3 Rookie Mistakes When Buying Foreclosed Homes
January 29th, 2010 by adminIf you have been thinking about jumping on the foreclosed homes bandwagon and making some pretty good money off of these homes then it may seem like a simple process. Get a foreclosed home listing, make an offer close to the listed price and cash in. Unfortunately as with anything in life it is not quite that simple. The great news is that while you probably won’t make big money all that easily with some hard work and a little knowledge you can cash in on one of the hottest foreclosed homes markets we have ever seen. The key is to avoid 3 of the big mistakes many new investors make when setting out on making their fortune in real estate investing
. Mistake 1 aE” Using the bank’s sale price. Many new investors often use the bank’s price on a foreclosure listing as a method to decide what they will offer for the home. Here is a common scenario, take the banks listing price on the foreclosure and reduce it 30% to make an offer. While this is a simple method and appears you are sure to get a deal there is one problem. The bank’s listing price may or may not have anything to do with the value of the home. I recommend that you completely ignore what the foreclosed home is listed for and only use your own due diligence to analyze the deal. First you should calculate the market value, then take into account any repairs needed and lastly build in your profit. This should be the only offer you should make on a bank owned home, or any other home for investing purposes for that matter.
Mistake 2 aE” Get your deals from one source. Yes I know you have a full time job and family commitments so you don’t have time to work with a bunch of different sources to get your foreclosed homes listings. So you go out and find a realtor that is willing to pull foreclosures from the MLS (Multiple Listing Service) for you and you are done. For whatever reason this just doesn’t work. You will not get every deal right when you need them from this method. Instead you need to work with multiple sources to find foreclosed homes. My best recommendation is to work with a buyer’s agent to search foreclosures for you but you must also go to the source, the banks themselves and REO (Real Estate Owned) brokers who list these foreclosed homes for the bank. In this case the more the merrier.
Mistake 3 aE” Having no exit strategy. I keep hearing over and over again that you make money when you buy the home. Try that out once and then check your bank statement, you will find this is not true. You might create value when you buy the home well below market value but my checking account has never grown until I sold the home. Before you even begin to look at foreclosed homes start by knowing what your exit strategy is. The type of home you are looking for will vary greatly depending on whether you plan to fix and sell the home, fix and rent it, fix and lease option it or just wholesale it to another investor. Once you have at least one exit strategy you are going to commit to then you can narrow your search for foreclosed homes and choose the ones that are right for you. Today, right now is the best time to work the foreclosed home market. Foreclosure listings are reaching all time highs and the banks are feeling the pain of the REO inventory. Keep in mind that buying a home for investment purposes is a serious matter and you need to have a serious plan in place to profit from it. Avoid these 3 mistakes when investing in your foreclosed home and you will be one step closer to profiting from foreclosures.
Loan Modifications: More Harm than Good?
January 27th, 2010 by adminIn 2009, millions of United States homeowners learned that modifying their existing home loans served only to expedite foreclosure rather than prevent it. A U.S. Treasury report released in early December of 2009 revealed that only 4% of applicants under the federal government’s Home Affordable Modification Program (HAMP) have been able to successfully modify their loans on a permanent basis. Further, of those 4% that were able to modify their loans, an amazing 40% went into default within the following 6 months. The unfortunately reality exposed by this report is that while many homeowners allowed their homes to go into default to initiate a time consuming modification process, they effectively disregarded their most viable option for debt relief: a short-sale.
As many homeowners across the country became enticed with the prospect of reducing their monthly payments and loan balances via the HAMP loan modification process touted by government officials, borrowers began contacting their lenders in droves. Banks often instructed borrowers that they must discontinue making their mortgage payments in order to qualify for a modification. Homeowners also found that allowing their home to go into default provided them increased leverage to expedite modification negotiations with their lenders. It is at this point in the modification process that an agonizingly slow train wreck was initiated as seemingly endless unreturned phone calls, requests for more documentation, and transfers to various bank representatives were experienced across the country. All the while the normal 6 to 8 month window between default and the foreclosure sale was closing steadily.
The vast majority of homeowners ultimately learned that the bank would not reduce their principal loan balances and that their monthly mortgage payments would only be reduced nominally or temporarily. Often times this realization didn’t come until after the notice of trustee’s sale was received by the homeowners ? when the debt relief window was only still barely open a crack. The unsubstantiated hope that the HAMP modification program created in millions of financially distraught borrowers served only to prevent them from taking advantage of what has become the most reliable and effective way to avoid foreclosure.
