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April 15, 2013
Buying property through residential real estate auctions is a great way to get a bargain. However, buyers need to be aware of the rules and have their finances in order prior to placing a bid. Doing so will let them find houses that fit into their budget and help them attain the best price.
Houses which are sold through residential real estate auctions generally consist of foreclosure homes and properties which need to be sold quickly. This might include probate real estate or properties owned by banks, investors, or organizations that need to liquidate multiple dwellings.
In order to get the best return on investment, buyers will need to spend time exploring their options. One of the first steps is figuring out how much they can afford. When people buy auction properties using bank loans they generally have to get pre-approved before submitting bids. Most often, buyers are required to provide payment in cash or cashier's check when they win the bid.
November 14, 2012
Many people contribute fraud in real estate as the demise of the mortgage industry. There is little doubt that scam artists have siphoned billions of dollars from unsuspecting people through home equity thefts, foreclosure bailout scams, straw buyer scams, and rental fraud.
Anytime fraud in real estate occurs victims must become proactive in reporting the incident to local law enforcement. Police reports are needed to begin the process of collecting evidence to prove a crime was committed.
Law enforcement officers will need to obtain the names and contact information for all parties involved, along with any documents such as trust deeds, quitclaim deeds, purchase or rental agreements, and escrow statements. They will also require any receipts or cancelled checks that were given or received.
August 14, 2012
Mello Roos is a type of real estate property tax assessed in the state of California when people buy homes in areas designated as Community Facilities Districts (CFD). This special tax is levied to pay back municipal bonds acquired to provide residents with public utilities and services.
The special Mello Roos tax was established in 1982 by Senators Henry Mello and Mike Roos. Its purpose was to overcome tax deficiencies that occurred when Proposition 13 was signed into legislation.
This special tax only applies to properties situated in CFDs. In order for a neighborhood to be classified as a community facilities district at least two-thirds of residents have to vote in favor of implementing the Mello Roos property tax.
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 11, 2012
If you're thinking about buying a short sale it is imperative to spend time learning about the process. People are often under the impression this is the best approach for getting cheap homes, but this is rarely the case.
For the most part, buying a short sale leaves buyers at the mercy of the bank. Unfortunately, banks can change their rules throughout the negotiation process. They might ask for more money, demand property inspections and appraisals, and other items that increase the original purchase price.
Short sale properties include residential homes, commercial property, and vacant land that have entered into preforeclosure because borrowers defaulted on their mortgage loan. Banks allow property owners to list their realty through an agent at a price lower than their loan balance.
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
March 23, 2012
Improving home value is a top priority for people that want to receive the best offer when selling their house. There are several ways to go about making a home more valuable to buyers. However, it's important to conduct research to determine what buyers are looking for before spending money on home renovations.
It's important to note home value isn't the same as real estate appraisals. While a property might be appraised at $100,000, buyers might feel it is worth more or less depending on the types of amenities.
It can be helpful to think back to the selling point when you purchased the home. Was it because of the community where the house is located? Was it the built-in swimming pool or gourmet kitchen? Perhaps it was the size of the lot or the fenced-in back yard. Whatever made the house attractive to you might also be the selling point for buyers.
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.
January 15, 2012
When seeking out houses for sale it's a good idea to spend time learning about home buying programs, government grants, and financing options. Doing so can help buyers save thousands in interest rates and closing costs, as well as obtaining properties for the best price.
There are all kinds of houses for sale. From handyman specials to elegant mansions and everything in between, buyers can find nearly any type of property they desire. While the foreclosure crisis has left many homeowners without a home, it has also opened the door for buyers wanting to purchase affordable housing.
One benefit of buying bank owned real estate is many properties are eligible for HUD's Neighborhood Stabilization Program grants. Each year, the government provides grants to people that purchase homes in regions with excessive foreclosure rates.
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.