*A Different Ending *
——————————

Homeownership isn’t always a happily ever after story. There are times when
owners can no longer meet their mortgage obligations. In this case, there
are several options.

One is foreclosure. In this scenario, buyers have a grace period where they
can stay in the home and try to make good on their outstanding debts.
Eventually, if they are unable to reverse their current course, the bank or
lender will evict the owner, reclaim the home and place it on the market for
sale.

A second, lesser-known option is called a short sale. Here the lender agrees
to take a loss on the home in exchange for recouping most of what is owed to
them. In other words, if you owe $90,000 on your mortgage, your bank may
agree to take $80,000 and consider the debt paid. The benefit for the lender
is that the case is expedited and closed without the added expense of a
foreclosure proceeding. Of course the seller would not see any profit from
the sale.

If you find yourself in such a position, research the short sale option
further. Start by using online resources to learn about the agreement. If
you think it is feasible for you, consult with your lender and a real estate
attorney who is familiar with this arrangement

Also, it is very important that you understand the tax implications in a
short sale. While the lender may be willing to accept less than what it is
due, the government will consider the debt forgiveness as income and a
taxable gain. Speak with a certified public accountant that is well-versed
in this area.

When you closed on your home, you surely did not envision yourself in this
situation. Unforeseen circumstances, such as a job loss, can put you in a
position you never imagined. It is imperative that you look at all options,
including bankruptcy, foreclosure and the short sale before you select the
one that will work best for you.

*On the Market *
——————————

What makes one home sell in a few weeks while another may linger on the
market for what seems like seasons? Well, each case is different, but it
almost always boils down to one of these four factors.

*Price* – A home that is priced right will attract buyer attention. A fair
and reasonable asking price that is in keeping with market demands will
pique consumer interest and ultimately make the property more appealing.

*Condition* – Unless they are searching for an investment property, most
buyers are looking for a structurally sound home that has been
well-maintained. In addition, a home that “shows well” is likely to sell
quicker. This means the home is clean, well-kept, updated and appealing to
today’s buyer.

*Location* – The better the location, the more likely the property will
demand buyer attention. This could mean a single-family home in a charming
town with an exemplary school system. Or it could mean a wonderful apartment
in a great section of the city.

*Market* – Whether it is a “buyer” or “seller’s” also influences how long a
property is up for sale. When the advantage is with the buyers, you may need
to make allowances, such as a lower asking price or favorable terms to help
your property attract a bid. Your seller agent is your greatest resource
during your home sale. He or she can further explain how these factors will
influence your particular listing.

*Best Foot Forward *
——————————

Whether you’re on a job interview or a first date, you always want to make
a good first impression. Try these four simple steps.

1. Make good eye contact.

2. Give a firm, but gentle handshake.

3. Smile a genuine grin.

4. Really listen to what the other person is saying and respond accordingly.