The Residential Specialist

DECEMBER 21, 2022

Experts who worked through The Great Recession of 2008 share how to handle tricky short-sale transactions. With its perfect storm of record-low property values and record-high unemployment, The Great Recession of 2008 triggered a rash of residential short sales. Short sales are not suited to all REALTORS ®.

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Short sale Sales Banks Principal 52

Realty Biz

JULY 19, 2022

Many of these will be new investors that don’t have experience with the pre-foreclosures, short sales, and foreclosures, that occurred during the Great Recession. The seller has options as long as the house is worth more than the outstanding loan. The primary option when a house is worth less than the loan is a short sale.

Purchase and sale agreement 101

Purchase and sale agreement Short sale Loans Inspection 101

Realty Biz

AUGUST 6, 2021

As the market again plows bullishly upward into unaffordable home prices, the most likely cushion from a full market meltdown this time will be stricter bank loan regulations and homeowner equity. The housing bubble bust of 2008 resulted in almost 10 million Americans losing their homes to foreclosures and short sales.

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Short sale Loans Equity Mortgages 102

Realty Biz

NOVEMBER 18, 2021

One of the few times that a lender will use a BPO instead of requiring an appraisal is for a short sale. BPOs are also ordered by banks, mortgage loan companies, and asset management companies for several other reasons: Home purchases. Home loan refinances. Bank-owned property sale of a foreclosed property.

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Short sale Inspection Loans Banks 110

Realty Biz

MAY 22, 2022

Now, the share of ARMs is 11% of overall mortgage loans. Every year thereafter, your rate can adjust a maximum of 2 percentage points (the second number, “2”), but your interest rate can never increase more than 5 percentage points (the last number, “5”) over the life of the loan. A Short History of ARMs.

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Short sale Loans Mortgages Equity 91

HomeLight

JULY 31, 2022

Essentially, equity is the market value of your property minus the amount of money you still owe on your mortgage loan. This minimum equity ensures that you’ll have the funds for necessary home sale expenses (such as staging , repairs , and closing costs ), plus some leftover profit to put towards your next down payment or security deposit.

VA loan 95

VA loan Purchase and sale agreement Short sale Pre-approval 95

Realty Biz

JANUARY 19, 2023

If you are spending more on a property than it is worth, your loan balance can exceed the home's overall value. One such option on the table is a short sale. A lender may not take the bait and agree, and a short sale could damage your credit, though not as much as a foreclosure. Is Selling a Smart Move?

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Short sale Equity Loans Mortgages 84

HomeLight

SEPTEMBER 2, 2021

You can deduct the amount paid for private mortgage insurance (PMI), FHA mortgage insurance premiums, VA funding fees, and USDA loan guarantee fees, as long as the insurance contract was issued in 2007 or later and you’re still paying premiums. There are some lifetime limits built into the residential energy property credit: A total of $500.

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Residential Mortgages Loans Short sale 105

Realty Biz

MARCH 29, 2021

Mortgage loans do not qualify as a budget strategy; hence you’ll be required to seek alternative channels for purchasing a property. The most advisable flipping modes are distressed properties, short-sales, and bank-owned homes, among other sub-optimal state assets. Set Up a Budget. The Profit Potential.

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House Flipping Renovation Investor Construction 119

Marco Santarelli

JUNE 12, 2021

The closed sales surged by 84.9% YoY in April while the median sales price was up 16.8% T he residential real estate market in the Tampa Bay area continues to churn unimpeded even in times of the pandemic. In April 2021, the median sale price of a Foreclosure/REO property in the Tampa metro was $229,250, up 14.5%

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Marketing Investor Residential Sales 145

Calculated Risk Real Estate

JUNE 7, 2024

In the first quarter of 2024, the total number of mortgaged residential properties with negative equity decreased by 2.1% However, in mid-2022, homeowners switched to using home equity loans (2nd loans) to extract equity from their homes. trillion since the first quarter of 2023, a gain of 9.6% year over year.

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Closing Equity Short sale Banks 64

Realty Biz

FEBRUARY 21, 2021

Lack of access to mortgage loans continues to inhibit further growth of the existing condominium market. Of the 9,307 condominium buildings in Miami-Dade and Broward counties, only 13 are approved for Federal Housing Administration loans, down from 29 last year, according to Florida Department of Business and Professional Regulation and FHA.

