Denis's Blog

Hard Money Loan Experiences…Share yours Here!!

RE/MAX WELCOME HOME — Tue, 22 Sep 2009 21:57:37 -0500

I Just Sold another of my personal Deals (Flips) I do 2 to 3 a year. I tried a local hard Money Lender that charges a total of 10% of the loan in this case approximately $14,000.00. First I paid about $4000.00 then $10,000 when the deal closed. It's better than bringing in another partner (typically looks for 30% to 50% of the deal) and this way I didn't touch my cash reserves.

Do you know of a better Lender or method ??? If so I would love to hear about it.

Keeping an open mind pays off in this business.

How We Closed 14 Short Sales This Year !

RE/MAX WELCOME HOME — Tue, 22 Sep 2009 21:41:50 -0500

I started working with Short Sales about 2 years ago, The first 3 deals we worked on for 6 months, only to have the lender foreclose on it even though we had qualified buyers for them willing to pay market price. I wanted to help these families and close these deals but we were not successful.
I was having Lunch with Thomas Percy the founding member of the law firm of Percy, Tedeschi & Associates, P.C and I explained the challenges I was experiencing with Short Sales.
Tom informed me that as a courtesy to brokers that he works with his office started to handle short sales. Since then we have processed dozens of successful short sales with a success ratio over 95% on qualified transactions.
The Single most important aspect of this is not the closing itself but a lifelong relationship we build with these sellers that would otherwise be left on their own to face these faceless financial institutions.
Therefore it becomes my obligation to pass along this resource to other brokers in Massachusetts and Rhode Island:
The Website is www.ptklaw.com and the main number is 508-828-1900 Ask for Tom Percy

Good Luck

Denis DaSilva Associate Broker REALTOR®, e-PRO®, LMC®, CDPE®, REOTRANS PLATINUM CERTIFIED®

RE/MAX Welcome Home
Office Phone: 508-536-6079
Direct Phone: 508-813-6875
Office Fax: 508-916-4300
Email: denisd@remax.net
Web: www.BankOwnedTeam.com

OK..Hard of Private SHORT TERM loans NEEDED!! Dozens of Qulified Buyers

RE/MAX WELCOME HOME — Tue, 22 Sep 2009 21:13:55 -0500

Hard of Private SHORT TERM loans NEEDED!! 3 Points Down and 10% to 14% Rates Offered 3 to 6 Month terms. Call me direct 508-813-6875 SECURED BY REAL ESTATE!! Doesn't get any better then this.

Buyers tired of losing out on great deals.

BANKS WANT CASH! Passing on higher financed offers

RE/MAX WELCOME HOME — Tue, 22 Sep 2009 20:54:54 -0500

BANKS WANT CASH! Passing on higher financed offers

I had a VERY strong Buyer 20% down and $5000.00 non refundable, the bank rejects the offer and takes a cash offer $35,000.00 LOWER!! This is why Hard Money Lenders or HELOC give the investor a HUGE advantage.

Thoughts ?

Denis DaSilva Broker Associate REALTOR®, e-PRO®, LMC®, CDPE®, REOTRANS PLATINUM CERTIFIED®

RE/MAX Welcome Home
Office Phone: 508-536-6079
Direct Phone: 508-813-6875
Office Fax: 508-916-4300
Email: denisd@remax.net

Certified Distressed Property Expert (CDPE) designation

RE/MAX WELCOME HOME — Mon, 07 Sep 2009 19:51:45 -0500

Broker Associate of RE/MAX Welcome Home has earned the prestigious Certified Distressed Property Expert (CDPE) designation, (The First to Achieve this Designation in the Taunton Area) having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by "distressed" homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property. With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the Taunton area, many homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

"This CDPE designation has been invaluable as I work with sellers and lenders on complicated short sales," said DaSilva. "It is so rewarding to be able to help sellers save their homes from foreclosure."

We Are Looking For A New Team Member. Do you know Someone??

RE/MAX WELCOME HOME — Sun, 14 Jun 2009 20:24:47 -0500

We are seeking ONE ambitious, business minded individual to join our highly successful Real Estate Team.

THE OPPORTUNITY: If hired, you will fill a “Broker/Agent position on our team. As an agent, you will be responsible for calling on warm leads, showing homes and writing offers. Due to our specialized programs there is NO COLD-CALLING or PROSPECTING for our Sales Agents. You will be given warm leads from people that have said they are currently in the market or will be in the market in the near future.

THE TEAM: Team 360 (Previously Bank Owned Team is quickly becoming one of the area's premier real estate teams. The Team Lead, Broker Denis DaSilva is only a phone call away and is there to assist you as an important member of the team.

THE SUPPORT: You will receive the support of our unique High Tech Office of the Future. Unlike most real estate agents who work by themselves, Our Team is a group of specialists who each have a specific role to play in the process of buying or selling a home.

