December 2011 Monthly Archive
December 28, 2011
REO property refers to real estate owned by banks. It can consist of residential homes, commercial real estate, or undeveloped land. Buyers' present purchase offers through real estate agents just as with any other type of transaction. The only difference is banks own the property instead of a private owner.
REO property can be a good choice for everyone from first time home buyers to seasoned real estate investors. These properties are typically priced below market value and sold with a clear title. All are sold 'as is' and the majority is in need of some degree of repair.
There are a few differences between buying bank foreclosures vs properties listed by private sellers. Bank owned homes are usually in worse condition, but not always. Many have sat vacant for long periods of time, leaving them musty, dirty, and in need of a lot of TLC. Some have been vandalized or used as refuge by squatters.
December 23, 2011
Sellercarryback is a mortgage financing option that is offered by sellers to buyers and real estate investors. While this strategy has been used for years, it has become considerably more popular since the mortgage crisis began in 2008.
Sellercarryback mortgages can be an ideal solution for buyers with less than perfect credit and those who can't afford a large down payment. It can also be beneficial to sellers. By carrying all or part of the mortgage note sellers can obtain a better price for the house.
With that said, it is imperative for both parties to engage in due diligence. A purchase agreement needs to be executed and legally recorded. It is strongly recommended to hire a real estate attorney to ensure everyone is protected and the contract is legally binding.
December 14, 2011
The Nevada Foreclosure Mediation Program is worth investigating if you're a homeowner and resident of the state and in need of foreclosure prevention assistance. Thus far, this program has helped nearly 8,000 property owners avoid foreclosure through loan modification, mortgage refinance, and foreclosure alternatives.
To take advantage of the Nevada Foreclosure Mediation Program requires homeowners to be proactive the moment they receive a Notice of Default from their bank. This program requires homeowners to remit an application within 30 days from the date they receive the notice.
The cost to participate in this program is $200. This covers the cost of mediation services and can expedite the approval process. Anyone who has attempted to work with their lender to stop foreclosure knows how challenging it can be to talk to a helpful person. Using mediation services forces lenders to engage in conversation to resolve the issue.
December 07, 2011
Winning the national lottery is a fantasy for most people. Americans spend billions of dollars in hopes of matching lucky numbers or revealing winnings on scratch off tickets. They dream of all the things they will buy and investments they will make.
Americans often refer to the national lottery when speaking of games like Mega Millions and Powerball. Lottery winnings are amassed from people purchasing lottery tickets across the nation. Individual states also have their own lottery system with region-specific games.
With national games, lottery winnings can amount to several hundred million. The highest lottery jackpot recorded occurred in January 2011 and amounted to a whopping $380 million paid out through Mega Millions. The highest Powerball winning to be recorded amounted to $340 million.