Here is an Opportunity for First Time Home Buyers to Benefit from an Excellent On-Line Real Estate Search System
Larry Morris, Associate Broker of Real Estate One Michigan, understands how stressful and difficult buying a home can be. He had this in mind when he developed a way for first time home buyers to easily search properties online with http://www.thequickhomefinder.com. Many people would rather be left to their own devices when shopping, for any product, including a home, before speaking to a salesman or professional in the business. Larry Morris, of The Quick Home Finder, LLC understands this, so he has developed a system that is accessible to the general public. It’s an MLS search tool that doesn’t require a real estate license and payment of board dues to have access to.
Even experienced realtors and investors are impressed with this new search tool. Ralph Marcus Maupin of Budget Realty, LLC stated “I’m impressed because the site contains photos which allow buyers to see what they’re considering without leaving their computer screen. The site also has Google mapping of each property and simple, powerful, yet flexible search criteria.”
If you are looking to buy a home, begin your search with http://www.TheQuickHomeFinder.com then call Larry Morris at Real Estate One where his team of service professionals will work together to structure a deal customized to serve your needs to close your transaction
The Real Estate One Family of Companies is a team of professionals working to provide competitive mortgage interest rates, rock solid insurance policies and relocation assistance. The market research reveals those buyers who take advantage of more than one of the services often benefit financially, increasing the long term satisfaction with a new home purchase and creating a long term relationship with the Real Estate One Family.
Contact:Larry Morris1 (248) 544-9040 1 (888) 851-3710For more information: http://www.TheQuickHomeFinder.com
The Quick Home Finder serves Oakland, Wayne, Macomb, Washtenaw and Livingston Counties.
Tuesday, January 8, 2008
Topic: State Foreclosures Only Produce More Questions
The leading short sale and pre-foreclosure expert nation wide is Jeff Kaller. His students have really done well in our Michigan Market. If they do well in Michigan depress real estate market you know Jeff Kaller is doing a great job of teaching the short sale business. This is one of his articles for your reading. You can find great value from his workshops and his free reports and CD’s:
Check out his workshops- Jeff is doing them all over the country http://www.JeffsWorkshop.com (LA in January)
Topic: State Foreclosures Only Produce More Questions
By: Jeff Kaller Republished by Ralph Mark Maupin
Nationally, much of the blame for the current housing downturn has been placed on easy access mortgages that targeted many consumers who are now unable to pay.
Although clearly the market is going down, the foreclosure issue is far more complicated to some. Industry insiders who make their living from mortgages say some statistics are multiply by a factor of 2 to the number of foreclosures recorded. A state level mortgage executive clams that federal government is “double dipping” the numbers by counting second mortgages, using an inconsistent sample population from year to year, and counting all the different phases of a foreclosure as new filings. He point is well taken, clearly complicating the issue.
However with more that 5 percent of American homeowners delinquent in their payments, a jump of three-quarters of a percentage point from last year, and the numbers are still staggering. But lately, several options have surfaced to aid the troubled homeowner. One choice of particular interest is the pre-foreclosure sale, it allows you to sell your home and pay off your mortgage before a foreclosure, thereby preventing damage to your credit rating.
Not your typical real estate investor, pre-foreclosure specialist Jeff Kaller, advises, “Home owners need to know what terms they have, pre-foreclosure investor want to assist in finding the best option for the plan…the majority of lenders don't want to foreclose.” This could be a clear indication for many homeowners facing a possible foreclosure to pull out their mortgage documents and double-check the terms.
Nationwide, foreclosures continue to be on a steady rise; 36 percent from July to August with an eight-month total of 244,000 foreclosed homes, an increase of 115 percent from last year. Currently, foreclosures are soaring in Maryland, and many of the loans that homeowners are defaulting on are interest-only loans where no principal is paid. For which the interest-only periods have recently ended. Many other borrowers took out adjustable-rate mortgages (ARMs) over the past two years, and now the low initial payment period of the ARMS has ended. In both cases, borrowers are finding themselves equally trapped with higher interest rates that translate into significantly increased monthly mortgage payments that could go even higher.
“Government officials are steadily trying to develop ways to assist strapped families, now that the housing boom the nation experienced over the past five years has declined,” said real estate investor and pre-foreclosure investor Jeff Kaller.
Check out his workshops- Jeff is doing them all over the country http://www.JeffsWorkshop.com (LA in January)
Topic: State Foreclosures Only Produce More Questions
By: Jeff Kaller Republished by Ralph Mark Maupin
Nationally, much of the blame for the current housing downturn has been placed on easy access mortgages that targeted many consumers who are now unable to pay.
