Short Sale Incentives Coming in 2010, Treasury Says
As HousingWire first reported, the US Treasury Department will launch the Home Affordable Foreclosure Alternatives Program (HAFA) in 2010.
HAFA will complement the Home Affordable Modification Program (HAMP) by providing financial incentives to servicers, borrowers and investors to go forward with short sales or a deed-in-lieu, according to a Treasury announcement late Monday (available to download here).
In a short sale, the bank sells the property for a price short of the balance owed on the property’s loan.
Under HAMP, the Treasury allocates capped incentives to servicers for the modification of loans on the verge of foreclosure. Borrowers must be HAMP-eligible to qualify for HAFA and must be considered for the new program within 30 days of failing to qualify for or complete a HAMP trial.
Borrowers must be able to provide the buyer of the home with a clear title. Any subordinate liens must be paid off in full. The borrower can also negotiate with the holder to release the liens before the closing date.
HAFA allows the borrower to receive pre-approved short sale terms before the property is listed and frees them from future liability for the debt. Also, servicers utilizing the program are prohibited from requiring a reduction in the real estate commission agreed to in the listing agreement.
The borrower also receives a $1,500 incentive for relocation after the transaction. The servicer receives a $1,000 incentive to cover administration and processing costs, and investors will be paid a maximum of $1,000 for allowing up to $3,000 in short-sale proceeds to be paid out to subordinate lien holders. In total, each transaction under HAFA will cost the Treasury up to $3,500 of incentive payments.
HAFA will officially launch on April 5, 2010, but servicers can implement the program prior to that date. However, in order to participate in the program, the servicer must have signed a HAMP servicer participation agreement by Dec. 31, 2009.
HousingWire first reported on HAFA’s forthcoming launch in October, when the chief of the Homeowner Preservation Office at the Treasury, Laurie Maggiano, released information on HAFA when she spoke at the Mortgage Bankers Association’s annual convention in San Diego.
Two weeks later, Herb Allison testified before the Congressional Oversight Panel (COP), which reviews actions taken by the Treasury, and indicated guidelines were being developed.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
Showing posts with label short sale expert. Show all posts
Showing posts with label short sale expert. Show all posts
Wednesday, December 30, 2009
Short Sale Incentives Coming in 2010
Short Sale Incentives Coming in 2010, Treasury Says
As HousingWire first reported, the US Treasury Department will launch the Home Affordable Foreclosure Alternatives Program (HAFA) in 2010.
HAFA will complement the Home Affordable Modification Program (HAMP) by providing financial incentives to servicers, borrowers and investors to go forward with short sales or a deed-in-lieu, according to a Treasury announcement late Monday (available to download here).
In a short sale, the bank sells the property for a price short of the balance owed on the property’s loan.
Under HAMP, the Treasury allocates capped incentives to servicers for the modification of loans on the verge of foreclosure. Borrowers must be HAMP-eligible to qualify for HAFA and must be considered for the new program within 30 days of failing to qualify for or complete a HAMP trial.
Borrowers must be able to provide the buyer of the home with a clear title. Any subordinate liens must be paid off in full. The borrower can also negotiate with the holder to release the liens before the closing date.
HAFA allows the borrower to receive pre-approved short sale terms before the property is listed and frees them from future liability for the debt. Also, servicers utilizing the program are prohibited from requiring a reduction in the real estate commission agreed to in the listing agreement.
The borrower also receives a $1,500 incentive for relocation after the transaction. The servicer receives a $1,000 incentive to cover administration and processing costs, and investors will be paid a maximum of $1,000 for allowing up to $3,000 in short-sale proceeds to be paid out to subordinate lien holders. In total, each transaction under HAFA will cost the Treasury up to $3,500 of incentive payments.
HAFA will officially launch on April 5, 2010, but servicers can implement the program prior to that date. However, in order to participate in the program, the servicer must have signed a HAMP servicer participation agreement by Dec. 31, 2009.
HousingWire first reported on HAFA’s forthcoming launch in October, when the chief of the Homeowner Preservation Office at the Treasury, Laurie Maggiano, released information on HAFA when she spoke at the Mortgage Bankers Association’s annual convention in San Diego.
Two weeks later, Herb Allison testified before the Congressional Oversight Panel (COP), which reviews actions taken by the Treasury, and indicated guidelines were being developed.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
As HousingWire first reported, the US Treasury Department will launch the Home Affordable Foreclosure Alternatives Program (HAFA) in 2010.
HAFA will complement the Home Affordable Modification Program (HAMP) by providing financial incentives to servicers, borrowers and investors to go forward with short sales or a deed-in-lieu, according to a Treasury announcement late Monday (available to download here).
In a short sale, the bank sells the property for a price short of the balance owed on the property’s loan.
Under HAMP, the Treasury allocates capped incentives to servicers for the modification of loans on the verge of foreclosure. Borrowers must be HAMP-eligible to qualify for HAFA and must be considered for the new program within 30 days of failing to qualify for or complete a HAMP trial.
Borrowers must be able to provide the buyer of the home with a clear title. Any subordinate liens must be paid off in full. The borrower can also negotiate with the holder to release the liens before the closing date.
HAFA allows the borrower to receive pre-approved short sale terms before the property is listed and frees them from future liability for the debt. Also, servicers utilizing the program are prohibited from requiring a reduction in the real estate commission agreed to in the listing agreement.
The borrower also receives a $1,500 incentive for relocation after the transaction. The servicer receives a $1,000 incentive to cover administration and processing costs, and investors will be paid a maximum of $1,000 for allowing up to $3,000 in short-sale proceeds to be paid out to subordinate lien holders. In total, each transaction under HAFA will cost the Treasury up to $3,500 of incentive payments.
HAFA will officially launch on April 5, 2010, but servicers can implement the program prior to that date. However, in order to participate in the program, the servicer must have signed a HAMP servicer participation agreement by Dec. 31, 2009.
HousingWire first reported on HAFA’s forthcoming launch in October, when the chief of the Homeowner Preservation Office at the Treasury, Laurie Maggiano, released information on HAFA when she spoke at the Mortgage Bankers Association’s annual convention in San Diego.
Two weeks later, Herb Allison testified before the Congressional Oversight Panel (COP), which reviews actions taken by the Treasury, and indicated guidelines were being developed.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
Wednesday, July 22, 2009
The Problem of PMI & Charlottesville Short Sales
The Problem of PMI & Charlottesville Short Sales
A lot of Charlottesville short sale investors become very confused as soon as PMI is mentioned.
PMI or Private Mortgage Insurance is that monthly fee many Charlottesville homeowners pay each and every month for what appears like no apparent reason (in their opinion).
Of course, there was a reason for it and if you are contemplating a short sale deal, this reasoning is a valid concern.
PMI was created for the express purpose of insuring against default by home buyers that didn't put at least 20 percent down when purchasing a home.
It does not mean life insurance in case one of the bread winners is killed in an accident. That's a totally separate insurance product.
The idea was simple enough; Charlottesville real estate rarely ever falls and when it does, it rarely falls by much more than 20 percent.
Because the majority of mortgages are amortized, the closing costs and larger up-front payments effectively reduce the risk even more.
To compensate for the difference between anticipated losses and the actual loss of any profit (after taking amortization etc into account) most Charlottesville homeowners would be forced to pay for PMI until the loan to debt ratio fell below 80 percent.
Sounds like a good plan of protection so what could be the problem when it comes to a Charlottesville short sale?
Well, the thought process is like this...if the PMI or private mortgage insurance will cough up a higher cost in the event of a default than the short sale offer, then it's less likely the lender will want to negotiate below a given amount.
However, this isn't always the situation.
In some instances the primary mortgage holder will accept a short sale offer if there is a second mortgage or promise of future payment - a controversial but relatively common situation since legally the current homeowner is responsible for any gap.
Of course, faced with the prospect of losing their home and still owing money, most Charlottesville homeowners tend to either walk away entirely or simply file for bankruptcy protection.
Because of the drama associated with PMI and short sales, many investors simply opt to avoid them altogether.
Before making that decision it's important to clear up a few myths surrounding PMI and short sales...
1. PMI pays up to 20 percent...not 80 percent.
The private mortgage insurance was put into place because the original Charlottesville owner didn't put at least 20 percent down...it's the difference between 100 percent financing and 80 percent (or whatever amount above 80 percent financing obtained for the original loan).
2. Transactions costs, maintenance fees and other expenses must also be taken into account.
3. AIG United Guaranty is one of the larger entities holding many of these issues. As you know (or should know), AIG is facing just a few problems of their own to the point that some mortgage companies no longer want to negotiate directly with the PMI during the course of a short sale.
So, the bottom line is this; when making an offer for Charlottesville short sales on any property be sure to find out for sure (don't leave it to the homeowner to know or understand if they pay PMI) if the property is impacted by PMI.
