Tony Camero

Short Sales and Foreclosures are big in the US real estate market now because of both the economy and in general. Even though he US economy appears to be recovering.....it has taken a while in come cases for the effects to be felt.

A Short Sale is when a home is listied for less than it is worth with the lenders approval. There are two main reaons that happens. Either a homeowner is having problems with income with a layoff or something else that is robbbing them of sufficient cash flow. In some cases a Short Sale can happen because home prices in an area have dropped so low that an owners house ends up being worth half of what it was when they bought it.

A foreclosure happens when a homeowner hasnt been paying their mortgage for a long time ..usually 12-14 mo..sometimes sooner than that. The owner is given warning by mail and at some point a few months later the home goes to auction. Then at that point the public has a week to bid on the property.The downside of this is that whoever buys at auction has no knowledge of any liens on the property and could pay dearly after buying at auction

If the property is not sold at auction...the property reverts back to the lender. And of course..the lender doesnt want this because it is now a liability,not an asset.Its at this hime that the property is considered an REO(Real Estate Owned) . The lender then contacts one of the realtors they work with to market the property at a significant discount to get it off their books

When you do a Short Sale..you are trying to prevent the home from going through all of this. It will still ding your credit a bit...but its a lot better than losing it to foreclosure

The local Houston economy is improving far quicker than most of the country. With our moderate housing prices and fairly stable and growing economy from the recent recession, a lot of folks are moving to the area.

Some of these folks do want to buy....but quite a few want to lease a home. This does make a lot of sense because if you dont know the city too well than it is a lot easier to commit to a year lease than a 30 year mortgage. Now..they could always rent an apartment which has its advantages as well. If you rent an apartment its usually not difficult to get approved....most apartments usually have a couple of vacancies at any given time. And with apartment leasing the costs are lower as well. Even though the costs have gone up a bit since I last rented an apartment a decade ago...its still less expensive. You have first months rent and a deposit...the deposit is typcially about $150 and then some these days have an administrative fee of about the same. So about $1300 to move in to a nice apartment these days...maybe a bit less.

But of course even though its less expensive to go that route....you have to park where spots are available.....unless you move in to one that has a garage....and there are many like that. But even then you dont have a backyard for the kids...or pets. Some of the nicer complexes have a greenbelt to walk your dog...but its still not a backyard.

This is where leasing a home makes more sense. Sure it costs a bit more to get into initially. First months rent..plus a security deposit equal to that and a nominal application fee.....and a pet deposit similar to what most apartments charge. But with this you typicallly get a larger home than an apartment...you have your own driveway..and unless its a towhhouse you have a small to quite large backyard for your kids and or pets.

And the best part is that similar to working with a local Realtor like myself to represent you in a home purchase. We can do the same for a lease as well and neither costs the consumer a dime. Just like buying a home....in the case of leasing..the owner or landlord pays both agents a commission for finding a good tenant.

And we can make the process a lot easier as well. If you do it on your own you have to schedule seperate showings for each property with the broker listing it. If you work with a realtor he can take care of all that for you and you can just follow him or her on the tour and just enjoy viewing the different homes and deciding which one you prefer.

So the next time you or someone you know needs a new home to lease you know what to do..contact your local Realtor(hopefully me)

www.camerohomes.com

Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you're in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.

Please click on this link to view the SEPTEMBER-2009 Newsletter Housing Trends eNewsletter:
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Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your REALTOR® in the future.

Sincerely yours,

Anthony Camero
Keller Williams Realty Katy @ Cinco Ranch
23240 Westeimer Parkway Ste A Katy TX 77494
(281) 935-7839
www.camerohomes.com

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