Honest Realestate Agent

Archive for April, 2009

I have come across a product named REO Goldminer that is a game changing system for the enterprising real estate investors of the world. If you have ever spent time looking for REOs, then you know just how hard it can be to locate quality deals or information.  The brick wall that most investors are faced with when searching for REOs often causes them to resort to alternative marketing efforts. Ever posted Bandit Signs, sent out hundreds or thousands of postcards or direct mail flyers, or taken out classified ads in your scarcely read local newspaper?  Worse still, a great number of real estate investors turn to phoning poor families who are on the verge of losing their houses, in an effort to find a positive outcome for all. It isn’t usually received that way though unfortunately.

If someone could develop a seemingly perfect real estate investing system, it would very likely include the best deals being brought directly to your PC with minimal effort, and minimal expense. Even better, we wouldn’t have any of that wasteful marketing effort that have been your only solution until now.  A complete investment solution like this would certainly save you time, money, and stress – the most critical things.  It appears that this system has been built and made available in REO Goldminer.

The beta version of REO Goldminer has been available until now and really hasn’t been officially launched and brought to the world. It seems that around the middle of May that will all change. Then, the doors will be closed after a certain number of clients is reached and you will have to wait for existing clients to leave in order to get in, which probably isn’t a likely scenario. Kind of a one out, one in type scenario. The question though is what exactly do the developers of the REO Goldminer system say it will do.

Here are a few of the big hitters that REO Goldminer claims it will supply. You will be able to search for REO opportunities in all 50 states. You can also drill down on the city level. The selection of discounts that interests users is another function. Price can be searched by maximum and minimum. The output results of REO Goldminer gives investors the agent contact data, address, and list price among other info. Additionally, for investors who require it, REO Goldminer provides them with an estimate of overall value. When you are ready for offers, the program positions investors to make 2-25 offers per day. The creators have been building systems related to this service for awhile and this appears to be their crowning achievement.

We are currently trying to obtain a personal interview with the developers of REO Goldminer and then get it uploaded to our review blog site at REOGoldminerReview.com. Visit our website now and see what additional review info we can provide.

Really though, if this program provides what it says it does, then strong consideration must be given to this solution versus your existing business model. Just one deal means thousands of dollars and fortunately the majority of investors still haven’t heard about this!

Bulk REO Video Training

When a property is not yielding income it has dire consequences for the lenders and the general economy as well.  Non-performing mortgages limit lenders borrowing power by up to 900% in many cases.  Even if the amount in default is only $100,000, the impact on the bank is that it is forbidden to borrow up to $900,000 until the property is sold.  Not to mention that, as an asset goes down in market price, the banks are forced to adjust the numbers accordingly and eat the deficit.

(A quick note from the editor:  For related information, check out Bulk REO Investing.)

There are few solutions available to lenders that relieve the brunt non-performing assets put on their registers.  The option of foreclosure is always the last resort.  High legal expenses are the beginning of this costly process that lenders face.  REO (Real Estate Owned) properties also incur pervasive property management headaches until they are unloaded.  The proliferated risk of harm being done to REO properties while they sit empty only increases the chances it will further lose value.  When selling any property there are expenses – from marketing to transactions that accompany selling real estate.

Furthermore, lenders mus face the problem of staffing.  Still, if a mortgage lender thinks foreclosure is teh only reasonable option, it is faced with the daunting task of finding enough staff to oversee and unload REO’s, especially bulk REO’s.  The last time anyone saw a lending crisis of this magnitude was almost 15 years ago, and not since then have the valuable number of REO experts been lost at such perplexing numbers.  Also, the larger lenders in the United States are hard pressed to come up with current in-house experts who can manage bulk REO’s or provide the proper management or security for them while preparing to sell them without incurring too great a loss.

Nowadays the progression of most bond managers, lenders and servicing agencies seems to be this: Shake off troubled loans at ridiculously low prices just as fast as possible.

Once again, an excellent solution to this debacle appears to be effective Bulk REO Investing.

You should know that landscaping is a very popular job field. There are millions of people around the world who are already working as a landscaper and loving it, and maybe this is the perfect career field for you as well. Well before you get too serious, you are going to want to learn more about landscaping, what sort of a job it is and what it entails.

About the Landscaping Job

Landscaping is a job that involves enhancing outdoor areas, such as the pool, patio, and lawn areas. These are all very important exterior areas that are really going to make or break a home. That is why landscaping is a job that is taken so seriously, and why there are so many different things that a person has to learn about before they can be successful in this field.

