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Monthly Archives: October 2017

Sell A House And Lot

Selling a property is crucial but if done with proper documentation, legitimacy, good faith and consent of both parties buyer and seller, transaction will complete in due time.

In my own venture, it took around ten months more or less to sell a house and lot of the transfer of property from parents to heirs of a clean title. You can seek the assistance of a broker, a lawyer, or a realty firm, among others, to help you with the processing of papers. Each office takes two, three or a month to stamp approval or release.

In the process of documentation, you need a set of photocopies of applications, receipts, affidavits, claim stubs, and other certificates. Label them in safe folders and keep in a bag so any time an office requires a copy, you have one available. Should a file be lost, certified true copies could be sought from the proper government offices.

Here are three steps from Attorney Glicerio Alarkon Jr. (San Beda College of Law), of whom I sought help for my papers.

“1 Settle the estate tax where the property of the decedent is located at the Bureau of Internal Revenue.

2 Secure a new title under the heirs at the Registry of Deeds or Land Registration Authority.

Before securing a new title under the heirs at the Registry of Deeds, you have to pay the transfer tax at the City Hall.

3 After all these steps, the property is now ready for sale!”

So after the lawyer’s advise, here is how the papers got processed selling a property. To save on brokers fees, I worked on my own selling a house and lot.

Initially, before step one, real property taxes must be paid every year, but if taxes have accrued and the interest charges are onerous, owners can claim and wait for a tax amnesty or pay in installment. Keep real property tax receipts.

In step one, once the estate tax have been paid, the Bureau of Internal Revenue will issue a certificate authorizing registration. From here, you can go step two.

Other documents you may need are publishers affidavit, an extrajudicial settlement of estate, tax account numbers, government identification cards, valid identification cards, and a special power of attorney from the Consulate General of the country where the other heirs reside if the heirs are living abroad. For example, our extrajudicial is from the Consulate General of the Philippines in San Francisco, California, USA. Also, death certificates of parents, and sometimes, birth certificates of heirs from the National Statistics Office have to be prepared. Save some money for notary fees and transportation, among others.

The last step is the Deed of Sale. With this, the seller should pay the capital gains tax. Payment of the property can be made in cash or check. However, verification from the bank is necessary, if payment is in check. You will need a lawyer to help you during this transaction. Also, you will need the bank’s assistance for safety. Should the money be of material amount seek the help of a police officer. Truly, the help of good workers!

Article Source: http://EzineArticles.com/9370035

Note Buyers Can Help Struggling Homeowners

The Hardest Hit Fund was established in 2010 to provide $7.6 billion in targeted aid to 18 states and the District of Columbia. These unlucky 19 were hardest hit by the collapse of the housing bubble and the ensuing Great Recession.

Each state (and D.C.) created its own program to administer the funds, which were targeted to help their residents avoid foreclosure, stabilize neighborhoods and eliminate blight.

So how is this related to the note business? Well, these distressed homeowners have been skipping payments for in some cases years and have a huge debt to repay with interest. The fund will pay off all the arrearages (up to a maximum of $30K) and in some states it can pay for as many as 12 future payments. The money is paid directly to the bank, the lender, or in our case, the note holder.

The delinquent promissory notes that were signed to buy the houses are now called non-performing notes (NPNs). Since they’re currently not producing a reliable income stream, they are sold at a deep discount to their face value.

If you can buy an NPN in one of the Hardest Hit Fund states, there’s a chance the borrower could qualify for these funds. If they do, it’s a big win for them to get that huge financial burden off their backs. And of course it’s a win for us to finally receive free money from the Feds.

The problem is getting the borrower to even apply for the grant (if they’ll return your calls). You’d think that anyone would be willing to fill out a few pages in order to get relief from thousands of dollars in debt, but you’d be wrong. And then, not all applications are accepted, so there are no guarantees even if they do apply.

In spite of that, I target Hardest Hit Fund states when looking for NPNs in the off chance I can give someone a boost and get paid for it besides.

Even if we can’t use the Hardest Hit Fund, we can still help the homeowner in at least two ways. First of all, we can just forgive all the debt they accumulated from the original note. That will help them sleep at night again and it wasn’t our money to begin with. Then we can write up a new note that they can actually pay on a monthly basis. That way they get to stay in their home, and we’ve just created a cash flow for ourselves. Once they’ve made twelve payments we can easily sell it as a performing note if that’s our model.

Even performing note investors may need this information one day. People are still getting laid off or sick or divorced, so there’s always a chance a note that’s been providing regular payments could become non-performing in a hurry.

Les Goss is a real estate investor in Colorado Springs, Colorado. He has years of experience buying and selling single family homes, fourplexes and apartments. He is now focused on performing and non-performing notes.

