We are two payments behind on our house. We had to rent an apartment because my husband will be unemployed soon.We had put the house for sale last year, no offers. We tried to refinance but our house was appraised 22,000 less than what the finance company appraised it for 2.5 years ago. The finance company would not lower our rate, to what we could afford. We had to move before unemployment happens. I now cannot afford my car which is financed through same company. What will happen when they foreclose? We live paycheck to paycheck. Have no assets. Can we file bankruptcy?

Passive Income

Fewer than 10 years ago, Charlotte, NC, was a medium-size city with a strong banking industry. It quickly grew into one of the southeast’s most prosperous cities, drawing revenue from Wachovia, Bank of American and smaller, funds management businesses. This growth spurred more growth. People arrived and the population grew. Residential and commercial property was built and the real estate market boomed.

Then the recession hit and Charlotte’s quick rise stumbled. Too many project developments, too many residential properties on the market, and not enough buyers, or not enough capital to sustain the gigantic real estate bubble.

Now Charlotte is in a precarious situation. It is working hard to pull itself up from the recession. It is using its vital economic muscle to make the coming years prosperous and healthy. It is leaning on its cultural attractions, its high quality of living and successful population to attract commercial investors and realtors with the future in mind.

Make no mistake, though, that real estate is a hot topic in Charlotte. Many downtown buildings and office spaces are for sale. Bank of America and Wachovia are in transition, Project developments need to be sold and homeowners are waiting for the economy to recovery before they think about selling or moving into another home. For some, if you have the capital, good credit and job security, now is a good time to consider buying a home. One local development firm is happy that some people are in this category. The Royal Court Condos, slated to open in February, are selling and prepared for occupancy.

The building – 11 residential floors atop 21/2 of parking – has 35 units left for sale, but competition is getting scarce.

Fewer than 1,000 high-rise units are still under construction in the center city. Three towers have been postponed, and two have been halted by legal disputes.

“We feel good about Royal Court,” Hollidge said. “The financing market on future construction will limit the projects coming out of the ground for the foreseeable future.”

The market should tighten and could work in Royal Court’s favor as fewer units are built in and around the city, said housing analyst Emma Littlejohn of The Littlejohn Group.

This is good news for some. For others, the trick now is to wait out the economy, to raise capital and plan for the future. If that sounds like the most reasonable thing for your and your family, a smart option is to rent in Charlotte. Plenty of attractive, affordable apartments are on the market.



Sell House Quick

I used to work in D.C. while hubby worked in baltimore. Now we both work in baltimore and can buy a cheaper house up there.

I have two cats and I worry they would get out when someone came to see the house. Also, I would save a little money on gas by moving into an apartment close to my new job. I’m 5 months pregnant and I dread the hassle of having to clean up every day.
Another thing: our furniture isn’t very nice and might hinder the sale.

Sell House Quick

The statistics on businesses sold in California are well worth knowing. Over 70% of all businesses on the market, are not sold. Why is this?

The two strongest reasons for failure are lack of preparation and an unrealistic selling price. Valuing a business correctly tends to resolve the unrealistic selling price problem. Know when to hold the price and when to change the price also helps businesses sell quicker. But, what about the preparation points?

Lets discuss the various factors that can help you get fully prepared when selling your business.

The decision to sell – People decide to sell their businesses for many different reasons. My experience shows that the main reason is because of a failed goal or purpose, of some sort. Sellers are not happy when he or she has not been making it to their satisfaction or their original goal has not being achieved. Another truly legitimate reason is if a business owner’s health is going down hill. Lastly, sometimes it is just time to retire, and play golf or travel. Whatever your reason, it is important to identify exactly what the reason is that you want to sell your business, and to be totally honest with yourself and others on this point. The reason you might be selling does not adversely affect the selling price, but it may help the marketing activities, for the agent and make the final negotiations go easier. People really like to understand why a seller wants to get out, and they are perceptive if you are lying on that point.

