Wonderfully rich colors
Friday, April 17, 2009
Monday, December 10, 2007
CAN A HOME BE SOLD FOR LESS THAN ITS MORTGAGE?
Sometimes. But it is a complicated process and a lot will depend on the lender.
This process is called a “short sale,” which occurs when a lender agrees to write off the portion of a mortgage that is higher than the value of a home. But, usually, a buyer must be willing to purchase the property first.
A short sale may be more complex if the loan has been sold in the secondary market. Then the lender will need permission from Freddie Mac or Fannie Mae, the two major secondary-market players.
If the loan was a low down payment mortgage with private mortgage insurance, the lender also will need to involve the mortgage insurance company that insured the low down payment loan.
The short sale can keep the homeowner from landing in bankruptcy or foreclosure. But it is not an easy procedure to approve, and it involves as much, if not more, paperwork than an original mortgage application.
Instead of proving your credit worthiness and financial stability, you must prove you are broke. And any remaining difference between your home’s value and the balance on your mortgage is considered a forgiveness of debt, which usually means it is taxable income.
This process is called a “short sale,” which occurs when a lender agrees to write off the portion of a mortgage that is higher than the value of a home. But, usually, a buyer must be willing to purchase the property first.
A short sale may be more complex if the loan has been sold in the secondary market. Then the lender will need permission from Freddie Mac or Fannie Mae, the two major secondary-market players.
If the loan was a low down payment mortgage with private mortgage insurance, the lender also will need to involve the mortgage insurance company that insured the low down payment loan.
The short sale can keep the homeowner from landing in bankruptcy or foreclosure. But it is not an easy procedure to approve, and it involves as much, if not more, paperwork than an original mortgage application.
Instead of proving your credit worthiness and financial stability, you must prove you are broke. And any remaining difference between your home’s value and the balance on your mortgage is considered a forgiveness of debt, which usually means it is taxable income.
TRULIA ADDS FORECLOSURE LISTINGS TO REAL ESTATE SEARCH
RISMEDIA, Nov. 27, 2007-Trulia, a real estate Web site, announced the addition of foreclosure properties to its growing database of residential real estate listings. According to the company, consumers who visit Trulia.com will be able to include foreclosures in their search criteria when seeking information on homes for sale in any U.S. market.
By integrating information from RealtyTrac (www.realtytrac.com), an online marketplace for foreclosure properties, into Trulia’s search technology, Trulia says it will now offer a fully comprehensive real estate search experience. In addition to giving consumers access to real estate information such as historical transaction data, localized heatmaps and e-mail property alerts, Trulia will now allow users to search for foreclosure properties at the state, city and neighborhood level. Consumers can also compare foreclosure property prices against average listing price, average sales price and, where available, average price per square foot for properties in a specific region.
In addition to searching for foreclosure properties that meet their specific criteria, consumers can also consult Trulia Voices, the Q&A forum on Trulia.com, to talk directly to other consumers and professionals about their local foreclosure market. On average, users receive more than three replies per question and are answered within 20 minutes.
“In response to increased consumer interest, we are excited to introduce integrated foreclosure search capability on Trulia.com,” said Trulia co-founder and CEO Pete Flint. “At Trulia, we recognize that the foreclosure process is an extremely complicated one for both buyer and seller. By adding foreclosure data to Trulia.com, we are providing a one-stop destination where consumers can locate properties, research their local market and get qualified advice from local professionals on the complexities of buying a foreclosure property.”
“Trulia.com is one of the most innovative real estate sites on the Internet, and we’re excited to have them as a venue for RealtyTrac’s foreclosure data,” said Rick Sharga, vice president of marketing for RealtyTrac. “We believe this partnership will benefit consumers using Trulia, whether they are specifically looking to buy a foreclosure or whether they researching foreclosure trends to help them make an informed decision about buying a resale property.”
To access RealtyTrac’s national database of foreclosure and bank-owned properties, consumers can first view basic foreclosure information on Trulia.com free of charge. To view full information for each foreclosure property, consumers can register with RealtyTrac for a 7-day free trial subscription before signing up for a monthly subscription.
By integrating information from RealtyTrac (www.realtytrac.com), an online marketplace for foreclosure properties, into Trulia’s search technology, Trulia says it will now offer a fully comprehensive real estate search experience. In addition to giving consumers access to real estate information such as historical transaction data, localized heatmaps and e-mail property alerts, Trulia will now allow users to search for foreclosure properties at the state, city and neighborhood level. Consumers can also compare foreclosure property prices against average listing price, average sales price and, where available, average price per square foot for properties in a specific region.