Although clearly the market is going down, the foreclosure issue is far more complicated to some. Industry insiders who make their living from mortgages say some statistics are multiply by a factor of 2 to the number of foreclosures recorded. A state level mortgage executive clams that federal government is “double dipping” the numbers by counting second mortgages, using an inconsistent sample population from year to year, and counting all the different phases of a foreclosure as new filings. He point is well taken, clearly complicating the issue.
However with more that 5 percent of American homeowners delinquent in their payments, a jump of three-quarters of a percentage point from last year, and the numbers are still staggering. But lately, several options have surfaced to aid the troubled homeowner. One choice of particular interest is the pre-foreclosure sale, it allows you to sell your home and pay off your mortgage before a foreclosure, thereby preventing damage to your credit rating.
Not your typical real estate investor, pre-foreclosure specialist Jeff Kaller, advises, “Home owners need to know what terms they have, pre-foreclosure investor want to assist in finding the best option for the plan…the majority of lenders don't want to foreclose.” This could be a clear indication for many homeowners facing a possible foreclosure to pull out their mortgage documents and double-check the terms.
Nationwide, foreclosures continue to be on a steady rise; 36 percent from July to August with an eight-month total of 244,000 foreclosed homes, an increase of 115 percent from last year. Currently, foreclosures are soaring in Maryland, and many of the loans that homeowners are defaulting on are interest-only loans where no principal is paid. For which the interest-only periods have recently ended. Many other borrowers took out adjustable-rate mortgages (ARMs) over the past two years, and now the low initial payment period of the ARMS has ended. In both cases, borrowers are finding themselves equally trapped with higher interest rates that translate into significantly increased monthly mortgage payments that could go even higher.
“Government officials are steadily trying to develop ways to assist strapped families, now that the housing boom the nation experienced over the past five years has declined,” said real estate investor and pre-foreclosure investor Jeff Kaller.
Free Website for the General Public to Search for Homes in the Metro Detroit area-Michigan
Discover the Best Source for Finding a Home to Rent or Buy in Southeast Michigan
There is a simple way to search for a home to buy via the internet. This free home locating system makes finding a home to rent or buy quick and easy. The Quick Home Finder serves Oakland, Livingston, Macomb, Washtenaw, and Wayne Counties in Southeast Michigan. Real Estate One Michigan’s largest real estate broker, Associate broker Larry Morris has partnered with one of the largest home finders on the internet. This is an outstanding service that has actually placed all the power in the hands of the buyer.
“Real Estate One has 75 years and three generations of family heritage in the real estate business. In spite of a slowly emerging economy, this past year held a record number of milestones. With over $5.4 billion in sales volume for our combined real estate services, including brokerage, mortgage, and title insurance, we continue to grow at a faster pace than any of our competitors, regardless of size. In every market and every price range, we hold a dominant position and have sold more homes than any other residential broker in the state of Michigan” says Morris.
If you are looking to buy a home, begin your search with http://www.TheQuickHomeFinder.com then call Larry Morris at Real Estate One where his team of service professionals will work together to structure a deal customized to serve your needs to close your transaction
Contact:Larry Morris1 (248) 544-9040 1 (888) 851-3710For more information: http://www.TheQuickHomeFinder.com
The Quick Home Finder serves Oakland, Wayne, Macomb, Washtenaw and Livingston Counties.
There is a simple way to search for a home to buy via the internet. This free home locating system makes finding a home to rent or buy quick and easy. The Quick Home Finder serves Oakland, Livingston, Macomb, Washtenaw, and Wayne Counties in Southeast Michigan. Real Estate One Michigan’s largest real estate broker, Associate broker Larry Morris has partnered with one of the largest home finders on the internet. This is an outstanding service that has actually placed all the power in the hands of the buyer.
“Real Estate One has 75 years and three generations of family heritage in the real estate business. In spite of a slowly emerging economy, this past year held a record number of milestones. With over $5.4 billion in sales volume for our combined real estate services, including brokerage, mortgage, and title insurance, we continue to grow at a faster pace than any of our competitors, regardless of size. In every market and every price range, we hold a dominant position and have sold more homes than any other residential broker in the state of Michigan” says Morris.
If you are looking to buy a home, begin your search with http://www.TheQuickHomeFinder.com then call Larry Morris at Real Estate One where his team of service professionals will work together to structure a deal customized to serve your needs to close your transaction
Contact:Larry Morris1 (248) 544-9040 1 (888) 851-3710For more information: http://www.TheQuickHomeFinder.com
The Quick Home Finder serves Oakland, Wayne, Macomb, Washtenaw and Livingston Counties.
