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The Real Estate Market: Top 3 Ways Buyers Can Protect Themselves During Economic Depression
Doom and Gloom? These are indeed scary times and you need to protect yourself or you will be crying bankruptcy in the blink of an eye. Just when we think we've hit economic bottom, the economy continues to slide down further. It may get so bad that sellers may choose bankruptcy over lowering prices further. Buyers can take huge risks when investing because chances are high that more companies and tenants will go bankrupt and that the world economy as a whole will continue to slide down. The government is not taking any steps to remedy the economy either, and everyone should take great care to protect themselves.
WHAT TO DO? It goes without saying that a smart buyer will of course take on these risks and purchase as much as he can at this moment, because eventually he will be RICHLY rewarded when the market turns around. THANKFULLY, much of the risks can be avoided. Here are three simple ways buyers can protect themselves and profit during the economic crisis:
1. INSIST ON A CONTRACT SALE! Banks can be monsters when it comes to financing. A buyer has the right to cut them out of the loop and go straight to the seller for leverage. It appears that all reasonable sellers in this economy are doing what they can to be helpful to ensure financing. In a CONTRACT SALE, if the buyer can no longer afford his mortgage the property transfers back to the owner. No bank foreclosures and no need for tenant guarantees. The buyer has essentially minimized his risk because all he is truly risking is the downpayment.
2. TAX DISPUTE. Immediately after closing takes place on a purchase, a buyer can dispute the assessed value of the property. More often than not, especially during economic downturn, the taxes are successfully reduced thereby increasing net operating income.
3. RE-OWNER FINANCE. Again, a contract sale is the safest option. At the end of the contract's initial financing term (usually 3 or 5 years), you can evaluate the economic situation. If banks are offering good rates, then choose to use them by financing the remainder of the purchase and paying off the owner. If the economy is still shaky, then refinance with the owner (in other words extend the terms of the contract). As long as the initial purchase price is equal to or greater than what the seller owes to the bank, he'll be able to help you.
Hundreds of buyers have used this plan successfully. Feel free to contact my office if you need help at (209)975-7355. If the phone lines are busy, please try again. Alternatively, you can send me a message at http://realty.swilabs.com
ABOUT:
A.Bhatt is a famous commercial real estate broker with main offices based in Chicago. A.Bhatt's brokerage has been successful in getting results at national and international levels. As a broker, he and his team are able to collaborate with their contacts and colleagues across several firms, giving their clients leverage over other investors. In other words, doing business with A. Bhatt makes an investor more successful because they have the unique abililty to harness the power of every commercial real estate firm in the world. It is estimated that over 60% of all successful real estate investors do business with A.Bhatt.
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