Time-Wasting, Worthless Foreclosure Listings
As almost every professional in the real estate industry knows, there are literally hundreds of websites offering to sell foreclosure listings by the hundreds of thousands. However, there are serious concerns as to whether or not these listings are worth the money, time, and effort that they require to be used most efficiently. The problems associated with these huge lists make the process of locating quality foreclosure deals much more frustrating, expensive, and tedious than it ever needs to be.
One of the main problems with these lists is that the information is gathered from public records, which may be out of date or inaccurate. Lists of foreclosed homes include not only the homes that still have occupants, but also homes that have been long abandoned. The threat of foreclosure leads many homeowners to prematurely leave their homes, in the fear that they may be evicted at any time.
Even in the case of the homeowners still living in the house, the foreclosure lists do not give relevant contact information besides the address. This gives the real estate investor very few options to begin contacting the owners of the home. The investor can send out wave after wave of mailing, but this doesn't confront the problem of homeowners who have moved out of their homes already. Looking up phone numbers through public records only serves to corrupt the process even further, with outdated phone numbers, Do Not Call regulations, and the lack of mobile phone records.
Thus, while the foreclosure lists provide a wide range of possible foreclosure victims to help, the potential investor must cast a wide net to locate the properties that can be saved. This is a time-consuming, expensive, and low-yield process that can be avoided by the simple use of foreclosure leads, as opposed to lists.
Foreclosure leads constitute actual foreclosure victims who have expressed interest in receiving help. The contact data is verified before the leads are purchased, and there are multiple methods of contacting the homeowner. Phone numbers are usually coupled with direct email addresses. This makes the process of locating high-quality foreclosure leads a much more satisfying endeavor, and puts those property owners who need help in direct contact with people who are looking for homeowners like them to provide help to. This, obviously, results in investors being able to dedicate much more of their time to helping foreclosure victims, rather than chasing after thousands of low quality lists that provide little, if any, meaningful results.
About the Author
ForeclosureFish.com provides free information to real estate professionals, as well as provides high quality foreclosure leads. Public record data is not used, and only verified information of homeowners interested in help to stop foreclosure is used. http://www.foreclosurefish.com/
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Homes For Sale - Important Safety Concerns To Keep In Mind
When you sell a property to someone, you must be concerned that the home is safe and has no obvious hazards. As a seller simply disclosing a safety defect won't solve your problems. Most states require that you repair any defects prior to selling.
Many states require that the seller of every single-family dwelling sold must notify the buyer of any operable smoke detectors. Other states require a fire extinguisher on the property, or that there be appropriate safeguards in the event of a hurricane, tornado, or other natural disaster. To get detailed information on what your local requirements are, contact a great real estate agent to quickly fill you in on this important information.
Every building has the chance of fire, no matter how fireproof it is. The use of plasterboard walls and taped joints will often prevent fires that begin in furniture from spreading beyond that room. Household wallpaper is often rated in how flame-resistant it is in terms of how many minutes it can stand a direct flame without passing the fire through to the other side. Depending on the thickness and material, it can be more than an hour.
Reasonable safety precautions for fire include smoke alarms. Every home should have at lease one smoke detector, or at least one on every floor. For the best protection there should be one in every room. They are well worth the money and effort usually costing under $15 and taking less than fifteen minutes to install.
Another question here is to go with the battery operated smoke alarms, or the ones powered by the electrical system in your home. Some building and safety departments require smoke alarms that attach to the electrical system, while others insist on battery operated devices. Many real estate professionals suggest installing some of both types to insure yourself, as well as future owners of your home.
Fire extinguishers aren't usually a requirement, but they sure are a great idea in the event of a fire. A fire extinguisher should be kept in the garage, as well as one in the kitchen. They tend to be easy to install, and use in an emergency. If you look around you can get a pretty good deal on a few, and some insurance companies will provide you will a discount on your fire insurance premiums.
If you own a property with a well it is important to have the water tested for toxic chemical, metals, and other contaminations. One of the most common issues homeowners have occurs when septic tanks are placed too close to the wells, leading to sewage contamination of the drinking water. Buyers will want to be presented with these testing results.
Some homes have septic tanks. The septic tank itself separates the liquid sewage from the solid waste. The liquid sewage is then pumped into a leach field, where it dissipates into the soil. A leach field is a large plot of ground with small holes buried several feet deep, which prevents sewer water from flowing to the top.
