The article focuses on the presumed expiration of the $8000 tax credit for first time home buyers, it also discusses a fact that I was unaware of. The State of Florida has a program ( Florida Home Buyer Opportunity Program ) that will advance the $8000 credit to the eligible home buyers for use at closing. For those of you in other states, your local realtor board and mortgage companies should have details on similar programs that may exist in your state.
While the article is negative in nature (I know you're shocked that the press takes a negative approach to everything!), this tidbit of information may help buyers that you are working with. Many people (including myself) thought that buyers had to wait to secure the $8000 until after their 2009 tax return was filed.
Eventhough the writer comments that an extension to the program is unlikely, he also points out that, "The credit was meant to spur home purchases in 2009, and premature talk of extending the giveaway into 2010 might encourage home buyers to postpone purchases." So write your Congressional Representative and ask them to extend the credit!
To Your Success !!
Looking for information about buying a Home in Hernando County? You've come to the right place! From Property Searches, to Mortgage Financing to everything else about Real Estate in Spring Hill Florida. Tom Has got you covered. Check out my blog, and if you have any questions please call me anytime. 352-573-8857
Tuesday, October 6, 2009
Short Sale Plan Is Here?????
U.S. Treasury set to finalize home "short sales" plan
Buzz up!7 votes Send
Email IM .Share
Delicious Digg Facebook Fark Newsvine Reddit StumbleUpon Technorati Twitter Yahoo! Bookmarks .Print ..Economy Video:7News: Interest rate rise Australia 7 News .
Economy Video:7News: Rates set to rise Australia 7 News .
Related Quotes Symbol Price Change
^DJI 9,599.75 +112.08
^GSPC 1,040.46 0.00
^IXIC 2,068.15 0.00
By Al Yoon Al Yoon – Fri Oct 2, 7:13 pm ET
NEW YORK (Reuters) – The U.S. Treasury will soon finalize a plan to expand its incentives for mortgage companies to include "short sales" as a way to stem a rising tide of foreclosures, according to a Treasury spokeswoman.
"Short sales," or sales of homes for less than the balance on existing mortgages, are seen as a key way to supplement other efforts such as loan modifications to steady housing. Unlike most modifications, "short sales" eliminate the problem of negative equity that has become a big reason for defaults as home prices have plunged.
The incentives, first announced in May, would expand the government's Home Affordable Modification Program that has seen limited success in lowering payments for hundreds of thousands of homeowners deemed eligible. Just 12 percent of homeowners eligible have had their loans reworked, leaving millions more foreclosures to come, the Treasury said on September 9.
More short sales may alleviate fears that a raft of "shadow supply," or foreclosures in the pipeline, will flood the market and deal a blow to the nascent rebound in housing seen over the U.S. summer months, analysts said. The overhang of supply is currently about 7 million units, or 135 percent of a year's of existing home sales, according to Amherst Securities Group.
"What they are trying to do is move some of these foreclosures in the pipeline, and bring them to a resolution before (foreclosure) happens," said Lisa Marquis Jackson, a vice president at Irvine, California-based John Burns Real Estate Consulting. "12 percent of these being modified isn't enough to clean these up."
Realtors express frustrations with banks when trying to negotiate a short sale, which can take four to five months to complete, according to John Burns consultants. Buyers often walk away from sales because banks are slow to respond, or balk at the offer.
The Treasury will use up to $10 billion from a previously announced $50 billion pool of mortgage modification funds for payments to address lender concerns that home prices will continue falling in high-cost areas.
Incentives will be calculated on recent declines of local home prices and average home prices in these markets, the Treasury said in May. They would add to other incentives that servicers can receive for reducing loan payments.
In May, the Treasury proposed lenders would receive a $1,000 payment for allowing the owner to sell the house for less than the amount owed on the mortgage, and accepting the proceeds as full repayment. They can also receive $1,000 for accepting a similar deed-in-lieu transaction, in which the deed is simply transferred to the lender instead of going through a costly foreclosure.
Borrowers who agree to short sales or deed-in-lieu deals can received up to $1,500 in closing costs. Treasury also said it will pay second lien holders up to $1,000 to relinquish their claims in such transactions.
"Presumably, the Treasury is trying to help facilitate a transaction that will result in less loss to the lender than in the case of a foreclosure," John Burns consultants said in a research note dated Oct 1 alerting clients of an impending Treasury announcement.
(Additional reporting by Emily Kaiser and David Lawder in Washington; Editing by Diane Craft)
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Buzz up!7 votes Send
Email IM .Share
Delicious Digg Facebook Fark Newsvine Reddit StumbleUpon Technorati Twitter Yahoo! Bookmarks .Print ..Economy Video:7News: Interest rate rise Australia 7 News .
