Right now on CNN, a honesty man by the name of John Adams, a real estate broker, agrees with me, that the real estate market is on "life support"! Finally, some validation on what I have been saying for the last several months from the main stream media. As I have said, the government must extend the home buying tax credit past November of this year, and even extend it to people other than first time home buyers or we will see a reversal of the halt in the declining home prices and values we are seeing across the country.
Until next time, be well.
James Gage
Thursday, October 15, 2009
Tuesday, October 6, 2009
Foreclosures up in August
Hello Again:
Breaking news again!! For those who have said that opportunity has dried up in the foreclosure investing arena - then listen up! Foreclosures nationwide for Aug 09 are up 18% over last year at this same time frame according to Realty Track! August 09 foreclosure filings 358,000 - I think there maybe some opportunity there, do you?
Be well.
James Gage
Breaking news again!! For those who have said that opportunity has dried up in the foreclosure investing arena - then listen up! Foreclosures nationwide for Aug 09 are up 18% over last year at this same time frame according to Realty Track! August 09 foreclosure filings 358,000 - I think there maybe some opportunity there, do you?
Be well.
James Gage
Short Sales: U.S. Treasury set to finalize home "short sales" plan
Hello All:
Here is breaking news on short sales: http://news.yahoo.com/s/nm/20091002/bs_nm/us_treasury_foreclosures_plan
Be well.
James Gage
Here is breaking news on short sales: http://news.yahoo.com/s/nm/20091002/bs_nm/us_treasury_foreclosures_plan
Be well.
James Gage
Monday, August 31, 2009
Short Sale Considerations
The majority of the time this blog is devoted solely to real estate investing from an investor’s point of view, however, during this post I will address the homeowners’ position in terms of short sale considerations. That being said, a short sale is dependent on a buyer making an offer to purchase. If you do not receive an offer, you will not qualify for a short sale. So even if you meet all the other criteria, it is possible that no one will buy the short sale. It is also dependent on the lender accepting the buyer’s offer. If the lender rejects the offer, a short sale will not take place.
• Tax Consequences
• If the lender agrees to the short sale, the lender may possess the right to issue you a 1099 for the shorted difference, due to a provision in the IRS code about debt forgiveness. Many situations are exempt from debt forgiveness, according to the Mortgage Forgiveness Debt Relief Act of 2007.
• You should speak to a real estate lawyer and a tax accountant to determine the amount of short sale tax consequences, and whether you can afford to pay those taxes, if any.
• Blemished Credit Report
• A short sale will show up on your credit report. It’s a pre-foreclosure that has been redeemed. Short sales affect credit ratings. While the damage to your credit report may not seem as significantly bad as a foreclosure to you, creditors may not make the distinction. Experts say the drop in your FICO score is identical to a foreclosure reporting.
• Tax Consequences
• If the lender agrees to the short sale, the lender may possess the right to issue you a 1099 for the shorted difference, due to a provision in the IRS code about debt forgiveness. Many situations are exempt from debt forgiveness, according to the Mortgage Forgiveness Debt Relief Act of 2007.
• You should speak to a real estate lawyer and a tax accountant to determine the amount of short sale tax consequences, and whether you can afford to pay those taxes, if any.
• Blemished Credit Report
• A short sale will show up on your credit report. It’s a pre-foreclosure that has been redeemed. Short sales affect credit ratings. While the damage to your credit report may not seem as significantly bad as a foreclosure to you, creditors may not make the distinction. Experts say the drop in your FICO score is identical to a foreclosure reporting.
Friday, August 21, 2009
Real Estate Investing in Florida
Flagler County Florida's unemployment rate rose in July to 15.9 percent, up from 15.6 percent the previous month, according to figures released today. Ouch!!!! Bet there are some great opportunities there for real estate investors . I'll let you know :-)
See you in Florida.
James Gage
See you in Florida.
James Gage
Thursday, August 20, 2009
Foreclosure News
Hello All:
Many have called a bottom in the real estate market, while others, not as bold have stated that foreclosures are decreasing! I have to respectfully disagree on both points! Last month their were 360,000 foreclosure notices sent out, so the the third wave,the term I have coined, is on it's way and we should see the effect by fall.
So, what does this mean for us that are real estate investors? Get ready to make some tremendous profits with my "kibble and bits" strategy...
Until next time - be well.
James Gage
Many have called a bottom in the real estate market, while others, not as bold have stated that foreclosures are decreasing! I have to respectfully disagree on both points! Last month their were 360,000 foreclosure notices sent out, so the the third wave,the term I have coined, is on it's way and we should see the effect by fall.
So, what does this mean for us that are real estate investors? Get ready to make some tremendous profits with my "kibble and bits" strategy...
Until next time - be well.
James Gage
Monday, August 3, 2009
Real Estate Tip of The Month Aug 09
I have a valuable tip for Home and Condo renters, and for individuals that do lease options.
Have a clause put into your lease and lease option contracts with the seller, which requires the Property owner to supply documentation to you monthly that proves that they paid the mortgage. By documentation I mean a copy of their mortgage statement. Also state that the Rent payment will not be made until the mortgage statement is received. If they do not agree to these terms, just move on to another landlord or lease option seller. A reputable landlord eager to rent their property will agree to this.
Note: In the case of lease options, if you feel that the seller might not make the payments; insist that you pay the bank or mortgage company on a monthly basis.
This is just a sample of the useful information you receive as a Gage Consulting Group Newsletter subscriber, why not tell others? They will thank you for it; direct them to http://www.JGage.com
Thank you in advance for your support.
Until next time, be well.
James Gage
Have a clause put into your lease and lease option contracts with the seller, which requires the Property owner to supply documentation to you monthly that proves that they paid the mortgage. By documentation I mean a copy of their mortgage statement. Also state that the Rent payment will not be made until the mortgage statement is received. If they do not agree to these terms, just move on to another landlord or lease option seller. A reputable landlord eager to rent their property will agree to this.
Note: In the case of lease options, if you feel that the seller might not make the payments; insist that you pay the bank or mortgage company on a monthly basis.
This is just a sample of the useful information you receive as a Gage Consulting Group Newsletter subscriber, why not tell others? They will thank you for it; direct them to http://www.JGage.com
Thank you in advance for your support.
Until next time, be well.
James Gage
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