The Process on real estate short-selling varies from one State to the other. However, the purpose of purchasing and short sale for agents or Investors does not. The reason that agents and investors play the real estate game is for the potential of gain. The chance to invest in a market on their own. Like a stock broker to stock, the average man can become the next real estate guru
The real estate business can be a lucrative investment for anybody. Knowing the ins and outs of the business will enable a higher rate of success and greater amount of financial gains. This can be a big disappointment for most people who involve themselves in this business without much research on the proper and legal proceedings that are involved in the real estate business. Even with the complicated process on short sales in real estate, it is still known to be among the very good ways of gaining real estate wealth. With the profitability of getting involved in the short sale business, secrets have been discovered and practiced by experts in the real estate's short sale sector.
Since the competition is huge in this very promising business, most of these secrets are hidden and not often shared openly to other agents. For a rookie, seeing all the frustration and headache the pre-foreclosure and short sale process brings can be intimidating. You may reach the brink of giving up on and admitting to failure and raising the white flag in real estate selling. However, you may be giving up a future of pleasure and financial enjoyment. This does not need to be the case; we have developed tools for you for your continuous venture in real estate.
You have vested a lot already, from the education, licensing and financial investments from the buying, to the legal process and renovations. This is not a great time for you to give up. We do not want you to give up, either. There are people like us that are not selfish on the information, we also want you to be successful and learn the expert way of the trade.
Inflated initial investment and expensive renovations and repair of the procured pre-foreclosed property will mean that you will end with a lower profit. Mis-management of the essential parts of buying and selling real estate in this market can be any real estate investor’s downfall. Not having an exit strategy in place prior to buying the home is another downfall of the real estate agent or investor. However having a system in place, financing with Creative Alternative Options is one of the many keys to the gates of wisdom.
Tuesday, January 26, 2010
Friday, January 8, 2010
Providing Help to Homowners by Handling Short Sales of Properties
Providing Help to Homeowners by Handling Short Sales of Properties
A home seller who owes any lender a huge amount of money that may be more than their property's value has no choice other than to negotiate a "Short Sale" with their lender. Why would a bank accept a "Short Sale"? Banks grant short sales for 2 reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth.
When a "Short Sale" is negotiated with the lender, it means that original homeowner allows the property to be sold at or below market value. With the approval of the lender, the proceeds of the sale will be accepted as payment in full of the mortgage, even if the sales price is lower than existing mortgage. However, on the lender's part they are not allowed to negotiate payoffs that are discounted.
The Realty Factor, Inc. has 19 years of experience, education, and a full understanding of the real estate market. To learn and be aware of the procedure in this kind of real estate transaction, not only are the mortgagee, real estate broker educated in the area, but the homeowner themselves should understand the process.
As a "Short Sale" specialist in the Orlando market: The seller will need to prepare a financial package for submission to the short sale bank/lender. Each lender has its own guidelines but -- the basic procedure is similar from bank to bank. The seller's short sale package will most likely consist of:
•Letter of authorization, which lets The Realty Factor, Inc. negotiate with the bank direct.
•HUD-1 or preliminary net sheet
•Completed financial statement
•Seller's hardship letter
•2 years of tax returns
•2 years of W-2s
•Recent payroll stubs
•Last 2 months of bank statements
•Comparative market analysis or list of recent comparable sales, prepared by us (The Realty Factor, Inc.)
As a "Short Sale" Specialist in the real estate business I will help to sell your home and save your credit. To offer anything else would be an injustice in light of your financial crisis.
Loan Modification are nice “IF” you can get the right deal, however, think of this: If your house is worth 50% of the value of the home next door (ex: owe $250,000 house now worth $150,000) is it worth paying on and waiting 20 years to have your value come back, or is it better to divest yourself of this upside down situation, go across the street and buy that house at 50%?
Troy S. Blanchard
Realtor/Consultant
The Realty Factor, Inc.
www.Orlando-Today.com
FREE 30 Minute Consultation on Wealth Creation through Real Estate Investments.
Private Funding, Self Directed IRA’s, Equity Redistribution,
1031 Exchanges, Business Development and Sales, Investor Representation, Equity Partnerships, Asset Protection, Note Broker, Investor
Serving Florida
Since 1990
407-466-7335
A home seller who owes any lender a huge amount of money that may be more than their property's value has no choice other than to negotiate a "Short Sale" with their lender. Why would a bank accept a "Short Sale"? Banks grant short sales for 2 reasons: the seller has a hardship, and the seller owes more on the mortgage than the home is worth.
When a "Short Sale" is negotiated with the lender, it means that original homeowner allows the property to be sold at or below market value. With the approval of the lender, the proceeds of the sale will be accepted as payment in full of the mortgage, even if the sales price is lower than existing mortgage. However, on the lender's part they are not allowed to negotiate payoffs that are discounted.
The Realty Factor, Inc. has 19 years of experience, education, and a full understanding of the real estate market. To learn and be aware of the procedure in this kind of real estate transaction, not only are the mortgagee, real estate broker educated in the area, but the homeowner themselves should understand the process.
As a "Short Sale" specialist in the Orlando market: The seller will need to prepare a financial package for submission to the short sale bank/lender. Each lender has its own guidelines but -- the basic procedure is similar from bank to bank. The seller's short sale package will most likely consist of:
•Letter of authorization, which lets The Realty Factor, Inc. negotiate with the bank direct.
•HUD-1 or preliminary net sheet
•Completed financial statement
•Seller's hardship letter
•2 years of tax returns
•2 years of W-2s
•Recent payroll stubs
•Last 2 months of bank statements
•Comparative market analysis or list of recent comparable sales, prepared by us (The Realty Factor, Inc.)
As a "Short Sale" Specialist in the real estate business I will help to sell your home and save your credit. To offer anything else would be an injustice in light of your financial crisis.
Loan Modification are nice “IF” you can get the right deal, however, think of this: If your house is worth 50% of the value of the home next door (ex: owe $250,000 house now worth $150,000) is it worth paying on and waiting 20 years to have your value come back, or is it better to divest yourself of this upside down situation, go across the street and buy that house at 50%?
Troy S. Blanchard
Realtor/Consultant
The Realty Factor, Inc.
www.Orlando-Today.com
FREE 30 Minute Consultation on Wealth Creation through Real Estate Investments.
Private Funding, Self Directed IRA’s, Equity Redistribution,
1031 Exchanges, Business Development and Sales, Investor Representation, Equity Partnerships, Asset Protection, Note Broker, Investor
Serving Florida
Since 1990
407-466-7335
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