Sep
10
The Low Down on Distressed Properties for Sale
Posted By: Ramon Rivas on September 10, 2010 at 11:27 amThe Low Down on Distressed Properties for Sale
By: Joseph B. Smith
Distressed properties for sale can be purchased for up to fifty percent of their market price, and therefore could be monetarily beneficial to real estate investors who buy, modernize and then lease out or resell. These properties can be especially attractive to home buyers with background in building or construction or even those who have ties to the construction industry.
What to Consider
Distressed properties for sale are occasionally known as fixer upper homes, and usually demand purchasers to make comparatively cheap repairs. Consequently, the houses can be bought at significantly reduced rates. One major consideration when it comes to distressed properties are their locations. If the master plan is to purchase these cheap houses and resell them to turn a profit then you have to play on the other strengths the property may have. Location is definitely a big come on for buyers so before committing to buy a distressed property, make sure you have scouted the neighborhood and the general area of the property. Make sure that there are business and employment opportunities as well as schools, hospitals and other social services. The level of livability is a way to strengthen the value of your distressed property and increases its chances to attract buyers.
Distressed properties for sale can either be an apartment complex, a family house or a condo. A buyer needs to be clear on what type of property they wish to purchase and renovate for resale. One can gain a lot of insights on distressed properties from an online foreclosure listings service. This service will have a comprehensive and up to date list of distressed properties across the country. If you subscribe to this service, you can design your search according to what is important to you. These sites will also compute your mortgage and provide the main contact persons you can get in touch with for your purchase. These sites will also provide education on the requirements for purchasing distressed properties for sale.
About the Author
Joseph B. Smith has been educating buyers on the finer points of distressed properties for sale at ForeclosureDeals.com for over ten years. Contact Joseph B. Smith through ForeclosureDeals.com if you need help finding information about distressed properties for sale.
(ArticlesBase SC #3236556)
Article Source: http://www.articlesbase.com/ – The Low Down on Distressed Properties for Sale
Aug
20Is Kenny Rushing really giving away a FREE House?
Posted By: Ramon Rivas on August 20, 2010 at 6:00 pmEarlier today I sent an email that has created a lot of controversy, so I decided to give more details here…
As you know, I’ve been talking about Kenny Rushing, the only guy I know who is successfully turning over Bulk REO packages and making a ton of money while at it.
Kenny made $400K in profit on his first Bulk REO deal, and since then he’s made a lot more, plus he gets free houses in some of these deals. So, to prove that his techniques really work, he decided to give away 3 houses FREE (taxes and insurance included for one year) to students of his coming Bulk REO Trader course.
– >> Find out More about how you can get one of those houses here << –
There’s no one teaching these strategies on the planet. That’s because Kenny created much of the no money down techniques you’ll discover as you read the Conspiracy Report.
Now you too can join the ranks of the world’s most rich and powerful. Private equity firms, hedge funds, and high net worth individuals are investing millions in this area. Now it’s time for you to claim your share regardless of your current financial situation.
To be honest, the recovery of the Real Estate Market has a lot to do with the relationship between these two important statistics: The Number of Qualified Buyers and The Number of Homes available to these buyers. Like in any other market, if you have too many homes available and too little buyers, then prices are going to drop in a desperate attempt to move the inventory.
Some researchers say the shadow inventory could go over 7 million properties in 2010, and it could take over 47 months to liquidate these properties. It could be, but as scary as the numbers may look, I don’t want to rely 100% in statistics, so I would like to know what you think. I want to get the opinion of Real Estate professionals that are actually out there, working hard to move the inventory in their own local markets and dealing directly with buyers and sellers.
I could spend days speculating about what is going to happen with the Real Estate market, but instead I would like to know what’s your take on what’s happening with the Real Estate Market today. Based on what you see out there as you go out day-in and day-out to buy and sell properties, what do think 2011 will have for in store for us?
I really care about your opinion, so at the end of this article there is a form where you can send us a quick reply about your personal experience in your market.
Some of the things I would like to know from your professional experience are:
- Are prices Declining again in 2011?
- Have we reached the bottom of the Market?
- Are we seeing signs of recovery?
- In your opinion, Is the government going to have to intervene again?
- Are people buying enough homes to liquidate the so called “Shadow Inventory”?
- What are some possible solutions to restore the market back?
I want to thank you for your participation, so let’s get the conversation started….
If you liked the video, a quick comment down below is greatly appreciated. Thanks for watching!
In this video I talk about Shadow Inventory. In Real Estate, Shadow Inventory are those properties that are likely to come into the market in the near future. An example of Shadow inventory can be homes taken by banks in the Foreclosure sale at the courthouse (also known as Bank Owned, Corporate Owned, or REO – Real Estate Owned) that haven’t been put in the market yet. Another example could be properties in Pre-Foreclosure (homes that are in the process of Foreclosure) that are not listed for sale yet, or even some people consider Shadow inventory the homes that are upside down (The Mortgage Balance is higher than the property’s value) and not yet in Foreclosure and are not listed for sale. I don’t necessarily agree that the last group of homes should be counted as Shadow Inventory, because a lot of them are still making payments, but the people that count them as Shadow Inventory bet on most of them stopping payment soon and letting the house go to Foreclosure.
Anyway, some people are estimating that Shadow Inventory could reach up to 8 million homes or more Nationwide in 2010 and they say we expect sales of about maybe 5 million homes only, which may cause another depression in home prices again for 2011, and it could take years before all the shadow inventory is sold.
Now, I am not going to get into details about whether this is good or bad news, it all depends on how you look at it. If you are in the Real Estate as an investor, and you know what you are doing, you could make a lot of money in the next few years.
