We all have seen the television shows and read the rags to riches stories about “flipping” houses. Many expert “flippers” begin their search for house bargains by using a Wisconsin foreclosure listing service. Wisconsin foreclosure listings can be found on the internet, in the newspapers and by contacting local lenders and getting on their mailing list. Using the internet is usually the quickest, easiest and most up to date way to get a current foreclosure listing, and is generally the way to go.

Once you have used your foreclosure listing service, go out and research the property, view it and have independent appraisals and inspections done before purchasing. The homes which need the most work are the ones that offer the lowest prices. If you are a new to flipping houses, be careful when assessing the cost to repair the house. Some properties will need only cosmetic changes such as paint and carpeting. Others will require more intensive labor and more expensive materials. It is important to know upfront the costs associated with making the property not only liveable, but sellable.

The next step is to get qualified for a loan from which the funds will be used to acquire the house. If the house needs extensive renovations, you will need an additional source of funding to cover these costs. Diligently research what the repairs will cost and what profit you should realize from performing the work involved. Be realistic not only with your figures, but with the time it takes to complete the job. Anticipate some setbacks, and be prepared to stretch your budget. A house cannot be flipped if you run out of money or time to capitalize on utilizing all your resources, regardless if they are financial or manpower.

Negotiate in good faith with the lender.

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Wisconsin Home Mortgage Loans - Beware of These Three ThingsBy Jane A. Hale Buying Wisconsin real estate is tempting. Housing is very affordabl...

Flipping houses has become quite popular and lucrative for the handyman who is successful at crunching numbers and creating an environment pleasing to would-be homewoners. The most difficult obstacle is to find the perfect property, and that obstacle can be eliminated by searching Wisconsin foreclosure listings.

Bob Smith regularly writes for E-ForeclosureSearch. If you want more information on Wisconsin Foreclosure Listings and other real estate- related topics, you can visit http://www.e-foreclosuresearch.com/

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Basics

At its most basic an adjustable rate mortgage is a loan where the interest rate may adjust sometime during its lifetime.

For example, a 2/28 mortgage is a mortgage where:

• the interest rate is fixed for the first 2 years
• the interest rate is adjustable for the next 28 years
• the loan has a term of 30 years in total

An interest rate can become adjustable at any time, depending on what the loan is:

• after the first month of the loan
• after 6 months
• 1 year
• 2 years
• 3 years
• 5 years
• 10 years
• other schedule

Lenders usually charge less for an adjustable rate loan than for a fixed loan. For example, a loan that is fixed for only 2 years will likely have a lower interest rate than a loan that is fixed for 30 years. A lower interest rate means a lower monthly payment. Many borrowers in recent years decided to get adjustable rate mortgages when interest rates were low. Now that interest rates are trending higher many of these borrowers are facing the prospect of a much higher interest rate and payment when their rate adjusts.

If you are planning to live in a property for only 2-3 years you may be protected from interest rate change by getting a mortgage that is fixed for 10 years.

Many borrowers get a 30 year fixed mortgage. Most people, however, don t keep the same property and loan for 30 years. When they sell a property or refinance they will need to get a new mortgage at whatever prevailing rates are at the time.

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Adjustable Rate Mortgage - Is This The Right Type Of Loan For Me?By Dean Shainin You should be able to find several indispensable facts about a...

Get Mortgage Rates, 25+ Free Mortgage Calculators, Mortgage Quick Tips and Much More

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A home loan is a loan taken against your home or property. For every loan there is a rate of interest that might be variable or fixed. A variable rate of interest fluctuates according to market movement and inflation rates. When you take a home loan, you need to pay back the loan amount as well as the accumulated interest on that amount through equated monthly installments. Home loans can be for a short term or a long term.

The various types of home loans available in California are home purchase loans, home refinance loans, home equity loans, second mortgages, debt consolidation loans, and bad credit loans. These loans serve different purposes and have variable time-periods and rates of interests.

A home purchase loan helps the homebuyer pay for the property. There are thousands of home purchase lenders in California alone. With a lot of competition, lenders now offer 100% home loan. This means that the homebuyer can borrow the full value of the house without investing any savings. Apart from these, homebuyers can also opt for part loans on their house purchase.