Our administrative staff handles the paperwork and details, which allows you to focus on the pre-qualified leads that we supply. We pay for advertising, the support staff, office expenses and the latest technology, leaving you no monthly expenses other than your cell phone.

THE REQUIREMENTS: If you are bright, ambitious, hard working, serious about a full-time career, and have the commitment and self-discipline to benefit from this unique position you won’t want to miss this exceptional opportunity. Education is a large part of the Team’s success “The More You Learn…The More You Earn”

THE PAY STRUCTURE: A 70/30 commission split that favors the agent. Your income is unlimited through your hard work.

Plus, the opportunity for an additional income stream, by performing Internal and External BPO’s. We receive several every day and are working on acquiring new firms every day.

Call Denis DaSilva Directly 508-536-6079 or email Team@BankOwnedTeam.com

1/10/2009: HOW TO BUY BANK OWNED HOMES - CLASSES - SEMINAR

RE/MAX WELCOME HOME — Tue, 30 Dec 2008 12:24:56 -0600

Attention Investors SATURDAY January 10th, 2009 Hampton Hotel Raynham
FROM 10AM TO 12PM

Welcome Home Realty Group and Percy and Tedeschi and Associated PC are sponsoring a FREE 2 hour Class on how to invest in Bank Owned Foreclosed Homes.

Learn to:
1- Find the Best Deals;
2- Buy Homes 60% or more off appraised value;
3- Minimize your risk;
4- Legal Strategies;
5- How to Finance the deal;
6- What is a Hard Money Loan;
7- How to Get Local and Federal Government Money.

"I WISH I HAD PURCHASED IN 2008!"
Don't be like so many in the 80's; If only I had purchased I could have made Tens of Thousands even Millions...

The opportunity is here again! Interest rates are low AND home prices are low!
THE TIME TO BUY IS NOW!!!
Key Speakers:
1. Nelson Matos - Top Owner /Broker Taunton MA WHRG, INC
Market Trends - What we can expect for 2009

2. Denis DaSilva - Investor / Bank Owned Expert
How to Find and Negotiate Deals - How to Flip for Profit

3. Thomas Percy Attorney at Law- Percy & Tedeschi
Minimize Risk and legal Strategies

4. Miguel DeSousa Senior Loan Officer- Bank Of Canton
Financing The Deal -Government Incentives

5. Phil Sousa - Event Coordinator- BankOwnedTeam.com
Bank Owned Bus Tours

CALL TODAY TO RESERVE YOUR SEAT 508-823-2700 ASK FOR SANDY MOITOSO

When I buy a foreclosed home, what's the condition of the title?

RE/MAX WELCOME HOME — Fri, 13 Jun 2008 21:57:13 -0500

Often when purchasing foreclosures buyers are concerned about the quality issued by the lender. A common belief is that there may be liens or judgments clouding the title. This is a myth. The lender will bid at auction only if it wants the property. The lender, typically the senior lien holder, wipes out all junior lien holders or judgments in the process.

If the foreclosing lender does not bid at that sheriff's sale or auction, it probably doesn't want the property. This may be due to excessive superior liens, such as IRS or tax liens. (Tip: If the lender doesn't bid for the property at auction, you probably shouldn't either.)

The lender, in an effort to recoup its losses, will bid on the property, wipe out other lienholders, then pay the balance of outstanding property taxes to secure the property's clear title. No lender will go through the time, effort and expense of foreclosing, only to lose the property for a few thousand in back taxes.

Having absorbed these costs, the lender generally adds them to the asking price and will sell the property with clear title.

If you have heard that the lender must sell the property for what they paid for it at auction, forget it.

Another myth is that all banks are bending over backwards to give away foreclosed homes. It's true that the lenders want to sell their foreclosures. Lenders, banks in particular, are corporations. These corporations are driven to make money, not to lose it. A bank has to answer to its shareholders just like other corporations do.

The business of repossessing properties is not new. Over the years, many lenders have developed effective methods of selling their REO's quickly, with minimal loss.

Can The Bank Profit From The Sale of a Repossessed Property?

RE/MAX WELCOME HOME — Fri, 13 Jun 2008 21:50:27 -0500

Yes. The commonly held notion that a bank (or any other lender) must sell a repossessed property for the same amount it cost to gain possession and therefore cannot make a profit is false. If the foreclosing lender is the successful bidder at the auction, it will take possession of the property for the very first time. When this happens, all the rules change. The lender, now the legal property owner, can do anything it wants with the property, Rent it, keep it, whatever. It can also sell the property for any amount it so desires.

WHY BUY HUD??? What is a HUD Property?

