Fort Lauderdale, Florida – 2009

Homeowners in Fort Lauderdale, Florida and other major cities face a serious problem that is plaguing the country and that problem is the foreclosure crisis.  Everyone is hearing about the big lender bailouts from the government and lenders are being affected by the foreclosure crisis as well.

Fort Lauderdale neighborhoods are sinking in value since lenders are repossessing homes and the same lenders place the same houses on the market for thousands and tens of thousands less than the average homeowner.  Homeowners with a house that has little to no equity have little success putting their house up for sale, so they choose to contact a real estate agent.  Real estate agents are falling victim to the foreclosure crisis as well and are up to their eyeballs with listings that sit on the market for month after month and sometimes up to a year or longer.  Result is real estate agents are turning homeowners away and letting them take up for themselves.

Foreclosures are a big problem in Fort Lauderdale and other cities in Florida that is why lenders are becoming more proactive with finding solutions to end the crisis.    Lenders are aware that a majority of homeowners have little to no equity and are coming up with ways for owners that want to sell their house rather than hold on to it.  One way that lenders came up with is a process called the short sale. 

A short sale is when the homeowner’s lender agrees to reduce the mortgage balance owed to allow a quick sale on the owners house and to make it more marketable.  Short sales are beneficial for homeowners because it helps a homeowner sell their house fast and walk away from a home they can no longer afford to keep.  Plus when a homeowner decides to buy another home some lenders back by Fannie Mae and Freddie Mac may lend to them within 2 years rather than 5 years if the homeowner let their house go to foreclosure.

Lenders are doing short sales in Fort Lauderdale Florida and really any city in the US.  Lenders agree to a short sale also because it allows them to cash in or the note they are holding so they can put their money to use in another performing loan.  The also save money on doing a short sale because taking a mortgage to foreclosure can be costly and reselling the home can take a half of year easily. 

Short sales are becoming a fast way for lenders and homeowner as one stop the foreclosure process while giving a buyer a good deal on a house that wouldn’t normally go for a good price.



Quick House Sale

s said to be brewing for some of the more overheated property markets in the UK. However, the property market in Manchester is experiencing a boost. Many experts in the Manchester property scene believe that the city’s commercial property explosion has not fallen flat. Several say that the market is in good condition and that signs of a commercial property recession are nowhere to be seen. Others say that the commercial market is in a better state than the residential market.

According to FinancialAdvice.co.uk, Manchester has been something of a gold mine for property developers over the last few years. Add to it the recent positive outlooks that industry professionals have for the city, you may well be considering making an investment in the city of Manchester. If you are entertaining the idea, why not do it via a Manchester property auction?

Property auctions are places where below market value properties can be found. They are widely recognized as the place to pick up properties at bargain basement prices. Savings of up to 40% on a property can sometimes be gained when buying a property at auction. During 2006 and 2007, auction houses saw an inundation of interest from buyers, which in turn created a seller’s market with lofty sale and reserve prices.

Often, mortgage lenders put up repossessed properties for sale, normally at intentionally low reserve prices to make sure that they are sold quickly. Local authorities and housing associations also turn to auctions for the same reasons that mortgage lenders use them. They usually have numerous flats or houses on their books. Basically, they want to dispose of the properties and get back their money as quickly as possible. Other properties that go to an auction house are those with development potential or are hard to sell through traditional channels.

Buying a property at auction for investment purposes is considered a smart move because properties are bought at fair market value set by the competitive process of bidding. Other benefits that buyers gain from buying at auction include the following:

* Fast pace. Buying a property at auction is quick and simple. There is a fixed, known time-scale from the start. Everything is scheduled right from the auction date up until the time of completion.

* Level playing field. Since it is not a first come, first served event, an auction gives everyone a fair chance.

* Appropriate property and right intentions. Auctions offer the opportunity for you to realize your dream of investing in property.

* Temporary financing. Buyers can use specialist short-term lending products that allow them to complete using bridging finance.

* Instant tenancy income. If you purchase a tenanted property, you will immediately start receiving income from the time of legal completion. In other words, your investment begins delivering from the day you take ownership.

Once the territory of builders, property auctions are now becoming wise options for property developers who want to get the most out of the market. If you want to take advantage of the current growth being experienced in Manchester, going the way of a property auction may be one of the best steps you will take.



Quick Property Sale

If you are going to do your business through online auction houses, make sure you have familiarized yourself with the rules of the game. Here’s a quick checklist to make sure you can have a hassle free trade.

