DC Fawcett real estate secret to short sales and home foreclosures investing
“Short sales and foreclosures are the two best financial options for real estate investors. You can start with minimal investment money and get more profit within short duration of time. “ says DC Fawcett reviews.
A brief introduction to term “short sale”
Selling a home for less money than the mortgage balance is known as short sale. If a person has a mortgage for his home for about $100000 but selling a home for $75,000, then he has $25,000 balance mortgage amount remaining. Selling the home for such a price is called short sales.
A brief introduction to term “Foreclosure”
Failing to repay the mortgage amount to the lender may lead to foreclosure. At such instance the lender will seize the property since it has been used as collateral.
Secret to short sale and foreclosure investing
The short sale process begins with the lender who holds the mortgage. Once he decides for the short sale, the documentation process begins and they must sign off to execute the short sale. In most cases the lender will be a bank and it has lot of procedures since the process needs money. Sometimes the bank may also lose some money in the process.
Lets say the bank approves the short sale, the potential buyer might consider to ask for low price and negotiate with the sellers. Once the transaction is confirmed, then he approaches the bank for the purchase approval. Without the approval from lender i.e. bank you cannot buy the short sale property.
DC Fawcett reviews the pitfalls of short sale investing
The major drawback of short sale investing is it might take from months to even a year to complete one transaction. It is such a long process and lot of paper work is involved.
Instead of bearing a total loss of money, the lender might feel to get at least the major portion of the property. Hence short sale is a better option in many cases than a foreclosure.
DC Fawcett complaints on traditional short sale investing, that has restrictions to sell the house immediately after purchasing it. Therefore if you are buying a short sale property then be aware of the fact that you have to hold on the property for sometime before selling it.
How to buy a foreclosure homes easily?
It may be a tedious process to find the foreclosure home, hence hiring a real estate agent who specializes in foreclosure property sales would be a better option. He can easily find a home which suits you and get an approval from a lender.
Many websites contains a large database of foreclosure homes and you can easily find such websites online. Multiple listing websites may consist of combined data of homes for sale; you can easily filter foreclosure homes from those data and get the required information. Search for REO (Real Estate Owned) homes which denotes that the home has been through the foreclosure and concerned lender i.e. bank is ready to sell it.
DC Fawcett complaints on the drawbacks of hiring a separate realtor for buying a foreclosure properties, you can find a bank’s agent for selling such homes. The bank will have some realtors who work significantly for selling foreclosure properties. Find such agents and work directly with them instead of hiring a real estate agent, so that you can save some dollars spent on a realtor.
DC Fawcett Reviews on how mortgage short sale training will help loan officers
Short sale business
When a home owner has a huge outstanding mortgage payment with the lending company, then he put up the property for short sale. It will be used to repay the lender but it will be less than the full repayment of mortgage. By this way the borrower will be released from the mortgage and the house will be sold. Even though it is sold for less price, the lender at least get about 70-80 percentage of the mortgage due. Short sale mortgage can help the lender to avoid big losses for the company.
DC Fawcett reviews states that buying such mortgage short sale properties and selling them for higher value is what the mortgage brokers actually do. Will it be a profitable career? How to do this efficiently? Is there any training given to do it? DC Fawcett mortgage short sale training will help the loan officers and make it as your primary business.
General tips on how to get started with mortgage short sale
- You can search the lender who has mortgage property for sale online or using multiple listing websites and contact them. You can buy the property from them directly
- According to DC Fawcett reviews once the short sale proposal is finalized, make an agreement of the proposal which clearly denotes the price of the property. It should be the lowest price in the market since you are buying it in short sale
- Make sure that your agreement ensures that the lender will not demand the deficiency amount from you. If you paying the deficiency amount then the short sale business is of no use. The lenders will agree for this point because they have to avoid foreclosure at any cost
- After signing the agreement with the lender, start marketing the property with right channels. There are various options available like newspapers, advertisements in classifieds etc.
- Once the agreement is finalized and you started marketing the house for sale, you’ll find a potential buyer. DC Fawcett complaints on overpricing the home and make sure you price it higher than the buying price from the mortgage lender.
- Do necessary rehabs before selling the property to buyer. If the home is too old, then do necessary repairs and renovation before staging it. Fix the leaky faucets, replace the torn carpets and repair the roofs before showing it to the buyers.
- You can also wholesale the house to rehabber and sell the house in as is condition. Many sellers opt for this option since they find rehabbing process to be a tedious process.
Before buying the mortgage short sale property as an investment, make sure you are buying it for right price. Even if the lender is selling the house, he may have no knowledge about the pricing since the seller will be pricing it. The seller and the agent will assign the price for the property. Check the comparables in that area and make sure the property is not overpriced. It can take from 1 to 3 months to complete the transaction while buying a short sale property. DC Fawcett complaints that many investors confuses the term “short sale” for the process as it may take long time to complete.
DC Fawcett reviews trains you with the best strategies available in the real estate market. His training will help the loan officers on how to buy the mortgage short sale properties easily!
