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foreclosure: Foreclosures, Mortgages & Boundary Line Adjustments.. oh my! - 10/25/09 11:10 AM
Foreclosures, Mortgages & Boundary Line Adjustments.. oh my!...Question:
Property owner owned two adjoining lots. Each lot was separately mortgaged. Owner completed a boundary line adjustment through the county, effecting an equal land trade between the two lots, but never notified either mortgage holder of the BLA. Subsequently, one mortgage holder foreclosed and took title to one of the lots. What was the effect of that foreclosure on the BLA?
Answer:
The BLA is still effective, meaning that it is still recorded and the county still acknowledges each parcel as having the property boundaries established by the BLA. However, the foreclosing lender … (1 comments)
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foreclosure: Investors or Anyone. Don't put all your Eggs in One Basket. - 12/30/07 02:41 PM
Now is the perfect time to consider investing in the real estate market. But, you should NOT just run out and buy the first property that comes along. There is some planning that you should do first.
With that said, don't put all your money into one basket. In order to invest smartly, you need to distribute your wealth to your advantage.
Security. Your security basket is what you fall back on in case your world comes to an end. Let's say you lose your job, your tenants move out and you're stuck. This should be a liquid asset.. Stocks are great for … (0 comments)
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foreclosure: Why Real Estate is Better than Stocks. - 12/29/07 06:00 PM
The thing I love about real estate is that it allows you to leverage your money. Here's what I mean.
Let's say that you have $40,000 to invest.
Option 1. You find an income producing property, maybe a little run down that is only $200,000. You put 15% down, or $30,000 and still have $2,000 for closing costs and $8,000 for upgrades.
Option 2. You invest it into the stock market. Say $20,000 in mutual funds and $20,000 into an aggressive stock.
Now, move forward one month.
Option 1. The mortgage payment, even with PMI at today's interest rates is around $1070/month. This home in … (50 comments)
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foreclosure: Foreclosures. Do Your Research! (Part 4) - 12/27/07 05:40 PM
Thorough research should be REQUIRED if you are interested in purchasing a foreclosure. This is research that you need to have completed before the morning of the auction. Purchasing a property without doing your research can result in very unwanted and costly surprises. Keep in mind that even the most diligent research may not find all the potential roadblocks you have ahead.
So, what are some of the issues that you need to address before finding a suitable investment?
Zoning. What is your intention for the property? Check into local zoning, building, use restrictions and other controls that will affect your plans.
Title … (6 comments)
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foreclosure: Foreclosures. How long before it’s mine? (Part 3) - 12/27/07 05:37 PM
If you are considering buying a property at a tax foreclosure auction, there are many RISKS you should be aware of. Remember, auctions are BUYER BEWARE sales. I can't stress that enough. The County will make no representation about anything regarding that property, so it's up to you to deal with the issues and do your homework.
There are different types of foreclosures. The type I'll address here are tax foreclosure sales in Washington State, specifically Snohomish County. Even if a property has gone through a tax foreclosure sale, there are still circumstances where a prior owner may have rights to the … (0 comments)
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foreclosure: Buying a Foreclosure? Think First. (Part 2) - 12/27/07 05:33 PM
There is a misconception out there. Many beginning investors and homebuyers automatically think foreclosures are a good deal. Unfortunately, I'm here to tell you they rarely live up to the "hype" and they are certainly not easy.
Sellers who go into foreclosure will stop making payments for a variety of reasons. There may be medical conditions, loss of a job, divorce, job transfer, or excessive debt. Whatever the reason, they stop making payments and in many instances, the upkeep on the home as well.
For those who specialize in investments, there are many reasons why it is preferred to deal with … (3 comments)
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foreclosure: Foreclosures. It goes back to supply & demand (Part 1) - 12/27/07 05:29 PM
Think about it this way. Real Estate is all about supply and demand. In my area, almost all short sales and foreclosures are listed through our multiple listing service. These homes are available on the market, just like all the other homes in the area. Good investors do not like to get caught in bidding wars. That defeats the purpose and the good deal usually goes right out the window.
If that property has not sold under the normal market conditions, what makes you think you are getting a good deal at the auction? Remember, it's all about the moment and the … (2 comments)
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foreclosure: Sellers, how do you compete against DESPERATE sellers? - 12/20/07 06:33 PM
I recently had the situation arise where a buyer I was working with was drawn away from a beautiful home, for the chance to buy a short sale. Unfortunately, this is not the first time I have seen this and it got me to thinking. How are my sellers supposed to compete with the desperate sellers?
Today, there are far more listings and I'll admit, a few less buyers than in the recent years. This leads to less of a demand and our prices are starting to reflect that. In my market, buyers have a lot of options when choosing a home. … (16 comments)
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foreclosure: We live in a litigious society. Be cautious. - 12/19/07 02:20 PM
I love selling real estate. Each day, I wake up and I'm excited! I get to sell real estate!
Unfortunately, our society is a very litigious one and we need to take precautions to avoid misunderstandings down the road between all parties involved.
Here are some points I always consider to help me down the road.
Everything in writing. If the seller says they are going to replace the front door before closing, put it in writing. Not only will the seller be more likely to follow through, but you have also provided your buyer with something to fall back on. If something … (12 comments)
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foreclosure: Our market is HOT in Snohomish County! - 11/11/07 01:58 PM
Let's talk about what is really going on with real estate in my local area - Stanwood, Arlington, Camano Island and most of Snohomish County in WA.
The most important thing to remember is that Real Estate is LOCAL!
The strength of our economy is one reason why housing in our area has such a bright outlook. Our economy is great! With our three main diverse job hubs here - technology, aerospace and medical research not to mention the local coffee market and other strong retailers, our job growth is strong and we have seen some of the highest appreciation in the nation. … (4 comments)
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Jen Hudson - Stanwood, Camano & Arlington,WA
Stanwood,
WA
More about me…
Windermere Real Estate/M2, LLC
Address: 95020 19th Ave, Everett, WA, 98208
Office Phone: (360) 652-1200
Cell Phone: (206) 293-1005
Email Me
What you should know about real estate in Stanwood, Arlington & Camano Island, WA. And, maybe some other tips too.
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