Auction Of Foreclosed Homes – How to Prepare for Auctions of Foreclosed Homes

09 January, 2010

Coming to auctions of foreclosed homes unprepared is a definite recipe for disaster. The most important thing to bring with you is the knowledge about the home being auctioned off and your own budget of just how far you are willing to go in the bidding. Would-be participants should also be clear that they are buying a second hand home and are therefore inheriting all the benefits and perils that go with it.

Probably a limiting factor about foreclosed homes sold at auctions is the fact that prospective buyers are unable to conduct an official home inspection to reveal the extent of damages in the home and thereby assess the cost of repairs. The most that buyers can do is drive out to the property and survey its exterior, they could also talk to neighbors and ask about the home, its history and background and the people living in it. Most of the time though this is all that buyers may need to make a decision of participating in an auction.

Auctioneers are likewise under no obligation to disclose the title situation of the property being sold. But since property titles are public domain, buyers can simply check with the county courthouse and do their own title search. This task will unearth hidden taxes or liens on the property if there are any.

Auctions of foreclosed homes are the fastest way of owning a property because the winning bidder can move in to the home within a couple of weeks. One has to keep in mind though that all auctions are cash sales, so you have to have the funds to back up your bid. When you register to participate in an auction of foreclosed homes, you will be required to pay a fee that is equivalent to ten percent of the starting bid as earnest money.

Keeping Emotions in Check

During the actual bidding, keep your emotions in check as many buyers often find themselves biting off more than they can chew and end up with a less than ideal property that cost more than they are willing to pay.

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

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Hundreds showed up at a Tampa hotel, where foreclosed homes were on the auction block. Carson Chambers was there last night and found some people hoping to start a new life – if they had the winning bid.
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Fixer Upper Homes For Sale – Buying Fixer Upper Homes: What can you Expect

07 January, 2010

Fixer upper property is a real estate term that is not commonly used in most of its business dealings.  If you are a first time buyer, you will definitely ask what this type of property is when your agent would say this to one of your conversations.  Fixer upper homes are those that need major repair and renovation because of their actual bad condition.  It in fact relies on the judgment of the buyer but repairing the house may still depend from minor aesthetic improvement in the house or major structural remodeling or renovation.

Fixer upper houses are not said to be the best option for buyers who simply want to own a house of there own.  Most of them, as well as the investors, who prefer to buyer fixer upper homes do not really plan to stay in this house as their main residence.  But rather, they are just investing on which they can develop and improve to make more income in the long run.

The benefits of buying fixer upper houses are a bit comprehensive, depending on the main reason of the buyer or the real estate agent.  But there are common advantages that fixer upper homes that buyers can still get to enjoy.

Since these properties have not been totally at their best condition, you can expect to have a big discount on their prices.  You are assured to be spending lesser compared to buying a regular house.  Hence, if you are on a tight budget, then getting a fixer upper home is the perfect option for you.

It is one of your main responsibilities, as a buyer, to check on where the house is actually situated before you make the sale.  Fixer upper homes can only assure you to give enough income when they are situated in places that are increasing their value.  Even if you have made all your effort to upgrade your fixer upper house, if it is still built on a less attractive and declining area, your market value is still lower than the average and you are not secured to get profitability from your investment.

Fixer upper buyers must not forget that knowledge and experience are essential to successfully manage their properties.  Once you have these qualities you will be able to properly handle your fixer upper house.  These skills will also help you in your future business undertakings.

However, you can not avoid the fact the disadvantages will also come running after those who invested on the said properties.  It is inevitable that you will need a big amount of money if you want to make such business last long.  There is a high risk involve in terms of the outcome if the house will be sold according to how you expected it.  And if you will be able to achieve the projected profit as you go along.  It may not sound very appealing and practical, but investors of these types of properties think beyond the fact there is no enough comfort you can get out of fixer upper homes.  It is simply a home purchase.  Most of these investors have come up with long term investment plans set in their minds, and just waiting for the right time to do everything.

