Showing Your Home While Keeping Your Privacy In Tact

Showing Your Home While Keeping Your Privacy In Tact

Make no mistake about it, home buyers will open nearly every closet and cabinet within your home. In fact, you want to encourage buyers to move and touch things within your home, but you should also learn how to keep your private information hidden during an open house.

Any part of your home that will remain after the sale, is open for investigation. This means that built in cabinet drawers; dining room china cabinets (that will be sold with the house); and bathroom medicine cabinets are all beckoning buyers to snoop around. Well, technically, they aren’t snooping if they simply want to see how large a piece of furniture is, but you should still avoid leaving things such as comparative market analyses laying inside of a drawer. In fact, you should keep all personal information fairly well hidden at all times.

Never leave opened mail strewn throughout your house. Just imagine what sort of offer a buyer might propose if they see a stack of credit card bills awaiting payment. Buyers may also note letters from the IRS; mortgage payment notices; or anything else that may put you in a compromising position.

While most home owners leave mail stacked on the kitchen counter, place your mail safely inside of a desk drawer, and make sure that the drawer cannot be opened. When it comes to other personal items, make sure that you disguise them as well.

Believe it or not, a diploma or wedding photograph should not be kept on the wall. Why? Well, certain buyers will apply instant biases depending upon what sort of information they find. For example, if you leave a law degree plastered on the wall, some buyers may immediately feel as though a lawyer cannot be trusted. In the same manner, if a buyer sees a recent wedding photograph, they may start to form an opinion about the type of religion that you practice. It is best to keep all personal items (even books and music) out of sight. Also, keep your closets tidy and in tact.

You may think that leaving certain clothing items hanging in your closet is not a bad idea, but make sure that the items do not say anything too personal about you. While most home owners do not think about personal items, do yourself a favor and clear out your home prior to any open house.

Make sure all personal details are hidden, and make sure that your home does not tell anyone all about your life.

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More Borrowers Quitting Obama Mortgage Program

It seems that borrowers are not satisfied with the efforts of the government to help homeowners who are on the verge of losing their homes. Reports said more than a third of the 1.24 million borrowers who have enrolled in the Obama administration’s mortgage modification program have dropped out.
Data showed that a total of 436,000 people have dropped out of the $75-billion program since it was launched in March 2009. In May alone, some 155,000 people stopped trying to get loan modifications. The number of borrowers, who have received permanent loan modifications, meanwhile, stood at 340,000.

According to market analysts, the program did little to ease the plight of borrowers. “The foreclosure-prevention program has had minimal impact. It’s sad that they didn’t put the same amount of resources into helping families avoid foreclosure as they did helping banks,” National Community Reinvestment Coalition chief executive officer John Taylor said.

One of the reasons blamed for the high turnaround rate is the documentation of income required for homeowners who want to get loan modifications. To apply for the program, a borrower should submit two recent pay stubs to banks at the start of the process. Because of the new application procedures, the number of borrowers wanting to get loan modifications declined dramatically. According to reports, around 30,000 homeowners started the program in May, down from more than 100,000 people who signed up each month starting last summer.

Industry experts believe that the country’s problems with foreclosed properties could worsen if more people are going to exit the program. They also warned that it could further weaken the housing market and impede with the economic recovery.

