AOL Real Estate - Blog http://realestate.aol.com/blog AOL Real Estate - Blog http://realestate.aol.com/blog/media/feedlogo.gif AOL Real Estate - Blog http://realestate.aol.com/blog en-us Copyright 2012 Weblogs, Inc. The contents of this feed are available for non-commercial use only. Blogsmith http://www.blogsmith.com/Illegal Housing: N.Y. County Plans Crackdown on Landlordshttp://realestate.aol.com/blog/2012/05/02/illegal-housing-crackdown-in-upstate-new-york/http://realestate.aol.com/blog/2012/05/02/illegal-housing-crackdown-in-upstate-new-york/http://realestate.aol.com/blog/2012/05/02/illegal-housing-crackdown-in-upstate-new-york/#commentsFiled under:

Alarmed by the conditions in illegal rental housing that are putting tenants, as well as firefighters, at risk, a county in upstate New York has turned a task force on the problem.

In Rockland County, municipal lawmakers, firefighters and health department employees have joined together in an effort to impose strict fines and possible imprisonment on landlords who violate fire codes and other housing standards.

The problem: When a family home is converted into several illegal apartments, the haphazard construction that usually goes into them can create a cramped and perilously unpredictable layout that can leave occupants and first responders wandering or trapped in an emergency.

"I don't know any other county that's doing something similar," says Gordon Wren Jr., director of Rockland County's Fire and Emergency Services. "Rockland Fire Services have said, 'Enough is enough.' "

Read the full story on Nyack-Piermont Patch.

See also: As Rental Market Tightens, 6 Tips To Get the Home You Want

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]]>crackdownFirefightersIllegal housinglandlordsRockland County, New YorkValley Cottage, New YorkAol Real Estate Staff2012-05-02T15:34:00 00:00Unfathomable Swimming Pools: Swim Like the Rich and Famoushttp://realestate.aol.com/blog/2011/07/21/unfathomable-swimming-pools-swim-like-the-rich-and-famous/http://realestate.aol.com/blog/2011/07/21/unfathomable-swimming-pools-swim-like-the-rich-and-famous/http://realestate.aol.com/blog/2011/07/21/unfathomable-swimming-pools-swim-like-the-rich-and-famous/#commentsFiled under:



Nothing like a week-long scorcher to make home buyers appreciate the value of a good swimming pool. But wade into the luxury real estate market and you'll find swimming pools with bigger price tags than most houses. Take, for instance, the pool featured above, which appeared in everyone's favorite Southern-fried vampire drama, "True Blood." For a glimpse at how the other half swims, our friends at Move.com compiled a list of some of the most over-the-top pools in America. Dive into the gallery below.

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]]>mansion swimming poolsmost expensiveswimming poolsunfathomable+swimming+poolsunfathomableswimmingpoolsunique real estateAol Real Estate Staff2011-07-21T08:00:00 00:00Frank Lloyd Wright's Famed Ennis House Sells for $4.5Mhttp://realestate.aol.com/blog/2011/07/19/frank-lloyd-wrights-famed-ennis-house-sells-for-4-5-m/http://realestate.aol.com/blog/2011/07/19/frank-lloyd-wrights-famed-ennis-house-sells-for-4-5-m/http://realestate.aol.com/blog/2011/07/19/frank-lloyd-wrights-famed-ennis-house-sells-for-4-5-m/#commentsFiled under:

ennis house
One of Frank Lloyd Wright's most beloved homes has been saved from further deterioration by a billionaire architecture buff, according to the property's steward.

Our friends at Curbed tipped us off to the sale of the famed Ennis House, a 6,200-square-foot "textile-block" home reminiscent of a Mayan temple. The home was sold for just shy of $4.5 million to billionaire Ron Burkle, a business impresario who made his fortune in the supermarket industry.

The Los Feliz home first went on sale in 2009, when the non-profit tasked with maintaining the home decided they could no longer carry the financial burden of renovating the property. It had suffered significant damage during a mid-1990s earthquake that struck Los Angeles. The home was first listed in 2009 for $15 million, Curbed tells us.
For years, the Ennis House has captured the imagination of several film directors who drew inspiration from its paradoxically modern, yet primitive design. You might recognize the home as the futuristic apartment of hard-boiled detective Rick Deckard (played by Harrison Ford) in the sci-fi hit "Blade Runner."

But if you've never had a chance to visit the surreal property, don't fret. As part of the purchase agreement, the Ennis House Foundation stipulated that Burkle must make the home available for display to the public at least 12 days a year.

