mission viejo: How Do I Buy a Foreclosure?
- 11/11/08 07:35 AM
This question is one of the most asked questions I get. Since it is obviously a hot topic right now I feel obligated to share what I know about foreclosures and the process of buying them. Step 1: Finding a Foreclosure - This part is pretty simple. Most banks, once they foreclose on a home hire a local real estate agent to list the home in the MLS. Most MLS's are auto-populated to major sites such as Realtor.com or even my site for the Orange and L.A. County MLS. On all the major sites you can search by foreclosures as one … (0 comments)
mission viejo: Hot buttons in real estate right now!
- 11/07/08 04:01 AM
R.E.O. (real estate owned) -also know as "bank Owned" or "Foreclosure". -Represents about 10% of the total homes for sale. -The average time on the market is 35-days. -They are getting multiple offers on them 90% of the time and are selling at more than asking price. ShortSales -The seller offers less than what is owed to the bank. -No clear consensus of time frames, price the bank will take or if the seller can qualify. -Ask 10 agents what they think and you will get 10 different answers. -The … (0 comments)
mission viejo: LOAN MODIFICATION!!
- 11/04/08 06:29 AM
Blank<!-- body { font-family: Arial, Helvetica; font-size: 10pt; color: #000000; margin-top: 25px; margin-left: 25px; } P.msoNormal, LI.msoNormal { font-family: Helvetica, "Times New Roman"; font-size: 10pt; margin-top: 0px; margin-left: 0px; color: "#ffffcc"; } --> LOAN MODIFICATION!! I have had many calls and emails with questions about loan modifications in the recent weeks so I figured let's take this head on. First, what's a loan modification? Well, to give you the short answer it's renegotiating the loan you currently have on your home with the same bank that holds your note. It is different than a refinance because you are not getting a new loan you … (0 comments)
mission viejo: How do I figure out my interest write-off?
- 10/13/08 04:31 PM
How do I figure out my real estate write-off?Well this is not as complicated as it seems, let me first let me clarify this question. When people refer to a write-off we are talking about the portion of your payment that is interest. The IRS lets you "write-off" this amount from your gross income. The remainder of your gross income after the write-off is referred to as your net and that is what you actually pay state and federal taxes on.So if I make $100,000 per year and pay 15% of that in taxes then I am paying $15,000 per year … (0 comments)
mission viejo: How Much House can I Afford?
- 10/06/08 08:11 AM
How Much House Can I Afford? Wow, what a great question and hopefully I will give a equally great answer. There are so many variables that go into qualifying for a home loan it is hard to know where to start. Let me begin by getting something off my chest. I do have some beef with those payment calculators that are on most real estate sites. It makes my job really hard and undermines me as a professional when the calculator says that you can afford $200,000 and then I come along 5-minutes later and tell you "No..., actually you can … (1 comments)
I answer the question "What would you show me if I had $15,000 to put down and could afford $2,800 per month". I focus my answer on a house in Mission Viejo around the $400,000 range. Watch all my video's on my site at brentdewitt.com
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