RISMEDIA, October 27, 2009Agents involved in foreclosures and short sales may need to begin to disclose the possibility of serious property transfer defects associated with these types of lender controlled sales.
If recent court decisions are any indication, we could be…
Virtual Culture Vs. Brick and Mortar the Changing Technology Landscape
RISMEDIA, October 27, 2009Its amazing how much can change in just two short years. Two years ago I wrote an article titled Is the End in Sight for Brick and Mortar?
I just went back and read the article and it…
Point2 Technologies Wins Achievement in Business Excellence Award
RISMEDIA, October 28, 2009Point2 Technologies Inc. was recently recognized by the Saskatchewan Chamber of Commerce with the prestigious Achievement in Business Excellence (ABEX) Award. Nearly 700 government and business personalities attended this years high profile event, organized by the Saskatchewan…
RISMEDIA, September 24, 2009Making the decision to move to a new state is just the tip of the iceberg for your clients. Then the real work begins as theyre faced withhundreds of new decisions and details to manage.
House hunting, mortgage…
Short Sales Spread across Real Estate Market, Leaving Frustration in Their Wake
RISMEDIA, September 26, 2009(MCT)A few years ago, few people in the housing market had ever heard of a short sale. Mention the term today and people, whether they are homeowners or real estate agents, just roll their eyes.
The practice, which…
Everybody knows there are ENDLESS opportunities to find great deals and make real estate investing profits online.
And everybody also knows that, for example, Craigslist is one of the BIGGEST collections of classified ads for real estate investors to find deals and opportunities.
So while Craigslist is certainly a great resource, EVERYONE is there.
So there’s a lot of competition.
And a lot of repetition.
What if I told you there was a way to get to an UNTAPPED SOURCE of classified
property ads, real estate opportunities and more that few investors know about…
What if I told you this source contained ads and deals you wouldn’t find elsewhere.
And what if I told you it was completely virtual and totally FR-EE to use?
How about a free site called:
http://www.NewsPaperLinks.com!
What’s Newspaperlinks.com?
It’s your single source to get access to EVERY LOCAL NEWSPAPERS ONLINE CLASSIFIED ADS!
What’s so great about it, Mike? Why’s it going to help me make money?
Well, two reasons.
- First off, because these local online classifieds are not as heavily searched as say Craigslist, there is A LOT less competition! This means in many markets you will be one of only a few or possibly the only creative investor going after deals. Plus, there’s less competition when you post your own ads which can also mean a better response.
- Secondly, NOT everybody uses Craigslist. In fact, if you are new to the internet and NOT tech savvy, you are much more likely to place an Online Ad for the first time here because the newspaper that’s been getting dropped on your doorstop for the last 20 years told you to. This means you will find properties and opportunities here you will not find elsewhere. It’s also a great resource as a virtual investor as it lets you really see what’s going on in a certain area – even if you’re looking for something as simple as a handyman or property manager.
One of the keys to being truly successful as in online investor is having access to BETTER information than everybody else AND being able to find it FASTER than the competition can!
Enjoy.
Post a comment if this was helpful to you.
http://www.misuniversity.com. Video about how to Find judgment liens. These and other topics of interest can be found on our website!
http://www.misuniversity.com. Video about how to Find Short Sale. These and other topics of interest can be found on our website!
http://www.misuniversity.com. Video about how to Find Short Sale. These and other topics of interest can be found on our website!
http://www.misuniversity.com. A how-to on.. a loan modification. Excellent video about a loan modification and other helpful topics!
http://www.misuniversity.com. Great information about short sale definition. Exciting video with tips on short sale definition information.
A short sale, by definition, is the sale of a property to a lender for less than the amount of the mortgage owed. This sale is often only permitted under extreme circumstances. The bank or mortgage lender takes into account current economic outlooks, the personal financial situation of the debtor or home-owner, the local real estate market, and the reasonable possibility that the bank will recover some, if not the entirety, of the mortgage loan. The advantages of short selling a property to the debtor are obvious. A short sale is often pursued instead of foreclosure proceedings. Thus, by short selling a property, a debtor can keep a foreclosure off of their personal credit history. Also, the difference between the original mortgage and the short sale offer, also known as the deficiency balance, is partially under the control of the debtor. This means that the debtor is free to pay back the deficiency under their own terms. Sometimes, though rare, this debt is forgiven completely.
