What is a Short Sale?

Lots of people have questions about short sales.  What is it? How does it work? Is it good for me as a buyer?  Is it good for me as a seller?  None of the answers are easy, but let’s try to sort out some facts. What is a short sale? A short sale situation exists when a homeowner owes more on his property than it’s value.   For example, a homeowner purchased a home in 2005 for $350,000 and wants to sell it now.  If…

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Real Estate Market Snapshot

The California Association of REALTORS® offers many benefits to its members.  CAR also provides outreach to consumers in the form of Market Snapshots.  This one is for May 2010.  It offers a one page overview of what’s going on in the real estate market. The CAR perspective is statewide.  How do you think the statewide perspective compares to current conditions in Tehachapi or Kern County? If you are thinking about buying or selling a home, this is important information that could help with your decision.…

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How Long Before You Can Buy After Foreclosure?

After foreclosure: How long until you can buy again? The short answer is: it depends.  If you are a Tehachapi or Kern County homeowner that is in foreclosure or has already lost their house, you may be able to purchase a home again is 2 to 7 years. Getting a mortgage to finance a home after foreclosure is possible for most homeowners. If you defaulted on your mortgage due to economic hardships, such as job loss, you may receive approval for another mortgage in as…

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Is Your June Real Estate Closing Delayed by Someone Else’s Tax Credit?

Are you in the midst of buying a home in the Tehachapi area or elsewhere in Kern County?  If you among those who simply were planning to move in June and didn’t qualify for the Federal tax credit, you may not be moving when you intended.  It appears that purchases like yours may get pushed backward in the queue in favor of those that are anticipating a tax credit. Everyone wants to see those that qualify get the tax credits if at all possible.  You…

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