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“Talk of joy: there may be things better than beef stew and baked potatoes and home-made bread -- there may be.”

-Ray Stannard Baker (under penname David Grayson), 1870-1946, Journalist and Author, Adventures in Contentment

Tip Of The Month

If you are considering buying a new house, but are concerned about selling your old one, a bridge loan might be the solution. A bridge loan can cover the gap between the two transactions. A typical bridge loan might be structured like this:

• The bridge loan is used to pay off the existing mortgage. The remaining money (minus six months’ prepaid interest and closing costs) will be used as a down payment on the new house.

• Bridge loans typically have a term of one year.

• When you sell the old home, the bridge loan will be paid off. If it is sold within six months, any unearned interest payments will be credited back to you.

• If the old home is unsold after six months, you will begin making interest-only payments on the loan.

• The mortgage on the new home must be financed by the same lender through whom you have the bridge loan.

 

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Find Your Real Estate Agent

Increasing Number of Homeowners Turning to Internet Web Sites To Find Real Estate Agent; Referrals From Friends, Neighbors Still No. 1

NEW SURVEY ASKS: WHAT METHOD DID YOU USE TO FIND YOUR LAST AGENT?

Although personal referrals from a friend, neighbor or relative still rank number one with 37% of the vote, an increasing number of homeowners are turning to Internet web sites to find a real estate agent, according to a recent consumer survey conducted by HouseHunt, Inc.

“Agents who respond quickly to those Internet contacts and offer solutions to meet consumer needs are also converting those leads into closed business,” according to Michael Bearden, president and CEO of HouseHunt, Inc. ”And, because we sell exclusive territories, our member-agents are first in line to get those on-line leads and the business!

“Our survey asked what method homeowners used when selecting an agent to sell their last home,” he explained. “Agents ‘responding to Internet marketing contacts’ finished in a virtual three-way tie for second place at 10% each with ‘personal marketing (prospecting)’ and ‘agent previously used to buy or sell a home.’ ”

Eight percent said they sold their homes without an agent; seven percent said they called or walked into a real estate company office. Only six percent said they contacted an agent from information on a For Sale sign.

The remaining nine percent gave a variety of responses, including direct mail, newspaper advertising and open houses.

HouseHunt, Inc., a consumer-based Internet firm, provides valuable information to homeowners, home buyers and home sellers in thousands of real estate markets in 47 states.

HouseHunt’s two primary websites, HouseHunt.com and moveUp.com, makes the home buying and selling process easier and less stressful of offering consumers free information on local communities, on-line access to listings, on-line home sales data in their neighborhoods, electronic property-matching (where available), buying and selling information, and access to some of the nation’s most knowledgeable Realtors regardless of brand affiliation or geographic limitations.

MoveUp.com, an exclusive product of HouseHunt, Inc., provides free, unbiased home sales information in specific neighborhoods in each ZIP code area, based on count tax records. Currently being marketed throughout Southern California and in selected markets across the country, moveUp.com answers the number one homeowner question: “What is my home worth today?”




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