To see more of Frank Lloyd Wright's historic homes on the market today, visit the gallery below.

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Frank Lloyd Wright Lovers, Now's Your Chance
Frank Lloyd Wright House Moves to the Hamptons
Frank Lloyd Wright House Avery Coonley Estate For Sale

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]]>ennis housefrank lloyd wrightFrank Lloyd Wright Foundationfrank lloyd wright house for saleron burkleAol Real Estate Staff2011-07-19T08:00:00 00:00Ferris Bueller Home Taken Off the Markethttp://realestate.aol.com/blog/2011/07/18/ferris-bueller-home-taken-off-the-market/http://realestate.aol.com/blog/2011/07/18/ferris-bueller-home-taken-off-the-market/http://realestate.aol.com/blog/2011/07/18/ferris-bueller-home-taken-off-the-market/#commentsFiled under:

Ferris Bueller house

Buyer?...Buyer?

Back in January, we noted that the iconic house from "Ferris Bueller's Day Off" was up for sale. Remember when Cameron "killed" the car? That happened in this house. But after nearly two years on the market and multiple price cuts, Jacob Nelson at Highland Park Patch tells us that the home is being taken off the market:

If only selling a house was as easy as cutting class.

A Highland Park home made famous for its appearance in the 1986 film "Ferris Bueller's Day Off" was taken off the market recently to undergo renovations, according to Chicago Now.

"It will be back, and it will be beautiful and we'll be inviting everyone to come see it again," said Coldwell Banker's Meladee Hughes, the home's real estate agent.


The four-bedroom, 5,300-square-foot Rose House and Pavilion dropped in price from $2.3 million in May of 2009 to $1.8 million late last summer, according to Hughes. It was on the market for almost two years.

"This is a very special kind of property," Hughes told Patch in January, "And I have made the mistake of falling in love with it."

See the full story at Highland Park Patch.

Related Stories:
'Ferris Bueller's Day Off' House on the Market
Sarah Jessica and Matthew Broderick Buy Big in Hamptons

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]]>celebrity real estateferris buellers day offHighland Parkhighland park real estateMatthew BroderickpatchAol Real Estate Staff2011-07-18T17:00:00 00:00Vacation Homes: Buy Here, Not Therehttp://realestate.aol.com/blog/2011/07/15/vacation-homes-buy-here-not-there/http://realestate.aol.com/blog/2011/07/15/vacation-homes-buy-here-not-there/http://realestate.aol.com/blog/2011/07/15/vacation-homes-buy-here-not-there/#commentsFiled under:

The housing crisis has taken hold across the country in very different ways, and for those fortunate buyers with the resources to purchase vacation homes in this economy, discounts are bountiful. But with more affordably priced markets to choose from comes the daunting task of deciding where to plant roots. That's why ERA Real Estate decided to create a list of five lesser-known vacation hot spots to rival some of the more popular (read: overpriced) markets in the nation. Click through the gallery below to discover five surprising alternative spots you should be buying in.

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Also see:
Vacation Rentals You Won't Believe
Vacation Rentals: The World's Most Luxurious Hot Spots
Use Your Rental to Make Extra Money

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]]>buy here not thereera real estatevacation homesAol Real Estate Staff2011-07-15T14:00:00 00:00Watch: When to Pay Off the Mortgage Earlyhttp://realestate.aol.com/blog/2011/07/13/watch-when-to-pay-off-the-mortgage-early/http://realestate.aol.com/blog/2011/07/13/watch-when-to-pay-off-the-mortgage-early/http://realestate.aol.com/blog/2011/07/13/watch-when-to-pay-off-the-mortgage-early/#commentsFiled under: ,,,

pay off your mortgageWhile paying down the mortgage is undoubtedly one of the largest financial burdens many Americans have to contend with, it's certainly not the only long-term investment homeowners need to consider. This is particularly true for homeowners nearing their 60s, for whom financial investments made today can have a lasting impact on their post-retirement income. Our sister site, DailyFinance, addresses this issue in the latest entry of their "Ask the Expert" video series with Regina Lewis.


For 57-year-old Ed, a homeowner nearing the end of his fixed-rate mortgage, the decision to pay off his debt early or begin investing his money elsewhere can make a real difference in just how far his savings will take him. Read his full question, and Regina's video response, below.



Ed asks: I am 57 years old with a couple more years to work before I retire. I currently have an equity mortgage on my home with $30,000. The house payment is less than $100 a month. I pay $1,100 a month toward the loan. Here is my question. Should I be paying minimal on my mortgage and putting the rest in my 401(k) and hopefully make money on that money, or would you pay the house off by continuing to pay the accelerated payment to get it paid off as quickly as possible? What is my smartest move? I think I know, but want to hear a professional's point of view.

