If that’s not enough, now you have to deal with city officials, insurance adjusters, contractors that never show up.

Contact Us Now!  You’ll be pleasantly surprised at the solutions we can present to you for your damaged home.

Help For Your Damaged Home

If you’re seriously considering selling your house, you need someone who can look beyond the fire damage, and see the value that you once had in the property.

We’re professional investors that can do just that. We know how to fix damaged properties for far less money than what contractors will tell you–and we buy houses for more than you thought possible.

Contact Us    |    Complete the Seller Request Form

Many real estate information gurus today are touting the benefits of  short sale investing. In a short sale, the investor  is taught to submit an offer far below its current value.  It’s up to the investor to influence the agent doing  the BPO through documentation showing why his offer should be accepted.  Virtually always, there is an impending foreclosure against the home and it’s alleged that it’s in the lender’s best interests to sell it off asap in order to cut losses. The home owner’s financial hardship and the difficulty with selling off the property without a deeply discounted price are also argued for.

Many gurus are promoting the short sale investing method as a way to create fast cash.  Wrong.  A short sale deal can take anywhere from 90 to 180 days.  This is because of, and the exact time frame is dependent upon, the need for negotiations between the lender and the investor . The quality of the documentation also comes into play, reviewing the HUD , etc.  Nevertheless, as already stated, we have been hearing a lot about the beauty of the short sale. It is supposed to be a quick and easy way to make a lot of money even if you have very little skill in real estate selling. But the truth of the matter is a far cry from that often-sold fantasy.

Real estate short sales suck. They suck for many reasons, and those who tout them often know this. There is a whole industry of fraud that has emerged around the real estate short sale. This fraud is used to get a lot of publicity and attention for a real estate agent who needs to find new business. The agent will deliberately list a price so low that the lender, who was not even consulted, will never agree to it, and it is probably inaccurate anyway; and the home will not sell. The listing agent knows the home will not sell for that price, but she gets all kinds of new contacts in the process of people finding that out.

But another reason that real estate short sales suck is because they are made out to be easy when in fact they require specialized knowledge to do right. Only a relative few real estate agents really understand how to do them. If you are trying to break into the real estate flipping industry, you will need the help of area real estate agents. Many of them, hungry for your business, will insist that short sales are pretty easy, that they have good relationships with the lenders and appraisers concerned, that they know exactly what they are doing, and other all-too-typical slick salesman’s lies.

If a real estate agent is not highly experienced in or specially trained in REO properties and short selling, and if they cannot prove it, you want to stay away from them, if you still insist upon getting into short sales. Then there is the fact that many agents will never tell you that most short sales don’t close–for anyone. Agents who know this but who tout short sales as a road to riches often engage in another sly trick. They use short sale listings to start a bidding war.

The initial low price attracts many interested buyers, but there will be a clause in the contract that says either party may pull out of the agreement right up to the minute before closing, for any reason and without any notification. Allegedly, this is to protect the buyer from the lender suddenly changing their mind, an unexpectedly high final appraisal, etc. But a sly agent will use this to his advantage and tell the current buyer and their agent that a “new, better deal” has just been offered and the lender wants to see a new bid from the buyer who thought they were about to close the deal. Wise, honest real estate agents will pull their clients out of the deal entirely and not let them get involved in a bidding war. A short sale bidding war is a fool’s game because not only do you suddenly start spending much more money than you initially thought you would and prepared yourself for, but you also are at the mercy of the lender. In a short sale, it is the lender, not the seller, who has the final word on any deal!

There are, however, some great short sale deals that get closed. What characterizes these deals? First, a specialized agent who knows precisely how to do that documentation and make a convincing argument, based on real evidence, that the lender should short sell the property for such and such a price. This agent will also list a short sale price that the lender has said they will accept beforehand. Furthermore, it’s even better if the property in question is a bank-owned property. If this gets listed, it means the lender really is interested in selling the property.

All in all, getting involved in real estate short sales will require you to go through hundreds of leads to make just a few deals, and those deals might fall through at the last minute. It’s simply not worth the time and effort for most people.