Seller financing aids the seller and buyer

Seller financing is one field of the real estate industry that aids more than the house purchaser and the individual house seller. Home mortgages held by sellers are likely customers for investors that purchase seller financed home mortgages. For many people outside the real estate industry, this little observed market is large business for many. In order to understand how this market works, we have to recognize both sides of the business of owner will carry financing.
In a down market such as we are experiencing now, credit freezes up and conventional lenders inside the mortgage industry approve very few new mortgages unless the candidate has higher than average credit. For those people with less-than great credit, acquiring a loan thorough traditional channels is non-existent. Fortunately for these people, there is a large quantity of houses on the market with sellers willing to unload.
Some of these sellers are ready to offer what is called owner will carry financing which means they will operate as the lending institution. Rather than having to pay a credit business each month the customer will pay his monthly mortgage to the home seller. When financial times are good and lending institutions are offering creditowner carry financing is at a low. More people can obtain credit thorough conventional means.
The seller will carry the note until the note is paid or he sells the cash note to someone else, in this case a mortgage investor. Mortgage note investors are people that specialise in buying and selling money transactions. Notes come in many different varieties. Just about any transaction where a agreement is signed and a repayment plan is the mode of repayment, can be bought and sold.
Seller financed notes are the most widely recognized with the mortgage industry as they are real estate based. The market is built easily enough as sellers many times desire to free up the cash they have tied up in the cash note they are holding on the property. The seller may need the capital for any amount of reasons. He may want to make further investments with superior returns. Crisis conditions might have come up that force him to liquidate his holding. Children might need to go to university. The motives are endless.
Whatever the case may be, there are loads of investors eager to acquire these seller held mortgages. These investors purchase these money transactions largely for investment motives growing their portfolios. Though, income streams are the major purpose. By getting just a few notes the investor can generate a significant monthly income stream that will continue until the contracts are fulfilled or sold to another person.
In come instances, these mortgage notes are defaulted on at which time the investor forecloses on the house, keeps all the funds he has collected on past repayments then sells the property to another buyer. Seller financing aids many individuals involved in a real estate transaction. Individuals that can not acquire a mortgage through established means, single sellers as well as those investors within the notes industry.
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Tips on Selling Your Property

When it comes to selling real estate, one of the most difficult and
frustrating situations for sellers is when market conditions make it
nearly impossible to sell at the desired price point. A high initial
listing price might be because the seller simply has an unrealistic
idea of how their house stacks up against the competition in the area,
or because the owner needs to sell for a set minimum price in order to
pay off their loan against the property.

With traditional property sales methods, the only way to prevent the
property from sitting on the market indefinitely is to keep dropping
the price. Unfortunately, this technique doesn't always work -
especially if the seller is unwilling to "discount" their house by
much.

In areas flooded with homes for sale, reducing the asking price
slightly will not bring the desired result. In fact, it's common that
the property will continue to sit on the market without offers,
alongside the multitude of other unsold properties with similarly
reduced prices.

Anyone experienced in sales understands that making your product stand
out from the crowd is a critical technique for success. But if there's
too much competition offering the same attributes, the only logical
way to attract the attention of serious buyers is to drop the price so
that your property is a much better value than the competition.

In cases where the seller is too inflexible with their asking price,
this is not a practical solution. Without an alternative strategy, the
seller is forced to keep the house on the market for an extended
period of time with an unrealistic asking price, hoping for the right
buyer to come along. And as you know, that "Mr./Mrs. Right" might
NEVER materialize!

The Seller Finance Solution

Property sellers who want to both obtain their desired price and close
on the deal quickly should consider seller financing. Seller financing
is a powerful tool to remedy real estate situations that otherwise
look grim.

Many home sellers (and their real estate agents) do not see seller
financing as a viable option. In actuality, seller financing can bring
new attention to the listing and invite a different group of potential
buyers - thereby opening up a unique, untapped market.

A large percentage of people throughout the country cannot get
approved for bank funding to buy real estate because of their credit
situation. Many of these people are still in the market to buy a
house, however. The "credit-challenged" are often frustrated with the
limitations of apartment living or being renters; as a result, many
are willing to pay a higher price just for a chance to get seller
financing and improve their quality of life.

A savvy property seller who recognizes this opportunity can salvage an
unfavorable situation and turn it into a bonafide seller's market. By
using this type of creative financing, the seller could actually end
up getting more than the original asking price - without resorting to
the questionable strategy of patiently waiting for the "right buyer".

Seller finance can enable homeowners to receive a favorable selling
price despite bad market conditions. In addition, the real estate
agent (if any) gets to close a deal and move on to other sales, while
a home buyer with poor credit is able to become a home owner. It's one
of those rare situations where everyone at the negotiating table gets
what they want.

Paper Tigers

Many home sellers never consider seller financing because they don't
understand the benefits. There are also common misconceptions that
it's much too complicated to attempt to orchestrate a seller financed
deal, or that there are no buyers willing to sign a private note.

Once a property seller takes the time to learn about the basic
process, the advantages of offering financing instead of a lower price
to sell their property become very clear. Plus, a little education
about seller finance will make it apparent that drafting a secured
private note is actually a very straightforward process.

The bottom line is seller financing can enable a home owner to "have
their cake and eat it too" - i.e., sell at the desired price, close
the deal quickly, and even receive additional income from interest
payments as well.

