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Home Design Styles Westside Homes and Beach Cities

Home Design Styles Westside Homes and Beach Cities. Homeowners and home buyers are attracted to certain home design styles. Westside homes and beach cities home design style glossary.

Home Design Styles Westside Homes and Beach Cities

Cape Cod design style originated in the early 18th century. Early American adapted English houses. Designs adaptable to New England’s storms. Cape house plans are generally one to one-and-a-half story dormered homes.  Featuring steep gable roofs with  small overhang. Exterior typically covered in shingles. They are symmetrical in appearance with a central door, multi-paned, double-hung windows, shutters, center-hall floor plan, hardwood floors. There is little exterior ornamentation.

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What is Short Sale vs Foreclosure?

What is the difference between Short Sale vs. Foreclosure?

Short Sale
A short sales is referred to as a pre-foreclosure. Title is still in the individual’s or partnership’s name. The Loss Mitigation or Workout department of the bank or mortgage company has agreed to a short sale due to the owner’s/borrower’s economic hardship. The bank agrees to a pay-off that is less than what is owned on the property. The lender has the right to approve or disapprove a proposed sale. As a result of a short sale, a deficiency balance is still the borrower’s liability. In most cases, if a balance remains after the sale the bank does not consider the short sale a payment in full. Banks/mortgage companies will execute a short sale to prevent a foreclosure. Bank will consider if the short sale will be less costly to them than a foreclosure.

Banks have a Loss Mitigation or Workout department that processes potential short sales. Due to the current national economic crisis and the overwhelming losses that mortgage lender have suffered, banks are more willing to accept a short sales. Depending on the bank or mortgage company their tolerance for acceptance of a short sale will vary.Credit Report:
A short sale does adversely affect the borrower’s credit report. Short sales remains on a credit report for 7 years.

Foreclosure is when the mortgage holder or third party exercises their legal right to gain ownership of a property in default. The proceeds are used to pay-off a mortgage or lien in default. Buying foreclosures that are Real Estate Owned (REO) is a easiest way to purchase distressed property. Lenders are continuously listing REO properties and have an excess of inventory. It is estimated in 2009 there will be 3 million new foreclosures in the United States. Most time lenders hire real estate brokers to handle the REO’s because of the volume. REO inventory is an hugh expense to the lender and they usually are very motivated SELLERS.

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Information deemed reliable not guaranteed.