RE/MAX WELCOME HOME — Fri, 13 Jun 2008 21:42:32 -0500

Benefits of buying an FHA Foreclosure

No Appraisal required
Instant equity
Flexible Credit requirements
Low money down.
HUD will pay all closing costs. (Up to 5% in some states)

If the house you are interested in is a Housing and Urban Development (HUD) foreclosure, then it was last purchased with an Federal Housing Administration (FHA) mortgage. The Federal Government insured the loan, making the previous FHA loan possible. By insuring the loan the Federal Government agrees to repay the Lender for all money lost by the lender in case the property is foreclosed on. It's a good deal for the Lender as their investment is 100% insured. The Federal Government protects itself by collecting on each transaction of a federally financed property a Mortgage Insurance Premium (MIP) at the time of purchase. The MIP is 2.25% of the mortgage amount and is helpful in several ways.

Because the MIP is charged, the FHA can allow a purchaser to reduce their initial out of pocket cash expenditure from 5% to 3% of the purchase price, making it possible for many more Americans to buy homes. HUD reports in their mission statement that home ownership for the majority of Americans is their goal and that has proven to be the driving force behind their decisions and directives since their inception.

The MIP is pooled with all the other premiums and allows the Federal Government to continue helping homebuyers save money on their homes by keeping the costs down for homebuyers.

No More 1099 in a Short Sale H.R. 3648 - Mortgage Forgiveness Debt Relief Act of 2007

RE/MAX WELCOME HOME — Sun, 25 May 2008 15:04:16 -0500

H.R. 3648 - Mortgage Forgiveness Debt Relief Act of 2007, The bill gives a tax break to homeowners who have mortgage debt forgiven as part of a foreclosure or renegotiation of a loan. No taxes would be owed on the value of any debt forgiven or written off. Currently such debt forgiveness is taxable income. This was actually just signed into law by the president last week. "This is going to make a happy holiday for many homeowners," Bush said of the bill moments before signing it into law.

REHAB 203K Loans and 100% Financing Nehemiah Program

RE/MAX WELCOME HOME — Sun, 25 May 2008 10:52:26 -0500

$7000 US Government Foreclosure Tax Credit

RE/MAX WELCOME HOME — Mon, 28 Apr 2008 22:43:49 -0500

The benefits of buying foreclosed homes are about to get even better thanks to the $15 billion Foreclosure Prevention Act of 2008.

Homebuyers and investors can soon take advantage of a $7,000 one-year tax credit with the purchase of foreclosure properties if the legislation is passed.

That's a huge savings on top of already discounted real estate. In fact, foreclosed homes for sale on Foreclosure.com are often listed between 30 to 50 percent less than market value.

Foreclosure.com

Why Buy Bank Owned??? Video Post

RE/MAX WELCOME HOME — Sun, 13 Apr 2008 08:37:46 -0500

WHY BUY BANK OWNED????????

WPRO 630AM / 99.7FM RADIO INTERVIEW! BANK OWNED TOUR BUS

RE/MAX WELCOME HOME — Sun, 13 Apr 2008 08:33:10 -0500

WPRO 630AM / 99.7FM RADIO INTERVIEW!

Channel 12 News Exclusive!! BANK OWNED TOUR BUS!

RE/MAX WELCOME HOME — Thu, 10 Apr 2008 20:14:20 -0500

100% PROGRAMS STILL AVAILABLE!! ShamRock Financial Available for Details!

RE/MAX WELCOME HOME — Wed, 09 Apr 2008 18:20:44 -0500

I just closed a deal that would not have been possible if it were not this great new program its called the NEHEMIAH Program http://www.nehemiahcorp.org/ and when other Lenders failed to deliver Superstar Mike Nadeau once again delivered and got it done. I don't usual plug lenders, but this one deserved true props. I have been working with Mike Nedeau now for several months and he has truly delivered time and time again. for more information email mike at mike.nadeau@shamrockfinancial.com or call him 800-321-8129 ext 112. He is the VP of Shamrock Financial http://www.shamrockfinancial.com/

Hope this helps agents close more deals!

Denis DaSilva

REMAX TOTAL

Foreclosure Tour Bus Bank Owned Homes Bristol County MA and RI

RE/MAX WELCOME HOME — Wed, 09 Apr 2008 17:30:05 -0500

Brokers Are Doing Great Things Around the Region!

Brokers Thinking Outside the Box

A loud Shout Out goes out to Denis DaSilva, the Broker/Manager of RE/MAX Total in Dartmouth, MA. Denis really turned a negative situation into a positive by putting a new spin on your typical bus tour - by escorting 57 potential buyers on a tour of 12 bank-owned homes! The event was a complete success! Here is all of the exposure RE/MAX Total has gained along with potential buyers to add to their client base:

· Their local news station covered the event LIVE on the bus - click here to see the news clip!

