Some investors may believe the headlines and assume that nobody's lending money anymore -- and certainly not for small residential rental projects.
But the reality is a little better than that. If you can come up with a downpayment, and are prepared to document income, assets and a solid appraised value, there are still some willing and able funding channels open to you.
They're basically in 4 categories:
Portfolio lenders such as regional or smaller banks and savings institutions who continue to offer carefully-underwritten, specialized niche products for small investors.
Second, Fannie Mae and Freddie Mac, who continue to fund single and multifamily loans, although with lots more restrictions than before.
Third, if either of these two don't work for you -- you can explore the so-called "hard money" lending route, which will almost certainly cost you a lot more.
And finally, there is the Home Seller Assist program which provides good fixed interest rates with debt-to-income ratios up to 50%.
And, they have just introduced special financing for short sales, no credit needed.
This is available in all 50 states.
You line up a prequalified buyer to purchase from you and our Investor can provide you with the Proof of Funds and the Cash to buy the short sale from the Bank. Cost of Funds is 1% plus $300 flat fee, all paid from your profits at closing.
Example:
You buy a home worth $200,000 in a short sale for $100,000 and resale for $150,000.
You keep $50,000 minus 1% +$300 flat fee
More info and a live webcast at:
... http://www.FundsForShortSales.com
Friday, October 31, 2008
Tuesday, October 28, 2008
Listings of foreclosures
Free listings of foreclosures in all 50 states, including
government foreclosures and bank owned properties.
government foreclosures and bank owned properties.
Investing in Bank Foreclosed Homes
Bank Foreclosed Homes are default loan cases where the borrower is unable to pay the monthly liabilities and the banks has no option than to foreclose the loan and sell the property in public auction for recovering the outstanding debt.
However, Bank Foreclosed Homes are the best investment opportunity for any first time buyer as he can avail discounted properties and save money. The motive behind the auction sale in Bank Foreclosed Homes is the recovery of debt from the NPA. This is done by selling the property at the outstanding loan amount. In most cases the loan amount is much less than the prevalent market property price and this makes the property attractive for buyers who wish to save money.
Still, foreclosure is the most difficult part for any borrower as he has to leave his house and search for another shelter. The borrower in Bank Foreclosed Homes is devastated and he is deemed unfit by credit agencies which disallows him to obtain credit from any institution in the future.
Searching for Bank Foreclosed Homes
Most housing websites feature listings of Bank Foreclosed Homes which can be searched on the basis of state and counties. The price is also mentioned on the site which helps the buyer to take a clear decision.
The buyers can search for Bank Foreclosed Homes in various newspapers, websites and with he banks where they can register themselves with the bank officials for contacting when a sale or any foreclosed property comes up. This shall give the buyer an option to check all the properties in an area under Bank Foreclosed Homes.
Procedure for auctions of Bank Foreclosed Homes
The procedure for auction in Bank Foreclosed Homes is similar to a normal auction. The bidder bid for the property and the highest one is declared the winner. He has to pay 10% of the purchase price to the bank immediately on the auction place. The remaining amount shall be paid either by him or could be taken as loan from a bank.
Pros and Cons while acquiring Bank Foreclosed Homes
Bank Foreclosed Homes is undoubtedly the best option for purchase in the property market but requires some research which the buyer has to do on his own. The buyer should check for the exact price of the property in the market to check for discount. The buyer should inspect the property for any cosmetic damages which could mould the buying motive.
The buyer should also check for any outstanding liens on the property which will have to be paid by the buyer. Once the buyer is confident of these things he should move forward for purchasing the property. The Buyers should always appoint a legal representative who should be a certified professional, well equipped with the legal documentation process that can help in closing the purchase. The buyer should reach the auction site early to register for bidding as well as he should also keep 10% of the amount available to be paid on winning. So keep in mind, all the above guidelines while purchasing a Bank Foreclosed Homes.
So, the next time you want to buy a property, do not forget to check for Bank Foreclosed Homes and save money.
Search foreclosed homes by state or get more information on foreclosed homes at ForeclosureWarehouse.com.
Article Source: http://EzineArticles.com/?expert=Kevin_Simpson
However, Bank Foreclosed Homes are the best investment opportunity for any first time buyer as he can avail discounted properties and save money. The motive behind the auction sale in Bank Foreclosed Homes is the recovery of debt from the NPA. This is done by selling the property at the outstanding loan amount. In most cases the loan amount is much less than the prevalent market property price and this makes the property attractive for buyers who wish to save money.
Still, foreclosure is the most difficult part for any borrower as he has to leave his house and search for another shelter. The borrower in Bank Foreclosed Homes is devastated and he is deemed unfit by credit agencies which disallows him to obtain credit from any institution in the future.
Searching for Bank Foreclosed Homes
Most housing websites feature listings of Bank Foreclosed Homes which can be searched on the basis of state and counties. The price is also mentioned on the site which helps the buyer to take a clear decision.
