Ron Martin Team

You will often come across the term "short sale" when searching for a home in many markets today. You'll find that, in some cases, these can be the best deals on the market.

Buying a short sale property is a different process from buying a home the traditional way. It's not only about you and the seller ... the seller's lender or lenders are involved in the process, as well, and nothing gets done unless the lenders give their blessings.

Foreclosures are bad for the homeowners and expensive for the lenders, so they might opt to accept less than the mortgaged amount to allow the property to sell. The buyer gets a good buy, the seller avoids the foreclosure, and the lender gets some money back and stays out of the expensive foreclosure process.

1. Be Patient. The process of getting bank approval takes, on average, 4-6 weeks before getting an answer from the seller's lenders on whether they will accept the offer. There's no use being angry about that or fighting that ... that's just the way it is. If you're not willing to wait that long, or longer, you're better off going after another purchase.

2. Ask the seller's agent how she is handling the short sale process. Not every process is being handled the same. The seller's agent is required by law to present all offers to the seller. Remember, though, that the seller is the seller, not the lender. Some listing agents are sending all offers to the lender, while others are sending the highest and best offer, and holding any other offers as backup.

3. Limit contingencies. The seller's lenders won't usually balk at "as is with right to inspect" and financing contingencies, from my experience, but you're hurting your chances of getting the home if you load a contract with contingencies.

4. Limit buyer closing cost concessions, or at least be specific. Some lenders won't pay buyer closing costs. Others will ... if you ask for them the right way. If you need to ask for buyer closing costs, ask for a specific dollar figure, not "the seller shall pay half the lender fees and the property insurance." The lender is looking at a bottom line, and requests like that can't be processed.

5. Look for a deal, not a steal. The short sales are often discounted below market value already. Low-balling the low-ball is often a waste of everyone's time. The lender will only discount off of market value a certain amount, or else it's in the lender's interest to foreclose. If you lowball the lowball on a home you really want, you won't get the home, and the seller might be many steps closer to foreclosure once the process plays out to no one's benefit.

Here is a recipe from a cookbook that family and friends have. It's great for special events, or family staying with you, holidays, etc. It also serves nicely with a variety fruit bowl! You can make this the night before so in the morning all you need to do is preheat the oven and bake!

1 (2lb) bag Potatoes O'Brien

1/2lb Shaved Ham

1/2lb Velveeta Cheese

1 Stick of Butter (1/2 cup)

10-12 Eggs (Depending on how egg-y you like things. I use 10; my mother in law uses 12)

3/4 Cup of Milk

Spray the bottom of a 9x13 pan with non-stick spray. Pour in frozen potatoes. Put the shaved ham on top of the potatoes. Melt the cheese and butter together. In a separate bowl, mix the eggs and milk, and then add the cheese mixture. (A hand mixer, like for shakes, is a great tool for this!) Pour the mixture over the ham and potatoes. If you are preparing this the night before, cover it tightly and refrigerate. When you are ready to bake, preheat your oven to 350 degrees, and bake for 1 hour.

I hope you enjoy it as much as we do. As I said before, the mixed fruit bowl is a nice addition with a tall glass of orange juice.

Many home owners question is keeping their home on the market during the holidays. Is it a good idea? Will their home sell? Will it be worth keeping the house clean for just a couple of showings? The answer is YES! During the holidays those buyers desiring to return to the Cities are visiting for the holiday season. Most home owners don't want to deal with the additional stress of showings and the holidays, so they take their home off the market for 6-8 weeks over the holidays, reducing the inventory available. Also, your home smell's, looks and sounds the best during the holidays. Your home is celebrating a wonderful holiday and buyers can pick up on the positive energy. So yes keep your home on the market during the hoilday season.

What do you think about all the financial crisis going on with the major companies like Lehman Bros, AIG Insurance and Merryl Lynch? How is this going to change the way buyers get financing on homes? How many extra hoops are they going to have to jump through? When is this going to end. How many people must be hurt by this financial situation? I think all of us are hurting because of this. We as realtors can't get our clients financed, the Mortgage companies are hurting because the banks won't let them finance the loans through most banks. Where is this heading toward?

The number of residential fires increases during winter, peaking between December and February as we spend more time indoors. Here are just a few of the precautions homeowners can take to help prevent dangerous conditions:

1. Keep fireplaces clean and use a sturdy screen to keep sparks inside the firebox

2. Use extra caution when using space heaters and follow the manufacturer's instructions carefully. Do not use near beds, curtains, or flammable materials.

3. Never leave a burning fireplace or candles unattended

4. Always make sure smoke detectors are properly installed and have fresh batteries.