Economy Video:7News: Rates set to rise Australia 7 News .
Related Quotes Symbol Price Change
^DJI 9,599.75 +112.08
^GSPC 1,040.46 0.00
^IXIC 2,068.15 0.00
By Al Yoon Al Yoon – Fri Oct 2, 7:13 pm ET
NEW YORK (Reuters) – The U.S. Treasury will soon finalize a plan to expand its incentives for mortgage companies to include "short sales" as a way to stem a rising tide of foreclosures, according to a Treasury spokeswoman.
"Short sales," or sales of homes for less than the balance on existing mortgages, are seen as a key way to supplement other efforts such as loan modifications to steady housing. Unlike most modifications, "short sales" eliminate the problem of negative equity that has become a big reason for defaults as home prices have plunged.
The incentives, first announced in May, would expand the government's Home Affordable Modification Program that has seen limited success in lowering payments for hundreds of thousands of homeowners deemed eligible. Just 12 percent of homeowners eligible have had their loans reworked, leaving millions more foreclosures to come, the Treasury said on September 9.
More short sales may alleviate fears that a raft of "shadow supply," or foreclosures in the pipeline, will flood the market and deal a blow to the nascent rebound in housing seen over the U.S. summer months, analysts said. The overhang of supply is currently about 7 million units, or 135 percent of a year's of existing home sales, according to Amherst Securities Group.
"What they are trying to do is move some of these foreclosures in the pipeline, and bring them to a resolution before (foreclosure) happens," said Lisa Marquis Jackson, a vice president at Irvine, California-based John Burns Real Estate Consulting. "12 percent of these being modified isn't enough to clean these up."
Realtors express frustrations with banks when trying to negotiate a short sale, which can take four to five months to complete, according to John Burns consultants. Buyers often walk away from sales because banks are slow to respond, or balk at the offer.
The Treasury will use up to $10 billion from a previously announced $50 billion pool of mortgage modification funds for payments to address lender concerns that home prices will continue falling in high-cost areas.
Incentives will be calculated on recent declines of local home prices and average home prices in these markets, the Treasury said in May. They would add to other incentives that servicers can receive for reducing loan payments.
In May, the Treasury proposed lenders would receive a $1,000 payment for allowing the owner to sell the house for less than the amount owed on the mortgage, and accepting the proceeds as full repayment. They can also receive $1,000 for accepting a similar deed-in-lieu transaction, in which the deed is simply transferred to the lender instead of going through a costly foreclosure.
Borrowers who agree to short sales or deed-in-lieu deals can received up to $1,500 in closing costs. Treasury also said it will pay second lien holders up to $1,000 to relinquish their claims in such transactions.
"Presumably, the Treasury is trying to help facilitate a transaction that will result in less loss to the lender than in the case of a foreclosure," John Burns consultants said in a research note dated Oct 1 alerting clients of an impending Treasury announcement.
(Additional reporting by Emily Kaiser and David Lawder in Washington; Editing by Diane Craft)
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Wednesday, September 9, 2009
Loan Mods ????
OK so I am pretty new here, but I will do my best and see where this takes me. As a disclaimer I have to tell you all that I am no expert in grammatical syntax, nor am I great at editorials and proof reading. With that said, lets dive right in and talk about the train wreck we all know as Loan Modifications.
For the past few years I have seen the banks do the craziest things I think I have ever witnessed in career as a mortgage banker. Repeatedly banks have made stupid decisions that in the end have cost them more money. Now I'm OK with a bank losing money but here is where the problem truly lies. When the banks that are "too big to fail" loose their money, we as the tax payers almost always are called upon to come to the rescue. Not all bail outs are necessarily a bad thing, and I believe that some of the steps taken were much needed. So what is my problem you ask? The problem is this, while we cumulatively have stepped up and propped up the banks we did this under the understanding that it would spur lending. The problem is that for all the billions of dollars spent, we have no more lending today then we did a year ago or even 2 years ago. What we do have though is new regulations that are supposed to help protect consumers. So do you feel protected? I didn't think so! The problem is that all we have truly done is make it more difficult for most consumers to seek out help. I know there have been all kinds of horror stories about loan modification companies taking money from distressed home owners and not performing the services. These criminals should be punished to full extent of the law. Unfortunately because of these criminals the laws have significantly changed, and you now can not charge a client any up front fees unless you are an attorney or work directly under an attorney. There lies the next problem, it seems that many of the loan modification companies have now partnered with attorneys and therefore are getting away with charging large up front fees. Now there is nothing wrong with earning what you are worth, but many times over I find myself sitting with a client who has paid some so called attorney representing loan modifications thousands of dollars only to find out the firm did nothing to help them. Some of the worst ones have even told the clients to not pay their mortgage only making their situation worse.
