Posts Tagged ‘foreclosure’

May 20th, 2011

Bill Twyford – Bulk Bank Owned REO Properties

Bill Twyford

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Bill Twyford – Bulk Bank Owned Reo Properties

Bill Twyford is a professional real estate investor, master negotiator and trainer. He has been in the real estate business for years, and he knows more than a thing or two about bank owned REO properties. But first, what exactly is meant by REO? REO actually means real estate owned property, and this type of property is usually taken back by the mortgagor when it continues to remain unsold after a foreclosure auction. Here are more of Bill Twyford ‘s helpful insights on how to profit from bulk bank owned REO properties.

Why Many Foreclosed Homes Remain Unsold After An Auction? Bill Twyford

According to real estate experts, Bill Twyford himself included, homes that are acquired by the bank from foreclosure are called REO, or real estate owned. These properties are tossed back to the mortgage company in the bloody aftermath of of an unsuccessful auction. But why does this happen often? The truth is this happens most of the time.  One of the main reasons for this is that the minimum bid on the foreclosed property would have to cover the costs that are currently owed to the bank or lender. The other add-ons include loan balance, attorney fee,s accrued interest, as well as any cost that;s associated with the messy foreclosure process. During an unsuccessful auction, if the minimum bid is not met, then the foreclosed property goes back to the bank as REO.

Bill Twyford – Strategies For Purchasing REO

Bill Twyford, who has over 840 real estate deals in his belt, will probably have no problems with purchasing and selling REO properties. For beginners and upstart realtors, there is actually a strategy for purchasing an REO. Because most banks and lenders will not immediately dump any of their excess real estate inventory for a cheap price, there will be some bargaining involved with securing REO properties at the desirable price.  In offering for REO properties, make an offer, for which the bank will also present a counter-offer, which may be at a higher price than expected. Be prepared to counter and make a counter-offer, as this is all part of the game for acquiring REO properties.

Contact A Listing / REO Agent Before Making An Offer

In dealing with REO properties, don’t always expect that a deal will quickly be pulled off. Like in other real estate transactions, you offer and succeeding counter-offer will have to be reviewed and approved by the bank’s officers and directors. Before making any offer though,  contact your listing/ REO agent and ask if there any inspection reports that you need to read or look over, as well as ask if there is an “As Is” form. Also find out how long will the bank take t accept an offer, as well as how many lines of approval need to be passed before your offer gets approved.

According to veteran Investors like Bill Twyford, bank owned foreclosures and  real estate auctions offer juicy deals on distressed or already foreclosed properties. However, as banks are in business to lend money, and not to collect or store foreclosed properties, banks will generally want to dispose of  foreclosed or REO properties, and sell them off at large discounts.  To better improve your prospects, take time during the weekend to  spice up your offer by providing the listing agent with pre-qualification on your mortgage or approval letter, as well as determine the right amount to have your offer accepted.

To get FREE Training on REO Real Estate Investing with Bill Twyford Click Here.

-Aislee

May 9th, 2011

Dwan Twyford – Preforeclosures and Short Sales Done For You Program

Dwan Twyford

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Dwan Twyford – Preforeclosures and Short Sales Done For You Program

Dwan Twyford knows that foreclosures are a common problem today in recession-weary America. However, Dwan actually sees a silver lining to the the bleak picture facing the US today, because he has mastered the art of of making money from foreclosed properties. However, anyone who’s actively interested in investing in foreclosed will no doubt come across one major concern, and that is finding deals with equity. Here are some important insights offered by Dwan on pre-foreclosures and the process of doing short sales.

What Is A Short Sale?

With so many foreclosures out there today, one of the sad facts is that most homeowners actually owe what their property is worth. This explains why most investors suddenly walk away from deals that have no equity, because they either don’t know what to do with a no-equity deal. In this type of situation, a short sale can be done. What exactly is a short sale? A short sale, according to real estate experts like Dwan Twyford,  is a means of getting the bank to accept less than what is owned as payment in full.

