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Larry Potter
847-872-4047
Tuesday, April 28, 2009
Friday, April 24, 2009
BOA loosening short seller policy
Bank of America (BOA) says it will relax its policy on payoffs connected with short sales. Large banks have been demanding money for home equity lines and second mortgages that would otherwise be worthless if the short sale property went to foreclosure. BOA has been among the least cooperative of all banks in agreeing to short sale payoff terms, demanding 10 percent of what the homeowners owed on the equity line balance or second mortgage before signing off on the short sale, which is necessary for the deal to go through. BOA spokesman Terry Francisco says the new policy is "less arbitrary, more rational."
BOA's new policy is to ask for five percent of the sale proceeds on the short sale, net of realty commissions, closing, and other costs. Some short sellers point to problems, though: The bank's previous 10 percent policy meant they'd demand $20,000 on a $200, 000 equity line balance, but under their new policy it will cost the short seller $15,000 if the net proceeds are $300,000" on a short sale, even though the economic value of their holding may in fact be zero. Says the Realty Times: "Bottom line for investors: If there's a Bank of America second mortgage or credit line on the house you're after in a short sale, work the new numbers. At least some of the time you might be surprised that the answer from the big bank is now 'yes.'"
Larry Potter
http://www.youtube.com/watch?v=lkJCsIMAiNY
www.ATicketToWealth.com
BOA's new policy is to ask for five percent of the sale proceeds on the short sale, net of realty commissions, closing, and other costs. Some short sellers point to problems, though: The bank's previous 10 percent policy meant they'd demand $20,000 on a $200, 000 equity line balance, but under their new policy it will cost the short seller $15,000 if the net proceeds are $300,000" on a short sale, even though the economic value of their holding may in fact be zero. Says the Realty Times: "Bottom line for investors: If there's a Bank of America second mortgage or credit line on the house you're after in a short sale, work the new numbers. At least some of the time you might be surprised that the answer from the big bank is now 'yes.'"
Larry Potter
http://www.youtube.com/watch?v=lkJCsIMAiNY
www.ATicketToWealth.com
Monday, April 20, 2009
It's Not Just About Price When Creating Great Real Estate Deals
By Julie Broad
Real estate can be an instant wealth creator... as long as you learn a critical lesson about deal making. When my husband and I purchased a duplex, we instantly added $20,000 to our net worth and $500/month positive cash flow to our pockets. And we did it simply by getting to the heart of the seller's problem and offering a perfect solution.
The foreclosed-upon duplex was owned by a bank. With some digging, we found the outstanding balance on the mortgage. We also researched the area thoroughly and learned that the place was worth about $20,000 more than the outstanding balance.The bank had two problems. They needed to sell the duplex quickly to get rid of the debt, and they had to sell it at a price that would allow them to recover the outstanding mortgage amount.
Focusing only on price, other bidders went in with low-ball offers and lost out on this high-quality income-generating property. But my husband and I took a different tack. We offered a quick close and a price equal to the amount of the outstanding mortgage... and we had the winning bid. When you are looking at buying a property, instead of focusing on getting it for a low price, turn your attention to finding the seller's biggest problem and figuring out how you can solve it in a way that will be profitable for both sides.
When you take a problem-solving approach to deal making, you are more likely to create an even better deal for yourself than if you had focused on price alone.[Ed. Note: This is the PERFECT time to scoop up real estate at bargain prices and set yourself up for massive wealth creation when the market recovers.
In the meantime, you could be putting money in your pocket every month! Real estate expert Julie Broad can show you just how to do it. Get hands-on coaching and step-by-step instruction to create your own million-dollar real estate portfolio with her new program. Get all the details here.]
Larry Potter
http://www.youtube.com/watch?v=lkJCsIMAiNY
www.ATicketToWealth.com
Real estate can be an instant wealth creator... as long as you learn a critical lesson about deal making. When my husband and I purchased a duplex, we instantly added $20,000 to our net worth and $500/month positive cash flow to our pockets. And we did it simply by getting to the heart of the seller's problem and offering a perfect solution.
The foreclosed-upon duplex was owned by a bank. With some digging, we found the outstanding balance on the mortgage. We also researched the area thoroughly and learned that the place was worth about $20,000 more than the outstanding balance.The bank had two problems. They needed to sell the duplex quickly to get rid of the debt, and they had to sell it at a price that would allow them to recover the outstanding mortgage amount.
Focusing only on price, other bidders went in with low-ball offers and lost out on this high-quality income-generating property. But my husband and I took a different tack. We offered a quick close and a price equal to the amount of the outstanding mortgage... and we had the winning bid. When you are looking at buying a property, instead of focusing on getting it for a low price, turn your attention to finding the seller's biggest problem and figuring out how you can solve it in a way that will be profitable for both sides.
When you take a problem-solving approach to deal making, you are more likely to create an even better deal for yourself than if you had focused on price alone.[Ed. Note: This is the PERFECT time to scoop up real estate at bargain prices and set yourself up for massive wealth creation when the market recovers.
In the meantime, you could be putting money in your pocket every month! Real estate expert Julie Broad can show you just how to do it. Get hands-on coaching and step-by-step instruction to create your own million-dollar real estate portfolio with her new program. Get all the details here.]
Larry Potter
http://www.youtube.com/watch?v=lkJCsIMAiNY
www.ATicketToWealth.com
Wednesday, April 15, 2009
Buy a home near planned amenities.
Anyone can buy a home near shopping, and pay a high price because it’s a desirable location. However, if you keep an eye out for planned amenities, by searching for areas on the verge of development, you can realize a huge profit between buying the home and selling a few years later when the development is complete.
