Bank of America listings, if used properly, can give you the optimum results in foreclosure investing. The first thing that you should remember when using foreclosure lists is that you need to know how to sort through the nearly limitless amount of information contained in these lists. Knowing what information to keep and what to throw away will definitely bring you closer and faster to your goal.Determine What You WantIn any type...more
A mortgage is a kind of an agreement made to pay the money, which was loaned, to a person by keeping the house as collateral. Mortgage is a promise made to pay the debts by putting it in writing basically. Mortgages have terms and interest rates which are either adjustable or fixed. Mortgage terms:Mortgages are designed in such a way that they can be paid in installments for a certain period. The time frame which allows the person...more
Reo Bank Owned Properties For SaleThere are bargains on most types of properties in the Prescott AZ area such as short sales and traditional property sales, but foreclosed properties can present unique value to buyers who are at the right place at the right time and are able to contruct the right offer. Reo Bank Owned Properties For SaleShort sales and foreclosed properties are considered distressed sales, as both are the result of the property owner's inability to pay the monthly loan amount, forcing them to sell or default on the home loan. While both of these types of properties can offer great value, the data shows that buyers in the Prescott area are much more likely to purchase a foreclosed property than a short sale property.Consider the following:As of February 3, 2009, there were 138 foreclosed properties and 117 short sale properties for sale in the Prescott area MLS. In the last 60 days, 58 foreclosed properties sold and 8 short sale properties sold. Working through the numbers, we see that foreclosed/REO/bank-owned homes sold at over 6 times the rate of the short sales.Why is there such a disparity?The quick, non-technical explanation is that most...more
Equator Reo Bank Of AmericaThe application process for short sales may appear to lack rhyme or reason, and we may find ourselves in situations where we attempt to fight the process in the hopes of bypassing the bank's inefficiencies in order to get a faster approval for the short sale transaction. Criticizing the process, or...more
To understand loans and mortgages we need to understand loan limits first. If your loan amount exceeds the amount below, you will qualify for a Jumbo Loan, which carries higher interest rate. One-Family (single family homes) $417,000Two-Family(duplex) $533,850Three-Family (triplex) $645,300Four-Family(fourplex) $801,950 FIXED Loans:...more
List Of Broker Price OpinionWhat is a Broker Price Opinion?When a bank or asset manager obtains a new foreclosed listing to sell, they immediately need to know the home's value. Typically a bank will assign one to three agents to evaluate the approximate selling value of a home. These banks expect each agent to submit three comparable sold listings and three comparable active listings as well as an estimate of what the agent thinks the home will sell for. List Of Broker Price OpinionA Broker Price Opinion is not as detailed as an appraisal and does not entail as much work. BPOs differ from Appraisals in a number of ways:Appraisals typically cost over $300. Most BPOs pay brokers between $50 and $100.Appraisals require detailed square footage measurements. BPOs rely on county assessors' recorded measurements.Appraisals use a standard format recognized and used by lenders and mortgage professionals for precise property valuations. BPO's are prepared in different formats and are used simply as decision making tools for asset managers of each bank.Appraisals are typically 15-20 pages long with detailed information on each aspect of a property. BPO's are...more
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