Cape Coral Real Estate

The basic of a Real Estate transaction is obviously a seller willing to sell to a buyer willing to buy. Once you have those terms agreed upon, you are half way to closing.

But if the seller have to settle for a low ball offer from a buyer, everyone involved in the deal may lose time and money. This is where a clever agent can use valuable skills to negotiate the deal and make it happen all the way to the closing.

One thing I use to do is really showing the temperature of the market to  my buyers. I think it is important that they acknowledge how the today’s Real Estate market in Cape Coral is reacting to. I compare sold pricing instead of listed pricing, and this can be valuable to sellers as well in order to ask the right price instead of waiting an offer forever. Once my buyer understand the market, of course, it is ultimately their decision on what to put in their offer. But at least they know the potential result.

Also, I like to compare what’s comparable. I recently visited a seller. It was a “by owner” and his price was close enough to what the neighborhood was asking for. However, the features of his home were very different and a realistic price should be much lower. That’s why it’s still for sale with no showing today, after months on the market. So, I show only similar features home for comparing and make a wise decision about the offering price.

Low ball offers usually waste buyers’ time. And that time is valuable. If a buyer is offering low ball offers on 20 properties and getting denied each time, offering a decent price at the first one would most likely had given equity by now to that buyer. Not only he had money in the property, but he is an owner instead of nothing, hoping for “the best deal” to happen. Make low ball offers if you don’t need to buy, not if you are looking for a roof to live under.

Now, if you see a property bought around 2005-2007, when the Real Estate was at peak, chances are the seller is selling at lost. He knows that and it is already difficult for him. Showing a low ball offer right there is to shoot yourself in the foot. This is something I have the need to emphasize for the health of a transaction. Sellers are people with families they have to take care of, not just a number. Ultimately, again, my buyers have the last decision about their offer.

Low ball offer

But let me tell you something that happened in the last few months when a buyer from Pennsylvania emailed me asking for a “good deal” foreclosure. I had several of them and even if I explained that the market is bouncing back, often with multiple offers, this buyer wanted to get a bargain in a location where everything was dirt cheap.

I found a nice pool home located in the SE of Cape Coral with access to the gulf of Mexico. It was a foreclosure well priced at $179,900. He told me he would pay that price when he saw the other similar sold properties I sent to him. But he wanted to “grab a deal” and he made an offer at $150,000, hoping a counter offer in the mid $160K from the bank. The scenario I told him just happened. They was a counter offer, but to another buyer who offered $175,000 and who ultimately close on that property. At this time, there is no more gulf access pool home in SE cape under $200K. No need to say the buyer made an easy $25K equity in one month. My buyer? He closed on a lovely property with a nice pool for $195,250. He does not have access to the gulf of Mexico. He’s on a fresh water canal. He knows he missed it.

So, if you are thinking of low ball offers, just know what to expect. And don’t make me wrong, I make low ball offers myself time to time, but I don’t have to buy. If I close it, great. If not, oh well, next…Not a big deal

Comments (0) Apr 25 2012

I did receive a phone call from a homeowner who wanted to do a short pay-off – or short pay – instead of a short sale. When I was asking what he thought about a short pay, he hang up saying he doesn’t want to waste my time, probably believing that I had no clue about short pay. Fair enough.

Let’s face it, there is a lot of confusion with short pay and I always want to know what homeowners have in mind about it. A short pay is when you own more to the bank than what your property worth, like in a short sale situation. The difference is the homeowner does not necessary want to sale. And a lot of people believe that they can get a short pay by paying off their balance by dozens of thousands of dollars below what on the mortgage. And it’s not true at all.

As an example, let’s say someone bought a home back in 2006 for $250,000 with 10% down and a mortgage of $225,000. Today, the house worth $100,000 and the balance today is $210,000. If the owner feel that he’s paying too much for today’s value but doesn’t want to sell his home, he can ask the bank for a short pay-off. And people think they can give $100,000 to the bank for the lien’s release. It’s not going to happen. At best, the bank will agree on a 90% pay off on the remaining balance. So you need to have a good $190,000 in this case.

On the other hand, the short sale is when you are on time with your payment but you want to sell your property and it worth only $100,000. It’s when you ask the bank to accept a lower pay off payment.

So there is a big difference between both and lots of people, frustrated by a difficult financial situation, want to believe that a short pay is as acceptable by the bank as a short sale.

