January, 2010

Realty — No Comments
29
Jan 10

How to Short Sell – Selling & Buying Foreclosure Property & REO Real Estate For Maximum Profit

Here’s how to make big cash in the Short Sale foreclosure business: Automation. This is 2009. It’s all about information traveling at lighting speed. In this article we will cover: How to buy foreclosure property, How to do short selling 99% automated, How to Short Sell for maximum cash flow and why REO real estate are poised to make those in the know an absolute fortune in the coming months.

Here’s how to make big cash in the Short Sale foreclosure business: Automation. This is 2009. It’s all about information traveling at lighting speed. All you have to do is reach out your hand, and grab it! Many real agents and investors interested in how to do short selling or how to buy foreclosure property,often spend months trying to find a short sell foreclosure to short sell and close, that one high five-figure or even a six-figure deal. Meanwhile, they pass up hundreds of profitable lower-priced short sell foreclosure properties and REO real estate. Why? They lack the simple Short Sale blueprint that attract distressed home owners to them.

And (I hate to even say it), this Residential Real Estate Crisis is only beginning! The little discussed, but very real ‘Commercial Real Estate Bubble’ is on the horizon, and is poised to pop. No, no.. actually ‘explode’. Strip malls, empty office space, and deserted commercial properties are far more over leveraged than properties in the current housing crisis. When, and not ‘if’, when the commercial real estate bubble explodes, it will dwarf the 2008-09 housing crash by many magnitudes, further depressing real estate values as a whole nationwide. This will see a sharp increase in short foreclosures and REO real estate. Not to mention the ‘phantom inventory’ that banks have yet to flood the market with, numbering up to 675,000 across the United States.

Point is, this party is just getting started.

So, here’s the question: “How to buy foreclosure property and short sell foreclosures at rock bottom prices? How to profit from foreclosures, bank repo houses, and a good pre foreclosure, and foreclosure property listing? What exactly needs to be done.

So, here comes the second question: If you had the ‘perfect’ Foreclosure Short Sell Blueprint, wouldn’t you maybe, just maybe, you could spin this entire sub-prime mortgage catastrophe to your advantage?

Do you think that if you knew how to profit from foreclosures, how to short sale, a foreclosure property listing and a 1, 2, 3, step simple system, that you could make an absolute fortune in REO realestate, bank repo houses, short sell foreclosures?

Not only that, but could you also make your ridiculous fortune with short sell foreclosures, easily, on autopilot, from this historic (and ongoing) residential real estate crash?

The answer is a resounding “Yes”

But here is the harsh reality: Many real estate investors, foreclosure property listing brokers, pre foreclosure short sellers and agents sometimes work for three months, maybe netting ,000 on one large deal. And to be blunt, many have absolutely no clue on how to profit from foreclosures, how to buy foreclosure property, and how to do short selling for maximum profit, with minimal work. They simply aren’t doing it right, they aren’t getting ‘The Big Picture’ in the new REO real estate, short sell foreclosure,  and bank repo houses landscape. Wouldn’t you rather close 8 to 10 easy-to-find pre-foreclosures every single month like clockwork for ,000 profit each on autopilot than starve for months waiting for your short sell foreclosure deal to come through?

Clearly, this is a rhetorical question. Quantity with minimal effort: This is the new short sell foreclosure  reality.

That’s where having the proper Short Sell Blueprint comes into play. Knowing how to do short selling and  how to profit from foreclosures now is a whole different ball game on how to buy foreclosure property. The reality is many short sales fall through at the last second simply because they weren’t ‘structured’ properly. Learn to structure Short Sales perfectly and have the bank, the owner and the investor working together for you, all 100% automated.

Ron Butterfield is a Loss Mitigation Specialist and aspiring author. He lives in sunny Redondo Beach, California.

Did you find those tips on making a Fortune with Real Estate Short Sales useful? For more information, please click/” target=”_blank”>http://www.foreclosedhomeslasvegasshortsales.com”>Click Here.

Realty — No Comments
29
Jan 10

Tips on Finding Foreclosures Bank Owned Repos And Reos

Finding foreclosures is possible with the following simple techniques that will require some resourceful thinking outside of the box of distressed homes, pre-foreclosures and short sales that end up deeded to the bank. Then becomes part of a REO agents listing. Drawbacks to buying a home from an auction are that you sometimes you are not able to have a inspection first to access the damages that need repairs.