Before development occurs, home prices are typically affordable and even inexpensive. After development begins, though, prices increase. When an area is fully developed, property values can soar. The key is to get a home near planned amenities, but not too near – no-one wants to live next to a parking lot, but five minutes away can be a great location.
Larry Potter
http://budurl.com/nn8h
www.ATicketToWealth.com
Before development occurs, home prices are typically affordable and even inexpensive. After development begins, though, prices increase. When an area is fully developed, property values can soar. The key is to get a home near planned amenities, but not too near – no-one wants to live next to a parking lot, but five minutes away can be a great location.
Larry Potter
http://budurl.com/nn8h
www.ATicketToWealth.com
Saturday, April 11, 2009
Low Risk Short Sales and Option Contracts
If you are buying foreclosure real estate for a living, a legally viable way of doing it without risking your own money is to use the option contract. In an option contact, you acquire the option to buy the property in the future. For the option to be legally binding, you will be required to pay to the seller, a non-refundable deposit from as little as $10 up to a few thousand dollars.
As an investor, you do not have to worry about the deposit since you can ask the end-buyer to also pay a non-refundable deposit equivalent to the amount stated in the option contract. This deposit goes towards the closing costs in the final HUD. If the deal does not close, you keep the deposit. Therefore, you will not be risking money out of your pocket.
You will be looking for an end-buyer soon after you acquire the equitable interest on the property made possible by the option contract and another document called the Notice of Option Contract which is recorded at the County Clerk's office.
The beauty of the option contract is you can sell the property for a profit without really buying it until you are confident that you have a qualified end-buyer. Just be sure that the time limit on the option contract is a reasonably long enough for you to acquire an end-buyer for the property. With the short sale, two transactions are happening back to back. You buy the property from the seller and then, almost immediately, the buyer buys the property from you. This should be stated and made clear in the option contract.
The seller will know that you intend to short sale the property and sell it for a profit, and the buyer will know that you are doing a short sale on the property. It is all transparent and legal when these and other details are fully disclosed in the option contract. Using an option contract is an almost foolproof way of earning a profit without using your own money.
This is the secret of combining the option contract with the short sale. Two transactions are happening, not simultaneously, but one after the other. You buy from the seller, and you sell to the end-buyer. Yes, it is double the paperwork. However, you will not have to do the paperwork yourself. A title company will be closing the two deals.
The end-buyer will most probably use a lender to pay for the property. They will need a title commitment, and the title commitment will show you as an exception on the title as the option holder. At the closing, the title is transferred from the seller to you. You then transfer the title to the end-buyer.
That is a legally viable way of doing business in home foreclosures without emptying your own pockets. And, it works!
While most people are suffering from the affects of the current real estate market there are many more that are enjoying the opportunities that the market has brought about.
Derick Sutton http://www.DiveIntoRealEstate.com
As an investor, you do not have to worry about the deposit since you can ask the end-buyer to also pay a non-refundable deposit equivalent to the amount stated in the option contract. This deposit goes towards the closing costs in the final HUD. If the deal does not close, you keep the deposit. Therefore, you will not be risking money out of your pocket.
You will be looking for an end-buyer soon after you acquire the equitable interest on the property made possible by the option contract and another document called the Notice of Option Contract which is recorded at the County Clerk's office.
The beauty of the option contract is you can sell the property for a profit without really buying it until you are confident that you have a qualified end-buyer. Just be sure that the time limit on the option contract is a reasonably long enough for you to acquire an end-buyer for the property. With the short sale, two transactions are happening back to back. You buy the property from the seller and then, almost immediately, the buyer buys the property from you. This should be stated and made clear in the option contract.
The seller will know that you intend to short sale the property and sell it for a profit, and the buyer will know that you are doing a short sale on the property. It is all transparent and legal when these and other details are fully disclosed in the option contract. Using an option contract is an almost foolproof way of earning a profit without using your own money.
This is the secret of combining the option contract with the short sale. Two transactions are happening, not simultaneously, but one after the other. You buy from the seller, and you sell to the end-buyer. Yes, it is double the paperwork. However, you will not have to do the paperwork yourself. A title company will be closing the two deals.
The end-buyer will most probably use a lender to pay for the property. They will need a title commitment, and the title commitment will show you as an exception on the title as the option holder. At the closing, the title is transferred from the seller to you. You then transfer the title to the end-buyer.
That is a legally viable way of doing business in home foreclosures without emptying your own pockets. And, it works!
While most people are suffering from the affects of the current real estate market there are many more that are enjoying the opportunities that the market has brought about.
Derick Sutton http://www.DiveIntoRealEstate.com
Larry Potter
http://budurl.com/nn8h
www.ATicketToWealth.com
Saturday, April 4, 2009
Get Sellers to Deed You Their Property
When a seller has little or no equity and good terms on their loan ask them "Would you CONSIDER selling the house for what you owe?"
By showing them what they would net after selling through an agent, paying closing costs, negotiating price, doing minor repairs, paying a commission and perhaps making continuous loan payments until it's sold, many times they see that they will net less than they think.
Larry Potter----> http://budurl.com/ngja
http://www.youtube.com/watch?v=ObVVfulxlBk
www.ATicketToWealth.com
By showing them what they would net after selling through an agent, paying closing costs, negotiating price, doing minor repairs, paying a commission and perhaps making continuous loan payments until it's sold, many times they see that they will net less than they think.
Larry Potter----> http://budurl.com/ngja
http://www.youtube.com/watch?v=ObVVfulxlBk
www.ATicketToWealth.com
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