Foreclosure Property

Investing in Pre-foreclosures and Foreclosed Property THE SOURCE FOR INFORMATION ON FORECLOSURE OUR MOST POPULAR PAGES Bank Foreclosures - REO Pre-Foreclosure Homes Foreclosure Help Foreclosures Discussion Real Estate Investing Sites FORECLOSURE ARTICLES Ready to Invest? Foreclosure Investing 101 Foreclosure Investing 111 Buying at Trustee's Sale Finding Foreclosures Determining Property Value Real Estate Foreclosures FORECLOSURE RESOURCES CA Foreclosure Time-Line Investment Tools Sources for Comps CA County Resources Real Estate Definitions INFORMATION & LINKS Foreclosure Industry Links Avoiding Foreclosure Scams Equity Buyout Scams Trustees and Posting Co.'s "How To" Information Curb Appeal Importance HOME MAIL Investing in Pre-foreclosures and Foreclosed Property Would you buy a house for $150,000 if you could buy the house next door in the same condition for $100,000? If you are a smart investor, I'm going to bet you wouldn't. If you are just beginning as an investor and need information, how are you going to get it and how much are you going to pay? THE SAME CONCEPT APPLIES! You can easily get a basic understanding of the stages of foreclosure, how to purchase property at each stage of the process and ways to obtain financing for your purchase for free or at a very nominal cost. Libraries, bookstores and many websites all offer free or low cost information. Obtain the basic information, read it once, then continue reading it until you KNOW all the material. Your success is not going to be handed to you, you have to become an authority on the investment approach you choose. The confidence and knowledge you will obtain are essential keys to success. No seminar or course costing hundreds or thousands of dollars will put the confidence and knowledge in your mind, YOU have to make the decision and effort to get it there. THERE ARE NO SHORTCUTS! Seminars Books and Courses Cash Investors Personal Counselors Recommendations Avoiding Scams Seminars An easy way to spend a lot of money. The personal motivation inspired by the speaker will always last long enough to provide you time to buy the books or courses. If you are truly motivated to become an investor, you don't need a seminar. On a positive note, if you are an active investor and have already bought a course to increase your knowledge, a seminar is one way to allow the author or presenter to expand on their printed material. TOP Books and Courses Available at Libraries, Bookstores and Websites. Balance the cost against the information presented. You can't really argue the benefits of a twenty dollar book against a seventy dollar book, both undoubtedly have good points and bad points. Try to find the most appropriate information for your situation at a reasonable price. Courses costing hundreds of dollars or more should not be purchased by a new investor. When you have the basics down solid and want additional information or specialized information, then consider additional courses. Remember, your success will not be determined by the size of your library, but by your motivation and knowledge. TOP Cash Investors Take our course, we'll back you up financially! Great sales pitch and I'm sure it would happen if the property could be purchased cheap enough, but anyone can find a cash investor. The hardest part is finding the property. You don't know any cash investors? Look in your local Yellow Pages under Real Estate Loans. Look for ads that say "All Credit" or "Any Credit", typically these are hard money lenders(cash lenders) who have investment money. Can't find any? Look in your local newspaper for real estate ads saying "We Buy Houses", these will often be cash investors. Still can't find any? Look in your local legal newspaper for Notices of Sale. A location will be listed where properties in foreclosure