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6 Creative Ways to Afford a Home

1. Investigate local, state, and national down payment assistance programs. These programs give qualified applicants loans or grants to cover all or part of your required down payment. National programs include the Nehemiah program, www.getdownpayment.com, and the American Dream Down Payment Fund from the Department of Housing and Urban Development, www.hud.gov.

2. Explore seller financing. In some cases, sellers may be willing to finance all or part of the purchase price of the home and let you repay them gradually, just as you would do with a mortgage.

3. Consider a shared-appreciation or shared-equity arrangement. Under this arrangement, your family, friends, or even a third-party may buy a portion of the home and share in any appreciation when the home is sold. The owner/occupant usually pays the mortgage, property taxes, and maintenance costs, but all the investors’ names are usually on the mortgage. Companies are available that can help you find such an investor, if your family can t participate.

4. Ask your family for help. Perhaps a family member will loan you money for the down payment or act as a co-signer for the mortgage. Lenders often like to have a co-signer if you have little credit history.

5. Lease with the option to buy. Renting the home for a year or more will give you the chance to save more toward your down payment. And in many cases, owners will apply some of the rental amount toward the purchase price. You usually have to pay a small, nonrefundable option fee to the owner.

6. Consider a short-term second mortgage. If you can qualify for a short-term second mortgage, this would give you money to make a larger down payment. This may be possible if you re in good financial standing, with a strong income and little other debt.

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

Top 5 Craziest Foreclosure Rescue Attempts

Treasure hunting, demolition, forgery–even a telethon. Our picks for the top five most bizarre foreclosure rescue attempts.

Three years after the recession hit, Americans still are losing their homes to foreclosure in record numbers. Not even celebrities are immune. Wanting to do anything you can to avoid losing your home is only natural. There are a wealth of resources on HouseLogic (http://www.houselogic.com/guides/finances-insurance/home-finance/foreclosure-guide) to help you take action. Still, some homeowners have tried other, less-proven methods. Here’s a countdown of some outlandish foreclosure rescue attempts:

5. I pimped my yard to PETA.
This past March, “Octomom” Nadya Suleman was reportedly approached by PETA when word got out about her mortgage woes. The offer: A billboard sign urging pet owners not to let their dog or cat become an “Octomom” in a campaign to raise awareness about controlling the pet population. Suleman ended up letting PETA advertise on her front yard for $5,000. In April, Suleman reached an agreement (

http://www.cbsnews.com/stories/2010/04/15/entertainment/main6399349.shtml ) with the mortgage holder for a sixth-month extension to pay off the $450,000 debt.

4. God made me do it.
Earlier this month, a Montana man, Brent Arthur Wilson, was convicted for removing For Sale signs and forging ownership papers on a foreclosed home in a bizarre effort (

http://www.msnbc.msn.com/id/38242178/ns/business-real_estate/) to keep a roof over his head. During his trial, Wilson claimed that “Yaweh,” or “the creator,” gave him the home. The jury was out for less than an hour before finding Wilson guilty. He now faces up to 30 years in prison and is scheduled to be sentenced August 19.

3. Buy my T-shirt, save my house.
To raise the $250,000 he needed to avoid foreclosure on his Port Washington, Wis., pad, former Saved by the Bell star Dustin Diamond sold T-shirts (

http://www.foxnews.com/story/0,2933,199934,00.html) with his photo and a caption reading, “I paid $15 to save Screeech’s house.” (The extra “e” in “Screeech” was to get around copyright laws.)

The down-on-his-luck comedian turned his money problems into a publicity ploy, telling his story on The Howard Stern Show and even scheduling an online telethon to raise more money. The appearance was canceled moments before it went on the air. Despite all that, it looks like Diamond is still going to lose his home. Wells Fargo started foreclosure proceedings in April.

2. If I can’t live here, no one can.
This past February, Ohio carpet business owner Terry Hoskins decided that he’d rather bulldoze his $350,000 house to the ground (

http://www.wwlp.com/dpps/news/strange/ohio-man-bulldozes-home-to-avoid-foreclosure-jgr_3244918) than let the bank have it. Hoskins also basically confirmed that he’d do the same to his carpet store if he had to. Thankfully, it didn’t come to that. Although Hoskins didn’t technically break any laws, the bank did hold a sheriff’s auction of his business property to pay off the $600,000 debt he owed.

1. Superman saved our house.
On a more positive note, a rare comic book (

http://www.foxnews.com/us/2010/07/27/faster-speeding-bullet-superman-saves-familys-home/) (an Action Comic #1-the issue that introduced Superman to the world) was recently found in the basement of a couple facing foreclosure. Although it hasn’t been valued yet, Stephen Fishler, co-owner of ComicConnect.com, guarantees that the comic will bring in more than enough to pay off the mortgage at auction time. Other rare finds like this have been valued at more than $1 million.

The NATIONAL ASSOCIATION OF REALTORS® is dedicated to providing resources that help families facing foreclosure take every step they can to keep their home. To find out how to (legitimately) fight foreclosure, visit the HouseLogic Foreclosure Resource Guide (

http://www.houselogic.com/guides/finances-insurance/home-finance/foreclosure-guide/).