Hiring Contractors to Rehab Investment Property or Home Owner Property
By: Ralph Marcus (Mark) Maupin, Jr.
If you buy investment properties, what do you need to know about hiring contractors?
Where do you find contractor? Ask for referrals from other investors. You can also go to Home Depot early in the morning where the contractors check out. Talk to the clerks about who are the regulars and talk to the contractors in line. Check out their work start to finish and their references. Home Depot is a great place to find a reasonable crew that works for builders.
Does the contractor need insurance? You need to make sure you or your contractor has two types of insurance. They are:
A. Workman’s Compensation Insurance: If you are doing a lot of rehabs, you will want to get a minimum workman’s compensation insurance. If your contractor has workman’s compensation insurance, you will want him to give you a copy of his insurance with you shown as an additional named insured. You then have proof of coverage. Even if you have a minimum policy covering you, you will still need the proof of coverage for your insurance carrier or you will be charged for their cost on your own policy. If you hire a contractor working by himself he can choose to exempt himself from workers compensation, but he needs to sign a form that you get from your insurance company.
B. Liability Insurance: Make sure again that you’re named as additional insured on your contractor’s policy or have your own policy. You should talk to insurance experts to determine the amount of coverage you need.
C. Builder’s Risk Insurance: You may want to check on getting builders risk insurance for other coverage on your equipment, tools, and etc.
How do you pay your contractor? If you are dealing with new contractors that you don’t have a track record on, I recommend that you buy a small amount of materials and see that they get the materials to the job. Only pay for the work that gets done. The question you need to ask yourself is if the contractor walks from the job is there enough money to hire someone to finish the job. Even experienced investors, as well as new investors make the mistake of paying out too much on the job all the time. I have had Home Depot call me and tell me that my contractor is bringing materials back for a cash refund. I have had great contractors who I have had a long relationship with me walk off the job. It is a must to hold back enough dollars to hire someone to finish the job. I don’t care how long you have worked with contractors you have to inspect the job before paying. If you don’t inspect the work, don’t get in the business. Consider placing a provision in your contract that final payment is contingent on passing a city certification inspection.
Should you have a contract with your rehab crew? I say yes. At the end of this article is a sample contract. See your attorney for what you need in your contract.
Should you pull permits? Yes, Yes, Yes!!! The people I see who try to bypass the system and city inspectors just end up in trouble and end up doubling their cost. The short cut to getting the job done is to pay for the permits required.
Next week we will talk about mistakes made in contracting.
The comments in Mark's Corner are shared personal experiences. They are not intended to be legal or accounting advice nor solutions. You should always consult with the appropriate professional when making decisions.
Copyright. 2004. R. Maupin
All rights reserved.
INDEPENDENT REHAB CONTRACTOR AGREEMENT
This agreement is entered into this day of _________________________. 20 , in the city of ___________________, State of Michigan between ____________________, (owner) of 17177 Laurel Park N, Ste. 265, Livonia, MI 48152 and:
Contractor: ________________________________________________________
Contractor is a Corp. ( ), Ltd Liab Co. ( ) Partnership ( ) Sole Proprietorship ( )
Street Address: ____________________________________________________
City, State, and Zip: ___________________________MI___________________
Phone: ( ) ___________________ Fax: ( ) _________________________
Pager: ( ) ____________________ Cell Phone: ( ) ____________________
Emp. Fed. Tax ID No (EIN):_________________ Soc. Sec. No._____________
Contactor License No (s):__________________ Type of License: ____________
Person authorized to sign and bind Contractor: ____________________________
1. Schedule: The Contractor agrees to commence work on: __________________, 20 . The Contractor agrees to complete all work by: ______________________, 20 , subject to excusable delays such as strikes, unavailability of building supplies or acts of nature. Owner reserves the right to cancel this agreement and Contractor agrees to forfeit the balance of money due under contract if work is not completed by this date. The contract herein shall be void at the option of Owner, if contractor does not commence work within ___________________________ (____________) days from the date of the signing of this contract.
2. Scope of Work: Contractor agrees to provide the following described labor, materials and construction in accordance with plans and specifications as may be referred to herein on the following described property:
(A) Address of work site: ___________________________________________________
(B) Description of work (Describe Labor, materials and Equipment to be furnished. Attach additional pages, estimates, and work sheets if necessary.