Getting Started

If this is something that you want to get involved in, for instance maybe you want to try it out as a part-time job, the first thing that you are going to have to do is get the necessary landscape supplies.

It can be difficult to decide on which supplies to get because each landscaping job is different from the next. However, there are a few basic supplies that you are going to want to equip yourself with. Shovels, stones, and garden decorations are very important for you to have.

The first thing you have to do is survey the land so you will surely get a way to work when you go out to a landscaping job. You are required to watch each and every particulars to start work and point out what will look best there.

Therefore, you are really not going to need to have any of your materials or supplies on hand the first visit to the client’s home, but it can be handy to have some just in case.

This can not only be an extremely enjoyable and fulfilling job that you can do for the majority of your life, but as well it is one that can be very financially rewarding. Just make sure that you get educated in this field if you want to have the most success. Clients will come if you are experienced and expertise enough to get the best results of their money .

There is government help for foreclosure stop available for you. As we know, foreclosures have increased at an alarming rate in the past decade and until now, there is no sign that this is about to change. Both homeowners and mortgage servicers feel the consequences of these unwelcome events every day. As a result, a number of organizations want the government to step in with a bailout to help alleviate this difficult situation.

It is very little known though that there are laws being passed that address this increase of foreclosure procedures. Actually, a brief and focused online navigation can easily uncover many of the assistance programs available.

How does the government help to stop foreclosure?

The main government agency concerned with all things housing is the HUD or Department of Housing and Urban Development. In fact, the HUD does actually work incessantly to minimize the number of foreclosure processes in the United States. For example, in the HUD web site you will find an easy-understand guide to stopping the foreclosure process and sound advice on paying your mortgage on schedule.

According to the HUD, the best way to avoid foreclosure is by having an open line of communication between the homeowner and the lender, especially when the former begins to have financial problems. Another recommendation for homeowners is to seek counseling specialized in foreclosure proceedings.

Recently, HUD officials have met with representatives from the various mortgage companies in the country and together, they have come up with more incentive programs that will encourage homeowners to become more able to handle their mortgages responsibly.

Why do house owners depend sometimes on government help for foreclosure?

There is not one single explanation why homeowners finish up with foreclosure proceedings. Sometimes it is due to blatant negligence but in the occasions that you have a valid reason such as being laid off from work, experiencing natural calamities or being in the military, the government help for foreclosure stop can assist you a lot in preventing the foreclosure of your home.

By themselves, natural disasters like serious earthquakes, hurricanes and heavy floods can do a lot of harm to the personal finances of a homeowner. The government has specific foreclosure assistance programs to help victims of such calamities to keep their homes and avoid foreclosure.

If you can show that your financial difficulties arise from the fact that yourself or a member of your family serves in the military, you are entitled to request assistance of the government help with foreclosure special programs in order to keep your house.

Do not forget that before requesting to be included in these special government plans, you have to talk openly with your lender about your financial distress.

Upon discussing the situation with your lender, they themselves will be able to tell you which government programs you can use to help you avoid foreclosure. The earlier you get in touch with your lender, the more you can benefit from the government help for foreclosure stop can give you so you should act fast if you want to keep your home.

There is something in the Real Estate business known as a mortgage prequalification letter, and you pretty much need one before a Real Estate sales agent will begin working with you.Listing agents usually will not show a home to someone unless they have been prequalified for a loan.

The Prequalification letter tells the agent that one, you are financeable and how much home you can afford.

There is a misconception out there that a prequalification letter is a loan approval.That is not the case at all.

A prequalification letter is nothing more than a loan officer’s or bank employees opinion of your credit worthiness and their opinion what loan amount you will qualify for.

The gist of the letter says that your credit report, your liabilities, your revenue etc has been looked at, and in the opinion of the loan officer, you should be able to get a loan for a certain amount of money.

Think about the name of of the letter, prequalification. What does that say to you?

Almost always, these letters state that the pre-qualification is not a mortgage commitment and that a commitment may only be issued after a complete loan package has been reviewed.

So how does this affect you?

It means that even if you think you are qualified to borrow and borrow a certain amount, you may not be at all. The prequal letter is really quite worthless.

What you should get when starting the process is a Mortgage Commitment.. A commitment is a letter from a bank or lender that is actually binding. The commitment states that you will receive a home loan as long as you meet the conditions that it lays out.

It means Your loan has been reviewed by an underwriter and is approved.

