Real Estate Marketplace

Archive for November, 2009

A new real estate agent, took his buyers, a husband and wife, moving into a new home, a bigger home, which the couple needed. After taking the couple around showing many homes, in different neighborhoods, the agent was about ready to close the door on these individuals. He was tired, and they showed no seriousness after seeing home after home. There were plenty on the market, that met the buyers' needs, desires, and abilities, the three core categories that the agent customarily lists and uses in researching the best properties for potential buyer candidates

Around 8:00 in the evening, the Realtor received a phone call saying that they want to make an offer on a particular residence which the agent took them too see earlier, in that tiring day. Like the others, the home fit into what they were looking for, but the agent did not anticipate they would call to make an offer, and the agent was getting ready to call it a day. He met the buyers at the real estate office and took them inside. Nobody was in the office, and the agent had to turn the lights on. On top of matters, this was the first time the agent would have prepared a purchase agreement and any corresponding real estate forms, in his new career in real estate. Nobody was around to provide assistance, but the agent was determined to keep the buyers, and make the offer. He took out the appropriate legal forms from the filing cabinet, and sat at the conference room table along with the buyers, and worked up an offer. He called the listing agent, who was available, and who immediately contacted the sellers. As it turned out, the sellers accepted the offer that same evening, and the listing agent went to the other agent's office to pick up the agreement. The signatures were gathered, and copies of the legal forms were made. Everyone was very happy, and the the transaction went forward.

It was a harmonious transactions, which took less than a month to complete. The buyers found a home that had what they wanted, and were very ready to start their new lifestyle there. The day after the agent worked up the contracts and obtained the signatures. he gave a copy to his brokerand the broker was very satisfied with the work done. It was a perfect contract offer, and the best part was, that it was accepted. It was a Win/Win for everyone in this real estate event. The buyer made a reasonable offer through the real estate agent, and the seller made a willing acceptance being joyous over the offer. Everthing went just right, and each form completed in the list of forms to be completed prior to closing.

James is a leader in writing about legal forms and agreements that may assist you when you are in the search of the right legal document. He writes many articles about forms ranging from, real estate forms, power of attorney forms, landlord tenant forms, and most any legal form that you are searching for.

Article Source:http://www.articlesbase.com/real-estate-articles/when-real-estate-transactions-work-out-the-right-way-1523651.html

Most Americans live on a budget. When they go into a grocery store, they know how much money the can spend. They may have to choose between hamburger and steak, but they use their money wisely.

Shopping for a home is different. How much home you can afford depends on the mortgage you can receive. You may think your budget will allow you to purchase a $200,000 home. However you may discover that you don't qualify for an Arizona home mortgage because of previous credit problems. Finding your dream home then learning you do not qualify for a mortgage can be devastating. But you if pre-qualify for a mortgage, you can shop with a home with your "budget" in mind.

The Pre-Qualification Process in 4 Easy Steps

1. Find a lender. When the housing market was booming, many so-called mortgage companies opened. Unfortunately, many of these companies were led by mortgage loan officers who had never been in the mortgage industry. Many of those companies are out of business today. When looking for a lender, remember "CENTS." You want a lender who is

? Competent
? Experienced
? Knowledgeable
? Trustworthy
? and that can Save you money.

2. Gather all of your financial documents. You will need several items including paycheck stubs, income tax returns, proof of other debts (car loans, credit cards, etc...) and proof of any other income.

3. If you don't have a written budget, make one. Make sure you include ALL of your expenses. Anticipate possible medical expenses and vacations. If you miss your mortgage payments, you could end up in foreclosure. Proper planning will keep you safe from unexpected financial disasters.

4. Meet with your mortgage broker to discuss your options. Once he or she has all of your information, you will be able to find out if you pre-qualify and for how much.

Are You Credit Worthy?

Pre-qualification is determined by two factors:

? Do you have the ability to repay the loan?
? Does your previous credit history indicate that you are willing to repay the loan?