After months of work, and analysis we have come up with a system designed to help borrowers do their own loan modifications using software similar to what the banks themselves are using. You can find it at www.modifydiy.com. The Loan Modification Station is designed to let a borrower log into the system enter all their personal data and get a complete loan modification package that is complete and professionally prepared, ready to send to their bank. The best part is that we have made the system affordable for almost everybody. The pricing is set at only $119.00 for a complete DIY scenario, and $295.00 with full support. While we do not negotiate on the borrowers behalf we do offer full support with regard to negotiation tactics, responses, and procedures. We understand that many distressed home owners are already under enough pressure and when we designed the system it was designed with the thought that it had to be affordable. The last thing we wanted to do was put an undo burden on someone who is already in distress financially.
The Loan Modification Station will also give the client a complete proposal, financial statements, hardship letters, a hardship affidavit and even a complete risk analysis showing the lender their potential loss Vs the benefit of modifying the loan. Please visit www.modifydiy.comfor complete details and information. The system is designed to be easy to use, and consumer friendly. Please also remember that you do not have to be currently in default to be eligible to modify your mortgage. You do however have to be in imminent danger of default. This means that if you have found yourself in situation where your income no longer covers your expenses you qualify under President's Mortgage Modification Program. The same applies if you have exhausted most of your savings to just cover your expenses. Remember that the consumer can do their own Loan Modification but a complete and professional package from www.modifydiy.com will help make sure you get the best terms possible from your lender.
We are also working on a version of the software that will apply the same principals to short sales, and allow someone to enter the same data and get a complete short sale package with risk analysis, proposal, hardship letters and any other related documents that may be required. Stay tuned for more information. When that launches, it will have a small monthly access fee which will allow agents to use the system as frequently as they need it for a small monthly access fee. If you need any additional information or support please contact me at 352-688-7949
Steve Fingerman
Steve Fingerman
Vice President
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
For the past few years I have seen the banks do the craziest things I think I have ever witnessed in career as a mortgage banker. Repeatedly banks have made stupid decisions that in the end have cost them more money. Now I'm OK with a bank losing money but here is where the problem truly lies. When the banks that are "too big to fail" loose their money, we as the tax payers almost always are called upon to come to the rescue. Not all bail outs are necessarily a bad thing, and I believe that some of the steps taken were much needed. So what is my problem you ask? The problem is this, while we cumulatively have stepped up and propped up the banks we did this under the understanding that it would spur lending. The problem is that for all the billions of dollars spent, we have no more lending today then we did a year ago or even 2 years ago. What we do have though is new regulations that are supposed to help protect consumers. So do you feel protected? I didn't think so! The problem is that all we have truly done is make it more difficult for most consumers to seek out help. I know there have been all kinds of horror stories about loan modification companies taking money from distressed home owners and not performing the services. These criminals should be punished to full extent of the law. Unfortunately because of these criminals the laws have significantly changed, and you now can not charge a client any up front fees unless you are an attorney or work directly under an attorney. There lies the next problem, it seems that many of the loan modification companies have now partnered with attorneys and therefore are getting away with charging large up front fees. Now there is nothing wrong with earning what you are worth, but many times over I find myself sitting with a client who has paid some so called attorney representing loan modifications thousands of dollars only to find out the firm did nothing to help them. Some of the worst ones have even told the clients to not pay their mortgage only making their situation worse.
After months of work, and analysis we have come up with a system designed to help borrowers do their own loan modifications using software similar to what the banks themselves are using. You can find it at www.modifydiy.com. The Loan Modification Station is designed to let a borrower log into the system enter all their personal data and get a complete loan modification package that is complete and professionally prepared, ready to send to their bank. The best part is that we have made the system affordable for almost everybody. The pricing is set at only $119.00 for a complete DIY scenario, and $295.00 with full support. While we do not negotiate on the borrowers behalf we do offer full support with regard to negotiation tactics, responses, and procedures. We understand that many distressed home owners are already under enough pressure and when we designed the system it was designed with the thought that it had to be affordable. The last thing we wanted to do was put an undo burden on someone who is already in distress financially.
The Loan Modification Station will also give the client a complete proposal, financial statements, hardship letters, a hardship affidavit and even a complete risk analysis showing the lender their potential loss Vs the benefit of modifying the loan. Please visit www.modifydiy.comfor complete details and information. The system is designed to be easy to use, and consumer friendly. Please also remember that you do not have to be currently in default to be eligible to modify your mortgage. You do however have to be in imminent danger of default. This means that if you have found yourself in situation where your income no longer covers your expenses you qualify under President's Mortgage Modification Program. The same applies if you have exhausted most of your savings to just cover your expenses. Remember that the consumer can do their own Loan Modification but a complete and professional package from www.modifydiy.com will help make sure you get the best terms possible from your lender.
