Flipping

Post contributed by Hilton Miranda

I went to http://www.texaselectricityproviders.com/

to see if I could get come information on electricity installation for a house that I have been renovating. I have been interested in house flipping since I used to go with my dad on the weekends to work what he called his second job, working on old houses. When I flipped my first house, I was hooked. I made twenty-five thousand dollars. I have been flipping on my own ever since. I have recently become more interested in historic renovation. I took a couple of classes at the university and learned a lot more about it. You can usually pick up old houses for a lower price, but there are a lot of things that need to be done. Typically I start with the wiring and electicity. I repair any plumming problems and then start on finishing ( and selling) touches. I usually strip and re-stain floors and paint the house in colors that are typical of the period that the home was built. I do everything myself except for the tough wiring and plumbing. It’s a lucrative hobby.

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Do You Have A Question About Real Estate, Mortgage, Insurance?

Originally posted 2009-02-03 11:10:28. Republished by Blog Post Promoter

I created this blog to answer your questions about <a href=”www.taylorbrownrealestatetalks.com”> real estate</a>, <a href=”www.taylorbrownrealestatetalks.com”>mortgage</a>, and <a href=”www.taylorbrownrealestatetalks.com”>insurance</a>. So, I need to hear from you.  What topics are you concerned about?  Is it short sales, foreclosure, how to prevent foreclosure, selling, buying, etc.    Click on the title and put your question in the comment sections to see your topic in the news of Taylor-Brown Real Estate Talks with 24 to 48 hours after you ask.

Do You Need to Do a Short Sale?

Originally posted 2008-11-30 08:01:08. Republished by Blog Post Promoter

It is very important to know if a short sale is the best answer for your situation.  A short sale becomes a viable option when you cannot get what you are owed on the property because of changes in the market.  You may be thinking why would the lender allow a short sale and why would the seller want to do a short sale?  Both answers to those questions depend on the market and economics.  Why economics, you say?

            Well, let’s examine.  If the homeowner has a mortgage and the pays off of the mortgage is $100,000, but in the present condition of the home; the home is only worth $87,900.   The homeowner still owes $12,100, true enough; however, if the homeowner allows the home to go into foreclosure, then they stand to lose more.  Why?  One reason is it will take 7 to 10 years to recover credit wise and/or financially from the credit damage of a foreclosure.  Another reason for the homeowner to consider a short sale over a foreclosure is the homeowner may not have a deficiency judgment or if they do have a deficiency judgment it will be less than what they would have if they allowed the home to go into foreclosure.  Still yet another reason to avoid foreclosure is the homeowner keeps their integrity and avoids the embarrassment of the public sale.  The best reason of all to avoid the foreclosure is the smaller tax liability on the homeowner.  With the latter statement being made the homeowner needs to consult a tax advisor about the tax liability if any from the short sale or foreclosure.  And remember, that if you are insolvent file form 982 with the IRS.

            In the above scenario, we discuss the homeowner has a deficiency of only $12,100 instead of $100,000 making a short sale a viable option for their situation.

            Let’s examine what would happen if the property went into foreclosure.   First, let’s examine the cost for the lender.  Once again, the home is worth $100,000, but the mortgage this time is $110,000.  It will take nine months to foreclose and resale a home.  There is a minimum cost in legal fees of $1,500, lost of interest to the lender of $4,500, not to mention the lost of taxes, insurance, maintenance, utilities of the property in the amount of $3,000, then the additional cost of the commission and closing costs of the sale nine months later of $8,000 for a total loss to the lender of $27,000.  The latter cost is call holding cost.  This cost is the amount that the lender has to pay out before it receives anything on the sale of the home after the foreclosure. 

            As you can see for the lender and homeowner a short sale is a better option. 

            During a short sale, the lender for the same home in the previous scenario gets a win scenario instead of a lose scenario.  Let’s examine.  The lender lists the home with an agent for $100,000 and sells the home for the same amount.  After commission and closing the lender is left with a gain of $92,000 to satisfy the mortgage whereas under a foreclosure they have nothing to satisfy the mortgage for nine months, and the lender has additional holding cost of $27,000.  The lender has another advantage by allowing the short sale they get their money sooner, and they only discount the mortgage by $18,000.  The homeowner once again wins as well because they can buy another home in as little as two years whereas with the foreclosure they will not be able to do anything for seven to ten years.