The short-sale process initially started out on rocky ground before banks had time to set up adequate systems and procedures to accommodate large numbers of applicants. However, the year 2009 saw the short-sale process grow increasingly more expedient as the average bank processing period for a completed application rapidly dropped from 4 to 6 months down to 2 to 3 months by year’s end. Further, most borrowers are no longer required to default on their monthly payments prior to attempting to sell their homes for amounts less than what is owed. Apparently realizing that short-sales represent the most effective method to stave off mass foreclosures, the federal government has also acted to eliminate income tax penalties for short-sales until 2012. Not surprisingly, all of these events have led to an increasingly large amount of successful short sales in 2010.
Many will contend that loan modifications are more appealing since they permit borrowers to remain in their homes while short-sales only serve to sell their homes to others. However, it is essential to remember the large percentage of borrowers that are foreclosed upon even after they have successfully modified their loans. Not to mention the incredibly small number of applicants who are actually able to modify their loans to agreeable terms. Furthermore, is it unreasonable to assume that financially troubled borrowers would be better served selling their properties short and moving into more reasonable accommodations until better suited to take on increased debt?
Short-sales represent the conservative option for borrowers looking to get out of increasing debt and into a position where they can begin saving for the future again. Alternatively, loan modifications have become a long-shot gamble on the part of the borrower with only a limited amount of time between default and foreclosure. If the goal is to reduce debt and monthly payments while avoiding foreclosure, there is no doubt that a short-sale is the most reliable and effective course of action.
The Short Story on Short Sales
January 25th, 2010 by adminIt has become a fact of life for homeowners, lenders, and real estate professionals, staring us all in the face. It’s the short sale, and this year about 1 in ten home sales fell into this category.
While loan modifications benefit some, there are many homeowners who don’t have the income or debt levels to qualify under the Making Home Affordable program. So what comes next? In the past, foreclosure was the most likely option. However, that tide is turning as lenders are allowing more homeowners to opt for the short sale and sell the property at a price below the actual amount owed on the home. While the bank may still incur a loss, it certainly beats having to foreclose. After all, banks aren’t in the business of owning property if they can help it.
While there are benefits of a short sale over foreclosure, the process has typically been long and cumbersome for everyone involved. Add to that the length of time to actually close these transactions (some can take as long as 8 to 10 months, but the average is 3 to 6 months), and it’s no wonder most people cringe when they hear short sale.
However, there is hope on the horizon. Beginning April, 2010, the Home Affordable Foreclosure Alternatives Program and its recently issued guidelines should help to streamline this process and reduce the backlog that is plaguing lenders now. Not only should the process be shortened dramatically, it will also mean less vacant and vandalized properties, a common problem in neighborhoods everywhere. Closing more short sales will also help neighboring property values, as short sale prices are typically higher than homes that have already foreclosed.
So, without further ado, here’s the short list on the new short sale guidelines.
- Borrowers will now receive pre-approved short sale terms BEFORE listing the property. These terms will also include the minimum net proceeds that the lender will accept. A great time saver for both the seller and the real estate professional.
- The mortgage servicer will now have just 10 days to approve or disapprove a short sale request. Paperwork reduction will also end a lot of the current short sale headaches.
- The new guidelines will now prohibit loan servicers from requiring a reduction in the commission earned by real estate professionals that was agreed on in the listing agreement. Agents no longer have to take a commission cut for all of their hard work.
- For the homeowner, there will be a $1500 relocation assistance incentive. Helps take some of the sting out of losing a home.
- Also for the homeowner, the program requires that the borrower is fully released from future liability for the first mortgage debt. Again, a much better option than letting the house foreclose and having it haunt your credit for up to 10 years.
- Financial incentives will also be in place for the mortgage servicers – $1000 for every completed short sale transaction
- Qualifying properties must be the homeowner’s principal residence, and the homeowner must be either already delinquent on the mortgage, or show that default is imminent. There are also some other qualifiers regarding debt to income ratios; consult with a mortgage professional for the complete list.
Keep in mind that the Home Affordable Foreclosure Alternatives Program applies to loans that are not owned or guaranteed by Fannie Mae or Freddie Mac. But, Fannie and Freddie, which currently cover over half of the mortgages in the US, are already working on a similar program. Details of their guidelines should be released in the coming weeks.
Will the new guidelines turn the tide for short sales overnight? Not likely. However, as we move into 2010, we will certainly see more short sales and foreclosures and this program will certainly help smooth out the process and move these homes much more quickly. And that is good news for everyone!