The buyers can search for Bank Foreclosed Homes in various newspapers, websites and with he banks where they can register themselves with the bank officials for contacting when a sale or any foreclosed property comes up. This shall give the buyer an option to check all the properties in an area under Bank Foreclosed Homes.
Procedure for auctions of Bank Foreclosed Homes
The procedure for auction in Bank Foreclosed Homes is similar to a normal auction. The bidder bid for the property and the highest one is declared the winner. He has to pay 10% of the purchase price to the bank immediately on the auction place. The remaining amount shall be paid either by him or could be taken as loan from a bank.
Pros and Cons while acquiring Bank Foreclosed Homes
Bank Foreclosed Homes is undoubtedly the best option for purchase in the property market but requires some research which the buyer has to do on his own. The buyer should check for the exact price of the property in the market to check for discount. The buyer should inspect the property for any cosmetic damages which could mould the buying motive.
The buyer should also check for any outstanding liens on the property which will have to be paid by the buyer. Once the buyer is confident of these things he should move forward for purchasing the property. The Buyers should always appoint a legal representative who should be a certified professional, well equipped with the legal documentation process that can help in closing the purchase. The buyer should reach the auction site early to register for bidding as well as he should also keep 10% of the amount available to be paid on winning. So keep in mind, all the above guidelines while purchasing a Bank Foreclosed Homes.
So, the next time you want to buy a property, do not forget to check for Bank Foreclosed Homes and save money.
Search foreclosed homes by state or get more information on foreclosed homes at ForeclosureWarehouse.com.
Article Source: http://EzineArticles.com/?expert=Kevin_Simpson
Saturday, October 25, 2008
The future of short sales
A few banks are trying to “make short sales easier”.
When I say make short sales easier, I mean they are trying to lessen their short sale work load.
What a few banks have done is put short sale updates online.
You litterally go to their website, click short sale update, answer a few security questions and your in! But the updates on the website are weeks old.
The short sale information has to be noted a certain way and isn’t updated regularly. I guess this does allow hope for the future of short sales and
funds for short sales.
When I say make short sales easier, I mean they are trying to lessen their short sale work load.
What a few banks have done is put short sale updates online.
You litterally go to their website, click short sale update, answer a few security questions and your in! But the updates on the website are weeks old.
The short sale information has to be noted a certain way and isn’t updated regularly. I guess this does allow hope for the future of short sales and
funds for short sales.
Thursday, October 23, 2008
Foreclosures up 71%
The number of homeowners ensnared in the foreclosure crisis grew
by more than 70 percent in the third quarter of this year compared
with the same period in 2007, according to data released today.
Nationwide, nearly 766,000 homes received at least one foreclosure
related notice from July through September, up 71 percent from a
year earlier.
By the end of the year, they expect more than a million bank-owned
properties to have piled up on the market, representing around a
third of all properties for sale in the U.S.
That's bad news for anyone who lives nearby and wants to sell their
home. While foreclosure sales are booming in many areas, those
properties are commanding deep discounts and pulling down neighboring
property values. It has a pretty significant impact in terms of pricing.
More than 250,000 properties were repossessed by lenders nationwide
in the third quarter, 81,000 of which were taken back last month.
That's why the new funding program for buying short sales (without
use of the buyer's credit) is exploding the business over at
www.FundsForShortSales.com and is bringing me in over $8000 per
month by just sending people to one website. And for my readers
who are working this business, we have our conference call this
evening at 8pm-Central. We'll be sharing more tips on how to
make this business even more profitable for you and hopefully
surpass my earnings. Remember, I am only 4 months into this and
it is only getting better.
Wednesday, October 22, 2008
Now Is The Time To Buy Short Sales. Why?
I believe short sales will be going strong for the next six
months until this program can kick in. Picking them up for
50 cents on the dollar should be no problem.
Once the program kicks in (if it does), then I think we will
be looking at 60-70 cents on the dollar.
I had one guy approach me this evening wanting to use
our 1% funds (plus a $350 fee) on what he said was a
short sale. He could buy for $350k and sell for $360K!
To me that was not a short sale! I told him to keep looking.
Our typical deals working with this special funder go something
like this:
You line up a prequalified buyer to purchase from you and this
funder provides you with the Proof of Funds and the Cash to buy
the short sale from the Bank.
Cost of Funds is 1% plus $300 flat fee, all paid from your
profits at your end buyer's closing.
Example:
You buy a home worth $200,000 in a short sale for $100,000 and
resale for $150,000.
You keep $50,000 minus 1% (1,000+$300 flat fee).
Your profit is $48,700, not bad considering they don't even
look at your credit!
I think he got the message and is looking for a real deal.
Larry Potter
847-872-4047
http://www.FundsForShortSales.com
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