Archive for the ‘Buy Houses’ Category
September 28th, 2009 | 
Author: Houses are selling like hotcakes on the MLS!
Just this weekend, we sold a house after putting it on the MLS for a mere 2 days! There’s actually a “house-buying stampede” going on the MLS and I want you in on it!
It has something to do with the $8,000 tax credit that the government is giving first-time homebuyers…
…And it’s ending on November 30.
So, needless to say, hordes upon hordes of first-time homebuyers are running amuck and flocking to the MLS to buy homes and take advantage of this $8,000 tax credit before it gets taken away.
You know what that means, right?
Buyers! Buyers! Buyers!
So if I were you, I’d be putting every single property I have for sale on the MLS for these buyers to snatch.
Why the MLS?
Because you’ll have armies of realtors telling their buyers to hurry up and buy your deals that’s why. Now in case you’re wondering why the heck should we get all worked up over a bunch of ‘first-time homebuyers’?
Well, it’s for the simple fact that they make up 40% of the total homebuying population.
Need I say more? 
You gotta take advantage of this opportunity by making sure you post your deals on the MLS immediately so these buyers can get a hold of them and you can convert them fast.
A lot of investors out there are going to make money out of this ‘first-time homebuyers stampede’…
So why not YOU?
Remember, the clock is ticking. You gotta move fast!
Just take a quick look at what the news is saying about
all this:
As days tick off the calendar, the life span of the much-b allyhooed tax credit for first-time homebuyers is drawing to an end — unless Congress decides to extend it…
…The federal tax credit covers up to 10 percent of the home price, or up to $8,000, for first-time buyers. Combined with low mortgage rates and falling home prices, the credit helped end the worst housing recession in a generation.
- MSNBC News, Sept 2009
For further information on how the $8,000 tax credit works, Watch this video.
It’s more on how it works for the buyers instead of how it works for investors, but you’ll get a pretty clear picture what to expect.
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1. All Cash - Fastest and easiest method. Can close within hours. Requires larger discount.
This is the most straightforward, easiest and fastest method to sell your home. You simply agree on a price with the real estate investor, and he pays you the total in cash. Because of the limited availability of cash and the ability to close within days (or even hours if necessary), the investor will expect a larger discount on the sales price of the house.
2. Private Financing - Similar to All Cash. Can close within days. Requires larger discount.
With private financing an investor can purchase your home and close the sale within days. The investor gets financing from a private lender and pays you cash for your agreed upon price. Because of the costs associated with private money, the investor will expect a larger discount on the sales price of the house.
3. Owner Financing - Investor makes monthly payments to the seller in exchange for property title. Requires equity in the property.
You sell your house to the real estate investor (convey title), and the investor makes payments to you for your equity in the house. This is a great option if you don’t need the entire sales price now and would rather have a monthly passive income without doing any work. Since IRS treats this as an installment sale, you are only responsible for the interest and gain that you receive in the current tax year. You won’t receive all of your money upfront, but usually you will earn some interest on the equity in the house.
4. Subject to Existing Financing - Investor takes over monthly mortgage payments to the lender. Mortgage remains in seller’s name.
Real estate investors can take over your existing mortgage payment. This is a terrific option when there is an existing mortgage with good terms. The mortgage stays in your name, so timely payments by the investor help improve your credit rating.
5. Agreement for Deed - Investor makes monthly payments to the seller. Deed does not transfer until the amount is paid in full.
The real estate investor makes monthly payments to the seller. The seller maintains their current mortgage in the home and retains the deed until the payments are paid in full. This is much like a car loan in which the bank owns the title until the note has been paid. This method requires more paperwork because there are more state laws regarding this type of transaction. However, the investor will take care of these details for you.
6. Lease Option - Investor leases the property from the seller with the option to purchase. The investor is not required to purchase, but the seller is required to sell during the term of the option.
The real estate investor leases the property from the seller with the option to buy the property at a later time. The investor has the option to buy but not the obligation to buy. The seller is obligated to sell during the term of the option. While you will receive monthly payments during the term of the lease, you are not guaranteed a sale of the property. However, if you do not sell the home to the Investor, you get to sell the home with all of the accumulated appreciation during the lease term
7. Short Sale - Investor negotiates a discount on what is owed to the lender on the property. Used when the seller is behind on mortgage and owes more than the investor can pay for the property.
When a seller is behind on payments and owes more than the amount an investor can pay for the property, the investor can negotiate with the seller’s mortgage company to accept a discount on what is owed against the property. Part of the condition of the short sale is that the seller must not receive any proceeds from the sale of the property. This option has become more common because it is better to short sell than to suffer foreclosure on your property. While the lender has the right to place a deficiency judgment against the owner, the investor often can obtain a waiver from the lender, which helps protect the seller’s credit
8. Bank Financing - Investor obtains financing from a bank. Usually the investor is pre-approved, and the sale can close within two or three weeks.
Because of the amount of properties they own, many real estate investors can take advantage of good loan programs and get bank financing to purchase a property. Often, the investor is already pre-approved for a loan so the investor can still close quickly. This the transaction can close within two or three weeks.
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