We are also working on a version of the software that will apply the same principals to short sales, and allow someone to enter the same data and get a complete short sale package with risk analysis, proposal, hardship letters and any other related documents that may be required. Stay tuned for more information. When that launches, it will have a small monthly access fee which will allow agents to use the system as frequently as they need it for a small monthly access fee. If you need any additional information or support please contact me at 352-688-7949
Steve Fingerman
Steve Fingerman
Vice President
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Tuesday, August 25, 2009
How to Back to Back
You’re just starting out stick to wholesaling... I charge an assignment fee of to investors that I know want more houses My average is 3800 keep in mind I am flipping houses with my target price of 70 and under because I know I can sell to not just one cash buyer but a boat load....YOUR LIST !
As far as an investor going around or finding out how much you’re taken it down for, I have an equitable interest in the property with my deposit given... If you get the feeling some tin fishy go file an affidavit of equitable interest. Your contract should read something like you’ll close with him when you close with them... Remember the investor your flipping to are needing you to provide good deals... they want more...I say if someone goes around me on a deal that I spent maybe two hours on GOD Bless them I hope it helped their situation,,PS/ don’t work with him again and tell all your friends...
You want to buy from banks you can without doing a back to back… I will only use that in a last resort...to many things need to fall into place for that happen… here’s how it goes.. First you need to disclose... and you need a title company that’s on board. Find 1 that is used to doing B2B, trusts...ECT...they know Ur flippin and most of all a dry closing. Also they need to have access to a Mobil closer... make sure title is clean , Your HUD is done with the deposit ect. A signed deed by seller and deed to the right person... get wiring instructions...and FedEx or ups address. You want the reo lender to email you the docs and tell them you have a Mobil closer who will do a courtesy close for them. They save money! You prep the closer to what is happing... make sure the completed docs go to the right place... The Mobil closer will have you sign a/b docs and title will notarize them for you. Then send off packet. Then you’ll sign the b/c docs and title will send off docs and wire to lender... After all is done your title wires your spread off to your account. WOW! All this or OPTION and ASSIGNMENT two papers and your POC. Short and sweeeeeet
By the time all this comes together taken into fact the chance of the deal falling apart at the last minute...ITS been easier for me to just replace my buyer or ad him and since its always for me cash it makes for an easy deal. I have simply put cash Buyer on the contract and had it approved and vested into my end buyer for title and close.
I secure with what I Call the “Flip- Cash and Release” This even works on my SS flips using the end buyers CASH SWEEEEET !
PS. It’s a lot of other paperwork to put into a trust to hide your PP from the end user, if you have a huge profit to be made and you’re selling it on the open market instead of your list it may be in your best interest. Remember you can always for just about ten bucks file your option and cloud title to secure your position. And most back dooring investors will see your on title and move on. We have an abundance of deals around here and don’t have to squeeze every dollar out of a deal.
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
As far as an investor going around or finding out how much you’re taken it down for, I have an equitable interest in the property with my deposit given... If you get the feeling some tin fishy go file an affidavit of equitable interest. Your contract should read something like you’ll close with him when you close with them... Remember the investor your flipping to are needing you to provide good deals... they want more...I say if someone goes around me on a deal that I spent maybe two hours on GOD Bless them I hope it helped their situation,,PS/ don’t work with him again and tell all your friends...
You want to buy from banks you can without doing a back to back… I will only use that in a last resort...to many things need to fall into place for that happen… here’s how it goes.. First you need to disclose... and you need a title company that’s on board. Find 1 that is used to doing B2B, trusts...ECT...they know Ur flippin and most of all a dry closing. Also they need to have access to a Mobil closer... make sure title is clean , Your HUD is done with the deposit ect. A signed deed by seller and deed to the right person... get wiring instructions...and FedEx or ups address. You want the reo lender to email you the docs and tell them you have a Mobil closer who will do a courtesy close for them. They save money! You prep the closer to what is happing... make sure the completed docs go to the right place... The Mobil closer will have you sign a/b docs and title will notarize them for you. Then send off packet. Then you’ll sign the b/c docs and title will send off docs and wire to lender... After all is done your title wires your spread off to your account. WOW! All this or OPTION and ASSIGNMENT two papers and your POC. Short and sweeeeeet
By the time all this comes together taken into fact the chance of the deal falling apart at the last minute...ITS been easier for me to just replace my buyer or ad him and since its always for me cash it makes for an easy deal. I have simply put cash Buyer on the contract and had it approved and vested into my end buyer for title and close.
I secure with what I Call the “Flip- Cash and Release” This even works on my SS flips using the end buyers CASH SWEEEEET !