To Get FREE Real Estate Training from Dwan Twyford and a special Real Estate Investing bonus  click here

There are actually plenty of steps to ensure success when short selling mortgages. First, the real estate guy must be able to have the homeowner under control. This means that you can buy the mortgage and finish the foreclosure process, but you still cannot buy the property, because you will still need to work hand in hand with the homeowner if you plan to short sell a mortgage.

How You Work Out A Short Selling Process – Dwan Twyford

Here’s how the short selling process works. A homeowner will call the real estate agent to say he or she is in foreclosure. The agent meets the homeowner and has him or her sign an Authorization To Release form,  which gives the bank permission to speak to you about the account.

For example, if the homeowner owes the bank $95,000, then you, the agent,  are going to offer him or her $50,000. Next, you call the bank and talk with the guys and girls at the Loss Mitigation Department. This department tells the person handling the foreclosed homeowner’s account that you are helping the owner with his foreclosure, and you are willing to pay just $50,000 as payment in full. You fax the $50,000 sales contract tot he department,  along with some photos of the residence, as well as fill out a net sheet, which the company will provide you.

The next step, according to experts like Dwan Twyford,  is that the bank reviews the information and makes a decision afterward.  If ever the bank counters with an offer at $65,000, you counter back with a $55,000, and they accept. Banks, according to Dwan Twyford and other real estate experts, would rather short sale a mortgage rather than go to the tedious process of bringing the case to court. Banks of course, are not in the business of owning properties, especially lots of foreclosed mortgages.

To Get FREE Real Estate Training from Dwan Twyford and a special Real Estate Investing bonus  click here

Aislee

April 11th, 2011

Cashing in on Distressed Homes

How Can You Cash in on Distressed Homes?

distressed homes

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The real estate market has definitely had happier times. The past three years has shown some of the lowest points in the recent decade of real estate history and a good number of investors and realtors have turned to other sources of income to compensate their decreasing income. This doesn’t mean though that the river of potential cash has completely dried out in the real estate industry, many investors have reported making profit and during the last year, home prices have finally steadied and posted some increase, because of a small and gradual rise to the number of homebuyers.

The economy though is far from being healthy, it may still take some time to fully recuperate and even though new job openings are now being offered, it’s still not enough to create a surge in real estate demand. That’s why many home buyers today are looking for low cost housing which they can afford. Many of these “affordable” homes come from real estate investors who have tapped on the Distressed Homes market, which accounted to one in every three home sales last November, for properties which can be easily developed and sold for a low price.

Types of Distressed Homes

Distressed Homes comprise of real estate properties which have been foreclosed, owner has defaulted, bank owned, or from short sales. With the high negative impact of the economic slump, resulting to millions of people losing their jobs, many homeowners have defaulted on their mortgages, foreclosed their houses because of debts, or sold their homes at a greatly reduced price. This has allowed many real estate investors to be able to purchase properties at very low prices and create flexible and affordable deals to entice home buyers. Investors were able to provide an average fifteen percent discount as of November for Distressed Homes. In fact, reports have shown that 34 percent of distressed home sales were from foreclosed properties.

And with the recent economic stability and new found jobs, more people are now able to afford to buy these homes giving investors a promising future. Plus, with a survey commissioned by Bankrate.com showing that 9 out of 10 respondents satisfied with their recent home purchase, a trend is now developing which can lead to an increase in property value.

Distressed Homes FREE Real Estate Investing Training Click Here

In another survey, many Americans who are currently renting have expressed their desire to become homeowners. While many of them may not be able to afford to buy a home now, or qualify for financing, the upward growth in the economy, plus the growing number of job openings will change all that. And with a slow and gradual growth of the financial state of our citizens, it’s easy to see that many of these would be owners would be looking towards getting good deals out of distressed homes.

Many still remain skeptic, afraid of taking risk in a real estate market that has seen better days in the past, but in many investments, speculation and good instincts can be key factors.

To cash in on Distressed homes click here

– Aislee