If so, realize that some of the loss will be mitigated by the PMI and plan your calculations accordingly.
Should you decide to continue the negotiation process, be sure you fully understand the additional level of complexity added by the existence of PMI into the equation.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
A lot of Charlottesville short sale investors become very confused as soon as PMI is mentioned.
PMI or Private Mortgage Insurance is that monthly fee many Charlottesville homeowners pay each and every month for what appears like no apparent reason (in their opinion).
Of course, there was a reason for it and if you are contemplating a short sale deal, this reasoning is a valid concern.
PMI was created for the express purpose of insuring against default by home buyers that didn't put at least 20 percent down when purchasing a home.
It does not mean life insurance in case one of the bread winners is killed in an accident. That's a totally separate insurance product.
The idea was simple enough; Charlottesville real estate rarely ever falls and when it does, it rarely falls by much more than 20 percent.
Because the majority of mortgages are amortized, the closing costs and larger up-front payments effectively reduce the risk even more.
To compensate for the difference between anticipated losses and the actual loss of any profit (after taking amortization etc into account) most Charlottesville homeowners would be forced to pay for PMI until the loan to debt ratio fell below 80 percent.
Sounds like a good plan of protection so what could be the problem when it comes to a Charlottesville short sale?
Well, the thought process is like this...if the PMI or private mortgage insurance will cough up a higher cost in the event of a default than the short sale offer, then it's less likely the lender will want to negotiate below a given amount.
However, this isn't always the situation.
In some instances the primary mortgage holder will accept a short sale offer if there is a second mortgage or promise of future payment - a controversial but relatively common situation since legally the current homeowner is responsible for any gap.
Of course, faced with the prospect of losing their home and still owing money, most Charlottesville homeowners tend to either walk away entirely or simply file for bankruptcy protection.
Because of the drama associated with PMI and short sales, many investors simply opt to avoid them altogether.
Before making that decision it's important to clear up a few myths surrounding PMI and short sales...
1. PMI pays up to 20 percent...not 80 percent.
The private mortgage insurance was put into place because the original Charlottesville owner didn't put at least 20 percent down...it's the difference between 100 percent financing and 80 percent (or whatever amount above 80 percent financing obtained for the original loan).
2. Transactions costs, maintenance fees and other expenses must also be taken into account.
3. AIG United Guaranty is one of the larger entities holding many of these issues. As you know (or should know), AIG is facing just a few problems of their own to the point that some mortgage companies no longer want to negotiate directly with the PMI during the course of a short sale.
So, the bottom line is this; when making an offer for Charlottesville short sales on any property be sure to find out for sure (don't leave it to the homeowner to know or understand if they pay PMI) if the property is impacted by PMI.
If so, realize that some of the loss will be mitigated by the PMI and plan your calculations accordingly.
Should you decide to continue the negotiation process, be sure you fully understand the additional level of complexity added by the existence of PMI into the equation.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
The Problem of PMI & Charlottesville Short Sales
The Problem of PMI & Charlottesville Short Sales
A lot of Charlottesville short sale investors become very confused as soon as PMI is mentioned.
PMI or Private Mortgage Insurance is that monthly fee many Charlottesville homeowners pay each and every month for what appears like no apparent reason (in their opinion).
Of course, there was a reason for it and if you are contemplating a short sale deal, this reasoning is a valid concern.
PMI was created for the express purpose of insuring against default by home buyers that didn't put at least 20 percent down when purchasing a home.
It does not mean life insurance in case one of the bread winners is killed in an accident. That's a totally separate insurance product.
The idea was simple enough; Charlottesville real estate rarely ever falls and when it does, it rarely falls by much more than 20 percent.
Because the majority of mortgages are amortized, the closing costs and larger up-front payments effectively reduce the risk even more.
To compensate for the difference between anticipated losses and the actual loss of any profit (after taking amortization etc into account) most Charlottesville homeowners would be forced to pay for PMI until the loan to debt ratio fell below 80 percent.
Sounds like a good plan of protection so what could be the problem when it comes to a Charlottesville short sale?
Well, the thought process is like this...if the PMI or private mortgage insurance will cough up a higher cost in the event of a default than the short sale offer, then it's less likely the lender will want to negotiate below a given amount.
However, this isn't always the situation.
In some instances the primary mortgage holder will accept a short sale offer if there is a second mortgage or promise of future payment - a controversial but relatively common situation since legally the current homeowner is responsible for any gap.
Of course, faced with the prospect of losing their home and still owing money, most Charlottesville homeowners tend to either walk away entirely or simply file for bankruptcy protection.
Because of the drama associated with PMI and short sales, many investors simply opt to avoid them altogether.
Before making that decision it's important to clear up a few myths surrounding PMI and short sales...
1. PMI pays up to 20 percent...not 80 percent.
The private mortgage insurance was put into place because the original Charlottesville owner didn't put at least 20 percent down...it's the difference between 100 percent financing and 80 percent (or whatever amount above 80 percent financing obtained for the original loan).
2. Transactions costs, maintenance fees and other expenses must also be taken into account.
3. AIG United Guaranty is one of the larger entities holding many of these issues. As you know (or should know), AIG is facing just a few problems of their own to the point that some mortgage companies no longer want to negotiate directly with the PMI during the course of a short sale.
So, the bottom line is this; when making an offer for Charlottesville short sales on any property be sure to find out for sure (don't leave it to the homeowner to know or understand if they pay PMI) if the property is impacted by PMI.
If so, realize that some of the loss will be mitigated by the PMI and plan your calculations accordingly.
Should you decide to continue the negotiation process, be sure you fully understand the additional level of complexity added by the existence of PMI into the equation.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
A lot of Charlottesville short sale investors become very confused as soon as PMI is mentioned.
PMI or Private Mortgage Insurance is that monthly fee many Charlottesville homeowners pay each and every month for what appears like no apparent reason (in their opinion).
Of course, there was a reason for it and if you are contemplating a short sale deal, this reasoning is a valid concern.
PMI was created for the express purpose of insuring against default by home buyers that didn't put at least 20 percent down when purchasing a home.
It does not mean life insurance in case one of the bread winners is killed in an accident. That's a totally separate insurance product.
The idea was simple enough; Charlottesville real estate rarely ever falls and when it does, it rarely falls by much more than 20 percent.
Because the majority of mortgages are amortized, the closing costs and larger up-front payments effectively reduce the risk even more.
To compensate for the difference between anticipated losses and the actual loss of any profit (after taking amortization etc into account) most Charlottesville homeowners would be forced to pay for PMI until the loan to debt ratio fell below 80 percent.
Sounds like a good plan of protection so what could be the problem when it comes to a Charlottesville short sale?
Well, the thought process is like this...if the PMI or private mortgage insurance will cough up a higher cost in the event of a default than the short sale offer, then it's less likely the lender will want to negotiate below a given amount.
However, this isn't always the situation.
In some instances the primary mortgage holder will accept a short sale offer if there is a second mortgage or promise of future payment - a controversial but relatively common situation since legally the current homeowner is responsible for any gap.
Of course, faced with the prospect of losing their home and still owing money, most Charlottesville homeowners tend to either walk away entirely or simply file for bankruptcy protection.
Because of the drama associated with PMI and short sales, many investors simply opt to avoid them altogether.
Before making that decision it's important to clear up a few myths surrounding PMI and short sales...
1. PMI pays up to 20 percent...not 80 percent.
The private mortgage insurance was put into place because the original Charlottesville owner didn't put at least 20 percent down...it's the difference between 100 percent financing and 80 percent (or whatever amount above 80 percent financing obtained for the original loan).
2. Transactions costs, maintenance fees and other expenses must also be taken into account.
3. AIG United Guaranty is one of the larger entities holding many of these issues. As you know (or should know), AIG is facing just a few problems of their own to the point that some mortgage companies no longer want to negotiate directly with the PMI during the course of a short sale.
So, the bottom line is this; when making an offer for Charlottesville short sales on any property be sure to find out for sure (don't leave it to the homeowner to know or understand if they pay PMI) if the property is impacted by PMI.
If so, realize that some of the loss will be mitigated by the PMI and plan your calculations accordingly.
Should you decide to continue the negotiation process, be sure you fully understand the additional level of complexity added by the existence of PMI into the equation.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
Buying Charlottesville Homes from a Wholesaler
8 Reasons to buy Charlottesville houses from an experienced Real Estate Wholesaler:
8.) Like Sam’s Club, experienced Charlottesville wholesalers can buy houses in bulk, thus buying them at deep discounts. These savings are then passed on to you.
7.) Good wholesalers understand the real way to make money wholesaling is by doing volume.They look at hundreds of Charlottesville houses only to make 20 offers that lead to the best deals. This means wholesalers aren’t trying to get rich on every deal. It also means their research saves you time.
6.) Wholesalers usually mark up their deals a few thousand and leave a sizeable profit margin for the next guy or gal. The really well connected ones can buy at such great discounts that often there is room for two wholesalers to make money.
