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Beginning our series “Industry Checks & Balances” - at it’s core are reliable credit decisions. In an era where most on the origination side know little about how sound credit decisions are arrived at; due to the advent of credit scores and matrix’s of scores vs LTV vs DTI ratios, this issue is critical for the long term survival of individual careers and the industry as a whole. We’ll explore most of the necessary ‘checks & balances’ over the next several months.

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Are you working on your first deal? Have you come across an opportunity and you just aren’t quite sure which direction to go in? This can be a confusing and frustrating situation if you have a property with a variety of potentials. It’s enough to make you crazy! This isn’t something to take lightly either-really look at all of your options. Different options give different outcomes, which can alter the money you have the potential to make.

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How would you price your units?

Once you have gotten an estimate on your per unit value what is your next step?

How far are you in the process? What are your next steps? In part one we discussed the per units value (this was determined from broker in the area). But let’s say that you wanted to just take it to the point where you have the tentative track map approved and have actually sold it to a developer. How would you price that? Is there a kind of formula you can use to see what kind of percentage all parties (developers, construction companies, etc.) involved will make?

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Introduction

Mortgages are loans that are used to purchase real estate and come in many different forms. The most common types are Conventional, FHA and VA. Other types are Second, Reverse and Balloon Mortgages. These loans often involve the use of Discount Points.

Conventional

The conventional loan is the most common type of mortgage used in the nation today. Conventional mortgages are loans between borrowers and lenders that are not insured or guaranteed by the government. Conventional mortgages are either privately insured through private mortgage insurance companies or not insured at all. Conventional loan guidelines typically require a minimum down payment of five percent on owner-occupied (non-rental) properties; higher for investment/rental properties. For mortgages that have a down payment of less than 20%, private mortgage insurance (PMI) is usually required. Most conventional mortgages have time frames of 15 to 30 years and may be either fixed-rate or adjustable.

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As we all know by watching the news, the real estate market is pulling back hard from the days of glory earlier this decade. In fact, many people are losing their homes to foreclosure. Few realize the tax consequences of losing one’s home.

The Internal Revenue Service looks at things in a strange manner. What you may see as a loss, it sees as a gain. How could this possibly be? Well, the agency takes the view that any loss that relieves you of a financial obligation is actually a monetary gain. Let’s look at an example.

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Ok, It’s Time to Come Out Now

If you don’t have a TV, a radio, or a newspaper, you may have missed all of the negative press surrounding the mortgage and housing markets. The severity of the situation has created a mild panic that has paralyzed the consumer. If you are waiting for a “bottom” to the overall crisis, and for all the news to turn positive, don’t hold your breath. Typically, where tragedy occurs, opportunity arises. Let me show you why it is “OK to come out now,” and why you might be sorry if you wait too long.
Mortgage Meltdown?

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The U.S. economy is on the rise with businesses merging for billions of dollars and the stock market growing stronger. But how much will our money be worth ten years down the line? While the economy gets better each day, our nation’s debt still inches closer and closer to nine trillion dollars (not including the interest on that debt), and the dollar continues to decrease in value. Over the last 50 years it has dropped 95% to 97% of its purchasing power. In comparison with the euro, the dollar lost 9% in this year alone and 35% in the last five years.

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Is your home still out in the market without any offers yet? Posting a ‘for sale’ sign in your yard is not the only thing you should do to make a sale in Tampa real estate.

Advertising your home is helpful in selling your home in Tampa real estate, but do not advertise it with the persons you know only.

But before advertising your home for sale, is your home really ready to be sold by the market? Is it attractive enough to catch the interest and attention of the potential buyers?

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Do you need it

Absolutely. I have a friend with a second home in Idaho. They have a beautiful home on a small ranch that is for Christmas and summers. Its a short hop from northern California and its a beautiful state with inexpensive land values. They got a lot of land, great views and space for a very affordable price….at least to us Californians!

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Transactions involving the transfer of real estate normally involve several documents known as deeds (judicial, warranty, will, sheriff’s and deeds of trust). These deeds are vital to make the transfer of a property from one person to another legitimate. One of these deeds is the Quit Claim Deed.

A quit claim deed is a legal document which releases a person’s claim or interest on a certain real estate property and passes it to another individual. This type of deed, however, provides no assurance as to the rights of the person receiving it and makes no warranty that the person concerned owns anything. Quit claim deeds can be used in various situations such as in a divorce, transferring real estate properties between family members, as tokens or gifts or to remove doubts on title.

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