More Selling your Property in a Difficult Market

The Spring 2009 Real Estate Season is peculiar. It is a buyer's market but with only a few buyers around.  Those that are looking, and able to buy, are fearful of making a mistake. Lots of mistakes: buying too high, buying a house that doesn't comp out, buying too soon, missing the bottom.

It is impossible to time the market. Money managers can't do it and neither can we in the real estate business. This is because we only know where the bottom is when it has passed when you're no longer in it!

So with such overwhelming pressure on the price, what options does a seller have to keep the value of his property in tact?

Here, in NJ real estate, when there is a large supply and fewer buyers, it is unwise to keep dropping the price. That simply creates a price war that no-one can win. Instead, understand that buyers will be comparing all the options in their price point as analytically as they can find tools. The strategy to shore up value is to focus on the beauty contest and offer tools of comparison that enables your property to stand out. Clearly and cleanly.

The Beauty Contest

Your home must look its best. All the stuff we know - freshly painted, neat and tidy, clean and in perfect condition. PLUS,

• Open spaces in each room. Buyers need a place to stand to see each room and then see room for them to move into.
• How does it work? If they were to buy this house, where would they eat, play, work, sleep, rest and relax, etc.
• Depersonalized. More than personal photos, certificates and trophies, put away anything that is completely specific to you the homeowner, as opposed to a wide group of buyers.
• Photos. The last and most important part of the beauty contest is the pictures. You must have beautiful photos of the inside and outside of your home, taken from the right angle, with the right lighting so that the house looks great...online! 85% of all home searches start online, and the more photos you show, the better your home stands out against the competition.

 Tools of Comparison

Buyers, with lots of choices, will compare and contrast options by price point, as carefully and analytically as they can. Make sure you offer them information to make the best comparison possible. The more information you can provide here, the more in control you are of the story being told to the buyer. information to have available, on hand, with the realtor's brochure, floor plan and comps is:-

• Illustrations of the home being located in a "Great Neighborhood "
• The Cost to Run the home
• Square Footage, amenities including # of closets, level lot, basement & extra spaces (include everything that could possibly be seen as a positive; you just don't know what's going to trigger the "must have it" impulse!)
• Ratio of Asking Price: Assessed Value
• Recent Sales in the Neighborhood  and feel free to offer a paragraph to each listing illustrating how you stack against each sale.

Do not forget to think about taking back the financing with a seller financed mortgage note.  Click here to visit our web site for more information or email us at info@smilingdogenterprises.comTechnorati Tags: mortgage notes, trust deeds, refinancing, get cash now, divorce, financial planning

Things to consider when selling your home FSBO

If you're opting to sell your own home rather than using a realtor, it's important to take a systematic, proven approach to your sales campaign. The market is very different to what it once was, and you should focus on how to sell a house during recession. This article outlines 3 areas that are crucial to a quick house sale.

1) Your Pricing Strategy

It's not wise to aim for big profits in the current market. Unless you live in a particularly unaffected area, you're going to find that the only way to sell your own home is to ask at or just below market value. Don't be scared of this, as chances are buyers will run the price up. In fact, with a good marketing campaign your price can be risen quite high through buyers competing with each other.

2) Your Advertising Campaign

It's absolutely imperative that your advertising is targeted to wards the right market. Let me say now that the majority of serious buyers at the moment are property investors. Families are not exactly in a position to buy. Keeping this in mind, you need to write your sales copy and headlines to appeal to these investors. Write about how much profit they'll make in 5 years time when the market returns to normal.

3) Your Property Presentation

A very popular trend over the past few years has been "home staging". That is essentially where you move your old furniture out and hire some up-market household items to ive your place an expensive feel. Though this strategy can work well, I think many buyers are now weary of it. Instead, just de-clutter your home of excess "stuff", and go for an airy and open feel. Concentrate on your bathroom and kitchen especially.

You should also consider taking back the mortgage with a mortgage note!

Visit our site for more information or email mortgagenotes@smilingdogenterprises.com

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How to make sure you get the highest price for your mortgage note.

How to make sure you get the highest price for your mortgage note.

