Searching for that GREAT DEAL on a Foreclosure? Join the Crowd.

Yes, it is true that there are good deals on foreclosures.  You can check for yourself by registering on for Multiple Listing Search on my Website: www.MaryCondon.com   Let's take an example, check out the town of "Revere"...or  "Dorchester"...or  "East Boston".  Read the property description....it will tell you if it is a foreclosure.  There are many.

But here's the rub.   You are competing with pools of investors with cash.  Additionally, they have access to Realtors tied to REO: Real Estate Owned...historically by lenders.  Recently, I have seen an interesting trend...Hedge Funds are buying Bulk Notes from lenders who want those off their books.

So now what???

For starters, contact me: 508.479.9833 or email @ marysold@gmail.com and I will put you in direct contact with a REO Agent.

Next is understanding the process.  I'll share the steps I take for my investors.........which are similar to what I do for any buyer.

Investor client of mine is looking for deals on foreclosures in the multiple family market.  Preferably 3 families.

 FIRST I conduct a through Financial Analysis Summary...using a formula determine if a property is even worth researching.  The formula is calculating:

NOI = Net operating Income ; knowing your rents, vacancy ratios and expenses

Cash Flow:  you will need to calculate  your investment basis

ROI = Rate of Return

Capitalization (Cap) Rate


COC = Cash on Cash Return

TROI = Total Return on Investment....which includes calculating:  Tax consequences; Property Appreciation; Equity Accrued 

If it passes the formula test...I schedule to preview the property.  My preview will have me evaluating key aspects of the property that would be costly to the investor to repair and/or replace: heating, plumbing, structural, environmental etc.  I also have formula's for each of those areas learned first hand from builders, plumbers, HVAC, electricians etc.

If  that passes muster, I head to town hall to review all the files in each department regarding this property.  What am I searching for: mechanics liens; tax liens; permits pulled and signed off from any "work" done on the house; zoning; property lines etc.

THEN, I present this property to the investor.  Mind you, I only do this work for those investors and buyers who are "clients"of mine contractually.  This expertise I have gained is a valuable commodity.

A review of my findings and the investor says go for it.  Either my investor has cash or they are highly leveraged or combo 20% cash and excellent credit with a mortgage in place "property to be determined:.

Every lender and hedge fund has different requirements, which must be followed exactly.  Lenders typically take longer for decisions. I recently represented my client in the purchase of a hedge fund owned 3 family. FAST!!!  Offer...5 days for "due diligence"....P & S....10 days for mortgage commitment.....close asap.

Take away: MUST be able to get the mortgage within 10 days.....meaning - find a lender who has you approved AND can get an appraisal turned around within the time period.

IF you do not get the mortgage within the time frame there is usually a penalty for each day you go past the mortgage commitment date - and it can be steep: $ 100/day. Furthermore, after this point, if you back out  your earnest P & S money, 5% of the purchase price, is kept by the hedge fund - you loose it.

How can you get "leveraged"?  IF you have another property which has considerable, unencumbered, equity get an "equity line of credit" on that property.  This allows you to simply write a check against the equity of your property to buy the investment property.

But You MUST know what you are doing!!!  Please be working with a Realtor who can do this.  I would love to talk with you.

Investing is an excellent way to build wealth......like anything else worth doing well ....be prepared!

I'm here to serve YOU...It's MY pleasure!

Sincerely,

Mary Condon

It Could Be Better Times for BOTH Sellers & Buyers this Fall....

If you have been waiting for a sign to sell...or to buy......the reputable report 

of CorLogic is predicting stability for this Fall....finally!

What does this mean to YOU??    It all depends, of course, on your financial 

situation and your goals.

No one can tell us what will happen exactly.  

However, it is helpful to have economists who do the research and help us 

make informed decisions.

We would like to hear YOUR thoughts.......

CoreLogic Releases August MarketPulse Report

—Housing Market Showing Positive Signs Despite Overall Sluggish Economic Expectations—

Key findings in the August MarketPulse Report include:

This fall, the housing market may avoid the slide that has occurred each of the 

last three years because of an improving balance between supply and demand, 

declining REO sale shares and a slowly declining foreclosure inventory.

A lower likelihood of foreclosures flooding the housing market is beneficial 

because the market is more likely to absorb the inventory without dramatic 

changes in price.

Many borrowers in both the boom and “rust-belt” markets lack the means to 

prevent serious delinquency due to their limited ability to refinance at a lower 

mortgage interest rate. Policies designed to offer options for borrowers to lower 

their interest rates further can help decrease the flow of future delinquencies.

The current share of non-distressed sales is at its highest level since August 

2008, positively impacting home prices, and is a sign of real improvement in the 

housing market.

CoreLogic^® (NYSE: CLGX), a leading provider of information, analytics and business services, today released its AugustMarketPulse report. The monthly economic publication provides insight into the current and future health of the U.S. economy with emphasis on housing and mortgage metrics. CoreLogic Chief Economist Mark Fleming and Senior Economist Sam Khater, along with colleagues from the Economics team, authored the articles.

I am here to Serve YOU ... and I Care!   Call and Say HI ... 508-479-9833   

marysold@gmail.com

 Mary Condon, Broker of Peoples Choice 4 Real Estate

What does "Home" mean ?

Ahhhh - what a question..."What does Home mean"?  I think the better way to ask that question may be:  "What does Home mean to YOU"?

Surely "Home" means different things to different people.  But honestly, I believe we don't stop and think about this much.  Perhaps, if we did, changes within ourselves could happen.  Changes in our CHOICES could happen.  What changes you ask..and wow...well they are limitless.

So let's do a simple exercise.  Are you with me?  Here we go...btw I'm doing this as well - 

Stop wherever you are.  Have something to write on....even the sticky notes on your smart phone. And if you have the "microphone" ..or Siri...on you smart phone you can actually talk into that.    Close your eyes. Take a few deep breaths......  Now..

1. picture YOUR home from the outside... what you WANT it to be like..not what it currently is - unless that is what you want it to be like

2. standing in the walkway....what does your house it look like.... what are you FEELING when you look at it...Show your feelings on  your face with an expression - you can use your hands as well.  Remember this.

3. walk up the walkway to the front door...open the door....walk inside.

4. what do you FEEL....take a moment - what do you REALLY feel as you look around - smell any smells - notice if it is bright - light - dark - cozy - warm...cool... cold.....open.....crowded....look at the furniture....how the furniture is placed...are the ceilings high...average...short....can you see into other rooms.....what do you hear.....quiet.....hmmmss of motors from appliances.....music

5. remember this is what you want YOUR home to be like

6. now open your eyes......write down everything your remember......How does your home FEEL??   Be descriptive...

*  to help you with descriptive words think of.......happy....tranquil.....safe......expansive......simple...easy......joyful.....large...light & Bright...fun...peaceful......small....cozy.....minimalist.....lots of color.....neutral colors....big windows....smaller windows.....lots of doors...no doors.....you get the idea

FOCUS on:  How do you FEEL in Your home.

7.  NOW...based upon what you see, hear, and feel....write some specifics of WHY you are feeling what you feel?  

This is important - take a few minutes to think about WHY you are feeling what you feel in YOUR home.

OK ...GOOD... you are in touch with how YOUR home looks and feels.....

Great Job Everyone......Trust me - the Payoff will be Substantial.

We will take the Next step in the next issue - stay tuned - That's when the FUN begins!!!!

UNTIL THEN.....

Let's Share what we have done so far - without drawing any conclusions - just Shout Out what YOUR home feels like right now....we can all learn from one another.....