I hear these questions often; how can we tell if we have hit bottom? Will prices continue to decline? When will they go back up?

As we all know, no one can predict the future. The only way we can tell we have hit bottom is when prices start to go upwards. In other words, once we find ourselves in a steady upward trend and we look back at the past, we can see where the bottom was left behind. At that point we can say with certainty that we did hit bottom.

Many people these days ask me about foreclosures, short sales and bank owned properties. Usually these questions come from prospective buyers looking for buying opportunities. In most cases, these questions stem from the news media and, understandably so, some buyers feel that they can get a good deal by purchasing these types of properties.

One of the most important steps in the home sale process is the appraisal. Once a buyer makes an offer on your property and you accept the terms and conditions, the buyer's lender will want to have the property appraised.

The reason? The lender wants to make sure the property is really worth the amount the buyer is willing to pay. Remember, if the buyer is unable to meet his obligation and defaults on the loan, the bank becomes the owner. They do not want a property that is more valuable on paper than it is in the marketplace.

All Locked Up There are many variables at play during a real estate purchase; so when you have the chance to control one of those factors, it can be very appealing. That may be one of the reasons most buyers choose to "lock in" their mortgage rate.

Buying a home is a highly emotional purchase. People usually choose one home over others because they feel a strong connection to the property. But a home purchase is also a serious legal undertaking with real deadlines, criteria and procedures. That is why many buyers retain the service of a real estate attorney.

When you are buying a home your lawyer should do the following:

Beauty is in the eye of the beholder, particularly when it comes to buying a home. Features that attract one home-buyer may repel another.

However, the one feature of interest to every home-buyer is price. Getting the most home for your money is paramount. The real problem is figuring out whether that fixer-upper on one street is a better buy than the home in next-to-new condition two blocks away. That's why knowing what to look for before you buy can save you time, energy and money down the line.

Over the last several years a lot of people have bought homes, intending to live in them for many years, then something happened - maybe good, maybe bad, but regardless of the circumstances - they may find themselves in need to sell.

Because of easy financing, rampant speculation, flipping and sometimes plain fraud, home values skyrocketed most everywhere in recent years. Now, with the current market correction and downturn in home values, there may not be enough money in the property to pay off the outstanding mortgage balance and all closing costs.