Real Estate Wiz Kid | Short Sale Negotiator | Arizona Realtor | Foreclosure Help

Appreciation  - The increase in the value of a property due to changes in market conditions, inflation, or other causes.

 - Jeff Buettner
Real Estate Wiz Kid

Appraised Value - The dollar figure for a property’s estimated fair market value, based on an appraiser’s knowledge, experience, and analysis of the property and comparable properties near by.

- Jeff Buettner
Real Estate Wiz Kid

Loss Mitigation - Loss Mitigation is a term used to describe a few different positions. The term is pretty much self defined. People who work in loss mitigation do their best to mitigate or minimize loss. This term can be used to describe a realtor or firm who mitigates the loss of a homeowner by negotiating a short sale. The term can also describe the department in a bank set up to minimize the loss on the bank’s behalf. These usually are the people you want to contact to talk about a short sale

- Jeff Buettner
Real Estate Wiz Kid

A purchase agreement is an agreement between a buyer and seller for the purchase of real estate. This can also be called a purchase contract. In short sales multiple purchase contracts can be submitted to the bank who ultimately makes the decision for the seller in the short sale.Thanks for reading.

- - Jeff Buettner
Real Estate Wiz Kid

Closing is defined as the final settlement of real estate transaction between buyer and seller.

- Jeff Buettner
Real Estate Wiz Kid

I thought it would be interesting to define real estate for everyone. Give everyone a technical definition for real estate just in case some didn’t know. Real estate is by far one of the most to the point words you can look up in Real Estate. Real Estate according to dictionary.com is plain and simple, real property. when You click on the link for real property it gives you a slightly more detailed answer. It calls real property an estate or property consisting of lands and of all appurtenances to lands, as buildings, crops, or mineral rights.

So my conclusion for the techniocal definition of real estate is :

and we are done…

Once again, I hope you are having a great day. Thanks for reading!

- Jeff Buettner
Real Estate Wiz Kid

I would like to talk to someone about my Scottsdale real estate…

A foreclosure sale conducted by a trustee under the stipulations of a Deed of Trust. Upon default of a mortgage, the trustee is authorized to foreclosure the mortgage and put the property up for a trustee’s sale (can also be called a foreclosure auction). The proceeds of the sale are distributed by the trustee according to the priorities listed in the deed of trust.

- Jeff Buettner
Real Estate Wiz Kid

Lien - A charge againist property making it security for the payment of a debt, judgement, mortgage, or taxes; a lien is a type of encumbrance. Make sure you understand that a lien makes the property collateral for a debt. some liens may allow the property to be sold to satisfy a debt ( foreclosure auction) .

- Jeff Buettner
Real Estate Wiz Kid

Deficiency - A deficiency in real estate is rather simple and it deals directly with the short sale process. A deficiency is defined by webster as an amount that is lacking or inadequate. This applies to a short sale with the difference between the amount borrowed and the amount written off as paid after a short sale. This is the amount the borrower is deficient. Now in some states the borrower can be pursued for this deficiency while in other states there are Anti- Deficiency Laws. More about this in later posts. Now the deficiency is one of the many reasons a short sale is considered. In a short sale the deficiency can be determined with careful planning and communication with your realtor about the sales price. Where as in a foreclosure the deficiency is only determined by the highest bidder at a foreclosure auction (where the price is usually significantly lower than in a short sale).

- Jeff Buettner
Real Estate Wiz Kid

I would like to talk to someone about my Scottsdale real estate…

Short Sale (Real Estate) - A short sale in real estate is pretty simple by definition. A short sale is an opportunity for a financially distressed homeowner who has encountered a hardship. Usually for them a short sale is the only option so they don’t go into foreclosure. In a short sale, the overwhelmed homeowner sells his real estate for less than the value of his loan. In other words, the sale of the house falls short of what the owner still owes on his or her mortgage. Hence the name short sale. After negotiations with the bank, the lender then accepts the short sale as payment in full (or “paid as agreed”) for the real estate loan. The difference between the accepted short sale price amount and the loan balance is called a deficiency in real estate.

Want to learn more about short sales?

Try reading How To Use This Site To Learn More About Short Sales

to learn how Real Estate Wiz Kid can help you with that !

- Jeff Buettner
Real Estate Wiz Kid

Foreclosure- A foreclosure is a situation in which a homeowner is unable to make principal and/or interest payments on his or her mortgage, so the lender, be it a bank or building society, can seize and sell the property/real estate as stipulated in the terms of the mortgage contract. Foreclosure is usually that last resort for homeowners. Although exact number aren’t for certain foreclosure can hit your credit significantly.

Notes:
In some cases, to avoid foreclosures on a home, creditors try to make adjustments to the repayment schedule to allow the homeowner to retain ownership. This situation is known as a special forbearance or mortgage modification. Owners might also attempt or hire someone to attempt a short sale on their property to stay away from foreclosure.

And there is your definition for foreclosure….

- Jeff Buettner
Real Estate Wiz Kid