________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Other Special Provisions:______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
The Contractor’s supervisor/project coordinator of this project shall be designated agent for the Contactor. The name of the person is: ___________________________________
3. The Contractor agrees to perform this work in a workmanlike manner and to comply with applicable building and construction codes for residential and commercial structures. The Contractor warrants that his work will conform with such codes and pass any governmental inspections. (If any plans or specifications are part of his job, they are to be attached and made part of this contract).
4. Price: Owner agrees to pay to the contractor for the satisfactory performance of the contractor’s work subject to the terms and conditions of this agreement:
Total Contract amount: _________________________.
Initial Payment Amount: _________________Payable on _________________.
Extra work, if any, will be priced as agreed.
Payments will be made only on satisfactorily completed work based on progress inspections done by Owner’s approved supervisors. Contractor has the responsibility of arranging time for inspections. All check requests must be submitted by Wednesday proceeding for Friday payments. Should work not be performed to Owner’s satisfaction and /or accordance with the codes and standards in paragraph #2, Owner will retain a sufficient amount to complete the work as a final payment until the contractor brings the job up to code and/or Owner’s satisfaction.
5. The following is prohibited unless agreed to in writing and signed by Owner and Contractor: extra services and work, deviation of the work as specified herein, or assignment or subcontracting of the work to be performed.
6. The Contractor agrees to indemnify and hold harmless the Owner of the property from any liability or claims arising directly or indirectly from the Contractor’s work under this contract whether due to Contractor, its employees, workers, and agents or any other person hired by the contractor. (This includes Construction (including mechanics and materials) liens). Contractor agrees to pay all fees and costs incurred in defense of Owner and or Owner. Contractor specifically agrees to assume and pay any liens that shall be filed by its sub-contractors.
7. The Contractor agrees to obtain and pay for: Workers Disability Compensation Insurance, Personal liability Insurance, Errors and Omissions and/or contractual Insurance, Public Liability Insurance, and any other Insurance or Bond coverage, or submit appropriate waivers which may be necessary or required by Owner, the municipality and/or State of Michigan. Copies of such documents, binders, declaration sheet, proofs, or waivers will be presented to Owner before commencing work.
8. The Contractor agrees to pay and withhold where required all federal, state and local taxes on the money earned from Owner for itself or its employees and to file all proper tax returns. Owner will not withhold any sums for any sums for any taxes due Contractor. Contractor’s relationship to the Corporation shall be that of an independent contractor and not of an officer, employee, or agent of Owner. No partnership, joint venture, or similar relationship is created by this Agreement. The Corporation shall have no liability to Contractor except to pay its compensation under this contract.
9. Building permits will be pulled by: _______________________. Costs will be paid by: __________________________. City certificates will be obtained by: ___________
_________________________________.
10. No modification of this contract will be effective unless it’s in writing and is signed by both parties hereto. This contract binds and benefits both parties, assigns, personal representatives and any successors. Time is of the essence of this Contract. This document, including any attachments, is the entire agreement between parties. The laws of the State of Michigan govern this Contract.
This is a legal contract. If there is anything you do not understand about this contract or the language, DO NOT sign it. It is recommended that you consult with a legal or tax advisor of your choice. It is assumed by you signing this contract that you have either consulted with your advisors or have decided not to do so.
The parties accept the terms and agree to abide by them.
Owner
Dated____________________20___ By: ________________________________
Authorized Agent
Witnesses: Contractor:
___________________________________ __________________________
____________________________________ ___________________________
Signature Authorized Agent
__________________________________
Printed Name
Disclaimer
Real estate investing by nature is risky. You can win, lose, or break even. We cannot guarantee a profit or loss. We do not provide legal, accounting, or contracting advice.
Please visit my website at Free Forms and Information on Real Estate investing http://www.detroitinvestmenthomes.com , http://www.MegaEveningEvent.com and http://www.MrLeaseOption.c
If you buy investment properties, what do you need to know about hiring contractors?
Where do you find contractor? Ask for referrals from other investors. You can also go to Home Depot early in the morning where the contractors check out. Talk to the clerks about who are the regulars and talk to the contractors in line. Check out their work start to finish and their references. Home Depot is a great place to find a reasonable crew that works for builders.
Does the contractor need insurance? You need to make sure you or your contractor has two types of insurance. They are:
A. Workman’s Compensation Insurance: If you are doing a lot of rehabs, you will want to get a minimum workman’s compensation insurance. If your contractor has workman’s compensation insurance, you will want him to give you a copy of his insurance with you shown as an additional named insured. You then have proof of coverage. Even if you have a minimum policy covering you, you will still need the proof of coverage for your insurance carrier or you will be charged for their cost on your own policy. If you hire a contractor working by himself he can choose to exempt himself from workers compensation, but he needs to sign a form that you get from your insurance company.