· Featured on the front page of two newspapers before the event

· Featured as the second article in the Sunday paper post-event

· Held two radio interviews

· 73 people on a waiting list for their next event

· Over 1000 wedsite hits in 5 Days

. 286 Requests to attend the Tour

RE/MAX Total has expanded their next Bank Owned Tour Bus to two tours, which are being held on April 19^th! For more information, please visit their website at www.bankownedtourbus.com If you have any questions, feel free to contact Denis at RE/MAX Total! Fantastic work!

Don't procrastinate - if quick revenue is your real aim.

RE/MAX WELCOME HOME — Tue, 22 May 2007 13:01:34 -0500

Time is money! The sooner you start renovations, the quicker you can put your home on the market. Have your materials and tools ready - or have contractors scheduled to go to work.

Don't ignore curb appeal.

RE/MAX WELCOME HOME — Tue, 22 May 2007 13:00:50 -0500

To catch buyers' attention, make sure the exterior is clean and in good shape. Landscaping and lawn care go a long way in home presentation - as can most exterior repairs and upgrades (new paint, siding, fencing or lighting).

Look for cosmetic-only repairs.

RE/MAX WELCOME HOME — Tue, 22 May 2007 12:59:43 -0500

Look for a "bad" house in a good neighborhood. A quality built home in a
good area in need of TLC is an excellent consideration.Choose one that
needs reasonable updates and obvious cosmetic repairs.
Avoid homes requiring costly structural repairs

Consider Pre-Foreclosures !

RE/MAX WELCOME HOME — Tue, 22 May 2007 12:34:15 -0500

If you are interested in buying foreclosures, consider first pre-foreclosures. They present all the rewards and none of the risks. My advice, hire a Realtor that will represent you as a buyers agent (Mostly Buyer Agents do not charge you for services, the fee’s are passed along to the seller). Be sure that he/she has extensive experience purchasing pre-foreclosure properties as well as experience as a buyer agent (It helps if they have obtained their ABR designation Accredited Buyers Agent). If you are located in the Bristol County Area (South of Boston) and all of Rhode Island call my team (508) 536-9989 we can help.

Also we can recommend experts all over the world.

Is there a right of redemption in Rhode Island?

RE/MAX WELCOME HOME — Tue, 22 May 2007 12:30:24 -0500

Is there a right of redemption in Rhode Island?
Generally No. In a non-judicial foreclosure Rhode Island has no post sale general statutory right of redemption, which allows a party whose property has been foreclosed to reclaim that property by making payment in full of the sum of the unpaid loan plus costs. In certain judicial possessory actions a right to redemption will be permitted up to three (3) years.

Deed in Lieu of Foreclosure

RE/MAX WELCOME HOME — Mon, 14 May 2007 14:44:26 -0500

Deed-in Lieu of Foreclosure is, in effect, giving your property to your lender in exchange for cancellation of your mortgage. It is sometimes also referred to as “Cash for Keys”.

In a recent policy statement (MORTGAGEE LETTER 2002-13) HUD authorized lenders to pay FHA borrowers up to $1000.00 for a Deed in Lieu of foreclosure.on the condition that the occupant peacefully vacates a property for which the mortgage has been foreclosed and the property is left broom clean.

If you are approved for a Deed-in-Lieu, you will deed the property over to your lender in exchange for a release from the obligation to repay your mortgage. Your lender may also waive their deficiency judgment rights. If not, you could still owe your lender money after they have “fixed up” and sold your property.

There may be tax consequences of a Deed in Lieu transaction. A qualified tax professional should be consulted to determine the impact this may have in your case.

Lenders will consider accepting a Deed in Lieu transaction when other options are not possible. Generally, lenders expect the following conditions to be met in order to consider offering a homeowner a Deed in Lieu solution:

You have experienced a long term financial hardship that has not been resolved.
Your house has been on the market (at fair market value) for at least 90 days.
There are no additional claims or liens (other than the first mortgage) against the property.
The house is broom clean.

Buying a Foreclosure Home at Auction

RE/MAX WELCOME HOME — Mon, 14 May 2007 14:42:57 -0500

Buying a Foreclosure Home at Auction

Buying a foreclosure home at its courthouse auction is the second opportunity you have in the foreclosure process. Like most other auctions, you’re just as likely to get an amazing bargain as the excitement of the auction may drive up the purchase price. Foreclosure auctions are public, and are usually attended by the original mortgage lender and other more professional real estate investors.

Pros of buying a foreclosure home at auction
• Average savings of 20-35% off market value.
• Immediate ownership of property.

Cons of buying a foreclosure home at auction
• Property may still be occupied.
• Auctions are frequently postponed.
• Personal inspection of the property is unlikely.
• 100% of cash price is usually due immediately.