5.) The real pros only sell deals that make you money. They do this because you will continue to buy from them. The more money you make, the more everyone makes. I mean, seriously… who doesn’t like to make money?
4.) Wholesalers are an important piece of the real estate investment puzzle, so to speak. They play a very important role and one that allows you to always be focusing on your exit strategy.
3.) Because of their connections and years in the business, experienced Charlottesville wholesalers get first shot at the best deals in town.
2.) An experienced Charlottesville wholesaler has a goal to make sure the end investor is well taken care of. This can include providing related contacts (property management, contractors, title companies, etc) and could also mean providing rehab project management, for a fee. This service is vitally important to out of town buyers.
1.) Experienced wholesalers love helping you build your Charlottesville real estate investment portfolio and will go out of their way to see you succeed. It’s all about relationships, and a true wholesale pro wants to build one with you for the long term. After all, they’re in this business for the long haul.
Bottom line is experienced Charlottesville wholesalers are the best in every city at finding diamonds in the rough—and we all know that diamonds in the rough equal profits. Profits, and the freedom that comes with it, are the reasons we become real estate investors. Heck, more millionaires have been created through investing in real estate than any other vehicle.
History says the time to buy is in a down market. Who are we to argue with history?
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
8.) Like Sam’s Club, experienced Charlottesville wholesalers can buy houses in bulk, thus buying them at deep discounts. These savings are then passed on to you.
7.) Good wholesalers understand the real way to make money wholesaling is by doing volume.They look at hundreds of Charlottesville houses only to make 20 offers that lead to the best deals. This means wholesalers aren’t trying to get rich on every deal. It also means their research saves you time.
6.) Wholesalers usually mark up their deals a few thousand and leave a sizeable profit margin for the next guy or gal. The really well connected ones can buy at such great discounts that often there is room for two wholesalers to make money.
5.) The real pros only sell deals that make you money. They do this because you will continue to buy from them. The more money you make, the more everyone makes. I mean, seriously… who doesn’t like to make money?
4.) Wholesalers are an important piece of the real estate investment puzzle, so to speak. They play a very important role and one that allows you to always be focusing on your exit strategy.
3.) Because of their connections and years in the business, experienced Charlottesville wholesalers get first shot at the best deals in town.
2.) An experienced Charlottesville wholesaler has a goal to make sure the end investor is well taken care of. This can include providing related contacts (property management, contractors, title companies, etc) and could also mean providing rehab project management, for a fee. This service is vitally important to out of town buyers.
1.) Experienced wholesalers love helping you build your Charlottesville real estate investment portfolio and will go out of their way to see you succeed. It’s all about relationships, and a true wholesale pro wants to build one with you for the long term. After all, they’re in this business for the long haul.
Bottom line is experienced Charlottesville wholesalers are the best in every city at finding diamonds in the rough—and we all know that diamonds in the rough equal profits. Profits, and the freedom that comes with it, are the reasons we become real estate investors. Heck, more millionaires have been created through investing in real estate than any other vehicle.
History says the time to buy is in a down market. Who are we to argue with history?
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
Buying Charlottesville Homes from a Wholesaler
8 Reasons to buy Charlottesville houses from an experienced Real Estate Wholesaler:
8.) Like Sam’s Club, experienced Charlottesville wholesalers can buy houses in bulk, thus buying them at deep discounts. These savings are then passed on to you.
7.) Good wholesalers understand the real way to make money wholesaling is by doing volume.They look at hundreds of Charlottesville houses only to make 20 offers that lead to the best deals. This means wholesalers aren’t trying to get rich on every deal. It also means their research saves you time.
6.) Wholesalers usually mark up their deals a few thousand and leave a sizeable profit margin for the next guy or gal. The really well connected ones can buy at such great discounts that often there is room for two wholesalers to make money.
5.) The real pros only sell deals that make you money. They do this because you will continue to buy from them. The more money you make, the more everyone makes. I mean, seriously… who doesn’t like to make money?
4.) Wholesalers are an important piece of the real estate investment puzzle, so to speak. They play a very important role and one that allows you to always be focusing on your exit strategy.
3.) Because of their connections and years in the business, experienced Charlottesville wholesalers get first shot at the best deals in town.
2.) An experienced Charlottesville wholesaler has a goal to make sure the end investor is well taken care of. This can include providing related contacts (property management, contractors, title companies, etc) and could also mean providing rehab project management, for a fee. This service is vitally important to out of town buyers.
1.) Experienced wholesalers love helping you build your Charlottesville real estate investment portfolio and will go out of their way to see you succeed. It’s all about relationships, and a true wholesale pro wants to build one with you for the long term. After all, they’re in this business for the long haul.
Bottom line is experienced Charlottesville wholesalers are the best in every city at finding diamonds in the rough—and we all know that diamonds in the rough equal profits. Profits, and the freedom that comes with it, are the reasons we become real estate investors. Heck, more millionaires have been created through investing in real estate than any other vehicle.
History says the time to buy is in a down market. Who are we to argue with history?
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
8.) Like Sam’s Club, experienced Charlottesville wholesalers can buy houses in bulk, thus buying them at deep discounts. These savings are then passed on to you.
7.) Good wholesalers understand the real way to make money wholesaling is by doing volume.They look at hundreds of Charlottesville houses only to make 20 offers that lead to the best deals. This means wholesalers aren’t trying to get rich on every deal. It also means their research saves you time.
6.) Wholesalers usually mark up their deals a few thousand and leave a sizeable profit margin for the next guy or gal. The really well connected ones can buy at such great discounts that often there is room for two wholesalers to make money.
5.) The real pros only sell deals that make you money. They do this because you will continue to buy from them. The more money you make, the more everyone makes. I mean, seriously… who doesn’t like to make money?
4.) Wholesalers are an important piece of the real estate investment puzzle, so to speak. They play a very important role and one that allows you to always be focusing on your exit strategy.
3.) Because of their connections and years in the business, experienced Charlottesville wholesalers get first shot at the best deals in town.
2.) An experienced Charlottesville wholesaler has a goal to make sure the end investor is well taken care of. This can include providing related contacts (property management, contractors, title companies, etc) and could also mean providing rehab project management, for a fee. This service is vitally important to out of town buyers.
1.) Experienced wholesalers love helping you build your Charlottesville real estate investment portfolio and will go out of their way to see you succeed. It’s all about relationships, and a true wholesale pro wants to build one with you for the long term. After all, they’re in this business for the long haul.
Bottom line is experienced Charlottesville wholesalers are the best in every city at finding diamonds in the rough—and we all know that diamonds in the rough equal profits. Profits, and the freedom that comes with it, are the reasons we become real estate investors. Heck, more millionaires have been created through investing in real estate than any other vehicle.
History says the time to buy is in a down market. Who are we to argue with history?
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
Monday, July 20, 2009
Virginia Among the Top 10 in Foreclosure Filings
The US Foreclosure Market Report was published by RealtyTrac. It has some big numbers and shows where the Charlottesville Real Estate Market is headed along with the state of Virginia and the Nation. I have copied the report below for you to have.
1.9 MILLION FORECLOSURE FILINGS REPORTED ON MORE THAN 1.5 MILLION U.S. PROPERTIES IN FIRST HALF OF 2009
By RealtyTrac Staff
Foreclosure filings were reported on 336,173 U.S. properties in June, the fourth straight monthly total exceeding 300,000 and helping to boost the second quarter total to the highest quarterly total since RealtyTrac began issuing its report in the first quarter of 2005. Foreclosure filings were reported on 889,829 U.S. properties in the second quarter, an increase of nearly 11 percent from the previous quarter and a 20 percent increase from the second quarter of 2008.
“In spite of the industry-wide moratorium earlier this year, along with local, state and national legislative action and increased levels of loan modification activity, foreclosure activity continues to increase to record levels,” noted James J. Saccacio, chief executive officer of RealtyTrac.
“Unemployment-related foreclosures account for much of this increased activity, and the high number of borrowers who find themselves owing more on their mortgages than their homes’ are now worth represent a potentially significant future risk. Stemming the tide of foreclosures is a critical component to stabilizing the housing market, so it is imperative that the lending industry and the government work in tandem to find new approaches to address this issue.”
View heat map and share your comments on this report.
Nevada, Arizona, Florida post top state foreclosure rates
More than 6 percent of Nevada housing units (one in 16) received at least one foreclosure filing in the first half of 2009, giving it the nation’s highest foreclosure rate during the six-month period. A total of 68,708 Nevada properties received a foreclosure filing from January to June, an increase of 23 percent from the previous six months and an increase of 61 percent from the first half of 2008.
Arizona registered the nation’s second highest state foreclosure rate in the first half of 2009, with 3.37 percent of its housing units (one in 30) receiving at least one foreclosure filing, and Florida registered the nation’s third highest state foreclosure rate, with 3.08 percent of its housing units (one in 33) receiving at least one foreclosure filing.
