Archive for the ‘purchase foreclosed properties’ Category

Robert Lee, Real Estate Investor and CEO of ForeclosureTrackers.com discusses the most lucrative way to buy in this foreclosure market.

Duration : 0:0:38

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David Dettmann answers your questions about Foreclosures, Short Sales, REO’s, Corporate Owned properties, and when the best time to buy is. Part 4 of 4.
David Dettmann is a real estate trainer & coach, an author, and a licensed practicing salesperson with Coldwell Banker Residential Real Estate in Cape Coral, Florida. He is also President & CEO of “Real Estate Agents EDGE”, a tough market training program for real estate agents. You can reach Dave at: drtime@embarqmail.com; PH. 239-728-4016

Duration : 0:6:15

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Technorati Tags: bank owned, Dave Dettmann, foreclosures, REO, short sales

The Real Estate Disaster Continues…. But Can You Be Saved? Yes watch and listen…

The ‘foreclosure phenomenon’ has plagued the housing market; bank repossessions, REO real estate, has become an uncomfortable norm in a housing market ridden with foreclosures.

To get all the Free videos in this series go to
http://www.ultimatebulkreo.com
and get the video series on how to make 97,323 in equity on one deal with Bulk REO Investing And FREE Gift 39 page Top Secret Bulk REO Insider Secrets Special Report.

Many real estate investors have taken this opportunity to try to buy foreclosed properties through the Short Sale process, but have faced many unexpected obstacles while questionable marketing practices have begun to overpower the infomercial industry targeting new investors just wanting to capitalize on obvious potential.

To get all the Free videos in this series go to
http://www.ultimatebulkreo.com
and get the video series on how to make 97,323 in equity on one deal with Bulk REO Investing And FREE Gift 39 page Top Secret Bulk REO Insider Secrets Special Report.

Mark Bradley, successful commercial and residential real estate investor, describes his process of disrobing the short sale real estate myth. Instead applies real estate principles that can land investors huge profits in today’s real estate market.

In these videos Bradley describes how he broke down the time consuming short sale business into a 5 steps. If you fail to complete any of these 5 steps it is impossible to make any money in short sales.

To get all the Free videos in this series go to
http://www.ultimatebulkreo.com
and get the video series on how to make 97,323 in equity on one deal with Bulk REO Investing And FREE Gift 39 page Top Secret Bulk REO Insider Secrets Special Report.

Duration : 0:4:37

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I am looking at a property in NY state that has a verified lien against by the bank. The amount of the lien is 68k. Does this indicate that I could work with the bank to purchase the property or is it still owned by the person who defaulted?

The property was in short sale for quite some time through a listing agent, but failed to sell and is now unlisted, so far as I can tell.

Also, in what manner and to whom could I approach concerning viewing the property?

Thanks for any and all help.

At any time you are considering offering to purchase a property, you must deal with the current owner of record. That the owner may be in default is irrelevant. Said person is still the owner, until the lender decides to foreclose and take over ownership.

You need to head to the local land office/register of deeds to discover who is the owner at this time. Whomever is the owner is the entity with which you need to deal.

http://realestatemarketingthisweek.com/short-sales/short-sale-objections-advantages-and-hardship-letters-keeping-the-home-owner-in-the-home-helps-fight-vandalism/ – Short Sale Objections, Advantages and Hardship Letters; Keeping the Home Owner in the Home helps fight vandalism –

Part 3 – One of the things I mentioned at the beginning of the last segment is this special allotment of funds that we received from one of our mortgage banks that we currently have available, a 30 year fixed, no pre payment penalty this is the real deal just what youre looking for a 4.875% interest rate with an APR of 4.95% and that is available we do have people at the office right now if you have questions in regard to that they can answer them for you. You would call 480-Velocity

Michael, I have some clients who are buyers that would love that rate. Is that available to buyers as well? Actually, yes its that rate is for a no cash out refinance, no higher than 80% LTV, they have to have perfect credit to hit this number but even in some cases, well with this particular loan there are some closing costs, but one of the things we have available too is a no cost option and that interest rate is for people who are doing the purchase or refinancing and that rate is only 5.5%. The interest rate is 5.5% and the APR is 5.5% so that is for purchase money as well.

Were back talking here with Jeri League and Kalyn Roberts, were talking about the objections to doing short sales, there is another one you wanted to point out Jeri?

Yes, one more objection that people often have when we talk to them about their particular situation is that people feel that they have to be behind on their mortgage payment in order for a bank to consider a short sale and that is not true, the bank analyses everyones entire situation, we have people write a hardship letter, they want to see your financials and there is an entire situation not just being behind on your mortgage payment.

Your hardship may be that youre being relocated by your employer and you simply cant sell your home for what you owe on it due to todays market conditions. The banks will definitely look at that.
People think that the key is that you have to be late but that is not the case. That is really good to know, so we talked about the objections or the pitfalls rather what about the advantages to doing a short sale?

The biggest advantages to doing a short sale are: that its less impactful on your credit typically than a foreclosure and one of the most exciting benefits is that we can often extend the foreclosure and keep you in your house longer. In Arizona banks have a right to start a foreclosure as soon as youre over 30 days late on one mortgage payment. In todays current economic situation most banks are not starting that process for three to six months, but again that is most banks. They can start after one month.

Yes, but once they start the foreclosure process its a 90 day process in Arizona. So you will get a notice that says basically you have 90 days to come current with the note or to move and they are taking your house and selling it in 90 days. Now once we start the short sale process many times we can extend that foreclosure date.

I have personally done one that we had the home owner in for almost a year from when they stopped making their mortgage payments. Its not uncommon to be two or three months past the original foreclosure date that they gave you which of course gives people a lot longer time to decide what they are going to do, especially if its a family, they are not in such a rush to move, they can keep their kids in the same school district, there are so many reasons that that is a good advantage.

So Kalyn the truth is that homes that are occupied generally are better off and easier to sell than vacant homes right? So long as people are in the house and taking care of the house, if the house looks lived in but not trashed. What youre saying is lenders would just as soon leave them in the house then to have it vacant and potentially vandalized.

Definitely, the lenders prefer to have somebody living in there because they are taking care of the home, like you just said when the homes are vacant there is a high risk of them being vandalized, unfortunately and the worse the economic situation in the country gets the higher the vandalism rate on homes goes. In fact we were talking with a realtor in our office who typically takes listings in some of the lower income areas in town and they are going to stop putting signs on vacant listing because they are getting vandalized so much… http://realestatemarketingthisweek.com

Duration : 0:6:19

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