You can prove that you are able to repay the loan by having a low debt to income ratio. Lenders also consider your employment history. You have a better chance of getting a loan if you have been at the same job for the past two years.

Several factors will determine if a mortgage company will find you willing to repay your loan but two are particularly important:

? Have you paid all of your previous financial commitments? This will be reflected on your credit score.
? Will you be living in your home, is it an investment or is it a second home?

Once you have pre-qualified, you can begin looking for homes in your price range. Your mortgage loan officer may be able to provide a document that you can take to your Realtor to show you are pre-qualified. Realtors love to deal with buyers that have met with a mortgage officer before searching for a home because deals can be closed quicker.

Chriss Carr is the Vice-President of CFS-Mortgage. Founded in 1982, Phoenix-based CFS Mortgage Corporation is a closely-held mortgage banking firm licensed by the state of Arizona. CFS Mortgage originates all types of residential real estate loans including conventional, conforming, FHA, VA jumbo, lot and construction, second mortgage/home equity and investor. Commercial loans are offered on a limited basis. Arizona Home LoansArticle Source:http://www.articlesbase.com/real-estate-articles/the-importance-of-prequalifying-for-a-mortgage-1519246.html

In the United States there are three types of mortgages: Residential, multi-family residential, commercial, and farm. The same applies to the companies that deal with mortgages. There are also three categories: Mortgage bankers, mortgage brokers and mortgage services.

Mortgage bankers, or lenders, make loans to people or companies who want to invest in property. Mortgage brokers act to bring the borrowers and lenders together, and mortgage servers collect mortgage payments.

Mortgage bankers usually look for borrowers who have a credit score of 640 or above a housing ratio of above 30% and a debt ratio of 40% or more. Housing ratios are what consumers pays on a monthly basis for principle, interest, taxes and insurance, And is divided into the borrower´s monthly income. The debt ratio is what the borrower pays on all debt.

There are several types of home mortgage loans. Fixed rate mortgages allow the interest rate and interest payments to remain the same for the period of the loan. Adjustable Rate Mortgages mean they can vary though out the term of the loan. Hybrid loans remain fixed for a period of time and then slowly increase. Reverse annuity mortgages pay an annuity while equity decreases. Balloon mortgages calculate the payment over a 30-year term but the balance can, and usually does, come much earlier.

The government also offers mortgage loans to qualified applicants. Three agencies that do this are the Federal Housing Administration, the Department of Veterans Affairs, and the Farmers Home Administration. The FHA helps low income people secure loans for housing, the Department of Veterans Affairs is limited to  assisting only honorably discharged veterans, and the Farmers Home Administration specializes in assisting farmers qualify for farm loans.

Before considering which mortgage will be best for you and you family, talk to a financial advisor about creating a plan that gives you the best opportunity to obtain the best interest rate with a monthly payment that allows you to pay off both interest and principle each month.

At the end of this article, I'd like to share cool website with more information on Mortgages and Insurance. Visit for more details.

Article Source:http://www.articlesbase.com/real-estate-articles/secrets-of-mortgages-explained-1517111.html

We all have heard and know that the majority of wealth in this nation was acquired through … Real Estate. The secret of the wealthy is actually no secret at all – they understand that purchasing properties is the key to achieving financial independence, freedom, and wealth. Because people realize this, there is an entire market of real estate investing products ranging from books to seminars to coaching programs that promise this same success and wealth. And yet ironically, the market for these products continues to thrive while the actual millionaires made from Real Estate continue to decrease. Why then do so few succeed, and what is so challenging about real estate investing?

Most people who fail in Real Estate fail because they give the excuses that they don’t have the necessary knowledge, time, or money required to achieve success.

The reality is that they lack the essential elements and attributes to be successful in anything – desire, faith and belief, a plan and goals, daily action, commitment and determination, learning from failure, and persistence! Truthfully, you do not need money to make money, anyone who is completely committed to their goal will do whatever it takes to gain the necessary knowledge, and it is not the lack of time that is the problem – it is the inability to prioritize and make time for their goals and dreams.