So long as your meet all of the conditions laid out in the commitment letter, the bank must issue you the loan. It is a legal document. It can not “change its mind” as to weather they want to give you the money or not.

So why is this important?

With a prequalification letter you may go out house hunting only to discover that you may not buy the home you want or worse, any home at all. I’ve seen cases where clients have gotten pre-approval letters, gone out and put a deposit on a home. Packed their furniture, rented a moving van only to find out at the last minute that they were turned down for the loan.

And the consequences are financial too. In many instances when this happens, people actually lose the money they put down on the home as a deposit.

Why take a chance? Start the process by getting a mortgage commitment to begin with.

An added benefit, is that with a commitment letter in hand, your ability to negotiate with home sellers is strengthened. When you negotiate for your new home with a seller, having a mortgage loan commitment in your hand is virtually the same as being a cash buyer.

The more experience an agent has, the more you can expect to receive as a potential client. Be it through negotiation or advice (or much, much more), real estate transactions can be complicated.

As a result of the current market conditions, agents should understand and have experience with bank owned properties. Putting together a successful offer can require considerable time, market research and local knowledge – watch for these qualities in your agent. So, would it be awkward to arrange a meeting with an agent before agreeing to work together? Of course not. In fact, dealing well with new clients is a required skill that encourages success with buyer and seller negotiations. Find out about your potential new agent’s knowledge of the various real estate options on the market and how they relate to you.

It may be prudent to ask about, for example, short sales, a major market influencer at the moment. Perhaps the most prominent issue with short sales is the uncertainty of forecasting an exact date that the transaction will officially close. Buyers looking to move into a new home soon may want to consider other options on the market, especially with the available low prices and buyer friendly terms right now. Short sales are only one part of the market so be sure to ask questions and discuss other available options with your Realtor. Your Realtor should be able to demonstrate value by offering you the right advice, guidance, and client protection.  It’s an agents responsibility to inform you about price, reselling value, trends and neighborhood history.

The Federal Government now has put forth a larger government tax credit of $8,000 for qualified first-time home buyers. Simply contact an agent to find out about some of the options in your area, perhaps they can better clear up your questions.

A savvy real estate agent will help you to get a great new property at the fairest price on the market. Right now in Reno, there are more homes available than there has been since 1999. If, by chance, you are interested in the outdoor appeal of Reno, Sparks or Tahoe, here’s a recommended Awesome Real Estate Agent in Reno. The crisis turnaround may make real asset investment even more appealing.

Thinking about buying a new home? Here’s an opportunity to save more money. Everyone likes to compare the best value when shopping, and take advantage of special offers in order to save money, why not do the same when you buy a new home?

Home builders may offer what is called a broker co-op, which is a sales commission offered to a real estate agent as an incentive to show clients their new homes. The real estate sales commission may range from 3% to 4% of the home sales price.

Many real estate agents are now offering to share their commission with their home buyer clients. Before making an offer to buy a new home, a buyer can make an agreement with an agent to represent them, in exchange for a share of the commission paid by the home builder.

The amount of money that a home buyer can save, depends on the share of the real estate commission, which is negotiable with the agent, and the sales price of the home. For example, buying a new home with a sales price of $500,000, with a 1 1/2% share, would save the buyer $7,500.

The buyer can receive a check at the close of escrow, or the money may be applied to the down payment or closing costs, providing there are no restrictions from the mortgage lender, or state laws that regulate real estate transactions.

Most new home builders don’t usually advertise a broker co-op offering, so the buyer, or the buyer’s agent would have to ask. The home builder may have a requirement for the buyer’s agent to be with them when visiting the office, or signing paperwork to buy a new home, so be sure to clarify the rules. A little time spent on research could mean a lot of money saved on your real estate transaction.

Mortgage rates and home loans, plus information on new homes in San Diego, CA

When you buy fixer upper homes, there are many things you need to consider so that you will not lose money. Most fixers need repairs.

When you have decided on buying a fixer upper house, you are likely to have to do some repairs to the homes. Some of the repairs that you need to do will be minor or cosmetic repairs but there might be some major repairs that might need to be done too. If you happen to purchase fixer uppers homes that need major repairs, you need to make sure that you buy the homes at cheap enough prices to include the repair costs. There are lots of real estate investors that spend happy on repairs and end up losing money overall.

Some of the things you might want to repair when you have bought a fixer upper home are discussed here. You do not have to fix up everything that is wrong with the home but you will need to fix all the major things otherwise no buyers would want to buy your home. The better the shape of the home, the more people will be interested in looking at it. The worse the shape of the home, the less likely someone will be interested in buying it. Also, you can sell the home for higher price if everything is fixed and everything is working marvelously in the home.