Other states with foreclosure rates ranking among the nation’s 10 highest were California (2.94 percent), Utah (1.46 percent), Georgia (1.42 percent), Michigan (1.34 percent), Illinois (1.31 percent), Idaho (1.26 percent) and Colorado (1.25 percent).
California, Florida, Arizona post highest foreclosure totals
A total of 391,611 California properties received a foreclosure filing in the first half of 2009, the nation’s highest total and 2.94 percent of the state’s housing units (one in 34) — the nation’s fourth highest state foreclosure rate. California foreclosure activity in the first half of 2009 increased nearly 14 percent from the previous six months and increased nearly 15 percent from the first half of 2008.
With 268,064 properties receiving a foreclosure filing in the first six months of 2009, Florida documented the second highest state total. Florida foreclosure activity in the first half of 2009 increased 7 percent from the previous six months and was up nearly 42 percent from the first half of 2008.
Arizona’s 89,799 properties receiving a foreclosure filing in the first six months of 2009 was the third highest state total. Arizona foreclosure activity in the first half of 2009 increased 13 percent from the previous six months and was up nearly 55 percent from the first half of 2008.
Other states with totals among the 10 highest in the country were Illinois (68,932), Nevada (68,708), Michigan (60,786), Ohio (58,937), Georgia (56,391), Texas (49,144) and Virginia (28,368).
Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the first half of the year at the state and national level. Data is also available at the individual county level. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during six-month period, only the most recent filing is counted in the report.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
1.9 MILLION FORECLOSURE FILINGS REPORTED ON MORE THAN 1.5 MILLION U.S. PROPERTIES IN FIRST HALF OF 2009
By RealtyTrac Staff
U.S. Foreclosure Activity Up 11 Percent in Q2 to Highest Quarterly Total on Record
June Marks Fourth Straight Month with More Than 300,000 Properties with Filings
IRVINE, Calif. – July 16, 2009 – RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its Midyear 2009 U.S. Foreclosure Market Report, which shows a total of 1,905,723 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 1,528,364 U.S. properties in the first six months of 2009, a 9 percent increase in total properties from the previous six months and a nearly 15 percent increase in total properties from the first six months of 2008. The report also shows that 1.19 percent of all U.S. housing units (one in 84) received at least one foreclosure filing in the first half of the year.
Foreclosure filings were reported on 336,173 U.S. properties in June, the fourth straight monthly total exceeding 300,000 and helping to boost the second quarter total to the highest quarterly total since RealtyTrac began issuing its report in the first quarter of 2005. Foreclosure filings were reported on 889,829 U.S. properties in the second quarter, an increase of nearly 11 percent from the previous quarter and a 20 percent increase from the second quarter of 2008.
“In spite of the industry-wide moratorium earlier this year, along with local, state and national legislative action and increased levels of loan modification activity, foreclosure activity continues to increase to record levels,” noted James J. Saccacio, chief executive officer of RealtyTrac.
“Unemployment-related foreclosures account for much of this increased activity, and the high number of borrowers who find themselves owing more on their mortgages than their homes’ are now worth represent a potentially significant future risk. Stemming the tide of foreclosures is a critical component to stabilizing the housing market, so it is imperative that the lending industry and the government work in tandem to find new approaches to address this issue.”
View heat map and share your comments on this report.
Nevada, Arizona, Florida post top state foreclosure rates
More than 6 percent of Nevada housing units (one in 16) received at least one foreclosure filing in the first half of 2009, giving it the nation’s highest foreclosure rate during the six-month period. A total of 68,708 Nevada properties received a foreclosure filing from January to June, an increase of 23 percent from the previous six months and an increase of 61 percent from the first half of 2008.
Arizona registered the nation’s second highest state foreclosure rate in the first half of 2009, with 3.37 percent of its housing units (one in 30) receiving at least one foreclosure filing, and Florida registered the nation’s third highest state foreclosure rate, with 3.08 percent of its housing units (one in 33) receiving at least one foreclosure filing.
Other states with foreclosure rates ranking among the nation’s 10 highest were California (2.94 percent), Utah (1.46 percent), Georgia (1.42 percent), Michigan (1.34 percent), Illinois (1.31 percent), Idaho (1.26 percent) and Colorado (1.25 percent).
California, Florida, Arizona post highest foreclosure totals
A total of 391,611 California properties received a foreclosure filing in the first half of 2009, the nation’s highest total and 2.94 percent of the state’s housing units (one in 34) — the nation’s fourth highest state foreclosure rate. California foreclosure activity in the first half of 2009 increased nearly 14 percent from the previous six months and increased nearly 15 percent from the first half of 2008.
With 268,064 properties receiving a foreclosure filing in the first six months of 2009, Florida documented the second highest state total. Florida foreclosure activity in the first half of 2009 increased 7 percent from the previous six months and was up nearly 42 percent from the first half of 2008.
Arizona’s 89,799 properties receiving a foreclosure filing in the first six months of 2009 was the third highest state total. Arizona foreclosure activity in the first half of 2009 increased 13 percent from the previous six months and was up nearly 55 percent from the first half of 2008.
Other states with totals among the 10 highest in the country were Illinois (68,932), Nevada (68,708), Michigan (60,786), Ohio (58,937), Georgia (56,391), Texas (49,144) and Virginia (28,368).
Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the first half of the year at the state and national level. Data is also available at the individual county level. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during six-month period, only the most recent filing is counted in the report.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
Virginia Among the Top 10 in Foreclosure Filings
The US Foreclosure Market Report was published by RealtyTrac. It has some big numbers and shows where the Charlottesville Real Estate Market is headed along with the state of Virginia and the Nation. I have copied the report below for you to have.
1.9 MILLION FORECLOSURE FILINGS REPORTED ON MORE THAN 1.5 MILLION U.S. PROPERTIES IN FIRST HALF OF 2009
By RealtyTrac Staff
Foreclosure filings were reported on 336,173 U.S. properties in June, the fourth straight monthly total exceeding 300,000 and helping to boost the second quarter total to the highest quarterly total since RealtyTrac began issuing its report in the first quarter of 2005. Foreclosure filings were reported on 889,829 U.S. properties in the second quarter, an increase of nearly 11 percent from the previous quarter and a 20 percent increase from the second quarter of 2008.
“In spite of the industry-wide moratorium earlier this year, along with local, state and national legislative action and increased levels of loan modification activity, foreclosure activity continues to increase to record levels,” noted James J. Saccacio, chief executive officer of RealtyTrac.
“Unemployment-related foreclosures account for much of this increased activity, and the high number of borrowers who find themselves owing more on their mortgages than their homes’ are now worth represent a potentially significant future risk. Stemming the tide of foreclosures is a critical component to stabilizing the housing market, so it is imperative that the lending industry and the government work in tandem to find new approaches to address this issue.”
View heat map and share your comments on this report.
Nevada, Arizona, Florida post top state foreclosure rates
More than 6 percent of Nevada housing units (one in 16) received at least one foreclosure filing in the first half of 2009, giving it the nation’s highest foreclosure rate during the six-month period. A total of 68,708 Nevada properties received a foreclosure filing from January to June, an increase of 23 percent from the previous six months and an increase of 61 percent from the first half of 2008.
Arizona registered the nation’s second highest state foreclosure rate in the first half of 2009, with 3.37 percent of its housing units (one in 30) receiving at least one foreclosure filing, and Florida registered the nation’s third highest state foreclosure rate, with 3.08 percent of its housing units (one in 33) receiving at least one foreclosure filing.
Other states with foreclosure rates ranking among the nation’s 10 highest were California (2.94 percent), Utah (1.46 percent), Georgia (1.42 percent), Michigan (1.34 percent), Illinois (1.31 percent), Idaho (1.26 percent) and Colorado (1.25 percent).
California, Florida, Arizona post highest foreclosure totals
A total of 391,611 California properties received a foreclosure filing in the first half of 2009, the nation’s highest total and 2.94 percent of the state’s housing units (one in 34) — the nation’s fourth highest state foreclosure rate. California foreclosure activity in the first half of 2009 increased nearly 14 percent from the previous six months and increased nearly 15 percent from the first half of 2008.
With 268,064 properties receiving a foreclosure filing in the first six months of 2009, Florida documented the second highest state total. Florida foreclosure activity in the first half of 2009 increased 7 percent from the previous six months and was up nearly 42 percent from the first half of 2008.
Arizona’s 89,799 properties receiving a foreclosure filing in the first six months of 2009 was the third highest state total. Arizona foreclosure activity in the first half of 2009 increased 13 percent from the previous six months and was up nearly 55 percent from the first half of 2008.
Other states with totals among the 10 highest in the country were Illinois (68,932), Nevada (68,708), Michigan (60,786), Ohio (58,937), Georgia (56,391), Texas (49,144) and Virginia (28,368).
Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the first half of the year at the state and national level. Data is also available at the individual county level. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during six-month period, only the most recent filing is counted in the report.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
1.9 MILLION FORECLOSURE FILINGS REPORTED ON MORE THAN 1.5 MILLION U.S. PROPERTIES IN FIRST HALF OF 2009
By RealtyTrac Staff
U.S. Foreclosure Activity Up 11 Percent in Q2 to Highest Quarterly Total on Record
June Marks Fourth Straight Month with More Than 300,000 Properties with Filings
IRVINE, Calif. – July 16, 2009 – RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its Midyear 2009 U.S. Foreclosure Market Report, which shows a total of 1,905,723 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 1,528,364 U.S. properties in the first six months of 2009, a 9 percent increase in total properties from the previous six months and a nearly 15 percent increase in total properties from the first six months of 2008. The report also shows that 1.19 percent of all U.S. housing units (one in 84) received at least one foreclosure filing in the first half of the year.
Foreclosure filings were reported on 336,173 U.S. properties in June, the fourth straight monthly total exceeding 300,000 and helping to boost the second quarter total to the highest quarterly total since RealtyTrac began issuing its report in the first quarter of 2005. Foreclosure filings were reported on 889,829 U.S. properties in the second quarter, an increase of nearly 11 percent from the previous quarter and a 20 percent increase from the second quarter of 2008.
“In spite of the industry-wide moratorium earlier this year, along with local, state and national legislative action and increased levels of loan modification activity, foreclosure activity continues to increase to record levels,” noted James J. Saccacio, chief executive officer of RealtyTrac.
“Unemployment-related foreclosures account for much of this increased activity, and the high number of borrowers who find themselves owing more on their mortgages than their homes’ are now worth represent a potentially significant future risk. Stemming the tide of foreclosures is a critical component to stabilizing the housing market, so it is imperative that the lending industry and the government work in tandem to find new approaches to address this issue.”
View heat map and share your comments on this report.
Nevada, Arizona, Florida post top state foreclosure rates
More than 6 percent of Nevada housing units (one in 16) received at least one foreclosure filing in the first half of 2009, giving it the nation’s highest foreclosure rate during the six-month period. A total of 68,708 Nevada properties received a foreclosure filing from January to June, an increase of 23 percent from the previous six months and an increase of 61 percent from the first half of 2008.
Arizona registered the nation’s second highest state foreclosure rate in the first half of 2009, with 3.37 percent of its housing units (one in 30) receiving at least one foreclosure filing, and Florida registered the nation’s third highest state foreclosure rate, with 3.08 percent of its housing units (one in 33) receiving at least one foreclosure filing.
Other states with foreclosure rates ranking among the nation’s 10 highest were California (2.94 percent), Utah (1.46 percent), Georgia (1.42 percent), Michigan (1.34 percent), Illinois (1.31 percent), Idaho (1.26 percent) and Colorado (1.25 percent).
California, Florida, Arizona post highest foreclosure totals
A total of 391,611 California properties received a foreclosure filing in the first half of 2009, the nation’s highest total and 2.94 percent of the state’s housing units (one in 34) — the nation’s fourth highest state foreclosure rate. California foreclosure activity in the first half of 2009 increased nearly 14 percent from the previous six months and increased nearly 15 percent from the first half of 2008.
With 268,064 properties receiving a foreclosure filing in the first six months of 2009, Florida documented the second highest state total. Florida foreclosure activity in the first half of 2009 increased 7 percent from the previous six months and was up nearly 42 percent from the first half of 2008.
Arizona’s 89,799 properties receiving a foreclosure filing in the first six months of 2009 was the third highest state total. Arizona foreclosure activity in the first half of 2009 increased 13 percent from the previous six months and was up nearly 55 percent from the first half of 2008.
Other states with totals among the 10 highest in the country were Illinois (68,932), Nevada (68,708), Michigan (60,786), Ohio (58,937), Georgia (56,391), Texas (49,144) and Virginia (28,368).
Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the first half of the year at the state and national level. Data is also available at the individual county level. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during six-month period, only the most recent filing is counted in the report.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
Almost 2 Million Foreclosure Filings This Year!
Nearly two million foreclosure filings were recorded during the first half of the year, according to the market research company RealtyTrac. One in every 84 homes in the United States has received at least one foreclosure filing, the company says.
RealtyTrac released its mid-year 2009 U.S. Foreclosure Market Report Thursday, which shows a total of 1,905,723 foreclosure filings — including default notices, auction sale notices, and bank repossessions — were reported on 1,528,364 U.S. properties in the first six months of 2009. That figure represents a 9 percent increase from the previous six months and a nearly 15 percent increase from the first six months of 2008.
During the month of June alone, there were 336,173 properties with a foreclosure filing – the fourth straight month with more than 300,000, helping to boost the April through June total to the highest since RealtyTrac began issuing its report in 2005.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealetate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
RealtyTrac released its mid-year 2009 U.S. Foreclosure Market Report Thursday, which shows a total of 1,905,723 foreclosure filings — including default notices, auction sale notices, and bank repossessions — were reported on 1,528,364 U.S. properties in the first six months of 2009. That figure represents a 9 percent increase from the previous six months and a nearly 15 percent increase from the first six months of 2008.
During the month of June alone, there were 336,173 properties with a foreclosure filing – the fourth straight month with more than 300,000, helping to boost the April through June total to the highest since RealtyTrac began issuing its report in 2005.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealetate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
Almost 2 Million Foreclosure Filings This Year!
Nearly two million foreclosure filings were recorded during the first half of the year, according to the market research company RealtyTrac. One in every 84 homes in the United States has received at least one foreclosure filing, the company says.
RealtyTrac released its mid-year 2009 U.S. Foreclosure Market Report Thursday, which shows a total of 1,905,723 foreclosure filings — including default notices, auction sale notices, and bank repossessions — were reported on 1,528,364 U.S. properties in the first six months of 2009. That figure represents a 9 percent increase from the previous six months and a nearly 15 percent increase from the first six months of 2008.
During the month of June alone, there were 336,173 properties with a foreclosure filing – the fourth straight month with more than 300,000, helping to boost the April through June total to the highest since RealtyTrac began issuing its report in 2005.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealetate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
RealtyTrac released its mid-year 2009 U.S. Foreclosure Market Report Thursday, which shows a total of 1,905,723 foreclosure filings — including default notices, auction sale notices, and bank repossessions — were reported on 1,528,364 U.S. properties in the first six months of 2009. That figure represents a 9 percent increase from the previous six months and a nearly 15 percent increase from the first six months of 2008.
During the month of June alone, there were 336,173 properties with a foreclosure filing – the fourth straight month with more than 300,000, helping to boost the April through June total to the highest since RealtyTrac began issuing its report in 2005.
Rob Alley, Realtor at Keller Williams Charlottesville
540-250-3275 (cell)
roballeyrealtor@gmail.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealetate.blogspot.com
http://www.charlottesvilleshortsale.com
http://www.theaverygroup.com
Friday, June 26, 2009
Foreclose On My House, Please!!!!
While it sounds improbable, some American homeowners are pleading with their lenders to ‘hurry up and foreclose already!’ Homeowners who have fallen months behind on their mortgage payments sit idle, ready to move on with their lives but are unable, just waiting for their lender to make the next move.
While this “financial limbo” has brought great reprieve to some delinquent borrowers who have benefited from the “rent-free” living, for others, the limbo is a time of added stress, emotional pain, and financial liability. But the limbo not only financially hampers borrowers and investors, it poses a threat to future recovery:
The overhang of homes in limbo means that foreclosure rates are likely to increase dramatically during the second half of this year and into 2010 as lenders work through the backlog, said Bob Bellack, chairman of Zetabid, which auctions foreclosed properties.
More than ever, foreclosure has become an unattractive outcome for lenders.
This could in turn put renewed stress on financial firms that carry mortgages or mortgage-backed securities on their books. As a general policy, many firms have been marking down the value of those assets as the loans become delinquent. But once the homes go into foreclosure and are sold, their value could decline even more, prompting another round of losses at financial companies.
However, lenders have become so swamped with foreclosure filings that they’re having a truly difficult time keeping up. Moreover, our nation’s dedication to foreclosure-prevention programs has redirected a lot of lenders’ and servicers’ attention away from repossessing homes to refinancing rates and modifying loans:
“Lenders are having an immensely difficult time handling the capacity. They are torn between loan modification, short sales, foreclosures, and they are finding they can’t do all these things at once, and do them well, so we’re seeing a lot of things falling through the cracks,” said Howard Glaser, a housing industry consultant and a housing official during the Clinton administration.
Those cracks must be pretty big. According to NeighborWorks America, a large housing counseling group, 60% of homeowners who miss more than four payments before seeking help will end up in foreclosure.