These same people also actually convince themselves that buying the product, attending the seminar, or actually having a coach and mentor will undoubtedly result in success and real estate wealth. These purchases may be a first necessary step, but unless belief, action, and persistence are also implemented, those books and products will gather dust on the shelf. These once excited first-time investors thus become just like every other beginning real estate investor who does not have the self-discipline, commitment, and determination to persist until their goal is realized.

The most challenging aspect of real estate investing is not in finding the ideal property, negotiating the right deal, obtaining the best financing, building a business and team of professionals, properly estimating the repair costs, choosing the right exit strategy, or developing the ability to sell regardless of market conditions. The hardest part is actually believing it is possible, having faith in yourself, overcoming fear, taking a risk, learning from failure, and putting forth daily action with a commitment to persist until your dream is realized.

Thus, consider for a moment the incredible real estate opportunities and conditions that our country currently faces (I am writing this in the spring of 2009). Notice that I used the word ‘opportunities’ – and have chosen and trained myself NOT to listen to the fear and risks the media write about regarding the current real estate market. Opportunities to achieve success, accomplish our dreams, and acquire wealth always come before we are prepared and are gone before we realize it. Let’s not be the person who in five years from now looks back to 2009 and says ‘I wish I would have bought then.’

What are your ‘I wish I would have’ statements? The reality is that these principles and this truth apply not only to Real Estate, but to EVERY goal and dream in our lives. The challenge lies not in the details of doing it, the challenge is simply DOING IT! It all starts and hinges on the stage of our own minds. Will we believe in ourselves and our potential? Will we put forth the required and necessary action to achieve success (in anything)? And perhaps most importantly, will we persist, learn from failure, and never quit until our goals and dreams are realized?

Matt is the founder of http://www.awakeyourpotential.com/ – a website focused on inspiring people to achieve their goals and dreams, live up to their full potential, and learn the secrets for success in anything. As a successful entrepreneur, Matt recently accomplished one of his dreams – to write a book! His book is entitled: “Great Games! 175 Games & Activities for Families, Groups, & Children.” To view the book and learn more, visit: http://www.greatgamesbook.com/

Article Source:http://www.articlesbase.com/real-estate-articles/real-estate-investing-success-comes-from-within-not-the-property-1516731.html

It is not unusual to hear about upside down mortgages as far as vehicles are concerned. It is a common practice on the part of the consumers to buy a new vehicle before they have paid off the loan on the existing vehicle. In such a case the old loan and the new loan are lumped together and thus the value of the loan becomes much more than the value of the new vehicle.

The same trend is now visible in the housing market where increasing number of home owners is finding them selves straddled with up-side-down-mortgages. The difference here though is that no new purchases are being made. On the other hand this is solely because of the steep fall in property prices after a rapid increase in them. Thus the consumers are now stuck with mortgages which are of higher value when compared with the value of the property.

Many markets like California are now facing an avalanche of up-side-down-mortgages. Naturally most of these homeowners are those who bought their homes when the housing market was at its zenith. That period had seen doubling and even tripling of property values in certain areas. The whole situation has left the home owners non-plussed with no where to turn to. The whole situation depends on a sole criterion, whether or not the homeowner can afford to keep paying his installments. The situation is quite under control for those who have fixed rate mortgages, but it is spelling trouble for those who have adjustable interest rates.

Homeowners with fixed rate mortgage have a distinct edge over the others. If other conditions are stable they can afford to wait this slump out. Sooner or later the market will reach rock bottom and then the only way the prices will go then would be up. As and when this happens these homeowners will be able to cover their losses and make reasonable profits.

