EROTIKUNLU

Archive for November, 2009

I am looking for a site that doesn’t require my personal information and is free to view the listing of homes for sale in the county of Los Angeles. Many of the sites require my phone number, address and credit card #, all which I am not comfortable in giving out just to look at the listings.

http://www.hud.gov/homes/homesforsale.cfm

I want to see listing for foreclosed homes in AZ but I can’t find anyway of gettin a hold of that information without paying. Does anyone know of a better way?

Try
http://www.emailforeclosures.com
This website only has foreclosed on properties.

If you are getting into the investment/flipping game then purchasing pre-foreclosure listings from foreclosure.com or realty trac.com is the best way to go.

Good luck!

Because foreclosures, although you can save roughly 20-25% below the market value, has some problems:

1. A lot of banks will not give you a loan for the house. They believe foreclosures have potential problems and they don’t want to have that as the asset that backs up the loan.

2. There may be tax liens, assessments, or other issues on the foreclosure and you may not be able to find it unless you do some homework with the clerk of court or assessor’s office.

This is why I tell people all the time, before they invest in foreclosures, you have to know what you are doing. Otherwise, you will be hurting yourself. The best advice given to me was to read a book on foreclosures so I can understand how it works. The first book I read and I consider it as the stepping stone of any real estate investor, is the Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days [ISBN 0978834682] by Don Sausa.

Also, if you are looking to where people buy their foreclosures, you can find it on this web site:

http://www.InvestingWithoutLosing.com

…obtaining a loan in a first time hombe buyer’s situation? (please don’t tell me about the $8000 tax credit, I already know all about it.)
Do you have any other information that you think might go along with this question? Give me that, too.
Also, who knows about paying outstanding tax certificates on properties and taking over ownership? (Oklahoma).

No, the standards are the same. It will be hard to find a bank accepting VA too, as the seller has to actually pay part of the sales costs for you (1%).

When you buy tax liens it is just that, you buy a debt, not a house. It takes several years and a court date to take over property, plus you have to pay any other liens on the property. Do not believe the infomercials, they are just there to get you to give 99.99, it is a scam.

I’m looking for foreclosures in the Yakima, wa area. It seems the only way I can find them is to pay a web site for access to the info on them. My self I thought this was public info and I should be able to see them without paying a private company for the info. Does anyone know how I can access this info with paying for it?

Don’t pay for those websites, the information is notoriously inaccurate.

Available foreclosures will be listed in the MLS, 99% of lenders use Realtors to liquidate their REOs.

For Sale By Owner or FSBO has long been an option that many people look into when it is time to sell their home. They do so for a variety of reasons. However, usually it is simply because they are trying to save the expense of hiring a real estate agent. Ideally, this means that homes sold by owner should even be less expensive than others, making them more desirable. The price of a FSBO home is often at least 5% cheaper than a comparable one listed by an agent.

Finding homes, which are for sale by owner, is not always the easiest thing to do. It requires a little extra work because you simply cannot call up an agent and give her the specifications of what you are looking for. By putting the following tips to work, you will be well on your way to finding great FSBO home sales in the area you want.

1. Check out websites that feature free classified ads like Craiglist.org and other local real estate web sites that offer low cost for sale ads. Even eBay has a section for real estate that is worth investigating.

2. Check out specialized websites that offer just by owner ads. More of these are starting up and usually have an option to search by city or even zip code, to tailor your search. FREEhomeownerlistings.com and Zillow.com are good sources to check.

3. Get the local newspaper daily, but especially on Sunday when there are bigger featured real estate sections, and check it thoroughly for the by owner ads.

4. Drive slowly through the areas and neighborhoods you would like to buy in and take notes on homes with a for sale sign that does not have a real estate broker’s information on it. It may or may not say for sale by owner.

5. Check local real estate publications. Often there are free real estate magazines available in grocery stores, libraries and other public places. While a majority of ads will be for real estate agent listings, there are often for sale by owner ads too.

6. Use your social network. Tell your friends that you are looking to find a for sale by owner home and if they know of one to please pass along the information. It is surprising how often someone in your circle may know of a home that is not even on the market yet. You may get first dibs. If you have a Facebook, MySpace or other social networking account, make a mention that you are looking for a FSBO home.

7. Contact a real estate agent. Some FSBO owners will be willing to co-op with real estate agents and agents will often be aware of such listings.

8. Check the MLS or Multiple Listing Service because many owners will pay the flat fee to list their home there for the added exposure it brings.

