May 2008 Monthly Archive
May 25, 2008 | Comments: 2
Houses: Is Now a Good Time to Buy?
Houses have a long-standing record of being a smart investment. Even when the real estate market experiences swings, house values generally even out within a few years and nearly always create a profit for the owner.
In today's market, houses are taking a beating and prices are on a downhill spiral. Industry reports claim house values have dropped nearly 10 percent nationally. Add in the explosion of foreclosures and you can easily see how this bleak situation makes for a buyer's market.
Real Estate Investing article on "Houses: Is Now a Good Time to Buy?"
May 22, 2008
Century 21 Real Estate: Buying Bank Owned Foreclosure Properties
Century 21 Real Estate is the world's largest real estate sales organization. They work with both buyers and sellers not only in the United States, but worldwide. Century 21 agents are Independent Realtors and many specialize in bank owned foreclosure properties.
Several Century 21 Real Estate agents list bank owned foreclosures directly on their website. It's important to realize that bank owned foreclosures are different than foreclosure properties sold through auctions.
Real Estate Investing article on "Century 21 Real Estate: Buying Bank Owned Foreclosure Properties"
May 19, 2008
Florida Real Estate Investing
Florida real estate is making headline news. With a reported 198-percent increase in foreclosure rates during the first quarter of 2008, this once hot real estate market is in a hurricane-strength downward spiral. South Florida residents have taken a hard hit, with nearly 1,300 foreclosure filings last month. Default Research, Inc., provider of nationwide foreclosure statistics is reporting an average of 220 foreclosure filings per day across the Sunshine State.
Experts suggest investing in Florida real estate now could result in massive profits when the real estate market bounces back. And, bounce back it will. Real estate is a necessary commodity. People need a place to live. Private investors, who purchase distressed Florida real estate properties now, can make a fortune in rental income over the long-term.
Real Estate Investing article on "Florida Real Estate Investing"
May 17, 2008 | Comments: 6
Foreclosure Hardship Letter
The foreclosure hardship letter is an important part of any loan modification or short sale package. These types of financial arrangements are available to individuals facing foreclosure. Loan modifications are used when homeowners want to save their home from foreclosure and have the financial means to get back on track with delinquent payments. Short sales are used when the homeowner does not have the ability to become current on payments. When lenders accept short sale offers they allow homeowners to sell their home for less than the amount owed on the mortgage note.
For most people, the foreclosure hardship letter is the most difficult thing to write. Unless you are a professional writer, it is challenging to sit down and express the circumstances that have caused you to fall behind on your mortgage payments. Keep in mind the hardship letter will be read by a Loss Mitigator who works for the lending institution. Loss mitigators read several hardship letters every day, so you will want to keep it short and to the point.
Real Estate Investing article on "Foreclosure Hardship Letter"
May 11, 2008
Short Sale Approval
Short sale approval can be a long and complicated process. In essence, when lenders engage in this type of real estate transaction they agree to accept less than is owed on the mortgage note. There are many steps involved, along with a trail of paperwork.
In order to obtain short sale approval, you will be required to contact your lender's Loss Mitigation Department. Typically, a Loss Mitigator is assigned to your account and will review your situation to determine if you are eligible for a short sale.
Real Estate Investing article on "Short Sale Approval "
May 09, 2008 | Comments: 2
Seller Carry Back Mortgages
Seller carry back mortgages are an agreement where a property owner provides financing to a buyer. The owner may finance the entire amount or a percentage of the purchase price. If the seller finances a percentage, the balance is usually financed through an assumable mortgage.
Engaging in seller carry back strategy can be beneficial to both seller and buyer. The seller benefits by being able to sell his property quickly and the buyer benefits by being able to purchase property he might not otherwise have been able to finance.
Real Estate Investing article on "Seller Carry Back Mortgages"
May 07, 2008
Pre Foreclosure
Pre foreclosure is the process instituted by mortgage lenders when borrowers default on their house payments. Most lenders take pre foreclosure action when the borrower fails to remit their mortgage payment for two or more consecutive months. Occasionally, lenders will wait three months before filing pre foreclosure notice; however, this is rare.
The pre foreclosure stage gives borrowers an opportunity to work with their lending institution to rectify the situation and avoid foreclosure. If the borrower is able to get their mortgage payments current the lender will generally reinstate the loan and no further action will be taken.
Real Estate Investing article on "Pre Foreclosure"
May 05, 2008
Short Sale
Some mortgage lenders offer short sale real estate transactions to borrower's who have defaulted on their loan. In a nutshell, lenders allow borrower's to sell their property for less than is owed on it - hence the name, 'short sale'.
Short sales provide borrower's with an opportunity to sell their property and get out from under their loan. When negotiated properly, short sales allow the homeowner to walk away from the property, salvage what's left of their credit, and avoid foreclosure.
Real Estate Investing article on "Short Sale"
May 02, 2008
Probate Court
Probate court refers to a specialty court which primarily tends to matters regarding the estate of a deceased person. Depending on the state and jurisdiction of this type of court, it may also be referred to as Orphans Court, Court of Ordinary, Court of Equity or Surrogate Court.
The main function of Probate court is to ensure assets of a deceased individual are properly disbursed. A probate judge oversees the decedent's estate to enforce provisions of the Last Will and Testament. If an individual dies without leaving a Will, (referred to as Intestate) the probate judge will assign an Executor to administer the estate.
