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Tap Into The Value Of Your Home and Make Big Bucks
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Bank Foreclosure
Everyday, there are properties that are foreclosed by the banks. This happens when a loan borrower is unable to make up for the payment of his loan. Now having a property foreclosed can be very detrimental on the part of the client.
In as much as possible banks would not want to foreclose properties but it is just that they have vivid rules which have been stipulated in the contracts th... Read real estate article
Should I Hold Real Estate or Sell
This is something that depends on your own circumstances. Remember that we are not now in the sort of market where you will naturally see a price rise after holding for a while. This is a flat market where the prices generally stay static. They might rise a bit and then fall a bit, but generally they'll bump along for a few years now until the next boom starts. So whether you sell or hold is your ... Read real estate article
Tap Into The Value Of Your Home and Make Big Bucks
Personal Bridging Loan
Suddenly, you have got an offer of buying a new property. You are planning that you will sell your present property and buy that property. But it will take time. Then what else? You do not want to drop your plan, as it is really a lucrative offer for you. So, how would you get cash? Simply apply for a personal bridging loan. With this loan, you can make your property transaction easier.
A personal bridging loan works as a monetary bridge to cover up the financial gap during property transaction. This loan is considered as a secured loan. Therefore, you have to pledge some thing in order to get the loan. Usually, borrowers use their new purchasing property as security. Besides, you can use some other properties like, housing or auction properties, commercial properties, retailing shops, overseas property etc.
Generally, while offering a personal bridging loan, lenders prioritize on the value of the property, not the purchasing price. This loan allows borrowers to borrow the amount, ranging from £25,000 to £500,000. If you want to borrow more, then the equity of your property will be checked. However, as a personal bridging loan, you can get 75% of your property value.
Personal bridging loans are of two types: open bridging loans and closed bridging loans. This loan is basically a short term loan. The repayment period of this loan varies from few weeks to six months and can be extended up to 2 years. If you opt for this loan, you will only have to pay the interest rate during the loan period. The principal amount can be paid off after the present property is sold. You will get the unearned interest in case you can sell your property within the limited term period. And if a personal bridging loan is matured before selling the property, then the loan will be changed into general loan, and be sure for this you need not pay any penalty.
A personal bridging loan is approved fast. Within 24-48 hours you will get the amount.
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Land Contracts
Everybody seems to have a different idea about how to buy or sell a home and how to generate wealth with real estate. Indeed, there are many "get rich quick" angles, programs that teach buyers to find stupid sellers who will sell for no money down at low, low prices and sellers to find stupid buyers who will pay too much for real estate. While these get-rich-programs may work some of the time, they also waste a lot of time and energy, promise much and deliver little.
Takes home buying for example, what do most people do? They contact a real estate company, get hooked up with a commission-driven real estate agent, and pay too much for property. The they find themselves hooked up with wealthy mortgage lending organizations staffed with attorneys who are ready to pounce on them and foreclose if they are late making payments on there fancy "interest only loan" or "negative amortization loan" or some other fancy loan program. The creative lenders (often in cahoots with agents) qualify an otherwise unqualified borrower to buy the property they really couldn't afford to begin with. The real estate agent gets the commission, the mortgage lenders get the fees and commission and the buyer gets the over-sized house and the monthly payment, (that would be the principal, interests, taxes AND insurance payment). There is a better way...
It's called a land contract and you don't need a real estate agent or wealthy mortgage lender with a staff of attorneys waiting to gobble you up either.
I believe that buying a property under a land contract is one of the smartest things a person can do for the following reasons:
1. When you buy property directly from a seller under a land contract, you and the seller are on a more level playing field economically - many sellers are not "rich" and don't have a staff of blood sucking attorneys working for them. For this reason, they are less inclined to pounce on you to foreclose on a property.
2. Sellers who are selling under a land contract are usually motivated sellers and can be flexible on selling price, down payment requirements and interest rates on the land contract. Everything is negotiable, a seller may accept a lower selling price if you give them a higher interest rate on the contract. Or, they may take payments on the down payment. They may take a balloon cash-out in 5 or ten years, etc. The point is there are a lot more negotiable elements when dealing with a seller on a land contract.
3. If you have an economic situation arise (loss of job, lay off, etc) a seller is much less inclined to foreclose on you. This is especially true if you have a good track record with them, and they will often work with you to get through the tough times, especially if you get along well.
4. If a land contract is structured correctly, it is just as legal as an outright purchase and you have most (if not all the rights) of home ownership.
5. You eliminate real estate commissions and mortgage application fees.
The most important consideration you need to focus on in a land contract deal is two things:
1. Have an attorney specialized in real estate transactions write, read, negotiate and/or approve of your land contract before you sign on the dotted line and...
2. Make sure you have a "right to sell" clause in the land contract that allows you to sell the home on the market (with or without a real estate agent). As long as the original seller under the land contract is cashed out when you sell the home (they will be because they hold the title) there shouldn't be any problems.
Like I say, everybody has an angle... this one is called common sense.
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