By taking such steps you will be well on your way to finding every FSBO home in the market you are looking to buy in. These are great ways to find a good deal. Just be sure that you involve a real estate lawyer so that you have all your bases covered and you haven’t missed anything vital in the transaction.

Jason Kay
http://www.articlesbase.com/real-estate-articles/find-homes-for-sale-by-owner-859362.html

When the seller of a piece of property is considering carrying back a promissory note, there are certain steps they should take to structure it properly. Since an individual is incapable of altering the current economic environment which influences the rate of return an investor may pursue, it’s only logical to make the particular investment they have to offer more attractive to buyers. The following aspects of a note are vital in order to acquire the highest offer possible when selling it on the secondary market. Please note, the terms “borrower” and “payor” are used interchangeably throughout this article because they both refer to the same person, the one making the payments on the note.

1) MAKE SURE THERE’S A GOOD DOWN PAYMENT

There amount of a down payment reflects on a borrower’s financial stability. The higher the loan-to-value (LTV), the more risk there is to the investor who is considering purchasing your note.

A useful rule of thumb is to shoot for a down payment of 10% of the purchase price for a 1st position note on a single family residence (SFR). Try to obtain 20-30% for commercial property, mobile homes and land. Also try to get at least 30% down if the note is subordinate to others (was filed after other liens/notes on the property).

2) SELL TO A BUYER WITH GOOD CREDIT

A person’s FICO (credit score) shows how reliable they are when it comes to paying off debt. Note investors know this and pay close attention when reviewing potentially attractive notes to add to their portfolios.

Avoid buyers who object to having their credit pulled prior to selling to them. Don’t just take their word, do a credit check and make sure they pay for it. Anyone with a foreclosure or bankruptcy on their record will cost you when the time comes to sell the note.

Credit scores of 650 and higher are good. The lower the credit, the steeper the discount you will face.

It’s extremely beneficial to ensure accuracy when reviewing credit scores of potential buyers. Most investors make offers subject to credit checks, so their preliminary bids can change if the payor’s credit score proves to be different from what was originally stated.

3) USE REAL ESTATE AS COLLATERAL

Real estate is the best security one can use when structuring a note. Usually the property that was sold in order to create the note in the first place is used, but cross collateralization (using separate property as extra collateral) is certainly possible too. Be certain to evaluate the condition and location of each property used as security to make sure it and its surrounding area are attractive and beneficial to the estimated value.

Avoid using property for collateral which has other underlying liens on it. This decreases the equity which either increases the discount on your note or scares buyers off completely, depending on the amount of unpaid debt.

Also make sure you know the value of the property you sell, as well as any addition property used for collateral. This doesn’t mean you need to have appraisals done on each one. Everyone has a friend who is a real estate agent or knows one who can review the local market where the property is located and tell you what other comparable properties (CMA’s) are being sold for in five minutes.

If you are structuring a business note, the value will be much greater if the property where the business is located is part of the collateral as well. This obviously means that companies which lease property often face bigger discounts, unless other real estate is used as security.

4) PICK A REASONABLE INTEREST RATE

This means you need to use an interest rate equal to or slightly better than those which lenders and banks are offering. If interest rates are averaging at 7 percent and your note rate is 3 percent, then chances are fewer buyers will give you an offer, and those that do will increase their discount from the unpaid balance.

Many states have Usury Laws which limit personal, consumer loans. It would be wise to research your state a little before agreeing upon an interest rate. You don’t want to violate state laws by exceeding the interest rate limits.

Calling a few local lenders and asking them what current rates are, as well as whether or not your state has Usury Laws, will give you all of the information you need to choose an adequate on for your note.

5) AVOID LONG-TERM NOTES

A note with a 15-year term is more valuable than one with a 30-year term. Why would anyone want to wait that long to get paid? Keep the term of the note as short as you can, 3-5 years is usually ideal for most note buyers. The longer-term notes are discounted much more to account for the longer waiting period to realize the return.

If you find yourself tempted to structure a note with an amortization period longer than five years because a buyer wants the monthly payments to be within reason, then give the note a longer term. However, be sure you include a 3-5 year balloon payment so the note is still paid off in a timely manner.

Notes that are too short appear as well, but not nearly as often. When this was written, I was dealing with a client whose payor had requested several extensions on the note. So if you are considering a 6-12 month term, make sure your payor can afford it.

6) TRY TO PUT YOUR NOTE IN 1ST POSITION

If there’s anything you can do to put your note in 1st position, then do it. This means your note will be filed before any other lien against the property and you will have first priority in the event the property is foreclosed on. If you cannot do this, then your best bet is to increase your minimum standards when it comes to the down payment and credit score from the buyer of your property.

