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January 20, 2012
Positive cashflow is one of the most important aspects of real estate investing. Whether buying, selling, trading, or renting properties it is crucial to keep expenses to a minimum to produce profits. Otherwise, properties will become money pits and investors will end up spending more than they earn.
Finding properties that produce positive cashflow can be tricky, especially in today's real estate market. Although there are plenty of great deals, there's much more to investing than locating cheap homes for sale.
Many investors are turning to bank owned homes because these properties are usually priced below market value. While this can be a good strategy, investors need to carefully weigh the pros and cons.
July 19, 2011
For years the Last Vegas real estate market offered some of the most desired properties in the country. Everyone was ready to gamble in Sin City in hope of striking it rich. Today, Clark County Nevada has nearly turned into a ghost town with thousands of foreclosure properties sitting vacant.
There are signs the Las Vegas real estate market is heading toward recovery. In June, the Las Vegas Review-Journal reported foreclosure filings declined by 12.9 percent in May. Additionally, banks canceled 1,931 sales which was a 36.7 percent decrease from April. The report wasn't clear on whether canceled sales were the result of loan modifications, short sales, or deed in lieu of foreclosure.
July 02, 2010
The real estate market is unstable and rightfully so As property values continue to drop, many homeowners owe more on their mortgage loan than their home is worth. Others have taken out a home equity loan which prevents them from reducing their asking price and lessen their chance of finding a buyer.
Investors worry about the real estate market and the toll it has taken on their return on investment. The past few years have been challenging for investors who buy homes and commercial real estate. Declining property values and increasing property taxes have eaten away profit margins.
May 06, 2010
As with any realty investment, buying bank owned properties should be carefully scrutinized. While it is true bank owned homes are priced below market value, they may not be as good of a deal as buyers anticipate.
Buying bank owned real estate is no different than buying properties listed through any independent real estate agent. The primary difference is banks hold the property title and negotiations are held with the servicing lender's loss mitigation department.
April 08, 2010
Foreclosure houses are appealing to first time home buyers and real estate investors because they can be purchased below market value. The majority of foreclosure properties sold through public auctions or lending institutions require repairs or renovations. However, most can be transformed into a great residence or investment property.
There are pros and cons to buying foreclosure houses. Individuals who have never purchased real estate through public auctions should take time to learn how the process works. Otherwise, bargain foreclosure properties can quickly turn into money pits.
March 29, 2010
A common question I am asked is what does REO mean? REO stands for real estate owned and refers to foreclosure property which has been returned to the bank. Banks hold the title, manage the property and are responsible for selling it. Bank owned homes are sold directly through each lender's loss mitigation department or a designated real estate agent.
Many people wonder what does REO mean in terms of buying properties at reduced prices? While it is true most real estate owned properties are sold below market value, buyers must take in to account repair costs required to return properties to livable condition. Some homes are in near perfect condition, while others are in complete disarray and require an entire renovation.
March 15, 2010
Fannie Mae's Home Path Mortgage is a home buying program offering multiple incentives to purchase bank owned homes. Money saving incentives include being able to purchase Fannie Mae homes with minimal down payment requirements and flexible mortgage terms which allow borrowers to pay additional monies toward their mortgage note without incurring penalties.
Buyers of Home Path Mortgage properties can select from most types of residential real estate including single family homes, townhomes and condominiums. Properties offered through HomePath are owned by Fannie Mae and consist of bank foreclosure and repossessed homes.
December 15, 2009
Considering investing in foreclosure real estate? You're not alone. From first time home buyers to seasoned investors, foreclosure properties can be a smart choice. They can also be your worst nightmare. Taking time to understand the market and what is occurring behind the scenes can help buyers determine if purchasing foreclosure property is the best option.
Nearly every day the rules for buying foreclosure real estate change. In February 2009, President Obama unveiled a $75 billion mortgage relief plan. Devised to provide assistance to nearly 9 million struggling homeowners, the Homeowner Stability Initiative offered incentives to mortgage lenders to engage in loan modifications with borrowers facing foreclosure.
August 14, 2009
Bank owned refers to real estate that has been repossessed by the bank because the borrower was unable to maintain their mortgage payments. Bank owned real estate is oftentimes referred to as real estate owned or REO properties.
Bank owned real estate is foreclosure property which did not sell at auction. Once property has been foreclosed it is first place for sale through public auction. If no acceptable bids are placed, the property is returned to the bank. At this point, it becomes the mortgage lender's responsibility to maintain the property until sold.
May 12, 2009
Bank owned property refers to foreclosure real estate that has been returned to the lender. When homes fall into foreclosure they are placed for sale through public auctions. If no one bids on the property it is given back to the bank. At this stage, the property is referred to as real estate owned, or REO, property.
Bank owned property can consist of houses, condos, manufactured homes, mobile homes, commercial properties or raw land. REO properties are sold through each lender's loss mitigation department. Many lenders present bank owned real estate via their company website. Others retain the services of a realtor who specializes in distressed properties.