are going to be auctioned off. Go to the location at the time specified and talk to the investors who show up. These are investors used to dealing with properties in foreclosure, find out their requirements, get phone numbers and you are all set. TOP Personal Counselors Sign up with us and we'll provide one-on-one help for as long as you need it. Oh, I'm sure they have experienced investors just sitting around waiting for the phone to ring. There are newsgroups where you can have your questions answered, but your best source of help is going to be investment clubs. Clubs are comprised of local investors who will share information and resources with you. They will have a good grasp on area values and should be able to help you more than anyone else. Plus, if you haven't found a cash investor yet, this is a good place to find one or get referred to one. Look in the Yellow Pages under "Clubs","Associations","Real Estate" or various web sites have lists. TOP Recommendations Take a deep breath, relax and plan your success. You'll need information, resources and knowledge. Find a local investment club, ask where and when they meet, go to all the meetings, absorb everything you can and make contacts. Evaluate the books and information you have seen, pick a source and start reading. Follow the web site discussion groups, print articles that have resources or solid information and save them. Read all the articles you can find on different web pages, it will add to your knowledge. Consider completing a Real Estate Licensing Program Many established real estate companies provide subsidized Real Estate Licensing School. If you do not have a background in real estate, this is a fairly inexpensive way to get an education regarding the technical processes involved, what is necessary to sell a home plus all sorts of additional knowledge. Many companies charge a higher fee if you do not get your license and work for their company, so be sure to shop, an independent school might be cheaper. Look in the Yellow Pages under Real Estate Schools. Keep in mind that if you actually obtain your real estate license, you have different legal considerations than if you are unlicensed. Even if you don't actively sell property full-time, when licensed, you are considered a real estate professional. Go to Open Houses Every weekend houses are held open by Realtors. Go to all the open houses in your area every weekend. You'll learn what sells, what doesn't, what the price ranges are in different areas and start to build a knowledge base of property in your area. It takes gasoline and time, but it's the best way to get a feel for what values are in a given area. Build your Resource File Organize your information and file it. Individual properties will come and go, but six months from now, you don't want to find a property that suits a cash investor's requirements and discover that you cannot find the investor's phone number. Or you were supposed to check back with a property owner this week, but you can't find the paperwork and don't remember the address. The only way to keep track of everything is to have organized files that you use. Understand it doesn't happen overnight. Honestly, the first few times you try to put a transaction together, I would expect problems. It's part of the education process. As long as you don't make the same mistakes again, you'll only get better at what you do. Education is the first big hurdle, the second one is experience, and there's only one way to get that. To just do it. TOP When everything is looked at, MOTIVATION is the base for all of it. You have to be motivated to get the education, you have to be motivated to get the experience and you especially have to be motivated to keep on doing it through the times where nothing seems to be going right. ARE YOU MOTIVATED?