Also, you might find difficult to find the help of a Real Estate agent since there is no sale in a short pay-off and therefore, no commission for the agent. And there is very few people, if any, willing to work for free, especially for a time consuming short pay-off.

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Comments (0) Oct 30 2011

Do you think you can write an offer on a Cape Coral foreclosure for sale without the help of an agent? The answer is a big YES!

If you think about it, my guess is you want to save the typical 6% commission that we make. If it’s the case, you are completely mistaken. First, our commissions are not set to be 6%. It’s negotiable. And in the foreclosure and REO world, it’s the bank that decides how much they really want to pay. Most agents doing foreclosure make about 1 to 2% of the closed price as the seller representative. So the buyer’s agent is really doing something like 2 to 4%. In that case, if you represent yourself for that foreclosure home purchase, you’re really saving about those 2 to 4% commission.

Now, prepare yourself to get an accepted offer on that Cape Coral foreclosure house for sale. You will need a few things checked with the listing agent, and I have been in contact with most of them, they use to be very difficult if they are not in front of another agent because they think they’ll have to do all the work believing that you won’t be able to do your part:

• What kind of paperwork do they want?  Typical is proof of funds, pre-approval letter from your bank, etc…
• How many offers are on the property? Maybe it is a multiple offers situation already.
• Is there a mandatory minimum MLS marketing time?
• How do they want to receive your offer?  Fax, website or email.

So, once you have all that done, you’ll be able to put a good offer but you will need to know something important: the price. Don’t google that. You will not be able to rely on sites like Zillow or Trulia for pricing. They are not accurate. Hire an appraiser instead, especially if you do not have access to your local MLS. The point here is that you don’t want to pay too much or too little. Too much and you may overpay for the property and too little,you may lose the home to higher bidder.

You can also read this buying a foreclosure in Cape Coral post for more tips.

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Comments (0) Sep 26 2011

This past week, I had 2 clients asking me questions about the differences between listing contracts. So as usual, I try to explain in a post here, on my blog and refer them the link.

There are 3 different Real Estate listings contracts:

Exclusive Right to Sell Listing

This is by far the most common kind of listing between sellers and brokers.
Under a exclusive right to sell listing contract, the broker is the only one authorized to sell your house.  If another agent finds a buyer, your broker earns a commission. When you find a buyer on your own, your broker still earns a commission. This arrangement gives your broker the most incentive to spend time, funds and energy advertising your residence, particularly to the other agents inside the region who can show your home to their buyer clients. Only with an exclusive right to sell agreement can you expect to get a full service marketing effort from your broker, since it is the only listing contract that assures a broker will get paid for his advertising expense and efforts when the property sells.

Exclusive Agency Listing

This is comparable to the right to sell listing, with the substantial distinction that you simply reserve the right to sell your residence your self and not pay the broker a commission. The broker only gets paid if your house is sold through a licensed real estate professional. If you uncover your own buyer and sell the home your self, you pay no commission. On the face of it, this may sound like an attractive arrangement. Nonetheless, it’s not a well-liked listing kind with brokers for a very great reason. Under an exclusive agency agreement, the broker is exposed to the risk of putting forth considerable effort and expense advertising your residence, only to come away empty handed. The attraction to the seller for this type of contract is the possibility of discovering their own buyer and not paying a commission. This puts the seller and broker in competitive roles, which commonly is not inside the ideal interest of either party. Since the broker stands a great chance of not reaping any reward, it’s unlikely that any effort or expense might be put into advertising an exclusive agency listing.

One Time Showing Agreement

This is an agreement whereby a For Sale By Owner agrees to let an agent show the property to an interested Buyer and then pays a commission to the Broker if the showing outcomes in a sale. The purpose of this agreement is to stop the seller from dealing directly with a Buyer that a broker introduced to the property so that you can keep away from paying any commission. Again this type of agreement offers pretty small incentive to a broker to bring buyers to your property.

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Comments (0) Nov 30 2010

So you want to purchase a property in foreclosure here, in Lee County in general and in Cape Coral in particular? Good move. It’s time to buy. Properties values are increasing little by little, month after month since spring 2010 and you can expect a sweet equity very soon, especially if your purchase a Cape Coral foreclosure.

However, lots of potential buyers I talked to believe that if a foreclosure is price at, let’s say, $100,000, they can offer 10% or 20% less than the asking price, empowered by a solid down payment, and thinking that after all, it’s foreclosure time for everyone.

Well, the reality is not as simple.

