LOW-INTEREST DISASTER LOANS AVAILABLE TO AREA RESIDENTS
Federal loans range from $200,000 to $2 million; application deadline is February 17 The U.S. Small Business Administration (SBA) announced today that low-interest federal disaster loans are available to those affected by the recent wind storms.Homeowners, renters, businesses and non-profits are eligible. A loan outreach center has been established at: Pasadena Fire Headquarters199 S. Los [...]
Experts say Now is the Time To Buy
Experts say Now is the Time To Buy With LOW Interest Rates Interest rates are at historic lows and will determine what you actually pay for the home.Buyers should really be looking at interest rates instead of just the price of the home. For example, if a buyer is obtaining a $250,000. loan at [...]
Experts say Now is the Time To Buy
Experts say Now is the Time To Buy With LOW Interest Rates Interest rates are at historic lows and will determine what you actually pay for the home.Buyers should really be looking at interest rates instead of just the price of the home. For example, if a buyer is obtaining a $250,000. loan at [...]
Even with Owner Financing, Low Credit Scores Will Wipe Out Opportunities
I’m just about to close a note deal where the Buyer’s / Payor’s credit score is below 600. Ouch. Why can I even work with this? (Normally this would be a note I couldn’t even consider buying). Because there was a 10% down payment, there is almost 3 years of seasoning (the buyer has been [...]
“If You Don’t Buy a House Now, You’re Stupid or Broke”
This was the title of an article that ran in Business Week a few weeks back. Sounds harsh, but it got your attention, didn’t it? He said: “What I’m trying to impress upon everyone is that if you are planning on being a homeowner now and/or in the foreseeable future . . . then pay [...]
Large Banks Accused of Short Sale Fraud
Jeremy Brandt is the CEO of companies like 1800CashOffer, HomeFlux.com and FastHomeOffer.com . . . all companies that bring lots of distressed sellers, investors and short sale agents together. Over the past several months he’s been receiving all kinds of questions and complaints from his short sale agents about trouble with second lien holders. Read [...]
Local Attorney Plans to Beat Market with Owner Financing
As many of my business dealings are across the country as a note broker and consultant, I really enjoy the opportunity to network with local sellers and real estate professionals when I get the chance. There’s a real estate broker in Whittier that runs a traditional sales business, but also runs a tightly knit real [...]
Avoid the 7 Deadly Mistakes Sellers Make When They Carry Paper (VII of VII)
Deadly Mistake #7: Don’t keep a careful accounting of the note payments you receive Let’s pretend that you have a nice juicy note you’re trying to sell . . . you got a 20% down payment from a buyer who had a 700 FICO, the loan amount was $100,000 at 12% interest. Fully amortized over [...]
Avoid the 7 Deadly Mistakes Sellers Make When They Carry Paper (VI of VII)
Deadly Mistake #6: Fail to include a provision for late payments and a due on sale clause in your note. A couple I talked to recently had a one year old note that they were trying to sell. Not only were the terms of the note difficult to understand, but it failed to include a [...]
Avoid the 7 Deadly Mistakes Sellers Make When They Carry Paper (V of VII)
Deadly Mistake #5: Create a short-term balloon Because of the Time Value of Money (TVM), which says that money to be received sooner is more valuable than money to be received later, it can seem like putting in a 5 year balloon is a good thing. No need to wait 30 long years for payoff, [...]