Real Estate Broker and

NYS DOS, Real Estate Professional Page NYS Department of State Division of Licensing Services F requently A sked Q uestions Applicants for Real Estate Broker and Salesperson Licensure Do I need to be licensed? Generally, Article 12-A of the Real Property Law provides that anyone who, on behalf of another and for a fee, 1) negotiates a sale, exchange or rental of real property, 2) collects rent, or 3) negotiates a commercial loan secured by a mortgage must be licensed as a real estate broker. What is the difference between a real estate broker and a real estate salesperson? A real estate broker is responsible for the supervision and conduct of the real estate brokerage business. He or she applies for and holds the license on behalf of the brokerage. This person is known as the "representative broker." A real estate salesperson works for and is supervised by the representative broker. The salesperson acts as the representative broker's agent. All listings, although perhaps negotiated by a salesperson, are accepted by the representative broker. How do I become a real estate salesperson or broker? In order to qualify for licensure as a real estate salesperson, an applicant must have satisfactorily completed a 45 hour salesperson qualifying education course in real estate approved by the Secretary of State, and have passed a qualifying examination administered by the Department. In order to qualify for licensure as a real estate broker, an applicant must have at least one year of experience as a licensed real estate salesperson or at least two years of experience in the general real estate field (e.g., buying and selling your own property, managing property owned by your employer), have satisfactorily completed both the qualifying salesperson course of 45 hours and an additional 45 hour real estate broker course as approved by the Secretary of State, and have passed a qualifying examination administered by the Department. Who licenses mortgage brokers? Anyone who negotiates or attempts to negotiate any mortgage loan other than a mortgage loan on residential property, in the state of New York, is required to be licensed as real estate broker, or as a salesperson associated with a real estate broker. This license is issued by the NYS Department of State. To negotiate a mortgage loan on residential property (one to four family building) registration with the New York State Banking Department is required. If I am a real estate management company, do I need a real estate broker's license? That depends on what services you provide. If you collect rent or place tenants in vacant spaces on behalf of your landlord client, the answer is yes. If, on the other hand, your services are strictly maintenance, the answer is no. you are not acting as a fiduciary (not handling another person's money). Whom do I call if I am not sure whether I completed my 22.5 hours of continuing education during my license term? Contact the school(s) you attended. Schools are required by law to maintain course completion records for three years. You may request duplicate certificates from the school(s) in the event you are audited. In order to renew my salesperson license, I completed the 45-hour broker qualifying course. Can I apply the extra 22.5 hours to my next license term? No. The law clearly states that continuing education must be completed within each license term. I could not complete the continuing education, but I wish to renew my license anyway. Can I apply for an extension? Please refer to §177.6 in the real estate law booklet. Extensions will only be granted in bona fide hardship cases. You must submit the following, preferably prior to your license expiration: a written request for the extension, completed renewal form, fee, and original documentation demonstrating your hardship; i.e. , medical documentation. I think I might be exempt, but I am not sure when I originally became licensed. Can you tell me when I was first licensed? No. The Department of State only maintains seven years of real estate records. You may possibly determine your original date of licensure if you know when you completed the salesperson course and how long it took you after completing the course to apply for your license. What happens if I do not complete my continuing education and don't renew my license? If you do not renew your license, you cannot conduct any real estate activities that require a New York State real estate license in accordance with Article 12-A of the Real Property Law. There are no grace periods that allow you to continue working while not licensed. You have two years from the date your license expires to renew your license. If you fail to renew within that period, you will be required to pass the state written examination. No continuing education will be required to repeat the licensing process again. When you submit your new salesperson application, you must include the following: your new examination results, application fee, and a copy of your expired license/pocket card or ORIGINAL proof of completing the salesperson course. If possible, it is better to submit original proof of your salesperson course. If you do not have an original certificate, then call the school where you took the course to request another certificate. If you are applying for your broker's license, you must submit ORIGINAL proof of your 45-hour salesperson course and 45-hour broker course, or a copy of your expired broker's license. How do I obtain a waiver from the 45-hour salesperson or 90-hour broker course requirement? You must submit a written request stating the waiver you are applying for along with ORIGINAL proof of course completion, a detailed outline listing topics and hours, and a course description. We only review prelicensing courses from other states that were completed in a classroom setting. (No home-study/correspondence courses.) The prelicensing salesperson's course must be at least 45 hours of classroom instruction and the broker's course, 90 hours. In addition, if you have graduated with a Master's Degree with a concentration in real estate, you may qualify for a 90-hour waiver of the qualifying courses. Please submit an official transcript with your waiver request. If you are granted a waiver, you will receive the waiver letter, the license application, real estate law booklet, and examination schedules. When you are ready to apply for your license, please submit the ORIGINAL waiver letter with your application, fee, passed examination results, and any other required documents. I have been a real estate licensee for many years. Am I exempt from the continuing education requirements? Article 12A statutorily requires all real estate brokers and salespeople to complete 22½ hours of Department of State approved education within their two-year license period prior to the date of expiration. The law does provide for an exemption from this requirement for a real estate broker who has 15 consecutive years of combined licensure as a salesperson and a broker and who is actively engaged in the real estate business as a real estate broker at the time of renewal, or an admitted NYS attorney. Where do I get more detailed information? You may access pertinent law and regulations, applications and exam schedules from this website. You may also request this or other information by calling a Division of Licensing Services customer service representative at (518) 474-4429 or by writing to: New York State Department of State Division of Licensing Services 84 Holland Avenue Albany, New York 12208-3490 [ NYS Department of State Home Page ] [ Licensing Services Menu ] [ Real Estate Professionals Page ]