There may be others less fortunate though. Many homeowners may find themselves boxed into the corner with limited options. This could be due to many reasons, losing a job could be one of them. These unfortunate homeowners have no alternative other than that of selling their homes and moving out. Those who have adjustable interest rates on mortgages are also in deep waters, as it may become difficult to deal with increasing monthly payments due to the increased mortgage interest rates. Those who may not be able to cope with mortgage repayments and the ones who are finding refinancing difficult will ultimately have to give in and go for foreclosure.

The boom had let many homeowners buy their homes without having to make any significant down payments. At that time it felt like a great deal, but the catch has sprung now. The lesser your down payment, the lesser is your home equity. And this is proving to be a big drawback in these difficult times, with home prices spiraling downwards. With insignificant home equity, homeowners now have very less favorable options in front of them.

Many homeowners would like to get home equity loans. The loans could be for home improvement or even for consolidating their debts at better rates. This has become very difficult now as most of them have almost no home equity. Even if they do have some home equity, the banks are not prepared to dole out further loans as default rates are becoming alarmingly high, just like the mortgage defaults. Simply put, they are not prepared to risk more funds in this market of defaulting loans.

In many areas it is becoming near impossible to refinance loans. The loan guidelines are stricter and the up-side-down-mortgages are no help either. Deflated property values make it impossible to get new loans. The whole crux of the thing is that homeowners have negative equity and no one is prepared to stick their necks out by giving them fresh loans.

For more information on depressed housing market affects renters as well as the expert future glance housing market when you visit http://www.estatecrash.com, the free resource portal on real estate bubble.

Article Source:http://www.articlesbase.com/real-estate-articles/real-estate-market-how-to-handle-your-negatives-mortgages-1515468.html

Government foreclosures are sold by the government. There are many reasons why the government will occasionally seize a private property or a piece of commercial real estate. Sometimes, this occurs because a property owner has not paid the property taxes which are owed to the government on the property. The government can then repossess the property and resell it in order to make up the lost revenue. In some cases, if a property owner commits a crime on a property – such as drug manufacturing or drug sales, for example – the government can seize the property as part of the proceeds of an illegal business. Since the government is eager to recoup the money, government foreclosures are often sold at below market value.

There are many types of government homes available for sale. Tax sale homes, for example, are one of the more sought-after government foreclosure types. Tax houses are sold off because the previous homeowner did not pay property taxes on their home. Tax sale homes only need to be sold for the amount of taxes owing, and in many cases this amount is only a fraction of the actual value of the home. It is possible to find amazing deals on government homes at tax sales. Most tax sales are held between April and June.

There are also government houses which are sold because a previous homeowner has committed a crime. These government foreclosures have usually been seized due to criminal activity and are sold by the government. In some cases, the opening bids for these homes are quite low. Since an investigation has usually been conducted in the home, these foreclosures are usually well cleaned before being put up for sale. These government foreclosures are generally sold at public auction and to the highest bidder.

Joseph B. Smith has been educating buyers on the finer points of Government Foreclosed Houses at ForeclosureDeals.com for over ten years. Contact Joseph B. Smith through ForeclosureDeals.com if you need help finding information about Government Foreclosed Houses.

Article Source:http://www.articlesbase.com/real-estate-articles/government-foreclosures-include-tax-homes-and-other-repossessed-homes-1513307.html

Note Creation Factors:

• Collateral - Collateral is one of the first things that will be looked at by any investor looking to buy a note. A Single Family Residence (SFR) will be considered the most secure property type. Vacant land or Commercial properties will require more strength in the other factors.
• Down Payment - The down payment or equity will help strengthen any note. This is particularly important with vacant land and commercial property types. For a SFR note the down payment should be at least 10% on a longer seasoned note, and 20% on a newly created note.

  The down payment on commercial and vacant land should be more like 20% or higher. If enough equity can be shown then the buying investor will not be as worried about the other factors.

• Buyer/Payor Credit - The buyer’s Credit should always be checked. This can be done by 1) having the buyer obtain their own credit report so the inquiry won't show on their credit report, 2) having the buyer complete a standard 1003 credit application and a credit authorization form and presenting it to us for each potential buyer (this method will cost $35.00 for each buyer). We will have our underwriting company check the credit to determine the best possible buyer.