PS. It’s a lot of other paperwork to put into a trust to hide your PP from the end user, if you have a huge profit to be made and you’re selling it on the open market instead of your list it may be in your best interest. Remember you can always for just about ten bucks file your option and cloud title to secure your position. And most back dooring investors will see your on title and move on. We have an abundance of deals around here and don’t have to squeeze every dollar out of a deal.
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
2 WAYS to flip houses
I get you are just starting out in the biz with limited funds to invest.
I am in the trenches every day. I didn’t even know what REI stood for till I logged on to MB last June, now I have a thriving SS biz, a mitigation company, and been having a FLIPPIN good time with wholesaling
I will tell you what worked for me in just over a year…with less than a thousand bucks.
I hit the archive here for about two months straight took notes researched everything I could find on SS, options act Bought Biker Jims Sub/2 course in which he said the way to get started cheap was bandit signs…He had dialog for phones which I practiced every night with live callers… from my signs I stuck…Thank you Jim!
I started with $570 for 500 bandits and $55 for a bundle of stands. Simple I BUY HOUSES and my #
I realized I needed a mentor and to hang around like minded people. I found our local investment group where I also made friends with Dan Auito and John Ybarra who help me get where I am today... You need a mentor!!!!
John loaded me up with course after course; I was doing a course every weekend sometimes two. READ and listen to everything you can get your hands on.
Go find your local Investing clubs and let people know you’re in the biz. Get their cards find out what everyone is selling and buying, What you are doing is research finding buyers for the houses you will be wholesaling... you only need to find a handful of buyers to get started… ask everyone there what they are looking for tell them all you will be having property available soon,, most likely they will be bread and butters 3/2/2 or 3/2/1….find out what the buyers are willing to pay for them. You need to find out what the QSV quick sale value is for those types of houses... you must also contact some realtors get them to ad you to their listing cart… Best to find the REO agents they will be very helpful in your biz… you need to study the market and determine your farm areas. Find and build a BUYERS list CASH BUYERS that is. Get numbers and emails…
While all this going on contact a transactual funder and get a POF proof of funds letter. Don’t give up till you get it...there is a boat load of funders out there ask at your local REA.
Also go get 25 blank bandits and a sharpie magnum, write stuff like wholesale houses, Must sell, the buyers will start to find you take good notes on your caller sheets. Once you find what the QSV for your typical target house would be 70k write on your sign 60k and get ready for the phone to start jamming,, when they call just tell them that one is sold but you have new inventory coming available in the next week or two.. Get their email address. Everyone that calls you should ask how many houses they are looking to purchase at that price... If they are in need of a loan? Or are you a CASH buyer. A loan then Tell them you have an associate that can help with that as well refer them and get a referral fee from your mortgage broker…. Find out what they want and GO FIND IT….The key is to find what everyone wants so you have a bunch of buyers… You will have investors wanting to drill you for info stay in control of the conversation. If they ask what you do tell them you contract to purchase houses from clearing houses and banks ad a small mark up fee and resell them for Cash at great discounts. You will stop them in their tracks. Any real investor won’t mind paying you a small assignment fee to find, check out and do all the leg work, and most all usually want more than one. A handful is all you need….
Listen to what the callers wants and find it or provide it, Get in bed with a Mortgage broker, Credit repair guy, other investors who are looking for rent to own folks, or straight rents... You will have plenty of callers for that as well... so Point is never say you can’t or don’t have it you’re in the biz of REI be creative…create income streams.
Ok now you got buyers and need houses, back to the signs I buys, wanted 3/2/2 paying cash, CASH 3/2/2 block
Calls start coming in, some are SS sell them to another investor but here’s the call
OK someone calls you they need to sell today the vacant house is just what you been looking for they owe 50 on it and their back two months in the mortgage and don’t want a foreclosure. You ask will you sell for what you owe and they said yes, after of course you picked apart the house and brought the declining market to the table….You can sell to your investor for 58 to 62.real fast…but Verify the amount owed from the mortgage statement if possible, if not get them to sign an authorization to release mortgage info and take a copy of the statement. You should be able to get a feel if the folks really know what’s owed. The people said they wanted 10k out of the deal and you got them to sell it for what they owed. Simply write on your option in the price balanced owed on first mortgage. Then ad in a clause subject to your partner’s approval... this way when you get the balance from the bank and its more then you figured and it won’t allow a spread you can back out. However if they only owe 45k instead of the fifty that they told you, bingo another five k in your pocket. Now you have a choice here sell it to your VIPs they will expect a larger discount and depending on how many they are looking for give it to them or find a Cash end user for a few thousand more... bandit signs and your call sheets. Remember the list where you told folks you have new inventory coming in two weeks... Oh Yeh ! email them the best three pictures and say great house must see less is more… don’t give them a reason not to look… I always take my options for 30 biz days with another 30 built into the bottom somewhere. This extra thirty made me some money. Now when I started to make some money I would go a clean the houses up, cut the grass fix some trim stuff that stands out. I always sold the houses because I bought them right.