1. Buyer's credit.
   The better the credit rating of the buyers, the more valuable your note.
   1. If they are a husband and wife, find out the credit rating of both of them. many time the wife is earning more than the husband.
   2. If you don't have a credit report, you can order a free report from us.
2. Sale price of real estate.
   If this is MORE than the actual value of the real estate expect to take a bigger discount when you sell the note. An experienced note buyer wants to have some equity in the property in case the buyer defaults.
3. Third party buyer.
   If you sell to a family member or friend you WILL have difficulty collecting your payments.
4. Actual, provable value of the real estate.
   If you are taking back a first mortgage note there is no legal reason to have an appraisal. But if you intend to SELL the note, any experienced note buyer will want to know what the property is worth. It may be harder to access the property and have an appraisal done after you close on the sale.
   
5. Loan to Value ratio. LTV.
   For a note to be marketable the total LTV, that is including the first and second mortgage (if any) should be no more than 75% of the actual value of the property. However, if the buyer's credit is good, this 75% could refer to the Investment to Value or ITV. In other words, the amount the note buyer is investing in the note. Thus if the property is worth $100,000 and the buyer has put down a 10% payment and has a $90,000 mortgage, you could get $75,000 (75% of the value) for your note.
6. Who are the buyers?
   If the buyers are husband and wife they BOTH need to sign the note. If the buyer is a corporation, trust or LLC then make sure the principals also PERSONALLY sign the note. If they refuse to do so this could be an indication they will let the note default if the deal doesn't work out for them. Of of, this need not apply if the buyer is a substantial corporation. (I wouldn't ask Bill Gates to personally sign on a note from Microsoft. :-) But how about a note from WorldCom or Enron?) If the borrower is NOT a substantial corporation then the note could be either unsaleable or only saleable at a much larger discount to reflect the lack of personal liability.
7. Seasoning, aging.
   There is no doubt that a seasoned note, where the buyers have made payments for a year or more, is easier to sell and will get a higher price  than a new one. But of course you won't have this option if you want to do a simultaneous closing.
8. Institutional lender allows secondary financing.
   There are many institutional lenders, banks etc. that will not allow secondary financing behind their note. Why not? After all, their lien is senior anyway. One answer is simply that they do not want to the borrower to be stretched to make their payments. Also they would sooner the buyer put down more cash or pay for mortgage insurance (a fancy way of saying a higher interest rate.)
9. Loan properly secured.
   If your mortgage is a second mortgage, it should be a properly recorded mortgage or deed of trust to comply with your local laws. Any documentary and intangible taxes should be paid. Without this the mortgage may be unenforceable.
10. Title insurance.
    You should have proper mortgagee's title insurance.
11. Rights with respect to first mortgage, if you hold a second.
    If you are holding a second mortgage it should contain language to the effect that a default on the first mortgage is a default on the second. Also that you, as second mortgage holder have the right to check on the payment status of the first.
    
12. Interest rate.
    Other things being equal, the higher the interest rate, the higher the price you will receive. But be aware of laws concerning Usury and Predatory lending. A below market interest rate will demand a hefty discount to be saleable.
    
13. Length of note to short.
    Typically it is hard to sell a note with a short balloon, or a balloon due in just 6-12 months. The note buyer will be concerned that the borrower won't be able to refinance and pay them off.
    But a loan with for example, 3-5 years to run, and a 30-year amortization is going to be saleable, other things being equal.
14. Length of note too long.
    The note buyer won't usually want to wait 30 years to get paid off, but these notes can often be sold to institutional note buyers.

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Mortgage Note Buyers Helping You Get The Most Money For Selling Your Mortgage Note

All mortgage note holders want to know more about selling their mortgage note. Don't you?

Well, the popular way to get a lump sum of cash for your future payments is by using a mortgage note buyer.
Most people don't realize they have different creative options when using a contract buyer that can keep them from getting the most money for their owner-financed mortgage note.

It may seem scary or challenging, but truly it is not, unless you do not know the answer to this question.

Can I receive cash now and still hold part of the note? In other words, do I have to sell all of my note at once?

At first glance, this may seem obvious that this is the best choice because it will get you the most money up front. For some people, it is. When it comes down to it, it is up to you and your needs. If you need or want a large all cash payment and want to be out of the deal, rid of headaches and worries of a default buyer, avoid destruction of property, taxes and insurance, and would like a larger sum of money now instead of collecting small monthly checks, then a full sale is best.