  The Credit does not have to be perfect. In fact, we are much more lenient in this industry than the standard loan industry. However it is still a factor and needs to be verified before finalizing the deal. If we have credit below a 650** score then the interest rate or down payment needs to be HIGHER to maintain the quality of the note.

  Credit is a critical factor in evaluating any note in today's economic climate.

• Interest Rate - The Interest Rate may vary depending on the other factors. If the credit is 650** or more and the collateral is SFR with 10-20% down, then the interest rate can be set at 8% and our investors will discount the note less. If the score is lower than 650** then the interest rate should be slightly higher (9%-10%).

  The higher the rate on the note, the higher the cash amount will be from the investor at purchase. If the property is vacant land or commercial, then the interest rate should be no lower than 10%. If credit is not 650** or if the payor is a business then the interest rate should be put at a higher rate to compensate. Remember, all factors play on one another.

• Amortiztion Term - Note buyers like to see short amortization terms of 10 or 15 years. 30 years will work if the interest rate is higher and the payor's credit score is high. Typically, however, longer amortization will mean a higher discount on the note balance.
• Clauses - The last thing to consider is the Clauses for the note. Most investors want to be sure they are going to be working with one payor the entire time. Therefore a Non-Assumability clause will be needed. It will also be important to add a late payment fee clause and DO NOT put a pre-payment penalty clause in the note.

**NOTE: We are using a 650 FICO as a par national standard. In today's volital market, the FICO standard for buying notes will vary depending on local economic conditions. In Michigan, for example, payor FICO scores must be 700 or higher before we will quote; some investors are not quoting/buying notes in any "Rust Belt" states.

To find out how your note rates, please call us toll free 24/7 at 1-800-349-6119 - Ext. 300. We also recommend downloading a copy of our updated FREE Financial Report, "What's The Value of My Real Estate Note?"... you can download it HERE.

To your success...

Steven W. Hammons
President & CEO
Real Estate Note Buyers Group
a division of National Real Etate Buyers & Associates, Inc.

About the author: Steven W. Hammons has been the chief sales & marketing officer of three national corporations, business entrepreneur, real estate investor and consultant for the past 39 years. A real estate investor since 1982, Steven is President/CEO and co-owner of National Real Estate Buyers & Associates, Inc.

Article Source:http://www.articlesbase.com/real-estate-articles/proper-creation-of-a-real-estate-note-is-vital-if-you-ever-want-to-sell-1509955.html

Countrywide foreclosures provide investment opportunity to real estate investors as well as first time home buyers who are looking for a good property at low prices. Foreclosures take place on account of the borrower’s inability to pay back the secured mortgage amount. This could be due to any reasons like losing a job, bankruptcy, divorce, hike in interest rates, or untimely death of the borrower. Whichever may be the reason, the lender then proceeds with foreclosing the property with the intention of selling it in order to recover the lost loan amount.

Buying a property through countrywide foreclosures proves to be advantageous for the buyer because of the following reasons:

1.    Low price: Foreclosed properties are available for sale at prices much lower than the actual market rate of the property.
2.    Finance: If you are buying a foreclosed property through bank owned sales, you can easily secure a loan from the bank selling the property.
3.    Good investment: Foreclosed properties proves to be a good investment option as they are procured at prices lower than the prevailing market rates and can be resold at higher prices. Due to this reason, a lot of real estate investors explore this profitable venture.
4.    Incentives: Various incentives like low interest rate on loans and tax credits are available for buyers purchasing foreclosed properties.