The problem with short sales is that not all homeowners qualify or the homes assets are stripped away due to vandalism, also if the bank refuses to take less than its present mortgage balance. If the neighborhood or the location of the home is undesirable many purchasers will by pass the sale.

Having a real estate agent who is a specialist in foreclosures is probably the best way to go if you are looking to buy a home to flip for a profit or if you are a first time homebuyer. Finding Foreclosures and bank owned repos is a process that takes time but can be done easily by driving around in your local neighborhood. Real Estate signs in abandoned homes yards usually will have the words bank repo, bank owned specifically listed.

Call the agent who is listing the property and see if there are any other similar homes in the area coming up, this may help you get a chance to get a real bargain. Most purchasers are paying in cash so even if you get a chance to get in on a property before it hits the market, you may lose out if you are not prepared to pay for it upfront.

Major bank websites are another great source for finding national lenders foreclosed properties, some of the more main banks include Countrywide, Bank of America, Chase Mortgage and U.S. Bank. 

Asset Management companies are another place to look for subprime mortgage companies such as HomEq Servicing when it comes to subprime mortgage lenders many of them have crashed causing underwriting guidelines to tighten, with fewer refinancing and an increase in short sales. The importance of a borrowers FICO score determine the loan to value ratio, higher interest rates. Adjustable rate mortgages depending on the index can easiy increase with periodic changes although secured by real property.

FICO scores above 700 will earn a lower interest rate on conventional and traditional loans, for borrowers hoping to refinance FHA loans do not require a FICO score, because the FHA insures loans so the insurance removes or minimizes the default risk that lenders face when buyers put down less than 20 percent. The FHA mortgage limit will determine by a percentage of the local median price. You may qualify for a FHA loan if you have had financial problems or your credit is less than perfect.

The many benefits for home buying and refinancing is evident for those who have faced bankruptcy or foreclosure in the past and with competitive rates and terms of this type of loan I am sure it will be the loan of choice in years to come.

Auction companies have huge inventories and they often get higher auction prices due to the demand of buyers and sellers who out bid on the properties to win the purchase. Som of the top Auction Houses include:

Real Estate Disposition Corporation

J. P. King

United Country Auction Services
Williams & Williams
Bid4Assets 

Hudson & Marshall is one of the nation’s leading real estate auction firms, specializing in foreclosure listings, Grand Estates Auction Company specializes in luxury real estate auctions throughout North America and the Caribbean REDC and Auction.com is the nation’s largest real estate  auctioneer.

It is also noted that schrader real estate auction company, warner real estate auction company, kelly real estate auction company, graham auction company real estate, wells auction company real estate, ball auction services real estate, micoley and company real estate auctions provide listings for bank owned repos and reos.

Keystone Asset Management is a national agency that deals with defaults that is connecting lenders, mortgage servicers, and Real estate professionals in the default marketplace also they provide a client-centric approach to Real Estate Owned (REO) properties, Default Management, and Property Valuation Services for top lending institutions and mortgage servicers across the U.S. and Puerto Rico. They also provide comprehensive management and marketing services, to quickly move non-performing assets.

Premiere Asset Services (PAS), together with Wells Fargo Home Mortgage helps more than 30,000 homebuyers nationwide to realize their dream of homeownership through the purchase of foreclosed properties from listings to mortgage assistance, they offer a wide selection of foreclosures, representing several financial institutions that work with PAS to manage and market their REO properties. First time homebuyrs and investors can find available properties from free online listings on sites like Trulia and Zillow.

Realty — No Comments
29
Jan 10

Property Preservation Business Foreclosure Cleaning Home Inspections

The field service business is growing due to the large number of REO banked owned homes left vacant, foreclosed or abandoned. Mortgage lenders, loan servicer,

How to start a property preservation business will require you to get E O insurance, liability insurance and understanding HUD property guidelines, for boarding and windows and doors, or how to put properties into a conveyance conditions, removal of hazardous material, gain access to vacant

The easiest way to get started is to contact real estate brokers let them know about your service and ability, develop a working relationship with them so that they can let you know about the foreclosure business.