B. Liability Insurance: Make sure again that you’re named as additional insured on your contractor’s policy or have your own policy. You should talk to insurance experts to determine the amount of coverage you need.
C. Builder’s Risk Insurance: You may want to check on getting builders risk insurance for other coverage on your equipment, tools, and etc.
How do you pay your contractor? If you are dealing with new contractors that you don’t have a track record on, I recommend that you buy a small amount of materials and see that they get the materials to the job. Only pay for the work that gets done. The question you need to ask yourself is if the contractor walks from the job is there enough money to hire someone to finish the job. Even experienced investors, as well as new investors make the mistake of paying out too much on the job all the time. I have had Home Depot call me and tell me that my contractor is bringing materials back for a cash refund. I have had great contractors who I have had a long relationship with me walk off the job. It is a must to hold back enough dollars to hire someone to finish the job. I don’t care how long you have worked with contractors you have to inspect the job before paying. If you don’t inspect the work, don’t get in the business. Consider placing a provision in your contract that final payment is contingent on passing a city certification inspection.
Should you have a contract with your rehab crew? I say yes. At the end of this article is a sample contract. See your attorney for what you need in your contract.
Should you pull permits? Yes, Yes, Yes!!! The people I see who try to bypass the system and city inspectors just end up in trouble and end up doubling their cost. The short cut to getting the job done is to pay for the permits required.
Next week we will talk about mistakes made in contracting.
The comments in Mark's Corner are shared personal experiences. They are not intended to be legal or accounting advice nor solutions. You should always consult with the appropriate professional when making decisions.
Copyright. 2004. R. Maupin
All rights reserved.
INDEPENDENT REHAB CONTRACTOR AGREEMENT
This agreement is entered into this day of _________________________. 20 , in the city of ___________________, State of Michigan between ____________________, (owner) of 17177 Laurel Park N, Ste. 265, Livonia, MI 48152 and:
Contractor: ________________________________________________________
Contractor is a Corp. ( ), Ltd Liab Co. ( ) Partnership ( ) Sole Proprietorship ( )
Street Address: ____________________________________________________
City, State, and Zip: ___________________________MI___________________
Phone: ( ) ___________________ Fax: ( ) _________________________
Pager: ( ) ____________________ Cell Phone: ( ) ____________________
Emp. Fed. Tax ID No (EIN):_________________ Soc. Sec. No._____________
Contactor License No (s):__________________ Type of License: ____________
Person authorized to sign and bind Contractor: ____________________________
1. Schedule: The Contractor agrees to commence work on: __________________, 20 . The Contractor agrees to complete all work by: ______________________, 20 , subject to excusable delays such as strikes, unavailability of building supplies or acts of nature. Owner reserves the right to cancel this agreement and Contractor agrees to forfeit the balance of money due under contract if work is not completed by this date. The contract herein shall be void at the option of Owner, if contractor does not commence work within ___________________________ (____________) days from the date of the signing of this contract.
2. Scope of Work: Contractor agrees to provide the following described labor, materials and construction in accordance with plans and specifications as may be referred to herein on the following described property:
(A) Address of work site: ___________________________________________________
(B) Description of work (Describe Labor, materials and Equipment to be furnished. Attach additional pages, estimates, and work sheets if necessary.
________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Other Special Provisions:______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
The Contractor’s supervisor/project coordinator of this project shall be designated agent for the Contactor. The name of the person is: ___________________________________
3. The Contractor agrees to perform this work in a workmanlike manner and to comply with applicable building and construction codes for residential and commercial structures. The Contractor warrants that his work will conform with such codes and pass any governmental inspections. (If any plans or specifications are part of his job, they are to be attached and made part of this contract).
4. Price: Owner agrees to pay to the contractor for the satisfactory performance of the contractor’s work subject to the terms and conditions of this agreement:
Total Contract amount: _________________________.
Initial Payment Amount: _________________Payable on _________________.
Extra work, if any, will be priced as agreed.
Payments will be made only on satisfactorily completed work based on progress inspections done by Owner’s approved supervisors. Contractor has the responsibility of arranging time for inspections. All check requests must be submitted by Wednesday proceeding for Friday payments. Should work not be performed to Owner’s satisfaction and /or accordance with the codes and standards in paragraph #2, Owner will retain a sufficient amount to complete the work as a final payment until the contractor brings the job up to code and/or Owner’s satisfaction.
