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Monthly Archives: November 2016

Information of Short Sales

Acceptance of Short Sale Offer

Many people believe that their short sale offer will be accepted only if the contract price is close to the outstanding balance of their mortgage. However, it is not true, the lenders have a good idea about the market value of your property and if you are offering anywhere near to that price then they will consider the offer.

Which is Better Foreclosure or Short Sale?

Many people feel that foreclosure is better than short sale as it will save time. While a short sale is a little harder it’s actually easier on you in terms of your credit report and you can live in the house while it’s ongoing.

Will be hit with Taxes

Many people keep themselves away from short sales fearing 1099C tax form as they feel it would be more burden on them. However, one should understand that if you have get approved for a short sale then it means there would be some amount that bank has forgiven and that amount is reported to the IRS on a 1099C. There are many exceptions to paying tax on this amount and so an accountant needs to analyze your situation but the best result is that you got out from an underwater mortgage.

Use Seller Financing

1. Minimal down-payment

Any other form of financing would require a percentage of the cost as a down payment. If the buyer can’t pay a large down payment, seller financing allows them to buy a house they otherwise couldn’t afford. The down-payment still does what it needs to do – it gives the seller some money upfront, and it ensures the agreement between the two parties.

2. Customizable monthly payments

Based on the down-payment, the buyer and seller can come to their own terms on the monthly payment. Since the seller is acting as the bank, the mortgage can be on terms the buyer and seller are okay with.

3. Purchase doesn’t affect your credit score

Whether the buyer plans to live in this house for decades or not, this deal will not affect later deals. Since there isn’t a bank involved in this process, the buyer and seller won’t be affected by it. So, as long as the deal goes okay, future purchases will not be based on this deal.

4. Flexibility in the purchase timeline

Since the bank is not involved, the buyer and seller have the freedom to create a full plan. There are some technicalities that will take time, but overall, the two parties can determine the sale and move-in dates.

5. Available options that banks can’t offer

Overall, if the buyer and seller can find common terms, the deal can be as unique and creative as the two want. The bank has a lot of formalities to abide by, that individual sellers and buyers don’t have to even consider. This can even include land contracts, lease-options, and long-term financing.

Luxurious Apartments

These days, our lives have become pretty hectic. Work has substantially consumed most of our time in a day. Maintaining anything vast is a major concern and most people shy away from such responsibility. Seemingly, the modern lifestyle is more into enjoying a versatile ambiance rather than a stand-out-from-the-rest culture.

This means, as opposed to earlier when people liked a serene surrounding with meadows and the sound of falls coming from far distant and beautiful lanes for little kids to enjoy cycling, and probably play hide and seek, we much prefer a house that offers us the connectivity to the modern lifestyle.

Furthermore, unlike the prominence of joint or big families before, now is the time for nuclear families. Most of us hardly live with our parents anymore hence, when we start a family of our own, it’s just you, your spouse and your children.

Call it trend or tendency; it has given rise to small families that are not so fond of spacious bungalows. This doesn’t mean however that these families in anyway want to compromise on luxury. We all love luxury and crave to enjoy every bit of it. The difference nowadays is in the way we want our luxury.

Firstly, the above mentioned nuclear families have both the parents working, and both of them have their individual social lives interconnected with their personal and professional lives. Evidently, none of them will willingly give up on their comfort zone that includes staying close to friends, families, work and other places like pubs, shopping malls, etc.

Kids these days develop interests in adult stuff at quite an early age. This is the reason why we’ve so many great thinkers with their inspiring stories occurring around us. Unlike earlier times when kids used to draw interest from riding bicycles or playing cars and bikes, children these days enjoy intellectual video games, 3D movies, etc. These things can be encouraged only if they mix with like-minded people and stay within their vicinity, and spacious bungalows located away from the city obviously can’t give that liberating window.

Another reason is that ready to move flats in Mohali or any other state for the matter of fact is an easier choice of investment for families. These apartments are ready, orchestrated with all the modern amenities, gives you a beautiful surrounding, and checks all your luxury needs as well.

Living on your own, aloof from the main society can sometimes be both dangerous and mundane. If you need help of any sort, getting that fast would mean a nightmare. Furthermore, regardless of how serene and lovely, the sights of trees and flowers might be, after one point of time, your eyes will strive for some fun, extravaganza and craziness. Living in an apartment means you’ve the opportunity to enjoy both.

First Time Home Buyers

Finance :

The type of abode you would want to choose will depend on how secure and sound you are financially.

Premier step is to analyse your credits and bank accounts.

For example – you decide to buy a home which is priced at INR 80 lakhs. Let’s say the bank loan for the same will be INR 35 lakhs. On an average considering the EMI 1000 per lakh your EMI will be approximately INR 35,000 per month.

Now that you know your EMI, make a check list of your current expenses and then decide on whether it’s the right time to step out for hunting your residency.

Once you have your finances in place you can go the next step i.e.

 Type Of Home :

The type of home is typically the kind of configurations you are looking at i.e. 1 BHK flat, 2 BHK flat, 3 BHK flat and so on.

This choice will be dependent on 2 factors i.e. on your family size and your budgets. If you are a nuclear family 1 BHK flat would be an ideal choice to begin with. You can upgrade yourself to a 2 BHK or 3BHK flat in years to come by.

3) Locations :

Once you have decided the type of home, next comes is the choice of location.

Location is one of the most important choice that needs to be made while purchasing a house. It determines your conveniences and commutation.