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If you have been looking at the real estate market, I’m sure you have noticed that many of the homes up for sale are advertised as short sale. Buying a home for under the amount that is owed on the real estate is called a “short sale.” In the current real estate market, there are many short sale options open to a potential home owner. Adjustable rate mortgages and the economic downturn have caused higher than normal foreclosure rates. If you are in the market to purchase a home, this is the ideal time to exploit the market to your own advantage. With some precise research and an open mind, you may find the home of your dreams at an unheard-of price.

Locating a Short Sale Quickly To initiate the short sale process, meet various real estate agents. Many real estate agents already are knowledgeable in dealing with properties that are short sales. Selling agents often have pre-existing association with the lender that is holding the mortgage. You want to use a realtor that has experience and information on how to get a property that is a good value. Once you settle on a realtor, let him or her know right away that you are looking for a short sale property. This will help the realtor find an ideal property more quickly.

Short Sales are Often Bargains

A short sale will often be offered at a good price to the buyer since the bank does not want to have their assets tied up in the property. A bank is vulnerable to losing a substantial amount of money in a foreclosure proceeding. The listing price is minimal and so you will not have to try bargaining with a seller over the price. The bank wants the property sold as quickly as possible to eliminate losing any more money.

What to Anticipate When Buying a Short Sale Property

The process of buying real estate in a short sale is a little different than purchasing a home from an individual because you dealing with an corporation instead of a person. Once the bank accepts your offer, the title company working with the bank will handle all of the title and escrow details of the purchase agreement. With a short sale, as a buyer you have to proceed swiftly. The title company and the bank may not act as quickly owing to the large amount of paperwork involved in selling a property in this manner. To speed up the process of purchasing a home in a short sale, get all of the required documentation in as quickly as you can. Generally there is a month or more before your closing date but that does not mean that nothing is going on. There is a complicated behind the scenes process involved in the mortgage documents and the transfer of the property. Keep in touch with your lender and realize that you are dealing with a corporation and not a person so the process will be a little different. The time before closing will slide by, and you will be in a great new home.

In today’s real estate world, foreclosures are common-place.  Everyone probably knows someone who has had to go through the ordeal of having a home foreclosed.  However unpleasant this aspect of real estate may be, there is something that can be done so that you do not lose out completely.

In essence, what happens is that the home is sold for an amount that’s less than the mortgage or property sale value and the remaining balance is exonerated or forgiven by the lender.  If this is accepted by the lender, and you really have to work with your lender so that this can happen, you will avoid foreclosure.  The term is commonly known as a short sale because the proceeds fall short of what is owed on the property.  To some lenders, it is better to sell a property at a modest loss than to continue trying to get the current debtor to pay the mortgage or to foreclose on the property and have it sit unsold for an undetermined period of time.

You must be aware of what’s involved in short sales.  Even though you avoid having your home foreclosed on by the lender, there are negative consequences for the bank, which loses out on money that it had hoped to recover, and for the property owner who must sell a home at less than favorable conditions and then deal with a poorer credit report.

A short sale comes about due to economic and/or financial hardship that has fallen upon the debtor.  The owner or borrower has a problem paying the mortgage, falls in arrears and the bank has to collect the money that is owed to it.  There are no favors being done by either party.  What is actually taking place is that the lender and the borrower have found the best solution to the greater losses that would be incurred by both parties if there were a foreclosure.  The financial institution loses less money than it would in a foreclosure, and the borrower takes a lesser hit on his/her credit history and lessens the debt load.

Among the steps you should take is to talk to your lender.  After all, nothing can be done unless you and your lender agree to the short sale of the property.  Even though there is consent, it may change at any moment and negotiations between the bank and the debtor may continue even whe4n the short sale is already on the real estate market.  This is where it differs from a foreclosure in which the borrower’s property is forcefully sold or repossessed after the borrower has failed to comply with the terms of the mortgage

Something that you must be well aware of is that the agreement will include a contingency where the lending institution must approve the sale.  This becomes even more complicated if there is more than one mortgage on the property.  Another thing to keep in mind is that a short sale will stay on your credit report for seven years, like all entries.  However, it is usually possible to get another mortgage 1 to 3 years after a short sale.

All in all, if you have to choose between foreclosure and a short sale, it might be a good thing to consider the latter, especially after you have consulted with professionals in the field.

First of all, I am going to start out by saying yes, investing in real estate may be the fastest way to get rich. There is no cap on the amount of money that can be earned in real estate. Most jobs have a salary or an hourly wage that you earn for performing your duties of that position. It takes a long time to increase your pay. In real estate, you are in control. Your motivation is a direct correlation to the size of your paychecks. If you are willing to work non-stop, constantly educating yourself and performing deals you are going to make a lot of money. Here are a few reasons to invest in real estate:

1. Where else can u make a full yearâ??s income in less than three months? When I was nineteen years old, I was working 30 hours per week for ten dollars per hour while going to college. This same year I started putting my knowledge into action and began investing in real estate with many of the â??no money downâ? techniques I had been studying. Iâ??m sure you can guess what happened. That year I went on to make more than four times my yearly income. I am now only twenty three years old and this is still true. In one monthâ??s time I am able to purchase and renovate a house. By the time I close and receive my paycheck it is typically a two to three month process. On average I earn a profit of thirty thousand dollars on each flip. I also do more than one at a time. Now, even doing only one at a time I would be able to make an average of thirty thousand dollars every three months. Not bad right? How many people are currently putting in forty hour work weeks to earn a salary of thirty to forty thousand dollars for the entire year?