So far, 100% of my buyers who actually were successful at purchasing a foreclosure, paid more than asking price.
And, all of them learnt how to get that property after several offers. Some below asking, where they were outbid. A few at asking price, where they were outbid. And finally their own purchase, paid at higher than asking price, like everybody else.

So, contact me if you want to purchase a foreclosure in Lee County, but make sure to be ready:

1) Get your Pre-approval document

A foreclosure’s owner is a bank or sometimes a person or a company who made a private financing for the buyer. You will most likely make an offer to a bank though. Banks are not in the Real Estate business but in the money business. Therefore, they don’t want to waste any time and want to make sure that the next buyer is fully capable of buying. They will not review your offer if there is not a pre-approval document, signed by your bank or mortgage broker even if your offer is twice their asking price. A pre-qualification will not help. Just get your pre-approval in hand.

2) Get your proof of fund for the down payment.

Most banks, if not all of them, required a proof of fund for your down payment or if you plan to pay in cash. If the bank can’t see a proof that you have the money, they will not sign your offer. Period.

3) Be prepare to offer a price HIGHER than the asking price.

For this one, you will have a hard time to believe me. Fair enough. But know right now that 95% of the time, your below asking price or even your asking price offer will not fly. I have seen attractive foreclosed homes sold with an easy 15% higher than asking price. So be prepared.

Now, don’t make me wrong. Ultimately, you will be the buyer, the one who will pay and with the last word. But then again, you’ll be entering in the club of the buyers who need a proof of what I’m saying here.

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Comments (0) Oct 24 2010

At the peak from the housing bubble, plenty of people today thought a house was the key to riches. Now they’re wondering if buying a residence even makes sense anymore.

You are able to get a residence at a bargain price now — particularly should you play hardball. This is a buyer’s market. Most of the other buyers have vanished since the tax credits on purchases expired.

We’re four to five years into the biggest housing bust in modern U.S. history. And costs have come down a long way — about 30% from their peak, according to the S&P/Case-Shiller Indices, which track home prices in cities across the country. Yes, it’s mixed. New York’s prices are down only 20%. Arizona’s have been halved.

Will prices fall further? Sure, they could. You probably won’t catch the bottom, but it doesn’t really matter so much in the long haul.

You may get a 30-year residence loan for about 4.3%. What’s not to like? These are the lowest rates on record. As recently as two years ago, they were about 6.3%. That drop slashes your monthly repayment by a fifth.

If inflation picks up, you won’t see these mortgage rates again. And if we get deflation and rates fall further, you may refinance.

It is possible to deduct mortgage interest from your income taxes. It is possible to deduct your real-estate taxes. And you’ll get a tax break on capital gains — if any — when you sell.

Sure, you’ll need to do your math. You’ll get the income tax break only when you itemize your deductions, and you may be better off taking the standard deduction instead. The tax breaks are more valuable the more you earn and the bigger your mortgage. But many men and women will find that these breaks mean owning costs them less, often a lot less, than renting.

When you own, you’ll be able to have the kitchen and bathrooms you want. You’ll be able to move the walls, build an extension — zoning permitted — or paint everything bright orange. Few landlords are so indulgent; for renters, these types of changes are often impossible.

Also, you’ll feel better about your residence in case you own it. Many years ago, when I was working for a political campaign in England, I toured a working-class northern town. Prime Minister Margaret Thatcher had just begun selling off public housing to the tenants.

“You can tell the ones that have been bought,” said my local guide. “They’ve painted the front door. It’s the first thing individuals do when they buy.”

It was a small sign that said something big.

In many parts of the country, it can be hard to find a good rental. All the best places are sold as condos. Money talks.

But this is really a case-by-case issue: In Miami right now there are so many vacant luxury condos that owners will rent them out for a fraction of the cost of owning. Generally speaking, however, in case you want a good home in the best neighborhood, you’re better off purchasing.

Although housing can’t entirely protect you from inflation, studies by professor Karl “Chip” Case, of Case-Shiller, and others suggest that over the lengthy term, housing has tended to beat inflation by a couple of percentage points a year. That’s valuable inflation insurance, specially if you’re young, raising a family and thinking about the next 30 or 40 years.

In the recent past, inflation-protected government bonds or Treasury inflation-protected securities offered easier forms of inflation insurance. But yields there have plummeted of late. That also makes homeownership look a little better by contrast.

Your residence isn’t the stock market, and you shouldn’t view it as a way to get rich. But if the economy does surprise us all and start booming, sooner or later real-estate prices will head up again, too.

