The differences between pre-foreclosures, foreclosure auctions, and REO foreclosures (real estate owned) is that each one is a step in the foreclosure process instead of being a type of foreclosure. Each one of these steps follow one another and each one has opportunities for you to save your house, although they diminish as each progression …
Pre-Foreclosure, Auction, REO: What’s the Difference? Read More »
The difference between real estate taxes vs. property taxes is that real estate taxes are what the city or municipality you live in charges you for your property and based on the fair market value of your home, while property taxes are related to any moveable items you own. Examples of this include furniture, cars, …
Real Estate vs. Property Tax – What’s the Difference? Read More »
A reverse mortgage is a loan that allows seniors 62 and older to generate income off of their homes. Reverse mortgages work by calculating the amount of equity built into your home and then lending it out to you so that you can access it without selling your home.  For example, if you have $50,000 …
What is a Reverse Mortgage? Should You Take One? Read More »
Ownership interest in a property defines your rights as an owner of a property or that you have a claim to the property. Ownership is the highest form of interest and typically gives you the full rights as an owner to do what you please with the property, within the limits of the law. You …
Pre-foreclosure means that your lender has issued a notice of default (a public notice filed with a court) and that they are beginning the process of foreclosure. Fortunately, pre-foreclosure does not mean that your house will be foreclosed upon and there are many ways to get out of pre-foreclosure. While pre-foreclosure may seem like a …
What Does Pre-Foreclosure Mean? And How to Avoid It. Read More »
An escrow balance is the amount of money a lender sets aside to pay for homeowners insurance, mortgage insurance, future interest, and property tax payments. As most of these payments are often made on an annual or semi-annual basis, your lender will bundle all of these payments together in an escrow account to be paid …
A real estate broker is a real estate agent who has obtained a license to become a practicing broker within his or her respective state. Unlike traditional real estate agents, brokers can work independently, hire staff, and create their own firm whereas traditional agents must work for a qualifying brokerage. Real estate brokers are essential …
If you’re stuck between paying down the balance on the principal or escrow on your mortgage, always go with the principal first. By paying towards the principal on your mortgage, you’re actually paying on the existing debt, which brings you closer to owning your home. On the other hand, escrow is essentially third-party funds to …
Should You Pay a Mortgage Principal or Escrow First? Read More »
Regardless if you’re a buyer, seller, or agent, you need to know the exact details about any property you’re interested in dealing with. There’s no faster way to get in trouble with your neighbors than by selling or modifying what isn’t yours. Of course, the best way to prevent these issues is to find exactly …
Can You Find Property Lines on Google Maps & Why? Read More »
Are you thinking about becoming a part-time real estate agent? Then you’re likely thinking “Maybe I can give this a try?” and possibly thinking if it will remain a side hustle or a full time job. Becoming a part time real estate agent is a great way to get your feet wet, but it comes …
What is Part-Time Real Estate Agent (Pros and Cons) Read More »