5. The following is prohibited unless agreed to in writing and signed by Owner and Contractor: extra services and work, deviation of the work as specified herein, or assignment or subcontracting of the work to be performed.
6. The Contractor agrees to indemnify and hold harmless the Owner of the property from any liability or claims arising directly or indirectly from the Contractor’s work under this contract whether due to Contractor, its employees, workers, and agents or any other person hired by the contractor. (This includes Construction (including mechanics and materials) liens). Contractor agrees to pay all fees and costs incurred in defense of Owner and or Owner. Contractor specifically agrees to assume and pay any liens that shall be filed by its sub-contractors.
7. The Contractor agrees to obtain and pay for: Workers Disability Compensation Insurance, Personal liability Insurance, Errors and Omissions and/or contractual Insurance, Public Liability Insurance, and any other Insurance or Bond coverage, or submit appropriate waivers which may be necessary or required by Owner, the municipality and/or State of Michigan. Copies of such documents, binders, declaration sheet, proofs, or waivers will be presented to Owner before commencing work.
8. The Contractor agrees to pay and withhold where required all federal, state and local taxes on the money earned from Owner for itself or its employees and to file all proper tax returns. Owner will not withhold any sums for any sums for any taxes due Contractor. Contractor’s relationship to the Corporation shall be that of an independent contractor and not of an officer, employee, or agent of Owner. No partnership, joint venture, or similar relationship is created by this Agreement. The Corporation shall have no liability to Contractor except to pay its compensation under this contract.
9. Building permits will be pulled by: _______________________. Costs will be paid by: __________________________. City certificates will be obtained by: ___________
_________________________________.
10. No modification of this contract will be effective unless it’s in writing and is signed by both parties hereto. This contract binds and benefits both parties, assigns, personal representatives and any successors. Time is of the essence of this Contract. This document, including any attachments, is the entire agreement between parties. The laws of the State of Michigan govern this Contract.
This is a legal contract. If there is anything you do not understand about this contract or the language, DO NOT sign it. It is recommended that you consult with a legal or tax advisor of your choice. It is assumed by you signing this contract that you have either consulted with your advisors or have decided not to do so.
The parties accept the terms and agree to abide by them.
Owner
Dated____________________20___ By: ________________________________
Authorized Agent
Witnesses: Contractor:
___________________________________ __________________________
____________________________________ ___________________________
Signature Authorized Agent
__________________________________
Printed Name
Disclaimer
Real estate investing by nature is risky. You can win, lose, or break even. We cannot guarantee a profit or loss. We do not provide legal, accounting, or contracting advice.
Please visit my website at Free Forms and Information on Real Estate investing http://www.detroitinvestmenthomes.com , http://www.MegaEveningEvent.com and http://www.MrLeaseOption.c
Record State Pre-foreclosures
The leading short sale and pre-foreclosure expert Nation wide is Jeff Kaller. His students have really done well in our Michigan Market. If they do well in Michigan depress real estate market you know Jeff Kaller is doing a great job of teaching the short sale business. This is one of his articles for your reading. You can find great value from his workshops and his free reports and CD’s:
http://www.ShortSaleBreakthrough.com Real Estate Discount Breakthrough - How Short Sales Can Make You Rich
http://www.FreeRealEstateMentoring.com What the Gurus Won't Tell You. Real Estate Investing - Free Report
Check out his workshops- Jeff is doing them all over the country http://www.JeffsWorkshop.com (LA in January)
Record State Pre-foreclosures
By: Jeff Kaller Republished by Ralph Marcus Maupin (Mark)
“It's a difficult situation, many overextended homeowners not in default yet won't be able to refinance because of ever stringent credit requirements and will eventually lose their homes to foreclosure unless they are prepared with more options" stated Jeff Kaller Preforeclosure professional and investor.
Recognizing that preforeclosure filings indicate homeowners are in default on their mortgages and may include notice of default or notice of auction. National figures indicate that Florida recorded 111,236 year-to-date pre-foreclosures, second only to California's 132,101. Only Nevada had a higher rate of preforeclosures: 25.5 filings for every 1,000 households. Colorado, Illinois and New Jersey rounded out the top five states.
Preforeclosure filings do not necessarily result in homes being lost.
State Residence can make a difference
“With foreclosures spiking around the nation, homeowners should learn the foreclosure laws in their states, truly in this case what you don't know can actually harm you,” states Kaller, “In Alabama, late-paying homeowners can lose their properties to foreclosure in record time - as little as 30 days after a delinquency notice is published.” However, in the state of New York, the process can drag on for well more than a year.