Visit houselogic.com for more articles like this. Reprinted from HouseLogic with permission of the NATIONAL ASSOCIATION OF REALTORS
Copyright 2010. All rights reserved.

What to Have on Hand for the New Owners?

Owner s manuals and warranties for appliances left in the house.
Garage door opener.
Extra sets of house keys.
A list of local service providers  the best dry cleaner, yard service, plumber, etc.
Code to the security alarm and phone number of the monitoring service if not discontinued.
As a courtesy, you could provide numbers to the local utility companies.
If it s a condo, leave information on how to contact the condo board.

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

10 Questions to Ask the Condoboard

Before you buy, contact the condo board with the following questions. In the process, you ll learn how responsive  and organized  its members are. You ll also be alerted to potential problems with the property.

1. What percentage of units is owner-occupied What percentage is tenant-occupied Generally, the higher the percentage of owner-occupied units, the more marketable the units will be at resale.

2. What covenants, bylaws, and restrictions govern the property What grandfather clauses are in place You may find, for instance, that those who buy a property after a certain date can t rent out their units, but buyers who bought earlier can. Ask for a copy of the bylaws to determine if you can live within them. And have an attorney review property docs, including the master deed, for you.

3. How much does the association keep in reserve Plus, find out how that money is being invested.

4. Are association assessments keeping pace with the annual rate of inflation Smart boards raise assessments a certain percentage each year to build reserves to fund future repairs. To determine if the assessment is reasonable, compare the rate to others in the area.

5. What does and doesn t the assessment cover Does the assessment include common-area maintenance, recreational facilities, trash collection, and snow removal

6. What special assessments have been mandated in the past five years How much was each owner responsible for Some special assessments are unavoidable. But repeated, expensive assessments could be a red flag about the condition of the building or the board s fiscal policy.

7. How much turnover occurs in the building This will tell you if residents are generally happy with the building. According to research by the NATIONAL ASSOCIATION OF REALTORS , owners of condos in two-to-four unit buildings stay for a median of five years, and owners of condos in a building with five or more units stay for a median of four years.

8. Is the condo building in litigation This is never a good sign. If the builders or home owners are involved in a lawsuit, reserves can be depleted quickly.

9. Is the developer reputable Find out what other projects the developer has built and visit one if you can. Ask residents about their perceptions. Request an engineer s report for developments that have been reconverted from other uses to determine what shape the building is in. If the roof, windows, and bricks aren t in good repair, they become your problem once you buy.

10. Are multiple associations involved in the property In very large developments, umbrella associations, as well as the smaller association into which you re buying, may require separate assessments.

Reprinted from REALTOR magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS .
Copyright 2008. All rights reserved.

Short Sale, Foreclosure

Many a times, for some people questions comes to mind: What is a short sale – It is when the property owner will accept less sale price than the amount which is due as per the loan amount when the property is sold. Lenders sometimes accepts low amount to avoid the expense and time of a foreclosure. A short sale generally persists when the loans amount on the property is greater than what the property can be sold for. The short sale is the best alternative for owners who no longer can afford make their mortgage payment and want to avoid foreclosure which is more embarrassing.

Though a short sale seems to be the only solution to the problem avoiding foreclosure, the fact is there are other solutions which a short sale realtor can guide you through that will benefit the home owner as well as the lender. You need to be very careful when transacting with a third party company regarding the short sale. A lot of people understand they can make profit in short sale which might be true in some circumstances with the help of a short sale realtor.

Some of the best options to go for advice from short sale realtor to avoid foreclosure:

1. The value of your home is more than what you owe, you can get a good price to pay off the mortgages and avoid foreclosure. An advice from Short Sale Scholars can guide you the right way.

2. Advice from Foreclosure Realtor comes handy to show your lender that foreclosure is more costly & they are not likely to do any better foreclosure & remarketing.

3. Foreclosure affects your credit rating and to avoid all these painful time expert advice from Foreclosure Realtor and Short Sale Realtor come handy.

Any short sale investor knows that one of the biggest challenges they might face is dealing with the lender. The short sale process is lengthy, importantly when short sale investor has to deal with more than one lender to come up with best price for the property. If the foreclosure property is auctioned it is a more of a possibility that it is sold in lesser market value leaving you with no money in hand to go for another property to lease. Due to lack of funds after selling their foreclosure property owner will be left in cold with no money to buy another property with some down-payment. There are many reasons why we should avoid a foreclosure taking the help of Foreclosure Realtor. Foreclosure is a public preceding that property owner risks your own social status. If your mortgage sum is more than the current value of your property, you may finally to consider Short Sale with the help of Short Sale Realtor.

You need to hire an experienced Shore Sale Realtor as they are the specialist and will look after all your issues. Once you have a Short Sale Realtor whom you can trust, he will be authorized by you talk on your behalf to negotiate with lenders and short sale buyers. Expert advice from Short Sale Scholars comes effective in these situations for short sale investors and property owners as well to avoid foreclosure.
http://www.ShortSaleScholars.com

Article Source: http://www.articlesnatch.com

About the Author:
This is Euriq Gates as a story writer about short sale foreclosure

Read more: http://www.articlesnatch.com/Article/Short-Sale–Foreclosure/939443#ixzz1NNUepSyG
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