DFW Relocation

Cha-ching! 2 safer ways to buy great homes at deep discounts If you possess patience and persistence, REOs and short sales are good ways to score incredible deals. But do some research and know what you're getting into before you give one of these methods a try. By Kiplinger's more on www.robertjrussell.com Home prices may not have hit bottom quite yet, but they are finally low enough to draw bargain hunters. The national median home price has fallen 26% since its peak in early 2006, according to Fiserv Lending Solutions, a home-price research firm. Sales are especially brisk where prices have dropped sharply and foreclosures are rampant - in California, Nevada, Arizona and Florida - partly because foreclosures put pressure on traditional sellers to cut their prices, too. Nationwide, nearly half of all sales in the fourth quarter of 2008 were "distressed" - mainly foreclosures, but also sales by homeowners selling for less than they owe on their mortgage - according ...

What is a Mechanic's Lien ? The Mechanics' Lien law provides special protection to contractors, subcontractors, laborers and suppliers who furnish labor or materials to repair, remodel or build your home. If any of these people are not paid for the services or materials they have provided, your home may be subject to a mechanics' lien and eventual sale in a legal proceeding to enforce the lien. This result can occur even where full payment for the work of improvement has been made by the homeowner. The mechanics' lien is a right that a state gives to workers and suppliers to record a lien to ensure payment. This lien may be recorded where the property owner has paid the contractor in full and the contractor then fails to pay the subcontractors, suppliers, or laborers. Thus, in the worst case, a homeowner may actually end up paying twice for the same work. The theory is that the value of the property upon which the labor or materials have been bestowed has been increased...

In these difficult financial times, more and more sellers are finding they need to sell their homes for less than they owe on their mortgages, known as a "short sale ." This can be a good deal for you as a buyer, as long as you're aware of the extra time and work required to make it happen. The Mortgage Lender's "Short Sale" Factors The seller's mortgage lender will be considering many factors in deciding whether to approve a short sale, including: Whether the seller is deserving of a break, due to financial hardship caused by unforeseen circumstances such as layoffs, divorce or illness Whether it would be cheaper to simply repossess the house, make any necessary repairs and sell it through a real estate agent How many other properties the mortgage lender currently has in default Whether there are co-signors who can be held responsible for the balance owed on the mortgage The Short Sale Process Your chances of success with the seller's mortgage lende...