Thursday Jul 10 2008
Lincoln real estate community hosts short sale workshop
By: Cheri March The News Messenger
Today’s housing market might hold good deals for prospective buyers, but it can also be tricky to navigate. To clear up the confusion, some members of the Lincoln real estate community are hosting a free workshop to simplify specific situations home seekers might face, like short sales or bank-owned properties. Lincoln Realtor Audrey Oliver, along with a lender and title company, will host the workshop and a roundtable discussion at 6 p.m. Wednesday in the Lincoln Arts Building at the corner of Sixth and F streets. “It’s definitely a buyer’s market,” Oliver said. “The workshop is just a way to clarify some of the process involved (with the market).” There are 253 pre-foreclosure properties and 189 bank-owned properties in Lincoln, according to RealtyTrac, an online foreclosure tracker. The increased number of foreclosed homes can mean more options for buyers. But it can also present some unfamiliar situations, Oliver explained. “There’s so much confusion about what a short sale is,” she said. “A home is listed as a short sale when the owner does not have equity – when (the seller) owes more than their mortgage.” Declining home value or a seller’s insolvency can lead to a pre-foreclosure situation in which, even if a homeowner sells, they are still unable to pay off their mortgage. With a short sale, the lender will accept less than what is owed on the mortgage and the seller will avoid foreclosure. But alternatively, a lender might choose to foreclose, resulting in a bank-owned property, Oliver said. Properties sold as short sales or by a bank can require different financing and bank-owned homes are often sold as is. At the workshop, Oliver will discuss the steps and documents necessary to buy a home in each situation. A title company will explain the escrow process for short sales and bank-owned homes and a lender will explain what is involved with a loan on such properties, she said. Refreshments will be served and a door prize offered. As seating is limited, reservations are recommended. To sign up, call Audrey Oliver at 768-3300.