For sellers across the country, placing a distressed home up for sale is associated with a range of common difficulties. These homes typically prove much more difficult to sell than similar homes in better condition, and also can require homeowners to make thousands in repairs to command a favorable price.
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We've assembled everything you need to know about Distressed Homes into a single helpful resource!
How to invest in distressed properties?
Distressed properties, or those with physical damage or associated financial entanglements, can be surprisingly lucrative to the savvy investor. By choosing homes with profit potential and making intelligent improvements, buyers can see a significant return in less time than they think. Read our "Guide in Investing in Distressed Properties" to learn more.
How to buy distressed properties?
Making a purchase in the distressed home market is simple. The first step is to identify the state of foreclosure the property is in, as each stage will necessitate a different approach. It is essential to learn as much as possible about distressed homes and the foreclosure process before investing, and you can gain more insight by visiting the "How to Buy Distressed Properties" page.
How to choose distressed properties?
Choosing distressed properties is a matter of minimizing cost and maximizing value. Profit from distressed homes can be exponential, but sinking money into a poor investment can be one of the most costly mistakes most buyers ever make. Learn ore about the factors that distinguish prime buying opportunities in the "Guide in Investing in Distressed Properties."
How to find distressed properties?
In years past, searches for distressed properties were once limited to local searches and classified ads. Today, prospective buyers seeking information about distressed properties for investment purposes use DistressedPropertiesSale.com to find listings in all 50 states. The database includes all relevant information on the thousands of listings on the site, giving investors a convenient and reliable next-generation resource.
Is there a specific type of distressed properties which is more profitable to invest in?
Practically all types of distressed homes hold some level of profit potential, as the majority of any property's value is in the land itself. Every type of distressed home presents a unique set of advantages for a given buyer, and so the choice to make depends on which property is most viable to your vision.
Are distressed homes always sold "as is"?
As a rule, properties termed "distressed" are sold on an "as-is" basis, and so experienced home buyers often choose to hire a professional inspector to evaluate to condition of the property. In some cases, there may be latitude for negotiation depending on the motives of the seller.
California, San Bernardino county, southern California, U.S. Part of the 'Inland Empire' region (comprising San Bernardino and Riverside counties), it is located on an alluvial plain near the eastern end of the San Gabriel Mountains, 37 miles (60 km) east of central Los Angeles. The area, originally inhabited by the Tongva (or Gabrielino) Indians (its name derives from the Indian wordkukamonga , meaning 'sandy place'), was explored in 1769 by a Spanish expedition led by Gaspar de Portol�. It became part of a land grant issued to Tiburcio Tap�a (1839), who there established a winery (the oldest in the state and the second oldest in the United States). Rancho de Cucamonga was bought in 1858 by John Rains and his wife; their home, Casa de Rancho Cucamonga (built 1860), has been restored and is listed on the National Register of Historic Places. In 1870 the land was bought by San Francisco businessmen who formed the Cucamonga Company. By 1887 a railway was providing a link to the area, which subsequently was subdivided into threecommunities :Cucamonga, Alta Loma, and Etiwanda; the towns voted to incorporate as Rancho Cucamonga in 1977. The economic mainstay of the communities was agriculture, particularly citrus fruits, olives, and peaches, and there were also vineyards. The city is now largely residential, with some manufacturing and aerospace industries and retail businesses. The area was long a transportation centre, with trails and roads (e.g., the Cajon Pass; the Mojave, Old Spanish, and Sante Fe trails; El Camino Real ['King's Highway']; the Butterfield Stagecoach Route; and Route 66) crossing through the city. A community college was established in Rancho Cucamonga in 1883, and there are also satellite campuses of the University of Redlands and the University of La Verne. The city hosts an annual Grape Harvest Festival (first held in 1939). San Bernardino and Angeles national forests are north of the city. Inc. 1977. Pop. (2000) 127, 743; (2010) 165, 269.
Rancho Cucamonga - Cheap Properties: We Buy Them. Now. Articles
The one reality about today's housing market is that many people have more questions than answers. The following information is intended to help you or someone you know better understand your situation. Do I Qualify For A Short Sale?
Financial Hardship - There is a situation causing you to have trouble affording your mortgage. Monthly Income Shortfall - You have more month than money. A lender will want to see that you cannot afford, or soon will not be able to afford your mortgage. Insolvency - The lender will want to see that you do not have significant liquid assets that would allow you to pay down your mortgage.
What Is A Mortgage Modification?
A mortgage modification is a process through which your mortgage lender changes any or all of the following:
Your interest rate Your principal balance (through a reduction) Your loan terms (example: from an adjustable to a fixed rate) This process can allow borrowers to stay in their property when they can no longer afford their current mortgage payments.
Why Would A Lender Modify My Mortgage?
Lenders have realized that in some cases it is better for them to work with current borrowers to lower payments or possibly improve terms in order to keep homeowners in their properties. The average foreclosure can cost a lender from 35-50% of the value of a property, so keeping borrowers in their homes is a good option for everyone.
What Do I Need To Qualify For A Mortgage Modification?
According to the Making Home Affordable Web site (http://MakingHomeAffordable.gov), you will need the following information for your lender to consider a modification:
Information about your first mortgage, such as your monthly mortgage statement Information about any second mortgage or home equity line of credit on the house Account balances and minimum monthly payments due on all of your credit cards Account balances and monthly payments on all your other debts such as student loans and car loans Your most recent income tax return Information about your savings and other assets Information about the monthly gross (before tax) income of your household, including recent pay stubs if you receive them or documentation of income you receive from other sources If applicable, it may also be helpful to have a letter describing any circumstances that caused your income reduce or expenses to increase (job loss, divorce, illness, etc.) How Do I Qualify For A Mortgage Modification?
The first call you make should be to your lender, have the information above ready to discuss with them and call your customer service line to ask them what options you have available. If the person you speak with does not understand what you are asking, you can ask to be referred to one of the following departments (different lenders have different names for these departments):
Loss Mitigation Mortgage Modification H.O.P.E.
Prior to contacting your mortgage lender you can quickly complete an eligibility test at http://MakingHomeAffordable.gov. This test will let you know if you are eligible for a modification through the government-sponsored Home Affordability and Stability Program (HASP).
For a list of mortgage lenders and servicers, visit www.HopeNow.com.
What Is A Home Affordable Refinance?
If Fannie Mae or Freddie Mac owns your mortgage, you may be eligible for a Home Affordable Refinance. This will allow you to refinance your home and often lower your payments.
What If I Don't Qualify, Can't Afford My Home, And Owe More Than It's Worth?
You are not alone and foreclosure is not the only option. If your mortgage lender or servicer will not work with you to reduce your payment, you may want to consider a short sale. Agents with the 'Certified Distressed Property Expert' Designation have undergone extensive training in how to process and negotiate short sales.
A short sale allows you to sell your home for less than what you owe and avoid foreclosure. Speak to your market expert to see if you may qualify.
What Are The Qualifications For A Home Affordable Refinance?
According to the resources released by the government, following are a list of qualifications:
You are the owner occupant of a one- to four-unit home The loan on your property is owned or securitized by Fannie Mae or Freddie Mac (see Useful Links) At the time you apply, you are current on your mortgage payments (you haven't been more than 30 days late on your mortgage payment in the last 12 months, or if you have had the loan for less than 12 months, you have never missed a payment) You believe that the amount you owe on your first mortgage is about the same or slightly less than the current value of your house You have income sufficient to support the new mortgage payments, and the refinance improves the long-term affordability or stability of your loan.
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