Misc News

just thought i would share an experience i had a few days ago! i finally am in the process of signing the contract in selling a 06 manufactured home that i took in as a down payment for the last house i sold. title for the home is basically just like a title for a vehicle.sign the back over to the new owner!! ok i took this as a down payment a couple mnths ago when i did the transaction on last deal but i did not sign the back right off !! do not do this!!

I live in Waterbury CT, and I am starting the classes. The first thing I know that in anything, you want alot of people with knowledge and experience around you. I was wondering if anybody lives in CT, that would like to discuss real estate? I want to be good in real estate, not just for the $$$ but also to be one of the people, who can help out a new beginner thank you for viewing my post.

Perhaps the seller needs quick action. If you have already gotten your financing set, you may be able to offer him or her a three or even a two-week escrow period. You’ll buy for cash (to the seller) and he or she is out of there. That type of offer can mean a lot (in terms of willingness to reduce the price) to many people.

A person who is selling a run-down property is usually a special seller. He or she may be an executor of administrator of a will, a divorcee who wants money fast, or an out-of state person who needs to get the property off his or her hands. Determine the seller’s motivation, and then play to it.

At any given time, it may have tens of thousands of repos for sale across the country. You can check on the internet to see if there are any HUD homes in your area www.hud.gov/local/sams.ctznhome.html You’re not likely to find many upscale properties here. Most are going to be in the moderate to low price range

The Housing and Urban Development(HUD) Department takes back homes mainly through its Federal Housing Administration (FHA) program. The FHA insures lenders who make loans. When a borrower defaults, the FHA makes good the loan to the

The single biggest owner of residential real estate in the country is the federal government. This is not by choice but mainly because of foreclosures. The government runs a host of programs that aid home buyers with financing. When those home buyers run into trouble and can’t make their payments, ultimately it’s the government that squares things with lenders and takes the homes back. Then is has the job of reselling them.

It has been estimated that something approaching two-thirds of all REOs are distressed initially and that some of these are simply hopeless. If your’re looking at distressed properties, it’s important to determine which have possibilities and which are of the hopeless cast. The last thing you want to do is to relieve a lender of a hopeless problem and make it yours.

Once you’ve done your homework in determining that the REO is a good prospect in terms of location, rental market, and so on, and you determined the costs to bring it into rentable shape or sell you need to determine what you’re going to offer the lender. Keep in mind that everything in real estate, especially pertaining to REOs is negotiable. The lender may have set a price, but you don’t have to pay it. You can make a lower offer, or you can ask for favorable terms.

Experienced investors can estimate clean-up and fix-up costs in just a few minutes. But that’s a result of their experience. IF you’re new it’s going to take you longer. If you find a distressed REO that otherwise fits your needs in terms of location, tenant market, and so on calculate the costs to fix it up. You may have to call a painter, plumber, and electrician. You may have to calculate the costs of having someone come in and clean out the mess. You’ll have to calculate relanscaping costs and so forth.