 

 

Mls Lookup By Number – Expired Listing Marketing System – How to Build One

07 January, 2010

Expired listings are the hottest “cold lead” you can find. These people tried to sell their home, and the market unapologetically told them it didn’t want it, which creates a more motivated seller with a dose of realism. If you’re in a reasonably busy market, you could probably make a healthy living from just expired listing marketing alone.

There are several people representing their system as the magic bullet for this booming market. In this article, I’ll show you how to leverage some off the shelf parts and very quickly, and efficiently create your own expired listings marketing system. Our goal for you is creating a very turn-key system that simply delivers leads to you with minimal to no work.

Any expired listings system will require several parts:

First, you’ll need source data of expired listings. Typically this coms from your MLS, but there are 3rd-party providers of this as well, which will attempt to run a name-match on the address, and will send you data in a format easier to deal with. One such company is TheRedX (no affiliation), though you can certainly get this data free from your MLS. What one pays for is ease-of-use, as they will email you a CSV file. My opinion is this service is definitely worth the cost, but for those concerned more about money than time, you can certainly pull this data yourself, then key it into a reverse-address-lookup to try and get a resident’s name.

Second, you’ll need a way to get in front of these potential listings, which will require using postcards. In most cases, a phone number is not available or the resident is on the do-not-call list. It’s not enough.

Here you have a few choices:

a. You can wait until the listings stack up to 100 or more, then use a postcard service to print and send them all at once. This is inferior because expired leads depreciate in a matter of hours, and within a few days are pretty much worthless. You need to reach the potential seller very quickly. You need the right information seen by the right people at the right time.

b. You can deliver them to the house, or have someone else do it. This is the best for timeliness, as if you’re first in line, you can “lay a bear trap” for other real estate agents, as I’ll show you in a bit. This helps you get the listing, but is time-consuming, or costly if you hire someone else to deliver these for you.

c. You can pre-print the postcards, then hand-address them as you get the data. This is a bit of work to set up, but low cost overall. The biggest drawback to this is that it will require your time every day, and most people quickly fall off doing this as soon as they get busy. Also, if you use multiple cards, this can get complicated quickly, as you’ll have certain people on day 1, others on day 2, others on day 3.

d. You can purchase a postcard automation system which will print, stamp, and mail, in your own handwriting, even multi-card campaigns for roughly $ .52 per postcard. This is especially effective for postcard campaigns, where doing it oneself would get horribly complicated and time-consuming. This card automation system allows for pre-created campaigns and typically includes scanning of your handwriting to turn it into a font. One upside to this is if you subscribe to a 3rd-party data source, you can even, with a bit of work, make this 100% hands-free.

Third, you’ll need your message. This can be a bit tricky, because it’s easy to fall into being the bearer of bad news. Personally, I’m a big believer in using video, because people are busy, and sometimes lazy. If they need to read a lot, you’ll need to catch them with a killer headline, or your postcard will go straight to the trash. Two proven techniques I’ve seen work are to first, tell them it’s more than just about the price, and second to make it clear “the Market” has told you the house isn’t worth that. Using a video, phrased as a 3rd party, can also deliver news the seller doesn’t want to hear – which is that the house was probably overpriced.

Only 1.5% of all agents follow up over 5 times, yet 60% of sales happen after the 5th contact. See the pattern? Now you know the reason for the 80/20 rule, about 20% of the real estate agents outselling the other 80%. The trick: automated followup, via email sequential autoresponders and card campaign automation.

Your expired listing marketing system should let the potential seller know it’s about pricing, promotion, and presentation. They may be able to leave the price as-is, provided they increase how the home is presented (read: add staging, re-paint, cosmetic repairs, etc.), and promotion (read: reach a wider audience). If you are the one to tell them their house is overpriced, they’ll shoot the messenger. Don’t be that casualty. Instead, try “the market of supply and demand has told us in it’s current condition, the price requires adjustment.” I like to remind people I’m like the weatherman – I don’t make the weather, I just let you know how to prepare. Expired listing sellers are probably frustrated, so use caution in your language.