Is a swift foreclosure process the most clear-cut way to speed up the housing recovery? Or has delayed foreclosures (including moratoriums) helped ease the devastating impact foreclosures have on the market?
Rob Alley, Realtor of The Avery Group at Roy Wheeler
540-250-3275 (cell)
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
While this “financial limbo” has brought great reprieve to some delinquent borrowers who have benefited from the “rent-free” living, for others, the limbo is a time of added stress, emotional pain, and financial liability. But the limbo not only financially hampers borrowers and investors, it poses a threat to future recovery:
The overhang of homes in limbo means that foreclosure rates are likely to increase dramatically during the second half of this year and into 2010 as lenders work through the backlog, said Bob Bellack, chairman of Zetabid, which auctions foreclosed properties.
More than ever, foreclosure has become an unattractive outcome for lenders.
This could in turn put renewed stress on financial firms that carry mortgages or mortgage-backed securities on their books. As a general policy, many firms have been marking down the value of those assets as the loans become delinquent. But once the homes go into foreclosure and are sold, their value could decline even more, prompting another round of losses at financial companies.
However, lenders have become so swamped with foreclosure filings that they’re having a truly difficult time keeping up. Moreover, our nation’s dedication to foreclosure-prevention programs has redirected a lot of lenders’ and servicers’ attention away from repossessing homes to refinancing rates and modifying loans:
“Lenders are having an immensely difficult time handling the capacity. They are torn between loan modification, short sales, foreclosures, and they are finding they can’t do all these things at once, and do them well, so we’re seeing a lot of things falling through the cracks,” said Howard Glaser, a housing industry consultant and a housing official during the Clinton administration.
Those cracks must be pretty big. According to NeighborWorks America, a large housing counseling group, 60% of homeowners who miss more than four payments before seeking help will end up in foreclosure.
Is a swift foreclosure process the most clear-cut way to speed up the housing recovery? Or has delayed foreclosures (including moratoriums) helped ease the devastating impact foreclosures have on the market?
Rob Alley, Realtor of The Avery Group at Roy Wheeler
540-250-3275 (cell)
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
Foreclose On My House, Please!!!!
While it sounds improbable, some American homeowners are pleading with their lenders to ‘hurry up and foreclose already!’ Homeowners who have fallen months behind on their mortgage payments sit idle, ready to move on with their lives but are unable, just waiting for their lender to make the next move.
While this “financial limbo” has brought great reprieve to some delinquent borrowers who have benefited from the “rent-free” living, for others, the limbo is a time of added stress, emotional pain, and financial liability. But the limbo not only financially hampers borrowers and investors, it poses a threat to future recovery:
The overhang of homes in limbo means that foreclosure rates are likely to increase dramatically during the second half of this year and into 2010 as lenders work through the backlog, said Bob Bellack, chairman of Zetabid, which auctions foreclosed properties.
More than ever, foreclosure has become an unattractive outcome for lenders.
This could in turn put renewed stress on financial firms that carry mortgages or mortgage-backed securities on their books. As a general policy, many firms have been marking down the value of those assets as the loans become delinquent. But once the homes go into foreclosure and are sold, their value could decline even more, prompting another round of losses at financial companies.
However, lenders have become so swamped with foreclosure filings that they’re having a truly difficult time keeping up. Moreover, our nation’s dedication to foreclosure-prevention programs has redirected a lot of lenders’ and servicers’ attention away from repossessing homes to refinancing rates and modifying loans:
“Lenders are having an immensely difficult time handling the capacity. They are torn between loan modification, short sales, foreclosures, and they are finding they can’t do all these things at once, and do them well, so we’re seeing a lot of things falling through the cracks,” said Howard Glaser, a housing industry consultant and a housing official during the Clinton administration.
Those cracks must be pretty big. According to NeighborWorks America, a large housing counseling group, 60% of homeowners who miss more than four payments before seeking help will end up in foreclosure.
Is a swift foreclosure process the most clear-cut way to speed up the housing recovery? Or has delayed foreclosures (including moratoriums) helped ease the devastating impact foreclosures have on the market?
Rob Alley, Realtor of The Avery Group at Roy Wheeler
540-250-3275 (cell)
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
While this “financial limbo” has brought great reprieve to some delinquent borrowers who have benefited from the “rent-free” living, for others, the limbo is a time of added stress, emotional pain, and financial liability. But the limbo not only financially hampers borrowers and investors, it poses a threat to future recovery:
The overhang of homes in limbo means that foreclosure rates are likely to increase dramatically during the second half of this year and into 2010 as lenders work through the backlog, said Bob Bellack, chairman of Zetabid, which auctions foreclosed properties.
More than ever, foreclosure has become an unattractive outcome for lenders.
This could in turn put renewed stress on financial firms that carry mortgages or mortgage-backed securities on their books. As a general policy, many firms have been marking down the value of those assets as the loans become delinquent. But once the homes go into foreclosure and are sold, their value could decline even more, prompting another round of losses at financial companies.
However, lenders have become so swamped with foreclosure filings that they’re having a truly difficult time keeping up. Moreover, our nation’s dedication to foreclosure-prevention programs has redirected a lot of lenders’ and servicers’ attention away from repossessing homes to refinancing rates and modifying loans:
“Lenders are having an immensely difficult time handling the capacity. They are torn between loan modification, short sales, foreclosures, and they are finding they can’t do all these things at once, and do them well, so we’re seeing a lot of things falling through the cracks,” said Howard Glaser, a housing industry consultant and a housing official during the Clinton administration.
Those cracks must be pretty big. According to NeighborWorks America, a large housing counseling group, 60% of homeowners who miss more than four payments before seeking help will end up in foreclosure.
Is a swift foreclosure process the most clear-cut way to speed up the housing recovery? Or has delayed foreclosures (including moratoriums) helped ease the devastating impact foreclosures have on the market?
Rob Alley, Realtor of The Avery Group at Roy Wheeler
540-250-3275 (cell)
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.charlottesvillevarealestate.blogspot.com
http://www.charlottesvilleshortsale.com
Wednesday, May 6, 2009
US Foreclosures Up 24 Percent In 1st Quarter 2009
The number of American households threatened with losing their homes grew 24 percent in the first three months of this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released Thursday, April 16th, 2009.
The big unknown for the coming months, however, is President Barack Obama's plan to help up to 9 million borrowers avoid foreclosure through refinanced mortgages or modified loans. The Obama administration expects its plans to make a big dent in the foreclosure crisis. But it remains to be seen whether the lending industry will fully embrace it, despite $75 billion in incentive payments.
The faltering economy is causing the housing crisis to spread. Nationwide, nearly 804,000 homes received at least one foreclosure-related notice from January through March, up from about 650,000 in the same time period a year earlier, according to RealtyTrac Inc., a foreclosure listing firm. During the quarter, Ohio was the state with the seventh highest number of homes seeing foreclosure activity with about 31,600 receiving at least one filing, up 1 percent from a year earlier.
In March, more than 340,000 properties were affected nationwide, up 17 percent from February and 46 percent from a year earlier. Ohio had 12,600 homes receiving foreclosure notices during the month, 12 percent more than during March 2008. Foreclosures "came back with a vengeance" last month and are likely to keep rising. Nearly 191,000 properties completed the foreclosure process and were repossessed by banks in the quarter. While the number was down 13 percent from the fourth quarter of last year, it is expected to rise through the summer and then possibly taper off.
Fannie Mae and Freddie Mac, the big mortgage finance companies, together with many banks had temporarily halted foreclosures in advance of Obama's plan. Now armed with the details about which borrowers can qualify, the mortgage industry has begun foreclosing on ineligible borrowers. The Treasury Department has signed contracts with six big loan servicing companies — including Citgroup, Wells Fargo and JPMorgan Chase. Many have already started processing loans as part of the government's "Making Home Affordable" plan.
In the coming months, there are still likely to be increased foreclosures, especially from vacant houses, second homes and those owned by speculators. None of those properties will qualify for a loan modification. However, overall foreclosures could start to decrease this summer. But even industry executives who emphatically support the plan emphasize that its success isn't guaranteed. Plus, the lending industry has been swamped by the unprecedented wave of calls from distressed borrowers.
In RealtyTrac's report, Nevada, Arizona, California and Florida had the nation's top foreclosure rates. In Nevada, one in every 27 homes received a foreclosure filing, while the number was one in every 54 in Arizona. Rounding out the top 10 were Illinois, Michigan, Georgia, Idaho, Utah and Oregon.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
The big unknown for the coming months, however, is President Barack Obama's plan to help up to 9 million borrowers avoid foreclosure through refinanced mortgages or modified loans. The Obama administration expects its plans to make a big dent in the foreclosure crisis. But it remains to be seen whether the lending industry will fully embrace it, despite $75 billion in incentive payments.