A home equity loan is a borrowing taken against the equity of your house. This type of loan is an excellent source of funds especially if you need to invest a large sum of money in any venture. Home equity loans act as a revolving line of credit.

California Mortgage Refinance Loans
California Mortgage Refinance LoansBy Peter Emerson A California mortgage refinance loan is a good solution for those individuals in California...

California Loans provides detailed information on California Loans, California Home Loans, California Home Equity Loans, California Mortgage Loans and more. California Loans is affiliated with California Jumbo Mortgage Loans.

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Real estate is a great investment. There s no doubt about it. We can always speculate about whether we re in a buyer s or seller s market and where the market is heading tomorrow. But, over the long term, real estate has proven a consistent winner. Despite the benefits of home ownership, which are considerable, many buyers don t understand the cost of home ownership well enough. If you re in the market for a home make sure you really understand the cost of home ownership.

Home ownership costs can be broken down into three general categories:

1. Acquisition Costs- These are generally one-time costs incurred during the purchase of the home.
2. Recurring Costs - These are costs that are incurred at predictable intervals.
3. Maintenance Costs - These are costs incurred to maintain and repair items in the home.

Acquisition costs are those fees and monies that are needed to purchase a home. The specific amount varies. One area you should definitely pay attention to are the terms of your mortgage loan. Make sure you understand all of the fees you will be charged. Ask if there are any prepayment penalties, so you don t get bitten in the event you have to resell your home prematurely. Your mortgage lender will certainly insist on having the home appraised and require you to pay for a professional appraiser. Your mortgage lender will also want to collect various payments at closing in advance such as interest and property taxes.

There are many other acquisition costs besides those associated with the mortgage. You ll need to hire an attorney, a home inspector and purchase home insurance if not already covered by a home association. You ll also need title insurance. I could go on. But, the point of this article isn t to itemize every possible cost. Make sure you speak to your mortgage consultant and lawyer and that you clearly understand all acquisition costs.

Recurring costs are primarily composed of your mortgage payment and property taxes. Most mortgage lenders collect a prorated portion of the property taxes each month. If they don t, you ll need to pay the property taxes directly on a quarterly basis. If your down payment was less than twenty percent you may need to include private mortgage insurance in your monthly payments. If your mortgage loan has a variable interest rate, make sure you understand how often the interest rate can change and the impact it will have on your bottom line.

If you ve been renting, be aware that you may have some additional bills you didn t have to deal with as a renter. It really depends on whether your landlord was including some items in your rent payment. I remember when I moved into my very first home many years ago and was surprised to learn that I actually had to pay for water. I always thought water was free. Your other utility bills may also go up if you re moving into a larger space.

Maintenance costs are the most unpredictable. There s no landlord to call when something breaks down. You are the master of your domain. Pay attention to what your inspector tells you about the expected life span of various items in your home such as the roof and heating and cooling units.

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While I m on the topic of maintenance costs, I m occasionally told by buyers that they don t want to consider a condominium, such as a townhouse, because they don t want to pay the monthly maintenance fees. This is really an erroneous view. The monthly maintenance fee typically includes various services and home ownership costs that you would likely pay for separately in a single-family home. Pay attention to what s included in the monthly maintenance fee then evaluate whether it s a good deal.

Don t be disappointed or overwhelmed by some of the costs I ve outlined. Home ownership is marvelous and almost magical. For most of us mortals, the mortgage interest and property taxes are tax deductible. The tax advantage provided by home ownership means you can afford higher monthly payments without impacting your bottom line. The deductibility of some of the costs of owning a home coupled with the gradual increase in home equity by paying down your mortgage loan and appreciating home value is a wonderful combination that makes home ownership very appealing. Besides the numbers, the intangible benefits of having a space on earth you can call your very own is hard to resist. But in a normal market, the monetary benefits of home ownership take time to accumulate. Unless you re a professional investor or have a very good real estate agent, getting in and out of a home (i.e. flipping) is a risky proposition.