Our company, has produced a customizable video called “Help! My Home Won’t Sell” or “Why Didn’t My Home Sell?”. If you decide to produce your own video, be sure to have a crystal-clear “call to action” for them to call you at the end, and illustrate the value by doing so.

Whatever course you choose, I hope this helps you get more business. Real estate marketing is competitive, but can lead to many closed transactions and millions in income. Investing just a few hours to set up your turn-key expired listings marketing can provide a pillar of business for years to come.

For more information about our product, please visit http://www.Movoxo.com/expired-listing-marketing-system You’ll find a free “expired listings success” video and e-book, and more information out our expired listings marketing options.

RogerV is CEO of http://www.Movoxo.com – a sales automation technology company focused on service and sales professionals such as real estate and mortgage professionals. Movoxo offers customizable pre-made marketing videos for real estate agents with lead-capture. Topics include FSBO marketing, expired listings marketing, how to buy a foreclosure, or stop foreclosure, and many more.

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Mortgage Rates Vancouver – Canada mortgage rates – How rates will affect the real estate market

05 January, 2010

Low mortgage rates have helped drive the real estate market in Canada and lead the economic recovery.  Canada mortgage rates are expected to increase over the next 18 months, so how will they affect the real estate market?

Real estate in Canada has maintained steady growth and good value over the long term.  The housing bubble that burst in the U.S. did not occur here, with our tighter banking rules and good economic fundamentals.  The hot real estate market in recent months appears to have been based on temporary factors, including historically low mortgage rates and pent up demand from the recent economic recession.

The real estate market was a major driver for the economic recovery in Canada. Low rates made mortgages more affordable, and the real estate market became hot in many parts of Canada.  Toronto and Vancouver experienced record prices and sales, with many properties going in bidding wars. Now, however, the general consensus from Canadian bank economists is that mortgage interest rates will rise throughout 2010 and 2011.  How will that affect the market?

The average forecast by the major banks is a rise in overnight rates of 3.17% by the end of 2011.  Some banks forecast a lower rise and some a larger one, but all agree that rates will be going up provided our economy and the global economy continue to recover.  Despite the expected increases, mortgage rates will still be affordable compared to historic rates.

It is not possible to pick the best time to buy or sell your house.  If it is a sellers’ market, you will get more for your current home – but will pay more for your new one.  If you are an empty nester or looking to downsize, this type of market might be right for you.  If it is a buyer’s market and you are looking to move up, or are hoping to take the leap from renting to purchasing, then higher inventory levels and lower prices would be to your advantage.  Despite market conditions, your lifestyle, personal situation, financial situation and location will all influence your decision to move.

When you are ready to start looking for a new home, it is wise to calculate how much you can afford before you start shopping.  Speak with a qualified mortgage broker to analyze your situation and help you find the best mortgage and terms for your needs. Since mortgage brokers deal with hundreds of lenders and products, they can usually find you a better deal than your bank.   They can also pre-qualify you and hold a rate for up to 120 days.  If you live in Ontario, Mortgage Medics is a team of Greater Toronto mortgage experts offering the best Canada Mortgage rates.

Alexandra Goode is a mortgage enthusiast living in Oakville, Ontario Canada always searching for the best mortgage rates and terms for local residents. http://oakvillebusiness.com/mortgage-oakville-broker-lender.htm.

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Foreclosure Home Sales – How To Take Advantage of Foreclosure Homes Sales

03 January, 2010

Investing your money? Try foreclosure homes sales and take advantage of the innumerable opportunities in this buyers’ market. With discounts ranging from 30 to as much as 70 percent below actual market values, you can buy and own real estate properties and earn instant savings at the same time. If you feel that you are not ready yet for this market, do not fear the real estate industry. There are ways to invest safely in this market without requiring you to master the entire buying process. Here are some of the ways in which you can take advantage of the financial opportunities in foreclosures.