home equity loanmay be

Home Equity Loans Home Equity Loans:When Banks Compete, You Win Home Equity Loans Ifyou need to remodel or repair your home, for debt consolidation or for educational expenses a home equity loanmay be the best option available to you. Not only are you able to "tap" the equity in your home, theinterest charges are, in most cases, tax deductable (there are limits to your deductability if the total amountof loans is in excess of 100% of its value). There are a couple of options available to you. You can choose either a HomeEquity Loan , which is a fixed amount of money that is repaidover a fixed number of years, or a Home Equity Line of Credit , where you will be approved for a set amount of money which you will access asyou need it--whether for home improvements or some other use. Accessing your line of credit is as easy as writinga check. Likeall other loans, there are variances in terms, interest rates and the like. A good of comparison for home equityloans is LendingTree , where you submit an easy application and get offers from lenders competing foryour business--all within a few days (a process that used to take weeks!) Here is where you can take advantageof the ability of the Internet to make quick comparisons, saving both time and money. You can find both home equityloans and home equity lines of credit. More information . With interest rates falling considerably this year, this can be an excellent opportunity to restructure your payments,get a better rate than most credit cards and personal loans and work on the process of eliminating your debt load. Home | Your Checklist | Remodel | Refinance | Repair | Maintain Safe & Secure | Organize | Resources | More Links

Selling Home

Real Estate Agents Boston Homes For Sale Selling Home The Home Selling Process There is more to selling a home than just picking a price and putting an ad in the paper. At Rooney Real Estate our brokers have been involved in well over a thousand sales transactions, and believe us when we say that each sale is different. Below, we've listed five steps that we will take for you when selling your home. If you have any questions or would like further information about our real estate services please do not hesitate to contact any one of our real estate agents at anytime. Step 1: Pricing Your Home When you decide to sell your home, a Comparative Market Analysis (CMA) is necessary to identify an appropriate suggested asking price. This process entails a licensed broker from Rooney Real Estate visiting your home to tour your property, then comparing it to recent comparable sales and on-the-market properties in the area. We do extensive research to ensure that your home is correctly priced, to maximize the return on your investment in the shortest amount of time possible. Step 2: Listing Process When you feel you’ve reached a satisfactory asking price for your home based on a discussion of the information presented to you in the CMA, the next step involves signing a listing contract with Rooney Real Estate. The listing contract outlines all of the terms and conditions surrounding the listing of your home with Rooney, including the length of the listing period, the commission rate, the services to be provided by Rooney Real Estate, and a marketing strategy. When all of the terms and conditions are agreed upon by you and Rooney Real Estate, the listing contract is then signed by both parties and becomes a legally binding document until the date of expiration. Step 3: Marketing Process When you list your home with Rooney Real Estate we employ a number of different techniques to ensure that your home receives maximum exposure. Those techniques include: A customized web page on our new state-of-the-art web site Immediate listing on MLS (Multiple Listing Service) and LINK (Listing Information Network) A customized informational brochure for your property Alerts to more than 600 home seekers in our client database Weekly advertising in the Boston Globe, Boston Homes, Boston Herald, and SouthBostonOnline Television advertising (spring 2004) Private showings with clients and cooperating agents Weekly open houses Open houses for cooperating agents For Sale signage on your property Step 4: Sales Process • Offer to Purchase At Rooney, we require that all formal offers be done in writing accompanied by a $1,000 deposit check, which is placed in an interest bearing escrow account. The offer is considered "under agreement" when the buyer and seller reach an agreed upon sale price, and both parties have signed the offer to purchase. • Home Inspection and Smoke Inspection Most Offer-to-Purchase agreements are contingent upon the results of a home inspection, to be performed by a licensed Massachusetts residential home inspector. Under Massachusetts law, all properties must pass a smoke detector inspection test, to be performed by the Boston Fire Department prior to closing. • Buyer Financing and Bank Appraisal All prospective buyers must show written proof of "pre-approval" or "pre-qualification" from a certified home lending institution prior to arranging a home inspection. The allocation of funds must occur at least ten days prior to a closing date. All mortgage lenders and banks require that an appraisal of value be done on the subject property prior to the allocation of funds. • Purchase and Sale Agreement (P&S) The Purchase and Sale agreement is a binding legal document that spells out the exact conditions for the purchase and sale of a property. These conditions include a purchase price, a schedule of payments, the broker’s fee, exclusions, and a closing date, among other important details. Typically a 5% deposit towards the purchase price is also collected by Rooney Real Estate at this point and put into an interest bearing escrow account. Step 5: Closing • Transfer of Funds The lending institution is represented at closing by a conveyance attorney, whose job it is to confirm a clear title and to convey funds to those persons and/or creditors who are owed money. • Recording of Deed The property transfer is complete when the signed property deed is recorded at the Suffolk County Registry of Deeds. This usually occurs within 24 hours of the closing. Rooney Real Estate • South Boston 617-269-1000 • Dorchester 617-288-9700 Boston Homes | Boston Condos | Boston Real Estate Agents | Boston MLS Listings Contact Rooney Real Estate | Home Selling | Home Buying | Real Estate Services Land for Sale Boston | Commercial Real Estate Listings | Sitemap | Apartment Rentals Real Estate Resources | Real Estate News | Mortgages | Boston Real Estate Map

