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Posts Tagged → Real Estate Agent

March 10th, 2010

Want to buy foreclosures property? Look up for Foreclosed Homes Listing!



Sometimes, an individual/proprietor is not able pay the amount overdue against his name on account of home, for no matter whatever reason – whether it is loss of job, health, or death or if the home is taken over by a finance or mortgage company. Under such circumstances, once the legal formalities are over, the propriety or the house is termed as foreclosure. When finance company or mortgage firm or the bank has the possession, they more than often tend to place the home in foreclosure homes listing.

The intention of the foreclosure homes listing is to sell the home/ propriety as promptly as possible. A foreclosed home is more than often obtainable at a great deal lesser cost than its actual market value. The banks or mortgage firms, who are in possession of these distressed properties, wish to dispose of them as soon as possible. With the intention of drawing more and more customers, they cut down the prices of these properties to a great extent.

These kinds of home make available an exceptional opportunity to bidders for houses and real estate investors by presenting to them a prospect to acquire properties for sale for far less than its standard market value.

Fundamental Elements of Foreclosed Homes Listing

If you want to buy foreclosures property, you must understand the listings. A foreclosed homes listing compiles research gathered on real estate markets in every state and then create a comprehensive, searchable database of foreclosures for sale. A number of the essential basics listed out in an online foreclosure listing include:



Addresses of such available properties



Detailed description about their physical condition



Comprehensive account of the neighborhood area



Estimated price



Date of auction



Contact person or real estate agent



Status of foreclosure



A virtual view of the property so that the potential bidders can see a video of the available properties.



While buying foreclosed property, you are required to be cautious, because a lot of of the laws that guard or defend your rights in an otherwise conventional real estate deal may not be relevant to a foreclosed property. So once must be extra careful.

By admin • Posted in Foreclosures • No Comment
December 31st, 2009

Weighing the Pros and Cons of FSBO-ing Your Fort Lauderdale Real Estate Property



Homeowners who would rather have the whole proceed of the home sale for themselves are more inclined to sell their property on their own. Also known as FSBO (For Sale By Owner) is not a new-age trend; it has been around for years. And with the increasing number of real-estate savvy homeowners, several properties are now being sold without a listing agent. If you’re planning to sell your Fort Lauderdale real estate property on your own and cut the middle man, weigh first the pros and the cons before you make a trench of woes.

Advantages 

The obvious advantage of FSBO-ing your Fort Lauderdale real estate property is the elimination of agent commission. The amount you need to pay for the agent is negotiable but generally runs around between four to seven percent of the selling price. But before deciding to go to this direction, make sure you are up for it and ready for the responsibilities, which typically include marketing and tours. 

Furthermore, there are several things to consider before you decide to sell your Fort Lauderdale real estate property on your own. These include the following: 

• Serious buyer 

• Extensive knowledge of the neighborhood that can rival that of a real estate agent 

• Strong market 

• Agent-less buyer 

• Great negotiating powers 

• Time to dedicate for preparing, marketing and showing the house to prospective buyers 

Drawbacks 

While not all can happen at the same time, some of the following disadvantages can potentially occur. So before you FSBO and avoid major drawbacks, make sure you get your ducks in a row. 

• Pricing the property too low or too high 

• Not enough ability to negotiate with buyers 

• Not enough knowledge in proper home staging and marketing 

• Unfamiliarity with the closing process 

• Legal problems 

It will be greatly disadvantageous if you meet a savvy homebuyer who is more well-versed in the real estate market that you. This is why it’s extremely crucial to get those real estate books out and learn about the process as much as you can. 

Yourself vs. Agents 

Let’s face it, even if you’re quite knowledgeable about real estate, a great real estate agent will always take home the trophy. For starters, you can take advantage of a network of important resources that a real estate agent can provide for your Fort Lauderdale real estate property. Furthermore, a professional has years of experience and extensive contacts that will prove to be useful especially during tough transactions. So be sure you think twice before you choose to paddle your own home sale boat. 

Mark Michael Ferrer 

Fort Lauderdale Real Estate

By admin • Posted in Uncategorized • No Comment
December 3rd, 2009

Buying Miami Foreclosures and REO (Real Estate Owned) Properties



Once the Miami foreclosures enter the last stage of the process, the bank or lender will take ownership of the property. This is after an agreement with the owner during the pre-foreclosure stage and public auction. Also known as Real Estate Owned, or just REO, these homes are repossessed by the lender and sold in order to recover the unpaid delinquency. 

Looking for REO homes 

When you are searching for REO Miami foreclosures, you can start at the Multiple Listing Service or MLS. If you already hired an agent, you can ask him or her to check for bank-owned properties and contact the listing agency directly. However, if you do decide to use a listing agent, the potential bargain often decreases. 

The option you have to secure the bargain on the Miami foreclosures is to contact the lender directly and ask for a list of REO homes. This requires a bit of research in order to find out the identity of person who handles bank-owned properties. Fortunately, you can also use the internet for this search. 

Checking the properties 

Once you get a list of desired candidates, you must remember to drive by and check the condition of the property as well as the neighborhood. Don’t forget to take lots of pictures and get the contact number of the bank’s real estate agent, which is usually indicated in the posted signs. 

Searching for bargains 

There are ways to check for potential bargains but you must be willing to do the hard work. First, determine the bank’s break-even amount. This will normally include the outstanding balance of the loan, other fees during the foreclosure process and liens needed to take ownership. Second, find out the estimated market value of the property and subtract the break-even amount and other buyer expenses to it. The number you get can be used as the basis of your offer to the property. 

Zero in on the property 

The next step is to contact the lender. But if you don’t know who the owner of the property is, you can contact a county assessor. 

Once you call the property owners, ask for the REO department or the asset management department. This will not be easy so be persistent. Since the lender’s main objective is to lend money and not sell, this may be difficult to accomplish. 

But if you still don’t get the information you need, you can try to send or fax a letter to the lender stating your interest in buying the Miami foreclosure. It’s important to stand out and make your letter as professional as possible. 

Mark Michael Ferrer 

Miami Foreclosures

By admin • Posted in Foreclosures • No Comment
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