A Guilty Plea for a Real Estate Investor

May 31, 2010
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Royal Oak, Michigan – The 27 year-old, Paul Bashi, formerly of Washington Township, Michigan, pleaded guilty to federal information that charges him with conspiracy to commit wire fraud.

During the hearing and according to court documents, Bashi admitted that from September 2006 to March 2008 he recruited straw borrowers and assisted them in applying for loans to purchase residential property based on false information and fraudulent documentation with regard to employment, income and/or assets, among other things. Bashi, who was mostly doing business as JP Land Development Inc., was responsible for completing the loan applications and gathering the necessary supporting documentation. The mortgages that total to almost $6 million were issued…

Buying a Home is Still an Excellent Investment

May 31, 2010
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A survey reveals that the portion of Canadians who are “very likely” to purchase a home in the next two years has increased from seven percent to 10 percent since the same question was posed two years ago regardless of the difficult economy and concern about climbing household debt.

The media has been full of speculation about house prices being unsustainable in Canada, but the appeal to homeownership remains strong among those surveyed by Ipsos-Reid on behalf of RBC. An awe-inspiring 91 percent of Canadian homeowners believe a home is a good investment.

According to the survey, people aged 18 to 24 are most likely to buy in the next two years.…

Tricks on How to Sell your Condominium

May 26, 2010
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A lot of owners of condominium units who want to make some money choose to either sell or rent out their unit. If you are of these people, here are some tricks you can use to get the word out there (and get a good price), in particular if you plan to do a lot of the work yourself, instead of letting an agent do all the work.

Firstly, catalogue the good points about your condominium accurately and in detail. You might think you know your condominium like the back of your hand, more so if you have lived in it for years. However, you might just miss some assets that…

A Few Homeowners Received Mortgage Relief

May 26, 2010
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Hundreds of thousands of homeowners are in midpoint waiting to find out if they will be accepted for the Obama administration’s foreclosure prevention program.

The government said that nearly 1.1 million borrowers have enrolled in the program since it began a year ago, however; only about 170,000 have completed the application process.

With that rate, which is just 16 percent, the program will have a minimal effect on the foreclosure catastrophe. Many analysts warn that the majority of the borrowers will never complete the process – or fall behind again.

To receive a permanent loan modification, homeowners need to make three payments and provide proof of their income, plus a letter documenting their…

Freddie Mac Weekly Survey Reveals Mortgage Rates Slightly Dropped

May 26, 2010
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Freddie Mac has released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed rate mortgage (FRM) averaged 4.95 percent with an average of 0.7 point for the week ending March 11, 2010; it was down from last week when it averaged 4.97 percent. While last year at the same time, the 30-year FRM averaged 5.03 percent.

The 15-year FRM this week averaged 4.32 percent with an average 0.7 point that was down from last week when it averaged 4.33 percent. A year ago at this time, the 15-year FRM averaged 4.64 percent.

The 5-year Treasury-indexed fusion adjustable-rate mortgage (ARM) averaged 4.05 percent this week, with an average…

Rachel Ashwell’s 1,783-square-foot House in the Malibu Colony in Malibu, California is Listed for $4.425M

May 14, 2010
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The “Shabby Chic” designer, Rachel Ashwell, has placed her 1,783-square-foot house in the Malibu Colony area of Malibu, California is listed on the market for $4,425,000.

Ashwell’s listing of the four-bedroom retreat, which she purchased in 2003 for $1,950,000. Ashwell remodeled the cottage-style house, which is at 23511 Malibu Colony Road.

Built in 1955, the main house features four baths, limestone flooring throughout, a master suite with an office area and two other bedrooms and a bath, according to public records and listing information. Outdoor features on the property include a separate one-bedroom and one-bath guest house, gorgeous gardens, a brick patio area with a spa, mountain views and a deeded beach…

Find Out How to Prospect Expired Listing

May 14, 2010
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Prospecting expired listings can be the heart of anyone’s business in the real estate field. You can create a scheme that will give you repeatable results for your effort. Here are three very positive characteristics in prospecting expired listings.

They are easy to find:

The expired listings come up every day, so you will constantly have a handful that you can work with on a daily basis. They provide a steady stream of new leads to contact for listing appointments. There are also usually a few very heavy days each month.

They want to sell:

Expired listings were on the market at one time, unlike many other types of clients you will contact. The…

A New Program Offered for Short Sale Incentives to Homeowners and Lenders

May 14, 2010
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Programs have been intended to stem foreclosures through encouraging loan modifications and motivate demand for housing with tax credits.

Currently, the administration is taking a slightly different tack. The New York Times reported a new program that will pay both homeowners and banks in an effort to motivate short sales.

Homeowners who are delinquent on their mortgages appear to be the program’s target. They would receive $1,500 in “relocation assistance,” most probably when their home is sold. The bank that services their mortgage would receive $1,000 for the first mortgage and another $1,000 if there is a second mortgage.

It is reported that the program will start on the 5th of April.

According to…

Choose A Property Investment for the Nine Reasons

May 9, 2010
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Although there are a lot of choices for investing, property investment is one of the favorites among investors. There are at least nine reasons to invest in property and not other types of investments:

1. The power of “Leverage”

To invest in properties have the option to not use 100% of our money, however, by using other people’s money (OPM). One of the most common source is the money the bank loans.

2. Relatively low risk

Generally, investment in property is not like investing in the stock market where prices in one day can go down and up quite significantly. Only in certain situations where the economy was bad, property investments may be affected…