Sell House

Sell House Home Sell a Home Buy a Home Services Mortgages City Profiles Appraisals -- Why sell your home by owner? Less hassle and frustration: When selling a home by owner, you don't have to leave the house because a Real Estate Agent wants to show it, or clean it every morning before leaving "just in case". You know when potential home buyers are coming, and can therefore prepare accordingly. And when a home buyer makes an offer, there's not all that frustrating back-and-forth telephone tag between real estate agents to reach an agreement. It can be done in minutes, and end with a friendly handshake and smile between the buyer and seller. "You can "sell your home" better than anyone else: You know your house best. The schools, the neighborhood, what is special about the area and the home, as well as other details about the house. A well-maintained, fairly priced home can virtually sell itself; your role is to simply provide additional information. Sell for a price on your terms; You're in control: Nobody is going to tell you what to sell for. You can advertise where and how you want to (not sit by in frustration because "they're not doing enough"), schedule showings when it's convenient for you, talk directly with prospective home buyers at your leisure, even take your home off the market for awhile if you can't find the right house for you. You aren't obligated to a 3, 6, or 12 month contract... you make your own rules. More $$$ in your pocket: Calculate 6-7% of what you think your house is worth, then ask yourself: is it worth paying this much to have someone else show my property, act as a go-between to negotiate the sale and coordinate the home's closing schedules with the lender, lawyer or titles company (dependent upon your area of the country). Sell your home fast: If you list your home with a real estate agent, you'll probably inflate the house's asking price to cover the cost of the commission. Two to four months later you'll come to the painful realization that no one is going to buy your home at that price, and you'll likely end up reducing the price (or accepting an offer) equal to the original amount you would have asked if selling on your own. Do it right the first time, and avoid taking the loss. Less uncertainty: Because you meet the prospective home buyers, you have a much better idea how interested people are, what they like about the house, how serious they are about buying and what their timeframe and situation is. The direct feedback is easier to live with than wondering how things are going, or worse, why no one has made an offer yet. It's easy: If you can sell your own car, you can sell your own home... it's that simple" said one of our home sellers. And he's right, once you find a buyer, lenders, lawyers or title companies take over (depending on your area of the country). And For Sale By Owner websites are now your best advertising resource for commission free home selling. Privacy & Disclaimer Partner With Us Career Opportunities Press Room Contact Us Terms and Conditions © 1997-2005 For Sale By Owner.com Site Map