Sat, 31 Jul 2010 06:29:32 GMT <![CDATA[amicgroup.net]]> Sat, 31 Jul 2010 06:29:32 GMT A lot of Realtors, buyers, and sellers stay away or cringe around the topic of short sales. However short sales are becoming more prevalent as home prices continue to decline. In Kansas City, there are a several opportunities for buyers and sellers to utilize short sales to help get a property sold.


A short sale is when a home is sold, not there is not enough money to pay all the liens and expenses associated with the sale.
In order for a short sale to work, all parties involved need to benefit. Seller, Buyer, and Lender
Here are some qualifications for a successful short sale:
1. Decrease in market value
2. Mortgage in default
3. Seller does not have the ability to pay or continue to pay mortgage payment
4. Lender will save money/time by approving the short sale over a foreclosure
5. Buyer has patience to get deal done

Documentation typically needed to submit file:
1. Sales contract showing property to be sold "as is" with quick close after approval
2. Listing agreement showing a reduced commission
3. Hardship letter explaining job loss, divorce, medical bills, death, or other fin. issue
4. Preliminary HUD-1
5. Seller tax returns
6. Buyer pre-qualification/proof of funds
7. Bank statements

Keep in mind that the bank has several files "on their desks" You need to be patient, but continue to be persistent to get an answer from the bank. Short sales are a great way to continue to move properties in a down market.

]]> <![CDATA[Kansas City Short Sales]]> Wed, 04 Feb 2009 08:46:39 GMT

Pic

 

While it is a changing real estate market, the media and others not truly connected in the real estate world would have one to believe that there is no money to be made in the real estate world. 

 

The perception that the sky is falling has turned into reality for some investors and property owners. In any type of business, it is best to get in when everyone else is getting out. 

 

No matter where you live, there are several properties available that can be acquired for much less that their appraised values.

 I am not going to go into great detail on why the market is in a “down” phase, however it is important to note that these are the times that experienced real estate investors make their money. 

 

There are many people that like to sit on the sidelines and research ideas and plan out their course of action and never do actually do anything.  
There will always be reasons to wait. I have not met any successful real estate investor who has “waited” for long periods of time.   
 In order to create wealth, you need to take action and get going on your first property. 
There are many ways to make money in real estate currently including: foreclosures, reo's, short sales, lease-purchase, section 8 rentals, and flips.
For more information, check out my book, Making Money In Real Estate Down Markets at
www.PropertyCashCows.com

or pick it up on Amazon.com

bookcover2smaller

 

 

 

 
]]> <![CDATA[Making Money In Real Estate Down Markets]]> Wed, 06 Aug 2008 06:44:54 GMT