One lesson from the past few years is that stocks are incredibly hard for most normal individuals to own in large quantities — for practical as well as psychological reasons. Equity in a house is another way of linking part of your portfolio to the long-term growth from the economy — if it happens — and still managing to sleep at night.

If you are able to rent an apartment for $2,000 a month instead of buying one for $2,400 a month, renting may make sense. But will you save that $400 for your future? Most people won’t.

Once again, you have to do the math, but the part of your mortgage payment that goes to principal repayment isn’t a cost. You’re just paying yourself by building equity. As a forced monthly saving, it’s a good discipline.

There is a glut of homes in most of the country. The National Association of Realtors puts the current inventory at around 4 million homes. That’s below last year’s peak but well above typical levels and enough for about a year’s worth of sales.

More homes keep coming onto the market, too, as the banks slowly unload their inventory of unsold properties. That means great choice as well as great prices.

Demand and supply will meet. The U.S. population is forecast to grow by more than 100 million men and women over the next 40 years. That means maybe 40 million new households looking for homes.

Meanwhile, this housing glut will work itself out. Many of the homes will be bought. But many more will simply be destroyed — deliberately or by inaction. This is already happening. Even two years ago, when I toured western Florida, I saw bankrupt condo developments that were fast becoming derelict.

And, finally, a lot from the glut simply won’t matter to you. It’s concentrated in a few areas, such as Florida and Nevada. Unless you live there, the glut won’t have any long-term impact on housing supply in your town.

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Comments (0) Oct 19 2010

Purchasing a household, especially if it’s your first one, is usually very scary. There are so numerous things you don’t know as well as terminology you have never came across before. Folks usually worry what they don’t realize.!!!. So it is not surprising that studies have shown that this concern literally prevents some folks from taking the initial steps to acquiring a house!

As a Very first Time Residence Buyer, you happen to be possibly “doing your homework,” seeking info on the net, and asking concerns with the people you trust. If you are like most of us, your household will be the biggest buy you ever make. And if it is your 1st time, this obtain may be even extra intimidating simply because that you are taking full responsibility upon yourself!

I often talk with first time home buyers these days because they begin to realize that rent is more expensive than to pay a mortgage, and here are the five actions I suggest you take prior to buying:

1) Before you begin your residence search, discover what the actual difference is between rent and household ownership. How much are taxes, what will your tax benefit be, what may be the marketplace like within your area (not just the headlines you read within the paper)!!! Comparing a rent payment of $1000 to a house payment of $1000 is like comparing apples to oranges.

2) Get real about your credit, because we all know this is the initially thing a lender is going to appear at!. Learn NOW if your credit rating report appear like a train wreck.!!!. and do not PANIC if it does! Poor credit rating does not ought to stop you from acquiring a home – we can usually get someone’s credit score scores up to where it needs to be within six months!

3) Think about what you’ll be able to afford.!. A down payment might be a huge barrier to homeownership. FHA requires a 3.5% down payment (and they will allow a gift!) USDA House Loans and VA Mortgage Loans require no cash down! In today’s market place, the seller’s are paying most of the closing costs, but you should be ready to pay for your appraisal, taxes, homeowner’s insurance, Inspection Fee and your portion from the Title Insurance.

4) Get Pre-Approved, not Pre-Qualified. A Pre-Qualification could mean that you spoke with a loan officer for 20 minutes, and they said, “well, based upon what you are telling me – we’re good to go.” Should you work with us, we are usually going to go via the full Pre-Approval method. This means, that you will have to offer your income documentation, credit score, bank statements and numerous other items required by the lender to in fact underwrite your file. When you are ready to make an offer on a property, you’ll have more bargaining power over somebody who is just pre-qualified! When talking to your lender, remember to ask lots of questions.!.

5) Hire a Realtor from day one. It will cost you nothing!!

Real Estate in Cape Coral is really improving in regards of pricing. Initial time buyers can discover tremendous deals here and construct equity within the next years to come. Feel totally free to call me at 239-240-7346 if you’d like to see a list of homes inside your price range or contact me here.

Comments (0) Sep 26 2010

Here are 10 frequently asked short sales made questions which are incredibly useful especially if you are just getting started or contemplating quick sales as a means to acquiring pre-foreclosures.

1. What occurs on the seller’s credit rating when they permit an investor to short sell their property?

What typically takes place is the loan will show up as “paid” on their credit report; even so there will probably be a notation that says “settled for less than originally owed” or something along these lines. It’s additional favorable for a homeowner to small promote than to have a foreclosures on their credit report.