States with long time frames include Florida at 180 days.
Kaller points out that labor force growth and business expansion should be weighed against the real estate market conditions.
Preforeclosures and Terms
One major point is whether the principle instrument securing the loan is a conventional mortgage or a "deed of trust." Kaller indicates that they are not the same even though everybody uses the term "mortgage" interchangeably. “Deeds of trust are the more common of the two, used in 34 states either mostly or exclusively,” says Kaller.
Mortgages involve two parties, borrowers and lenders, while deeds of trust have third parties, called trustees, who hold temporary title to the properties until borrowers pay off their loans.
That difference can be crucial when a borrower falls behind in payments. With deeds of trust, the trustees don't have to go to court to initiate a foreclosure; with a mortgage, the lender almost always does, which slows down the process.
In states where deeds of trust are an option, lenders almost always choose them over mortgages, because they are "non-judicial" - and quick.
According to Jeff Kaller, Mr. PreForeclosure, provides investors with step-by-step instruction needed to make a fortune in Pre-Foreclosures. He is a professional lecturer and author of "Preforeclosure and Short Sales" Home Study Course. Jeff holds several national conferences nation wide every year.
http://www.ShortSaleBreakthrough.com Real Estate Discount Breakthrough - How Short Sales Can Make You Rich
http://www.FreeRealEstateMentoring.com What the Gurus Won't Tell You. Real Estate Investing - Free Report
Check out his workshops- Jeff is doing them all over the country http://www.JeffsWorkshop.com (LA in January)
Record State Pre-foreclosures
By: Jeff Kaller Republished by Ralph Marcus Maupin (Mark)
“It's a difficult situation, many overextended homeowners not in default yet won't be able to refinance because of ever stringent credit requirements and will eventually lose their homes to foreclosure unless they are prepared with more options" stated Jeff Kaller Preforeclosure professional and investor.
Recognizing that preforeclosure filings indicate homeowners are in default on their mortgages and may include notice of default or notice of auction. National figures indicate that Florida recorded 111,236 year-to-date pre-foreclosures, second only to California's 132,101. Only Nevada had a higher rate of preforeclosures: 25.5 filings for every 1,000 households. Colorado, Illinois and New Jersey rounded out the top five states.
Preforeclosure filings do not necessarily result in homes being lost.
State Residence can make a difference
“With foreclosures spiking around the nation, homeowners should learn the foreclosure laws in their states, truly in this case what you don't know can actually harm you,” states Kaller, “In Alabama, late-paying homeowners can lose their properties to foreclosure in record time - as little as 30 days after a delinquency notice is published.” However, in the state of New York, the process can drag on for well more than a year.
States with long time frames include Florida at 180 days.
Kaller points out that labor force growth and business expansion should be weighed against the real estate market conditions.
Preforeclosures and Terms
One major point is whether the principle instrument securing the loan is a conventional mortgage or a "deed of trust." Kaller indicates that they are not the same even though everybody uses the term "mortgage" interchangeably. “Deeds of trust are the more common of the two, used in 34 states either mostly or exclusively,” says Kaller.
Mortgages involve two parties, borrowers and lenders, while deeds of trust have third parties, called trustees, who hold temporary title to the properties until borrowers pay off their loans.
That difference can be crucial when a borrower falls behind in payments. With deeds of trust, the trustees don't have to go to court to initiate a foreclosure; with a mortgage, the lender almost always does, which slows down the process.
In states where deeds of trust are an option, lenders almost always choose them over mortgages, because they are "non-judicial" - and quick.
According to Jeff Kaller, Mr. PreForeclosure, provides investors with step-by-step instruction needed to make a fortune in Pre-Foreclosures. He is a professional lecturer and author of "Preforeclosure and Short Sales" Home Study Course. Jeff holds several national conferences nation wide every year.
This Home Locating System Makes Finding a Home to Rent or Buy Quick and Easy
Real Estate One Michigan’s Largest Real Estate Broker, Associate Broker Larry Morris, Has Partnered with one of the Largest Home Finders on the Internet
The web site is http://www.TheQuickHomeFinder.com a new system of finding all Metro Detroit Multi Listing Service (MLS) properties without talking to a Real Estate agent. The internet has made total change in way that realtors will be doing real estate home searches. Real Estate One is a major investor in the latest internet research to bring the public what they want. The new age is that the customer wants to do more of home hunting and picking out what they want to see. The Quick Home Finder is an easy to use, comprehensive way to find the perfect home to buy or rent. Whether looking for an investment property or dream home the trained staff of real estate insiders is ready to assist. The best news is that the site is free to use.The Quick Home Finder was created by real estate professionals who believe that all people can make great decisions with good information. There are so many great neighborhoods and communities in the Michigan area. Whether someone is coming from outside the region, or moving across town, finding the right home is a challenge. The Quick Home Finder can help explain all options, from beautiful towns and suburbs to city neighborhoods and specific homes.
