Archive for November, 2009
Cash In On The Crisis
There is a time in every real estate cycle when prices and other market conditions make real estate a perfect investing opportunity. Right now is that time. Falling real estate prices a worldwide economic slump rising unemployment and a credit crunch make todays market a onceinalifetime opportunity to turn pain into profit not by exploiting the pain of others but by offering people a way out of housing situations that are crushing their economic will to survive. Heres how you can help others while building a financial future that will forever change your life.
Never before in our nations history have so many factors simultaneously created so much opportunity for investors who are poised to provide viable solutions for people who need immediate relief. Motivated sellers are literally everywhere you look and these people are motivated by a variety of factors.
Rising unemployment Millions of Americans have already lost their jobs and it is unknown when some of the people who have lost jobs will be able to get back to work. Most families rely on two incomes in order to survive financially. Unemployment compensation helps but the reality is that it just isnt enough. Faced with the prospect of foreclosure most people would rather protect their credit and walk away from their homes. In time their personal situation will improve and theyll be ready to jump back into the home ownership saddle and take another ride on another horse.
Credit Crunch As the credit markets have constricted millions of good people have lost the ability to refinance their homes. Some of them maybe shouldnt have been given mortgages in the first place but a lot of them were simply people hoping to improve their lives and join the ranks of those who own their own homes. Unfortunately the loans they got locked into had terms that would do a loan shark proud. Now they have no way out and the government has been slow to respond to their needs.
A Need to Relocate People whose picture of the American Dream has been shattered by divorce job loss touched by an untimely death or any one of a hundred different reasons are motivated to sell their properties quickly so they can chase a dream or rebuild their lives. Many of them simply cant move until or unless they can sell their home. A large number of these people dont have the luxury of waiting for the perfect offer. They need an offer they can live with so they can do what they need or want to do.
As you can clearly see there are a lot of reasons for being motivated to sell quickly. By being available to purchase these properties you can give people the flexibility and the freedom to get on with the next chapter of their lives wherever that might be or whatever that might entail.
While youre helping people youll also be building a lucrative future for yourself one filled with wealth and good fortune. So learn all the techniques youll need to provide maximum help to as many people as you can. Whether youre putting together a short sale wholesaling or buying property with private money todays market is full of opportunity.
If youre long on desire to help but short on knowledge about how one real estate investor can really help to improve other peoples lives while getting rich point your web browser to www.REIconferences.com. The time is now to secure your financial vitality and the success youve been dreaming of.
About the writer: Charrissa Cawley is the founder of www.reiconferences.com one of the fastest growing real estate investment training organizations in the US in addition to www.rewexclub.com the top rated Real Estate Investor Community on the web today.
California Home Investing
All over the country investors are seeking out good markets for their real estate dollars. It can be a difficult choice as there are definitely a few desirable markets out there. The more popular vacation destinations in the U.S. are always thriving and do not seem to be as affected by fluctuations in the real estate market. California has always been a market that has been a safe bet for investors. The fantastic climate wealth of recreational and entertainment options have made it an ideal investment area especially when looking for a vacation home.
California has some great communities for the investor to consider. But we would be remiss not to mention the communities at Thunderbird Country Club. As California’s oldest desert golf course Thunderbird is comprised of several communities woven about the scenic desert links. This is truly a magnificent place to live or to keep as a retreat from the hectic pace of everyday life. Living in a golf course or country club community is vastly different from the average home or community. Imagine waking up every day and seeing the freshly tended greens and lush fairways knowing that you have a morning teetime that will take you throughout the community in which you live. Sounds nice doesn’t it?
Each of the communities that make up the Thunderbird Country Club has it’s own distinct take of Country Club living. Whether you’re looking for a property with a view of the club greens or a private estate at the edge of the desert Thunderbird has a residential area to suit you. First developed in the 1950s and 60s Thunderbird communities are a throwback to the golden age of mid20th century architecture. Vintage Thunderbird homes are notable for their use of clean lines glass and spaces blending indoors and outdoors in an elegantly informal style known as Desert Modernism. Thunderbird real estate like Palm Springs just to the north is renowned for its historic architecture and attractive community layouts. New home construction in recent years has added a stylish touch of modernity and opened up the area to more buyers.
About the writer: Cyndi Gerken and her husband Cary both specialize in Thunderbird Country Club Communities. For the best in California Golf Communities Cyndi and Cary are your “in the know” Thunderbird experts. Please don’t hesitate to contact us with any questions you may have.
Buy Repossessed Houses At Auction
The housing market is in crisis estate agencies are closing hand over fist and unemployments rising. To top things off hikes in the cost of living are making life very difficult for homeowners who stretched their finances too far when house prices were high.