About the Author
Published by Joe and Colleen Lane, Realtors®. The Lane Real Estate Team services Tri City Wa Real Estate, Kennewick Wa Real Estate, Pasco Wa Real Estate, Richland Wa Real Estate, and surrounding Southeastern Washington Communities.
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Should you Sell Your Property "As Is" ?
Once you have purchased your first home, your next investment should be an income-producing real estate. Income properties aren't just limited to single-family homes; it can be commercial property as well. Some investors prefer shopping centers, others warehouses. The possibilities are endless.
There are many tax benefits involved in owning your own home. The pride in owning your own property is unequaled. Such homes can be a single-family home, mobile home, condominium, apartment, or even a houseboat.
A basic rule of investing in income property is to never buy for the tax benefits alone. If a property isn't sound without the tax benefits, chances are it's not a wise investment. The tax breaks involved in owning income property should be viewed only as an added bonus. These bonuses are a major enough reason for buying income property rather than vacant land. A vacant lot offers almost no tax benefits, and produces little or no income.
Many real estate investors depend on resale profits as another bonus of investing in real estate. Properties that won't make a return on your investment aren't worth your time and effort.
Investors are property owners who contribute something to the property such as great management, physical improvements, or cash so someone else can use the property for their benefit. Investors tend to have reasonable property management policies which are fair to tenants. They also have expert financing techniques to use other people's money to purchase and improve a property. All investors have use of ownership tax aspect to maximize their return on investment.
Real estate helps many investors realize their goals. Some goals include increased cash income, a hedge against inflation, providing a job from owning and maintaining property, opening up profit opportunities through real estate.
One of real estate's major attractions is its ability to shelter the owner's ordinary income, such as salary, from income taxes. A profitable example of this is an apartment building that produces rent money from tenants. The property owner uses that money towards operating expenses such as taxes, repairs, utilities, water, and insurance on the property. After you calculate all of these costs, plus mortgage interest, you are left with a positive or negative cash flow from your investment.
Don't forget about the non-cash tax deduction for the buildings depreciation. Income tax depreciation is a bookkeeping estimate for wear and tear. It requires no cash payment to be entitled to this deduction.
Tax-deferred exchanges are a great way to avoid depreciation recapture and profit taxation when disposing of one property and recapturing another.
In fact the 1981 Tax Act's anti-churning provisions state clearly that if you make a tax-deferred exchange of business or investment real estate for another such property, your old basis and its old depreciation methods carry over to the newly acquired property. The new fifteen-year, 175 percent accelerated depreciation methods can only be used on the increased depreciable basis of the property acquired in the exchange.
Investment tax credit doesn't apply to personal property acquired by most real estate investors for use in their properties; however it does apply to vehicles.
About the Author
Published by Joe and Colleen Lane, Realtors®. The Lane Real Estate Team services Tri City Wa Real Estate, Kennewick Wa Real Estate, Pasco Wa Real Estate, Richland Wa Real Estate, and surrounding Southeastern Washington Communities.
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Great Tips For Construction Loans
Construction loans are different from a traditional mortgage loans in a number of ways, but there are also similar terms and such ways that can help you understand what is involved in the whole process.
Like some standard mortgage loans for an existing home, you will need to complete an application document so the bank can determine how much money you can borrow for land, materials, labor and other related expenses that will surely come up. The bank will qualify you for the final mortgage, and at the same time will determine if you qualify for construction loan financing or another type of loan. The bank will determine what kind of construction loan you qualify for based on several items, such as your debt to income, down payment your applying, cash on hand, your home equity and credit scores. Banks will get this information from the major credit bureaus, including Trans Union and Experian. Those scores range from the 710-820's for the best borrowers, the mid 600's for average borrowers, and into the 500's for those with a credit history not great, but may still qualify. They will also consider the amount of money you have for a down payment. When you are looking for a construction loan, you will come up with an interest rate for the loan you use to build your home, and an interest rate for the final mortgage.
Example of this would be if your construction loan interest rate may be 8.7% for 12 months, and then convert into a 30-year conventional mortgage at 6.5% interest for your end loan. The higher interest rate on the construction side of the loan reflects the higher risk the bank is taking, because the house is not yet finished. Occasionally banks offer ARM or adjustable mortgages, that will extend across the construction loan. Interest rate is just one part of borrowing money from banks. Although banks charge you for processing fees. These fees can be set up in many different ways. One way to understand this is by reviewing the APR, or annual percentage rate. This amount is always higher than the interest rate at which you are borrowing money, because it figured in your effective interest rate over the life of the loan, taking into account other fees you paid for the loan.
