10 result(s) displayed (1 - 10):
March 15, 2013
Investors often avoid tax lien sales because they can be complicated. However, with a little research and detective work this strategy can pay off handsomely. At the very least, it's a good way to generate profits or acquire low-cost investment property.
As with most investments, tax lien sales can be risky. Becoming educated about the process is vital. A good place to start is local real estate investing networking groups. Check organizations like LinkedIn or MeetUp to find meetings in your area.
A simple explanation is tax liens are placed against property owners who fail to pay their taxes. Owners are given a certain amount of time to pay delinquent property tax. If they fail to do so in the allotted timeframe, tax collectors put the lien up for auction.
October 27, 2012
A lot of sellers are using an owner financed real estate IOU to attract buyers willing to pay their asking price. Although the real estate market has experienced a slight upturn, finding qualified buyers remains a challenge.
When property owners secure loans with seller financed real estate IOU they act as the lender. A mortgage or trust deed is drawn up and filed with the County Recorder's office. If buyers default on the terms of the note the seller can initiate foreclosure and repossess the property.
Just as banks are allowed to sell mortgage notes to another bank, property owners can sell seller carry back trust deeds to private investors or investment groups. This is common practice amongst investors and is a good approach for those in need of quick cash.
July 02, 2012
Mortgagor vs. mortgagee is a term that anyone planning to buy a house with bank funds needs to learn about. When people obtain home loans they mortgage the property by entering into a legal contract with the bank.
Mortgage notes identify the mortgagor vs. mortgagee, along with details of the loan including interest rates, installment amounts, and payment dates. Mortgages are secured with promissory notes that include mortgagors' signatures to verify they understand the terms of the agreement and will pay back borrowed funds.
Mortgagee refers to the individual or lending institution providing funds needed to buy real estate. The property is used as collateral and the Mortgagee places a lien against it until the note is paid in full.
June 05, 2012
Trustor is the name given to individuals that establish trusts. Trusts are used to safeguard property and establish beneficiaries to receive assets upon the Trustor's death. A Trustee is designated to manage the trust. In most cases, this is the person that sets up the trust, but there are times when another person is in charge.
The term, Trustor is used with all kinds of trusts including living, land, testamentary, and irrevocable life insurance trusts. Trusts are commonly used with estate planning to avoid probate and reduce estate taxes.
Probate is always needed when estate assets are not transferred to a trust or protected by other estate planning strategies. The process is usually quite slow; especially in heavily populated areas where courts are overburdened.
April 11, 2012
As an investor, I'm always interested in real estate news and trends. I enjoy reading about what's happening in other parts of the country and around the globe. I like to find out how other investors overcome challenges and find creative ways to make things happen when times are hard.
For the most part, real estate news hasn't changed much. Investors want to know how to grab the next best deal. Newbies want to learn about investing principles and how to avoid going broke. Realtors want to find out how to sell houses fast even when the odds are stacked against them.
Over time, I've gathered a few of my favorite spots for real estate articles and housing market news. Most have been around for years and have continually evolved as trends change. Each offers something for Newbies to seasoned pros, as well as realtors, buyers, and sellers
January 06, 2012
Promissory notes are needed to document details about financial transactions. They are used to provide lenders with legal records that can be used as evidence in court if borrowers default on loan terms.
Promissory notes are used with most kinds of loans, including personal, business, auto, and real estate. They can be used by family members, friends, business partners, mortgage lenders, auto financing companies, credit card companies, or any other person or entity that extends credit.
People can create their own document by making use of preformatted promissory note templates or using online services such as those offered at LegalZoom. Of course, it's always a good idea to have a lawyer review forms to make certain they are legally binding in the event of loan default.
November 29, 2011
Lottery taxes are the downside of winning large sums of money or valuable prizes in state and national games. One thing is certain. If you don't pay the IRS the tax man will be knocking on your door. Just ask Richard Hatch, winner of the reality show Survivor.
If you don't pay lottery taxes when they're due, you'll end up owing the IRS even more. They can assess late fees, penalties, and interest that continuously accrues until it reaches maximum level.
The first thing jackpot lottery winners should do is talk to a financial planner or tax accountant. They could also arrange a meeting with the IRS. The point is to get professional help and eliminate the risk of making costly mistakes.
September 26, 2009
Today, many people are looking for debt solutions. They are tired of being stressed out by mounting debt and exorbitant interest rates. Millions of Americans require immediate debt help in order avoid foreclosure or bankruptcy.
Several debt solutions exist including: budgeting, debt consolidation, debt management, debt settlement, credit counseling and bankruptcy. Each option carries its own set of pros and cons. Not all options are available to everyone. Some require debtors to meet specific criteria, while others charge fees for services rendered.
May 08, 2009
Contract for deed is a real estate technique used when sellers finance all or part of the mortgage loan. The seller executes a contract which details the terms of the sale. Both the seller and buyer must sign the contract and have it notarized in order for it to be legally binding. The seller retains the property deed until contract terms are fulfilled.
The most common uses of contract for deed include lease-to-own, land contracts, and seller carry back mortgages. While contract for deed has been used for decades, this type of financing has become quite popular in recent months.
March 31, 2009
Private money refers to loans obtained from individuals, investors or funding groups. With the current credit crisis, many real estate investors and home buyers are obtaining funding from private resources instead of traditional lenders. Private money loans can be used to purchase real estate, businesses, automobiles, farm equipment, investment properties and anything else a borrower would normally finance through a bank.
Private money loans are an excellent option for people with blemished credit. Lenders have placed tight constraints on lending practices, making it increasingly difficult for anyone to obtain a mortgage loan or business financing. For individuals with a low credit score, the chance of obtaining bank approval is next to none