How to Become a Real Estate Investor – Why Choose Real Estate?
July 4, 2010 by admin
Investors typically choose real estate for a number of reasons: cash flow, appreciation, tax benefits, and leverage. A real estate investor holds property for personal or commercial investment reasons. This differs from real estate dealer who holds property primarily for resale to potential clients. An active investor typically buys a property and then makes repairs or improvements with the intention of selling the property for a profit. A passive investor usually hires an investing firm to find and manage potential profitable opportunities, and is not actively involved in any improvements or negotiations related to the property. Unlike a professional realtor who has to pass a series of exams and be licensed by local and state agencies, an investor simply needs capital and confidence.
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Reasons to Become a Real Estate Agent
July 4, 2010 by admin
Real estate can be a very lucrative career, but it takes hard work, perseverance, and a little luck along the way. Many people join the real estate field because of the potential for great wealth and because of the relative ease of getting a license. Before I explain why you should become I real Estate agent, I first want to touch on a few negatives of being a Realtor. The main drawbacks to becoming a realtor is that it is very expensive, frustrating, and can be very stressful. When getting into this exciting career of real estate, I was warned that 70% of agents are out of the business within a year. I do not know how realistic that statistic is, but it is obvious that there is a high turnover rate in this business. Too much money goes out and not enough money comes in.
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Baby Boomers Will Drive Real Estate Growth
July 4, 2010 by admin
Baby boomers, baby boomers, baby boomers; we all hear this term over and over again. So who are the baby boomers? Baby boomers are people in the United States who were born between 1946 and 1964. Approximately 78.2 million people fall into this category.
As a group, baby boomers comprise the largest population cohort in the history of the United States. The size of the group gives it vast influence over American politics, popular cultural, and of course, real estate. To evaluate the influence of the baby boomers on the future of real estate, the National Association of Realtors (NAR) conducted a study in 2006. The findings of the research were published in report entitled Baby Boomers and Real Estate: Today and Tomorrow. Below are some highlights from the NAR study.
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Investing in Real Estate With Government Grants
July 4, 2010 by admin
Not all people interested in real estate know that there are grants for real estate especially from the state and federal government. Billions of dollars are available as grants and there are many ways to put this money in to good use.
Grants from the government are offered to help them outsource and distribute the workload of providing homes to the people. While it is mainly the job of government housing agencies, many real estate businesses and non-profit parties can help make it possible for the government to reach out those who need it.
Loans and Grants for Real Estate Investing
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How Does a Foreclosure Auction Work?
July 4, 2010 by admin
A foreclosure auction is designed to sell foreclosed properties at whatever price someone is willing to pay. The final sale price could be considered "bargain basement" pricing in most cases, because the properties have to be purchased with cash in most states, so the buyer pool is limited. The actual auctions are regulated by state law, but the individual county where the property is located actually dictates the specifics of how the actual auction works.
As a rule-of-thumb, the property is offered to the highest bidder by a clerk of the court, a sheriff, or a trustee. The auction is by "open outcry" so that everyone knows what bids are being made. Usually there is a minimal incremental bid which can be $100 to $1,000 or more. It is interesting to watch a novice get excited and bid in increments of $5,000 or even $10,000 in his excitement to get a particular property. The pros who frequent the auctions target unsuspecting "newbies" because they know the newbies have no rational bidding methods and the pros use their experience to bid up the properties the newbies are trying to buy.
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Illinois Foreclosure Law
July 4, 2010 by admin
Only Judicial foreclosures are allowed in state of Illinois.
What is the processing period for foreclosure Illinois?
Processing period is 210 days in Illinois.
Is there any right of redemption in Illinois for foreclosure?
No, Illinois does not offer right of redemption.
Are deficiency judgments permitted in Illinois?
Deficiency judgments are permitted in Illinois.
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What a Foreclosure Eviction Means
July 4, 2010 by admin
You can expect an eviction if your home is sold because of a foreclosure sale. Whether the sale is by auction, or by a trustee's sale, the eviction is the legal process by which a property owner physically removes a tenant or trespasser.
Evictions for renters are handled by strict contract law standards and the tenant often has more rights than the landlord. In many states, tenants can sue their landlord for breach of contract, possibly harassment and receive many times their monthly rent if they win the law suit. Some cities make it extremely difficult to evict tenants for any reason. This is not the case with foreclosure evictions because the former homeowners are not tenants. Well-meaning people often tell foreclosure victims about experiences they know about where tenant/landlord law was involved. Again, this is not the situation where foreclosures are involved.
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Foreclosure Process in Missouri
July 4, 2010 by admin
In Missouri both judicial or in court and non judicial or out of court foreclosures are used. As in all states where both forms of foreclosure are followed the determining factor as to which method will be used by the bank is whether or not the deed of trust or mortgage contains a power of sale clause. The power of sale clause allows the lender to proceed towards selling the home in question without first seeking a court order to do so. This obviously saves the bank both time and money. It is in the banks best interest to spend less money and move more quickly toward the sale of the property. So, whenever the bank can pursue foreclosure non-judicially, they will do so. Most deeds of trust or mortgages do contain a power of sale clause. So, most foreclosures are done out of court.
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How Long Do Short Sales Take?
July 4, 2010 by admin
The truth about short sales is that while everyone wants it expedited, the process invariably stretches longer than expected. A short sale may take anywhere from three to six months and the closing of the property may take an additional 30 to 60 days. For buyers, a short sale definitely takes longer than buying a regular non short sale house. This is because the lender must first approve of selling the property at a price lesser than the balance debt amount on the property. Most buyers, however, prefer buying a short sale property because these can be obtained at less than their original market value. Banks often take as long as two months to six months to respond to an offer, whether positive or with a counteroffer.
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Prevent Foreclosure: An Overview of Short Sales and Loan Modifications
July 4, 2010 by admin
Prevent foreclosure is currently a hot topic. Millions of borrowers are struggling to make their mortgage payment. With rapidly declining housing prices, many owe more than their property is worth. The credit crisis has left debtors unable refinance their loan; leaving homeowners with few options to save their home.
It is important to do everything possible to prevent foreclosure. First and foremost, foreclosure exposes people to the very real possibility of homelessness. No one wants to live in a shelter, their car, or on the streets. Programs exist to help people in financial crisis. Read more
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