For more expert advice from Regina Lewis, visit DailyFinance.

And to ask the DailyFinance team your own personal finance question, add your comments here.

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]]>dailyfinancehomebuyinghomebuying tipsmortgage paymentspay off mortgage earlyAol Real Estate Staff2011-07-13T14:52:00 00:00A Roaming Vet Plants Rootshttp://realestate.aol.com/blog/2011/06/28/a-roaming-vet-plants-roots/http://realestate.aol.com/blog/2011/06/28/a-roaming-vet-plants-roots/http://realestate.aol.com/blog/2011/06/28/a-roaming-vet-plants-roots/#commentsFiled under:


In 2004, Scott was living in Charleston, S.C., and getting tired of the renter's grind. So after looking into his homebuying options, he decided to apply for a mortgage through the U.S. Department of Veterans Affairs.

For a roving Coast Guardsman like Scott Dow, renting was a way of life. But after 21 years of service, Scott knew it was time for a change.

And thanks to the unique perks afforded to veterans through the VA loan program, he was able to not only buy his first home, but also trade up for an even better property.

VA loans are guaranteed by the Veterans Affairs office and provide qualified servicemembers with several perks that civilian buyers don't have. For instance, buyers who qualify for VA loans are not required to pay a down payment at closing, nor do they have to pay private mortgage insurance for falling short of 20 percent equity in the house. (Learn more about VA loans here.)

"You can go 'no money down,' which is something that's pretty rare today," says Scott, "especially with the housing situation the way that it is."

Armed with his VA home loan pre-approval, Scott found a two-bedroom townhouse unit that seemed like the perfect starter home. But if Scott did his homework on loan products, then he may have skimped on researching the ins-and-outs of townhome living.

"There are some pitfalls about townhomes I didn't really think too much about -- noise factors, bumping on the walls, those types of things," he said. All the types of nuisances that you're likely to encounter while living under one roof with four families.

Not quite satisfied with his first purchase, Scott decided that he could do better. So with the momentum of the 2004 housing market at his back, he decided to make a gutsy move, and trade up to a better home.

In the summer of 2005, Scott had only been living in the townhome for six months when he put it on the market. To his delight, the home not only sold, but the buyer paid substantially more than what he had bought it for.

"I purchased for $145,000 and sold for $185,000," Scott says. "And I was content with just taking the $40,000 and putting it in the bank, and just take a little bit of time, rent a place around the corner, and then be a little bit more selective on another trade-up home."

But once he got a taste for homeownership, the prospect of returning to a life of renting suddenly seemed less than appealing. Upon arriving at the temporary rental, he knew it wouldn't work out.

"It was just filthy and there was just no way that I would be happy living there -- nor would my fiancée Jackie," he says. With little time to find a suitable rental, Scott and his fiancée were forced to live in hotels while they searched for a new home. Then, just as suddenly as he sold his townhouse, Scott found what he was looking for.

"I just came upon this cute little house -- two stories, wrap-around porch," he says. At around 1,600 square feet, it was just what Scott needed for his growing family. But this time around, there was a slight hitch in the buying process.

After talking the seller down by several thousand dollars off the list price, Scott informed him that he'd be using a VA loan for the purchase. But the seller remained unconvinced of one of the loan's more popular features.

"I was not obligated to put a down payment down, and I tried to explain that to the seller of the home -- and he wasn't buying it." So in the interest of closing the deal fast, Scott relented, and agreed to pay a $10,000 down payment.

Of course, had he known what he'd find in the home, Scott might have thought twice before obliging.

"About a year later we discovered why the owner did not want us to live in the house prior to the sale of it ... there was no cold water supply to the guest bathroom," he said.

In hindsight, Scott says, he would have paid for a home inspection before closing on the deal.

But barring these minor missteps, he and Jackie say that they're thrilled to have their own home, and are most certainly glad for the options offered by the VA loan program.

"I just can't overemphasize what a tremendous value it is to the veteran and his family," he says.