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Sales Short sale FHA loan Fixed-rate mortgage 90

Realty Biz

SEPTEMBER 23, 2021

With interest rates still at record lows, many South Florida homeowners have refinanced their home loans. Home equity can be tapped for renovations, college loans and more. Miami Distressed Sales Keep Dropping, Reflecting Healthy Market. In 2009, distressed sales comprised 70% of Miami sales. million in August.

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Sales Fixed-rate mortgage Short sale Equity 104

HomeLight

DECEMBER 30, 2021

According to the National Association of Realtors® Research Group’s 2021 data , 64% of buyers have conventional loans, 16% have FHA loans and 14% received VA loans. described and compares to the values in the area,” explains top Los Angeles agent Keri White , who is also a home loan, title and escrow specialist.

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Loans Agents Inspection Closing 119

HomeLight

MAY 23, 2022

Median sales price in Indiana. Indiana law requires sellers to disclose material facts about the property through the Seller’s Residential Real Estate Sales Disclosure. This disclosure form is required for almost all residential home sales for properties hosting up to four units. Average days on market for Indiana.

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As-is Purchase and sale agreement Inspection Closing costs 118

Realty Biz

SEPTEMBER 23, 2023

Whether it's residential, commercial, or investment properties, working with an agent with expertise in your desired area can be highly beneficial. With pre-approval, you'll receive a conditional commitment from the lender, stating the maximum loan amount for which you are approved.

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Purchase and sale agreement Pre-approval Agents Pre-qualification 70

Realty Biz

MARCH 29, 2021

Mortgage loans do not qualify as a budget strategy; hence you’ll be required to seek alternative channels for purchasing a property. The most advisable flipping modes are distressed properties, short-sales, and bank-owned homes, among other sub-optimal state assets. Set Up a Budget. The Profit Potential.

House Flipping 95

House Flipping Renovation Investor Construction 95

HomeLight

MAY 23, 2022

North Carolina state law requires sellers to disclose material facts about the property through the Residential Property and Owners’ Association Disclosure Statement. Schaus does business in the area of Fort Bragg, which means that Department of Veterans Affairs home loans ( VA loans ) are used very often by buyers. Disclosures.

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As-is Purchase and sale agreement VA loan Inspection 112

HomeLight

MAY 19, 2022

Median sales price in Maryland. Maryland law requires sellers to disclose material facts about the property through the Maryland Residential Property Disclosure and Disclaimer Statement. You are limiting the number of buyers that could purchase the property because of the type of loan they have,” Umanzor says. Disclosures.

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As-is Inspection Investor Closing costs 119

Realty Biz

NOVEMBER 14, 2023

Focus on Income-Producing Properties In times of market correction, income-generating properties such as multifamily units and commercial real estate tend to fare better than speculative residential investments. Low leverage and favorable loan terms can cushion during tough economic times. Be cautious with your financing decisions.

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Due diligence Marketing Investor Finance 91

HomeLight

JANUARY 13, 2022

An appraisal contingency allows a buyer to walk away from a sale if after an appraisal is completed if the value of the home is found to be less than the purchase price. You’ll likely need this type of contingency even if you’ve been preapproved for a mortgage as that process does not guarantee that you’ll get a loan.

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Backup offer Inspection contingency Purchase and sale agreement Home sale contingency 97

Realty Biz

AUGUST 4, 2020

Today, with millions of Americans missing their mortgage payments because of COVID-19, something similar to this program or some type of partial loan forgiveness might come back in the next several months. Short sales can be complicated. Short sales are complicated. Home improvements.

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Equity Short sale Investor Title 59

HomeLight

APRIL 29, 2022

If you’re selling your home to a buyer prequalified for a home loan, it’s important to prepare for the appraisal. This may encourage homeowners to put a portion of their equity gains toward a remodeling project in the near future, but they’ll need an appraisal to obtain a home equity loan or take out a home equity line of credit (HELOC).

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Equity Agents As-is Construction 122

The Close

APRIL 30, 2024

The seller can get creative with a balloon loan that is amortized across 30 years but is due in full in five to seven years. Luxury listings have a smaller buyer pool, so they inherently have a longer sales timeline. Commercial real estate and raw land also can take longer to sell than residential real estate. Would that help?

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Agents Short sale Staging Sales 84

HomeLight

APRIL 30, 2021

While similar to a CMA, a BPO can crop up during a foreclosure or short sale, when a lender might ask for such calculations, says Herring, who has conducted these for lenders. Another real estate valuation tool is the broker price opinion, or BPO.

