real estate

What is a Short Sale

Basically, a short sale is a house where the owners are upside down on their mortgage. They owe more than what the house is worth. They are in some sort of hardship where they’re at least 90 days past due on their house and can’t make the mortgage payments. (Perhaps divorce, lost job, death in family, etc.) Instead of going to foreclosure, they try to work out a deal with the bank and put the house...

Understanding Closing Costs

True to its name, closing costs are what buyers pay for when the time comes to close on a purchase of a home.  These fees are related to legal documents, loan application, and title preparation. They refer to all of the taxes, fees, and costs required to close a real estate transaction. Who pays what varies from state to state and may also differ within a state. (Iowa is the only state that does not...

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