"Beautiful website. And beautiful intentions it holds" -Rich
Read More Testimonials»

On the House and Home Blog

How to Give Furniture a Vintage or Rustic Effect

Many homeowners use procedures to distress their furniture. When a furniture piece has a vintage look, it has more character. Although there are stores that sell vintage furniture...

Read More About How to Give Furniture a Vintage or Rustic Effect»

Our Buying a Home Experts

Kelly S. Jones

Kelly S. Jones

Certified Feng Shui, Chinese Astrology and Akashic Record...

Shared by First30Days View Profile»
Melanie Mannarino

Melanie Mannarino

Deputy executive editor of REDBOOK

Shared by First30Days View Profile»
Brian Yui

Brian Yui

CEO and founder of HouseRebate.com

Shared by First30Days View Profile»

Meet all of our House and Home Experts»

News

The latest news on this change — carefully culled from the world wide web by our change agents. They do the surfing, so you don't have to!

Short Sale Solution

Short Sale Solution

So, you're stuck between a rock and a hard place. The dream home you bought during the real estate boom has significantly decreased in value and you can't afford to make payments or find a buyer to bail you out. Before you resort to foreclosure or bankruptcy, you might want to consider what real estate professionals refer to as a "short sale" for selling your home.

These transactions occur when a bank or a lender decides to take less than the total amount due on the loan rather than deal with the burden of extra property. This type of deal would have been a rarity just a few years ago, but now short sales account for one out of five home sales in the country.

The name might imply otherwise, but there's actually nothing short about them. It can take months for the bank to approve them and the loan holder has to have proof of hardship. It can also leave a negative mark on a borrower's credit score, but we know what you’re thinking, “Why not just file for foreclosure?” Allen Fishbein of the Consumer Federation of America told CBS news that “there's probably nothing worse than the impact a foreclosure would have on a borrower's credit score."

Would you consider short selling?

Posted: 6/25/08