MLS: Wait, so what’s the MLS? The MLS, strictly, stands for Multiple Listing Service. Basically, it’s a public forum where brokers, agents, etc… can list homes for sale and connect those homes with interested buyers. It’s multiple because well, it connects with more than one person, agency, brokerage, etc.
Oh…sure, sure…there’s a fancy term the court places on divorce…”irreconcilable differences,” when in fact, it’s selfishness and greed on both sides, etc. There is not a person in the country that’s going to admit to being selfish…it’s always somebody else!
Once you’re sure you understand all the documentation, you’ll sign the mortgage, agreeing that if you don’t make payments the lender is entitled to sell your property and apply the sale price against the amount you owe plus expenses. You’ll also sign a mortgage note, promising to repay the loan. The seller will give you the title to the house in the form of a signed deed.
Advertise and spread the word. The easiest way to sell something is to tell people that you are selling something. Don’t let the lack of selling experience bother you. There are effective ways that you can create a buzz: advertise at a niche classified ads, get listed with a realtor or Online Broker Test, or get listed at a timeshare listing company. The best technique so far is to get your timeshare listed with a listing company – although you may be charged a fee, a listing company already has a ready audience of buyers.
HUD homes are sold by using a sealed bidding process and the home is sold to the person who offers the highest bid. You don’t know what other people are bidding so you don’t want to bid too low or else you won’t get it. You really want to do your research here – check the market value for homes similar to this HUD home for sale, and factor in any repair costs that may be needed to bring the home up to a satisfactory living standard.
Loan Originators have taken a beating these past few years and it’s time to grow your mortgage business by creating endless mortgage leads. Do it now. Have fun. Ask for a new wheel barrel for Christmas. You’ll need it to carry all your commissions to the bank!