By Robert Irwin
The good news is the booklet nonetheless includes appropriate details, even after the bust. the foundations are basic, if a bit of simplistic (for instance - a cut price estate should be a cut price according to expense, phrases, condo or resale markets, situation, , zoning or occupancy factors). The 2d version introduces the reader to a few net assets - a few of that are nonetheless reliable. So, it comprises a few helpful normal wisdom and is a good advent to the undying ideas of actual property making an investment.
at the different part of the coin, loads of water has flowed lower than the bridge in view that 2003 while this booklet used to be released. it truly is reliable foundational heritage, yet is perhaps a piece dated given the 2007-2009 actual property recession at the specifics.
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Extra resources for How to Find Hidden Real Estate Bargains 2/e
Sample text
As a result, they usually won’t do this unless the market is so bad that they can’t otherwise dispose of their REOs. To get rid of the property quickly, the bank was willing to accept a price of 10 percent below market. ) In addition the bank was willing to give a buyer a 30-year fixed-rate loan for 2 percent below the market interest rate and that with only 5 percent down. Is it a bargain? As indicated before and as we’ll see in later chapters, it is possible in many situations to get a better price, better financing, or a lower down payment.
Once you’ve gotten to know the REO officer (after you’ve purchased your first property), things should move along more smoothly. He or she may offer you a selection of other properties. You might ask to see the “worst dogs” the officer has and make lowball offers on them. The possibilities are endless. What Kinds of Problems Do REOs Have? The problems with REOs are usually far less than for other repossessed property, but they do exist and can be severe on occasion. Frequently, the lender will pay for a policy of title insurance and will guarantee that your loan is indeed a first (no hidden liens) and that the title is clear.
The closing costs (not including the real estate agent’s commission) amount to about 3 to 4 percent or less. Typically, the buyer would pay these, except that you can write into your offer that HUD pays most of them. If HUD accepts, you don’t have to worry about the closing costs. Keep in mind, however, that having HUD pay your closing costs means that it gets a lower net out of the deal, and your offer is less competitive than someone else’s who doesn’t ask HUD to pay closing costs. What about Financing?