The following options are available for finding countrywide foreclosures:

1.    Contacting real estate agents: Contacting a reputed real estate agent will help you in locating excellent properties. These people have the expertise as they deal in foreclosed properties everyday and can guide you well. If you are first time buyer and have absolutely no knowledge about foreclosed properties, then contacting an agent is a good idea as they will explain you the process and help you in getting a good deal. Also it will ease out the legal paperwork involved in purchasing a property. However, note that the agent will charge a commission fee which will be included in the cost of the property.
2.    Look for online listings: Various websites provide foreclosure listings free of cost and it is a good source for finding numerous foreclosed properties available for sale.
3.    Public records: Contacting the county office will fetch you the latest information about the available properties as they have the record of all foreclosures that take place.  
4.    Classifieds in newspapers and magazines: Local newspapers and magazines also contain advertisements of latest foreclosures. Also, if you are specifically looking for buying a property at auction sale, then classifieds in newspapers is where you should look.

To ensure that you get the best out of countrywide foreclosures, understanding foreclosure process and governing foreclosure laws is a necessary pre-requisite. Also when you choose a property of your interest, inspect it carefully and proceed with the transaction only when you are fully convinced about the profitability of the investment.

Ron Akins is Chief Writer on several topics with over 20 years of experience in writing and provides expert tips and advices to help people to buy things. For more details please visit countrywide foreclosures.

Article Source:http://www.articlesbase.com/real-estate-articles/countrywide-foreclosures-what-are-the-advantages-and-how-to-search-for-countrywide-foreclosures-1507485.html

Among the areas within Puerto Vallarta Real Estate, the beautiful stretch known as Riviera Nayarit presents an excellent opportunity with a variety of property possibilities, and a top-class, international lifestyle.  While Mexico Condos are of the highest level of design and convenience, the area combines this with an interesting, eventful lifestyle, where you can choose from many options.

Riviera Nayarit begins just 10 minutes north of Puerto Vallarta International Airport and at the heart of Banderas Bay. It extends north of the antique town of Jarretaderas to the forgotten paradise of "Lo de Marcos" and contains a world of vacation and real estate possibilities throughout its length.  The Riviera Nayarit is also home to an incredible variety of attractions and activities to satisfy the tastes of a variety of Puerto Vallarta Real Estate buyers.

With 7 world class golf courses, including the home of the 2002 EMC World Cup, Riviera Nayarit is quickly becoming Mexico's golf paradise. There are also other activities such as bay cruises, whale watching, swimming with dolphins, snorkeling, diving, hiking, biking, horseback riding ... and the list goes on.  Riviera Nayarit boasts some of the best beaches of the Pacific, abundant flora and fauna, and unparalleled natural beauty. Approximately 290 miles of beautiful, well-maintained beaches, bays and coastline waiting to be discovered, all combine to make your Puerto Vallarta Real Estate purchase in Riviera Nayarit a choice that you will never regret.

For people who love nature, and enjoy contributing to protecting it, there are also numerous possibilities.  One example includes the annual release of newly-hatched sea turtles into the sea.  The hatching season lasts from June and usually ends in October.  The newly hatched turtles of this endangered species are vulnerable to prey, weather and human interference on their trek from the nest to the sea; so volunteers take them to the wave-line and release them at a safe distance.  This year has seen an especially high number of hatchings, extending into November, and volunteers, both tourists and residents, made a special effort to protect the late hatchers from November's weather.  This is experience is only one of may nature-oriented options.

Combine all these possibilities of activities with luxury, top-quality Mexico Condos, and quick, easy access to modern services, high-quality health care, at very accessible prices, and excellent infrastructure, it is not difficult to see why so many people who have visited Riviera Nayarit have decided to buy real estate in this stretch of the Greater Puerto Vallarta Area and make Riviera Nayarit their home.

TOPMexicoRealEstate NETWORK; Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely

Mexico Real Estate NETWORK; "Mexico's Leading Network of Specialists for Finding and Purchasing Mexican Properties Safely!" Region: Puerto Vallarta Real estate by Jim Scherrer has bought and sold real estate in Puerto Vallarta for almost a quarter a century and has made Vallarta his permanent residence for over ten years. 512) 879-6546