Real Estate Blog

Foreclosure

KRON4’s real estate reporter Maureen Kelly profiles a family of eight made homeless by the foreclosure crisis.

Foreclosure

Foreclosure

What’s happening in the housing market? What’s being done about it? Learn about the government’s new HAFA program, providing foreclosure avoidance options including short sales and deeds-in-lieu of foreclosure. Here’s the big picture, clearly explained.

Foreclosure

No generation in American history has ever experienced the number of foreclosures and defaulted mortgages as is happening now. Yet as always, this challenge has given rise to a huge new opportunity for alert real estate investors.

The new opportunity is known as ‘Bulk REO Investing’ or ‘REO Package Investing’ and it’s a huge opportunity.

Take a just a minute to consider the basics of this highly profitable business.

You can’t understand Bulk REO Investments without understanding the process of foreclosure.

A home owner who misses one or more mortgage payments is faced with an ever-increasing volume of threatening correspondence from their lender. The official foreclosure proceedings begin subsequently, as directed by the lender. The ‘pre-foreclosure’ time starts with filing of foreclosure paperwork and concludes at public auction.

Foreclosure is completed when the defaulted property is auctioned. The lender regains ownership of the property if there are no buyers at auction. The property then receives the designation of being an ‘REO’ or the more formal name, ‘Real Estate Owned’.

Local real estate agents are usually used to resale REO properties at retail price to the general public. Yet with increasing frequency, REO properties are being sold for pennies or dimes on the dollar. Lenders are willing to do so in exchange for the buyer’s agreement to purchase a ‘package’ of REO’s rather than a single property.

The recession in the United States has yielded huge profits to real estate investors prepared to take advantage. The most successful Bulk REO Investors will have a well-respected source of funding for their transactions. Some sources of funding for these transactions are: personal funds, hard money lenders, commercial lenders and non-conventional sources such as private investors and hedge funds. Additionally, one man is becoming very well known in the field of bulk REO investing, and his name is Kenny Rushing of Rush Capital Partners, a hedge fund in Tampa.

Home staging is the act of organizing an individual home for sale in the real estate marketplace.  Home staging is an unregulated discipline where any person can offer information which is a very important key with regards to selling your house.  Home staging and its various styles, attracts a wide range of audiences.

Imagine home staging like a marketing tool which will help set your home apart from the competition in the current real estate market.  To arrange your house for a quick sale at top dollar, make use of this effective marketing tool that incorporates proven strategies and good design.

To help purchasers see a home’s full possibilities, consider economical home staging to clean, declutter and beautify your property and have it stand out from your competitors.  Even if you are not selling, it’s an awesome strategy to make your home look remarkable.

Real estate experts believe that home staging is critical.To further improve the house of customers, numerous real estate operators offer home staging as a complimentary service.  It is the fastest developing industry of the property market place and has also been confirmed to be the very best type of real estate marketing.

Home staging is the art and science of marketing a property in order that it sells at the best possible price in the shortest possible time.  The costs of home staging are tax deductible, including such things as fees, furniture rental, home repairs and landscaping.  It is just about the surest ways of getting your residence to the top of the list of available residences in the area.

Whenever you think of your home as a product you will better understand how home staging provides excellent techniques when you’re on a minimal budget.

One can find different terms used to mean home staging, including  ‘property presentation’ or ‘property styling’.  To catch the attention of buyers of all tastes and preferences, as opposed to interior decorating, home staging must remove a client’s identity from a residence.  While preparing a house (and the contents of the property) for sale, consider home staging, which can supplies a unique emphasis on presentation and appearance.

If you are interested in starting a home staging business this e-book will prove useful.

Improving individual rooms, such as the kitchen, can benefit using this low-cost method.  It is an essential strategy to selling your property.  Rather than hiring an interior decorator, try the less costly consultation of a home staging expert.  Home staging is really an art.

Once you read about home staging, you may decide to DIY.  It is important if you want to achieve a speedy sale at the best price, to remember that it is different than Interior Design.  Make your home more pleasing by enhancing your home; it’s a fantastic investment.

A prospective buyer will view your home in a different way when you use home staging; you’ll appreciate what a great investment it is.

The key aim of home staging is for the potential buyer to mentally move in to the house.  To make it possible for this, you have to reduce the effects of and de-personalize taste-specific decor to cut back your own ‘personal footprint’ around the residence.

Home staging is crucial in selling your home and you may not know that if you have never sold a house before.

It will not take long to recognise the importance of utilizing it and you will see that it is an advantage to selling your property.

This is exactly why home staging is really a developing career that’s rapidly changing the way homes are sold.

