The simultaneous closing is a little-known, but powerful strategy for getting real estate transactions closed in difficult markets. Wouldn't you like the competitive edge if you've got property on the market right now? I've had a couple of questions about it this week, so it seems like a good tim
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05/15/2008
Question: "How do you handle the homeowners insurance on a seller carry back? Whose name? Who pays? Thanks for always taking the time to answer all my ?'s!" -- Snodgrass & Penelope, Realtors (P.S. Ladies and gentlemen, this is why we make sure that the buyer/note payor carries fire insurance. If
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05/12/2008
It was so great to meet someone who is just as big a dork as I am! :-) You gotta love her bold and unique branding, and when you get to know what she's about, you'll realize what a breath of fresh air she is. Plus, we didn't stop laughing for 3 hours when we first met at Vertical, an upscale wine
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05/09/2008
You have to change your thinking. When you take back a note (carry paper, provide seller financing) on a property you already own, you need to put on a different hat. You're not a property owner, or a property manager any more . . . you're the bank, and you need to think like one. On the deed of
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05/09/2008
On Cinco de Mayo I was on my way down to San Diego for a real estate radio show when I got a call from a guy who owns a multifamily property in Arizona. He was wondering if he should accept a seller carry back offer, because he was either going to keep the note, or sell it to complete a 1031 exch
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05/07/2008
I'm glad to be going back on the air with Exeter Real Estate Radio next Monday to continue our conversation about Seller Financing. Last month we ran out of time! We'll be talking about: 1. Why you must know how to carry paper in this market in order to: close your real estate transaction while o
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04/30/2008
As the housing market continues to "evolve" with tight credit, increasing foreclosures and downward pressure on prices, sellers are turning to owner financing in order to get their price and close escrow. And with things far from resolved, I am getting more and more sellers asking how they can ca
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04/30/2008
Are short sales and REOs a great way to pick up cheap property? Sometimes, but not the way most people generally think. There are 76 properties for sale in Alhambra currently reported as "active." Of those 76, there are a few that have been coded as "short sale" and "real estate owned." The follo
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04/23/2008
As you can see from the above market statistics, home sales have not changed much since March of last year. The number of closings is the same, and days on market is also very similar. Prices are holding fairly well in Temple City, reasonable sellers getting an average of 95% of their asking pri
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04/23/2008
As you can see from the above market statistics, home sales have slowed considerably since March of last year . . . the number of closed sales is just over half. Prices are holding fairly well, though, (down about 4%) but you have to be willing to wait a little longer to close escrow. Still, 63
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04/23/2008