The advantages of a short sale are less obvious for the bank or mortgage lender. These institutions are primarily concerned with recouping their financial losses on bad or risky loans. Thus, they may choose to allow a short sale if they believe that this course of action will result in a smaller financial loss than foreclosure proceeding. Whereas a foreclosure can cost the bank or mortgage institution a certain amount of money through legal fees and court proceedings, a short sale is simply an agreement between the debtor and the lending institution and entails much less hidden costs to the lending institution. Oftentimes, a short sale is the best method for the bank to guarantee at least a partial return on a bad or defaulted loan.
A short sale is a fairly common business transaction. However, lenders do not like to view these transactions as financial favors to the debtors. Rather, these institutions view these short sales as sound financial extensions of credit. When retaining an asset makes little business sense or is economically unfeasible, a business will default on their loans. If enough of these loans are defaulted on, a bank or mortgage lender can be put in dire financial straits. Thus, a short sale is utilized to reacquire these economically unfeasible assets and recoup a portion of the extended and defaulted loans. In this manner the financial institution looses only a fraction of the accumulated debt. In these types of business short sales the deficiency balance is almost always forgiven.
There are a number of steps that debtor must take in order to secure a short sale from a bank or other financial institution. Most banks require that a Notice of Default be completed. This alerts the local government of the impending default and stipulates the location, relative value, and financial history of the defaulted property. While conditions vary from bank to bank, several levels of approval are usually required. This is often a long and complicated process for the debtor. Some banks have set limits on short sales, and these restrictions can vary in amount or type. For example, many banks won’t approve a short sale if there are tax liens held against the property. However, if approved, a short sale can be a great way to relieve debt obligation without permanently affecting your credit score.
A short sale, by definition, is the sale of a property to a lender for less than the amount of the mortgage owed. This sale is often only permitted under extreme circumstances. The bank or mortgage lender takes into account current economic outlooks, the personal financial situation of the debtor or home-owner, the local real estate market, and the reasonable possibility that the bank will recover some, if not the entirety, of the mortgage loan. The advantages of short selling a property to the debtor are obvious. A short sale is often pursued instead of foreclosure proceedings. Thus, by short selling a property, a debtor can keep a foreclosure off of their personal credit history. Also, the difference between the original mortgage and the short sale offer, also known as the deficiency balance, is partially under the control of the debtor. This means that the debtor is free to pay back the deficiency under their own terms. Sometimes, though rare, this debt is forgiven completely.
The advantages of a short sale are less obvious for the bank or mortgage lender. These institutions are primarily concerned with recouping their financial losses on bad or risky loans. Thus, they may choose to allow a short sale if they believe that this course of action will result in a smaller financial loss than foreclosure proceeding. Whereas a foreclosure can cost the bank or mortgage institution a certain amount of money through legal fees and court proceedings, a short sale is simply an agreement between the debtor and the lending institution and entails much less hidden costs to the lending institution. Oftentimes, a short sale is the best method for the bank to guarantee at least a partial return on a bad or defaulted loan.
A short sale is a fairly common business transaction. However, lenders do not like to view these transactions as financial favors to the debtors. Rather, these institutions view these short sales as sound financial extensions of credit. When retaining an asset makes little business sense or is economically unfeasible, a business will default on their loans. If enough of these loans are defaulted on, a bank or mortgage lender can be put in dire financial straits. Thus, a short sale is utilized to reacquire these economically unfeasible assets and recoup a portion of the extended and defaulted loans. In this manner the financial institution looses only a fraction of the accumulated debt. In these types of business short sales the deficiency balance is almost always forgiven.
There are a number of steps that debtor must take in order to secure a short sale from a bank or other financial institution. Most banks require that a Notice of Default be completed. This alerts the local government of the impending default and stipulates the location, relative value, and financial history of the defaulted property. While conditions vary from bank to bank, several levels of approval are usually required. This is often a long and complicated process for the debtor. Some banks have set limits on short sales, and these restrictions can vary in amount or type. For example, many banks won’t approve a short sale if there are tax liens held against the property. However, if approved, a short sale can be a great way to relieve debt obligation without permanently affecting your credit score.