 

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]]>MyNextMoveAol Real Estate Staff2011-06-28T18:06:00 00:00Bernie Madoff's Brother Selling $6.5 Million Home for Charityhttp://realestate.aol.com/blog/2011/06/02/bernie-madoffs-brother-selling-6-5-million-home-for-charity/http://realestate.aol.com/blog/2011/06/02/bernie-madoffs-brother-selling-6-5-million-home-for-charity/http://realestate.aol.com/blog/2011/06/02/bernie-madoffs-brother-selling-6-5-million-home-for-charity/#commentsFiled under:


As perhaps a bit of penance from a man with the most unfortunate surname since bin Laden, Peter Madoff, the notorious Ponzi schemer's brother, is selling his $6.5 million New York mansion for charity. All of the proceeds will reportedly be given to victims of Bernie Madoff's multi-billion dollar Ponzi scheme. How will the gesture be received by the thousands of families left in financial ruin in the wake of the scandal? Only time will tell. For now, our sister site ShelterPop has photos of the listing.


View the full story at ShelterPop.

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]]>bernie madoffcelebrity real estateGreat Recessioninfamous real estatenew york real estatePeter MadoffPonzi SchemeShelterPopWhite Collar CrimeAol Real Estate Staff2011-06-02T13:55:00 00:00Sweat Equity Saves the Dayhttp://realestate.aol.com/blog/2011/05/31/sweat-equity-saves-the-day/http://realestate.aol.com/blog/2011/05/31/sweat-equity-saves-the-day/http://realestate.aol.com/blog/2011/05/31/sweat-equity-saves-the-day/#commentsFiled under:


In today's housing market, buying a foreclosure can mean big savings at closing -- or a massive headache waiting to happen. But for avid DIYers Valerie Stow and her husband, Jason, meeting the challenge was half the fun.

They proved that, with a little elbow grease and creativity, even the tightest housing jams can be fixed.



The Stows bought their first home in 2001, a three-bedroom, one-bath ranch-style house in Grand Junction, Colo. It was exactly what the couple needed at the time, but at just over 1,000 square feet, they knew they'd eventually have to make room for their growing family.

So in late 2010, with both home prices and mortgage rates sinking to record lows, the couple decided to try their luck in the foreclosure market.

Generally speaking, foreclosures are approximately 20 percent cheaper than conventionally listed homes, according to the National Association of Realtors. But the risks involved with buying an uninhabited home, as well as the complexities of the buying process, can make most homebuyers think twice. Valerie, though, was game.

"With foreclosures, you never know what you're going to get," she says. "But, overall, the house wasn't trashed, and, being the DIYers that my husband and I are, we knew that we could fix it...."

The couple found a three-bedroom, two-bath home with vaulted ceilings and plenty of space to start a family. And with a little sweat equity, they were ready and willing to transform the house to fit their vision.

There was just one problem -- their real equity was tied up in their still-unsold first home. After an unproductive winter on the market, the house had only attracted one low-ball offer that Valerie and her husband were unwilling to accept. If they couldn't sell before moving into their new home, they'd be forced to pay on two separate mortgages. It left them with a difficult decision to make: Accept the low-ball offer or rent out the home until another buyer could be found. So they made what they saw as the best of a bad situation.

"Being landlords was something that we didn't want to get into, but we had no choice," she says. "Sometimes you have a plan and life has a different idea for you. You just have to adapt...."

With a tenant in their old house, the couple could at least stop worrying about their double-mortgage dilemma. It was an imperfect solution, but becoming landlords allowed them to focus once again on their new home. And while most of their equity was still tied up in their first home, the industrious duo found ways to fix up their home on a budget.

"Bringing out our DIY hats, we just got right on small little projects that we could either do for free or for little money," like painting and landscaping, she says. But even after the setbacks, Valerie and Jason are still optimistic about the future.

"Even though things don't go as planned, Jason and I are still really happy we made the move," she says. And best of all, the couple is about to undertake their biggest project to date -- parenthood.

"All and all, things are working out like they should, and we couldn't be happier."

 

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]]>MyNextMoveAol Real Estate Staff2011-05-31T17:00:00 00:00Ellen DeGeneres & Portia De Rossi Selling Beverly Hills Estatehttp://realestate.aol.com/blog/2011/05/31/ellen-degeneres-portia-de-rossi-house-for-sale/http://realestate.aol.com/blog/2011/05/31/ellen-degeneres-portia-de-rossi-house-for-sale/http://realestate.aol.com/blog/2011/05/31/ellen-degeneres-portia-de-rossi-house-for-sale/#commentsFiled under: ,

Ellen Degeneres Portia DeRosi


Is America's most famous same-sex couple selling their lavish Beverly Hills estate? Our sister site, ShelterPop, seems to think so. Ellen and Portia bought the sprawling 12,000-square-foot property in 2007 for $29 million. They've since bought three adjacent homes to expand their massive private oasis -- so why sell so soon?

