What are my financing options available at the time of a sale of realestate property to compensate for monies owed mortgage company due to falling appraised value of the home? In other words, price/sale of home will not pay off the outstanding mortgage balance. Thanks.
You will have to ask the lender if they can do a short sale or personal, unsecured loan if you wish to sell your home for less than what you owe on it. Those are your two options.
If you’re already under contract to sell your home, you’d better start making some phone calls ASAP and have your Realtor help you with this.
Best of luck to you!
tica checks a persons rental history any websites of real estates that dont check will be handy
a website that does what to what?
Use proper English if you are going to ask a question. This sentence is total nonsense
I want to unofficially put my house on the market to sell it in the next 6 months. Can I call a few local Realtors who have sold houses in my neighborhood and tell them I’ll give them 4% if they find a buyer. Or should I only post ads on the internet?
I have 50% equity, so there wouldn’t be an issue with the banks.
Absolutely. This is a very good idea for you.
However, I would call their brokers (their bosses) instead of the individual realtors. Ask those brokers to bring their whole office of realtors by your house after one of their sales meetings. These meetings are generally on Tuesday mornings. This way, instead of getting one realtor per phone call, you’ll get entire offices with one phone call.
And this way, the realtors in the offices that you call will feel like they’ve got an advantage over their competitors at other offices, because they know where one more home for sale is than those other realtors. To the realtors that know about your home for sale, it will become known as a "pocket listing". This is a listing that a realtor knows about, but that does not show up on the local MLS.
And by the way, 4% is too much. Only offer 3%, because that’s all that a realtor would get from any other home for sale on their local MLS.
Good luck to you! Oh, and you also need to be prepared for 50+ different realtors to ask you to list your home with them. This is just a by-product of what you’re about to do. Just deal with it.
do realestate have anything to doo with make…4 example..the person thats selling the house do they have to deal with math?
no, you don’t really need to know that much math. you will have to MEMORIZE things such as how many feet are in a mile, but only for the real estate exam.
marketing real estate SHOULD involve you really and truly wanting to help PEOPLE. some of that will require you to learn a few little math tricks, but you just buy a calculator and have the mortgage broker that you like, who is reputable and caring also, give you a little card that will give you applicable rates, so it’s easy to figure out the principal and interest charges on a mortgage per month. it is so easy!
as for comparables: the computer does all the work. you have to get to know the BUSINESS of selling real estate, which has everything to do with people skills and high ethics. your business will be easy if you attain a good reputation immediately. your clients will send you clients (ask them to), and so on. then you do not always have to search for new business.
the real estate field is only this: service, service, service for people, people, people, who want location, location, location. that is all it is. the better you understand that, the better you will be in the business. if you need to understand math for some client’s question, you tell him you don’t know the answer right then and there, but will be happy to call him immediately after you talk to your manager. the broker manager where you work will show you how to calculate whatever figure he wants. then you call him, that same day, with what you promised you’d get for him. that is called SERVICE.
ethics come into play because the most important thing for you to do as an agent is to act as an AGENT (look that word up in a few dictionaries). that means that you always put the interests of your client ahead of your own. you protect your client, who is sometimes a seller and sometimes a buyer, and occasionally (this one can be tough) a dual agent for both parties. you get help from your managing broker in such a situation and handle it carefully. remember: it is the client that counts. you will count soon enough, when you close the deal, but before then, all that counts is your service to your client.
i wish you all the luck i can! this is a very stressful business. you never know from one year to the next how you will continue to live. some years are lean, some are fatty. save money from those that are fatty!
I have an LLC that buys realestate. I am the sole owner. Do I file this on an LLC?
Single member unincorporated LLC uses schedule C with the 1040.
Local and State and Federal tax plus lawn care and maintanance must be taking its toll. The cold weather makes it harder to take care of abandon property in particular since the pipes can break if left unchecked.
They are sitting on them until the market really improve. See what happened to Silverado S&L back in the 1990’s. In the late 90’s, the assets were sold for a huge profit.
DTG
I was chatting with a friend on what best to do to get a steady source of income and he talked about investing in real estates. i’ve never done real estates investment so i’ll like to know if its a sure way to make good money
Investing in real estate has been one of the hottest business trends today. The industry has proved to be very profitable despite the shaky economy that we are currently facing. Through the years, it has made many millionaires and billionaires – beginners and experienced alike. What does this entail? This simply means that one does not necessarily need to have a solid real estate background. All it takes is firsthand real estate mentoring along the way and you are sure to useful insights which you may want to apply in your business. Below are some mentoring tips to help you get started:
1. Find your niche. Real estate offers a wide range of areas to choose from – rehabbing properties, flipping houses, wholesaling houses, rental properties and many others. Before you take your pick, take time to evaluate your strengths and your weaknesses not only as an investor but more importantly, as a person. Will you be good at rehabbing? Or do you think wholesaling houses will be best for you?
2. Always make sure that you buy the right property. One very important reminder to keep in mind when investing is to purchase the right property. One of the common mistakes that new rehabbers make is buying a property located in high-demand areas. Experienced investors think that houses located in low-profile areas make more profits than those located in classy neighbourhoods.
3. Join an REI Club. Joining a real estate investment club gives you the chance to expand your network. More than just that, it also gives you the chance to learn continuously. Ask around and observe. The best real estate coach is the one who have experienced the industry themselves.
4. Where will you get your financial capital? Will you get your capital from your personal savings? If you plan to borrow from banks or other traditional lending institutions, keep in mind that you will be asked to pass a wide range of documents to get your loan approved.
5. Do not dream too big on your first project. If you want to make sure that you will succeed, keep your first project simple and feasible.
I am 26 and thinking about getting into real estate in upscale areas. Are young realtors ata a disadvantage?
You are not necessarily at a disadvantage.Your best source of customers can come from lenders.I encourage you to move forward in getting your real estate license.I have sold real estate now for three years and am earninga very good income.
I’m planning on moving to San Anotnio to renevate and sell houses and keep some of them for rentals. Does anyone have some info that leed me in the right direction? Also How is it living in SAn Antonio?
Hi Jessica, I live in San Antonio and the real estate is cooling off but not experiencing the drop in real estate market like in Dallas and other cities. People will say "NORTHSIDE! NORTHSIDE! NORTHSIDE!" but I think it’s a overbuilt market that is very susceptible to the overall national downturn in real estate. There are actually some great fixer uppers in the Southeast side. Any neighborhood along I37 south of Southcross out towards Military Drive. Good deals to be made down there. I also suggest checking out neighborhoods in the NOrth Central area. That would be north of downtown, East of I-10 but West of Hwy 281 and no farther North than about Basse Rd.
Also check out www.sareia.com
It’s the website for San Antonio Real Estate Investor Association. It’s basically a business association catered to people like you (and hopefully me one day).
Good luck. I love living in SA. I’ve lived in other towns but San Antonio is my home.
Edmonton Real Estate Agents Kerri-lyn Holland and Loida Lumanlan of REMAX River City in Edmonton, Alberta talk about how to effectively price your home. Edmonton Realtors like Kerri-lyn Holland have great experience and can guide the first time home buyer or seller to an effective close. Edmonton homes,homes, strathcona homes, strathcona properties, Edmonton real estate investors, women entrepreneurs, Greater Edmonton region real estate market, Edmonton realty edmontonrealestate and blog www.edmontonrealtor.wordpress.com, Glenora, Sherwood Park real estate, Spruce Grove, St. Albert real estate, home sales, home buyers, Edmonton home sales, edmonton real estate advice. www.fusedlogic.com
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