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Little Known Government Program Can Help First Time Homebuyers Get Housing With Little Money
Where do you start? A Washington D. C. issued memo came out of the blue indicating the formally allowed homebuyer assistance plans would not stand as practiced. The foreclosure rates had soured in this segment of the market and it was thought by the “know it all” bureaucrats that they would just eliminate it. Glass half full or half empty? If you have 5% or higher FHA loans going into foreclosure is it prudent to throw the baby out with the bath water or would it be better to coach up.
There Was This Guy Banging On The Door… Inquiring About Lis Pendens Foreclosure Action On His Home
This had been quite a turn of events for Bobby, a single dad, recently divorced with full custody of his two boys. His ex-wife had taken off with a new love found on the Internet. She said it was real love this time. During the strain of the divorce and loss of half the household income things began to slide into disarray. The latest salvo was receipt of the Lis Pendens action served by a “friendly” process server with a phony smile. A week after service there was a long line of “investors” and other inquires by mail all about “saving” Bobby from his plight.
The Other Shoe Has Dropped…First The Subprime Market…Now Bernanke Looks At Fannie Mae & Freddie Mac
With the market still feeling the shakeout from the tremors of the subprime mortgage fiasco, the Federal Reserve Chairman Ben Bernanke is now directing regulatory focus towards Fannie Mae and Freddie Mac. The Chairman recognizing the tremendous power of these two financial heavy weights as having the potential to bring the U.S. financial markets to its knees is looking for action. Fannie Mae and Freddie Mac (Government Sponsored Enterprises) have been recently chided by regulators regarding its cloudy accounting practices. That brought a lot of heat and attention to management. Comments by Bernanke with respect to the risk of some of credit challenged loans in the portfolios have mirrored a stock marked spooked by the comments and closely looking for future trends in that area. Recent stock plunges worldwide resulting in downturns has got the financial gurus on the edge of their chairs.
Flipping Properties In A Drastically Down Market
In earlier years, “Flipping” was a negative term utilized by governmental agencies to designate a mortgage fraud situation where there was massive collusion between, straw buyers, appraisers on the take, title companies and other players all committed to defrauding a lender and making ill gotten gains. In time these little bit players went to jail. Over the years this term is still used in some legal circles to denote a fraudulent practice. Now, like many words in the American culture, the word has morphed now and is utilized in the vernacular to denote a legitimate effort to buy low, fix and remodel and sell for a profit without any of the negatives from the prior usage. Many who perform the legitimate practices of the term gain some sensitivity when dealing with lenders and term the process as Buy-Fix and Sell to get away from the formal negatives connotations of the term and in some way harm their loan process. In any case, good or bad, it is now referred in the trade as “Flipping”. Again, “flipping” is a simple tool, it should not be a real estate investors only means of acquiring wealth, just one of the ways. In all cases, after offer acceptance, a thorough home inspection must be completed up and down complete with termite inspection all with in the allowable inspection period to either accept the deal OR renegotiate the price based on what was found. This is one of the methods to hedge an investor’s bet. Some areas of the country are more conducive than other areas. If the deal does not hit the numbers, move on. “Flip” anyone?
Real Estate Investors…Get Off The Sideline And Get Into The Game In A "Slow" Market… All For Fun And Profit
For months now many Realtors have been pacing the floor wondering where their next sale was coming from. The bad news drips off the front pages reporting for all to see how bad the real estate market has become. Thickets of real estate signs explode out of the ground much like the peak of any mushroom season. Sellers are now buying into the story believing the market is slow. For buyers who just as little as six months ago were pushing prices with little cash flow properties suddenly, these same properties have become ugly overnight.
Shrewd investors always look for buying opportunities. Whether it is stocks, coins, gold, bonds, collectibles, antique cars, or real estate the investment principals apply. The typical successful contrarian looks for spots to make a move. If there isn’t any worthwhile action they simply stay liquid and move to cash. When the hand wringing begins by the general public the shrewd investor starts to lean forward on the edge of their chairs and begins to focus their collective gaze toward potential opportunities. Currently, there is a huge inventory of listed properties just sitting on the market in the Multiple Listing Services (MLS) in many areas. Some of these potential opportunities have motivated seller some do not. It is necessary to focus on the listed properties that have a motivated seller. With well thought offers, fun and profits can result.
You Can’t Steal In Slow Motion-Real Estate Deals Wait For No One
Charlene had been attending a Home Buying Clinic sponsored by her church for the past year. Fortunately, childcare was available at the church during the three hour sessions. Tanya was able to do a little studying as well in a far corner of the large room. Budgeting, credit repair, together with the home buying advice was all being discussed. Charlene had been doing well on her plan, but her middle credit score still hovered around 570. At the last meeting Mr. Wilson discussed many of the opportunities to buy a home with creative financing. Charlene pressed Mr. Wilson for more details. Charlene asked Mr. Wilson, who happened to be a Real Estate Broker and a Mortgage Broker, if that might work for her. After class, Mr. Wilson took Charlene’s information and shared with her that she may have a shot at doing something right away. Charlene went on to explain, she wanted to get something closer to work and to Tanya’s school. Mr. Wilson said he would call tomorrow with some possibilities.
There Is More Than One Way To Skin…A Real Estate Deal With Seller Flexibility In Selling Property
Jack and Mary were desperate. Mary received a big promotion in another state and Jack was looking for a new job in the same city. It was just too good to pass up. Mary was a rising star in the health care industry and with the huge pay boost and promotion it was a job she had dreamed of ever since leaving graduate school armed with her MBA. Jack was a natural born salesperson and could work anywhere selling just about anything. He liked high tech sales in the high-ticket electronics field and was close to catching on with a company in the same city as Mary’s new job. One problem, they had a large house to sell in a very slow and slumping real estate market.
Soft markets can lead to flexible terms which can help complete real estate deals. Keep and open mind. There is more than one way to skin a…real estate deal.
Circling The Sunday Paper Classified Real Estate Ads Seemed Futile With Their Bad Credit-Then It Happened
Allen’s left index finger was on it, but he couldn’t believe what he was reading in the ad. He flipped the front page over to make sure it was the correct date. It would have been a cruel joke. There it was an ad that said: “Got a job and can afford a reasonable payment-call now and start packing.” The agent gave his name, company and phone number and it closed with the statement: “Your creative real estate specialist with good or bad credit”. Allen quickly circled the ad and showed it to Monica. They looked at each other with big grins. Monica handed the phone to Allen knowing what the end game entailed. Allen called the “specialist” hoping it was true but anxious to find out if it was another dead end. Monica looked from across the room not wanting to hear yet another disappointment. Then it happened.
Buyers Being Creative In A Soft Real Estate Market With A Challenged Credit History
In a soft real estate market where owners need to sell and have a high degree of motivation to dispose of their property. This is the opportunity that a buyer with challenged credit history can seek to “help” a seller out of their current dilemma by arranging sale terms that will help both buyer and seller. These scenarios may not work for anyone who has zero options, zero income and zero means to pay anything back. It is rather, for those who are fighting their way back and do have options, have income and now have means to meet their obligations on a negotiated deal. This will not work if a buyer throws their hands up and gives up to the possibility of buying a property. This opportunity will work for those buyers who have a need as well as a burning desire in their belly to buy something that will meet their family goals and will do what is necessary to make it happen.
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