HUD Issues Problematic Rules Interpreting SAFE Mortgage Licensing ACT

HUD has proposed to eliminate ALL seller financing unless the seller lives in the home or becomes a licensed mortgage originator. The proposed HUD Rules interpreting the federal SAFE mortgage act can be viewed at www.regulations.gov  Use the search parameter “HUD” and the keyword “safe mortgage”.  Please review and comment regarding the impact of this broad interpretation of the law. 

“In addition to establishing HUD’s responsibilities under the SAFE Act, through this rule, HUD proposes to clarify or interpret certain statutory provisions that pertain to the scope of the SAFE Act licensing requirements, and other requirements that pertain to the implementation, oversight, and enforcement responsibilities of the States. HUD solicits comment on the proposed clarifications and on the regulations proposed to be codified.”

History:
As you may recall, we lobbied hard in North Carolina last year to maintain the right for individuals to make up to five seller financed transactions per year before being subject to mortgage originator licensing, etc…  However, that law was passed subject to the Department of Housing and Urban Development’s (HUD) approval of the law as “compliant” with the intention of the federal law.  If any state does not have a compliant law, the SAFE act allows HUD to implement licensing for the state.  HUD has since issued proposed rules.  In a nutshell, seller financing would no longer be allowed for non-owner occupied homes.

How YOU can help:
We learned about the publishing of the rules very late in the process… and the deadline for comment is upon us on February 16.  However, we desperately need for thousands of REIA members across the country to go on record with HUD on this issue.  We will be working to try to affect this law in other legislative ways, but cannot hope to gain traction unless our members have clearly communicated that they are opposed to this portion of the rules. This is your chance to be counted on this issue.
 
PLEASE SUBMIT YOUR COMMENTS TO HUD!  We have only four days left to flood this system with comments.

Follow these simple steps:

1.  Logon to www.regulations.gov   You will see two white boxes for searching

2.  On the left box labeled “Document Type”, pull the menu down and select “proposed rules”

3.  On the right box labeled “Enter keyword or ID”, enter “safe mortgage”.  Then, press search

4.  Locate the blue search result “FR-5271-P-01 Safe Mortgage Licensing Act: HUD Responsibilities…”

To read the rules:  click on the blue title FR-5271-P-01  You will be taken to another page. You will see “views”.  You can click on PDF file or another symbol which will show you the rule document online. If you want to submit a comment after reading the document, use your back button to return to the search results and then move on to #5 below.

5.  To submit a comment:  On the right of the screen, across from FR-5271-P-01, click on “submit a comment”

6.  Complete the form providing required information with blue asterisks and your comments and then submit.  (Note: you do not need to fill in the blanks for organization name, government agency type, or government agency)

What do you say?
Say what you feel, but say it politely!   The message should include that you would like the definitions in the proposed rules to be changed so that private individuals can originate and service loans on properties they personally own.  Some ideas from others:        

• The SAFE Mortgage Licensing Act was intended to regulate the mortgage industry, not private individuals.  If I own my own properties and want to sell them to someone and let them pay me, I should have the right to do this without being a licensed mortgage broker
• Many properties have special circumstances where full bank financing is not possible.  Vacant rsidential lots, investment homes, homes in flood areas, etc. may not be eligible for traditional financing. Individuals who own their own properties have always been able to offer other private parties the option to pay them directly.  These rules would prohibit that for all properties which are not owner occupied.
• bank loans are not available on some types of properties
• the tight lending climate has made bank financing “out of reach” for many
• seller financing is an “age old” tradition based on private property rights
• these rules would prohibit even partial seller financing – i.e. a “seller second”
• according to HUD’s “Residential Finance Survey” in 2001, roughly 40% of all non-farm residential properties in the US are owned free and clear
• an estimated 6 million Americans own a property other than their own primary residence
• an estimated 4.5% of Americans own three or more properties, many purchased solely as investment properties
• 40% of non-owner occupied residences are mobile homes which are more difficult to sell with bank financing
• approximately 5% of homes in US are for sale or for lease… seller financing may be key to liquidating this inventory

The continued success of our industry as we know it is threatened by these proposed regulatory changes. Please do not hesitate to follow the steps above and make your voice heard.

But, that’s NOT how it’s worked out. Instead of hearing great stories, now you’re hearing great excuses for why your realtor hasn’t sold your house: “It needs more bedrooms; you need to come down in price; the school district isn’t the best”, etc.