ShelterPop speculates that it may just have something to do with the price tag. The home is currently listed for $49 million -- or $60 million for the whole kit and kaboodle. We're not sure if the move was sparked by a flight of celebrity fancy, or if the star-couple is angling to flip their posh pad for a hefty profit. For the full story, visit ShelterPop.






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]]>beverly hills real estatecelebrity homescelebrity homes for salecelebrity real estateellen degeneresellen degeneres homeportia de rossiPortiaDeRossiAol Real Estate Staff2011-05-31T12:50:00 00:00Is This Sarah Palin's New Arizona Home?http://realestate.aol.com/blog/2011/05/24/is-this-sarah-palins-new-arizona-home/http://realestate.aol.com/blog/2011/05/24/is-this-sarah-palins-new-arizona-home/http://realestate.aol.com/blog/2011/05/24/is-this-sarah-palins-new-arizona-home/#commentsFiled under:


Vice presidential candidate-turned-reality-star Sarah Palin allegedly purchased a house in Scottsdale, Ariz., over the weekend for just shy of $1.7 million. Could this be the new base of operations for her next big political move? Curbed has the full story.

Rumors that GOP presidential hopeful Sarah Palin would run her 2012 campaign headquarters not from Alaska but from the American Southwest have been circulating for some time; today The Real Estalker comes forward with photos of said would-be headquarters, which Palin has reportedly bought for $1.695M.

The 7,971-square-foot Scottsdale, Ariz., house (which was purchased in the name of "Safari Investments"), is less than an hour's drive to daughter Bristol's new pad and boasts five bedrooms, a wine cellar, elevator, and master suite with fireplace.

As for those bare walls? Will there likely be animal heads mounted on them? You betcha!

See the full story on Curbed.

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]]>2012 electioncurbedSarah Palinsarah palin housesarah palins alaskaAol Real Estate Staff2011-05-24T11:45:00 00:00More Homeowners Refinancing to Shorter Mortgageshttp://realestate.aol.com/blog/2011/05/24/more-homeowners-refinancing-to-shorter-mortgages/http://realestate.aol.com/blog/2011/05/24/more-homeowners-refinancing-to-shorter-mortgages/http://realestate.aol.com/blog/2011/05/24/more-homeowners-refinancing-to-shorter-mortgages/#commentsFiled under:

Freddie MacAs mortgage interest rates dangle near record lows, more homeowners are doing away with their 30-year loans in favor of shorter alternatives, reports the L.A. Times. And when you can get away with a seven-year fixed-rate mortgage for just 3 percent, why not? That is, provided you have the cash to take advantage of this rare opportunity.

Want to refinance into a seven-year fixed-rate mortgage at 2.99 percent? Or how about 10 or 15 years fixed in the mid-3 percent range?

These may sound suspiciously like teaser quotes, with tricks in the fine print, but they are in fact signs of an important shift among American homeowners: Not only have they been refinancing at a robust pace in recent weeks, but they're dialing down on the remaining number of years that they plan to pay on their mortgages.
Freddie Mac chief economist Frank Nothaft calls the shift to shorter terms "a very strong trend." In his company's latest quarterly survey of refinancers, more than 1 in 3 borrowers who ditched their 30-year fixed-rate loans opted to replace them with 15-year or 20-year mortgages at near-record low rates.

Read the full story at the L.A. Times.

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]]>15 year mortgage15-year fixed mortgage30-year fixed mortgage7 year mortgagefixed rate mortgagefreddie macLA Timeslow interest ratesmortgage ratesAol Real Estate Staff2011-05-24T10:45:00 00:00Life After Foreclosure: 7 Tips for Finding a Rentalhttp://realestate.aol.com/blog/2011/05/20/life-after-foreclosure-7-tips-for-finding-a-rental/http://realestate.aol.com/blog/2011/05/20/life-after-foreclosure-7-tips-for-finding-a-rental/http://realestate.aol.com/blog/2011/05/20/life-after-foreclosure-7-tips-for-finding-a-rental/#commentsFiled under: ,

for rent signFor the thousands of families affected by foreclosure, finding a new home can prove difficult and time-consuming. Many landlords require credit checks for tenants, which can seriously limit your options after defaulting on a mortgage. For those unlucky enough to fall in this transient category, Lynnette Khalfani-Cox from our sister site WalletPop shares seven secrets to finding a rental fast.