The other important point you should take away is that if your projected mortgage payments are going to pose a significant stress on your budget you should consider a less expensive home. Home ownership is great and can even be profitable. But, make sure you have a clear understanding of all of the costs associated with your new home. A good place to start is working with an honest and reliable real estate agent.

Ed Chaparro is a licensed New Jersey real estate agent with Prudential New Jersey Properties servicing Metuchen, Edison and near-by communities in Middlesex, Union and Somerset counties in New Jersey.

Ed Chaparro has over twenty years of experience working with technology and putting it to use to help people and businesses. Ed Chaparro mixes traditional real estate marketing (MLS, signs, direct mail) with a very aggressive Internet marketing plan that maximizes the number of buyers reached.

For buyers, Ed Chaparro provides methods and communications that enable them to view their options in manner that is efficient, informative and free of any hard-sell tactics. This approach has garnered Ed Chaparro a great deal of buyer loyalty.
For more details and information please visit http://www.EdChaparro.com

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Are you looking to make more profit from investment property? Use an on-line buy to let quote system to compare mortgage products, rates and options. Learn how you can make the most of your property investments by using some of the best buy to let mortgage products. Using an on-line buy to let mortgage quote system will help you work out your monthly repayments on a buy to let property or the remortgaging of an existing buy to let property. This can help you establish if now if the right time to start investing in the property market.

It would be easy to start saying just how easy it is to become a landlord and earn income from investment property and how you can simply sit back and watch the profit tumble in like a cascading waterfall. The reality is that there are a number of key issues that you will have to be involved in to ensure your investment property portfolio works to its optimum. Firstly you will need to find a suitable investment property for sale. Then you will need to find a good buy to let mortgage. To give you an idea of what your monthly repayments might be, it is worth trying an instant on-line buy to let mortgage quote system. An then there will be tenants to source and vet, an investment property to maintain, letting agents to manage and accounts to monitor, it does take a certain level of commitment. So if you are still keen to have a slice of the much talked about property game then you will want to read on to find out how to get started? It s also worth picking up a Free Buy to Let Guide.

Firstly, you need to establish if this is the right time for you to become a landlord and how much it is going to cost you. Can you afford to tie up money in a property? If the worst comes to the worst, can you afford to lose that money?

The simplest way to work out the repayments on a buy to let mortgage is to use an on-line buy to let mortgage calculator to get a Free Buy to Let Mortgage quotation. These can help you work out the best buy to let mortgage product for the type of investment property you are considering and your individual circumstances. Some products may carry a fixed rate whereas other might be a variable rate. You need to decide if you need the stability of knowing exactly what your buy to let mortgage monthly repayments will be every month or whether you are prepared to opt for a variable rate buy to let mortgage. A fixed rate means the rate is fixed for a certain period of time. A variable rate will generally change as and when the Bank of England Base Rate or LIBOR rate is amended. If the rate reduces then your monthly repayments should reduce and vice versa. Although, the lender may not always forward on the full percentage of rate cut/increase so you should check your product before you commit. Either way with an on-line buy to let mortgage quote system, you should be able to compare different products, rates and lenders to give you some of the choices available. You will need to know the likely rent that can be achieved for the property as this will determine the maximum loan amount available against the purchase price or refinancing value of the buy to let property. It is worth bearing in mind when you are getting your buy to let mortgage quotation, that lenders normally suggest that the rental income each month represents at least 130 per cent of the monthly mortgage payment. Although there are some buy to let products calculated on ratios of as little as 115%. Use the buy to let quote system to see how the buy to let mortgage payments work out on a monthly basis. By working on these calculations, gives the investor a margin to cover the letting agent s fees and other associated costs.

This is a long-term investment and you need to take the same approach to investing money into a house or flat as you would to buying into the stock market. Historically the value of properties have doubled every 10-15 years but that doesn t mean to say that there won t be peaks and troughs in between. These are times that you have to be prepared and most importantly can afford to ride through.

