Buying Short Sale Condo Properties for Sale

Moving to a huge and busy city costs a lot of money but you can reduce your expenses if you consider affordable foreclosed condo properties for sale. As far as foreclosed properties are concerned some of the better deals have been made through a short sale.

Elements of a Short Sale

Condo properties for sale through short sales take place when the home owner has lost the ability to meet his mortgage obligation. He approaches his lender and seeks permission to sell the property at a price that is lower than his outstanding debt. The lender would have to agree to this arrangement because they stand to lose money. But most lenders find that a short sale is actually cheaper than the cost of foreclosing on a home and so they usually give their approval to this set up.

This type of sale favors all parties involved. The lender is able to reduce their losses from mortgage default significantly. The home owner can successfully prevent foreclosure which will definitely decimate their credit score. The buyer is assured that they are getting a property on a discount.

Information on short sales is available through licensed real estate agents as well as in online foreclosure listings web sites. Before setting out to search for one there are a few things a buyer needs to be clear on. They have to know what they want or what type of property will meet their housing requirements. They also have to know how they are going to pay for the property.

Assessing the Value of the Condo

Buyers should be able to determine the financial impact their purchase will have on their own personal finances. If they intend to pay for it through a home loan, it is best to have a pre-approval certification from their bank or any other mortgage provider before making an offer. They should also keep track of the incidental expenses involved in purchasing condo properties for sale such as repairs, back taxes if there are any, association dues and other condo fees.

Tax Lien Property For Sale – How to Find Them For Free

Finding a tax lien property for sale is pretty easy. Finding a property that is worth buying, especially in today’s economic climate, is a bit more tricky. My goal with this brief article is to show you 3 different ways to find pending tax lien sales worth buying… and how to find them for free.

But first, the basics…

What are tax lien sales?

A tax lien sale is when a government agency auctions off any tax liens against a property to recoup any delinquent taxes against the property. These sales are usually conducted by the tax collectors office or the sheriff’s office.

It is important to note that there are two different ways for the government to collect delinquent taxes. One would be this type of sale (tax lien sales), and the other is known as a tax deed sale.

In a tax lien sale, the investor is buying the lien itself. The winning bidder will receive a certificate at the end of the auction that entitles the investor to collect payments for the delinquent taxes, often at a high interest rate. This certificate also allows the investor to foreclose on the property after a specified redemption period if the taxes remain unpaid.

In a tax deed sale, the real estate itself is put on the auction block. The winning bidder takes possession of the property in the form of a tax deed.

Whether your goal is to invest in tax liens or to bid in tax deed sales, the first step is the same: Identifying properties that have tax liens against them.

Where are tax lien records maintained and recorded?

More times than not, tax liens are filed and maintained at the state level. This means two things for you as an investor:

1. There may be a bit more legwork involved (these databases are seldom on the internet) 2. If there is more legwork, there is a much higher chance that you will find worthwhile properties

Generally speaking, the easier it is to find an investment opportunity, the less valuable it is. As my mentor always told me… “Always look for problem properties… and look where nobody else is looking.” The best deals are always the ones not many people know about, or the ones that not many people know what to do with.

With that said, this is…

How to find tax lien properties in your state

1. The county recorders office

This is the most time consuming strategy, but is very accurate. Every county in the U.S. has a place where public record is recorded. This would include things like deeds, wills, notices, mortgages and both federal and state tax liens.

Many times there will be a computer on site where you can search across the records. Doing a search for something like “tax lien” will usually uncover a vast list of properties that you can then pay to print out.

2. Tax collectors office

The tax collector usually maintains a list of properties that are going into tax deed sale as well as properties the state is offering tax lien certificates against. Give them a call to make sure they maintain such a list, and it isn’t held at the Sheriff’s office. Then ask what the procedure is to get one of these lists. They may give you a bit of a hard time; simply remind them that this information is public record and you should be all set.

3. Local Newspaper

As part of the sale process, the county must give “public notice” of all upcoming tax sales. These are always either before or after the classifieds. Go through this section religiously… it is your new golden goose. Make note of the properties that look interesting, and do your due diligence from there.

4. Subscription based list services

This is the only strategy that will cost you some money… which is why I didn’t mention it earlier. Consider it a bonus.

Honestly, these types of services are a dime a dozen. Some are better than others. The biggest benefit is the speed that you get access to the information. Always look for ones that update often; generally speaking, locally based websites are better than national ones. If you do a basic search on Google you’ll get a list of plenty to choose from.

Why Wait? Find Your Dream Property Right Here From Among the Best Pollensa Properties For Sale

Pollensa is situated on one of the topmost tips on the island Majorca, which is located near Spain in the Mediterranean Sea. This historic town has its own unique character made up of various churches, stone houses, and surrounded by mountains suited for trekking and golfing. The Puerto Pollensa or the Port of Pollensa has one of the best views and there are lots of open-air cafes where you could sit and enjoy looking at the activities around. With a marina, art galleries, craft shops, golf club, white sandy beaches with crystal clear water, there is something for everyone and you might wish that you could stay here forever.

If you are interested in buying a property in Pollensa, then there are different areas in Pollensa, which you can consider, before making a choice. There is old Pollensa where you can find Mallorquine stone houses, or the Port of Pollensa, where there are many villas or apartments on sale, or rural Pollensa where you could pick up a traditional house, or even Cala San Vicente where you could buy a villa or an apartment. It would be better if you hire an efficient local real estate broker or agent, whose experience will help you to locate the property of your choice. Real estate in Pollensa is quite expensive, but an experienced agent can get you the right place at the right price. You can buy a small apartment from 150,000 Euros onwards, but big villas might cost several million Euros.

All frontline beach properties carry a premium, so depending on your budget, you can choose from a wide variety of available properties. If you want to give the property on rent after purchasing it, then choose a property, which not only suits your budget, but also suits the type of clients you are interested in giving your property to. The Port of Pollensa with its horseshoe shaped beaches and a wide variety of shops and restaurants attracts quite a lot of foreign tourists, year-after-year. This could be a nice reason to pick up a property. You can choose a property in old Pollensa or rural Pollensa if you or your intended clients want a taste of simple village life. Your agent should be able to check out all the legalities involved in buying the property and should have complete knowledge of local municipal laws. He should also have a team of lawyers and accountants to ensure that there are no legal or financial hurdles in the deal.

So, go ahead, make a trip and look for the best Pollensa properties for sale. You might just fall in love with this cosmopolitan quaint town and decide to pick up a property. Hire a good real estate agent and choose a property falling within your budget and which appeals to you. Give it on rent when you are not visiting Pollensa and watch your asset appreciate over time.