The faltering economy is causing the housing crisis to spread. Nationwide, nearly 804,000 homes received at least one foreclosure-related notice from January through March, up from about 650,000 in the same time period a year earlier, according to RealtyTrac Inc., a foreclosure listing firm. During the quarter, Ohio was the state with the seventh highest number of homes seeing foreclosure activity with about 31,600 receiving at least one filing, up 1 percent from a year earlier.
In March, more than 340,000 properties were affected nationwide, up 17 percent from February and 46 percent from a year earlier. Ohio had 12,600 homes receiving foreclosure notices during the month, 12 percent more than during March 2008. Foreclosures "came back with a vengeance" last month and are likely to keep rising. Nearly 191,000 properties completed the foreclosure process and were repossessed by banks in the quarter. While the number was down 13 percent from the fourth quarter of last year, it is expected to rise through the summer and then possibly taper off.
Fannie Mae and Freddie Mac, the big mortgage finance companies, together with many banks had temporarily halted foreclosures in advance of Obama's plan. Now armed with the details about which borrowers can qualify, the mortgage industry has begun foreclosing on ineligible borrowers. The Treasury Department has signed contracts with six big loan servicing companies — including Citgroup, Wells Fargo and JPMorgan Chase. Many have already started processing loans as part of the government's "Making Home Affordable" plan.
In the coming months, there are still likely to be increased foreclosures, especially from vacant houses, second homes and those owned by speculators. None of those properties will qualify for a loan modification. However, overall foreclosures could start to decrease this summer. But even industry executives who emphatically support the plan emphasize that its success isn't guaranteed. Plus, the lending industry has been swamped by the unprecedented wave of calls from distressed borrowers.
In RealtyTrac's report, Nevada, Arizona, California and Florida had the nation's top foreclosure rates. In Nevada, one in every 27 homes received a foreclosure filing, while the number was one in every 54 in Arizona. Rounding out the top 10 were Illinois, Michigan, Georgia, Idaho, Utah and Oregon.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
US Foreclosures Up 24 Percent In 1st Quarter 2009
The number of American households threatened with losing their homes grew 24 percent in the first three months of this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released Thursday, April 16th, 2009.
The big unknown for the coming months, however, is President Barack Obama's plan to help up to 9 million borrowers avoid foreclosure through refinanced mortgages or modified loans. The Obama administration expects its plans to make a big dent in the foreclosure crisis. But it remains to be seen whether the lending industry will fully embrace it, despite $75 billion in incentive payments.
The faltering economy is causing the housing crisis to spread. Nationwide, nearly 804,000 homes received at least one foreclosure-related notice from January through March, up from about 650,000 in the same time period a year earlier, according to RealtyTrac Inc., a foreclosure listing firm. During the quarter, Ohio was the state with the seventh highest number of homes seeing foreclosure activity with about 31,600 receiving at least one filing, up 1 percent from a year earlier.
In March, more than 340,000 properties were affected nationwide, up 17 percent from February and 46 percent from a year earlier. Ohio had 12,600 homes receiving foreclosure notices during the month, 12 percent more than during March 2008. Foreclosures "came back with a vengeance" last month and are likely to keep rising. Nearly 191,000 properties completed the foreclosure process and were repossessed by banks in the quarter. While the number was down 13 percent from the fourth quarter of last year, it is expected to rise through the summer and then possibly taper off.
Fannie Mae and Freddie Mac, the big mortgage finance companies, together with many banks had temporarily halted foreclosures in advance of Obama's plan. Now armed with the details about which borrowers can qualify, the mortgage industry has begun foreclosing on ineligible borrowers. The Treasury Department has signed contracts with six big loan servicing companies — including Citgroup, Wells Fargo and JPMorgan Chase. Many have already started processing loans as part of the government's "Making Home Affordable" plan.
In the coming months, there are still likely to be increased foreclosures, especially from vacant houses, second homes and those owned by speculators. None of those properties will qualify for a loan modification. However, overall foreclosures could start to decrease this summer. But even industry executives who emphatically support the plan emphasize that its success isn't guaranteed. Plus, the lending industry has been swamped by the unprecedented wave of calls from distressed borrowers.
In RealtyTrac's report, Nevada, Arizona, California and Florida had the nation's top foreclosure rates. In Nevada, one in every 27 homes received a foreclosure filing, while the number was one in every 54 in Arizona. Rounding out the top 10 were Illinois, Michigan, Georgia, Idaho, Utah and Oregon.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
The big unknown for the coming months, however, is President Barack Obama's plan to help up to 9 million borrowers avoid foreclosure through refinanced mortgages or modified loans. The Obama administration expects its plans to make a big dent in the foreclosure crisis. But it remains to be seen whether the lending industry will fully embrace it, despite $75 billion in incentive payments.
The faltering economy is causing the housing crisis to spread. Nationwide, nearly 804,000 homes received at least one foreclosure-related notice from January through March, up from about 650,000 in the same time period a year earlier, according to RealtyTrac Inc., a foreclosure listing firm. During the quarter, Ohio was the state with the seventh highest number of homes seeing foreclosure activity with about 31,600 receiving at least one filing, up 1 percent from a year earlier.
In March, more than 340,000 properties were affected nationwide, up 17 percent from February and 46 percent from a year earlier. Ohio had 12,600 homes receiving foreclosure notices during the month, 12 percent more than during March 2008. Foreclosures "came back with a vengeance" last month and are likely to keep rising. Nearly 191,000 properties completed the foreclosure process and were repossessed by banks in the quarter. While the number was down 13 percent from the fourth quarter of last year, it is expected to rise through the summer and then possibly taper off.
Fannie Mae and Freddie Mac, the big mortgage finance companies, together with many banks had temporarily halted foreclosures in advance of Obama's plan. Now armed with the details about which borrowers can qualify, the mortgage industry has begun foreclosing on ineligible borrowers. The Treasury Department has signed contracts with six big loan servicing companies — including Citgroup, Wells Fargo and JPMorgan Chase. Many have already started processing loans as part of the government's "Making Home Affordable" plan.
In the coming months, there are still likely to be increased foreclosures, especially from vacant houses, second homes and those owned by speculators. None of those properties will qualify for a loan modification. However, overall foreclosures could start to decrease this summer. But even industry executives who emphatically support the plan emphasize that its success isn't guaranteed. Plus, the lending industry has been swamped by the unprecedented wave of calls from distressed borrowers.
In RealtyTrac's report, Nevada, Arizona, California and Florida had the nation's top foreclosure rates. In Nevada, one in every 27 homes received a foreclosure filing, while the number was one in every 54 in Arizona. Rounding out the top 10 were Illinois, Michigan, Georgia, Idaho, Utah and Oregon.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
No Bankruptcy Help For Homeowners
The Obama administration lost a bid to add a powerful weapon in its fight against foreclosure on Thursday, April 30th, 2009 after the Senate voted down a proposal to allow bankruptcy judges to modify mortgages. The defeat left many housing advocates questioning the effectiveness of the president's loan modification plan. The so-called cramdown provision, which would allow judges to reduce mortgage principal, would have put pressure on servicers to modify loans before borrowers file for bankruptcy.
The financial industry lobbied hard against the bill, arguing that letting judges change mortgage contracts would add instability to the market and raise interest rates. Senate Republicans and some moderate Democrats were concerned about the bill's impact and about the growing resentment among homeowners in good standing.
The bill was defeated by a 51-45 vote. The House had passed similar legislation last month.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
http://www.charlottesvilleshortsale.com
The financial industry lobbied hard against the bill, arguing that letting judges change mortgage contracts would add instability to the market and raise interest rates. Senate Republicans and some moderate Democrats were concerned about the bill's impact and about the growing resentment among homeowners in good standing.
The bill was defeated by a 51-45 vote. The House had passed similar legislation last month.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
http://www.charlottesvilleshortsale.com
No Bankruptcy Help For Homeowners
The Obama administration lost a bid to add a powerful weapon in its fight against foreclosure on Thursday, April 30th, 2009 after the Senate voted down a proposal to allow bankruptcy judges to modify mortgages. The defeat left many housing advocates questioning the effectiveness of the president's loan modification plan. The so-called cramdown provision, which would allow judges to reduce mortgage principal, would have put pressure on servicers to modify loans before borrowers file for bankruptcy.
The financial industry lobbied hard against the bill, arguing that letting judges change mortgage contracts would add instability to the market and raise interest rates. Senate Republicans and some moderate Democrats were concerned about the bill's impact and about the growing resentment among homeowners in good standing.
The bill was defeated by a 51-45 vote. The House had passed similar legislation last month.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
http://www.charlottesvilleshortsale.com
The financial industry lobbied hard against the bill, arguing that letting judges change mortgage contracts would add instability to the market and raise interest rates. Senate Republicans and some moderate Democrats were concerned about the bill's impact and about the growing resentment among homeowners in good standing.