In this video I show you how to use the power of information to be on top of your local market. People love to talk about nationwide numbers, and I understand it gives you an idea, but you need to know your local market, because most times your market is not going to be anything like the nations average. In the video I concentrate on the shadow inventory coming from Foreclosures that are not for sale as shadow inventory, and I show you how to get the number in your county by using Xima.
Since my time is limited on the video, I was only able to demonstrate the calculation for Miami Dade, but I present a table below with the numbers for all the counties we have available with Xima:
Shadow Inventory of Single Family Homes as of today July 28th, 2010:
| County | Real Inventory* | FSI** |
| Bay | 1,557 | 205 |
| Brevard | 4,589 | 977 |
| Broward | 10,848 | 9,985 |
| Charlotte | 2,845 | 662 |
| Collier | 4,089 | 742 |
| Dade | 8,806 | 7,431 |
| Duval | 6,325 | 2,375 |
| Gadsden | 58 | 21 |
| Hillsborough | 8,068 | 3,497 |
| Lake | 3,967 | 958 |
| Lee | 8,642 | 2,908 |
| Manatee | 3,354 | 645 |
| Martin | 1,290 | 104 |
| Monroe | 1,211 | 85 |
| Orange | 8,576 | 7,585 |
| Osceola | 3,111 | 2,657 |
| Palm Beach | 11,939 | 2,542 |
| Pasco | 5,320 | 1,182 |
| Pinellas | 9,198 | 2,414 |
| Polk | 5,691 | 2,296 |
| Sarasota | 4,502 | 724 |
| Seminole | 3,077 | 1,496 |
| Saint Lucie | 3,059 | 330 |
| Volusia | 4,917 | 1,406 |
* Total Inventory: All Single Family Homes Listed for sale by Real Estate Agents as of 07/28/2010
** FSI (Foreclosure Shadow Inventory): All Foreclosure Single Family Homes not yet listed for sale by Real Estate Agents as of 07/28/2010
These are only the numbers for Single Family Homes, I didn’t include numbers for Condos/Townhomes/Villas. Also, I decided to include the Total inventory for every county so that you can make the comparison between the active listings and the number of foreclosures that are not even listed for sale yet. In some counties, when these properties come into the market, the active inventory could potentially double the present the inventory.
Another interesting number to add to this mix would be the total amount of sales year to date for 2010. For example: According to Xima, in Miami-Dade we’ve had 11,232 sales YTD, we have 8,806 active listings, and 7,431 Foreclosure Shadow Inventory properties, a total potential inventory of 16,237 properties. In 2009 there were a total of 20,224 sales in Miami-Dade.
I want to thank you for taking time to review this information. Please send me a quick comment below, I want to know your opinion about the article. Also, you can always subscribe to receive updates when articles like this are published.
Xima USA provides the best and most accurate foreclosure and pre-foreclosure information, data, and statistics available, making it a valuable resource to invest wisely Xima USA offers you everything you need to profit from foreclosure investing. It is your one stop destination to search for foreclosed homes, foreclosures Florida, properties with positive equity, short sale, pre-foreclosures or distressed homes. It creates comprehensive property comparison reports in a specific area, giving you a very powerful tool when making or negotiating an offer. XimaUSA is mainly geared towards real estate brokers and investors, and the main purpose is to identify the best investment properties. You are able to search for properties with 30%, 40%, or even 50% equity, and identify possible short sales. You can also identify distressed sellers and FSBOs, so you may easily get those hot listings.
All this information is collected from many different sources and presented to you in one place, in a very easy format. This will give you the ability to get MLS listings information, public records, mortgage, pre-foreclosure and foreclosure details, you can get comparables of active listings, closed sales and rentals. Best of all, you can customize and print reports, mailing lists and labels for easy mailings.
If you are viewing this post from a feed reader and cannot see the video,
please click here to be directed to the website and play the video
Buying a home is an exciting time, and often not as difficult as it may seem. All you need is a little information.
You need three basic things to purchase a home: good income, good credit and a good amount of cash. If you are lacking in one area, don’t worry, with a little effort, you can find a solution.
For example, if you have a lot of cash, your income and credit may not matter. You simply pay for your home outright. That is the ideal situation. You can usually negotiate with a seller for a lower purchase price because you don’t require a mortgage approval. You are a simple, quick transaction to the seller.
You may be in the opposite situation. You could have a good income and excellent credit, but little cash saved. There are options for you as well. You can find many loan programs, especially those for first-time homebuyers, which offer low down payments, sometimes as low a 3%. You will have to pay for private mortgage insurance, but it is worth it to be able to purchase a home.
There are loan programs out there for those who do not want to disclose their income information. These loans are called no-doc mortgages. You will pay a higher interest rate and might have to put a large down payment on the mortgage, but you won’t have to submit your income information. Many self-employed individuals turn to this option.
There are ways to purchase a home, no matter your situation. If you have made poor choices in the past and have questionable credit, you can find lenders out there willing to grant you a mortgage. You may have to prepay points. You will most likely pay a higher interest rate as you are more risky to the lender. But if you are willing to make the sacrifice, there is no reason you can’t refinance your mortgage in five to ten years, when your credit is improved.
Look into all of your options when considering purchasing a home. It may be that you are better off waiting, saving some money and improving your credit history. Given time, you may be in a better position to purchase.
What you ideally need to obtain the best interest rates and repayment terms is a good, steady income with a long-term employer; a great credit score; and a large down payment of at least 20%. It may be worth it, especially with rates on an upward trend, to wait a while and get your ducks in order before you buy a home. The more you are able to reduce your interest rate, the less you will pay back over time.
But if you are ready to buy now, do a little research and find out what is available to you. There are many loan programs and options that make owning a home a possibility for everyone. Yes, you may pay a higher interest rate, but you receive a home in return. However, later on you can always refinance your mortgage and get lower payments and lower interest rate.