Before you purchase a fixer upper home, walk around the home to see what are the problems with it and what must bereplaced. You can cautiously look at the roof, the gutter, the foundation as well as other parts of the home. You may need to hire general contractors to fix many things and you might even need to call specialists to assist you with some major repairs including electrical repairs. Electrical wiring could have fatal problems. Make sure there is no mold infestation and no water damage.

As soon as major repairs are fixed, you will have a finished home and then you can happily live in the home or you can start making minor repairs such as painting the outside and the inside, fix the kitchen, doors, and cabinets. Then you can decorate the home nicely so that the home will be more marketable. A lot of people buy fixer upper homes for investments but they can be good family homes as well.

Many homeowners have heard of a “1031 Exchange,” but few understand the basics of what an exchange actually entails. Today I want to cover just a few of the basics of the process, as it is an invaluable method of homeownership for investment homeowners.

1031 Exchange, what is it?

Put simply, it is the sale of one property in exchange for the purchase another property of similar value without the required payment of capital gains tax, all performed within a specific time frame. An example of when you might use a 1031 Exchange: you want to sell your current vacation home and purchase a new, similar one that has a few better features. You are subject to capital gains taxes when you sell your home because you have not yet owned your current vacation home for two years. If you used 1031 Exchange, you could “exchange” your current home for a new one and be free of the capital gains requirement. It is this difference between “exchanging” and not simply buying and selling which, in the end, allows you, the taxpayer, to qualify for a deferred gain treatment. In a nutshell, 1031 exchanges are not taxable and sales are taxable with the IRS.

Important Rules of 1031 Exchange

1. The purchase price of the replaced “like kind” property must be greater than or equal to, the total net sales price of the relinquished, real estate, property.

2. All the equity received from the sale, of the relinquished real estate property, must be used to acquire the replacement, “like kind” property.

1031 Timelines and Rules

Identification period – the seller has exactly 45 days from the sale of the original property to identify other replacement property(s) that he proposes or wishes to buy.

Exchange period – the period during which the seller of the relinquished property must receive the replacement property. This period ends the due date for the person’s tax return for that taxable year in which the transfer of the relinquished property has occurred or exactly 180 days after the date on which the person transfers the property relinquished, whichever situation is earlier.

To request more information about 1031 exchange, please click here: 1031 Exchange and select the reports you would like!

Many are promoting the methods of gaining wealth in real estate investing through buying and holding.  You may actually find an optimum time in your personal or business dealings that it makes sense to sit on these properties while making sure that they’re worthwhile investments.  If this is your first time considering real estate investing, flipping a house is the perfect way to start.

There are three types of flips, each with its particular terms, angles and property style.  Retailing is one type.  All this means is that you find a house in need of sometimes extensive repairs, buy it, fix it then sell it.  There are numerous houses in need of repair on the market today and just as many ways you can promptly flip a house to make money.  It’s easy, work smart not hard by putting in effect the best techniques to bring you the most amount of money in the quickest period of time.

You can flip a house the second way through wholesaling.  Wholesaling is a process that involves buying the house of your choice only to turn around and sell it to a real estate investor for a small, quick profit.  For this you’ll want to build a rapport with local real estate investors and get knowledgeable about what types of homes flip well and how and where to buy property to sell to investors.  One of the easiest methods to use in metropolitan areas is the wholesaling method.

Finally, there is the method of assigning the purchase.  When this method is used you are committing to purchasing the property.  Instead of taking on the headache of cinching the deal yourself, you give it over to a real estate investor, for a small fee, of course.  This is an easy scenario since the investor takes over the contract and closes the purchase for you, thereby flipping the house with minimal involvement from you.  If you choose the right house, this can be financially rewarding.  Be sure that you have your attorney confirm that the contract is fully assignable.

If you are considering a truly profitable career in real estate, it will be in your best interest to become well versed in the art of flipping houses.  Once you’ve learned the foundational tricks of the trade, you can stand to make a lot of money flipping houses.  While retailing and assigning the purchase are two of the best ways to flip a house, it takes quite the effort on your end.  It isn’t easy work and you’ll need contractors and workers you can depend on to get your house in sellable condition.  Assigning the purchase may seem daunting at first, but it will get easier as you gain experience.  If you are diligent then you’ll find yourself flipping houses with ease in a very short matter of time.