But let 's take a look at some more needs. If you are just looking to get a
larger down or some money to take care of some immediate needs or
pleasures, then a partial payment may be better. Maybe you just want to
lessen the amount of strain or burden of carrying the note and would like to sell just a portion of each monthly payment. Then a split payment option will be better for you. (This way you can go on vacation, consolidate debt buy a new car...)

What is a partial? A partial is the purchase of a portion of an income streams remaining payments, or a purchase of a portion of a specific payment, or any combination thereof.

There are many times when this may make sense. Let 's say that you have a new note and it has not been seasoned (length of time that a note has been in place and paid on), it has little or no down payment, and has poor credit by the payer. In this case, it would be better to sell only part of the future payments. It will get you more money in the long run because the mortgage note buyer would have less risk should the buyer default on the note. Then after the note has experienced seasoning you could sale the rest of the payments at a much higher percentage.

Let 's look at an example of this:
Sales price: $100,000
Down payment: $5,000
Original note balance: $95,000
Payers credit: poor
Seasoning: 1 month
Appraised property value: $100,000
Term: 360 months
Interest: 10%
Remaining payments: 359

This is a low quality note because the buyer is not putting much money down,
the pay back period is very long, and the buyer 's credit is bad. But you could still make out like a bandit by selling it as a partial. Let 's say you sold the first 120 payments (10 years) for $51,000. After the 120th payment, the contract would be returned back to you. The balance owed to you would be $86,391.12. You would then start to collect the payments from then on. Let 's see how this looks.

Sales price: $100,000
Down payment: $5,000
Original note balance: $95,000
Contract written for 30 years @ 10%
Monthly payment: $833.69
Note buyer purchases first 120 payments for: $51,000
Total cash to home seller $56,000
(down payment + cash from note buyer)
After 120 payments contract is returned to you with a balance of $86,391.12

Total money to you: $142,391.12 (including interest). Not shabby for a house that sold for $100,000.

So, what is a Split?

A split is a purchase of a specified monthly amount. If you're getting to the point where you would like to enjoy some of the finer things in life, while still receiving a good monthly income, then a split payment is a great choice for you.

For example, if the monthly payment on a seller-financed note is $1,000, we could purchase $200, $500, $750, etc. of the monthly payment. This will allow you to get cash now and then still collect a monthly income from the note.

All in all, each situation is different and may need to be tailored differently to meet your needs. I can't say exactly what you will get for your individual situation, but I can say that you should walk away happy. Selling your mortgage note should be much easier and more profitable now that you are armed with some creative options.

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Most Often Asked Questions About Selling A Mortgage Note

Mortgage note buyers exist to help you create, sell and understand your mortgage notes, contracts for deeds, trust deeds, and promissory note

both residential and commercial.

Below you will find 5 frequently asked question about selling your mortgage note.

5 frequently asked questions, that most note sellers have about selling their owner-financed mortgage note are:

1. How much cash can I get? There are many factors in determining the offer price for selling a mortgage note The main four are equity, seasoning, interest rate, and credit of payer.

The more of these you have in your favor the larger lump sum you will get. This is why many mortgage note buyers offer a free no obligation quote.

If you look through some of the questions there, you'll see that they are simple and only take a few minutes to fill out.

These type of questionnaires are designed to keep you from having to dream about how much money you will get. The coolest part about it is, if nothing else, you know how much money you could receive if you wanted it.

2. How do I sell my note? Selling your note is easy. The first step is finding and contacting a mortgage note buyer or contract buyer and simply telling them that you want to sell your note.

This initial contact could be by phone, email, or through filling out a free mortgage note quote form. More than likely, if you are reading this, then you are at a site that can help you get a cash offer for your note.

If not, then there is a link to a good website and company above, that can give you a "No hassle, No obligation" quote.

Once you give the contract buyer some required information, they will be able to get back to you, usually within 24-48 hours, with an offer.

3. How long does the process take once I decide to move forward? After you have given the mortgage note buyer the required information, either by calling, email, or filling out an online form, they will get back to you in 24-48 hours.

Usually, it only takes 2-3 weeks to complete the deal and have a huge certified check deposited, or wired to your bank account.

4. When I convert my note to cash, how will it affect the person(s) paying me? Not at all. The terms, payment, and amount owed stay the same.