1. Investigate apartments online.

In recent years, a number of online apartment rating services have flourished, making it easier for prospective tenants to learn a lot about a housing unit prior to even seeing it in person. So before you hit the pavement to go apartment hunting, use a service like ApartmentRatings.com or ApartmentSearch.com to discover everything from how much the rental units cost each month to whether an apartment accepts pets.

Some sites also show comments posted by others about the apartments - including viewpoints on how safe the neighborhood is or how responsive management is to fixing problems. After a bit of online sleuthing, you should be able to weed out higher-priced places you know you can't afford. There's no sense in going from one costly housing situation to the next.
2. Offer a higher deposit.

Some landlords may take you more seriously if you offer a higher-than-requested deposit. Do what you can to prove that you have funds available to pay your rent on time, and the foreclosure on your credit history may not hurt you as much.

Since it's taking much longer now for banks to repossess homes, perhaps you have the option of what's known as squatter's rent available. If so, giving the landlord a higher deposit means the landlord can adequately cover any losses, if you end up breaking your lease agreement. Give your landlord some peace of mind, and you may find it much easier to secure the rental property you want.

Read the full story at WalletPop.

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]]>credit scoreforeclosure crisislandlord issueslandlordsrent credit checkrenting after foreclosurerenting with bad creditAol Real Estate Staff2011-05-20T12:05:00 00:00A Short Sale Worth the Long Waithttp://realestate.aol.com/blog/2011/05/10/a-short-sale-worth-the-long-wait/http://realestate.aol.com/blog/2011/05/10/a-short-sale-worth-the-long-wait/http://realestate.aol.com/blog/2011/05/10/a-short-sale-worth-the-long-wait/#commentsFiled under:


The term "short sale" is enough to make many homebuyers bolt out the door in a panic. But when Jennifer Craft and her husband discovered that the house of their dreams was listed with the often-misunderstood sales tag, they didn't balk.

With a little luck and a lot of perseverance, the Crafts successfully navigated the short sale process and came out the other end with a fabulous new home.

In 2003, Jennifer and her husband purchased a starter home in Knoxville, Tenn. At the time, it was the perfect size for a new family.

But after a few years in the house, the couple was ready for something larger with a bit more character. So on the advice of a friend, they spoke to a Realtor about a spacious listing in a great neighborhood.

"From the quality of the granite countertops to the hardwood flooring, it was exactly what we were looking for," Jennifer says. And for the price, the couple would gain about 1,000 square feet for nearly $40,000 less than similar homes in the area. There was just one catch: The house was listed as a short sale.

A short sale is a home purchase in which the price falls short of what the original owner owes on the mortgage. The lender who issued the mortgage agrees to cut its losses and accept the proceeds from the sale, while the seller avoids the risk of foreclosure and, in some cases, has the outstanding debt forgiven. In an ideal scenario, the lender avoids a lengthy foreclosure process, the seller suffers less damage to his or her credit, and the buyer gets a home at a steep discount.

(Learn more about short sales here.)

The problem with short sales, though, is the uncertainty of the process. It could take several months before the offer goes through, and even after months of waiting, the home could still potentially be foreclosed on, or the owner could come to terms on a mortgage modification. And for repeat homebuyers like the Crafts, there's also an added risk in timing the transaction.

"We actually sold our first home in just 48 hours," says Jennifer. "We were amazed." With only a month until the new owners moved in, Jennifer and her family would have to move out regardless of whether their short sale offer was accepted.

Unwilling to rent for an indefinite amount of time, the family decided to move in with Jennifer's parents.

"You really have to be prepared to wait for an uncertain amount of time, which can be a strain on the family," she says about the temporary arrangement.

Jennifer lived with her husband and toddler son in her parents' house for four long months before getting confirmation that their offer was accepted.

When all was said and done, the Crafts purchased the four-bedroom, 2.5-bath home for $225,000 -- almost $40,000 less than what other homes in the neighborhood sold for.

And while Jennifer is the first to admit that the process is not for everyone, she says she's glad they went through with it.

"Because we were able to wait, now we have a great house in a great neighborhood," she says. "It was really worth all the struggle. We couldn't be happier."

To hear the whole story, watch the video above.

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]]>MyNextMoveAol Real Estate Staff2011-05-10T23:01:00 00:00Report: Banks Force Distressed Homeowners to Waive Righthttp://realestate.aol.com/blog/2011/05/09/report-banks-force-distressed-homeowners-to-waive-right-to-sue/http://realestate.aol.com/blog/2011/05/09/report-banks-force-distressed-homeowners-to-waive-right-to-sue/http://realestate.aol.com/blog/2011/05/09/report-banks-force-distressed-homeowners-to-waive-right-to-sue/#commentsFiled under:

foreclosed propertyAs the federal government wades deeper into claims of improper foreclosure procedures at the nation's largest banks, a new scandal is emerging.