In addition to searching for foreclosure properties that meet their specific criteria, consumers can also consult Trulia Voices, the Q&A forum on Trulia.com, to talk directly to other consumers and professionals about their local foreclosure market. On average, users receive more than three replies per question and are answered within 20 minutes.
“In response to increased consumer interest, we are excited to introduce integrated foreclosure search capability on Trulia.com,” said Trulia co-founder and CEO Pete Flint. “At Trulia, we recognize that the foreclosure process is an extremely complicated one for both buyer and seller. By adding foreclosure data to Trulia.com, we are providing a one-stop destination where consumers can locate properties, research their local market and get qualified advice from local professionals on the complexities of buying a foreclosure property.”
“Trulia.com is one of the most innovative real estate sites on the Internet, and we’re excited to have them as a venue for RealtyTrac’s foreclosure data,” said Rick Sharga, vice president of marketing for RealtyTrac. “We believe this partnership will benefit consumers using Trulia, whether they are specifically looking to buy a foreclosure or whether they researching foreclosure trends to help them make an informed decision about buying a resale property.”
To access RealtyTrac’s national database of foreclosure and bank-owned properties, consumers can first view basic foreclosure information on Trulia.com free of charge. To view full information for each foreclosure property, consumers can register with RealtyTrac for a 7-day free trial subscription before signing up for a monthly subscription.
FORECLOSURE LISTINGS ON WEB SITE REACH RECORD NUMBERS
RISMEDIA, Dec. 7, 2007-Listings of foreclosures on newforeclosureonline.com reveal all-time highs for country foreclosures. According to the site, numbers show that filings have nearly doubled since last year, but have leveled off in the last two months.
More homeowners were reported to have lost their homes in October of this year as compared to a year ago. Nevada, California, Florida and Ohio recorded the highest foreclosure rates, experts said from New Foreclosure. New Foreclosure Online is a specialized foreclosure listing company that also provides solutions to anyone that is threatened to lose their home.
As of the end of October, 224,451 foreclosure filings were reported, up 94% from 115,568 in the same month a year ago, according to Irvine-based RealtyTrac Inc. The national average is said to be set at one foreclosure for every 555 households in October, also according to RealtyTrac, Inc. In all, 45 states saw an increase in foreclosure filings since last year.
Among the top of the list of states with increased foreclosures were Nevada, California and Florida. Nevada reported one foreclosure filing for every 154 households, earning the state the highest rate in the nation for the 10th month in a row. The state had 6,618 filings in October, nearly triple from October 2006. California’s rate beat out Nevada with one filing for every 258 households. The state reported the most foreclosure filings of any single state with 50,401, down 2 percent from September but more than triple the number from October of last year.
Florida had one foreclosure filing for every 273 households and had reported 30,190 foreclosure filings in October, down more than 9% from September, but up nearly 165% from October 2006’s total. Rounding out the states with the top 10 foreclosure filing rates in October were Georgia, Michigan, Colorado, Arizona, Indiana and Illinois. New Foreclosure Online has responded in many ways to help homeowners find better solutions.
For more information, visit www.newforeclosureonline.com.
More homeowners were reported to have lost their homes in October of this year as compared to a year ago. Nevada, California, Florida and Ohio recorded the highest foreclosure rates, experts said from New Foreclosure. New Foreclosure Online is a specialized foreclosure listing company that also provides solutions to anyone that is threatened to lose their home.
As of the end of October, 224,451 foreclosure filings were reported, up 94% from 115,568 in the same month a year ago, according to Irvine-based RealtyTrac Inc. The national average is said to be set at one foreclosure for every 555 households in October, also according to RealtyTrac, Inc. In all, 45 states saw an increase in foreclosure filings since last year.
Among the top of the list of states with increased foreclosures were Nevada, California and Florida. Nevada reported one foreclosure filing for every 154 households, earning the state the highest rate in the nation for the 10th month in a row. The state had 6,618 filings in October, nearly triple from October 2006. California’s rate beat out Nevada with one filing for every 258 households. The state reported the most foreclosure filings of any single state with 50,401, down 2 percent from September but more than triple the number from October of last year.
Florida had one foreclosure filing for every 273 households and had reported 30,190 foreclosure filings in October, down more than 9% from September, but up nearly 165% from October 2006’s total. Rounding out the states with the top 10 foreclosure filing rates in October were Georgia, Michigan, Colorado, Arizona, Indiana and Illinois. New Foreclosure Online has responded in many ways to help homeowners find better solutions.