Real Estate – Money Making Investment
January 23rd, 2010 by adminThe real estate sell is lone anywhere a profitable investment is continuously to be found; somewhere amidst the foreclosure lists or dishonest inactive on a real estate agent’s desk. This leader aims to present you the background obligatory to allow you to bargain profitable investment real estate.
The original important to profiting from real estate is to bargain a highly motivated and urgent seller. The sense is so as to negotiate a cut cost on a portion of real estate requires the seller to like to get rid of their residence quickly or desperately. If you are conversation to an unmotivated seller on the give a buzz next it will soon be very release so as to you are not up for grabs to prevail on a discounted cost on this real estate. If the seller is unmotivated next you will be unable to negotiate a lucrative deal.
One counterintuitive aspect of real estate investment is to facilitate you normally nominate a profit what time you pay money for real estate and not what time you sell like hot cakes it. This way to facilitate, while at hand is often little you can look after to spread the survey of real estate; sellers are person and are often willing to negotiate their set a price. Saving money while selling real estate is the recipe to advertising homes representing a profit in the real estate advertise.
With the aim of in mind, your earliest step is to develop a tilt of real estate properties with the aim of you are allowing for investing in. You are vacant to need to observe around ten pieces of real estate or else you assiduous elect which single will be your chosen investment.
One beneficial practice meant for sourcing profitable real estate properties is to interview real estate agents; the intimates with the aim of profit from real estate on a day by day basis. Interviewing a real estate agent and ruling dazed if they own a few investment real estate they would be very beneficial. Remember, they will be more than willing to be interviewed for the reason that you are offering them your regular custom.
Real estate agents understand the bazaar “inside out” and can be a brilliant source of investment properties with low prices as others comprise not seen or understood the impending of them. After you create a well-behaved bond with about indigenous real estate agents you will typically receive a phone call all moment in time they notice a well-behaved property get a message to their desk. Remember, they receive a bunch in return in place of this bond as the more real estate with the purpose of they retail the more commission with the purpose of they earn.
Another very valuable method intended for sourcing horrible real estate deals is the purpose of foreclosure lists. All you give birth to make sure of is to search Google intended for “foreclosure lists” in your inhabitant area. Typically, you will give birth to salary a subscription fee to access this but it is beyond doubt worth the cost
At home order to profit from foreclosure lists with no trouble and quickly, chart these steps:
* Firstly, acquire the day by day foreclosure slant on behalf of your area and flip through the pages.
* Select the solitary the real estate to has been on the slant on behalf of a smaller amount than thirty days.
* Highlight the real estate to be contained by your make financial arrangements.
* Look particularly on behalf of real estate to is located in pleasant surroundings or attractive neighborhoods and solitary opt for properties to be contained by fifty miles from everyplace you live.
* Using the internet, access the narrow accuse records and get hold of the accuse attach importance to of this finicky slice of real estate.
* Also, search on behalf of the real estate in question on meritrealty.Org. This website is besides designed to allocate clues as to the attach importance to of real estate.
Once you retain pulled out a little prospective properties so therefore ask your real estate agent to take you pro a viewing. If you are ecstatic with this real estate so therefore hire a real estate property evaluator to reach inevitable so as to the lodge is structurally sound. This step is obligatory to ensure the price of your investment.
After this cape you will be in a spot to reach an offer on this real estate and to attempt to “buy low” in order to “sell high”.
Admittedly, ruling a profitable cut of real estate is mostly the product of a small amount of fiercely go to work. However, this article has situated you by the side of an enormous plus in the real estate sell. Also, the rewards of ruling valuable real estate articulate pro themselves. Buying an under priced cut of real estate can mean profits of tens of thousands of dollars.
Home Loan Modifications, Delinquencies, And Foreclosures Rose in The First Quarter
January 20th, 2010 by adminLenders and servicers were able to modify more troubled loans during the first quarter, according to a recently released government report, but the number of homeowners falling behind on their payments continued to increase as well, and at a faster pace.
The report by the Comptroller of the Currency and the Office of Thrift Supervision, the regulator for banks and thrifts across the country, stated that home loan modifications during the first quarter of 2009 jumped 55 percent from the last quarter of 2008 and 172 percent from the same quarter last year. The two agencies’ report represents data from 64 percent of outstanding first lien residential mortgages.
According to the report, most modifications decreased homeowners’ mortgage payments by lowering the interest rates and/or extending the maturity of the mortgages. Lenders and servicers are still reluctant to include principle reductions in loan modifications as witnessed by 1.8% of modifications that included a reduction. Principle reductions could increase dramatically since the passage in Congress of the Safe Harbor Bill in May. The bill gives loan servicers greater autonomy from mortgage investors in how they negotiate terms on home loan modifications, including principle reductions. It’s often been the case that the investors that own the mortgages prevent principle reductions from being granted.