OK no calls from your signs for sellers with target houses. GO
Back to the listing carts find REOs that fit your target, determine the QSV then figure in your fee and some negotiation room and place your offer on a standard P/S agreement and provide your POF letter... You can place a check for 1000 with your title company to be released directly to the agent’s title company upon acceptance of your offer; this is really just saving the agent from mailing it. By doing this you can put multiple offers out on one check. It’s all about how you word it to the agent. If you don’t have the deposit moneys for other than one house bring in a partner if you want to put out multiple offers. You dont want to get an offer excepted and not be able to deposit,,you'll get a bad name fast. You will need to put out quite a few but you only need one excepted. You put your offer in your name and on the p/s I put in page two special clauses section that Property may be closed in my name, my partners name or my corporation. Also you can put 3 days right to inspect in the contract or just leave it blank,, however the bank will send their addendum that has their own customary 5,7 or 10 day. I put in seller to turn on all utilities for inspect. I know that when I inspect I am certain at that point that I can flip it, I have even had the investor meet me there to inspect. And even picked up my deposit for 2k non refundable from the investor in the event he defaults from no reason of me or the bank he loses it. I make the investor aware that he is replacing me as buyer or adding him as my partner to my contract with the bank and I would quit claim me off title after closing.
The sooner you ad or replace the buyer on the contract the easier is to flip. That’s why if you can have you buyer meets you there for inspection and locks the deal. Have the realtor put that change in ASAP replacing you with your partner to close on the property. The investor is your partner.
It is a numbers game does your homework, build your list, and find the REO agent direct.
PS. There are plenty of contracts floating around on this site alone. Find them make it your own.
__________________
Go Slow, Feel Your Way, It Will Develop Its-Self As You Progress
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
I am in the trenches every day. I didn’t even know what REI stood for till I logged on to MB last June, now I have a thriving SS biz, a mitigation company, and been having a FLIPPIN good time with wholesaling
I will tell you what worked for me in just over a year…with less than a thousand bucks.
I hit the archive here for about two months straight took notes researched everything I could find on SS, options act Bought Biker Jims Sub/2 course in which he said the way to get started cheap was bandit signs…He had dialog for phones which I practiced every night with live callers… from my signs I stuck…Thank you Jim!
I started with $570 for 500 bandits and $55 for a bundle of stands. Simple I BUY HOUSES and my #
I realized I needed a mentor and to hang around like minded people. I found our local investment group where I also made friends with Dan Auito and John Ybarra who help me get where I am today... You need a mentor!!!!
John loaded me up with course after course; I was doing a course every weekend sometimes two. READ and listen to everything you can get your hands on.
Go find your local Investing clubs and let people know you’re in the biz. Get their cards find out what everyone is selling and buying, What you are doing is research finding buyers for the houses you will be wholesaling... you only need to find a handful of buyers to get started… ask everyone there what they are looking for tell them all you will be having property available soon,, most likely they will be bread and butters 3/2/2 or 3/2/1….find out what the buyers are willing to pay for them. You need to find out what the QSV quick sale value is for those types of houses... you must also contact some realtors get them to ad you to their listing cart… Best to find the REO agents they will be very helpful in your biz… you need to study the market and determine your farm areas. Find and build a BUYERS list CASH BUYERS that is. Get numbers and emails…
While all this going on contact a transactual funder and get a POF proof of funds letter. Don’t give up till you get it...there is a boat load of funders out there ask at your local REA.
Also go get 25 blank bandits and a sharpie magnum, write stuff like wholesale houses, Must sell, the buyers will start to find you take good notes on your caller sheets. Once you find what the QSV for your typical target house would be 70k write on your sign 60k and get ready for the phone to start jamming,, when they call just tell them that one is sold but you have new inventory coming available in the next week or two.. Get their email address. Everyone that calls you should ask how many houses they are looking to purchase at that price... If they are in need of a loan? Or are you a CASH buyer. A loan then Tell them you have an associate that can help with that as well refer them and get a referral fee from your mortgage broker…. Find out what they want and GO FIND IT….The key is to find what everyone wants so you have a bunch of buyers… You will have investors wanting to drill you for info stay in control of the conversation. If they ask what you do tell them you contract to purchase houses from clearing houses and banks ad a small mark up fee and resell them for Cash at great discounts. You will stop them in their tracks. Any real investor won’t mind paying you a small assignment fee to find, check out and do all the leg work, and most all usually want more than one. A handful is all you need….