Who is at Fault When a Blog Covers More than Real Estate

Originally posted 2009-12-15 17:07:42. Republished by Blog Post Promoter

Recently, I received a comment or clique from a fellow Realtor who stated that this blog has several topics.  Well, my colleague may not realize that real estate is affected by several things.  One of which is economics.  This blog was developed with that in mind.

I mean, let’s face it if an individual does not have a job he or she does not have income to purchase a home.  If an individual does not understand how to maintain good credit or rebound from bad credit, he or she can not purchase a home.  If an individual does not understand how to get reduction on personal taxes or property taxes, then an individual can not keep a home.

I would love to know how you, the reader, feels should this blog stick to real estate only or give you current events and topics and relate them to how it influences your ability to purchase or keep your home.  Is it right or wrong to cover more than real estate?

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Apps Resources that You May Need

Originally posted 2011-09-13 10:18:02. Republished by Blog Post Promoter

Historical Homes of Charleston

Historical Charleston home floor plans features a symmetrical exterior that makes it adaptable to the climate of Charleston.  The homes have high airy ceiling and large, deep front porches.  Another feature that makes the older homes of Charleston adaptable to the climate it has large windows.  The older homes outer walls are usually made of brick and stucco.

The grandeur of the older Charleston homes have now take on a modern architectural view through the eyes of Bob Chatham.

Bob Chatham’s home plans were originally designed after the historical and coastal architecture of older Charleston homes.  Each custom floor plan has an
open design and mimicks the panoramic rear view of the older Charleston homes.

Bob Chatham’s Charleston style homes has both one or two story home plans.

If you are interested in historical homes of Charleston then visit http://www.onlinecharlestonrealestate.com/featured_charleston_homes_for_sale/historic-charleston-homes-for-sale.html

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Latest News on Short Sale

Originally posted 2009-12-16 05:00:24. Republished by Blog Post Promoter

Latest news about short sales from around the blogosphere:

Real Hope for Short Sales or Just More Bank Spin?

The evidence seems to be a tripling of the number of short sales over the course of 2009, though, at 40000 transactions, it is still a pretty small number. …

Bank of America Goes to Equator for Short Sale Processing

I recently got word that Bank of America is switching the processing of it’s short sales to a company called Equator Financial Solutions; they were formally …

Taking a Look at the New Short Sale Guidelines

The buzz about town- in every town- is short sales. Next to foreclosures, it’s the hot topic on everyone’s lips in this market. A new government program has just been unveiled to ease the short sale process…..

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• Short sales now home market force. Really! (lansner.freedomblogging.com)
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• [Finance]Short Sale Thinking Of Short Selling Your Property Tips Inside[7833] (slideshare.net)

Do You Want To Live in These Homes

Originally posted 2011-08-23 11:10:48. Republished by Blog Post Promoter

Homes in the 22th century will be a lot different from homes of today.  Some of the homes in the future will be shaped like eggs.   Still others, will be transparent.

Check out the homes of the future.

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Top 3 Ways to Reduce Your Homeowner’s Insurance

Originally posted 2009-01-26 09:24:21. Republished by Blog Post Promoter

The premium for home owner’s insurance is influenced by your credit and the replacement cost for the home.  Since your home owner’s insurance can be part of your mortgage payment it is important to know ways to decrease the premium to lower your  mortgage payment.   There are three ways to decrease you home owner’s insurance:

• Since it may take some time to improve your credit, a reduction in replacement cost is one way to decrease your home owner’s insurance.  Some insurance company can decrease your replacement cost to 80% of the replacement cost.  For instance, if the replacement cost is $100,000 it can be decreased to 80,000 as long as it is enough to pay off the mortgage and help you start over if the home is total loss.  Incidentally, this is not recommended for a long term solution to the increase in mortgage or insurance premium.
• Another way to decrease your premium is to increase your deductible.  Remember on homeowner’s insurance you do not pay the deductible before a claim is paid it is simply deduct from the claim.
• Still yet another way is to decrease your liability coverage.