Increasing your returns by using buy to let finance to your advantage

For example, lets say you have 100,000 cash to invest into Investment Property. Is it best to buy a property outright or use this money as deposits on multiple buy to let properties?

Mr Jones - decides to use his 100,000 to purchase a brand new property outright for cash. He lets the property for 600 per month giving a return of 7,200 per annum. Due to inflation, the rent will increase accordingly and eventually, after fluctuations in the property market, the house doubles in value.

Mr Smith - decides to use 100,000 as deposits (15% for each investment property) to buy 500,000 worth of properties similar to the one Mr Jones bought. This results in Mr Smith receiving five times as much rental income, i.e. 3,000 per month or 36,000 per annum. The other 400,000 is borrowed on buy to let mortgages and Mr Smith pays interest on this at a rate of approximately 5%. These monthly interest only repayments would work out to be 20,000 per annum. Therefore, net of interest they receive 16,000 per annum.

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Home Equity Loans Online? Find a Home Equity Quote OnlineBy L. Sampson Online home equity loans allow you to find the lowest rates by comparin...

The most successful landlords will use some of the best buy to let mortgages to fund their buy to lets and with buy to let mortgage products becoming more sophisticated and competitive the right buy to let financing can ensure you maintain your investment property portfolios in such a way that you are always working to the most optimum cashflow situation. Whether they are looking to make a new purchase of an investment property or re-mortgage a buy to let, they will often use an on-line buy to let mortgage quote system to work out which products are likely to suit their circumstances.

Best Buy to Let Mortgages

Finding the best buy to let mortgage is crucial to your success as a property investor. Unlike other forms of investment, a lot of the money you put into a buy to let property is likely to be borrowed. Over the last few years, the buy to let mortgage market has boomed, and borrowing money to invest in this way has become easier than ever. There are a number of different buy to let mortgage products available from fixed rates, discounted variable rates, discounted rates and so on. A good buy to let mortgage quote system should help you identify what would suit you best. Different products may be suitable for different investment properties. And don t be tempted to just go for the cheapest buy to let mortgage as there may be penalties that make it less attractive in the long term.

Always find out the best buy to let mortgage deals available at the time. Some investors may decide to retain their entire portfolio with one lender, but it s important to realize that different buy to let products between different lenders can provide you with maximum flexibility and cashlow depending on how you structure your funding.

However it is very important that you get the correct guidance with your buy to let finance. You will often find that buy to let mortgage brokers have access to numerous different products and lenders and some can even offer exclusive products that wouldn t necessarily be available to you if you approached the buy to let lender directly.

Questions that are worth considering when finding the best buy to let mortgage:

1. Do they have access to lots of different products in the market place?

2. Do they have the ability to create a long term property development strategy for you?

3. Are they able to secure Exclusive Products?

4. Are they able to arrange mortgages within 10 working days?

Most buy to let lenders will offer a maximum loan of 85% requiring you to fund at least a 15% deposit towards your investment property. The buy to let mortgage industry is very competitive with new products being launched on a very regular basis.

Some buy to let mortgage brokers may charge a brokerage fee up to 2% to arrange the buy to let finance for you but don t let this put you off because if they do have the ability to secure exclusive products for you, it could be very beneficial to your cashflow as a landlord. Plus, if they are able to reach formal mortgage offer stage in a very short space of time, this could result in you being able to secure the investment property at very competitive prices if you have the ability to tell the vendor that you can have the deal completed within a matter of a few weeks.

How much you can borrow for the buy to let property will usually be worked out differently to how much you can borrow to buy your main home. Different lenders and different products carry different criteria for working out the maximum loans available. Some will lend on how much you earn, others on the rental income you achieve from the investment property. And sometimes a combination of the two.

Jennifer Tweed is the founder of http://www.buytolet4sale.com. One of the UK s first property portals solely dedicated to all types of investment property for sale.

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It can be long and tedious search to find a good real estate agency no matter where you are. This can be true for finding a real estate agent in Bulgaria. One of the things that make finding a real estate agent in Bulgaria harder is trying to find one that speaks English if you are not fluent in the language spoken in Bulgaria. There are some that do speak English, but many who do not. There are ways to make finding an agent easier, so, the question is how to find a real estate agent in Bulgaria.