At least 30 percent down and a FICO of 700 or better will certainly lesson your chances of taking as big of a hit when selling the note.

Subordinate notes just have higher risk, which decreases the value of the notes of the secondary market. This is why 1st position notes sell like hotcakes, 2nd position notes much less, and notes that subordinate to them (3rd, 4th, etc) are ignored by the majority of those in the cash flow industry.

7) CLEAN TITLE

Make sure the title to the property is clean. Unpaid liens will cause problems in acquiring title insurance. If that occurs, you, as the note holder, will likely face bigger problems when trying to sell the note. As a result, the investor probably won’t be willing to pay for much of the closing costs, if any, leaving you with that burden. Save yourself the hassle and clear up the clouds ahead of time.

OWNER OCCUPIED

When pertaining to houses, condos and mobile homes, it usually helps the value of the note if the property is owner occupied. From an investor’s standpoint, there is less risk involved if the payor is living at the same address as the property they hold a lien against.

9) HAZARDOUS WASTE

Property that has hazardous waste on it, whether contained or not, presents a liability to the investor. Gas stations are a perfect example. This is another detail that can decrease or cancel an offer.

10) RECORD IT

This may seem like a no-brainer, but I have had clients attempt to bring me notes and deeds of trust which haven’t even been typed up yet. That’s like selling a car which hasn’t even left the factory.

Make sure you sign & date the note, have it notarized and then record it in public records. Keep it on file since you will need it to show the investor.

Furthermore, if you are selling to an LLC or Corporation, then be sure to have the buyers sign the instrument individually. If the sign as a corporate officers, then that doesn’t bind them individually and you probably won’t attract any serious note buyers.

11) OTHER LENDERS

Sometimes lenders prevent property owners from creating notes by using No Carryback clauses in the terms of their loans. This is something to watch out for and resolve in advance if you wish to create a note and sell it.

Nate Hananger
http://www.articlesbase.com/real-estate-articles/key-factors-in-structuring-promissory-notes-100354.html

Your high credit scores today are the ticket to happy and satisfied homeownership tomorrow!

With foreclosures and short sales driving down the price of both pre-owned homes and newly constructed homes – and with interest rates at historically low levels, a high credit score can be your newly paved path to the “American Dream.”

4th quarter 2008 figures are coming in now – and while the news is sad for homeowners hoping to sell, it’s good for those seeking to buy. The number of homes selling has gone up, while the prices continue to fall. We could see this trend continuing over the coming months, so even if your credit score needs some improvement, you should have time to work on it and qualify for the best rates.

The most recent news has 740 as the FICO score you need to buy a home, while a credit score of 760 will get you rates under 5%.

Rumors have it that FHA and other government programs may be reaching out to first time homebuyers with even lower rates and lower score requirements. But historically those homes have had to qualify under rigorous guidelines. Many of the repossessed homes probably won’t fit the programs. So don’t count on being able to purchase with credit scores at or below average – keep working to raise your credit scores.

Since a 1% difference in interest on a $100,000 mortgage amounts to over $60 per month difference in your payment (or $720+ per year), it’s well worth your effort to reach for the highest scores and the lowest rates.

If you aspire to home ownership, the first step is to get your free credit report – with scores – and see how you stand. If your score is less than 760, begin taking steps to raise it.

Look first for errors – representatives of the Fair Isaac Corporation say that 25% of all credit reports have errors, and those could hurt your scores. If you find one, contact the credit bureau immediately and follow their instructions for having the error corrected.

Next, look for credit card accounts that may have changed – card issuers are lowering credit lines, so while you may have been within the recommended credit usage on each card a few months ago – you might now be exceeding 30% on some cards. That can hurt your scores. If possible, move some of your balances to a different card to keep usage on each under 30%. If you can do it, get each under 10% for the highest benefit.

Of course, the best course of action is to pay down your accounts as fast as possible. Right now might be the time to forego your weekly night out and use that money to pay down a credit card. The money you’ll save on mortgage interest over the next few years will allow you to have two nights out later on!

Be sure to keep a close watch on your credit report, and see how your activities are affecting your scores. And as soon as you reach the “magic 760″ start shopping for that home!

Mike Clover
http://www.articlesbase.com/finance-articles/high-credit-scores-create-happy-new-homeowners-749234.html

The Phoenix real estate market is experiencing significantly stronger buyer activity for the start of 2009 as compared to one year ago.