Work With Qualified Professionals

If you are a first time buyer and would like to take advantage of foreclosure homes sales but do not know how and where to start, you can look or work with qualified professionals who can show you the ropes and how things are done in the industry. These people have years of experience at their back and have met a lot of people, and other professionals as well in the process. Getting them to work with you will benefit you in terms of having the technical knowledge and other things which you might have concerns about. They can even give you fresh and exclusive leads that you can use to your advantage when choosing properties for sale. The key, of course, is to let them know what your primary objectives are and what you want to achieve in the long run.

Hire A Lawyer

Foreclosure laws vary from state to state and it is wise to familiarize yourself with the legal implications of any transaction that you might enter yourself. A lawyer can help you sort out any legal concern that need to be addressed and may help you understand the entire buying process in relation to the legal side of things. Having a lawyer by your side will help eliminate any legal mess or trouble that comes with not knowing what the law requires or permits in a given situation.

Subscribe To Online Foreclosure Lists

Subscribing to online foreclosure listings will help you keep track of any foreclosure homes sales opportunities that you can take advantage of without going through the hassle of finding these information in many different places. An online list provider can give you all the relevant information that you need in foreclosure investing as well as fresh updates on the market.

Joseph B. Smith has been educating buyers on the finer points of foreclosure homes sales at Foreclosure-Support.com for over five years. Contact Joseph B. Smith through Foreclosure-Support.com if you need help finding information about foreclosure homes sales.

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Edmonton Property Tax – Real Estate Edmonton: Rent or Buy?

03 January, 2010

Looking for Real Estate Edmonton advice? Consider whether to buy or rent your next property with these helpful tips. The decision you make will ultimately depend on your individual financial situation. Buying North Edmonton Real Estate, homes for sale means making an investment that will build equity over time. Renting means paying for your current living situation without ever gaining any equity or ownership.

 

Home ownership will only make financial sense if you are looking to live in a particular home for a few years. Before you make a decision, consider the additional costs of buying a home. REALTOR® commissions, home inspection fees, lawyer fees, property tax and appraisal fees are only some of the fees you will encounter upon closing a deal.

 

Real Estate has always been considered a long-term investment that appreciates in value.  When money is lost in the Edmonton Real Estate market, it’s usually due to selling North Edmonton Real Estate, homes for sale too quickly. This does not allow the property value to increase enough. Real estate markets rise and bottom out in a cyclic fashion, so before a home is re-sold, current market conditions must be taken into account.

 

The key to profitable home ownership lies in a few simple principles: planning, budgeting and saving. If you can stick to these principles, you’ll win big by owning rather than renting:

You plan to stay in your home for three or more years. In most markets, it can take 3-6 years for a home to appreciate enough to offset the costs of selling and moving.

You’re psychologically prepared. Home ownership means dealing with whatever comes up, from noisy neighbours to a malfunctioning A/C. You can’t just call the landlord for help or pack up and move as easily as when you were renting.

You have some extra savings. Home buyers who spend every dime they have buying real estate inevitably are blindsided by repairs, maintenance and all the other costs of owning a home. Then they go into debt trying to keep up their current lifestyle. Smart home buyers make sure they have an amount in savings equal to at least two mortgage payments after the deal closes, and preferably much more.

You manage your money pretty well. Paying a monthly mortgage and separate bills creates a forced savings habit. If you’re the kind of person who lives on credit cards and doesn’t know where the money goes, you’d be smart to clean up your financial act long before you go hunting for a home.

 

As a last note, North Edmonton Real Estate, homes for sale are a wise investment as property values are high when you purchase in desirable neighbourhoods, around schools or parks and near transportation. Overall, it is far better to own a Real Estate Edmonton home than to rent. Not only for the pride of ownership, but also to build up your assets for future financial security.

 

© 2010 Mel Simmons

Mel Simmons is a trusted Real Estate Edmonton Agent.  She specializes in selling North Edmonton Real Estate, Homes For Sale, getting her clients the highest price and best terms for their home sale. She writes Real Estate Edmonton articles to help homebuyers and sellers learn about the entire real estate process.

 

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Buying Foreclosures – How to Buy Foreclosures (part 1)

01 January, 2010

Today the Real Estate market has taken a turn for the worse. The market is poor and rates are at an all time high making it very difficult to buy or invest comfortably into a home. Buying a foreclosure home may be the right route for you.