There is an often overlook way to combat an increase in premium that is to find out what your home owner’s insurance when it is three months before your one year anniversary of the purchase of your home.  Your insurance agent should have your renewal premium amount.   If it is more than one hundred over your previous year premium shop for new insurance by calling other companies and get quotes or ask for the above changes to your present premium.

Was Your Foreclosure Legal?

Originally posted 2009-01-07 10:00:10. Republished by Blog Post Promoter

In the state of Illinois for a foreclosure to happen the lender must follow certain legal steps.

Thirty days prior to the enty of judgment of foreclosure, the owner and all person who have interest in the property will be given notice of the foreclosure.

Then, the lender must initiate a foreclosure complaint or counterclaim and at the same time the foreclosure complaint or counterclaim is entered a constructive notice is sent to all persons claiming interest or have a lien on the property.  The court gathers the information on who has interest or liens on the property from public record and title records. 

The constructive notice has to display the plaintiff’s or plaintiffs’ name, the case number, the court where the claim was filed, the names of the owners of record, the legal description of the property, the address of the property and a description of the mortgage that is being foreclosed on.   All the ladder information has to be correct.  If it is not challenge, the information by filing a response to the complaint.   The response must be filed at the court that the complaint or counterclaim was filed.  It also must be filed within 23 days of receiving the notice. 

If any of your rights are violated during the judiciary process of your foreclosure, you can file a complaint with the Judicial Inquiry Board.  This board is an independent agency that consist of four non-attorneys and three attorneys and two judges.  The primary job of this board is to investigate complaints about the judicial process and determine if futher investigate is necessary.  To find out more about the Judicial Inquiry Board, please visit http://www.state.il.us/jib/faq.htm

Once the judicial process is complete, the notice of sale is done.  The notice of sale must include the following information: 

• the name of the owner and all persons who have interest in the property
• the address and phone number of the owner and all persons who have interest in the property
• a description of the home and all improvements
• the time and place for the sale
• the case title and number and court where the foreclosure proceeding were held
• terms of the sale
• the times specific in the judgement

The sale must be post for three consecutive calender weeks (Sunday through Saturday)  at least one time during each of those three weeks with the first notice to be published not more than 45 days prior to the sale.  The last notice is to be published not less than 7 days prior to the sale. 

The notice of the sale can be listed in the newspaper in the legal section, but it must be listed in the county in which the property is located to be concerned proper notice.  It can also be advertised in the real estate section of the newspaper.  In addition, the court also instructs the lender which newspapers and other publications that the notice must be listed in to fulfill the public notice of the sale. 

In addition, the lender must also give notice to all parties to include the owner and even all parties who did not show up for court who may have interest in the property.  The notice must be given in the manner that the use for service of papers which may include a sheriff or courier notice.  This notifications by mail or courier shall take place in addition to the newspaper notice and shall be done at no more 45 days and not less than 7 days prior to the sale. 

No other notice is required unless the court orders or rules differently. 

The successful bidder shall receive a receipt of sale along with a description of the real estate purchased.  The receipt will show the bid amount, the amount paid, and if necessary the amount still remaining to be paid.   An additional receipt will be give if necessary when the remaining amount is paid. 

Upon full payment, the purchaser or bidder will receive a certificate of sale.  The certificate of sale is recordable.  The certificate of sale will have a description of the property sold, the date of the sale to include the location of the sale, and the amount paid.    The Certificate will further indicate that the sale is subject to court verification.    The recording of the certificate is also required by law under Section 12-121. 

Once recorded and verified, the certificate can be assigned by endorsement. 

Even in a foreclosure proceeding you have rights, please make sure yours was not denied.   The simply fact that the foreclosure was filed is not a violation.  If the payment have not been made as agreed, the foreclosure can be filed according the guidelines set forth in the note.  Most mortgages will default after three consecutive missed payments and then the full amount is accelerated to be now due.  However, if you get back on your feet before the foreclosure proceeding is filed which can take up to 6 months to 9 months after the last missed payment, you can contact the loss mitigation department for your mortgage company to get your payments back on track.  There are options, but you must call the lender’s loss mitigation department not the attorney to exercise your right to redemption if you are financial able to prior to the foreclosure proceeding.

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