How to sell it – The next part of being prepared, is to make the decision to “sell it yourself,” or use a business broker. The main advantage in selling the business yourself is that you save on the commission. Brokers, usually charge 10% of the sales price for businesses priced at less than $1 Million Dollars. This can seem like a lot of money but it isn’t. If you do the marketing yourself, you would have to cover all cost of advertising the business and take all the time necessary to talk to every inquiry. Have you looked at what an add costs in the Los Angeles Times? Imagine putting in an advertisement every week for 6 months. You could take your wife on a first class cruise around the world for that much money. (Sorry Norman Chandler.)

The advantages in using a broker are many. Brokers have established marketing lines that allow them to offer your business to lots of people, in a short period of time. They know the market and are well versed in all the potential pitfalls involved in selling a business. They handle all costs associated with marketing and packaging the business and they are only paid if and when the business sells. No legitimate brokerage asks for upfront fees. You need to decide, are you going to sell it yourself or use a competent broker? I did say a competent broker; there are both good and bad brokers as in any business.

Who you should not try selling it to – When people think about selling their business, they often think of selling it to their competitors or employees. This is actually not a good idea. A competitor’s value of your business is based entirely on advantages they would be achieving, if you were not in business and therefore not hindering the expansion of their business. They look at what the net effect would be if they owned your resources (clients, territories, inventories, etc.)

Also, competitors historically are only willing to buy a similar business, for 20-33% of the price that an outsider would pay for your business. This is because the insider knows the headaches of your business and discounts the price because of them. Also many competitors will appear to be interested in buying your business, as a way to find out trade secrets. Many times they never had any real interest in buying your business at all.

Employees, when buying a business from their employer do like the idea of all the perks of ownership, but in truth, they do not like the responsibilities and potential liabilities that come with ownership. A really big problem is when employees know that a business is for sale; they usually start looking around for a new employer. I really cannot say this strongly enough. When selling your business, it is not a good idea to go to your competitors and / or employees, as a starting point.

Things that will help with the sale – A part of being prepared is to have your accounting records up to date, available and complete. This will make it much easier to get started on selling the business and to close a deal quicker. Try to put together the following before you start;

a) 2 years of profit and loss statements for the business

b) The most recent twelve to eighteen months of sales – listed by month

c) List of all equipment, with estimated market value as used equipment in place, not at fire sale prices.

d) Current list of inventories – if any

e) Copies of any property lease, equipment leases and other business related documents, such as current health department certificate as in the case of a restaurant, or OSHA spray booth permit.

f) List of all perks you personally get out of the business (these, added back into the financial reports, increase the profit figures for the business, thereby making the business more valuable).

g) A brief description of the business; what it does; the area it covers and the future expansion possibilities.

Changing the way you keep your accounting records – If you are one of the few people who do not keep accurate books, then today is the day to change your record keeping. If you are writing off everything in the world against your business, you do not need to change that action in order to sell your business. Just be able to pick out those items that a buyer wouldn’t incur if they bought the business and be able to give this information to a buyer or broker. The more important change that is needed is to take 100% of all sales and services and get them deposited in the bank and recorded as sales. If you are unwilling to do this for tax reasons, I understand. This is critical to getting the highest price. Declaring all your income, also allows you to sleep better, knowing that you are keeping books that you can show any buyer or any government official. If you feel that recording all income will also raise your income taxes, then stop worrying. There are some very good accountants around who know how to save taxes legally. If you cannot find one, I will find one for you.

Negotiation and flexibility – One of the reasons some brokers are worth their weight in gold, is because they are very good at negotiation and know how to create win-win situations. They keep the parties talking and know how to work the offers until the business is sold. You should be prepared to be flexible while negotiating the sale of your business, also. Do not for example insist on ‘all-cash for the business and nothing else’. This sort of inflexible approach will usually kill a deal before it gets started. Also, let your broker do his or her job; do not discuss price and terms with prospective buyers directly. Let your broker know what points you are willing to negotiate and which you are not, in advance of getting offers. This will help to get more offers.

Most of all you want to do everything you can to make sure a deal to sell your business is concluded as quickly as possible. There is a law with regard to selling a business. “The more time that passes, the harder it is to sell a business, and the easier it is for a business deal to fall apart.” So, do what you can to expedite the sale of your business and work with your broker.