The overall Valley is off to a solid start with “Pending” or under contract sales activity for the beginning of the year beating years 2006-8 and even slightly greater than that seen in 2004, prior to the market run-up. The stronger turnout bodes a positive but early sign that buyer demand is more robust and could be a good indicator for overall 2009 performance versus 2008.

Though serious market challenges remain for the year and their conclusion uncertain, many cities across the area are showing greater buyer activity than in the year prior.

The “Core” Performers

The City of Phoenix is experiencing stronger buyer activity as indicated by “Pending” or “under contract” sales activity. Phoenix’s activity appears to make up a substantial portion of the improvement seen across the Valley. Comparatively, the number of properties under contract in Phoenix was 1,309 properties at the start of 2009 compared to 530 properties the year before, a 146% improvement. So, Phoenix real estate is experiencing more significant demand.

Several more centrally located communities showed strong improvement as well. Glendale posted a 133% improvement going from just 126 homes under contract to 294 homes under contract. Mesa and Peoria also showed very strong gains. Gilbert saw gains of 62% going from 172 homes under contract at the start of 2008 to 280 homes under contract presently.

The Middle Ground

Chandler and Tempe both posted modest gains in activity. Given the relative affordability and the appeal of both Tempe and Chandler, and the lower levels of foreclosures in these communities, activity has remained somewhat constant as compared to previous years.

Action in the Edge Communities

Other clusters of strong buyer activity are occurring in the places where one might least expect it – in the edge communities where prices have experienced their greatest declines (prices are approximately 35-50% of their 2006 values).

For instance, Avondale’s buyer activity increased over 200% from 56 homes under contract at the start of 2008 to 170 homes under contract at the start of 2009. Maricopa has experienced a similar increase from 66 homes under contract to 197 homes under contract. Queen Creek’s pending sales activity grew 180% to 366 properties under contract from 131 properties. Buckeye, El Mirage, Goodyear, Laveen, and Surprise all posted gains of at least 70% in the number of homes under contract year over year.

Retirement Communities Sitting This One Out

Established retirement communities such as Sun City, Sun City West, and Sun Lakes show virtually no improvement or even showed small declines in Pending activity. These markets were likely more immune from the investor activity that took place and represent specialized sub-markets that don’t necessarily move with the broader Phoenix real estate market.

The Poor Performers

On the opposite side of the spectrum, the most affluent communities fared the poorest in terms of buyer activity. Fountain Hills and Paradise Valley both posted modest declines in buyer activity. Cave Creek Scottsdale real estate showed a slight improvement from 191 homes under contract to 210 homes under contract for the start of 2009.

What’s Driving The Increase in Buyer Demand?

December sales of homes were unexpectedly stronger for the holiday season where we typically see a steady decline in activity. This may be attributable to the fact that FHA loan limits in the Valley were slated to drop to $271,000 from $346,250 as of January 1. Home buyers using FHA financing to purchase a home may have been rushing to complete their transactions prior to the cutoff date.

Foreclosures represent the biggest attractant to buyers given the perception of deals offered by these properties. Edge communities are experiencing a high rate of these properties so declining prices are making homes surprisingly more affordable in these areas. Prices are 35-50% of their 2006 highs which is enticing to home buyers and investors looking for deals.

Poor performance in the more affluent communities is consistent with the concentration of buyers in the marketplace right now. Indeed, 86% of the homes currently under contract are priced below $300,000. Looked at another way, of the 16,758 homes priced above $300,000 actively on the market, only 6.1% of this total are currently under contract for purchase.

Finally, anecdotal evidence indicates that some investors have begun moving ahead with purchases of real estate in the area.

Conclusion

There is no doubt that substantial challenges remain across the broader economy and more specifically, the Phoenix real estate market through the coming year. However, combined with the fact that 2009 sales actually slightly exceeded 2008 sales and that buyer demand is showing marked improvement, the 2009 Valley housing market could shape up to post stronger sales results than the previous year.

Only time will tell the full extent of improvements in the market, but the New Year is off to a great start.

David Lorti
http://www.articlesbase.com/real-estate-articles/buyer-activity-in-phoenix-real-estate-market-showing-substantial-yearoveryear-improvement-747539.html

i’m looking for homes for sale by the gov. because of delinquent taxe payments.

My neighbor bought a few houses. The courthouse will give you a listing, or every wednesday it is listed in the paper in the classified section. The best bet is to go to the york county website and you can look at the list and it will tell whether or not the listing is still listed, i.e. whether or not the person has paid their taxes. Usually the people pay at the very last second. You can get some AWESOME deals!