Real Estate

Where can I find motivated sellers, not sellers who are just testing the waters to see what they can get for their home. I want to find a Good Deal! Maybe a homeowner who is in process of foreclosure and need to sell at a discounted price below market value. I am buying the property for investment purposes. Any realestate broker or agent who is willing to find me a DEAL?

There are always foreclosures listed in the paper. Try starting there.

I am buying a short sale property in the Detroit Metro Area. Here is what has been happening:

4.21.09 – Offer accepted by seller

4.23.09 – Realestate Office cashed Earnest Money Check

4.28.09 – Full Package sent in to CW with all docs and our pre-approval.

5.14.09 – Apraisal/BPO check cashed, done that week and sent to CW. Full Package with Appraisal / BPO sent to CW.

5.28.09 – found out that appraisal was done weeks ago and it approved for 71,000 or something like that.

6.2.09 – Told by Mortgage Lady that the house is ours, just waiting for a closing date… which I assume means CW accepted offer.

6.3.09 – Realestate Lady tells me "hoping to close in 2.5 weeks" (should be 6.22.09)

6.11.09 – Real Estate Lady tells me "setting a closing date in 7-10 days" (should be 6.22.09) Also, says CW has 24 files ahead of us, we are #25 in line.

6.19.09 – Mortgage Lady talks to Buyers Agent, no new news.

6.25.09 – Mortgage Lady and Buyers Agent say a few more weeks still to get a closing date (about Thursday 7.9.09)

6.26.09 – Sent in My Hardship Letter to CW (yes, me the buyer sent in a hardship letter, Buyers Agent who is a short sale specialist thinks it’s a good idea if we can get CW to sympathize with us and might bump our file up.. don’t know if it worked though..lol)

7.1.09 – Offer RE-submitted to PMI Negotiator to accept $1,000 from seller because they asked for $1000.00 from seller. (should have an answer next week sometime)

7.13.09 – It’s day 83! Today, no news as of yet (12:45pm). PMI Negotiators has had file for 13 days now and that’s after it was resubmitted with money from the seller that they wanted.

So, I guess my question is… how long does this PMI Negotiator take? They have had the re-submitted file for almost 2 weeks. What is going on?

Everything went so fast in the begining I thought we would be closing in 2 months..but In 1 week and 1 day, this short sale is going to be starting it’s 4th month…. Ridiculous.

It is very frustrating – I agree.

But remember that CW is not the seller. They are trying to decide if they will be better off cutting their losses and accepting a short amount as the full payoff of the mortgage. The PMI company is taking all or at least part of the loss (they insure to riskiest part of a mortgage loan) so they have to sign off on this agreement.

Part of what they are doing is checking out the seller to see if they have assets that the mortgage company can go after. They are also checking to see if there is any fraud going on- or has gone on in the past.

PMI and CW have no real interest in being in any hurry.

The clerk that is approving this gets paid an hourly wage and if they make a mistake they may get fired. But if they fallow the rules and because of that it takes so long that you walk away and the deal falls thru the clerk is not criticized at all.

So these deals take a very long time- and sometimes when they are finally approved the buyer is forced to act quickly or the deal will fall thru.

I am tenant in Pune (india) suffering from brokers. Every 11 months after finishing the contract they ask for Heavy brokerage which is nearly 2 months rented amount. Its very hard for middle class people to bear such heavy amounts. There should be some maximum limits on the brokerage. Brokers are just getting rich giants eating poor tenant’s amount.

No limits today. /

I have my property listed and my realtor is mostly getting calls from people who want to do a lease purchase or rent my home. I am thinking about doing it because I am moving out of state and can’t until I unload my house. I first wanted to know how does my realtor get paid if she finds a renter or a lease purchaser? Do I pay her monthly or do I pay her commission up front for finding them?

If they buy then the realtor gets straight commision a one time deal, but if someone rents then I believe the realtor gets a little each month until they get their commission cost in full from you unless you can pay them up front if you can afford it. But if I were you I would sell your house on your own, for sale by owner, google it. My girlfriends mom did that and she sold it in 3 weeks as opposed to the previous realtor she had trying to sell the house for about 6 months. Put it in the paper even.

I have a new home inspection business and need to send my flyer with attached coupon to realtors so home buyers can use my services and save money!

Phone them up and ask them. Remember the phone?

I am completing realty school and want to trail off into my own company within a year or so.

How do I establish a company name?

Start with your states real estate board to make sure you can legally have the name, you will need to license it as well, you will end up with 2-3 licenses, broker and brokerage, as well as sales (maybe on that one). From there you either form a LLC or a corporation.

I have a buyer for a piece of property. I don’t have a contract written up yet with a lawyer. What should I have buyer sign and should I get a small down payment until papers a re ready? How would I write this receipt up?

it is called earnest money. i would go to legalzoom.com and look for a land contract. it is the document you are looking for and they are cheaper on that site than going through a lawyer.

your borrower, if they are getting a loan, will be helped by the loan officer as well. title company will still be involved to protect you both.

good luck

I’m looking for the current, popular meanings of the words as they are used in North America, Great Britain, and in the Repuplic of Ireland. In architecture and in realestate there seems to be some distinction. For examples: an architecural photographer has two seperate books; 500 Cottages , and 500 Bungalows; and IOL realestate has "cottages" and "bungalows" under seperate listings. What is a modest one family home… a cottage, a bungalow or something different ….???
;

North American perspective:
There is a good degree of overlap but some distinctions. A bungalow is usually from the 1870-1930 period. It would have a general horizontal feeling to it, would almost always have a covered porch and overhanging roof as a major design element. It would feature natural, native, low-tech material choices.
A cottage I think of perhaps as a bit smaller, perhaps part of an older tradition for its location. Example: a rural 16th century small house in England or Ireland could be a cottage but never a bungalow. A cottage could be in the 1950s modernist style, for example but a bungalow could not. Any home built in the 30 years could not be a bungalow, unless it strongly referenced the architecture of the pre-1930 period. Bacically: Bungalow is a style, Cottage is a detached smaller home of many, if not any, styles.
Note: in 19th and early 20th century usage, "cottage" was often used as a synonym for "rental house" or a smaller house on the same grounds as a larger one (example: guest house) of any size.

I’m considering placing a bid for a property in my subdivision that has recently gone up for auction. The auctioneer website lists this property as a "Resale". I’m trying to figure out what this means.

Either they’ve tried to sell it before at auction or it’s an REO property. The only way to know for sure is to ask the company. Does it really matter?

Todd
http://www.truthinforeclosure.com

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