1. There are a large number of different auction houses offering different specialties. Each one of them will have slightly different rules and regulations covering how trades are conducted. Make sure you have read the rules of each auction house that you want to trade on. Familiarize yourself with the protections that they do offer, covering the return of faulty or damaged goods etc.

Note, almost no auction house will guarantee any part of the transaction. It is up to the buyer to verify that the seller will provide the promised product or service.

2. Almost all of the problems with online auctions (and there are very, very few) arise from the sellers. They do not ship the article, they ship it late, the quality is inferior to that which was advertised and so on. Make sure that you identify the buyer, do not just rely on an e-mail address and see if you can get a phone number, find out why the product or service you’re intending to buy is cheaper than you can buy in a store. If you have the slightest concern, don’t make a bid – because remember, if your bid is chosen – you have to pay! Some auction houses have verified the credentials of their regular sellers; consider buying from these reputable dealers first.

3. Payment. Use a secured online service, often an auction house will recommend one like Paypal, MoneyBookers etc. Don’t be lured into making a payment into an escrow account, which has been recommended by the seller. Choose your own if you wish to go this route, the auction house will have some reputable recommendations.

4. Don’t be lured off site. Some unscrupulous sellers will suggest that you do a separate trade with them privately. They will say this is to avoid the fees charged by auction houses. If you purchase privately, you lose all the protection offered by the auction house.

5. Don’t bid for something you can’t afford. And remember that it is usually the buyer who pays for the shipping and Insurance (Optional); so don’t forget to add that into the price you are prepared to pay.

6. Remember, the vast majority of sellers and buyers are honest, legitimate people who will honor the agreement reached at an online auction house. However, you need to take some precautions before you bid to make sure that you don’t fall prey to a rogue seller (or buyer).



Repossession

As the property investment game gets ever more challenging, the only sensible way to add to your portfolio in this environment is to only buy properties that are priced significantly below market value. Do this properly, and you’ll find you don’t need to put in any money of your own.

The mortgage companies want you to find 15% of the purchase price every time you buy! Where on Earth do they think you have all these 15%’s stashed – under the floorboards?

This article will take you into the world of the below market value (BMV) investor, and show you how you can free yourself forever from the shackles of the 15% deposit.

You must first understand that it is perfectly possible to buy BMV properties, regardless of which area of the UK you live in, and almost regardless of your own financial circumstances. There are below market value properties for sale all over the country, every day of the week. The challenge is tracking them down and adding them to your portfolio.

There are two routes to finding BMV properties for sale in the UK. One is through auctions, and the other is to track down motivated sellers yourself. In this article, I’ll be concentrating on auctions – we’ll leave the tracking down to another time!

People and organisations choose to sell through a property auction for two main reasons – speed and certainty. It generally takes no more than eight weeks at the most, and sometimes considerably less, to go from the decision to sell a property to the auctioneer taking bids for it in the auction room.

If the vendor sets a reserve – the minimum price they’re happy to accept – and the reserve is met or exceeded on the day, then the property is sold the moment the auctioneers gavel falls, and the deal will be completed within 28 days.

No pulling out. No quibbling. No question.

As a BMV investor, you can get the auction catalogues from auction houses in your area, research potential properties, do your due diligence, turn up at the auctions, bid on your target properties, and then go ahead and complete on the deal within 28 days (or risk severe financial penalties).

All of this takes time, money, resources, a certain amount of skill and, if you’re out-bid on the day, it’s all for nothing and you have to start again. And let’s be clear – not every property that goes through auction sells below market value – far from it!

The other way to do it is to use what might be called “vulture tactics”.

Rather than spend all that time and energy researching possible BMV properties only to be out-bid by ‘amateurs’ who don’t understand the true worth of a property, or who want it at more or less any cost, you can just sit back and relax. Then, when the auction is over and the bidders have all gone home, you take a leisurely look at whatever lots are left unsold.

The advantages of doing it this way are…

* You only spend time and money researching the properties that are definitely still available

* You know the asking price without having to bid

* The competition for properties is significantly less

* The 28-days-to-complete rule usually disappears

There are three ways you can get hold of unsold auction lot details.

1. Direct From the Auction Houses

You may have a couple of auction houses in your area, and you could always ask them to send you details of unsold lots as soon as a sale is over. The larger firms now publish them on their website, too.

2. From the EI Group

David Sandeman does a great job at the EI Group. They collate all the property auction data from around the country, and their records go back as far as 1991. However, a subscription costs around £500 a year, so you need to be pretty committed to make that sort of investment worthwhile.