2. Where do you find investors for short sales?

Depending on where you live, you may see buyers who advertise with bandit signs or in your local newspaper. Call the investors directly and ask them if they’re experienced in performing short product sales and if they would be interested in working with you. Another good place is your nearby real estate investors club meeting.

3. Define a short sales?

A short selling is really a form of pre-foreclosure sale made and occurs when the mortgagee agrees to accept much less than the loan volume to avoid foreclosure. A negotiated short sale results inside a discounted buy price for the buyer. The buyer would finance the acquisition significantly the same as in any conventional realty acquisition.!. but devoid of the luxury of time.

4. Can an proprietor profit from a short sale?

The seller can’t profit (monetarily) from a pre-foreclosure short sale.!!! But you will find usually exceptions towards the rule.

5. How do bankruptcies affect the possibility of carrying out a short sale?

Most mortgagees won’t take into account a short sale if the house owner is in bankruptcy.!.why? Due to the fact negotiating a short sale made payoff is considered a collection activity. Collection activities are prohibited in bankruptcy.

6. Can somebody tell me what paperwork do I have to include inside a short sale package?

Documents depend on the lender. Each loan company has diverse requirements. It is typical to require hardship letter, buy and sales contract, ECOR, settlement statement (HUD 1), net sheet, pay stubs, bank statements, personal financial sheet (monthly budget), amongst other things.

7. What percentage of mortgage firms send somebody out for an appraisal on a achievable short sale?

All lenders order a BPO or full appraisal of the asset prior to making their decision to accept or reject the short purchase offer. This is there only way of assessing the worth of your home.

8. How late in the pre-foreclosure procedure can you begin a short sale?

Attempt to allow a window of at least 90 days to effectuate a mortgagee approved, pre-foreclosure Short Sale made.

9. What is a Due on Sale clause?

“Due on Sale” Clause (DOS) Provision inside a mortgage or deed of trust calling for the total payoff of your loan balance inside event of a selling or transfer of title towards the secured genuine asset. A contract provision which authorizes the loan provider, at its choice, to declare immediately due and payable sums secured by the lender’s security instrument upon a purchase of all or any part of the genuine home securing the loan devoid of the lender’s prior written consent.

For purposes of this definition, a sale or transfer indicates the conveyance of authentic house of any proper, title or interest therein, regardless of whether legal or equitable, regardless of whether voluntary or involuntary, by for deed, leasehold interest with a term greater than three years, lease-option contract or any other technique of conveyance of true home interests. Standard language which states that the mortgage must be paid when a house is sold.

10. Will banks enable a short sale when the owner has some or a beneficial sum of equity?

If a asset has what the financial institution would consider a substantial quantity of equity, chances are they would take into account allowing the asset to foreclose and then reselling it closer towards the retail value. Focus on homes that don’t have much equity. Your job will be to create the fairness in the home by negotiating a successful short sale made.

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Comments (1) Sep 12 2010

Lee Home Appraiser Ken Wilkinson is used to fielding complaints from people who think their home assessments are too high.

After all, a increased assessment translates into greater taxes.

But what a difference the housing crash makes.

Now some individuals have a new complaint: “My assessment is too low.”

“Before two years ago, I never got a call,” Wilkinson said. “This year I got two calls. They wanted higher value since they needed to sell it.”

The News-Press also received calls from individuals upset about low assessments since Truth in Millage Notices were sent out with house values and tax rates last month.

Things changed when property values fell sharply right after the residential real estate boom ended in 2006 and commercial house followed suit two years later.

On this year’s county tax roll, as an example, of properties the use of which hasn’t changed, 459,226 went down in value (compared to 2009); only 36,716 went up; and 22,525 stayed the same.

But those who wish to promote or refinance aren’t all happy about the declining values.

“Our lot is appraised at $18,000? That’s insane,” mentioned certified public accountant Leslie D’Alessandro, who with her husband, Peter, has owned a three-bedroom, two-bath house in Caloosa Yacht & Racquet Club along the Caloosahatchee since 1999.

The value of their property on the notice sent out by Wilkinson’s office last week was $169,279, which Leslie D’Alessandro also considers a lowball figure. It’s down from $282,020 in 2009 and $390,730 in 2008.

“It concerns me as far as homeowners insurance,” she said. “How much is the replacement value?”

Refinancing the home also would be more difficult due to the fact of the low assessed value, D’Alessandro stated, and selling would be even harder.

