Scenerio; You have a property for sale for which you conservatively priced.Many recent comps and your right there in value.You even had 3 offers within 5% of your sales price.You accept the $250,000 offer,get thru Attorney Review,home inspections and various other speed bumps.After 50 days,you are one week from closing and a nice payday and BAM !!! An obviously inferior property in the interim is reported as sold and the bank does an appraisal review and chops 10% off their appraisal (according to dictionary.com definition of Appraisal; an estimate of value,as for sale,assessment,or taxation). Value is subjective. I could go to 10 different appraisers and get 10 different answers. The bank is not cutting any slack. They will base their loan on a $225,000 purchase price. You can close in 7 days and lose $25K (of your potential profit) or you can Troubleshoot..... I am currently in this situation. You may be surprised of the proposed solutions I came up with to avoid losing the $25K.....I'll keep you posted.............
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Municipal Tax Liens Afforded Protection By Court - June 25, 2014
Earlier this week, on June 25, 2014, a decision from the NJ Supreme Court has bolstered the position of tax sale certificate holders throughout New Jersey -- particularly those seeking to enforce their rights and foreclose upon a property where the property owner has sought bankruptcy protection. It is a landmark decision and it helps to solidify and…
It’s finally spring (A snowstorm here or there notwithstanding) and its time to shake off the slow pace of winter and get active. Watching things come alive and grow got me thinking about gardens…planting seeds…cultivation.
You might be thinking, “What does this have to do with real estate?” Stay with me here, there are a few parallels.
SPREAD THE SEED
This is a relationship business. Don’t underestimate the importance of creating a strong…
With the economy still on shaky ground and lenders requiring that your deal fit neatly into their guideline box, the ability to raise private money has never been more important. You frequently hear people discussing this topic but you might be wondering – where do I begin?
Having raised roughly 10 million dollars over the last 5 years I’ve gotten very familiar with the process but I am by no means an attorney. When raising private money please be sure to seek out a qualified real…
Urban landlord investing combines elements of crime, drugs, boarded up assets, and low income tenants. Within all this uncertainty comes a unique risk adjusted opportunity. This post is going to look at one major tenant type that you will come across: The Section 8 Tenant.
Section 8 ?
Section 8 is a Government housing voucher program that is managed by the Department of…
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