For more information, visit www.newforeclosureonline.com.
Thursday, December 06, 2007
IMPORTANT TPS TO REAL ESTATE INVESTING
When it comes to investing, everybody has certain goals and aspirations. However, we have found that there are certain guidelines every aspiring real estate investor needs to know:
1. Compare Property Values and Rents
Financial statistics only go so far; the best measure of a property's market value is often the sale prices of nearby properties. The same holds true for area rents. A low price can often be justified by a reasonable rent; renters who can afford a high rent can afford to buy instead, so reasonably priced rent is a need.
2. Be careful - Tax laws may change
Don't base your tax investment on current tax laws. The tax code is constantly changing, and a good investment is a good investment regardless of the tax code. The right property with the right financing is what you should look for as an investor.
3. Specialize in something you Know
Start in a market segment you know. Whether you focus on fixer-uppers, foreclosures, starter homes, low-down payment properties, condominiums, or small apartment buildings, you'll benefit from experience by specializing in one aspect of investment real estate properties.
4. Know the Costs going in!
Know the financial statements inside out. What are operating expenses? What are loan payments? Vacancy costs? Taxes? What does the cash flow statement look like? These are key issues that must be addressed before making a solid investment.
5. Know where your tenants are coming from
If the last rent increase was recent, your tenants may be considering a move. If tenants have a short-term lease, they may be living there simply to attract unsuspecting buyers. It is also important to collect the tenants' security deposits at closing.
6. Assess the tax situation
Taxes are an integral part of successful real estate investing, and they often make the difference between a positive cash flow and a negative one. Know the tax situation, and see how it can be manipulated to your advantage. It may be a good idea to consult a tax advisor.
7. Investigate insurance coverage
If seller's coverage is based on lower-than-current replacement value, your insurance cost may increase when you pay a higher purchase price.
8. Confirm Utility Costs
Ask the local utilities to verify recent utility expenses, especially
if any of these costs are included in your tenant's rent.
9. Consult Your Accountant
Taxation is a key element of successful real estate investing, so be sure to find an accountant who is well-versed with the constantly evolving tax code.
10. Inspect!
Make sure that you always perform a thorough inspection of the property before buying it. Never, ever buy any property without at least examining the site. In some cases, hiring professional inspectors to examine the structural mechanical system may be a sound investment.
1. Compare Property Values and Rents
Financial statistics only go so far; the best measure of a property's market value is often the sale prices of nearby properties. The same holds true for area rents. A low price can often be justified by a reasonable rent; renters who can afford a high rent can afford to buy instead, so reasonably priced rent is a need.
2. Be careful - Tax laws may change
Don't base your tax investment on current tax laws. The tax code is constantly changing, and a good investment is a good investment regardless of the tax code. The right property with the right financing is what you should look for as an investor.
3. Specialize in something you Know
Start in a market segment you know. Whether you focus on fixer-uppers, foreclosures, starter homes, low-down payment properties, condominiums, or small apartment buildings, you'll benefit from experience by specializing in one aspect of investment real estate properties.
4. Know the Costs going in!
Know the financial statements inside out. What are operating expenses? What are loan payments? Vacancy costs? Taxes? What does the cash flow statement look like? These are key issues that must be addressed before making a solid investment.
5. Know where your tenants are coming from
If the last rent increase was recent, your tenants may be considering a move. If tenants have a short-term lease, they may be living there simply to attract unsuspecting buyers. It is also important to collect the tenants' security deposits at closing.
6. Assess the tax situation
Taxes are an integral part of successful real estate investing, and they often make the difference between a positive cash flow and a negative one. Know the tax situation, and see how it can be manipulated to your advantage. It may be a good idea to consult a tax advisor.
7. Investigate insurance coverage
If seller's coverage is based on lower-than-current replacement value, your insurance cost may increase when you pay a higher purchase price.
8. Confirm Utility Costs
Ask the local utilities to verify recent utility expenses, especially
if any of these costs are included in your tenant's rent.
9. Consult Your Accountant
Taxation is a key element of successful real estate investing, so be sure to find an accountant who is well-versed with the constantly evolving tax code.
10. Inspect!
Make sure that you always perform a thorough inspection of the property before buying it. Never, ever buy any property without at least examining the site. In some cases, hiring professional inspectors to examine the structural mechanical system may be a sound investment.
Subscribe to:
Posts (Atom)