Listen to what the callers wants and find it or provide it, Get in bed with a Mortgage broker, Credit repair guy, other investors who are looking for rent to own folks, or straight rents... You will have plenty of callers for that as well... so Point is never say you can’t or don’t have it you’re in the biz of REI be creative…create income streams.
Ok now you got buyers and need houses, back to the signs I buys, wanted 3/2/2 paying cash, CASH 3/2/2 block
Calls start coming in, some are SS sell them to another investor but here’s the call
OK someone calls you they need to sell today the vacant house is just what you been looking for they owe 50 on it and their back two months in the mortgage and don’t want a foreclosure. You ask will you sell for what you owe and they said yes, after of course you picked apart the house and brought the declining market to the table….You can sell to your investor for 58 to 62.real fast…but Verify the amount owed from the mortgage statement if possible, if not get them to sign an authorization to release mortgage info and take a copy of the statement. You should be able to get a feel if the folks really know what’s owed. The people said they wanted 10k out of the deal and you got them to sell it for what they owed. Simply write on your option in the price balanced owed on first mortgage. Then ad in a clause subject to your partner’s approval... this way when you get the balance from the bank and its more then you figured and it won’t allow a spread you can back out. However if they only owe 45k instead of the fifty that they told you, bingo another five k in your pocket. Now you have a choice here sell it to your VIPs they will expect a larger discount and depending on how many they are looking for give it to them or find a Cash end user for a few thousand more... bandit signs and your call sheets. Remember the list where you told folks you have new inventory coming in two weeks... Oh Yeh ! email them the best three pictures and say great house must see less is more… don’t give them a reason not to look… I always take my options for 30 biz days with another 30 built into the bottom somewhere. This extra thirty made me some money. Now when I started to make some money I would go a clean the houses up, cut the grass fix some trim stuff that stands out. I always sold the houses because I bought them right.
OK no calls from your signs for sellers with target houses. GO
Back to the listing carts find REOs that fit your target, determine the QSV then figure in your fee and some negotiation room and place your offer on a standard P/S agreement and provide your POF letter... You can place a check for 1000 with your title company to be released directly to the agent’s title company upon acceptance of your offer; this is really just saving the agent from mailing it. By doing this you can put multiple offers out on one check. It’s all about how you word it to the agent. If you don’t have the deposit moneys for other than one house bring in a partner if you want to put out multiple offers. You dont want to get an offer excepted and not be able to deposit,,you'll get a bad name fast. You will need to put out quite a few but you only need one excepted. You put your offer in your name and on the p/s I put in page two special clauses section that Property may be closed in my name, my partners name or my corporation. Also you can put 3 days right to inspect in the contract or just leave it blank,, however the bank will send their addendum that has their own customary 5,7 or 10 day. I put in seller to turn on all utilities for inspect. I know that when I inspect I am certain at that point that I can flip it, I have even had the investor meet me there to inspect. And even picked up my deposit for 2k non refundable from the investor in the event he defaults from no reason of me or the bank he loses it. I make the investor aware that he is replacing me as buyer or adding him as my partner to my contract with the bank and I would quit claim me off title after closing.
The sooner you ad or replace the buyer on the contract the easier is to flip. That’s why if you can have you buyer meets you there for inspection and locks the deal. Have the realtor put that change in ASAP replacing you with your partner to close on the property. The investor is your partner.
It is a numbers game does your homework, build your list, and find the REO agent direct.
PS. There are plenty of contracts floating around on this site alone. Find them make it your own.
__________________
Go Slow, Feel Your Way, It Will Develop Its-Self As You Progress
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Tuesday, August 18, 2009
Taylor Bean & Whitaker OH BOY !!!!!
FHA SUSPENDS TAYLOR, BEAN & WHITAKER MORTGAGE CORP. AND PROPOSES TO SANCTION TWO TOP OFFICIALS:
On August 4, 2009, The Federal Housing Administration (FHA) suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida, thereby preventing the Company from originating and underwriting new FHA-insured mortgages. The Government National Mortgage Association (Ginnie Mae) is also defaulting and terminating TBW as an issuer in its Mortgage-Backed Securities (MBS) program and is ending TBW's ability to continue to service Ginnie Mae securities. This means that, effective immediately, TBW will not be able to issue Ginnie Mae securities, and Ginnie Mae will take control of TBW's nearly $25 billion Ginnie Mae portfolio...