The biggest negatives of the report were the disclosures that the number of delinquencies and foreclosure filings increased as well. Additionally, the number of seriously delinquent homeowners, who have missed at least two payments, is growing at an increasing rate as unemployment and reductions in pay are taking a toll on formerly solid borrowers. Post modification defaults also continued at high rates. “While I’m very concerned about the rise in delinquent mortgages and foreclosure actions, the shift in emphasis by servicers to more sustainable, payment-reducing modifications is a positive step that should show significant benefits in the coming months,” Comptroller of the Currency John C. Dugan said in a statement.
What stood out in the statistics is that the housing crisis is shifting away from risky borrowers in loans that were ticking time bombs to homeowners that have always been considered solid credit risks. The default and foreclosure rates in the risky subprime category are now being surpassed by those in the prime mortgage category. Prime borrowers, who are traditionally considered safer credit risks and compose the largest category of homeowners, are now falling behind on their payments faster as unemployment rises and home values drop.
The percentage of prime borrowers that have missed two payments on their mortgage rose 20.3 percent during the first quarter compared with the fourth quarter of 2008. It was up 163.7 percent compared with the same quarter a year ago. Prime borrowers make up approximately 67% of all U.S. mortgages. With 661,914 mortgages in serious delinquency up from approximately 250,000 in the same quarter of the previous year, industry watchers are wondering where the carnage will end in the category. In comparison, the percentage of subprime borrowers that were seriously delinquent rose only 1.5 percent during the first quarter. It was up 54.9 percent from the same period a year ago. As the first mortgage category to see massive numbers of defaults beginning in late 2006, most of the damage in the subprime category has already occurred, resulting in statistics that paint a relative level of stability.
The numbers reported by the Comptroller of the Currency and the Office of Thrift Supervision do not include any results from the Obama Administration’s “Making Home Affordable” plan due to its initiation at the end of the first quarter. The slow ramp up of the program has been a major concern for industry watchers, many of whom now think that the program by itself won’t have a major impact on the foreclosure crisis.
Sounding a more optimistic note, JP Morgan Chase announced that they had approved over 138,000 trial home loan modifications to date. A trial modification is one where the homeowner is granted lower payments for three months while a formal loan modification is finalized. The homeowner must stay current on payments for the three month trial period to see the modification through to its completion. JP Morgan Chase, through its purchase of Washington Mutual, is one of the largest lenders in the country.
“It has taken some time to put the resources in place to handle the extraordinary customer demand during this crisis, to incorporate each update to the administration’s Making Home Affordable Program, and then to properly evaluate each borrower’s situation,” Charlie Scharf, head of Retail Financial Services at JPMorgan Chase, said in a recent statement. “Over the last three months, we have made great improvements and we expect the numbers of approved modifications to continue to grow for some time.”
Another issue coming to light is that homeowners need assistance in navigating the loan modification process. The time needed, knowledge of the minutia in mortgage contract, and experience in negotiating terms for the most optimal outcome in a loan modification are proving to be beyond the purview of most homeowners. With foreclosure looming, it is becoming obvious that hiring legal counsel to negotiate new terms is the best single option for homeowners. With over 600 completed loan modifications, The Feldman Law Center has the experience to provide superior solutions tailored to the specifics of each homeowner’s needs. They can be reached at (800) 527 8497.
Author: Greg Feldman
Economists Miss Ther September Housing Starts Estimate And Revise Down August!
January 18th, 2010 by adminREAL ESTATE: Weighing In on Foreclosures
By: Steven Loehr 10/20/2009
Well the economists have missed their Septembers Housing start Estimates and revised down their August numbers, once again confirming my previous articles conclusions that the continued monthly increases in residential home sales are due to the growing numbers of foreclosure and REO products made available by Trusts and Banks brought into the market..
The growing inventory of distressed homes on the market is continuing to send shock waves through the economy; but it’s also providing investors with a longer and wider window of opportunity to get involved here.
Despite the efforts of the OBAMA Administrations federal initiatives to stem the rising tide of foreclosures, some 291,000 foreclosure filings were reported in February, the third highest monthly total since RealtyTrac began following the data in 2005. Such filings include NOD (Notice Of Default) default notices, auction sale notices and bank repossessions.
Over the last three years, more than 4 million U.S. homes have been sent into foreclosure.
