Apr 06

What is a short sale? Understanding what a short sale is can be important if you are a real estate investor.  A short sale is when a lender is willing to accept a payoff of less than is owed thereby shorting the lender.

There are specific conditions that must be met before the lender would consider a short sale.   First of all, the borrower must have some economic hardship that prevents them from being able to make the payments.

The current market value of the home must be less than the amount owed otherwise the borrower would have to sell the home and pay off the mortgage.

If the bank is willing to grant a short sale they have their own system for determining how much they will be willing to lose on the home.  Many investors start by offering a very low offer hoping the bank will come back with a low counter offer.  The truth is many banks will reject or ignore the offers that are ridiculously low.

Banks will generally sell the home for the market value first.  If the home sits for a few months without any near full price offers, they will lower it until it sells.  There is a limit to the amount they will accept.

If you do submit an offer on a short sale, be sure to include reasons for the price you chose.  Start off with the market price and deduct quotes for repairs. Also include comparable home sales to back up the starting price.

If you can back up your offer the bank will be more likely to accept it even if it is lower than the current list price.

For more short sale tips and information visit http://BankREOTraining.com

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Dec 05
Is time running out?

Image by thinkpanama via Flickr

Real estate investing can be overwhelming when you first start out.  There are numerous niches to consider and test before you find what works best for you.  Here are a couple articles that I think can add some assistance when beginning your real estate investing adventure.

Real Estate Investing 101

A number of things likely come to mind when you think of real estate investing. If you are already familiar with real estate investing you may think of short sales, bulk reo investing and virtual real estate investing or you may think of it in terms of real estate portfolios and real estate retirement plans. You may also consider what roles these things play in your life as a real estate investor in different economies.

There is a lot to learn about real estate investing. Getting the most out of real estate investing education involves being familiar with basic RE info. Short sales, bulk reo sales, virtual real estate and general real estate investor abilities all are improved by knowing some basics of real estate investing. Check out these three real estate investing tenets that many experts do not fully know:    –more

Getting Started in Real Estate Investing

Many people would like to invest in real estate.  Housing prices have plummeted; rates are at historic lows.  You can actually buy cash-flow investment property in California!  It’s a great time to buy real estate.  But how do you get started?

There are several ways to invest in real estate.  You can buy investment rental property, or purchase in an interest in an investment company.  You can buy single family homes, apartment buildings, REOs, fixer-uppers, or even raw land.  Or, you can purchase tax liens, options, or notes.  Thanks to the credit crunch, you can also invest by loaning money secured by real property.  There are several strategies, such as:  “buy and hold,” “leveraging,” “flipping,” “wholesaling.” for maximizing profit:  flipping, “buy and hold,” leveraging, wholesale contracts.    For the new investor, it’s like learning a new language.  There are literally dozens of books and articles in the library, the bookstore, and on the Internet – it can seem very overwhelming!  –more

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