If you are going to look at home buying power now, the disparities with that two years ago are in some way quite astounding. For those that can qualify for mortgage loans, purchasing real estate has never been this cost-effective because of the declining home prices and lower interest rates.

Home prices in Utah didn’t really start dropping until 2008 when the market really started slipping in the summer of 2007.

If you wereshopping for Salt Lake City Real Estate in July of 2008, the median list price of those homes was $309,000. At that time a common rate for 30 year fixed mortgages of primary residences was around 6.65%. {For a buyer purchasing the median home with a $44,000 {down payment}, this would leave them with a principal and interest payment of $1,701~For a home buyer buying the median home with a $44,000 down payment, this would leave them with a principal and interest payment of $1,701}. And that was a good time to buy

Compare that with market conditions now:

The present median list price of Salt Lake City Utah Homes for Sale is $214,000. 4.25% for 30 year fixed mortgage loans. A buyer would have paid just $836 a month if a s/he placed the same $44,000 down payment on the median house, at the going interest rate under these conditions.

That is not even half as much as the monthly payment during the 2008 scenario.

If a home buyer pay his mortgage off at terms over 30 years, then he would paid a total of $347,434.49 in interest. In the second scenario, they would have paid just $131,067.21. And that means savings of more than $216,000 in interest over the life of the loan.

Because interest rates are so low now, and because home prices are lower, the buyer might in fact want to consider a 15 year fixed mortgage. The home buyer would have a monthly payment of $1,215.30 with a 15 year fixed mortgage at the current median price, and the same $44,000 down payment. Yet more low priced compared to the 30 year fixed payment of 2008, but paid off twice as fast. A home buyer would have saved as much as $300,000 in interest compared with a 15 year fixed mortgage today with if they would have bought in 2008.

Now this scenario has flaws, and people rarely actually bought homes priced at the median price, but in contrast two years ago, Salt Lake Utah Homes are very economical.

No generation in American history has ever experienced the number of foreclosures and defaulted mortgages as is happening now. Yet as always, this challenge has given rise to a huge new opportunity for alert real estate investors.

The new opportunity is known as ‘Bulk REO Investing’ or ‘REO Package Investing’ and it’s a huge opportunity.

Take a just a minute to consider the basics of this highly profitable business.

You can’t understand Bulk REO Investments without understanding the process of foreclosure.

A home owner who misses one or more mortgage payments is faced with an ever-increasing volume of threatening correspondence from their lender. The official foreclosure proceedings begin subsequently, as directed by the lender. The ‘pre-foreclosure’ time starts with filing of foreclosure paperwork and concludes at public auction.

Foreclosure is completed when the defaulted property is auctioned. The lender regains ownership of the property if there are no buyers at auction. The property then receives the designation of being an ‘REO’ or the more formal name, ‘Real Estate Owned’.

Local real estate agents are usually used to resale REO properties at retail price to the general public. Yet with increasing frequency, REO properties are being sold for pennies or dimes on the dollar. Lenders are willing to do so in exchange for the buyer’s agreement to purchase a ‘package’ of REO’s rather than a single property.

The recession in the United States has yielded huge profits to real estate investors prepared to take advantage. The most successful Bulk REO Investors will have a well-respected source of funding for their transactions. Some sources of funding for these transactions are: personal funds, hard money lenders, commercial lenders and non-conventional sources such as private investors and hedge funds. Additionally, one man is becoming very well known in the field of bulk REO investing, and his name is Kenny Rushing of Rush Capital Partners, a hedge fund in Tampa.

No generation in American history has ever experienced the number of foreclosures and defaulted mortgages as is happening now. Yet as always, this challenge has given rise to a huge new opportunity for alert real estate investors.

The new opportunity is known as ‘Bulk REO Investing’ or ‘REO Package Investing’ and it’s a huge opportunity.

Take a just a minute to consider the basics of this highly profitable business.

You can’t understand Bulk REO Investments without understanding the process of foreclosure.

A home owner who misses one or more mortgage payments is faced with an ever-increasing volume of threatening correspondence from their lender. The official foreclosure proceedings begin subsequently, as directed by the lender. The ‘pre-foreclosure’ time starts with filing of foreclosure paperwork and concludes at public auction.

Foreclosure is completed when the defaulted property is auctioned. The lender regains ownership of the property if there are no buyers at auction. The property then receives the designation of being an ‘REO’ or the more formal name, ‘Real Estate Owned’.

Local real estate agents are usually used to resale REO properties at retail price to the general public. Yet with increasing frequency, REO properties are being sold for pennies or dimes on the dollar. Lenders are willing to do so in exchange for the buyer’s agreement to purchase a ‘package’ of REO’s rather than a single property.