An investigative series by ProPublica has revealed that several lenders are forcing distressed homeowners to sign away their rights to sue in exchange for a temporary loan modification -- often without any guarantee that the bank will not foreclose on the property later.

While the practice has been banned outright by the government's loan modification program, HAMP, lenders are finding loopholes in temporary arrangements known as forbearance agreements that continue to paint struggling homeowners into a corner. Essentially, these arrangements force homeowners to give up their right to fight foreclosure, even though the bank could decide to pursue foreclosure after the forbearance period ends.

Visit ProPublica for the full investigative report.

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]]>distressed propertiesforeclosure crisisforeclosure processHAMPloan modificationloan servicersProPublicarobo-signingunderwater mortgagesAol Real Estate Staff2011-05-09T14:32:00 00:00Mark Zuckerberg Finally Buys a Househttp://realestate.aol.com/blog/2011/05/05/mark-zuckerberg-finally-buys-a-house/http://realestate.aol.com/blog/2011/05/05/mark-zuckerberg-finally-buys-a-house/http://realestate.aol.com/blog/2011/05/05/mark-zuckerberg-finally-buys-a-house/#commentsFiled under:

Mark Zuckerberg houseFrom Huffington Post: After years of renting notoriously spartan homes, Facebook founder Mark Zuckerberg finally has a house to call his own.

According to the Silicon Valley Mercury News, Zuckerberg has purchased a $7 million Palo Alto estate that features 5 bedrooms, a saltwater pool, and over 5,000 square feet of property. It would be the first house that Zuckerberg has actually purchased.

Read the full story at the Huffington Post

Or read more on Mark Zuckerberg's renter past.

A photo of the reportedly new home of Mark Zuckerberg


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]]>celebrity homescelebrity real estatefacebookmark zuckerbergmark zuckerberg homesocial networkAol Real Estate Staff2011-05-05T17:45:00 00:00Personal Letter Lands a Home Salehttp://realestate.aol.com/blog/2011/05/04/personal-letter-lands-a-home-sale/http://realestate.aol.com/blog/2011/05/04/personal-letter-lands-a-home-sale/http://realestate.aol.com/blog/2011/05/04/personal-letter-lands-a-home-sale/#commentsFiled under:


When Lorena Larez and her family needed to move out of their home in San Luis Obispo, Calif., to be closer to her husband's new job, selling was the least of their worries. It's what the move might mean to their children that worried her most.

"We have two young daughters, so we were leery about what that would entail," she says.

But as Lorena quickly learned, even in today's bewildering market, a little kindness goes a long way in buying the perfect house.

"After the process started, our home sold within the first week on the market. In a depressed market, that was great," she says. The real challenge, however, was finding a new home--and fast.

The family started looking at foreclosures for sale in the city of Clovis, Calif. The neighborhood had everything they wanted: great schools, close proximity to work and gorgeous homes. But try as they might, they couldn't close a deal.

"We bid on several foreclosures...and we were outbid every time, by $5,000 or $10,000," Lorena says.

After three unsuccessful tries, she gave up on foreclosures altogether and started searching for conventional listings. And when it came time to place an offer on the next property--a bright and sunny family home on a cul de sac--Lorena approached the purchase not just as a prospective buyer but also as the mother of young children.

Along with the offer, Lorena submitted a personal letter and a family photograph to the seller. In it, she described how one of her daughters had helped find the house and "was looking forward to having pool parties." The very next day, the sellers accepted the offer, telling Lorena that they really appreciated the sentiment. It turns out that the sellers had children too and liked the idea of the home going to another family. And that's not even the best part.

"The other person who was bidding, their offer was $10,000 over ours. But because of our letter and the photo, they chose us," Lorena says.

After the sale, the sellers remained in the community and even attend the same church as Lorena and her family. They still keep in touch.

In the end, the most important lesson Lorena took away from the experience is that personal touches make all the difference. And, when it comes to buying a home, sometimes selling yourself doesn't hurt either.

Watch more My Next Move videos.