When trying to find a real estate agent in Bulgaria the internet can your most helpful tool, especially if you do not currently live in Bulgaria. Two of the first places you may want to check at on the internet are the National Real Property Association and the Bulgaria Real Estate Directory. These two sites deal directly with real estate agents in Bulgaria. This insures that you are getting professional and qualified real estate agents plus, some the real estate agents sites are in English so as to reach a broader market of people interested in property in Bulgaria. There are many websites you can go to online that either deal with finding real estate agents in Bulgaria or are owned by real estate agents from Bulgaria. Another site, is very helpful in giving you information about Bulgaria, advice about obtaining property there, and lists property on the market. You just have to get out there and search and you will be able to find a real estate agent in Bulgaria.

Now that you know how to search for a real estate agent in Bulgaria, you need to know what to do with the information you get. There are a few things to keep in mind no matter where you need a real estate agent and are as follows:

- First of all, you need to make sure that the real estate agent has a license and is registered, if applicable.

- It is of utter importance to make sure that you get references from the real estate agent.

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- If you found the real estate agent online you may ask them if they are apart of any real estate associations. This will let you know more about them in terms of quality and such.

- Compare! Compare! Compare! You need to compare real estate agents to make sure that you are getting the property you want at the best price you can. Also compare the quality and professionalism of the work you see, this could be pictures on the agent s website, or, if you are in Bulgaria, the properties you see.

- You might want to check and see how the agent handles over seas transactions if you can not be in Bulgaria personally and that the agent knows all the regulations concerning foreigners purchasing land property.

Keep all of these things in mind and you should be able to find a qualified real estate agent in Bulgaria with as little stress as possible.

posted by http://www.bestbgproperties.com Real estate agency selling properties in bulgaria

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Most first time buyers are looking for that Holy Grail property: a home that is affordable, can be fixed up, and sold for a profit in a few years when they ve outgrown it. These properties, called “fixer uppers”, are the dream property for new buyers, and Peoria is a dream community.

Because so many people are looking for these houses, the market for these homes has become pretty competitive. It can be hard to find a house to fix up, especially with so many people looking for a real estate investment property.

Of course, the easiest way to find a fixer upper is to work with a good real estate agent one that really has their finger on the pulse of real estate listings. There are some opportunities to find fixer uppers through the less than traditional routes, and an experienced agent can help you uncover some of these potential diamonds in the rough.

Vacation and Second Homes

Peoria is a great community for vacation homes or investment properties. Unfortunately, the wear and tear on these properties can be extensive. Even though these properties have appreciated in value, they may not increase at the same rate similar properties increase , primarily because the homes are not as well maintained as primary residences.

This can be a great opportunity for buyers: buy these properties, make some minor modifications, maybe update to reflect current styles, and you could have a property that you can enjoy and one that gains you a great rate of appreciation.

Foreclosures

Unfortunately, Peoria and other communities are experiencing a higher rate of homes falling under foreclosure. In part, it may be a result of higher interest rates or it can be part of a pattern of consumers becoming increasingly overextended financially.

Whatever the reason, these properties are coming onto the market generally at a lower than average sales price. These properties may require some minor modifications or improvements, but again, the potential to gain from these properties is fantastic.

Probate and Bankruptcy Properties

Bankruptcy properties are similar to foreclosures and probate properties are usually those being sold after the original owner s death. Although these homes may be a bit more complicated to purchase than a normal real estate transaction, they are well worth it. Again, a talented real estate agent can help you work through the challenges of the sale, and help you find a great deal.

There are lots of fixer upper possibilities through out Peoria. Take some time to explore your options and you may find a home that pays off big in the years to come.

Reg Gustin is a senior loan officer with Sun American Mortgage and specializes in helping families and their financial lending needs.

Get a FREE mortgage rate quote from a reputable Arizona mortgage company at Carefully Consider the Real Cost of that Fixer Upper
Carefully Consider the Real Cost of that Fixer UpperBy Raynor James If you watch television, you have seen the shows that turn dumps into prist...