3. Subscribe to the Property Bargains Bulletin

Leo Summers has produced the Property Bargains Bulletin since 2005, and what he does is unique. The Bulletin is emailed out to subscribers twice a month, and each issue covers 8-12 bargain property opportunities. You get a photo of the property, the full address, contact details for the selling agent, the price of the property against it’s true market value, details of any income it’s bringing in, and a full page of analysis as to why the property is a bargain, some ideas as to what to do with it, and any potential pitfalls identified.

All this for less than a pub meal a month!

Now you know exactly how to find BMV properties at auction, and particularly amongst unsold auction lots. In a subsequent article, we’ll look at how to track down motivated individuals who will happily sell you their property at below market value prices.



Quick Property Sale

 

There are various costly mistakes devoted by homeowners when they extract a mortgage. Finding the best California mortgage rates may be a frightening job. These mistakes vary from customers not shopping for the most excellent transaction, to not defensive their credit when compare mortgage rates online. By shopping the true way for California mortgage rates online, individuals can keep away from these common mistakes and save themselves thousands of dollars in the mortgage loan process.

There are thousands of mortgage lending institutions in the market, operating online or offline. Interest rates vary from lender to lender and as a result, customers need to shop around to compare the deals that are being presented by various California home mortgage lenders. This assessment of California mortgage rates can be simply done online and it is vital to perform this association to discover the best mortgage with the lowest mortgage interest rates and mainly encouraging requisites. Customers have to make sure that they guard their credit while shopping and comparing different rates and do not let lenders sprint their credit until they have chosen the right mortgage.

There are unusual factors that support borrowers in determining the right loan for them, and by means of the loan comparison calculators, they can obtain an accurate monthly payment figure. Comparing various California mortgage rates online may give individuals an impending into the various mortgage plans that are available in the market.

Overall, compare mortgage rates online can confirm to be advantageous as well as informative. Many Web sites also offer some outstanding information concerning all the procedures involved in applying for a property mortgage.

 

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Sell House Quick

Every heard someone auction, estate… Real deal it is certainly. Today more and more tools are at the disposal of sellers of real estate than ever before. One tool that has been rediscovered has been auctioning. Auctions have been around for ages now, but in recent times being used a primary mode of closing a real estate deal in a much quicker time.

It is one of the quickest ways to dispose off your house with little effort. However, there is still a lot of uncertainty about someone auction, Estate. Real deal is the property gets disposed off soon. Some of the questions that usually arise in an auction are how high is the auction fee? Will I get the price I want? There is also the question of what exactly is the value of a particular property. That would be easier if there were many houses being sold in a particular area, but if fewer houses were being sold, then determining the value of a property would become extremely difficult.

While these questions remain, Auction of real estate is a great way to dispose off property for someone who is in a great hurry. If someone is relocating or find their homes too expensive to maintain, auction is a fine way to sell their property. The Sales process in this case is significantly cut down in the case of auctions. The sales process in real estate is usually long and rather tedious.

Another advantage to sellers is the immediate settlement as most auctions demand a cash payment, eliminating a whole range of worries about financing options for the buyers. Also auctions usually get a better price than the market rate in most cases. However this might not be the truth in many cases. In many cases the buyers associate discount with Auctions i.e they would expect discounts on the actual value of real estate. This happens as Auction is still seen as a way of disposing goods at a cheaper rate. This alone can stop bidding at a rate much below the market rate.

But auction is still the best way even if the property market is down in the dumps. It can get you a great price and speedier disposal of your property. Both the buyer, as well as the seller benefits out of auctions.

Consider this, if you were to place a classified ad in the local daily, then you run the risk of getting a whole lot of calls from those who cannot be qualified as prospects. The same, with hiring a real estate agent. The Agent might get a lot of prospects, but how many will be a qualified buyer and how quick will the process happen is something that is to be pondered over.

Given all the above it is much better to auction, estate. Real value lies in speedy disposal of property and also that the cash would come in the same day. Nothing like this departure from the usual long and tedious process that is involved in the normal way of auction estate real.



Sell and Rent Back

The dismal condition of the housing sector does not seem to have any hope of reviving in the near future. There is almost a six percent drop in the new housing projects. The constructions of new homes have come to an almost stand still phase and one will see people bidding at auctions to rent a house.

There has been steady increase in the population growth of the country. To house this growing population enough accommodation is required. It is not just the growing population; for more details visit to www.auction-words.com there is also a larger scale migration to many parts of the country due to better resource development which has in turn given rise to new job opportunities.

