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10 result(s) displayed (1 - 10):

June 02, 2011

Short Sale Act of 2011

The Short Sale Act of 2011 is back on the agenda for review by the House Committee on Financial Services. Previously, submitted as H.R. 6133: Prompt Decision for Qualification of Short Sale Act of 2010 this bill was bypassed by Congress last year, but expected to pass legislation later this year.

If passed, the Short Sale Act of 2011 will require mortgage lenders to respond to borrowers request for short sale approval within 45 days of written request. If the banks fail to respond within the time period the application will be considered approved.

Real Estate Investing article on "Short Sale Act of 2011 "

May 21, 2011

Mortgage Standards Reform

A mortgage standards reform proposal was recently released by the Federal Reserve as the government attempts to curb abuses that have contributed to the mortgage crisis. The rule would further tighten lending criteria to ensure borrowers are capable of repaying their housing debt. It would also require buyers to provide a minimum 20-percent down payment when buying real estate.

The mortgage standards reform redefines a qualified mortgage and includes an 8-point checklist which holds mortgage providers accountable for investment decisions. The new rule takes effect later this year and will be governed by the Consumer Financial Protection Bureau.

Real Estate Investing article on "Mortgage Standards Reform "

March 09, 2011

Short Sale Eligibility

To fully explain short sale eligibility would almost require a book. The only established criterion is Home Affordable Foreclosure Alternative (HAFA) short sale program offered through U.S. government. All other programs requirements vary by lender.

HAFA short sale eligibility encompasses multiple factors. However, meeting each of the factors does not guarantee acceptance into the program. Instead, final decisions rest with the mortgage service provider.

Basic requirements for obtaining short sale approval under the HAFA program include:

1. Living in the home within the previous 12 months.
2. No real estate purchases made within previous 12 months.
3. Principal balance of first mortgage does not exceed $729,750.
4. First mortgage taken out prior to January 1, 2009.
5. Ability to provide documented financial hardship.
6. Property owner never convicted of certain types of felony crimes within the last 10 years.

Real Estate Investing article on "Short Sale Eligibility "

October 29, 2010

Fannie Mae Homepath

Fannie Mae Homepath is government-sponsored program offering foreclosure properties for sale at discounted prices. When properties are financed through select lenders, buyers can obtain incentives and special financing options such as low interest and minimal down payments.

Fannie Mae Homepath offers a variety of homes for sale including single family residences, condos, apartments, and duplexes. Properties consist of foreclosure homes which were repossessed by Fannie Mae.

Real Estate Investing article on "Fannie Mae Homepath "

October 21, 2010

Fannie Mae Homepath Properties

Fannie Mae Homepath Properties can be a great choice for individual buyers and real estate investors. These homes are offered at discounted prices and can be combined with public grants, along with special financing options and low down payment requirements.

Most Fannie Mae Homepath properties are priced below market value. These homes consist of repossessed foreclosure properties that did not sell at public auction and are now owned by Fannie Mae. Buyers can select from a list of nationwide properties or create a personal wish list which allows them to receive notification when the type of property they desire becomes available.

Real Estate Investing article on "Fannie Mae Homepath Properties "

October 11, 2010

Homes for Rent

Homes for rent can be a profitable niche for real estate investors. In addition to offering rental homes, investors can also use properties to engage in lease options, seller carry back mortgages, and other types of creative financing options.

Many investors offer homes for rent in popular tourist locations such as mountain retreats and beach bungalows. Others offer rental properties as Section 8 to obtain guaranteed rent payments from the government. Some investors specialize in affordable housing, while others focus on luxury rentals.

Real Estate Investing article on "Homes for Rent "

August 30, 2010

Subject To

Subject to refers to a real estate agreement which allows buyers to take over mortgage payments through assignment of ownership rights. This strategy can be used by individuals who do not qualify for traditional lending and is sometimes used by real estate investors to obtain properties from individuals facing foreclosure.

Subject to is also referred to as Sub2 and Subject 2. Individuals who desire to conduct additional online research should utilize all three references to maximize available information. Subject to transactions can provide benefits to all parties involved. However, this type of transaction is best handled by a real estate lawyer to ensure proper documents are submitted through the courts and legal contracts drafted to protect all parties involved.

Real Estate Investing article on "Subject To "

March 15, 2010

Home Path Mortgage

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.

Real Estate Investing article on "Home Path Mortgage"

February 15, 2010

How to Sell a Home on Your Own

Learning how to sell a home on your own can be both challenging and rewarding. Those who master the art can save a bundle in realtor commissions. Those who do not take time to learn the intricacies of selling real estate can end up embroiled in legal battles or lose thousands of dollars in profit.

Many venues exist for learning how to sell a home on your own. The Internet is the preferred choice for most. However, libraries are another excellent choice and many loan real estate courses on DVD. Several private investors and real estate gurus offer home selling courses and seminars. Before whipping out your credit card, engage in due diligence to ensure the information you are buying is from a credible source.

Real Estate Investing article on "How to Sell a Home on Your Own"

December 26, 2009

Property Tax

Real estate property tax is assessed by local governments such as cities, townships, counties, parishes and boroughs and is the primary source of income for communities. The majority of state property tax is used for education, while remaining funds are used for county and municipality expenses such as paying government employee salaries, road repairs and improvements to infrastructure.

Mortgage lenders calculate property tax by multiplying the tax rate times the property value. When borrowers buy houses, a property appraiser assesses the value of the real estate based on several factors. The appraised value can be higher or lower than the purchase amount. When buying a house, the goal is to purchase the property for less than the appraised value.

Real Estate Investing article on "Property Tax"