When making these important decisions it's very important to understand what's included in your loan and the fees involved. Once you obtain your construction loan and begin building your dream home, you will need to manage the loan the bank has provided for you. The bank will also provide additional funds at the end for land and any additional material and labor expenses that might come up.
We hope you enjoyed this article. You can read more like this at www.centurymortgages.org
About the Author
Troy Francis is author and owner of centurymortgages. Please feel free to use this article. We only ask you please leave an active link. Thank you and enjoy. www.centurymortgages.org
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If you need assistance selling your house ERA Othello Realty can share their expertise and experience with you in a friendly and professional manner. From all aspects of selling your house: from getting a qualified CMA (Comparative Market Analysis) to advising you on the presentation of your house, marketing your home online and in print, conducting an open house, showing your house within your guidelines and discretion, constant communication, negotiating the best price for your home and being with you until closing and beyond. We can also assist you in your search for a new home. Please call us at 732-364-2015. We are the realtors NJ! Look at these Listings of Homes for Sale in NJ. Marlboro NJ Real Estate, Homes for Sale in Marlboro NJ, Marlboro NJ, and Information on Marlboro NJ.
Turning Paper Into Profits!
As seen on TV, but without to pay for the tapes, here is a good way to make money buying real estate with no money down. Let me show you how you can achieve this objective. There are a few pre-requisites. First, the property has to be
free and clear. Next, the seller must be willing to carry back a note that is secured by the property. So, let suppose you have found a good property. Here are two methods:
Method 1:
You have found a free and clear single family home that is selling for $200,000. The seller wants $40,000 or 20% down.The terms of the note are: Length of the note: 30 years Interest rate : 10% Value of property : $200,000 Monthly payment : $1755
What you do now is create a note for the full purchase price of $200,000, due in 10 years. The balloon payment at the end of 10 years is $181,875. You explain to the seller that you can give him the $40,000 down payment, but he will have to agree to go without the first 30months of payments on the note. He agrees to this after you illustrate additional financial benefits that he will realize from your creative financing. Next, you are going to sell the first 30 payments to a note investor for $44,208, which will result in a 14% yield to the investor. You pocket the $4,208 difference between the amount the investor will pay for the note and the $40,000 you have to pay to the seller as down payment. After the 30 payments are received by the investor ( which you as the buyer will be making), the payments will revert back to the property seller.Using your financial calculator, the present value at that time will be $196,752, with 90 payments remaining. Remember the seller received a $40,000 down payment, so he actually makes $236,752, over the 10 years financing period, plus ongoing interest on the remaining balance. The results are that the seller gets $40,000 cash at closing. You purchase the property with no money down and keep $4,208 at closing. Make sure that when you sign the purchase agreement the contract states 'this agreement is contingent upon the buyer selling 30 monthly payments of $1755 for a minimum of $40,000.' Furthermore, you should have the note sale close at the same time as your real estate purchase.
Method 2:
Let create 2 notes on the same property and sell the first one. Here is one way of doing it: Create a first mortgage for $125,000, at 10% interest, amortized over 30 years with a monthly payment of $1,097.You will sell this mortgage to an investor for $100,000, or at a discounted yield of 13.8%. You will also create a second mortgage for$100,000, at 10% interest, amortized over 30 years, due in 15 years. The monthly payment is $877, and the balloon is $81,664. The seller will keep this second mortgage. You will give the seller $80,000 down payment from the sale proceeds of the first note and keep the remaining $20,000 difference. Your benefit is that you get the property with no money down, all the appreciation, and the $20,000 at the closing of the transaction. Yes, you are paying $5,000 more for the property ($125,000 + $100,000 - $20,000 = $205,000), but you will be paying for it over 30 years. The seller gets a larger down payment of $80,000 and a monthly payment of $877 for 15 years of $157,860. After 15 years he gets a balloon of $81,664. So the total amount the seller gets over 15 years is $288,024. Of course, you can give less to the seller and gets more in your pocket, depending on your negotiating skills.
About the Author
Cody THOMAS is a Real Estate investor and a REALTOR, specializing in flipping properties. Learn how to create new note to flip properties at http://www.eforeclosureguide.com
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