The bill was defeated by a 51-45 vote. The House had passed similar legislation last month.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
http://www.charlottesvilleshortsale.com
Thursday, April 30, 2009
Investing in Charlottesville Short Sales and Foreclosures is Easy
The recent economic climate is providing awesome opportunities for savvy investors. Right now there is an ample supply of empty, under-priced and foreclosure listings of properties in nearly every city in the United States. These properties are available at every price level and in every condition.
Real estate markets will go in cycles. Right now we are really seeing the downward cycle and many foreclosure listings but this trend will sooner or later reverse and the prices will start to rise again. It’s inevitable. If you follow the investors maxim of “buy low, sell high” then now is the time to buy homes and foreclosure listings because prices are so low.
There are a few ways to purchase these under-priced properties and foreclosure listings. Right now there are homeowners who are essentially “upside-down” on their mortgage. In a pre-foreclosure sale a lender will allow a homeowner who is delinquent on their payments to sell the home and pay the proceeds back to the lender. If the home will only sell at a price that is less than what the homeowner owes on the note the case is called a “short sale”. There are many short sale opportunities available right now. Look at your local MLS or contact a realtor.
Another thing you can do to find great deals in foreclosure listings is to look for foreclosure auctions. The foreclosure auction is most often held at the local courthouse of the county of the property. Just like any auction the property is taken by the highest bidder. Usually the price you can get these foreclosure listings at is very reasonable as there are not often many bidders. The homes are sold “as is” though so be aware that you may have to pay for some repairs before selling or renting the property.
If the bank has to take the home back into foreclosure they will want to get the property off of their books as soon as possible. Therefore they are often very motivated and will lower the price on these foreclosure listings until they are gone. Most often they will use a realtor so check your local MLS. Occasionally they will do some repairs but sometimes they will sell the property “as is”. Do your due diligence inspections before you purchase.
Unlike the stock market when you buy real estate no matter what happens to the economy you will still have the property and it will still have some value. Real estate will never lose all of its value and the value will eventually go back up. People will always need a place to live. Because of this, real estate and especially foreclosure listings can be a savvy investment in these uncertain economic times.
When you invest in foreclosure listings, it is crucial to make sure that you do all of the same inspections and due diligence that you would do if you were purchasing the property to live in. You will be responsible for any repairs. It is also important to have your funds in order be it cash or bank financing.
But now is an an opportune time to invest in real estate and foreclosure listings in almost any market in the United States because the prices are low and the opportunity for profit is very good.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
Real estate markets will go in cycles. Right now we are really seeing the downward cycle and many foreclosure listings but this trend will sooner or later reverse and the prices will start to rise again. It’s inevitable. If you follow the investors maxim of “buy low, sell high” then now is the time to buy homes and foreclosure listings because prices are so low.
There are a few ways to purchase these under-priced properties and foreclosure listings. Right now there are homeowners who are essentially “upside-down” on their mortgage. In a pre-foreclosure sale a lender will allow a homeowner who is delinquent on their payments to sell the home and pay the proceeds back to the lender. If the home will only sell at a price that is less than what the homeowner owes on the note the case is called a “short sale”. There are many short sale opportunities available right now. Look at your local MLS or contact a realtor.
Another thing you can do to find great deals in foreclosure listings is to look for foreclosure auctions. The foreclosure auction is most often held at the local courthouse of the county of the property. Just like any auction the property is taken by the highest bidder. Usually the price you can get these foreclosure listings at is very reasonable as there are not often many bidders. The homes are sold “as is” though so be aware that you may have to pay for some repairs before selling or renting the property.
If the bank has to take the home back into foreclosure they will want to get the property off of their books as soon as possible. Therefore they are often very motivated and will lower the price on these foreclosure listings until they are gone. Most often they will use a realtor so check your local MLS. Occasionally they will do some repairs but sometimes they will sell the property “as is”. Do your due diligence inspections before you purchase.
Unlike the stock market when you buy real estate no matter what happens to the economy you will still have the property and it will still have some value. Real estate will never lose all of its value and the value will eventually go back up. People will always need a place to live. Because of this, real estate and especially foreclosure listings can be a savvy investment in these uncertain economic times.
When you invest in foreclosure listings, it is crucial to make sure that you do all of the same inspections and due diligence that you would do if you were purchasing the property to live in. You will be responsible for any repairs. It is also important to have your funds in order be it cash or bank financing.
But now is an an opportune time to invest in real estate and foreclosure listings in almost any market in the United States because the prices are low and the opportunity for profit is very good.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
Investing in Charlottesville Short Sales and Foreclosures is Easy
The recent economic climate is providing awesome opportunities for savvy investors. Right now there is an ample supply of empty, under-priced and foreclosure listings of properties in nearly every city in the United States. These properties are available at every price level and in every condition.
Real estate markets will go in cycles. Right now we are really seeing the downward cycle and many foreclosure listings but this trend will sooner or later reverse and the prices will start to rise again. It’s inevitable. If you follow the investors maxim of “buy low, sell high” then now is the time to buy homes and foreclosure listings because prices are so low.
There are a few ways to purchase these under-priced properties and foreclosure listings. Right now there are homeowners who are essentially “upside-down” on their mortgage. In a pre-foreclosure sale a lender will allow a homeowner who is delinquent on their payments to sell the home and pay the proceeds back to the lender. If the home will only sell at a price that is less than what the homeowner owes on the note the case is called a “short sale”. There are many short sale opportunities available right now. Look at your local MLS or contact a realtor.
Another thing you can do to find great deals in foreclosure listings is to look for foreclosure auctions. The foreclosure auction is most often held at the local courthouse of the county of the property. Just like any auction the property is taken by the highest bidder. Usually the price you can get these foreclosure listings at is very reasonable as there are not often many bidders. The homes are sold “as is” though so be aware that you may have to pay for some repairs before selling or renting the property.
If the bank has to take the home back into foreclosure they will want to get the property off of their books as soon as possible. Therefore they are often very motivated and will lower the price on these foreclosure listings until they are gone. Most often they will use a realtor so check your local MLS. Occasionally they will do some repairs but sometimes they will sell the property “as is”. Do your due diligence inspections before you purchase.
Unlike the stock market when you buy real estate no matter what happens to the economy you will still have the property and it will still have some value. Real estate will never lose all of its value and the value will eventually go back up. People will always need a place to live. Because of this, real estate and especially foreclosure listings can be a savvy investment in these uncertain economic times.
When you invest in foreclosure listings, it is crucial to make sure that you do all of the same inspections and due diligence that you would do if you were purchasing the property to live in. You will be responsible for any repairs. It is also important to have your funds in order be it cash or bank financing.
But now is an an opportune time to invest in real estate and foreclosure listings in almost any market in the United States because the prices are low and the opportunity for profit is very good.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
Real estate markets will go in cycles. Right now we are really seeing the downward cycle and many foreclosure listings but this trend will sooner or later reverse and the prices will start to rise again. It’s inevitable. If you follow the investors maxim of “buy low, sell high” then now is the time to buy homes and foreclosure listings because prices are so low.
There are a few ways to purchase these under-priced properties and foreclosure listings. Right now there are homeowners who are essentially “upside-down” on their mortgage. In a pre-foreclosure sale a lender will allow a homeowner who is delinquent on their payments to sell the home and pay the proceeds back to the lender. If the home will only sell at a price that is less than what the homeowner owes on the note the case is called a “short sale”. There are many short sale opportunities available right now. Look at your local MLS or contact a realtor.
Another thing you can do to find great deals in foreclosure listings is to look for foreclosure auctions. The foreclosure auction is most often held at the local courthouse of the county of the property. Just like any auction the property is taken by the highest bidder. Usually the price you can get these foreclosure listings at is very reasonable as there are not often many bidders. The homes are sold “as is” though so be aware that you may have to pay for some repairs before selling or renting the property.
If the bank has to take the home back into foreclosure they will want to get the property off of their books as soon as possible. Therefore they are often very motivated and will lower the price on these foreclosure listings until they are gone. Most often they will use a realtor so check your local MLS. Occasionally they will do some repairs but sometimes they will sell the property “as is”. Do your due diligence inspections before you purchase.
Unlike the stock market when you buy real estate no matter what happens to the economy you will still have the property and it will still have some value. Real estate will never lose all of its value and the value will eventually go back up. People will always need a place to live. Because of this, real estate and especially foreclosure listings can be a savvy investment in these uncertain economic times.
When you invest in foreclosure listings, it is crucial to make sure that you do all of the same inspections and due diligence that you would do if you were purchasing the property to live in. You will be responsible for any repairs. It is also important to have your funds in order be it cash or bank financing.
But now is an an opportune time to invest in real estate and foreclosure listings in almost any market in the United States because the prices are low and the opportunity for profit is very good.
Rob Alley, Realtor
The Avery Group at Roy Wheeler
540-250-3275
roballey@roywheeler.com
http://www.robsellscharlottesville.com
http://www.forestlakesliving.com
http://www.theaverygroup.com
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