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Marketing MLS Agents Renovation 111

HomeLight

OCTOBER 29, 2020

That’s why financed offers come with appraisal contingencies — the loan can’t clear until the home has been appraised and the lender knows they’re not lending you too much for the home. Plus, you’ll want to include a financing contingency in your purchase contract which states that the home loan has to clear before the deal can close.

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Purchase and sale agreement Pre-approval Earnest money deposit Inspection 81

HomeLight

JUNE 23, 2023

When you’re selling property in probate, it’s especially critical to hire a listing agent with experience handling probate sales and who’s familiar with the probate processes of your state. home inspectors , contractors , residential appraisers ) who also understand the nuances of probate. Why does that matter?

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Probate sale Agents Sales Closing 98

Marco Santarelli

JULY 11, 2022

The improving economy and the approaching peak homebuying years of millennials are driving a residential housing boom. It happened faster than many predicted, with rates on 30-year fixed loans breaking through 5 percent in April to the highest level in more than a decade. million in May, down 3.6% million in April and down 7.7%

Sales 98

Sales Marketing Fixed-rate mortgage Mortgages 98

HomeLight

JANUARY 4, 2022

Fifty-seven percent of agents have seen buyers leverage their own retirement or securities funds, 49% have seen buyers take out a home equity loan or home equity line of credit, and 38% have seen buyers receive short-term loans from family members in order to buy a house with cash. You’ll likely see higher offers.

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Investor Finance Inspection Sales 98

HomeLight

OCTOBER 5, 2020

When a home goes up for auction, there’s usually at least one financial claim on the house, usually by the lender who’s been trying to collect on the home loan. A home equity loan or line of credit. An auction price will depend partly on what the owner still owed on the previous owner’s mortgage. A lien due to unpaid taxes.

Due diligence 72

Due diligence Earnest money deposit Banks Inspection 72

Marco Santarelli

DECEMBER 20, 2020

What can you do if you’re interested in multi-family residential properties? This is why you need to find websites like LoopNet, Realtor.com, and Costar that offer only commercial and multi-family residential properties. Better yet, they’re the ones who can give you lists of homes available for short-sale.

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Sales MLS Renovation Investor 80

HomeLight

JULY 31, 2021

And if you ever need to access that money down the road, you can leverage it through a home equity loan or line of credit. If you can qualify for the mortgage loan, a multi-family property can be a great way to invest in real estate. with an FHA loan. This builds your wealth over time. Earn passive income. 1,000 to $5,000.

Investor 98

Investor Equity Renovation Mortgages 98

Marco Santarelli

AUGUST 27, 2020

With 2020 being, theoretically, in the middle of a boom, there are still 4 years for residential construction to surge. Las Vegas Realtors reported that short sales and foreclosures combined accounted for 2.7% of all existing local property sales in January 2020. of all sales one year ago, 4.3%

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Marketing Purchase and sale agreement Investor Sales 128

HomeLight

JULY 31, 2021

Although it’s not as sure of a bet, you could also attract a regular residential buyer who has enough liquid assets to buy a house outright. According to the latest data from Ellie Mae, the purchase loans are taking an average of 50 days to close as of May 2021. Be careful of signing with a wholesaler.

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Earnest money deposit Inspection Inspection contingency Title 98

Marco Santarelli

SEPTEMBER 5, 2020

Particularly, previously-owned single-family houses compromise the majority of residential sales in the Arizona real estate market- approximately 80% of all sales. Annually, the number of previously-owned single-family homes are three to four times greater than new single-family home sales. Short sales dropped -38.1%

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Marketing Purchase and sale agreement Investor Sales 135

Marco Santarelli

SEPTEMBER 7, 2020

ORRA reported that sales of distressed homes (foreclosures and short sales) reached 79 in July and are 27.5% less than the 109 distressed sales in July 2019. Distressed sales made up 2.2% Acquiring residential spaces is one of the earliest priorities for such professionals when they move here.

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Marketing Investor Sales As-is 126

Marco Santarelli

JULY 27, 2020

With 2020 being, theoretically, in the middle of a boom, there are still 4 years for residential construction to surge. As we write this, there are 571 homes for sale in Sacramento, CA on Zillow. Data by Sacrealtor.org shows that the number of REO sales (single-family homes) in June dropped by 21.4% from the previous year.

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Marketing Investor Land Sales 124