Sydney may be the most expensive capital city in Australia, but there are still bargains to be had, a report from RP Data has revealed. Its findings show that Sydney actually had the greatest proportion of total sales priced below the determined level of borrowing power. Almost. 22% of all Sydney house sales were priced below $350,444, although most of these were situated in the outer rims of the city. The next best performer was Canberra, which had 15.3% of house sales below $301.556. The hardest place to find affordable housing was in Perth, which recorded only 11.8% of sales under $324.444. Research analyst Cameron Kusher said: “These results show just how important it is for buyers to do their homework. It can be very valuable for buyers to actually dig a little deeper into data. For an average income earner looking to buy property. more than ever location is becoming the most important attribute. The best prospects for growth in property value and the most desirable locations in which to live are those suburbs which enjoy close proximity
to public transport, retail and social amenity, schools, working nodes, healthcare, public open spaces and major roads.”

Share This

By Cory Boatright

I was reading more about deficiency questions with short sales and I thought I would elaborate a little on the subject. When you get a lender to accept a short sale the amount of debt forgiven becomes a taxable event.

Example: Homeowner owes $250,000 on a house. The lender accepts $170,000 for it. The homeowner is responsible for paying taxes on the $80,000 forgiven amount.

First thing that is important to realize is this.

Not ALL states have the option to file/collect on a deficiency judgment You may want to do some studying or contact a Real Estate attorney to find out which states have the ability to file/collect on a deficiency judgment.

Second is this. The homeowner is typically facing this REGARDLESS of your involvement. For a better understanding of a deficiency judgment let’s define it.  {continued}

(more…)

Share This

by David E. Williams
Earning profits from real estate investing is a time-tested and popular method. Many rich and famous people have made and continue to make millions in real estate. However, not every one can mobilize the level of capital needed for these investments. If so, how can people like you and me with more modest means get into real estate investment business? Fortunately, there is way to do this. Foreclosures, especially government foreclosures, are a good source of properties that are affordable and in which you can invest.

Sometimes, when a foreclosure action is taken, the government takes possession of that property. It is now their property, with which they can do whatever they wish. So before doing an investment in government foreclosures one must be familiar with HUD homes. HUD is an acronym that represents the Department of Housing and Urban Development, a United States government agency.   {continued}

(more…)

Share This

By: Heather Seitz

Every time you turn around, the word “foreclosure” is all over the news! So, if you’re a homebuyer looking to buy a foreclosure property or an investor wanting to learn how to invest in foreclosure property, then you’re timing couldn’t be better!

There is a lot out there on foreclosures; from how to stop your own foreclosure to how to “get the deed”. You could probably go to a different foreclosure seminar every other night for a month to learn the tips, tricks and tactics.

But… none of that matters unless you know how to FIND FORECLOSURES. It doesn’t matter how you negotiate with homeowners, what you say to the banks, or what paperwork you need to have if you don’t find the foreclosures first.

We define 4 marketing stages during which you can find foreclosures: “pre” pre-foreclosure, pre-foreclosure, foreclosure auction, bank owned real property (after the foreclosure)

1. “pre” pre-foreclosure: This is the one that most people are confused about! This is NOT the same as “pre-foreclosure”. This is BEFORE the foreclosure ever even begins. It’s the time during which the homeowner realized he/she is going to be late on payments – or is even a couple of months behind – and the point at which the bank starts the formal foreclosure process. Properties you can find at this stage are “gold” because the homeowners aren’t yet being bombarded by foreclosure investors. Finding pre-foreclosure sellers here takes a little more creativity and ingenuity. This is where marketing and advertising play a huge role as well as networking.

2. Pre-foreclosure: This is the “hotspot” for investors. This is when people are getting hundreds of letters and postcards from hungry foreclosure investors. This stage can last several weeks to several months or even longer. The key to finding foreclosure properties at this stage is consistency and persistence. There are a number of strategies that you can use at this time ranging from door knocking to a sequential foreclosure mailing and anything in between.

3. Foreclosure: We define this stage as the “auction”; the actual sale at the courthouse. This is not recommended for home buyers simply looking for a great deal on a foreclosure property nor do we recommend it for an investor unless you are quite advanced and have a good team working with you because there are a lot of considerations that could wind up costing you money if you’re not careful.

4. Real Estate Owned (Bank Owned) Foreclosures: Foreclosure properties reach this stage when nobody purchases the home during the first 3 phases and the bank takes it back. There are lots of good deals to be had once the bank takes back the foreclosed property. You will need a good Realtor that knows how to handle the banks to help you here, but you can find foreclosure deals well below market value here.

Each of these 4 stages of provides great opportunities for finding foreclosures. Depending on where they are in the foreclosure process will determine how you will locate the sellers, how you will market to them, and how you negotiate the deal.

Article Source: http://www.realestateinvestmentarticles.net

Heather Seitz is the author of Finding Foreclosure Deals and the founder of The Real Estate Training Academy, LLC. Get your free foreclosure case study and your foreclosure marketing tips newsletter at www.FindingForeclosureDeals.com.

Share This

Finding a home in the pre-foreclosure process provides you with the best opportunity for profits in real estate investing. When you invest in pre-foreclosures, you can usually negotiate directly with the owner, who is motivated to sell for a bargain price. The best option is to find foreclosure properties before they go to public auction.

Finding pre-foreclosures is not difficult, but it does take action on your part. One fact working in your favor is that mortgage lenders are usually required by law to give public notice of default. Public notices are typically filed at the county courthouse and, in most cases, are published in the local newspaper.

{continued}

(more…)

Share This