Buying foreclosure homes have many benefits including buying foreclosure homes that are twenty, thirty, or maybe forty percent below market value. Saving thousands of dollars is a benefit that is highly appreciated by both home buyers and investors.

Though buying foreclosure homes can be a worthy investment, it may not be for everyone. A Buyer or Investor of foreclosure homes should be educated about the market or ready to conduct the research necessary. To aid in your success there are a few known steps to consider:

The first step to buying foreclosure homes is to learn the foreclosure process for your state and become educated on the different types of foreclosure. There are a few different types of foreclosure utilized within the United States. The two that are most commonly used are referred to as: foreclosure by judicial sale and foreclosure by power of sale. Foreclosure by judicial sale is the preferred and most important method of foreclosure. Foreclosure by judicial sale is used in every state and required in most.

Second, is being prepared to make the purchase. As a home buyer or investor your financing options should be clear. Before discussing purchasing options with the home owner or bank it is important to already be pre qualified for a loan or have profits to purchase the home.

The third step to buying foreclosure homes is to know your comfort level with speaking with representatives and agent, as well as knowing your negotiating skills. If you are a first time home buyer or investor it may be wise to hire an agent as your representative. Most home owners use agents to sell their home. If you are not comfortable with the idea of speaking with agents and other representatives it may be easier and most adequate to hire an agent to represent you.

Fourth, is research and doing your homework on any home you are considering. Buying foreclosure homes carry a higher risk than a traditional home for sale. Investigate each home you are considering. By carefully examining each home you can reduce your risk significantly.

The fifth step is realizing that buying foreclosure homes is not a get rich quick scam. Do not believe the hype and think that you are going to buy a foreclosure home for sixty percent below market value. Though you may be able to find some homes extremely below market value, this is not true for all homes. In most cases, home buyers and investors save 20-30% off home market value. With that said be prepared to make realistic offers on pre foreclosed homes and decent biddings on foreclosed homes.  Research each home’s market value and review your financial ability.

When your financial future is at stake you want to make the best decisions you can with your money.  One of the best ways to ensure a good return on your investment is by investing in foreclosures. You can find these properties for pennies on the dollar.  There are so many repossessions on the market right now it is the perfect time to consider this option.

You can find many good deals just by watching the sheriff sales in the local paper.  Sometimes there is a list each week which tells what the appraisal value is of the property.  The sale generally asks for two thirds of the appraisal.  This means a ,000 house can be bought for only ,000.  This is great for an investor.  You would already have equity in the home.  Financing is not hard to get when you have been preapproved by the lender.  This is the only way to go when you want to buy a home from the sheriff’s auction.  

Investing in foreclosures can be very profitable if you do your homework first. This means making sure the property is worth the investment.  You need to know if the neighborhood is up and coming or deteriorating.  If the property values are falling, you should avoid the sale unless you plan on using the property as a rental unit.  This means you can buy it at way below market value, rent is for a few years, and sell it for a profit when you decide to liquidate.

You must never buy properties which are offered for the same price as the appraisal.  You do not want to find yourself in a position where the property can not give you a return on your investment.  Most investors who have been buying and selling properties claim that buying a property for a price 50% or less of the appraised value is the only way investing in foreclosures will work.

In many cases you can find foreclosures listed with many financial companies.  They are not in the business of real estate and having these properties on the books looks bad for them. The lenders need to sell the properties and are usually willing to make a deal with qualified buyers.

Sal Vannutini is the author of ” The 8 Power Profit Secrets To Making More Money With Less Risk In Real Estate, ” a free strategy report for investors. Get your complimentary

copy at www.FastFixerUpperProfits.com today.

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When buying foreclosed homes, first get a list of all the properties available. Learn how to buy a foreclosed home using the real estate tips in this free video. Expert: Richard Blake Bio: Richard Blake is a licensed real estate agent that has closed more than 20 times the number of transactions per year than that of the average realtor for the last three years. Filmmaker: Christopher Rokosz
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