The staff of trained real estate professionals can provide the insight needed to make an informed decision. The web site is simple to use and navigate and features large property pictures, search criteria fields and maps. With The Quick Home Finder search for homes that are listed with companies such as Century 21, Real Estate One Keller Williams, Coldwell Banker, Re/Max and all other Metro Detroit Brokerages.
Contact:Larry Morris1 (248) 544-9040 1 (888) 851-3710For more information: http://www.TheQuickHomeFinder.com
The Quick Home Finder serves Oakland, Wayne, Macomb, Washtenaw and Livingston Counties.
The web site is http://www.TheQuickHomeFinder.com a new system of finding all Metro Detroit Multi Listing Service (MLS) properties without talking to a Real Estate agent. The internet has made total change in way that realtors will be doing real estate home searches. Real Estate One is a major investor in the latest internet research to bring the public what they want. The new age is that the customer wants to do more of home hunting and picking out what they want to see. The Quick Home Finder is an easy to use, comprehensive way to find the perfect home to buy or rent. Whether looking for an investment property or dream home the trained staff of real estate insiders is ready to assist. The best news is that the site is free to use.The Quick Home Finder was created by real estate professionals who believe that all people can make great decisions with good information. There are so many great neighborhoods and communities in the Michigan area. Whether someone is coming from outside the region, or moving across town, finding the right home is a challenge. The Quick Home Finder can help explain all options, from beautiful towns and suburbs to city neighborhoods and specific homes.
The staff of trained real estate professionals can provide the insight needed to make an informed decision. The web site is simple to use and navigate and features large property pictures, search criteria fields and maps. With The Quick Home Finder search for homes that are listed with companies such as Century 21, Real Estate One Keller Williams, Coldwell Banker, Re/Max and all other Metro Detroit Brokerages.
Contact:Larry Morris1 (248) 544-9040 1 (888) 851-3710For more information: http://www.TheQuickHomeFinder.com
The Quick Home Finder serves Oakland, Wayne, Macomb, Washtenaw and Livingston Counties.
Lead Base Paint Disclosure
By Ralph Marcus (Mark) Maupin, Jr.
What can happen when you don’t get a signed lead base paint disclosure? We purchased a 2-unit apartment building about a year and half ago from a seller who was being sued by his tenant for lead base paint problems. He had no knowledge of lead base paint. When we resold the property a short time later, we disclosed the same, as we had no knowledge of the lawsuit of the problem. Since we had disclosures signed by the seller, we avoided a lawsuit from our buyer. Take the time to get lead base disclosures on every sale. Have the seller fill them out. We have forms you can use in our free forms section.
The comments in Mark's Corner are shared personal experiences. They are not intended to be legal or accounting advice nor solutions. You should always consult with the appropriate professional when making decisions.
Disclaimer
Real estate investing by nature is risky. You can win, lose, or break even. We cannot guarantee a profit or loss. We do not provide legal, accounting, or contracting advice.
Please visit my websites (free forms and Information) at http://www.detroitinvestmenthomes.com , http://www.MegaEveningEvent.com and http://www.MrLeaseOption.com
What can happen when you don’t get a signed lead base paint disclosure? We purchased a 2-unit apartment building about a year and half ago from a seller who was being sued by his tenant for lead base paint problems. He had no knowledge of lead base paint. When we resold the property a short time later, we disclosed the same, as we had no knowledge of the lawsuit of the problem. Since we had disclosures signed by the seller, we avoided a lawsuit from our buyer. Take the time to get lead base disclosures on every sale. Have the seller fill them out. We have forms you can use in our free forms section.
The comments in Mark's Corner are shared personal experiences. They are not intended to be legal or accounting advice nor solutions. You should always consult with the appropriate professional when making decisions.
Disclaimer
Real estate investing by nature is risky. You can win, lose, or break even. We cannot guarantee a profit or loss. We do not provide legal, accounting, or contracting advice.
Please visit my websites (free forms and Information) at http://www.detroitinvestmenthomes.com , http://www.MegaEveningEvent.com and http://www.MrLeaseOption.com
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