Escrow Agreements At The Closing Table By Steven R. Greenberg Often overlooked at the real estate closing is the importance of a well-drafted escrow agreement for repairs. If the Seller has not completed the repairs pursuant to the Buyer’s notice of property defects or if an issue arises as part of the final walk-thru, the Buyer and Seller may agree to escrow funds with the closing agent for repairs to be completed after closing. Usually, the closing agent will throw together a very simple escrow agreement, or ask the REALTOR® to write an escrow agreement, which fails to deal with […]
We are all aware that the underwriting guidelines for purchase-money financing have become very restrictive due to the economic downturn and the subprime lending debacle. As difficult as it is to obtain financing in the current economic environment, purchase-money financing for condominiums has become particularly troublesome. This article will address some of the issues facing buyers of condominium units needing purchase-money financing.
Unless you live under a rock, you or someone you know has been affected by the process known as a short sale. Unfortunately, short sales have become a nightmarish process for the parties involved-the seller, buyer, attorneys, realtors, and short sale negotiation companies.
You can start investing in real estate at any age. If you are young and want to start the conventional way by purchasing a single family house or small rental property, build a team first—relationships are everything in real estate. If you are older and just getting started, you can take the approach I suggest in this article to adding real estate to your investment portfolio.
As a real estate professional you may have received inquiries from homeowners with regard to “foreclosure rescue” and “foreclosure fraud.” The following may help you better understand the implications of a “foreclosure-rescue transaction.”
The benefits of owning investment and rental real estate are pretty obvious: wealth building and cash flow. The time to buy is when prices are low. Now let’s expand on that with some tax talk.
Jumping into real estate investing without a plan can be painful. Biting off more than you can chew is one problem; panic instead of patience is another problem.
This article is a continuation of last month’s article regarding areas of concern in an REO Counter-Offer Addendum typically used by banks in connection with the sale of a foreclosed (“Bank Owned” or “REO”) property.
Representing A Buyer Purchasing A Bank Owned/REO Property By Steven R. Greenberg It should come as no surprise to you that there are a glut of foreclosed (“Bank Owned” or “REO”) properties on the market. Many Buyers are looking only for “foreclosed” or “short sale” properties to purchase since it is perceived by Buyers that these are the best bargains on the market. This article will focus on the Counter-Offer Addendum used by the banks in the sale of REO properties. It is critical that REALTORS® understand that the REO Counter-Offer Addendum supersedes all conflicting provisions of the Contract. There […]
Real Estate Investing By Jeff Riddell Andrew Carnegie said: More money has been made in real estate than in all industrial investments combined The big boys know all about it and have made fortunes for generations through real estate. Even the railroad barons of the 19th century knew that wealth was in real estate. When they built the transcontinental railroad in the 1860s, the government gave them 640 acres of land for each mile of track they built. They believed they could sell the land for millions as business was drawn to the railroad, and they were right. Real estate […]
JOHN’S STORY (Part 2 of 2) Excerpt from 21st Century Real Estate Investing By Jeff Riddell IT’S NO SECRET Andrew Carnegie said “More money has been made in real estate than in all industrial investments combined.” The big boys know all about it and have made fortunes for generations through real estate. Even the railroad barons of the 19th century knew that wealth was in real estate. When they built the transcontinental railroad in the 1860s, the government gave them 640 acres of land for each mile of track they built. They believed they could sell the land for millions […]
Reverse Mortgages – A Primer By Steven R. Greenberg A “reverse” mortgage is a loan against the borrower’s home that does not need to be paid back as long as the borrower lives there. There are several ways to get the cash out of a home with a reverse mortgage: 1. As a regular monthly advance; 2. All at once, in a single lump sum of cash; or 3. As a combination of these payment methods. In order to qualify for a reverse mortgage, the borrower must be at least 62 years of age. Furthermore, the borrower must seek […]
With the wave of short sales in the current real estate market, it is difficult, if not impossible for a REALTOR® to not be involved in a short sale transaction. This article will address some of the issues when representing a Buyer or Seller in a short sale.
John saved about $4,000 from his soldier pay during World War II. A year after finding a job and saving some more money, he was able to buy a duplex in 1948 for $15,000 with a $10,000 mortgage. There was never much cash flow from the duplex because John used the money to fix it up. After five years, he sold the duplex for $22,000. John had $13,000 left after paying off the mortgage, which had reduced to $9,000 with the help of amortization and some extra money John occasionally added to his monthly payment.
“As Is” With Right to Inspect – Or Is It Really? Many REALTORS® are familiar with the phrase “as is,” but may be confused with the contractual provisions in the FAR-9 Contract regarding “as is” sales.
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Wednesday, July 1, 2009
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