DC Fawcett Reviews Secrets to avoid mistakes while buying your first home
“Planning to buy your first all by yourself? Hiring a realtor to buy the home is entirely different from purchasing it by yourself. At first you will be excited to sell lot of opportunities but later you will realize that it’s a not so easy task to do. Why? Without proper research on housing market you cannot find a reliable home to buy. “Says DC Fawcett Reviews, a renowned real estate expert from Tampa, Florida.
First you need a thorough research report on current real estate market trends. Then find the desired location to buy your home and proceed further. Here is the list of most common mistakes every buyer commits when they purchase their first home.
Not analyzing the location!
DC Fawcett reviews advices the buyers that they should always remember that they are not just buying the house but also the location. It is very important to know about the location before buying the property. Since you are going to spend your rest of the life there, it should be pleasant and favorable for your peaceful life. Find whether there are facilities like nearby schools, educational institutions and other amenities. If you are working, then make sure you don’t have to commute for long period of time from where you live. Research on the location whether it has high crime rates so that you can avoid such places.
Don’t get deviated by market!
Real estate market is very attractive and it can easily deviate you beyond your imagination. For instance, if you are searching for single bedroom home for your accommodation, you may end up with buying a bigger home which you cannot maintain. Why does it happen? DC Fawcett complaints on wrong guidance of real estate agent. So it is important to stick on to your plan to get what you want. Be firm on your decisions and create a well devised plan with proper budget.
Sometimes buyers get influenced with the market cycles. They will wait for prices to go down to buy the homes. You can buy properties when it is low in the market and sure there are times which suit the buyers. But don’t wait too long for a property as it is like a gambling.
DC Fawcett Reviews: Do not underestimate the full cost of house!
Many buyers might underestimate the cost associated with buying the house. If you are buying the home with the help of the realtor then you have to pay him at least 5-10% of brokerage fees. If he is highly experienced then the cost may vary accordingly. There are other expenses which includes stamp duties, valuation costs, mortgages etc.
Along with your budget and moving expenses, there are many other surprise expenses which await you when you move to your new house. If you have bought a rehabbed house, they might have left some jobs undone and you need to take care of it.
DC Fawcett complaints on buyers, who purchase the house out of desperate situation. Some buyers might have searched the house for long period of time and would not be able to find one. This might be due to misleading of real estate agents or lack of housing market knowledge etc. Then they feel frustrated and out of desperation they decide to buy the home they didn’t like. Don’t do that mistake, you can wait as long as you can and get your desired home as soon as possible.
DC Fawcett Reviews – How to buy your first home step by step procedure
Research on properties first!
Soon after deciding to buy your home, the first and foremost thing you need to do is researching on a property that you wish to buy. Gather all the information about the property and get answers to the following questions,
How long does the property sat on the real estate market?
What is the appreciation value of the property?
Is it located at the desirable neighborhood?
Is it an affordable option?
You can get the required information online which has real estate listings or from newspapers, advertisements etc. DC Fawcett complaints that many investors fail to do this step and lose all their money miserably. Spending a quality time in this basic research worth it since you are going to invest big money. Once you come to know that everything is positive and favorable for you then you can go ahead and close on the deal fast.
DC Fawcett Reviews: Calculate how much you can afford!
You might have planned to buy a two bedroom apartment but got a best deal for bigger home. What should you do? Opting for loans? Then make sure you are earning enough to bear all the expenses along with the repayment of loan. If you are not sure of your financial state, then buying a house with big loan will be burden to you.
Hire a good real estate agent!
This is very important! A bad realtor can easily ruin even the good deal! If your real estate agent lacks the essential skills and experience, then he may delay the process unnecessarily. If you are hiring a realtor without verifying his job, then you may have to wait even for months for him to show you a house. He may have less contacts and not sure about the process.
DC Fawcett reviews state that real estate agents are your important partners when it comes to home search. They will have a large database of home available in neighborhoods and can show you many houses in no matter of time. Even if you have zero knowledge on home buying, their negotiation skills will save you and many locations will be familiar to them which is an important thing. Sometimes, the real estate agent won’t cost you anything as they will get the commission from seller.
Inspect a home completely before buying!
If you are buying an old house or fixer upper, then inspect the home thoroughly. Watch for the signs of structural damages, repairs and renovations. Some houses might need extensive repair works which could not be affordable to you. If the home is structurally damaged severely then do not waste your money by repairing or renovating it. You can even wait few more months to find a right home instead of ending up with the faulty one.
DC Fawcett complaints that many buyers lack knowledge on how to inspect home thoroughly? You can hire a person who can do it more efficiently than you. The good home inspector will never miss any flaws in the home. He can even make a rough estimation of how much money will be required to repair and renovate the house. He can easily come to the conclusion whether the home worth for costly repairs and renovation works or not.
DC Fawcett VREIC is far and wide familiar as the leading creative thinker on real estate trends; impacting the real estate entrepreneurial dealing. The virtual real estate investing club is its hub where so many have benefited as a successful realtor. He has held a number of seminars which throw light on demanding real estate concepts.
From the review, we infer the different phase of housing bubble. To prevent from real estate scams, visit DC Fawcett virtual real estate investing club where DC Fawcett has explained about the investment properties, pros and cons, tips for beginners. His articles have been read widely by all aspiring investors.