Search the Arizona MLS at http://www.arizona-homes-store.com/arizona-mls.html

Click here: http://www.arizona-homes-store.com/arizona-real-estate-appreciation-report.html and get a FREE copy of The Greater Phoenix Area Housing Appreciation Report, as compiled by Arizona State University with your free subscription to his monthly ezine, MARKET NEWS.

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With soaring mountain ranges, New Hampshire is often called the Switzerland of America. Fortunately, New Hampshire real estate prices compare favorably to Switzerland.

New Hampshire

New Hampshire is a state with beautiful scenery that takes on the full effect of each season of the year. Spring and summer are tailor made for fishing, hiking and water sports along the state coastline. Fall is an explosion of color as the leaves turn, while winter is the time to hit the slopes. The overall contour of the state is mountainous in the north fields, lakes and forest in the central area and little villages and beach resorts on the coast of the Atlantic Ocean. It is hard to believe such a small state could contain so many things to do throughout the year.

Portsmouth

Located on the coast, Portsmouth is a classic New England town with a bevy of colonial architecture and charm. Portsmouth Harbor looks like something out of a post card with red brick buildings and colonial white churches crowding the water. The city has two dominant charms of note. First, it appears as though it hasn t grown in size much over the last hundred years. Second, this is truly a city with a small town feel. People are friendly and it is great place to raise a family if you can afford it.

Hanover

Located just across the border from Vermont, Hanover is home to Dartmouth College. A fairly isolated location, Hanover is great little town in which a college atmosphere battles with traditional northeast influences. Red brick buildings dot the town and there is something very impressive about walking through Dartmouth. You simply get the feeling this is what a college should feel like. The best way to investigate Hanover is to visit and stay in one of the bed &amp breakfast homes.

New Hampshire Real Estate

New Hampshire real estate is generally not as expensive as you might think.

New Hampshire Mortgage Rates
New Hampshire Mortgage RatesBy Damian Sofsian New Hampshire mortgage rates can be classified into two types namely fixed rate and adjustable ra...

Raynor James is with the FSBO site - FSBOAmerica.org - homes for sale by owner. Visit our home buying page to view and buy New Hampshire real estate.

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Real estate investment is the most preferred investment option today. A portfolio with real estate as a part of the investment instruments is what everyone aspires for. Even if a person doesn t wish to engage himself in real estate trading, rentals are huge ways of regular income. Infact many of the real estate giants earn fat bucks, this way. They buy various properties across the city or cities and then offer it on rent for office spaces on monthly rentals or even lease. Moreover with more entrepreneurs coming up with novel and creative ideas the need for office spaces is on a constant rise.

Homework before making an investment Several investors are investing in malls, multiplexes, up-markets and in popular business markets. There are also a range of investors who are concentrating on residential dealings. However as a common man, one may aspire to buy some property if a valuable deal is available. Be it as an investment instrument or as a dream home for oneself. The thing is that every person needs to approach a property dealer for right values, future appreciation capability and also to clear themselves and ensure that these properties are free from hassles. There is every room for Freakonomics here. The dealer you approach may probably give you wrong information for vested interests and lure you to by an investment due to the high commission that he would earn as a middleman. Here are a few things you need to think of in advance.

Location-Location is an important bearing factor for an investment. The location of the particular property should be well according to your needs. An urban locality has a better appreciation chance and will also save you from long distances.

Amenities- Be selective about the property you are going to purchase. Make sure that there are markets, schools, hospitals, Police stations, Community Parks and other necessities nearby. You will again be saved from the trouble of long distances.

Registered- Ensure that the dealer offering you the land or property is a registered one. Also make sure that the property is clear from all legal hurdles and any other kind of trouble. Remember, ignoring this can give you nightmares.

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Prices: Make sure that you are being quoted a justified price. Do some homework and satisfy yourself that you are not buying the property for a price more than the actual one. Approach many brokers and take a hint at the prices.