But theres a bright side to every story. The positive slant on this terrible situation is that there are an increasing number of opportunities for buying a repossessed house. If buying a home of your own has been an unreachable dream for the past decade it might soon be a reality. Interest rates are at an all time low and mortgage rates should eventually follow. If youre a first time buyer without a property to sell the worlds your oyster provided you can borrow the money.
Obviously there are advantages and disadvantages to buying a repossessed house or flat. The smoother you can make the process and the more pitfalls you can manage to avoid the more successful your first step onto the property market will be.
Most people think auctions when they think about house repossessions. And thats a good place to start. The USA has a database of repossessed homes but the UK doesnt and many UK house repossessions are sold at auction by lenders.
Household name auction house Allsops is an independent property consulting company with a solid reputation for residential property auctions. Probably the UKs biggest they sell around a billion pounds worth of homes a year at auction spread across seven massive auctions a year with between 250 and 350 properties at each auction. A good choice if you feel safer dealing with a well known brand name. But there are also local property auctions in most major towns.
Estate Agents also sell repossessions although they dont always proclaim the fact. Youll have to actually go in and ask. Another route into buying a repossessed house is to simply ask around the banks and building societies in the area you want to buy personally. While they dont openly advertise repossessions they need to sell the repossessions on their books and theyll probably be happy to give you details. Another simple way to find repossessed homes for sale is check for announcements in the local papers. Offers are always publicised in case a better offer comes along to ensure the best possible deal for the seller.
The internet has revolutionised buying repossessed houses. Theres a good choice of specialist online providers who collect together UK house repossession auctions in one place so you can search them effectively from one place Repossessedhousesforsale.co.uk is one. They hold a database of UK auction properties including details of local auctioneers and auction dates and provide links to online auction catalogues property details and guide prices. A great way to save time.
Whichever route you arrive at an auction by buying a repossessed house at auction can save you a fortune in estate agency fees. But itll still cost you money and you need to be prepared.
The same as an ordinary house purchase buying at auction requires a deposit. Youll generally need to fork out 10 of the purchase price which means you need to have a firm grip on exactly what you can bid based on how much cash deposit you can scrape together. You pay the deposit as soon as youve bought a property before you leave the auction house.
After that you have 28 days to pay the balance no excuses. Buying a repossessed house at auction is a legally binding contract and you cant back out. Because the wheels of mortgage lenders tend to turn very very slowly its wise to get your loan agreed before you go anywhere near an auction house.
In difficult times auction mortgages are as rare as ordinary mortgages. There are fewer deals around and perhaps unsurprisingly nobody seems to be advertising auctionspecific deals. The first port of call should be your bank. Provided you have a good relationship with them they should be able to give you a very fast decision about whether or not theyd be prepared to lend the money to buy a repossessed house.
Once you know what your bank can or cant offer its a good idea to let a Mortgage Broker loose on your case. Independent brokers unlike tied brokers have access to the entire UK mortgage market and can trawl around to find you the best deal. And they know the lingo which helps. A tip: remember to tell your broker that you want a mortgage specifically for buying a repossessed house at auction. He or she will coordinate your mortgage approval date with your chosen auction date so everything is ready in good time.
But what of the future?
Will we all be knee deep in low cost repossessed houses and flats for the next decade? Are property prices due to keep falling or will they recover? Predictions are mixed.
Savills is another of the property big boys a leading name in UK residential estate agency and commercial property. While they dont auction repossessed houses they do a great deal of research into the housing market and their views are well respected. In an article published in The Times on 14th November 2008 Savills Head of Residential Research Yolande Barnes said
the roots of Britains downturn lie in the credit crisis and the consequent withdrawal of funding by lenders The UK housing market really is a different country: in the US as many as one homeowning household in 16 has defaulted on its mortgage or faces repossession compared with fewer than one in 200 in Britain. To predict that the UK housing market will fall by 40 per cent and remain at these new corrected levels is to ignore the role of finite supply and the use of equity. In other words dont be fooled by all the doom and gloom.
Sadly Yolande seems to be swimming against a pessimistic tide. The majority of experts insist that the housing market is broken and will remain so for the foreseeable future. It appears that things could swing either way. Whoevers right it doesnt change the fact that buying a repossessed a repossessed house in todays market can net you an excellent deal. Provided you can find the finance!
About the writer: Mark Jenkins is a writer for HouseRepossession.co.uk. Independent guidance on all aspects of home repossession remortgages debt consolidation buying repossessed homes.