charlottesville foreclosures: There are three types of properties on the market...
- 01/25/10 02:57 AM
I wish I was this smart, but alas... I got this from one of my mentors, Leroy Houser. There are three types of propertyies on the market. 1. Opportunity house - That's one that is at or below market value, on the market for less than 30 days, and is in good condition. (The perfect listing) 2. Deal house - That's one that's been on the market for awhile, needs work, and is at least 20% below market value. 3. Everything else - Will not sell. Ouch... When you put it that way. … (2 comments)
charlottesville foreclosures: Thinking of purchasing a distresssed property?
- 01/23/10 09:59 PM
Granted there are some great investment deals in the distressed property market. Here are ten rules that may assist in the process. 1. Have the money before you shop. Most owners of distressed properties cannot or willnot accept contracts with a mortgage contingency clause. Having the loan in advancegives the buyer an advantage in negotiating.2. Be mentally prepared for delays, aggravations, and red tape. Buying a distressedproperty could be your worse real estate transaction ever. However, it could also be thebest investment you ever made.3. No contingencies. This will usually cause the offer to be rejected.4. Flexibility as to the condition … (6 comments)
charlottesville foreclosures: Going short: Hardship – No Hardship
- 01/23/10 06:46 AM
As a home owner thinking of going short you must keep in mind: Hardship – No HardshipMany panicked homeowners seeking a short‐sale solution may be unclear onwhat constitutes a valid hardship—and event or events that change ahomeowner’s ability to keep current in mortgage payments. Loss of equity, forexample, is not considered a hardship. However, lending institutions mayentertain short sales for homeowners who have experienced any of thefollowing:• Job loss• Business failure• Illness and medical costs• Divorce or death of a spouse• Natural disastersIf the seller has liquid assets, the lender will want the seller to contribute someof the assets at … (0 comments)
charlottesville foreclosures: Going Short - Hardship or no hardship
- 01/23/10 06:34 AM
As a home owner thinking of going short. Hardship – No HardshipMany panicked homeowners seeking a short‐sale solution may be unclear onwhat constitutes a valid hardship—and event or events that change ahomeowner’s ability to keep current in mortgage payments. Loss of equity, forexample, is not considered a hardship. However, lending institutions mayentertain short sales for homeowners who have experienced any of thefollowing:• Job loss• Business failure• Illness and medical costs• Divorce or death of a spouse• Natural disastersIf the seller has liquid assets, the lender will want the seller to contribute someof the assets at closing. … (2 comments)
charlottesville foreclosures: Local distressed Properties
- 01/22/10 01:06 AM
Lately I've been receiving more calls about distressed properties than anything else. Distressed properties are those that are foreclosures or those nearing the foreclosure process, and trying to sell short. Selling short means they are trying to sell the home for less than what is owed. Short sales require lender approval. As I write our area of about 15 counties and the city of Charlottesville only has 88 foreclosures and 59 short sales in our MLS. Certainly that's many more than we are used to, but less than what people expect. Keep in mind that just because the property is considered … (0 comments)
I wish I was this smart, but alas... I got this from one of my mentors, Leroy Houser. There are three types of propertyies on the market.
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