Whether you’re an investor looking to purchase a rental property, an investor looking to purchase refurbish and the resell the property, or just a homeowner who’s ready to retire and move someplace more affordable; the price of foreclosed properties are ripe now, which means it is right for you.
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Often, buyers can purchase such homes for 20 percent to 60 percent off their potential market value.
“This is a market where somebody who does their homework can save significant money on a home purchase and create a nice investment opportunity on a longer-term basis,” said Rick Sharga of RealtyTrac.com.
If you’re looking to renovate and flip, you must really do your homework on the property first. You must look at recently closed sales, probably within the past 3 months, lets say within a one-half mile radius for very similar properties. You must have a good building inspector to give you a precise cost estimate on what the repairs are going to cost you to get the property back into condition; you will not be counting on market appreciation here, only the quality of the purchase price, the cost conscientiousness of the repairs and remarketing expenses will make your profit here. Bear in mind that most properties going into foreclosure are being returned to the bank due to financial problems. Therefore the repairs and maintenance are not typically being kept up with, in addition to the rents not being paid.
But if you’re in a position to ‘buy and hold’, with the intent of either renting your property for the rental income stream, then sitting on it until the real estate recession subsides, the market is ripe for the picking in that regard. You will later receive the market rebound rewards which will surely come after this flood washes through the system. Make no mistake about it, there will always be a foreclosure market to watch and be involved with, just like there is always going to be an unemployment number to watch; both just happen to be much larger during recessions but always there.
“Investors need to be cautious and have a long-term strategy,” says March. “I don’t think we’ve seen the end of this economic downturn, so you have to be in a position financially to be able to afford the new mortgage even if you lose your job.” [Mrs. March was specifically referring to the Southern Florida market when making that remark. She is quite the expert in that area and knows it is like quick sand there right now with prices continuing to fall and foreclosures continuing to rise]
That means buying in a location where prices are low and demand for rental properties remains strong.
According to RealtyTrac.com, Nevada, Arizona and California lead the nation in foreclosure rates, while Sunbelt cities, including Las Vegas, Cape Coral-Ft. Myers, Fla., and Stockton Calif., are posting the largest number of foreclosures.
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For investors, notes Sharga, a rocky residential market and a growing inventory of foreclosed homes could mean a bigger potential payoff down the road.
“If you combine a down market with the kind of discount you’d be looking at with the typical foreclosure, that doubles your opportunity for success when the market comes back,” he said.
Pitfalls
The process of purchasing foreclosed properties, however, is also fraught with risk.
Without preemptive research, an investor could end up buying a home with an outstanding tax or other lien, for which you become responsible.
“I’ve even heard about people going to auction and buying a second mortgage rather than the first and thinking they got a great deal on a house,” said Sharga.
Before making a buy, investors need to do their homework carefully?that means hiring a contractor to complete a home inspection for big-ticket problems, like structural damage or costly mold.
Investors also need to secure as precise a figure as possible for how much renovations will likely set them back, a major drag on profit.
Finally, buyers should consult a real estate agent to learn about comparable home sales in the same neighborhood, which will help determine how much the house might eventually fetch at resale.
They should also take note of how long listed homes?both rental and resale?have been sitting on the market.
“Many foreclosure investors won’t purchase a property unless it is at least a 30 percent discount,” said Sharga. “That’s because you’ll typically need to do a rehabilitation to bring the property back up to the neighborhood standard, you’ll probably have to finance it for a short period of time and it’ll cost you some money to market the property.”
It may be not sit well to profit from someone else’s misfortune, but keep in mind that when you purchase a distressed property you’re not just doing your investment portfolio a favor.
By reducing the inventory of available homes, you’re also helping to stabilize the residential real estate market which, in turn, will buoy the troubled U.S. economy.
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Real Estate Investing- Buying Properties at Auction
January 9th, 2010 by adminForeclosure Real Estate Investing: How NOT To Lose Your Shirt At The Foreclosure Sale For real estate professionals, this past year has been one of the most painful in recent times — defaults are up, homeownership is down, foreclosures have soared and the poorly performing housing sector is starting to create negative ripple effects in the broader national economy. Since all projections indicate that 2008 will be equally as challenging, should property investors run for the hills, put all their money in AAA rated munis, and ride out the storm until the next boom? Absolutely not! There’s no question that 2008 will bring reduced housing demand, lower prices in some areas, and fewer loan options, yet 2008 looks strong for treasure hunters. At HMB, we’ve been seeing investors scoop up bank REO’s for 40 to 50 cents on the dollar and selling them off at nice profits. After all, people will always buy property if they can get a great deal, no matter what the market conditions. Your job is to simply find the best deals. Many great deals will most certainly come from foreclosures over the next 24 months.