Contact Us Now!  We’ll act quickly to give you a real solution.

We Can Buy Your Home Fast, Your Realtor Can’t

At this point, what you really need is to sell your house now. That’s where we come in: We aren’t interested in listing your house again; we want to buy it! We are professional real estate investors – not real estate agents. We’ve built our reputation over the years for quick action and fair prices. We can often give you even more than one solution to your problem.

You just want an honest, fair way to sell your house, without realtor excuses. That’s exactly what we’ll provide.

Contact Us    |    Complete the Seller Request Form

Real estate agents can take months to sell a house and you don’t have that kind of time.  And, you can’t afford to ‘dump’ it for a ridiculously low price.  How can you sell your house quickly, and still get a good price?

Contact Us Now!  We’ll work within your time constraints to solve your real estate problem and sell your house quickly.

Specializing In Job Transfer & Relocation Situations

You’ve come to the right place! We specialize in job transfer and relocation situations to help sell your home.  We can usually give you not just one, but several options for solving your problem.  When you meet with us, we’ll listen carefully to your situation, and will quickly formulate choices that no one else probably told you about.  You have enough on your mind with your relocation or job transfer; let us help you take one worry “off your plate”!

Contact Us Now

What’s worse, many insurance companies have “fine print” that allows them to deny coverage to you for the vandalism, even if you’ve been paying the premiums all along! They might claim that if the

house has been vacant longer than 30 days, the property is no longer covered.

All this worry and expense gets to a point where it’s not worth keeping the vacant house. Even so, you want to get a fair price for it. That’s where we come in: We can see the value in even a “fixer upper” house; we act quickly; and we’ll give you a fair price for your valuable asset. We’re real estate problem solvers.

Click Here to Contact Us Now. Find out how we can give you a solid solution to your vacant house problem…fast!

Don’t let your home go to ruin…

Unfortunately, the bank doesn’t allow partial payments. They want it all, and they want it now, despite circumstances beyond your control.

Contact Us Now!  We’ll act right away to help you solve your financial puzzle!

We Can Help Your Mortgage Payment Situation

When you’ve tried your hardest, but are still falling behind on mortgage payments, what you need is our experience. We’ve helped other families to get their finances back on track. That’s what we do.

If you’ve been staying up late at the kitchen table because you’re falling behind on mortgage payments and wondering if there was another way out …you’ve come to the right place. Let us give you some options that nobody ever told you about.

Need To Stop Foreclosure?

If you’ve been served with papers that threaten foreclosure, you don’t have much time. Even if your situation is due to health problems, a lost job, or other things out of your control, the sad truth is the lender doesn’t care.  We can help you stop foreclosure on your home.

You have options other than foreclosure!  Contact Us Now!  It’s urgent that you act fast to prevent the sheriff from appearing at your door with a foreclosure eviction notice.

We Can Help Stop Foreclosure

We’re real estate problem solvers, and might be able to stop foreclosure. We aren’t just another real estate agency that wants to list your house and make you wait. Instead, we’re real estate investors that know how to act quickly AND provide clear, fair solutions to stop foreclosure.

You have absolutely nothing to lose, and everything to gain by contacting us. We’ll tell you what solutions we can offer to stop foreclosure on your house.

This isn’t just meant to be a social gathering, however I do still intend on keeping it fairly casual. We don’t really work with an agenda, it’s just casual conversation between like minded people who want to grow their business. We can all grow our business with more success if we utilize each other in the process.

We do make a point to go around the table with introductions and give you the opportunity to tell us what you’ve been doing and what you’re currently working on. You then get the opportunity to share with us exactly what it is you need help with to see if we can help you in some way. Maybe you need information or maybe you’re looking for an introduction to someone specific. What ever that need may be we want to help.

Attendance went down through the summer months so I’m insisting on RSVP’s. If we don’t get enough to make it worthwhile by Wednesday night I will cancel on Thursday morning.  Sign up now at Meetup.com/BNOMeetup

Please don’t get caught up in one of these deals as a tenant/buyer or an investor.  Know who you’re working with and make sure you can trust them.  This kind of thing just makes us all look bad, fortunately this person knew the differance between good investors and bad.  If your not sure about who your working with and just want a 2nd opinion, contact Rosen Properties, LLC