This is a really neat thing about selling your mortgage note. You can get a large sum of cash and it doesn't affect the person(s) paying you. Sounds like a "win-win-win" situation to me.

5. Where would the closing take place? Usually, at the closest title company near you. Sometimes it takes place in the town or city in which the property is located...which brings up another question.

Do you have to be there for the close? Nope, not generally. The person handling the title and closing the deal can send you the closing package. This is all done to make it as convenient and as easy for you as possible.

As you can see, getting a large sum of cash now for your future mortgage payment is an easy process that can put a lot of money into your pocket for a vacation, to consolidate bills, and buy or enjoy any other necessities or pleasures.

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Mortgage Note Questions - How To Sell Your Mortgage Note

When it comes to selling real estate, one of the biggest obstacles  sellers face is a so-called “depressed” market. Even when a property  is highly desirable, it can be hard to get the price you want in  this real estate environment. You could end up losing a lot of time,  money, and opportunities, waiting for a “perfect buyer” who may  NEVER materialize!
The traditional solution is to drop your asking price. But this  common strategy doesn’t always work in your favor. In fact, it can  work against you, making your home seem undesirable and your  position seem weak.

But there IS a way to turn this challenge into a profitable  opportunity!  I am not selling anything. I am in the business of paying cash for  mortgage notes and trust deeds.

Keep in mind that it has to make financial sense. Although having regular income is a nice idea, there comes a time when you might need a lump sum of cash for an investment, a large purchase or just to pay.

A cash flow notes statement documents the amount of incoming and outgoing cash and its equivalents. Only cash sales are recorded in a cash flow statement – all future sales including those made on credit are not declared.

 Most banks refuse to accept a short sale or modify the terms of a mortgage unless the owners are numerous months behind in payments. The homeowners come to the bank to ask for help to avoid foreclosure. Individuals sell structured settlements to get liquid cash. They can be sold to special financial institutions. The main advantage of selling structured settlements.

In situations where you are holding the sell mortgage notes and receiving payments from the sale of commercial and residential real estate, and you are want to cash in on those payments, there are service agents who provide help. This technique has been the key in making up an estimated 20% of all private note sales.

Right now, thousands of people across North America are stuck with investments that they don’t want. They would rather have the cash now! Whether it’s a real estate note created when selling a property, a business note created when selling a business or even a structured settlement, there are thousands of notes out there that could be turned into cash!

Get cash now and forget those monthly payments FOREVER! We work with buyers who are ready to pay top dollar for your notes. If you have a trust deed, a mortgage note or any private loan, it's time to find out exactly how much CASH you could be entitled to.

    * It's Quick: Learn how to cash out in minutes
    * It's Easy: You could have cash in just days
    * It's Secure: Get real quotes directly from certified buyers

There has never been an easier or faster way to cash out of your investment. Whether you need money to pay bills... to buy a home... to fund an education... or even if you just need some spending cash... We'll show you the money for your mortgage note or trust deed!

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Get cash now for your mortgage notes and trust deed!

There is a lot of money to be made in real estate, even for people who do not own any property. This is possible if they decide to buy and sell mortgage notes. Real estate notes, commonly known as mortgage notes, are basically contracts that promise to pay the amount that is secured by any real estate property.

What are the steps involved in selling the mortgage note? First, after note sellers receive an initial quote, they advise the broker or the buyer on the cash option that they have chosen.

In note transactions, the phrase ‘simultaneous closing’ is often used to describe transactions that take place when the seller is carrying back a note as payment for his property. The intention behind selling the note is to exchange it for cash. Thus, ‘simultaneous closing’ means that there are two separate closing transactions taking place at the same time, during an escrow closing.

Why do people try to sell a mortgage note? Mainly because people have sudden exigencies or requirements that call for ready cash. Alternately, there are other incidents like the depreciating values of real estate, insurance liabilities, or vandalism that force people to sell mortgage notes. There are also instances where a low interest rate might mean that the mortgage is worth more today than it would be in the future. Then there is the belief that with a nationwide recession, people with ready cash who are quick to act have more prospects than the ones who like to wait and watch.

In the recent years, owner financing has emerged as an established and accepted practice in real estate. The emergence of the private mortgage industry in the US has boosted owner financing as a better and more attractive option that it ever had been in the past.

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