“I’m just glad we don’t have to sell our house,” she mentioned.

Wilkinson mentioned his hands are tied. Even though house owners would pay more taxes if their home were adjusted up in worth, state law requires he assess everything equally.

The notices sent out by the home appraiser every August also are not intended to reflect current worth, he stated; they’re based on comparable sales no later than the end of the previous year.

They’re also more conservative than a private appraiser’s estimate, Wilkinson said. Sales costs are deducted from the total figure, for instance.

Mike Hagen, an attorney who handles home tax value appeals, stated he hasn’t been asked to get anyone’s home value higher. But he said that typically he’d advise someone making the request to leave well enough alone.

Insurance companies and banks deciding whether to refinance don’t rely on the property appraiser’s figures to make their calculations, Hagen mentioned.

A larger assessed worth would help only when trying to sell a house.

“There’s no question a potential buyer may look at the house appraiser system, see what their opinion is,” he said.

Bill Davis thinks his house value is too low but doesn’t blame the home appraiser.
Davis, a retired banker who lives in Marietta, Ga., owns a unit in the Renaissance condominium on Winkler Avenue.

Over the past three years his assessment has fallen from $133,000 in 2008 to $76,430 in 2009 and $22,200 this year.

His unit is worth more than that, Davis stated, but lenders who are dragging their feet on foreclosures keep the complex in limbo.

Dominic Calabro, president of the Tallahassee-based taxation watchdog group Florida Taxwatch, stated there’s some concern about overly low assessed worth by commercial property owners.

“They have a myriad of different loans to support the activity and they’re often leveraged,” he said. “It does (cause problems) in the sense that it can affect whether you have a net loss of worth: whether the banks will continue to renew loans for the appraised value.”

But generally, Calabro said, it’s a perfect storm of low house values and a difficult lending environment that has some people today in denial.

“Florida’s seen some house tax declines once every 30 or 40 years,” he said. “It’s just we haven’t seen the decline in value at the same time as tight money.”

One thing remains constant, he said.

“Property taxes are a lot like the weather: Men and women are never happy with them,” he stated.

If you need more info about Lee County properties, feel free to check the Cape Coral Real Estate website

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Comments (0) Sep 07 2010

As a Real Estate agent, I’m a bit ashamed to admit that when it comes to foreclosure, I only had one scenario in mind, that is the owner stops paying his/her
monthly payment to the bank and therefore, at one point, the bank would foreclose on the property.
Well, I have seen with my own eyes that at least another scenario exists, and therefore, most probably several others as well.
The one I have seen evolved is a out-of-the-country owner, owning a property bought with owner financing.
Actually, as a German resident, there is no way for him to get bank financing in the US. You already have a hard time to get in a mortgage broker office
with a 700 credit score and a solid job these days, so imagine a foreigner without any credit here.
Obviously, you will have to have some specific ingredients to successfully foreclosed a property with this recipe.

First, you have to have a property that is free and clear and willing to sell it with owner financing. The higher the down payment you get, the better.
But stay attractive in terms, as the interest rates and so on. The deal will be to steal the deed – and therefore the property – as soon as possible and repeat the process.

Secondly, you need to find a buyer who will live as far as possible of the property location. In this case, the buyer was German and is living in Dusseldorf.
Since he bought the property as an investment, he didn’t come in the US regularly to check the property,which was managed by a rental management company.

This is how you will need to proceed.

You are receiving your check on a monthly basis. However, one month, you will not cash it or deposit it to your bank account. You just put it in your drawer
and let it there. Just deposit the 2 or 3 next months though. Then, all you need to do is publish a notice of default in the local newspaper, 3 weeks in a row. Your far away buyer will most likely never read the local newspaper anyway.
You record your notice of default at the city hall and set a date for foreclosure sale on the city hall steps. That day, you take ownership of the property.
You will notice the rental management company that you bought it as a foreclosure and need to have the property out of their program.
The management company will call the German owner, stunned in his Dusseldorf sofa.

Rinse and repeat for more profit.

Legally, it’s solid. While my German client is seeking US lawyer’s advice, at this time, very few thing can be done. It’s just too late.
Now, don’t make me wrong, THIS IS WRONG AND SHOULD BE PUNISHABLE BY LAW. But the procedure is legal.

So, I’m still wondering how many possibilities are out there to foreclose on a property. Maybe still a few that I can’t think of for now…

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Comments (0) Sep 05 2010