Hunter Paschall Real Estate Articles and Tips

Judicial Foreclosure
A judicial foreclosure is a judgment ordered by a court in favor of a lender, ruling that the real property securing the debt should be sold under the foreclosure proceedings in order to satisfy the debt. This method is practiced in lien theory states, or those that use a mortgage to secure a lien against real property. The lien theory requires that a borrower hypothecate, or pledge, title to the property to the lender and that in the event of default, the lender, through court action, seek repayment from the borrower. The judicial foreclosure process is used in those states recognizing mortgages as the primary legal instrument securing a lender’s interest. A judicial foreclosure is a process involving the courts and is typically more cumbersome and costly than a non-judicial foreclosure. Furthermore, under this method lenders or lien holders are only allowed to recover the amount actually owed to them. In other words, lenders are not allowed to profit from the sale. Any overage that may occur because of competitive bidding must be returned to the original owner or borrower.


Non-judicial Foreclosure
A non-judicial foreclosure, unlike a judicial foreclosure, does not occur in a courtroom in the presence of a judge, but instead, occurs in the presence of a third-party trustee as previously set forth in the deed of trust. This method is practiced in title theory states, or those that use a deed of trust to secure a lien against real property rather than a mortgage. Recall that in title theory states, the deed is placed in trust with a third party until all terms and conditions contained in the promissory note have been satisfied. If at any time the borrower becomes delinquent on the loan, the beneficiary can instruct the trustee to file a notice of default in the county in which the property exists. The deed of trust contains a power-of-sale provision that expressly authorizes the lender to sell the borrower’s property through a trustee rather than a judge. The primary advantage of using a trustee rather than a judge is the ease with which this can be done. Again, filing a legal suit through the judicial court system can be both a lengthy and a costly process.


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for my 3 Days Live Short Sales Training Event!
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To Your Success,
Hunter Paschall
407-772-2274

An appraisal is the practice of developing an opinion of the value of real property, usually its Market Value.
Usually, an appraisal expert has attained some type of designation through formal study and examination by a recognized body.

The Member of the Appraisal Institute (MAI) and Senior Residential Appraiser (SRA) designations are awarded by the Appraisal Institute to those who pass certain tests, prepare detailed sample reports, demonstrations and complete years of appraisal experience.

Other highly credible organizations that award appraisal designations include the National Society of Real Estate Appraisers, the American Society of Appraisers, the International Association of Assessing Officers, and the National Association of Independent Fee Appraisers.

Designations from these associations assure that the appraiser understands the principles of appraisal and subscribes to a code of professional ethics.
All states are now required to license appraisers of real property. You can find local appraisers in the phone book, online, through your local Real Estate board or usually by word of mouth.

Value should be qualified as well. There are different types of value. The majority of appraisals seek to find market value. This is what the property is
worth to typical purchasers in a normal market. The Appraiser will always request a copy of the Purchase Agreement so they know what the
Buyer is willing to pay for the property.

If you are interested in what the property is worth under your personal circumstances, an appraisal can be made for investment value. An appraiser should be able to give an opinion of value under any conditions, as long as they are spelled out at the outset.
Most appraisals are used for factual support.

During the time that you negotiate with the Lender, they require either a BPO or an Appraisal. The purpose of the Appraisal is to show the Lender the value of the property.


Come join me in Orlando, Fl August 28-30, 2009
for my 3 Days Live Short Sales Training Event!
Click Here 

To Your Success,
Hunter Paschall
407-772-2274

It is important that you know what a property is worth so that you can negotiate with the Seller/Bank.
There are many different ways to determine the approximate value of a property.
If the value of the property is close to what is owed on the property you will have to obtain a short sale in order to purchase the property.
The property values in Florida are changing daily like many other States.
Knowing the condition of your market whether you are in a hot market, down market, slow market or fast market is an important factor.
The true value of the property comes into consideration when dealing with the Mortgage Companies.
Below is a list of ways that you can determine the value of the property.
Please note that when considering comparables on the property you will need to look at houses that sold within 1 mile radius or less  with no more than a sale date of 6 months back from the date you are analyzing the property.

Multiple Listing Services (MLS):
Having access to the Multiple Listing Services is a great way to determine the true value of the property.
You should build rapport with a Realtor so that you can have access to the MLS if you are not a Realtor yourself.
 
Property Appraisers Office:
This information you would obtain from your Property Appraisers Office, in the County which the subject property is located.
Usually you can find this information on the internet.
When on your Property Appraisers website, look up the subject address and search for comparable sales in the neighborhood.

Zillow:
This information you would obtain from www.zillow.com. In the search field, on the website, type in the address of the subject property.
It is OK if you do not have the zip code but it will probably work better if you did. Click on GO. It will pull up an aerial of the house.
Click on the COMPARABLES link to pull up a list of comps. Look at every property that sold within the last 6 months.

Bank of America:
This information would be obtained from the Bank of America. Go online to the following website:
http://bankofamerica.cyberhomes.com. Type in the address of the subject property, properties near your subject will appear. 

Come join me in Orlando, Fl August 28-30, 2009
for my 3 Days Live Short Sales Training Event!
Click Here

To Your Success,
Hunter Paschall
407-772-2274

NEWS Blast!!!!! I have made the morning news again twice in One month.

If you want to learn how I am getting this powerful free advertising you will need to join me at my 3 Days Live Short Sales Training coming up in two weeks!

August 28-30, 2009 in Orlando, Fl
You can sign up here!

I will show you how to get your properties on the Local /National News and get them sold Fast.
I am the local expert in the area of closing deals and Helping the homeowner out of foreclosure.

I am closing deals and helping my students do the same thing day in and day out. Not just talking about it but making it happen.
I don't just do this locally, I am also helping students across the country find their dream and make it happen. 
People have been calling us about our Houses for sale and the phone is blowing off the hook!

See the news here!

See the listing Here!

Have a Great Day! :)

Hunter
407-772-2274