Foreclosures Open Up New Market
Posted on February 28, 2010
Filed Under Foreclosures Properties |
(NewsUSA) - To some, the current real estate market looks dismal. A weak labor market, rising mortgage rates and high energy prices have caused many American homeowners to lose their properties. To others, the real estate markets looks ripe for investment.
Deer Park Development Corporation, a company with over 30 years of experience in the real estate market, has developed a new approach for investors hoping to purchase and resell foreclosed properties for profit. Foreclosed houses sell at lower prices, helping investors buy properties with less money upfront. In the past, housing prices reflected overinflation -; as the market evens out, the mortgage crisis might actually help stabilize home prices.
Marty O’Malley, CEO of Deer Park Development Corporation, noted that the current real estate market represents a once-in-a-lifetime opportunity for the astute buyer. “With one in every 360 homes in foreclosure nationwide, the opportunity to buy distressed property at significant discounts to their original appraisals is extensive,” said O’Malley. “In Clark County, Nev., one in every eighty homes is in foreclosure, and on top of those statistics, one in every two homes is underwater, meaning that it’s not worth the amount of money owed on it.”
With this amount of inventory on the market, there are situations out there that present themselves as profitable ventures. Not all of the foreclosures are money-making deals, but with experience, professional investors know when and what to buy, so they can make successful ventures.
Being an individual investor in the real estate market can be a dangerous proposition for the inexperienced. But investors, in tying themselves to a group of experienced real estate players, can use experts’ hard-earned knowledge to turn a profit in the down real estate market.
“Allowing individual investors to participate in ownership through direct partnership creates a risk-free vehicle for foreclosure players to work with,” said O’Malley.
Ron Roberts
http://www.articlesbase.com/management-articles/foreclosures-open-up-new-market-738694.html
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6 Responses to “Foreclosures Open Up New Market”
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What would be my rights, as a tenant, when house is for sale on open market in New Mexico?
Our landlord has place our house up for sale (which we found out when his realtor knocked on our door to make appt to take pictures.). He was forced to do so to avoid foreclosure (which we found out by another knock at the door when WE were served the foreclosure notice.). The realor has since given my cell number (without my knowledge) for showing appointments. So that anyone wanting to view the home calls me to schedule the appointment. While I was out Christmas shopping, I had forgotten my phone and came home to find a realtor with a perspective buyer wanting to come in and view the home. When confronted about the notice she says she called but there was no answer. DUH! I didn’t have my phone. Anyway, she had only called 30 minutes prior to her arrival and left no message. In the showing situation, do we as tenants under New Mexico law have any rights as to when they can and can’t enter? Do we have any control in this situation? Please help.
You have the rights you have under the rental agreement. That normally allows the landlord reasonable access to make sure his property is being taken care of. It does not necessarily mean that strangers can come on tours through your home at their convenience. Unless the landlord makes some concessions to you for your inconvenience, don’t open the door for strangers.
If potential buyers are not interested in being landlords, you should insist on being released from any lease without penalty.
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There is no simply answer to your question. Both you and your landlord have use common sense and be courtesy to each other in this matter.
Both of you were sensible enough to make a contract to lease and rent the property, the both of you should be able to make this situation work for each other.
In answer to your question I do not know the law in New Mexico about tenant rights.
You can make it difficult for you landlord by making a stink or being difficult for the realtors to show the property.
You can decide to cooperate with the landlord and set limitations on when you are willing to allow the house to be shown.
You might consider a lock box place on your door by the listing realtor. This way they can just go in anytime they have a client. Whom ever come by will knock first before entering thus allowing you little or no time.
The way I solved this problem long ago, I told my landlord I would cooperate if he gave me a break in my monthly rent until the property was sold or I moved which ever came first. He cut my rent in half.
I allowed a realtor to enter provided I was given a half hour notice that someone was coming by. No one was allowed at din din time or before 9AM.
It is really up to you to decide which avenue you will take, the house will be sold with or without your cooperation or help
I hope this will be of some use to you, good luck.
"FIGHT ON"
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You can restrict them to normal business hours, that is about it.
If you are uncooperative you can not only be evicted but sued for obstructing the sale.
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It is reasonable for the landlord or his real estate agent to give you 24 hour advance notice before sending people to tour your home. You have the right to turn away away strangers that show up on your door step.
Under no circumstances would I allow one of those real estate lockboxes. This would let anyone come and go when they pleased. There are a lot of keys to those lockboxes floating around.
I strongly suggest that you start cleaning out closets in preparation for a move. If the landlord sells the house, the new owner has to abide by your lease. However, if the mortgage is foreclosed, you may get evicted.
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The law varies within states, and you should read at the rental contract, if you did not agree to open the door to strangers or receive phone calls you dont have to do it. If you did not sign anything you are simply being allowed to stay.
Regardless of paperwork or laws… you should talk to him and see how you can help and get advantage of the sale.
- Tell him or the realtor that you will help him sell it for 3% of the sale (without doing any paperwork, just showing the house) and 3 month rental paid to you as indemnization.
- And if they dont like it you wont open the door for anyone.
And if they agree.. make sure they do it in writing by the realtor and the owner.
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Real estate advisor.