Welcome to the 13th edition of the Real estate recap: Week of real estate in review. Take a seat, roll up your sleeves and dig in as Connect2Agent dishes on short sales, motherly woes and new real estate statistics. 

BusinessWeek's Hot Property gives the floor to Paykin for his short-sale savvy

When it comes to short sales, Option Next CEO Alexander Paykin lends advice to commentors' past questions on short sale myths. Among the topics he tackles are:

• Why would a bank reject a full price offer on a short sale property?
• How long will a short sale stay on your credit report?
• Can you pay a seller money on the side in a short sale? (The answer is a resounding no.)
• Can you sue the bank if they don't accept your short sale offer?

The amount of short sales flooding some real estate markets makes this a top read. If you are considering purchasing a short sale, this will make sure your eyes are wide open before you step foot on the playing field.

NAR tries a few new flavors

The National Association of REALTORS is infamous for its exising home sale and pending home sale reports. Now this trade association giant is adding some new flavors to its offerings. These statistics range from State Fiscal Conditions and Taxes to State Mortgage Conditions. These new reports, available to REALTORS, should help to improve their ability to provide real estate buyers and sellers with a lay of the local real estate land.

If you are a real estate buyer or seller, make sure to ask your real estate agent what they use to determine market values for the house you are considering buying or selling.

Summer sizzles quenched by Mother Nature's fury

The opening of June has unleashed a rash of thunderstorms, flooding and a few touchdowns in the form of swirling winds on Midwestern residents. This past week, I have juggled work, my kids' summer schedules and abundant "seek underground cover now" tornado warnings. It has started to become a common event to congregate in the basement at any hour of the day or night.

The byproduct of these storms has resulted in flooded homes and displaced owners. Next week, Connect2Agent will be reviewing what homeowners can do to minimize loss when their houses are in the wake of a natural disaster. We will also take a look at mold, a natural byproduct of flooding, and what homeowners can do to cure their homes of this fungus.

If you enjoyed this post, you might want to read:

• Real estate recap: Week of real estate in review (Edition XII)
• Real estate recap: Week of Real Estate in Review (Edition XI)
• Real estate recap: Week of Real Estate in Review (Edition X)

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Posted by Rebecca D. Levinson

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