2. Secure your future retirement through buy and hold strategies. Investing for the long term is a popular saying and the best way to do so is to buy and hold real estate. On average, statistics show that the market value of properties double every ten years. I am currently in my early twenties and I own a few multi-family rental properties. I intend to own at least ten more within the next five years. This is aside from flipping houses every day for a living. This is going to create a nice payday twenty or thirty years down the road. These properties will be owned free and clear and the value will have gone up drastically. This is a pretty simple way to make yourself a millionaire when you retire. If the properties are rented out for enough money to cover the mortgage, then your tenants have paid off your loans! Of course being a landlord can be tedious, but isnâ??t it worth it?

3. You are working for yourself, not reporting to a boss. For many people this may be the single most important benefit to being a full time investor. You are free to live your life as you want to. Take a lunch break for as long as you want. If you donâ??t want to get up for work on Monday you donâ??t have to. You will have the opportunity to spend time doing what is most important, enjoying your life. Personally, I enjoy being able to create my own work schedule, however, at the same time I work twice as hard knowing that itâ??s for my own benefit.

Welcome to Buy NC Real Estate Deals.com, your place on the net for deeply discounted investment properties in North Carolina.

Our specialty is finding great real estate investment deals so you don’t have too. We buy and sell real estate, which includes houses, lots, multifamily units, and commercial buildings in any condition or location in North Carolina.

We buy many properties at reduced market value, so after repairs and renovations, it can be listed at a retail price that is within the comparables of the neighborhood. By having renovated over 100 homes, we have the skill set to negotiate better than a lot of investors. Buying, selling, and renvoting is our full time business. We are an established company, get referrals, and are always marketing, which means we get more properties than we can handle. Instead of letting them sit there until we can get to them, it is best for us to wholesale the deal, so someone else can make money on the property.

We buy and sell in many locations and we have a large buyer list, but there are times, we do not have the manpower to handle all of the properties we receive, nor do our buyers. By networking and having many relationships with other investors, we can all benefit based on what each one of us has going on at the time. We will pass deals on to you, thus saving you time, money, and marketing costs.

Most of our investors say they can NEVER find the kind of deals we offer on their own.

If you want great properties, with equity or cash flow, fill out our form and tell us what would be the ideal property for you. Most of our properties do not get posted because we move them so quickly.

Our properties move so fast that they rarely even make it to this website before they are sold to one of our investors. To be notified quickly of our next available wholesale property please complete our VIP Buyers List!

Join Our VIP Buyers List Now! There’s no cost or obligation and you’ll be the first to know about our investment properties as soon as they become available.

Buying, Selling, Wholesaling, Flipping Real Estate in North Carolina Since 2003.

Most children play the popular board game Monopoly and believe that to be successful at real estate, you need to have money. In some cases, this is true. But what if I told you that you donâ??t need a lot of money to successfully invest in real estate? You may think you need credit or collateral. No! You can wholesale property for as little as $10 in some instances. This is not a get rich quick scheme but a real career that can lead you to financial independence. Wholesaling is the best way to make money in real estate. You donâ??t have to worry about your credit score, having a realtorâ??s license or a lot of money in the bank.

The Keys to Wholesaling

Many people think that being a wholesaler is difficult. Not true, if you can develope some basic skills, you can make thousands of dollars per sale. Hereâ??s what makes a successful wholesaler.

1. The ability to find good properties. You wonâ??t find these by scanning the MLS listings in your area or looking through the classifieds (even though you may find a great deal in either on occasion). A simple way to find great properties is to drive around town. Look for properties that donâ??t seem to be in great shape. Better yet, find a property that is being sold by the owner. Networking is another way to find great properties. Let everyone know what you are doing. If you can, join professional organizations. You may find your best properties by word of mouth.2. Hone your people skills. Once you have found that perfect property, you need to convince the owner that he should sell the property to you. (your intentions to find another buyer before it is time to close) You need to have sharp people skills to convince someone who owns a valuable property to sell it to you at a discount. But wholesalers are doing this every day and making returns that are a 1,000 times more than their initial investment.3. Create a great network of buyers. You can find great properties and have great people skills to get the contract, but if you donâ??t have anyone to sell that property to, all of your efforts will fall flat. If you donâ??t know many people in your area, find a small publication in your area that offers free or low costs classified ads. Use free online classifieds such as www.craigslist.org or www.backpage.com. Buyers will begin calling you and you can talk about the properties you have under contract. But donâ??t just consider that first sale. You want to be able to call the buyer back when you find additional properties. Establish a relationship with the buyer. Have several buyers on your speed dial so that when you find that great deal, you can close it quickly. Donâ??t forget the basic principal mentioned above—networking. You never know when your neighbor or your friend in the civic club may decide to invest in real estate. You want them to come to you.

How Much Can I Make?

If you posses the skills listed above, you can triple your current income (or maybe even more) if you are in a basic nine to five job. Letâ??s look at an example:

· You are driving around town and you see a property for sale you think a buyer you know would like.  You find the owner and meet with him or her. He agrees to a sales contract if you put down $100 in earnest money.· The property once valued at $100,000 is in disrepair and is only valued at $65,000. The buyer agrees to purchase the property for $70,000. Once the deal goes through, you have made $5,000. Do you have a day to spare to make $5,000?

As I mentioned earlier, this is not a get rich quick scheme. You have to make contacts, learn how to spot good investment property and have excellent people skills. But once you get these skills down, you will be quitting your nine to five job in no time!

 

Expect Greatness & Nothing Less