up. Then, Bob lost his job and their dream house wasn’t too far behind.
Here at the Book Scan blog, we’ve covered the real estate + romance novel mashup. But Walker’s story isn’t about poofy blouses or forbidden trysts. This memoir is about how to keep a marriage together and romance alive under one of the most stressful situations a couple can go through together. And this isn’t about the perfect couple that can handle any of life’s problems, either. Stephanie and Bob have almost broken up before. What’s to say the end of homeownership might not also be the end of their union? Continue reading »
Some properties are being advertised as a short sale when they really aren’t in an attempt to lure bargain-hunter buyers. A new book,Foreclosures, Short Sales, REOs, and Auctions: Tools for Success in Today’s Real Estate Market, published by Dearborn, provides guidelines for using the term correctly. Here’s an exclusive excerpt:
There are a number of licensees who are attempting to attract buyers by using the term short sale in marketing property. It is very similar to the furniture stores that are constantly advertising that they are going out of business to draw purchasers. The fact that a home has lost value or that the loan has increased in amount and is now more than the value of the property does not automatically make the transaction a short sale.
It’s important that a licensee conduct a thorough analysis, not only of the property value and loans but of the prospective seller’s financial condition as well. As was indicated, according to some licensees who are experts in the field, only a small percentage of short sales are approved by lenders.
What is to be gained by these licensees who advertise properties as short sales when they really aren’t? The answer is attracting more buyers, of course.
Some licensees are describing properties as preforeclosure listing or short sale and use the terms synonymously. Appropriately, a preforeclosure sale of property would involve one where the owner is in default. The property may or may not be worth less than the loan amount. Continue reading »