If you intend to jump into foreclosure auctions, follow these tips to help insure a profitable transaction: A? Do your homework: I recently had one of my investors call me and ask me if he would be risking anything greater than his security deposit if he simply walked away from a house he purchased at auction. Because he was intimately familiar with the neighborhood, he didn’t bother to visit the property. After the auction, he learned the damage to the property was more extensive than he anticipated. In a aEoehotaE? market, price appreciation could have bailed him out but, in today’s market, he was sunk. Lesson? Never buy a property sight unseen, and make sure to get the best contractor estimates possible prior to auction day. A? Read the advertisement carefully: The devil is in the fine print. You could buy a lot of trouble if you don’t read and understand every word. Examples: Many auctioneers require a Buyer’s premium. In my area, it could be as much as 10%. If your bidding on a $120,000.00 property, that’s an additional $12,000.00 expense! Even worse, you may be required to pay interest on the prior owner’s defaulting Note from date of auction forward to the date of settlement. That’s an additional 30-45 days of interest expense (or more in some instances). Worst of all, in some cases the auction purchaser could be responsible for certain outstanding liens due at the time of sale, such as water, taxes, or even condo liens. Do you really want to be responsible for the prior owner’s $3,000.00 past due HOA bill because you didn’t read the ad? A? Be careful of flipping: Flips are still possible in this market but could be dangerous to the financial health of an unseasoned or careless investor. If you intend to flip to another investor, remember he or she will be leery of buying anywhere close to retail because of the likelihood of additional price erosion over the next few years.
Did you properly discount your bid price for this? Will the property cash flow at your proposed sales price? Many investors use the 1% Rule as the aEoegold standardaE? aE” a $100,000.00 purchase price should yield a renter at $1,000.00. If you don’t carefully account for these factors, you could get stuck in the property. If you are using short-term hard money and your credit is weak, you even run the risk of loan default because you won’t be able to refinance out of your hard money loan. A? Setting property values: In addition to recent comps, you may want to go back to 2004-05 tax assessment records to review pre-bubble pricing. Is it possible for prices to retrace back to those levels? Maybe yes, maybe no, but it doesn’t hurt to bid based upon worst-case scenarios. A? Keep your cool: Don’t get caught up in the emotion of the auction. Know your absolute high price going in. Once the bidding has exceeded that price, don’t even think about it anymore. Walk to your car and leave. There’s always another deal tomorrow. A? Get finances in order before bidding: You will be required to bring to the auction a cashier’s check for the advertised deposit amount. But you may also be asked to increase the initial deposit to 10% of total purchase price within a certain time period after the auction date.
Check with the auctioneer the day of auction. Also, get lender approval prior to the day of auction. A hard money lender can be your best friend in these situations, as an approval from a hard money source accomplishes 2 things: 1) you’ll know up-front whether you’ll be able to close on the property, thereby reducing any risk of losing your deposit; and 2) you’ll get a second, and often expert, opinion on the conservative value of the property. Even if you end up using conventional lending, the hard money approval can give you great peace of mind. A? Insurance: It is critical to get a hazard insurance policy in place the day of auction. Many times, the risk of loss is contractually passed to the successful auction bidder. If you don’t have insurance and the building burns down, you lose! A? Bankruptcy: Call the auctioneer the night before (for early a.m. auctions) or the morning of the auction to make certain the foreclosed-upon borrower has not filed a bankruptcy. A bankruptcy filing stops the foreclosure process, even if it is filed one minute before auction. Probably 90% of foreclosure auctions get cancelled this way, so you’ll waste a lot time if you don’t call beforehand. A? Default: Always remember that the re-auction of a property is almost always aEoeat the risk and expense of the defaulting bidder.aE? This means if you bid on a property and don’t follow through, you could be sued for a lot more than just your deposit. Jeffrey Shiller, Esq. MD DC VA Hard Money Lender
The Fallout of the Foreclosure Crisis
January 7th, 2010 by adminBuying a house you couldn’t afford, accepting a subprime mortgage from a lender, losing your job, or experiencing health problems are just a few of the reasons that people can end up in foreclosure. Regardless of the reason for their money troubles, thousands of people are losing their homes, damaging their credit, and facing the possibility of homelessness. While foreclosure can clearly have a huge impact on economic health, they can also threaten a person’s mental well-being. Depression, anxiety disorders, divorce, and violence are just some of the more insidious aftershocks that can be felt in communities all around the country.