Rent Back

I have an apartment which is under construction in sahara homes in Lucknow in U.P I want to sell, if I not continues with sahara they dedect 10% of aparment cost which is almont Rs240.000,2 bed room apartment almost Rs 24 lac,which is going complet sept 2011 any suggestion please.

Sell and Rent Back

Hi,

What is the time duration that we need to invest the amount we get from a property sold.
Apartment sold now how much time will i have to buy one without any issues with taxes.

Short term capital as i sold it before 36 months.

Any ideas…

Real Estate Professionals

My apartment is supposed to go into foreclosure on August 12th. My landlord has worked out an agreement for me to move into another property that he manages if and when this happens. I’m just looking for advice such as how long will I have to move after the property is auctioned off and anything else that may be useful. What are my rights? I live in North Carolina

Passive Income

Trying to sell your house is stressful and time-consuming. If you sell your house yourself, you have to buy for sale by owner signs, signs directing traffic to your house, take all the calls, walk strangers through your house, and follow up with buyers. You have to be ready for a “potential” buyer to come treading through your house at any time. You don’t want to miss that one buyer who could finally buy your home.

Why bother? 1-800-Cash-Out buys houses fast, in any condition, anywhere. I know you’re asking yourself, who are you and how do I know you can buy my house? Well, 1-800-Cash-Out represents a group of investors with over 32 years of experience in the real estate business. We buy houses, land, commercial property, mobile homes, strip centers, apartment buildings, notes and mortgages. We’re experienced investors that won’t waste your time. We will tell you upfront what we can do and how we can do it. We’re not the typical investors that just got into the business last year and decided to start buying houses.

We will buy your house or make you a fair offer of what we can do. We are investors, so the deal has to be a win-win for both of us. So as long as the deal works for both parties, we can do business.

The houses we purchase vary in price and income level. We buy houses in the war zones, nice houses in great areas, houses in blue collar neighborhoods, shacks, luxury homes, etc. We buy houses in any condition!

We buy and sell houses on a regular basis and have worked with a variety of situations. When we buy your house we can:

Stop Foreclosure

We Buy Houses in Bankruptcy

We Buy Houses with Liens

We buy houses with bad tenants

Houses in Divorce

Sell your house fast by giving us a call. You don’t have to make any repairs since we buy houses As-IS.

Even if you are in foreclosure, we have purchased houses the day before the auction. It is not easy and it costs some money, but it has been done. So whether you’re behind in payments, just starting the foreclosure process, are the auction date has been set, we can still buy your house fast. So if you are losing your home to foreclosure, visit us at 1800CashOut.com

Sure, we buy pretty houses that are ready to move in, but we also buy ugly houses. We have rehab crews that do nothing but fix up ugly houses. So don’t hesitate to call us just because your house needs repairs.

We buy houses in divorce. We’ve worked out deals where the wife gets the house and some deals where the husband gets the house. We often work out separate deals for husbands and wives in hostile situations that require it. We buy a lot of inherited houses and houses that are part of estate sales. We assist with the Probate process when necessary and are very familiar with the process. From minor repairs to major rehabs we buy it all! So selling your house quickly is no longer a problem.

For fastest service visit us on the internet at 1800CashOut.com or call us now at 1-800-Cash-Out! If you need to sell a house fast, please call now. We buy several properties per month, and depending sometimes our options are limited. Thanks for you time.

To know more visit us at 1800CashOut.com.



Passive Income

the house was up to foreclose in august. i went ahead and got an apartment then, cause i didnt think it would be good to wait till the last minute, now the bank says i have to be living in the house to be up for a modification which i may or may not get. now do i leave the apartment and take a chance on being able to keep the house?

Passive Income

I work from home and this week my neighbour has been renovating his apartment to sell on. All day from morning til evening has been hammering, sawing, drilling and it makes it impossible for me to concentrate and i cannot move my entire desk to another room, and why should i anyway?! does he have a right to notify me of the noise he will be making as it is really making me angry? He isnt the most approachable man so i thought i would ask before going to him!

Rent Back Fast