A strategic default is when a homeowner walks away from their property despite having the financial ability to make the mortgage payments. The rapid decline in real estate values has convinced many homeowners that there is no point in paying on a mortgage that is way higher than the value of their home. Recent statistics peg the number of households in this situation at 4.5 million.
There may be times when either the buyer or the seller might want to walk out of the deal that they entered into. While some of these reasons are backed by a valid and legal reason there are times when backing out of the deal is not allowed and the party walking out of the deal may have to pay to back out of an offer. In order to give the buyer as well as the seller to rethink of their decision, each property transaction has a period called the attorney review period within which they are free to back out of the deal.
With so many developers embracing innovative and environmentally-friendly building practices and urban planners getting back to creating more live/work communities, 'walkable' is a word that has been enjoying a big surge of popularity lately. But what does that word mean, exactly? Well, it's actually pretty simple.
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