To read this press release in its entirety, please visit:
http://www.hud.gov/news/release.cfm?content=pr09-145.cfm&CFID=341752&CFTOKEN=3be7678-0009780b-078f-1636-b54a-80e8c12e0000
FHA-insured Loans Associated with Taylor, Bean and Whitaker (TBW) Questions and Answers for Consumers can be found at:
http://www.hud.gov/news/consumer-guidance.pdf
FHA-insured Loans Associated with Taylor, Bean and Whitaker (TBW) Questions and Answers for Lenders and Brokers can be found at:
http://www.hud.gov/news/industry-guidance.pdf
If you have any questions, please contact: info@fhaoutreach.com or visit:
http://www.fhaoutreach.gov/FHAFAQ
A portion of my time is devoted daily to searching for news and information pertaining to issues that I believe are important and relevant to the development of an appraisal assignment. It is my pleasure to share this information with you. Likewise if you have any news or information that you feel may be of value, or have questions regarding the appraisal process, please don't hesitate to contact me.
Sincerely,
Anthony M. Kanaris & Associates, Inc.
Anthony has allways brought good content to us.... Thank you
On August 4, 2009, The Federal Housing Administration (FHA) suspended Taylor, Bean and Whitaker Mortgage Corporation (TBW) of Ocala, Florida, thereby preventing the Company from originating and underwriting new FHA-insured mortgages. The Government National Mortgage Association (Ginnie Mae) is also defaulting and terminating TBW as an issuer in its Mortgage-Backed Securities (MBS) program and is ending TBW's ability to continue to service Ginnie Mae securities. This means that, effective immediately, TBW will not be able to issue Ginnie Mae securities, and Ginnie Mae will take control of TBW's nearly $25 billion Ginnie Mae portfolio...
To read this press release in its entirety, please visit:
http://www.hud.gov/news/release.cfm?content=pr09-145.cfm&CFID=341752&CFTOKEN=3be7678-0009780b-078f-1636-b54a-80e8c12e0000
FHA-insured Loans Associated with Taylor, Bean and Whitaker (TBW) Questions and Answers for Consumers can be found at:
http://www.hud.gov/news/consumer-guidance.pdf
FHA-insured Loans Associated with Taylor, Bean and Whitaker (TBW) Questions and Answers for Lenders and Brokers can be found at:
http://www.hud.gov/news/industry-guidance.pdf
If you have any questions, please contact: info@fhaoutreach.com or visit:
http://www.fhaoutreach.gov/FHAFAQ
A portion of my time is devoted daily to searching for news and information pertaining to issues that I believe are important and relevant to the development of an appraisal assignment. It is my pleasure to share this information with you. Likewise if you have any news or information that you feel may be of value, or have questions regarding the appraisal process, please don't hesitate to contact me.
Sincerely,
Anthony M. Kanaris & Associates, Inc.
Anthony has allways brought good content to us.... Thank you
Thursday, July 30, 2009
Help from Bank of America
Bank of America announces foreclosure relief for eligible homeowners
07.25.09
By Nicholas Storie
Homeowners looking to stop foreclosure got some good news this week as Bank of America let some know that they may be eligible for a foreclosure relief program.
The company said the program is part of an agreement with the state attorneys general and will make about $150 million available for eligible homeowners who have a mortgage loan through Countrywide.
According to Bank of America, the program will be available to those who suffered from foreclosure, short sale or deed-in-lieu of foreclosure and checks will start being issued during the first quarter of next year.
Only ten states are not currently participating in the program, including: Alabama, Arkansas, Massachusetts, Minnesota, Missouri, New Hampshire, New York, South Carolina, Utah and Vermont.
Countrywide says it expects more than 35,000 borrowers to participate in the program and receive more than $70 million in assistance.
In addition to receiving help from mortgage lenders, homeowners who are in financial straits are also expected to see some assistance from government programs like the Home Affordable Refinance Act (HARP) and Home Affordable Modification Program (HAMP).
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
07.25.09
By Nicholas Storie
Homeowners looking to stop foreclosure got some good news this week as Bank of America let some know that they may be eligible for a foreclosure relief program.
The company said the program is part of an agreement with the state attorneys general and will make about $150 million available for eligible homeowners who have a mortgage loan through Countrywide.
According to Bank of America, the program will be available to those who suffered from foreclosure, short sale or deed-in-lieu of foreclosure and checks will start being issued during the first quarter of next year.
Only ten states are not currently participating in the program, including: Alabama, Arkansas, Massachusetts, Minnesota, Missouri, New Hampshire, New York, South Carolina, Utah and Vermont.
Countrywide says it expects more than 35,000 borrowers to participate in the program and receive more than $70 million in assistance.
In addition to receiving help from mortgage lenders, homeowners who are in financial straits are also expected to see some assistance from government programs like the Home Affordable Refinance Act (HARP) and Home Affordable Modification Program (HAMP).
To Your Success !!
I highly recommend this book
http://tinyurl.com/ur-success
www.EverlastSolutions.com
Subscribe to:
Posts (Atom)