Tuesday, June 10, 2014

Review of houses for sale and rent::Zillow Real Estate







Review of houses for sale and rent::Zillow Real Estate








"Cheap               homes               for               sale"               is               the               catchphrase               of               the               day.

With               the               housing               crisis               and               credit               crunch,               the               real               estate               market               has               become               a               feast               for               investors               and               individuals               able               to               obtain               financing               or               those               who               have               cash.

Not               every               real               estate               listing               offers               cheap               homes               for               sale.

However,               a               large               percentage               of               properties               offered               are               priced               below               market               value.

Many               of               these               value-priced               houses               are               offered               as               "For               Sale               by               Owner."               Others               are               rent-to-own               properties               where               homeowners               provide               seller               carry               back               financing.
               Oftentimes,               cheap               homes               for               sale               are               pre-foreclosure               homes.

When               Borrowers               are               delinquent               on               their               mortgage               payments               they               can               request               permission               from               their               lender               to               sell               their               home               for               less               than               is               owed               on               the               mortgage               note.

This               is               referred               to               as               a               short               sale.
               Short               sale               real               estate               can               be               a               profitable               deal               for               investors.

Lenders               want               their               money,               not               the               property.

Borrowers               can               improve               their               chances               at               receiving               short               sale               approval               by               having               a               buyer               lined               up.

Keep               in               mind               not               all               lenders               engage               in               short               sale               transactions.
               Millions               of               foreclosure               homes               can               be               classified               as               cheap               homes               for               sale.

Although               good               deals               can               be               found               at               foreclosure               auctions,               it               is               important               to               realize               many               foreclosed               homes               have               been               neglected               or               sitting               vacant               for               years.

While               their               purchase               price               might               be               cheap,               foreclosure               properties               are               notorious               for               requiring               costly               repairs               and               renovations.
               Many               cheap               homes               for               sale               can               be               found               through               banks.

Referred               to               as               bank               owned               or               real               estate               owned               (REO),               these               properties               are               foreclosure               homes               that               could               not               be               sold               through               auctions.

Once               property               is               returned               to               the               bank,               the               mortgage               note               is               eliminated               and               the               bank               sets               the               purchase               price.

Their               goal               is               to               obtain               as               much               money               as               possible               when               selling               distressed               properties.

However,               great               deals               still               exist               in               this               niche.
               The               majority               of               banks               work               with               real               estate               agents               and               private               investors               to               liquidate               their               inventory.

However,               individuals               interested               in               purchasing               REO               homes               are               welcome               to               submit               offers               directly               to               the               bank.
               REO               properties               are               oftentimes               listed               on               banking               websites.

Experts               suggest               as               more               Americans               lose               their               homes               to               foreclosure,               banks               will               be               forced               to               liquidate               bank               owned               properties               for               pennies               on               the               dollar.

This               niche               should               be               closely               monitored               when               seeking               out               low-cost               real               estate.
               A               lesser               known               way               to               locate               cheap               homes               for               sale               is               through               probate               records.

When               someone               dies               their               assets               are               transferred               to               probate.

In               essence,               everything               is               frozen               until               the               decedent's               Will               is               verified               and               financial               holdings               and               real               estate               are               inventoried.

Probate               can               last               between               six               months               and               three               years,               or               longer.
               If               the               decedent               has               outstanding               mortgage               notes               on               real               estate               holdings,               the               estate               must               continue               making               payments               on               the               property.

The               estate               is               also               responsible               for               property               taxes,               insurance,               and               upkeep               of               the               home.

This               can               cost               the               estate               a               lot               of               money;               particularly               if               probate               extends               for               a               year               or               more.
               If               the               estate               has               insufficient               funds,               the               estate               administrator               can               petition               the               court               seeking               permission               to               sell               the               probate               real               estate.

Additionally,               investors               can               make               direct               contact               with               Administrators               to               submit               an               offer               on               the               property.

Oftentimes,               probate               administrators               will               sell               real               estate               significantly               under               market               value               in               order               to               eliminate               the               financial               burden.
               It's               important               to               understand               the               process               of               probate               real               estate               investing.

While               no               special               training               is               required,               there               are               certain               techniques               and               specific               information               which               needs               to               be               extracted               from               probate               records.
               These               are               just               a               few               suggestions               of               how               to               locate               cheap               homes               for               sale.

In               today's               recessed               economy,               homeowners               are               turning               to               creative               techniques               to               sell               their               home.

Recently,               a               couple               in               Florida               sold               raffle               tickets               at               $100               for               a               chance               to               win               their               $200,000               home.
               Good               real               estate               deals               are               everywhere.

Chances               are               many               more               will               be               available               in               the               upcoming               months.

Although               the               economy               isn't               looking               so               great               right               now,               economists               are               hopeful               things               will               turn               around               in               the               not-too-distant               future.

If               you               can               afford               it,               now               might               be               a               good               time               to               invest               in               real               estate.






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