PreForeclosures and TONS of Updates
Yep, I've been MIA a long time. I was preparing for my boot camp at the end of May.
I have to say it went really well. Lots of students, lots of information, three days of giving people the key to get themselves to financial freedom. All they have to do is read the manuals, listen to the CD's and learn even more on the weekly coaching calls. It was a great event. Those students WILL be closing deals and making lots of money in no time!
And we spent a lot of time talking about the seasoning rule. How, if at all, you can get around it, work with it, make it work for us.
Seasoning is the new owner being on the deed for longer than 90 days before it is sold to someone with a govenment back loan, such as FHA, Freddie Mac, etc. That knocks out the "flipping" of a property, selling it to quick after the rehab, etc.
And now, it's a mute point. The rule has been changed! For a year anyway, but some time is better than no time. The comment made by the head of the FHA was it "will allow home buypers to purchase foreclosure homes in much greater numbers and ease the excess supply of unsold homes in the neighborhoods across the country". They are getting it!
That's the good news. The negative comments came later. "It's not going to have as much an impact as one would assume, because most of the properties aren't going to meet FHA standands." But if investors buy the house, fix the house and resell the house - quickly (which is what we do because the longer we hold the house the more expensive it is due to holding costs - lender fees, no return on income, etc.) we will be able to do a second house and a third and fifth, etc. sooner because our cash or credit is not tied up.
So go out there and buy a preforeclosure house! Fix it and sell it or just resell it to an FHA buyer and get your money back and buy another! Now is the time.
And learn how to buy a preforeclosure house (short sale) at http://www.shortsalequeen.com/
The most up to date information on preforeclosure short sales anywhere is here. Get weekly coaching too! http://www.shortsalequeen.com/SA/CoachingSalesLetter.htm
Stayed tuned cause I have a lot more updates!
I have to say it went really well. Lots of students, lots of information, three days of giving people the key to get themselves to financial freedom. All they have to do is read the manuals, listen to the CD's and learn even more on the weekly coaching calls. It was a great event. Those students WILL be closing deals and making lots of money in no time!
And we spent a lot of time talking about the seasoning rule. How, if at all, you can get around it, work with it, make it work for us.
Seasoning is the new owner being on the deed for longer than 90 days before it is sold to someone with a govenment back loan, such as FHA, Freddie Mac, etc. That knocks out the "flipping" of a property, selling it to quick after the rehab, etc.
And now, it's a mute point. The rule has been changed! For a year anyway, but some time is better than no time. The comment made by the head of the FHA was it "will allow home buypers to purchase foreclosure homes in much greater numbers and ease the excess supply of unsold homes in the neighborhoods across the country". They are getting it!
That's the good news. The negative comments came later. "It's not going to have as much an impact as one would assume, because most of the properties aren't going to meet FHA standands." But if investors buy the house, fix the house and resell the house - quickly (which is what we do because the longer we hold the house the more expensive it is due to holding costs - lender fees, no return on income, etc.) we will be able to do a second house and a third and fifth, etc. sooner because our cash or credit is not tied up.
So go out there and buy a preforeclosure house! Fix it and sell it or just resell it to an FHA buyer and get your money back and buy another! Now is the time.
And learn how to buy a preforeclosure house (short sale) at http://www.shortsalequeen.com/
The most up to date information on preforeclosure short sales anywhere is here. Get weekly coaching too! http://www.shortsalequeen.com/SA/CoachingSalesLetter.htm
Stayed tuned cause I have a lot more updates!
posted by Deb at 4:08 PM
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