When banks routinely reduce real estate commissions in a short sale, is that Extortion covered by the RICO ACT? The bank is not party to the contract. They have no legal right to the commission, especially that of the buyer agent. They obtain consent by Duress, ie. fear. If the agent refuses, the transaction fails; the agent gets paid nothing. Also, the commission reduction, often 25% or even 1/3 of the commission, is retained by the bank and the order comes signed on bank stationary.
Loans for commercial real estate are increasingly difficult to obtain. Learn how South Florida banks are suffering more than the rest of the country.
The scale of the credit crunch has not yet been fully disclosed as banks and other financial institutions struggle to work out which of their loans are going to be problematic. Previously banks were happy to lend loans to people in difficult financial situations, which they then packaged up and sold on to other banks for a profit.
New Financial Jargon- Microloans- a Great New Way for People Who May not Need a Ton of Financial Help to Get Started, Just a Little Push Up the Hill.
An REO is real estate owned by the bank, and many investors consider an REO property to be money just waiting to happen. An REO is different from a foreclosure property in that the bank has already tried to sell it at a foreclosure auction and has had no luck...
Are you a real estate investor looking for funds to finance your business? Do you want to secure a loan in only a matter of days? Do you want clear and better terms in repaying your loan? If you answered “yes” to all questions, then you should look for a hard money lender.
Many foreclosure specialists and mortgage brokers often find it very difficult to work with the mortgage company, especially when a loan is with the foreclosure or loss mitigation department. Getting a call back in a timely manner is near-impossible, regardless of the fact that these same lenders spend money hiring collection agents to call the homeowners all day at home, work, and on their cell phones.
In November, 2007 over 200,000 thousand homes were put in foreclosure. In October, 2007 there were 180,000 homes put in foreclosure and in September, 2007 there were 150,000 homes put in foreclosure. The rates of homes that are being foreclosed upon are at record levels, and all evidence point to...
US Congressional leaders and the Bush administration have reached a tentative deal on a bailout of imperiled financial markets that could cost taxpayers hundreds of billions of US dollars.The House could vote on it later today and the Senate on Tuesday. US House of Representatives Speaker Nancy Pelosi announced the accord just after midnight Saturday and said it still has to be put on paper...
An increasing amount of properties end up at auctions that are organized by banks, state and federal governments due to various reasons, including the ongoing sub-prime crisis that has resulted in many borrowers defaulting on their mortgage payments. You too can be an owner of a seized real estate by bidding at such auctions.
When it comes to real estate, a lot of investors recommend borrowing from hard money lenders. But really, what do we stand to get if we tap these private lenders as opposed to banks and other traditional lenders? Are they really the ideal form of financing for flipping houses, wholesaling, and other modes of real estate investing?
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