Mortgage Updates

Larry King recently invited several real estate professionals onto his show “Larry King Live.” King asked the guests for advice regarding the housing market — some of the responses were concrete, while others were more general.

Some of the the most useful responses?

From real estate expert Barbara Corcoran, on selling a house:

There’s one way you can always sell a house in any old market. You can intentionally under-price it. If you go out to your own marketplace and intentionally under-price your home 20 percent to 25 percent less than you think it’s worth, or that a credible appraiser tells you it’s worth, you will sell that house within the week. There’s no such a thing as an unsellable house. It’s always a question of numbers.

From correspondent Michael Corbett, on facing foreclosure:

The biggest mistake right now is when you get that default notice, you ignore it. People think that if they just ignore it, it will buy them more time. It’s absolutely the opposite. The first thing they should do when they get those notices is contact either the lender or go to HUD. Get a certified counselor. There’s free counseling out there for people, because if you just go ahead and ignore these notices, they automatically trigger legal action. And that moves it faster. If you want to buy some time, call the lender, call a counselor.

Other advice came from developer Jorge Perez, real estate magnate Donald Trump and financial expert Robert Kiyosaki.