AmericanForeclosures.com

January 28, 2009

NJLispendens Announces December 2008 Pre-foreclosure Information

Filed under: Press Releases,Uncategorized — americanforeclosures @ 12:00 am

NJLispendens Announces December 2008 Pre-foreclosure Information

New Jersey Pre-foreclosure Company Announces December Pending Foreclosure Listings

Bergenfield, NJ January 21, 2009 – NJLispendens, www.njlispendens.com is releasing pre-foreclosure listing information to the public for the month of December.  NJLispendens offers detailed pre-foreclosure information updated daily, allowing real estate investors, lenders, and Realtors to locate recently filed foreclosure actions as they are recorded in the courts.  NJLispendens is reporting an increase in pre-foreclosures listings from November to December. 

The records show that there were 3,080 pre-foreclosure records filed from November 1st through November 30th.  From December 1st to December 31st there were 4,566 pre-foreclosure records filed.  NJLispendens attributes the increase to fewer successful loan modifications over the last few months tied to the number of borrowers who have become unemployed and therefore ineligible for restructured loans.  The increase has added to the total number of pre-foreclosure filings that have risen substantially since last year’s records for the same time period; a jump of almost thirty percent due to the continuing economic recession. 

The increase in New Jersey lis pendens filings has risen despite the efforts of lenders offering modifications, extended foreclosure terms, and in some cases mandated moratoriums during the holiday season; offered in part to help troubled homeowners during these tough economic times.  NJ Lispendens expects an increase in mortgage defaults in New Jersey over the next few months due to a lack of economic recovery.

For additional information about pre-foreclosure records at NJLispendens, contact Joseph Fanning at jfanning@americanforeclosures.com or visit www.njlispendens.com. 

NJLisPendens.com is a product of American Foreclosures, Inc.  Created in 1999, www.NJLisPendens.com  answers an increasing need for real estate professionals, real estate investors, and home buyers to locate current, dependable, and inexpensive leads with the ease of access that the internet provides. 

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January 24, 2009

Why Pre-Foreclosures Make a Great Real Estate Flip

Filed under: Uncategorized — americanforeclosures @ 2:16 pm

Pre-foreclosures offer a great opportunity to flip real estate. There is no better time than in an economic recession to get into this, assuming you can front the money to buy a pre-foreclosed property.

Historically speaking, the real estate market has its ups and downs, but it’s still possible to practice the real estate flip. No matter what period of time you decide to invest in real estate, you’ll find that there are a substantial amount of homeowners that are in foreclosure. They have come to a point in their lives when they decide (either voluntarily or involuntarily) that they can’t afford to make the payments on their mortgage any longer. Typically, once a homeowner gets two or more payments behind on their mortgage, it’s nearly impossible for them to become current on their loan. The process of foreclosure can vary from state to state, depending on the laws and procedures of the courts. Regardless of where the property is located, everyone does get a chance to make good on their loan before the lender actually goes through with the final steps. When a homeowner is in this stage, he is considered to be in pre-foreclosure. This is when the status of hte loan has changed from being “current” to being “late”, “behind”, or “delinquent”, and the bank starts to put pressure on the homeowner to make payments on the loan. If you’re a deal seeker in the real estate investing world, then people that are in pre-foreclosure are a great target market. They have not lost the house to foreclosure yet, but are heading down that path. They are well aware that the payments are being made, and may be looking for a solution to the huge problem that they’re faced with. By offering these homeowners several solutions to their problem, you can create win-win situations and relieve the seller form the pressure they are experiencing from the bank. There are several scenarios and options that you can offer a homeowner who is facing foreclosure. * All Cash Offer – If there is enough equity in the property, you can offer to pay the seller all cash for their property. You’ll typically find these scenarios when the seller has owned the house for several years, or put down a large down payment. * Short Sale – This is the process of negotiating with the bank to accept less than is owed on the mortgage to pay the loan off in full. In order for a bank to consider a short sale, the payments need to be at least 3 months behind. If the house is in need of repairs, then you can usually get the house pretty cheap. It does take 6 to 12 weeks (sometimes longer) to get all of the steps of the short sale completed, but can be worth the wait. If you play your cards right, you can buy houses for as little as 5 to 10 cents on the dollar. There are other techniques that you can use when dealing with people in a pre-foreclosure status, but for now we’ll just cover those two. If either one of your offers that were mentioned above get accepted, you’ll certainly be ready to implement your real estate flip techniques and make a few thousand dollars. Tracy Caywood Real Estate Investor/Mentor http://realestateflip.hotdope.com Article Source: http://EzineArticles.com/?expert=Tracy_L._Caywood

January 9, 2009

Filed under: Uncategorized — americanforeclosures @ 8:21 pm

Things to look out for when fixing up homes and pre-foreclosures.

Rehabbing and Flipping Houses – Foreclosures, Preforeclosures – 7 Mistakes to AvoidThe following are seven mistakes that often cost flippers their profits. Any one of these mistakes could cost you dearly.

#1. Not doing the numbers carefully before putting your offer in can wreck havoc with your profit potential. You have to determine what the house will be worth after your repairs (known as the ARV – after repair value). You want to have a very good idea of what your projected cost of repairs will be including both materials and labor. And you want to project your soft costs (ex. Financing costs, carrying costs, and marketing costs) as accurately as possible.

#2. Not having an inspection before you purchase could be a big mistake. You want to know if there is a foundation problem you didn’t see or if you are going to have to tear up the floors to replace floor joists. Something like that can add thousands to your cost and are absolutely necessary to fix.

#3. Not getting written estimates including exactly what it covers from your contractor or subcontractor can make for a lot of misunderstandings and cost you hadn’t counted on. You want to clearly understand what work the quote covers and whether it includes materials or not.

#4. Not firing a contractor you are unhappy with will generally be a costly mistake. If they are not showing up when they are supposed to I would give them a warning and if they continue to show up late or put you off, fire them promptly. Every day you hold that house cost you money. If you are not happy with the quality of their work, tell them the quality is not acceptable and ask them to redo it. If they don’t redo it to your satisfaction, fire them. Their performance will only get worse.

#5. Using your taste in paint colors instead of staying with updated neutrals that will appeal to more people. This is true for your choice of outside colors as well. You want to appeal to as many people as possible to sell as quickly as possible.

#6. Don’t overbuild the house for the neighborhood. Many people do this by adding on to the original structure or by using materials that are too expensive for the price range of the house.

#7. Neglecting the curb appeal will cost you plenty. Many people will not even go in a house that does not appeal to them from the outside. Get it looking nice and keep it looking that way.

Linda Duclos is a successful real estate investor and the author of a new e-book Make Money Flipping Houses – A Complete Guide. Her e-book has over 60 pages of advice to make flipping in today’s market a successful enterprise. Please visit
http://www.flippinghouses4money.com for more information.

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