Government troubles- Look for any government troubles like, passing of a road, between your lands, etc. The people selling it to you may be in a hurry to do away with it. Recognize these symptoms and ensure that there is no trouble approaching you. Make sure that you are well within the law if you will be buying the particular property.

Originality of documents- Convince yourself that the agent is an authentic one. Several cases have been reported where fake and forged papers have been passed on to parties and the agent is no more to be seen.

Written by Charles Smithston. Team Wealth Builder Forums, an online
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recommended books, links to income generating opportunities available.
Register for free at http://www.teamwealthbuilder.com get to know about the income generating assets to achieve
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How to Do Short Sales - Seven Deadly Traps

So here you are. Eager, excited, face scrubbed clean, clothes pressed, and ready to tackle your first Short Sale. Armed with all of your reference materials (each read through at least four or five times, with notes bleeding all over the margins), you are ready to make your fortune. You ve even located what appears to be your First Short Sale Lead, using that “long lost technique that only 115 year old Prospectors understand”, or so you were told. But it seems to have worked.

Even now you have “spent” the first 40% of your future profits in your mind, so let s go and see if we can grab the rest of those profits.

It all seemed so easy on that Infomercial you watched late one frosty night. The check you sent for the materials was a little painful, but “well, you just Know you ll recover all of that back and more, before the Spring Thaw, won t you?

There may be a few landmines hiding in the path leading to that golden reward.

The purpose of this brief paper is to help you navigate those landmines and give you an advantage in your pursuit of the “Good Life”.

1. NOD - Has there been an NOD issued against the property owner? This is the first key to a successful short sale: if the Lender has not issued an NOD, they usually won t consider your short sale offer. After all, the Borrower is not in arrears yet, and for all the Lender knows, the Borrower is Ready, Willing, and Able (RWA) to continue making payments. The borrower must have missed at least three monthly payments in a row for the Lender to consider that the Borrower may just default on the loan, and therefore institute foreclosure action. The first step in the foreclosure process is for the Lender to issue an NOD against the property owner.

2. NEED - Can the Owner show need? Is the owner just tired of paying the mortgage, or has some catastrophe ruined the borrower s ability to continue making payments? Will the Borrower ever be able to make up those payments in arrears and bring the mortgage current. No demonstrable Need - no short sale. Very cut and dried.

3. Junior Loans - ” Which is in default, the loan in first position or a “junior” loan (second, third, etc.)? If the loan going into default is not the one in first position, the lender may just allow the property to go to auction instead of negotiating. The holder of the first position doesn t care - he s protected. The junior loan is the one in trouble.

4. BPO - before the Lender will consider your short sale offer, the lender will ask for a second opinion on the property s value in today s market.

Real Estate Short Sales
Real Estate Short SalesBy Monique Fell To simply put it a real estate short sale is when the lender or bank agrees to take a lower amount that ...

5. Lender s Approval - before you can begin to market the property, you must have the Lender s approval. A guaranteed way to NOT get that approval is to submit an incomplete package. You must ask the Lender for a “Short Sale Package”, and make double sure that all of the items asked for are included.

6. Repairs - one way that persons new to this business fall on their respective swords is to not take into consideration and account for repairs to the home and yard. So you win the property, and then you find out that because you didn t cover the repairs aspect, you just got your hands on a “Money Pit”. Congratulations!!!

7. Tax consequences - this may or may not be your concern, but there could be considerable tax consequences to the borrower - by “forgiving” the debt, the Lender has just told the IRS that the homeowner has received equity in this property which may or may not have considerable tax consequences. Although as an investor buying the property, that is not your concern, it is something you should be aware of and may mention it to the seller.

Here, then are the first set of “Seven Deadly Traps” that the investor in short sale properties will face. None are insurmountable, but any of these are Deal Killers of the First Water if not attended to properly and in a timely manner.

Norm Huffnagle has been investing in real estate since 1983 and became a licensed Real Estate professional in 1988. Currently concentrating in the hot Southern California market, he is always on the lookout for properties to buy or sell. To learn more about his present venues, please visit http://www.huffnagleassociates.com You can also contact Norm directly at norm@huffnagleassociates.com

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