Preparing To Make A Zero Down Offer

     I'm going to focus on the Seller of a hypothetical property you have found and the offer that you are going to make. You want to write it so it has a reasonable chance of being accepted.

Never offer more than you can afford to pay.

     Don't get caught up in the idea that you are going to make it work no matter what. Let's face it, some deals just won't work and you have to let them go.

     Ultimately, the person who gets the best deal is the person who is the least motivated. You have lots of potential homes to purchase... the Seller only has one home to sell.

Work up the numbers.

First, you need to know what the current market value of the property is.

     Do this by going to your title company (you can pick any one you want, just look them up in the yellow pages). Title companies have access to comparable sales of homes in the neighborhood.

Look for homes that are very similar to the one you are preparing to purchase.

     Value the home you are going to buy based on how it compares to the homes that have sold before it. Only use comps that are twelve months old or less.

There are two types of real estate we want to deal with here.

     The first type, is property that you can purchase for cash, for at least 15% under market value. You need to sell these contracts to an investor to complete the deal.

     Every investor out there is looking for these properties and will gladly pay a fee to get them.

     The second type of deal is purchased for full market value by taking title to the property "subject to the existing loans."

     I explain in detail how to make an offer on this type of property in my book. It is one of the easiest ways to purchase property with nothing down and no credit check.

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If you haven't checked out Joe Crump's "$0 Down Real Estate Investing With Bad Credit And No Job!" yet, go to his web site for full details.

http://www.realrealestateexperts.com

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More than 40 states signed onto a proposed $25-billion deal with major mortgage servicers over faulty foreclosure practices. New York, Nevada and Delaware joined California in holding out for better terms.

More than 40 states signed onto a proposed $25-billion settlement with major mortgage servicers over faulty foreclosure procedures, but California, New York and other key states were still not among them.

California has until Monday to share in a multi-state deal with banks to obtain mortgage relief and reforms. Atty. Gen. Kamala Harris, who walked away from talks last year, says the door remains open.

With a Monday deadline at hand, California officials have resumed direct talks with the Obama administration about joining a multibillion-dollar, multi-state mortgage settlement with the nation's largest banks, a source said Sunday.

The talk show host pays $12 million for the 4,088-square-foot house with four bedrooms and four bathrooms. The ocean-view home sits on 1.26 bluff-top acres with beach access.

In one of the more talked-about transactions in town, actors Brad Pitt and Angelina Jolie have sold their Malibu beach house to daytime host and comedian Ellen De Generes for $12 million.

The four-bedroom, five-bathroom house built in 1920 for industrialist James Wigmore lists for $2,875,000.

A decorative cast stone entrance opens to this restored Spanish Colonial Revival-style house in Pasadena's South Orange Grove area. Built in 1920 for industrialist James Wigmore, the house retains such original details as coffered wood ceilings and arched doorways.

They don't believe they can sell their property for what it's worth, so they're spending money on making their homes more comfortable.

Do you fit any of these descriptions?

A biennial research report by the National Assn. of Realtors indicates that a handful of real estate agents and brokers and their clients either don't know the law or don't care to follow it.

When it comes to lawsuits, real estate agents and brokers tangle mostly among themselves.

The president aims to help about 3.5 million people with good credit who are unable to refinance at historically low rates because their homes are worth less than their mortgages.

 

The White House hopes to help millions of homeowners lower their monthly mortgage bill with a $5 billion to $10 billion plan to set up a streamlined refinancing program for people who are current on their payments.

The Standard & Poor's/Case-Shiller index of 20 large U.S. cities fell 1.3% in November from October as foreclosures continue to drag down the housing market.

Three straight months of home-price declines in the biggest U.S. cities showed that foreclosures remain a significant drag on a housing market that is entering its fifth year of deterioration.

L.A. Clipper Chris Paul may be quick down the court, but he moves pretty fast when it comes to buying multimillion-dollar real estate too.