This has created a major shortage of houses almost to the tune of forty five thousand. The drop of six percent in new housing is a big figure. The house affordability has touched a dangerous level according to Chris Lamont of The Housing Industry Association (HIA).

The present scenario is such that when there is an affordable housing estate with two or three house on rent one can see that there are almost twenty five to thirty people queued up outside the place. This then becomes a bidding war for the house among these people.

The highest bid decides the rate of the property. Many a times this rate is not affordable by the person who has bid the rate. He makes the bid as he might be in desperate need for the housing.

In New South Wales the Housing Industry Association has forecast a shortage of almost eighteen thousand homes this fiscal year. There seems to be no activity in the new housing sector. The New South Wales outlook report for the June quarter has projected that project of new housing will be below the thirty thousand mark.

The activity in new housing projects is almost at a stand still. For the past six year this new housing industry has failed to recover according to Graham Wolfe, who is an executive director at the Housing Industry Association.

In a time when there is a great demand for new houses construction in this sector is lagging far behind. This has in turn created a situation of a great pressure on the rental market. The demand on the rental has led a spiral increase in the rent of houses. The high demand has made the rent much tighter.

In Queensland there will a shortage of almost twenty percent this year in the new housing sector. No new constructions are being done. According to the outlook report for the June quarter, there will be a shortage of almost eleven thousand homes this financial year all across the state.

It is not easy for the market to recover from such a slump. It will take much time for it to recover says Warwick Tem by, for more details visit to www.auctions-profits.com executive director of the Queensland branch of the Housing Industry Association. May be things will improve from the second quarter of 2009. That is if there is some interest rate fall. The fall in the rate of the interest rate can create a marginally increase in the activity in the housing sector. She says that the population growth in Queensland will be a major factor for rise in housing activity in the state as they all need place to stay and the houses are in short supply.



Quick Property Sale

Tampa, Florida, December 17, 2007 – Online property auction site FastHomesolutions.com is reporting a record number of foreign investors visiting its web site in search of real estate bargains, especially in the Sunbelt area of the United States. The current weakness of the dollar against foreign currencies is a key contributor to the trend, which works to the advantage of lenders anxious to sell their REO (real estate owned) inventories of defaulted properties to foreign investors.

“It’s a huge opportunity for REO asset managers,” said Jim Case, CEO of Fast Home Solutions, which recently launched its online property auction website at www.FastHomesolutions.com. “We’re seeing investors from all over, especially France, Germany and Belgium, as well as from the United Kingdom, Canada and Australia. They are eager to buy U.S. homes, villas, properties now, while their own currencies are strong against our dollar.”

The British pound is particularly strong, currently trading at over two to one against the dollar. “This trend means that private investors and investment groups are highly motivated to buy,” Case said. “There will be more millionaires coming out of this downswing than ever before.” Foreign investors often use a group strategy when they acquire properties, pooling buying power and distributing risk. They buy multiple properties in targeted areas, then hire local property managers to oversee them and keep them rented. “Canadians are very active right now, especially in the Sunbelt areas like Florida,” Case explained. “Likewise, people from the UK are very familiar with Florida as a vacation spot, so when they see bargains on our website, they are quick to seize the opportunity to purchase.”

This is good news for loan servicers and loss mitigation professionals charged with disposing of owned real estate. The online auction concept, while not new, is experiencing a surge of popularity because of the ease with which properties can be vetted by potential buyers, whether for investment or owner occupancy. “Asset managers are getting slammed right now by the sheer volume of properties they must sell,” observed Case. “Online auctions are the best way to get properties in front of the most people, but REO people are so busy at the moment, it is difficult to consider new methods.” Fast Home Solutions approach to attract REO listings is to avoid the negatives buyers and sellers have seen in the past with online auctions. “Buyers hate paying premiums to buy properties online, so we’ve eliminated them,” said Case. “At the same time, investors want research on areas and values, as well as finding local property managers, so we’re adding content to make those available at minimal or no cost,” he added.

The “Half-back” Phenomenon

Further complicating things for REO asset managers desiring sell property in Sunbelt areas is the increase of people leaving places like Florida for financially more hospitable climes. Their properties are competing with REO sales for buyer attention, and keeping prices low. These are people who have been whipsawed by rising insurance rates caused by the hurricanes and sinkholes of recent years, as well as increased property taxes. Rather than moving all the way back up north, they are going half way, to places like Georgia, the Carolinas and Tennessee, hence the term “half-back.” “These neighboring states have much more attractive scenarios for these sellers,” explains Jim Case. “And they still don’t have to put up with harsh winters.” With these additional properties cluttering up the inventory, REO sellers are finding their work cut out for them.