Construction Funding

Construction Progress Reports

Delinquency Interviews

Neighborhood Information

New Home Construction Draws

Broker Opinion of Value

Broker Price Opinion -BPO’s

Comparative Market Analysis

Investigative Inspections

Mortgage Inspection

Lastly you will want to become a member of The National

Professional Property Inspection Service

united professional real estate inspectors

pro check engineering building inspection service

house to home professional inspectors

property management group professional services

morris property management professional services

allspec professional property inspections

professional property services limited

pre check professional property services rowville

Natn’l Mortgage Field Service, Evictions, BPOs,Inspections,Maint Banks/Mortgage Co.

203K Consultant Duane LA, Orange, Riverside & SB Counties

FHA Refinance Loans Lock In at a Lower Interest Rate. Get Refinance Quotes.

FHA license & QC help Expedited FHA license, FHA Quality Control Plans, FHA QC auditing.

FHA Training Center Get HUD approved Practical Training

Field Agent Association

American Association of Financial Adjusters

Home Inspection Checklist General Home Inspection Checklist Items

Structural Elements. Construction of walls, ceilings, floors, roof and foundation.

Exterior Evaluation. Wall covering, landscaping, grading, elevation, drainage, driveways, fences, sidewalks, fascia, trim, doors, windows, lights and exterior receptacles.

Roof and Attic. Framing, ventilation, type of roof construction, flashing and gutters. It does not include a guarantee of roof condition nor a roof certification.

Plumbing. Identification of pipe materials used for potable, drain, waste and vent pipes. including condition. Toilets, showers, sinks, faucets and traps. It does not include a sewer inspection.

Systems and Components. Water heaters, furnaces, air conditioning, duct work, chimney, fireplace and sprinklers.

Electrical. Main panel, circuit breakers, types of wiring, grounding, exhaust fans, receptacles, ceiling fans and light fixtures.

Appliances. Dishwasher, range and oven, built-in microwaves, garbage disposal and, yes, even smoke detectors.

Garage. Slab, walls, ceiling, vents, entry, firewall, garage door, openers, lights, receptacles, exterior, windows and roof.

Realty — No Comments
22
Jan 10

What Is A Short Sale In Real Estate?

The basics

At its most basic, a short sale is when the mortgage holder (usually a bank) agrees to allow your home to be sold for less than what is currently owed on the property.

How much less? That’s up to the mortgage holder to decide, though sometimes your real estate agent or a loan negotiator working with your real estate agent can negotiate the price.

How it works

You should really only think seriously about a short sale if your property is in foreclosure or is very likely to enter foreclosure soon. Often when someone’s home enters foreclosure the person panics, very often fleeing the property and leaving the place vacant. There’s no need to do that. In most states when a home enters foreclosure, legally the property still belongs to the person who has the loan on the property; usually a period of time from 30 to 90 days will pass, while the property is in foreclosure, before the property will be auctioned off at the court house. Once the home is auctioned off, you must vacate the property, usually within 24 hours of the auction.

You can use those 30 to 90 days to your advantage. First, don’t just trust what you read on the Internet, including this article, because the laws might be slightly different in your area. If you can’t afford an attorney, that’s fine, because you won’t need one. You can find out the basics usually by contacting a real estate agent, and agents who specialize in short sales or at least who are familiar with short sales can commonly be found in most areas; check your phone book or look online for such an agent.

Once you have a real estate agent, the agent will place your home one the market. This is where that 30 to 90 days comes in quite handy. Your agent can use that time to find a buyer for your property. Once there is a buyer, the agent can then have the auctioning of your property delayed for at least another 30 days, sometimes quite a bit longer.

The real estate agent then contacts the mortgage holder and informs the bank a short sale is in progress. At the same time the agent will offer the mortgage holder the buyer’s bid on your property. Quite often the bank will turn down that initial bid, in hopes of getting more money. Keep in mind, the bank is technically losing money on your property, so they are going to try to get back as much of that as possible.

Complications

Yes, as with any modern financial transaction concerning property, complications can arise.