Trust Deed Investors in California

On the other hand, other places such as Solano County, the Central Valley, and Riverside/San Bernardino areas will remain less expensive thanks to solid job growth in warehousing, transportation, logistics, and manufacturing. But, on the whole, CAR worries about how you’ll be able to afford investing.

 

What Are Trust Deed Investors?

Trust deed investors are those who ignore credit rating and credit worthiness and transact property loans in terms of assets. In other words, the amount the investor lends is primarily based on the value of the subject property. Put another way, the investor is mostly concerned with the amount of equity that you have invested (or may invest) in the property that will be used as collateral. He or she is less concerned with your credit rating – which doesn’t mean that he may ignore it altogether. But there are enough investors who will overlook issues on your record such as a foreclosure or short sale as long as you have the capital to pay the interest on the loan.

The trust deed transaction also moves faster than standard procedures do in bank or credit union.  Lender and borrower file a document with a county recorder’s office – the document is called a deed of trust – where details of the lien are described. The borrower then signs a promissory note where he promises to repay the specified loan on the specified day.

The investor must also consider the borrower’s plan for the property. The borrower must present a reasonable plan that shows how he or she intends to ultimately pay off the loan. Usually this means improving the property and selling it or obtaining long-term financing later on.

What Are The Benefits Of Trust Deed Investing?

Trust deed investing offers a combination of high returns and monthly cash flow with a secured investment. Investors receive monthly interest payments on their invested capital as they would with a fixed income investment or money market fund, but the yields are typically higher.

Such deeds are also a vehicle for investing in real estate without the need to manage property. They’re an excellent way to diversify a portfolio. Plus, unlike publicly traded real estate related securities such as CMOs, MBSs, REITs, and so forth, trust deed investments are simple and easy to understand.

What Are The Disadvantages Of Trust Deed Investing?

For the lender, such investing comes equipped with four main sources of risk. These are: property devaluation, borrower fails to repay, legal action, and, in the case of Second Position deeds, loss in the event of a foreclosure and/or sale of the senior lien. Trust deed investors, usually, join an agency that helps them manage these risks.

The Short Of It Is This…

Trust deed investors are an excellent alternative for people who may have let down by the banks. Borrowers may like them for various reasons that include speed, service and flexibility. In a Californian 2016 market that may turn out to be crimped, such investors can get you the finance that you may be unable to land elsewhere.

Make Money and Earn Handsome Capital

What’s more, Urapakkam affords quick connectivity to the key GST road (Grand Southern Trunk road), the Chennai airport and the Tambaram railway station. Employees working in the corporates housed in SEZ’s such as the Mahindra City or at the plethora of corporate houses on the IT corridor/Old Mahabalipuram Road (OMR), in Oragadam and Sriperumbudur. Roads from Urapakkam lead to Oragadam and Sriperumbudur within a short travel time of 35-45 minutes.

Why the location is great from every angle-

Urapakkam is perfect for those who are looking at purchasing houses starting with a price range of 15 lakhs and upwards. Even in respect of those looking at earning handsome rental returns, Urapakkam has shown a consistent demand as most employees appreciate the fact that the rentals are affordable, the office to home commute is easy and hassle free and there are many options for recreational and convenience facilities such as schools, colleges and hospitals close at hand.

Urapakkam is amply connected via the suburban, a well-connected rail network with local trains such as the Chennai Beach-Tambaram-Chengalpattu line carrying many passengers on a daily basis. Besides, Urapakkam has its own railway station and that is its biggest plus.

The road network is interconnected to all the main arteries of Chennai, moreover the roads are well-kept with a good surrounding infrastructure and there are regular shuttle services that ply for most of the IT companies located close by.

Great Going Guduvanchery

The next locality focus is Guduvanchery and for good reason as not only has this area been lauded recently for its close proximity to Tambaram but also the fact that many industries and IT MNC’s are located at hop, skip and jump distances from here.

Why the location is great from every angle-

Similar to Urapakkam, Guduvanchery is considered to be a reasonably priced residential market with many options for mixed 1/2/3 BHK apartments with prices starting from Rs 20 lakhs and upwards. Besides, the projects here are replete with all amenities and civic facilities that families would need for a comfortable stay.

The number of industries, SEZ corridors and corporate houses at OMR and Oragadam are going to see manifold rise in investments and consequently the number of employees.

Falling within the Chengalpattu taluk of Chennai, Guduvanchery is just 8 Kms from Tambaram, 21 Kms from Chengalpattu and 28 Kms from Velachery. Well-connected, Guduvanchery is located at an approximate distance of 35 Kms from city centre of Chennai. Oragadam, the automobile hub of Chennai, is just 35 minutes away via the Chennai Theni Highway.