The recession in the United States has yielded huge profits to real estate investors prepared to take advantage. The most successful Bulk REO Investors will have a well-respected source of funding for their transactions. Some sources of funding for these transactions are: personal funds, hard money lenders, commercial lenders and non-conventional sources such as private investors and hedge funds. Additionally, one man is becoming very well known in the field of bulk REO investing, and his name is Kenny Rushing of Rush Capital Partners, a hedge fund in Tampa.

OUR FAMILY SIBLINGS ARE VERY FORTUNATE TO OWN A MODEST TEN STORY BUILDING. This was bequeath to us by our late parents. We have been renting it out. The income made from the rent is divided equally amongst us. We thank God for this because the rent definitely enables us to live quite a comfortable life. The building is rented mainly by families or couples. The main floor is rented for commercial purposes. We decided not to hire a new maintenance manager when our current one decided to quit on the job a couple of months ago. We thought the job to be superfluous. The building administrator was against this idea from the very start. He reiterated his stand that the building needs a good maintenance manager. We thought it was just one of the ploy of the building administrator to lessen his load, we did not accede to his demands.

However, the recent evacuation of our tenants have left us very much surprised and understandably worried. We are saddened because some of those who left are long time tenants already. We are also forewarned that a lot more are planning to leave. Naturally, we are very worried. We needed to act immediately and called the building administrator and queried about the recent evacuations. We called at the right moment because he is having a dialogue with most of the tenants. It came not as a surprised to us that they are complaining about the lack of a maintenance manager. It is very timely because they are wanting to have a private meeting with us. {We are just too happy to acquiesced to their request}. I definitely think we needed this dialogue as much as they wanted it.

On the appointed time the next day, we are promptly speaking with the troubled tenants. Group by group, the started to air their complaints. They are very much troubled by the lack of concern over the efficiency of the building. The problems besetting the building has already affected them immensely. They pointed out that this is also the reason a lot of our tenants have left the building. In a quite note, they expressed that if these goes on, they will be forced to leave also. The meeting jolted us to our naivety in handling a commercial building and we admitted our mistake. We never thought a maintenance manager could be very imperative in running an efficient establishment. We didn’t know that it is the maintenance manager that makes sure that all the equipments and machineries in the building are running smoothly. They troubleshoot all problems. He anticipates the problem even before it becomes one. He makes sure that the building is well kept and properly maintained. We have to admit, it was a very poor decision for us to make. We assured every tenants that we would look for the very best maintenance manager the very next day.

Foreclosure

Seminar detailing short sale vs. auction vs. REO, etc. Includes information on financing foreclosures.

Foreclosure

Are you getting ready for a big move? Are you dreading the idea of packing away all of your collective belongings into a bunch of cardboard boxes? Packing up to move to a new location can be a real hassle, especially when performed incorrectly, but the following tips may be able to help. In this article we will discuss a few key strategies designed to completely organize and streamline the packing process.

Okay, so you’re all moved into your new place, cardboard boxes are stacked neatly in the garage, and it’s time to relax with a nice hot shower. Sounds good, right? But wait a minute, which box is the shampoo in? The soap? Your clothes? This can be extremely exasperating, but fortunately it is also avoidable. Understand that for the next few days things will be a little crazy, and plan ahead by separating personal items into a clearly marked box or bag. Keep this with you until all of the boxes have been fully unloaded and your belongings neatly stored.

One of the first rules of packing is to slow down; it’s not a race. Experts point out that, to avoid confusion, packing should be completed one room at a time and that each box you fill should be clearly marked as to which room the it is destined for. In other words, if the home you’re moving into has two bathrooms, and the items you are packing are destined for bathroom #1, a sample marking may look something like this: BTHRM-1/6—or 1st bathroom, 6th box. This type of labeling can really streamline the “unpacking” process. Also, when stacking boxes in individual rooms, always keep the heavier boxes on the bottom to avoid possible damage, and save space by packing very light items such as towels and pillows around heavier, fragile items.

When packing expensive electronic items, you may first want to take a picture of how each of your electronic pieces is connected. Later you can refer to this photo when it’s time to reattach the cords. Make sure to label each and every cord as you remove it, using some type of color scheme to match them to the proper item, and secure each cord using twist-ties or heavy rubber bands. Also, keep in mind that electronics can be very fragile, so make sure you surround each of one of your electronic items with at least 2-inches of Styrofoam packing peanuts.

Taking the time to organize your packing project beforehand can save you a lot of time and grief when these same items arrive at your new home.