As homeowners struggle to cover their mortgage payments, utility bills, childcare costs and food bills, the accompanying tension and anxiety can wear down a person’s ability to cope. Prolonged periods of stress and hardship can quickly turn into an anxiety disorder or to full-blown depression.
Depression is often characterized by physical and mental fatigue, lack of ambition, sadness, and worst of all?hopelessness. This lack of hope can make it extremely difficult to look at one’s situation with a clear head. Feelings of shame and failure can overwhelm a person and convince her that the situation will never get better. Negative thoughts can ambush her psyche, dispensing blame and criticism at every turn. She may think “I failed. Here’s proof that I can’t take care of myself. I’m a disappointment and a loser.”
Depression can also cause inaction. If a person has lost her job or has other personal problems mounting on top of the foreclosure, she may simply stop trying to pick up the pieces, and let the dark cloud wash over her. Her destructive thoughts will inhibit her ability to deal with her problems head-on. If she needs to find a better paying job or look for a place to live, the task may seem monumental. This paralysis inevitably leads to worse financial problems, leading to lower self esteem. Her reduced self esteem only makes it that much harder to move onward and upward, and so the cycle continues.
There’s also embarrassment and the feeling that no one will want to help her. Believing that she doesn’t deserve to be helped, she doesn’t contact the bank for assistance. She then misses the window of opportunity to save her home.
Along with depression, struggling homeowners may find themselves turning to food, alcohol or drugs to deal with the stress. Others will turn to gambling with the hopes that they will win enough money to get the house back. These self-destructive behaviors of course only exacerbate the problem, and can have a huge impact on families.
Anxious children, marital spats, separation, and divorce are all common side effects of the foreclosure problem. Unfortunately, things can escalate quite quickly from partners simply blowing off steam, to full-on domestic violence.
As the number of foreclosures continues to rise, the number of abuse cases quickly follow suit. One national survey has cited “financial issues” as a major contributing factor to the increase in violence in homes across America, and Brian Narney from the National Network to End Domestic Violence said that the financial stress in an economic crisis is “not a cause of domestic violence, but it can intensify it.”
While some people turn their frustration outward, others turn on themselves. With no hope on the horizon, some homeowners choose to end their own lives rather than endure any more pain.
There have already been a few cases of suicide attempts among homeowners facing foreclosure, including a 91 year old woman from Ohio who shot herself before facing eviction. There was also an Oregon couple who were days away from losing their home when they killed themselves and their three dogs via carbon monoxide poisoning.
A study conducted in Australia has determined that “economic trends are closely associated with suicide risk, with men showing a heightened risk of suicide in the face of economic adversity.” A California psychologist also noted that “one’s house is very much a projection of one’s self. To have a home taken away is tantamount to having part of yourself taken away.”
The picture is indeed bleak, but it doesn’t have to be. There are options available for homeowners who are struggling to make their mortgage payments, such as refinancing or getting an extension on their loan. If you’re facing possible foreclosure, it’s critical that you contact your lender right away. As for taking care of your mental health, there are resources available to help. See the continuation of the article, titled “Dealing with the Emotional Aftermath of Foreclosure” for more information.
Investors – Finding Foreclosure Records
January 5th, 2010 by adminIn this article, I am going to be talking about the county offices. Today county courthouses are the means to provide the ever important need for information. The need to understand the basics for what goes on in the courthouse is a MUST for any serious real-estate investor; how the records are kept, how they are protected, what laws affect us and how to determine ownership is knowledge not only important, but essential. The real point here is that the real estate professional has certain questions concerning a property such as: ‘Who owns it?’ ‘Who financed it?’ ‘Are there any liens or judgments against the property?’ ‘What type of property is it?’ Real estate investors then go to the county courthouse to get the answers.
There are two offices of the county that have the information that we need: 1) The county assessor’s office and 2) The county recorder’s office. The county recorder’s office is sometimes called the register of deeds or even the land title office. These are generally open from 8:30 a.m. ? 4:30 p.m. in most parts of the country. However, many investors are unable to go down to the courthouse during these hours to look up the records. Therefore, this requires that the person can find out if these county records can be found using his/her home computer. A simple call to the assessor’s office will let you know if they are online and how you can access that information. Keep in mind that sometimes they do charge a fee to obtain that information, but it is a tax deduction.