This new wave of foreign investors may be the key to keeping the market moving, said Case. “We send out over a million opt-in emails to investors every week and I can tell you that the demand for property listings is getting stronger every day,” he said. “The dollar’s weakness right now may work out to be a blessing for the REO asset managers, especially since these foreign investors like to buy more than one.”



Sell and Rent Back

If you want to make money in real estate you can do so even if you have no experience.

All you need to do is fix houses up to a set formula. Here are your 3 simple steps to make money fixing houses even if house prices crash.

1. Buy only in areas you can turn a profit quickly,

You want to be able to sell the home you have bought and get out quickly and bank your profit.

Go for areas that are in demand in any market. You will pay a bit more, but there is less risk when you come to want to sell and move onto the next house.

2. Lock in The Value of the property

In a bull market of course you don’t need to do this but with property prices on the slide (don’t listen to estate agents look at the fundamentals) and interest rates biting, you don’t want your house to fall from its current market rate.

The current market value of the property is what you are basing your profit projection on.

Today, there are many companies who will lock in your property value at the current market rate.

If you paid $250,000 and the market value drops to $180,000, they will give you the full $250,000, or the rate you locked it in at.

In a bull market you don’t need to take up the option, in a bear market it can be lucrative as you get the full price paid and then can buy your next property cheaper and start all over again.

3. Improvements To Add Value

Now you have a base rate to work off lets look at the obvious improvements you can make to flip your home for profit.

Start by Improving The outside

Landscaping or “curb appeal” is a huge selling point.

Keep in mind:

First impressions often sell a house.

Kitchen remodeling

Can get more cash value and is an excellent upgrade, as to are bathrooms.

Replacing windows or doors don’t add much unless they are in an obvious state of disrepair

Make sure the style of the home is up to date and is Change the carpeting and walls into a neutral color scheme for wide appeal.

Fixing up your home on the outside offers more value for improving your homes value than on the inside in terms of expense.

Inside make the home as broadly appealing as possible and Make it look like it has been well cared for.

Keep in mind only fix up the items that can be seen by prospective buyers.

Don’t do electrical upgrades or plumbing fixtures that look fine.

Simply, make sure that the house looks well cared for. Start on the outside first and then make the upgrades suggested internally and make the decor have a neutral look for wide appeal.

Don’t bother with things that people cant see, they wont add much value.

The upgrades above can be done by anyone and are both easy and quick to do.

You can move onto more complex jobs later, when you have some profit in the bank.

So get the right location, lock in a profit base by, locking in the property value and make essential upgrades and you will be on the road to make a tidy profit.



Quick Property Sale

Throughout my own process to stop house foreclosure, I learned to never assume that my mortgage companies received anything. This turned out to be a good thing because sometimes they did not receive something that they needed from me and they did not call to tell me that. Sometimes I sent them things and they did not get them. The fax number for one of my contacts at one of my mortgage companies changed. Unfortunately, I did not know this and ended up faxing documents that they needed to the wrong fax number. Always check right before you fax or email them anything that you have the correct fax number or email address.

Never assume that you have accurate information. I cannot even begin to tell you the number of times that I thought I understood what my mortgage company needed from me to stop house foreclosure only to realize later that what I thought they needed was wrong. I learned to call and verify that I had the right information. This is especially important when you are dealing with things like agreements that they need you to sign or money that you need to send them.

And speaking of agreements, if you want to stop house foreclosure, make sure that any agreements that they need you to sign are completed on time and in full. I had two different agreements that I had to send to the mortgage company while I was getting my house out of foreclosure. I made sure to keep a copy of the airbill so I could track the package and make sure it got there. I also called the day after it arrived to make sure that they received it and that it was complete to their satisfaction. Again, never assume anything, always verify.

Keeping track of any money that you send the mortgage company is also important to help you stop house foreclosure. While my house was in foreclosure, my mortgage company did not accept personal checks. Everything had to be in the form of a cashier’s check, a particular bill collection service, or a bank wire. Be sure that you understand what forms of payment your mortgage company will accept under whatever agreement you work out with them. Always keep information about the money you sent them, when you sent it and how you sent it. This information proved vital to me on more than one occasion. And again, always call to verify that your mortgage company received the payment and that they received it in a format that is acceptable to them.



Repossession