The mortgage holder might threaten a lien against you, the original property holder. This doesn’t happen often, but some banks aren’t as easy to work with as others. The bank might even want you to sign something saying you will still be held responsible for any money they lose on your house; at that point, ask your real estate agent for any suggestions, but sometimes they can talk the bank out of such. Why? Because it doesn’t make sense for you to agree to such terms when you could just file for bankruptcy and the bank could loose everything they have invested in your property.

A hundred seemingly other difficulties could arise, such as if the buyer has bad credit, but let your real estate agent worry about most of that. The agent will need certain information from you, sometimes a tax statement or bank statement or other information showing how much money you do or don’t have, but this is to provide the mortgage holder with truth that you indeed can’t make your house payment. When problems arise, the agent will deal with it or will contact you for anything they should need.

Keep in mind, a short sale is not a done deal. You can’t always do one just because you want to. A buyer is required, for one thing, and the bank will want the buyer to have at least decent credit and proof of income to show the person can afford the payments. 

Should you consider a short sale?

With all the difficulties that can arise, why should you even think about a short sale for your property? For one thing, a short sale will not hit your credit report nearly as hard as a bankruptcy would. The short sale won’t leave you with good credit, but it won’t damage your credit as much as bankruptcy.

Also, some sellers consider a short sale an honorable way to deal with the debt owed on their house. They can sleep better at night knowing they’ve at least tried to find a way to meet their responsibilities.

Find out more

This article is not meant to get into all the fine details about a short sale, especially since those details can vary from state to state. If you think a short sale might be for you, contact a local real estate agent. You also can check out the national Realtor Web site’s Field Guide to Short Sales to learn more.

Other links

10 Tips for Saving Grocery Money

Proving the worth of Martha Stewart during these tough times

5 Tips for Keeping Organized at Home

Realty — No Comments
19
Jan 10

How to ask the right questions when buying a short sale property

Short sales, simply put, are very complicated.  This article is meant for potential buyers who are thinking of writing an offer on a short sale.  What is a short sale?  A short sale is when the bank(s) who is holding the mortgage(s) agrees to take less than what is owed in order to avoid foreclosure. There is no sure fire way to know which short sale will be approved and which ones will not.  The key to any short sale is a lot of patience.  Be prepared to wait 6 months or more for a short sale to get approved.  The other difficulty with short sales is that not all short sales get approved.  I have heard statistics that only 1 in 8 short sales are approved.  I’ve seen other statistics that only 1 in 10 short sales are approved.  These questions will help you figure out which properties have a better likelihood of getting approved and finally go to settlement.

How many loans/mortgages exist on this property?

1 mortgage is better than 2 or more mortgages.

Are there any additional liens on the property (tax liens, mechanic’s liens, child support, equity lines of credit, water bills, etc)? 

It is preferable to pick a property without any these additional liens.

If the property is a condo or has an HOA (Home Owners Association), is the Condo/HOA fee current? 

In most cases the HOA/Condo fee has to be paid by someone before they will approve the sale.  If this is the case ask the owner to continue to pay these fees on time and keep account current.

Has the bank(s) holding mortgages been notified of the short sale?

It is better if the bank(s) have already been notified that owners intend to do a short sale.

Have you received any other offers? 

There are agents who will accumulate offers until the short sale has been approved.  There are other agent’s who will pick one offer and one back up offer and work with only one offer to get an approval.  The second scenario is best.

Has a loss mitigator/negotiator been assigned? 

It is preferable to have a loss mitigator already assigned, but some banks will not assign a loss mitigator until an offer has been submitted.

 Was this the primary residence or an investment property?

It is much easier to get an approval for a primary residence than for an investment property.

Is the seller/owner in the process of filing bankruptcy?

A short sale cannot proceed if the owners are in the process of a bankruptcy.

Is the owner using a professional short sale negotiator?

This is crucial.  There are agents out there that take on short sale listings without the skill and knowledge to negotiate a short sale.  If the agent is acting as the negotiater ask about her/his track record with getting short sales to closing.

Is there a geniune hardship?

Some legitimate hardships include divorce, severe illness, job loss and pay cut.

Please visit my website for more information on short sales and foreclosures:

www.marylandonlinehomes.com