The records that the assessor has on file are for public view; they have information sheets on every property in the county that is accessible by knowing the name of the owner, or the address of the property, or the legal description of the parcel and the parcel number. Any one of these should bring up the information desired. The investor should be aware that the property information will list the property size, the owner of record, the address of the owner, the legal description of the property, the improvements on the property (like buildings), the value for tax purposes, which is called the assessed value and sometimes you’ll get a picture of the property.
The parcel number is of significant importance to the active investor looking for information at the recorder’s office because it accesses the original loan documents that were recorded, who actually owns the property, who financed the purchase (whether it is the seller or the lender) and whether there are judgments or liens against the property. It also will show if there are any liens by the IRS ? a word of advice ? investors should have no involvement with properties with IRS liens until there is a certified copy of the paid receipt that the lien has been cleared.
Hopefully this article has helped determine where to find the records before buying a foreclosed property. In another article, I will address where you might want to get your Pre-foreclosure information that is reliable and accurate. In the interim, please feel free to visit my website for a FREE, immediate access, 7-day course on how to make money with bank-owned foreclosure properties:
http://www.bankforeclosuremoney.com
Thanks for your time! Stephanie Jewett, RN, MBA
Riding the 2nd Wave of Foreclosures
January 2nd, 2010 by adminDriving South on Interstate 75 in Marietta, GA everyone on their way to work looks up to see the big realty company sign that tells how many listings are on the market, waiting to be sold.
Mortgage Investors Getting Protection From Obama’s Housing Bill
December 31st, 2009 by adminThousands of homeowners who are struggling to meet their monthly mortgage payments or are already in default with their home mortgage cheered when they heard about the Obama’s new housing bill.
Getting a Real Bargain from Foreclosures
December 29th, 2009 by adminIf you are considering buying a foreclosed property for either investment or as a second home, you may be on the right path. However, buying a foreclosed home comes with inherent risks. You have to be knowledgeable regarding foreclosures, and this is the reason why I have put all these tips together.
The first thing to do is acknowledge these basic facts.
- The process will not be easy. It will take a lot work and research. Only in very rare instances will you find that perfect home for you and your family. More than likely, you will consume hours and hours in careful research and planning to locate the ideal foreclosure home that fits both your budget and the needs of your family. Remember, if it were that easy, everyone would do it.
- You cannot expect to find the perfect home that you are just going to move into right away. Bear in mind that the previous owner of this home may have been forced to leave and did not do so willingly.
- Note that you are only as good as the people you have helping you. You will not succeed with this endeavor without help from a GOOD foreclosure specialist as well as a GOOD contractor.
- When the process is done right, you will be the owner of a home that is worth more than what you purchased it for, regardless of the state of the economy is in. The property should also be remodeled according to your personal taste.
Now, once you accept the facts above, you are ready to begin your search. Here are a few recommendations.
- Get Pre-Qualified: It is important to secure financing early in the process. This will ensure that you are qualified to buy the home. A greater bargaining power also comes with being pre-qualified when the time comes to make an offer. Find a lender that has worked with a number of foreclosures and one who understands the details of the foreclosure process. This will save you a lot of frustration and may save you from missing out on a good deal.
- Know the Process: Learning about the foreclosure buying process is key to buying this type of property. You can purchase a foreclosed property at auction, directly with the seller of the property, or by working with a real estate firm that specializes in these types of homes. There are a number of these companies on the Internet.
- Research the Area: Once you have identified the prospective properties, your research is not complete. You then need to begin looking into the benefits of the surrounding area, the availability of public and private schools, the number of residents, average property values, the rate of property value growth, and the availability of career and recreational opportunities. Some online companies can help you with all of this information.
- View the Properties: Visit the site, get a feel for the house, and see through the current mess. THE KEY TO GETTING A GREAT DEAL IS THE ABILITY TO SEE THE POSSIBILITIES OF THE HOUSE, NOT WHAT IT LOOKS LIKE TODAY!
- Get the right contractor: You need help now. Bring in a good contractor to walk the home with you in order to find all the repairs you will need to make. Talk with him about the changes that you may want to make. Once that is done, ask for a firm cost to make the required improvements. REMEMBER, if it is a good deal, time is of the essence. A number of good contractors can be located on the Internet, as well. They will do the inspection for you and get you a firm cost within a 24-hour period.
Make an offer that works for you. Once you have your financing in place, found the right home, have all the cost of repairs for the house, you are now ready to make the right offer. Once accepted, you are on your way to a home that is totally remodeled to your taste and at a great price. It is important to get the right partner to help you find and get that great deal. They can help you take the risk out of buying a foreclosure and make it easy to get a great deal.
