Oh so you have a good deal and need to finance it. There are a couple of places you can find good hard money lenders in NJ. One place is, of course, here on the net. I found a good lender for same day closings. You know how nowadays many title companies no longer want to do simultaneous closings because of the politics going on real estate right now? Well these guys give you the funding to close the deal, as long as you have the end buyer in place ready to close on the same day. They do not lend money for any longer than one day, however, so you have to make sure your deal is in order. The site is www.fastinvestormoney.com (no affiliation). Another good site is www.njhardmoney.com (no affiliation).... [Read more...]
You would be better off doing a preforeclosure short sale then to waste time procrastinating only to allow the bank to foreclose and kick you out. When you find yourself in a tight situation such as foreclosure you really do not want to admit to yourself that the bank is indeed going to take your home. Your emotional connection will not allow you to fathom the thought of strangers coming in and telling you that you have “x” amount of days to gather all of your belongings and find somewhere else to live. Especially since your name is on the deed and the house is of such beauty. pic courtesy of Rhansman Who do these people think they are? Well, unfortunately, these people work for... [Read more...]
Getting into real estate can be a very daunting experience when you don’t know anything about short sales. This is because many times when you go to the MLS or you have your real estate agent check the MLS for properties, many of them say that the price is “subject to the lenders approval” or something along those lines. What this means is, although the property is listed at a certain price, it is up to the bank to decide if they are going to sell it for such a price. The good thing is that the price is way less (from 50 to 80 percent) of the original price. Therefore, you can purchase a home with lots of equity in it. However, the bad thing about short sales is that the banks take... [Read more...]
The purpose of sending out preforeclosure letters is to inform the owner of the home that you are aware of their pending foreclosure status and that you are interested in helping them. When writing these letters, however, you must bear in mind that these owners are going through something personal and they are not ready to just part with something so dear to them. You must sympathize with their situation and inform them that you understand what they are going through and that you are only there to help. Then you should tell them why it would be in their best interest to allow you to help. Inform them that this would help to save their credit as much as possible because of course it is better... [Read more...]
I enjoy pre foreclosure investing mostly because you don’t have to deal with a bidding war on a property that is being bought for less than its actual worth. You can approach an owner that is about to lose their home and offer to purchase before it goes into foreclosure. This should entice the owner because it’s better to have a bunch of late payments on their credit than an actual foreclosure. It’s good for the bank because they don’t have to take possession and put this property in their inventory. They are not in the business of selling homes, therefore, they would rather negotiate a discounted profit then no profit at all. The most tedious task in pre foreclosure investing... [Read more...]
Yippeee… Have you heard the great news? Now when you give a short sale offer to the bank on a primary resident they have to give you the amount that they are willing to accept at the time the offer is presented. This is great news because normally you find yourself in negotiations with a bank on a short sale for two to twelve months. Years even, depending on the bank. This is great for the owner of the property, because they will know exactly if they need to make plans to vacate the premises on a high note or a low one. I mean it can be a matter of exiting with a sheriff’s sale notice on the door telling them to get out within two weeks or having at least 30 days to find new habitation... [Read more...]
The reason many investors use a private hard money lender is because they fund the project quicker and the criteria is less of a hassle then that of a bank. When you purchase a loan with a bank, they require you to disclose proof of the following: • bank statements showing the down payment • paystubs • W’2s • Credit score of 620 and above They also take from what used to be 30 to 45 days to look over the entire file of the applicant and give you an approval for closing. Nowadays they take from 45 to 90 days to give you an approval for closing and that is no exaggeration. However, a private hard money lender only requires the following: • A good property... [Read more...]
Florida’s courts alone are facing a devastating reality of being overwhelmed with over 290,000 foreclosure filings. This is why there are many people looking to stop foreclosure in Florida. Although this state is one of the few with lower priced homes, many still fell victim to the subprime mortgages. When homes were owned free and clear or at a low mortgage, owners decided to refinance, with the influence from mortgage loan officers, and pull out their equity. This, in turn, raised the price of the home and mortgage payments. These payments then became unaffordable for the owners, which then caused the domino effect. To stop foreclosure in Florida I would advise you to find a good attorney... [Read more...]
