Form to use for Real Estate Property

FUNDING INSPECTION REPORT

1) Condition of the street and surrounding houses - (Please circle one) :

Well maintained / Decent / Poorly Maintained / Distressed

Please Explain_________________________________________

_____________________________________________________

_____________________________________________________

2) Vacancies on the street - (Please circle one) :

Many / Few / None apparent

3) Condition of the inspected property - EXTERIOR : (Please circle one)

Well Maintained / Decent / Poorly Maintained / Distressed

Please Explain_________________________________________

_____________________________________________________

_____________________________________________________

4) Condition of the inspected property - INTERIOR :

Well Maintained / Decent / Poorly maintained / Distressed

Please Explain__________________________________________

______________________________________________________

______________________________________________________

Please list the condition of the following: (Please circle one description)

1. Roof - Good / Needs Work / Needs Replacing

2. Electrical System - Good / Needs Work / Needs Replacing

3. Structural condition of the house - Good / Not Good

Inspected by:____________ by:____________(please print) Signature:___________

How To Locate Real Estate

1. Courthouse steps has cash buyers - though they are a jaded bunch so have yourself organized before an approach - talk to one person off to the side - they are a secretive bunch also.

2. You could pull trustee's deeds and then look up the buyers after the sale.

3. How about looking up MLS listings that say "cash only" - when they close escrow - look up who bought it.

4. REI groups.

5. Select local hard money lender, look up what properties they have liens on, then look up the owner. These hard money borrowers are oftentimes a good as a cash buyer.

6. There are cash buyers for almost every area on Bigger Pockets - or at least people from every area that know cash buyers. Develop relationships for your area and then talk to them about the deal you can bring to the table.

7. Cash buyers are usually easy to find when you have a great deal.

8. That was my 30 second list - given time I am certain we can expand upon it. the key is all of the above can identify cash buyers - as long as you take the time to do the research - In reality you only need to know 1 -3 buyers for any product type that you could spin deals to - if you have 3 SFR buyers and none want your deal - its probably not a deal. same for commercial property etc. If you are looking for those willing to buy borderline deals then, well thats for another post.

What Are The Benefits of a Short Sale?

What Are The Benefits of a Short Sale?
● Absolutely NO FEES or cost to you. In cases where there is a 2nd trust deed, fees and/or costs may occur.
● Gets you out from under a major debt that you cannot currently afford - with no future recourse.
● Allows you to stay in your home longer and gives you more control over your “move out” date.
● Not nearly as harsh on your credit report as a Foreclosure - In fact, you may be able to purchase a new home within 2 years.
● Judgments, liens and other deficiency amounts may be negotiated while in escrow (including IRS and franchise tax liens).
Unfortunately, there is no magic RESET button that we can just push to make things go back to the way they once were. In reality, the RESET button (or Short Sale transaction) is a detailed manual process that can alleviate your major financial burden if completed correctly. It's a 'best case scenario' solution that will not likely be cut and dry. And, it can and will likely create some new, yet more manageable financial and/or credit related burdens / obligations. In the end, a successful Short Sale will end.ShortSaletimeline.pdf

What is a Short Sale?

We always have the home owners best interest as our #1 focus.
A Short Sale is a sale of Real Estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the property owner. In a Short Sale, the bank or the mortgage lending institution agrees to discount a loan balance due to financial hardship on the part of the borrower.
Homeowners must qualify and be approved for Short Sale.
Comparing Short Sale to Loan Modification:
In a successful Loan Modification, you retain your home; whereas in a successful Short Sale, you no longer own the property upon the close of escrow. It's vitally important to understand that the bank or mortgage lending institution can deny both. With this understanding, watch for brokers and/or attorneys claiming that they have inside connections with the decision makers. These individuals and entities should be reported to the California Department of Real Estate (DRE) and/or The State of California Bar Association.
Both Short Sale and Loan Modification will affect your credit report and credit score. In most cases, individuals seeking Loan Modification are required to be delinquent on their mortgage which in itself will affect credit scoring significantly. Both options require proof of financial hardship which is often achieved by being delinquent on your mortgage.
We strongly advocate the Short Sale transaction and will likely not advocate Loan Modification until banks and lenders are routinely and, significantly, reducing the principal balance and interest rate. Your individual circumstances will dictate the best possible direction.
For many who purchased at the height of the market, it will be difficult to make their monthly mortgage payment, with or without a reduction due to a loan modification. In
some cases, the homeowner can hang on until real estate values stabilize and they eventually return to an equity position, however, that could take a significant amount of time.
A successful Short Sale will cost $0.00. The effects on your credit will likely be more harsh than from a Loan Modification, but nowhere nearly as bad as if you did nothing and allowed a foreclosure to occur. With the shrinking credit industry, it is more mindful than ever to protect your credit report and credit score.