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]]>MyNextMoveAol Real Estate Staff2011-05-04T16:30:00 00:00Osama Bin Laden's Abbottabad Mansion Photoshttp://realestate.aol.com/blog/2011/05/02/osama-bin-ladens-million-dollar-mansion/http://realestate.aol.com/blog/2011/05/02/osama-bin-ladens-million-dollar-mansion/http://realestate.aol.com/blog/2011/05/02/osama-bin-ladens-million-dollar-mansion/#commentsFiled under:

Osama Bin Laden mansionAfter nearly a decade of rumors and bad intelligence stating that Osama Bin Laden was either already dead or sequestered in caves, it was revealed on Sunday that the mastermind of the 9/11 terror plot was living in a mansion in Abbottabad, Pakistan, approximately 2 hours from the capital city of Islamabad. The Huffington Post has photos and aerial views of the heavily guarded estate, which was reportedly built in 2005.

ABC News obtained footage of the interior of the home, which can be viewed below. Visit the Huffington Post for the full story.



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]]>911Abbottabadabbottabad+mansionabbottabadmansionislamabadosama bin ladenosama bin laden deadosama bin laden killedosama bin laden mansionosama+bin+laden+abbottabadosamabinladenabbottabadpakistanseptember 11Aol Real Estate Staff2011-05-02T10:55:00 00:00Youtube Sensation XtraNormal Takes on Housing Crisis (NSFW)http://realestate.aol.com/blog/2011/04/28/youtube-sensation-xtranormal-takes-on-housing-crisis-nsfw/http://realestate.aol.com/blog/2011/04/28/youtube-sensation-xtranormal-takes-on-housing-crisis-nsfw/http://realestate.aol.com/blog/2011/04/28/youtube-sensation-xtranormal-takes-on-housing-crisis-nsfw/#commentsFiled under:

xtranormal real estateThe do-it-yourself video phenomenon that swept the Internet with its hilarious, obscenity- laden iPhone parody is at it again. But this time, those curmudgeonly puppies are taking aim at the real estate market.

Xtranormal, a popular online video-making platform that turns user-generated text into animated films, has been used to create literally millions (11.2 million, by Xtranormal's count) of f-bomb-laced videos on everything from office scuttlebutt to surprisingly detailed diatribes on Quantitative Easing. Naive homeowners and aggressive realtors are favorite targets.

Below is a sampling of some of the most memorable real estate-related entries. Be warned, though: Those puppies can curse a blue streak. Sensitive viewers may want to move on to our next post.





Why short sales may not be the best option for first-timers. We can only imagine how many of these conversations this frustrated realtor had to suffer.





Something to keep in mind before visiting your seller's agent: Know what other houses in your neighborhood are selling for before asking for the stars and moon. Failure to do so may result in your agent committing a class-1 felony on your naïve behind.




It's not just Realtors getting in on the fun. As you can probably tell from the title of the video ("Blood-sucking Vampire Realtor"), homeowners have plenty to get off their chests as well. This video lets everyone have it, from imprudent homebuyers who bought above their means, to unscrupulous agents who pushed said owners in the wrong direction.

Avoid becoming fodder for the next disgruntled Xtranormal creator. Check out our home buying and selling guides for a better understanding of today's market.

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]]>foreclosureFSBOfunny videohousing marketReal estate agentsshort salesunderwater mortgageviral videoXtranormalyoutubeAol Real Estate Staff2011-04-28T15:15:00 00:00John Madden Lists Dakota Apartment for $4.9Mhttp://realestate.aol.com/blog/2011/04/28/john-madden-lists-dakota-apartment-for-4-9m/http://realestate.aol.com/blog/2011/04/28/john-madden-lists-dakota-apartment-for-4-9m/http://realestate.aol.com/blog/2011/04/28/john-madden-lists-dakota-apartment-for-4-9m/#commentsFiled under: ,,

john maddenLegendary sports TV commentator John Madden is selling his apartment in the Dakota, the luxury New York City apartment building best-known for its most famous resident, the late John Lennon. Madden, 75, who retired as an television announcer in 2009, spends most of his time in California's Bay Area, these days. The residence is listed at $4.9 million.

Madden purchased the apartment from Saturday Night Live star Gilda Radner in 1985 for $625,000. Radner, who died of ovarian cancer in 1989, purchased it in 1979 for $150,000. The 2-bedroom home is a maisonette of around 2,000 square feet that has a private entrance off the interior courtyard of the Dakota, which is located at 72nd Street and Central Park West. Other features include two fireplaces, original moldings, high ceilings and wood paneling.

Madden still appears on a daily radio broadcast in San Francisco and on Sirius satellite radio during the football season.


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]]>celebrity real estatejohn lennonjohn maddenJohn Madden Retirementnew york city real estatenflthe dakota new yorkAol Real Estate Staff2011-04-28T14:00:00 00:00