Archives for August 2014

ST. LOUIS BANK LOAN

Anyone thinking of getting a loan must read this article.  If you are borrowing money to buy a home or refinance your current home, you must read this article. when meeting for the first time with a loan officer or some other loan arranger, do the following:

  • First, come armed with a list of questions for the person who wants to arrange your loan BEFORE you agree to take out the loan.
  • Second, ask the loan arranger to answer each questions “Yes” or “No”, sign and date your list of questions and give the list back to you. 
  • Third, ask the loan arranger to explain each “Yes” answer and its effect on you.
  • Fourth, if the loan arranger is unwilling to answer the questions or if you are not satisfied with any of the explanations, consider looking elsewhere for a loan.

Important Reminder! There are many other questions that you can and should ask and get answers to before you agree to take out a loan to by or refinance a house. If you don’t know what they are, you have more homework to do before you are ready to take out a St. Louis bank loan.

  1. Know who you are dealing with.  Is it a mortgage broker who is going to sell the St. Louis bank loan after you sign?
  2. Is there a fee for arranging the loan, appraisal, credit report, document prep fee or broker fee?
  3. What are the terms of the loan St. Louis bank loan.  Is there a co-signer required? Is there mortgage insurance required? What is the interest rate and maturity date?
  4. What is the purpose of the St. Louis bank loan?  Is it to purchase a house or refinance an existing loan? Will the refinance cost more or less interest and will the monthly payment be more than before?
  5. Never sign forms that you do not understand.
  6. Never sign forms that are left blank or have spaces that have blanks.

St. Louis bank loan interest rates are low but crooks are even lower like pond scum.  So, ask the right questions to get the right result.

ST. LOUIS CITY TAX SALES MAKE MONEY

St. Louis CITY TAX SALES make money.  St. Louis City Tax Sales happen because of non payment of Real Estate Taxes.  St. Louis City holds sales four times a year as the properties are sold in geographical regions.  The procedure in St. Louis City is a judicial process which is a court process to confirm the sale which was conducted by the Sheriff of St. Louis.

A smart investor is an informed investor. Do your homework for each property you want to bid on. Go to Google Maps or drive by the property.  Remember, you can not go inside.  You should be careful not to walk on the property as you may get shot.  Look at values of comparable houses in the area.  This can be done on Zillow.com or viewing the St. Louis City Collector of Revenue website.  Determine how much you can spend and presume the worst about the interior condition.

Now that you purchased the property, your job, or that of your attorney, is just starting.  You, the purchaser, need to obtain a title report which will reveal all owners, judgments, and other lien holders such as a lender or mortgage company.  You will need to check that the Sheriff gave all interested parties NOTICE that the property was going to be sold for nonpayment of taxes.  Remember our Constitution requires proper notice be given before property can be taken away.  You want to make sure that no one comes back later and claim they did not know of the sale.  NOTICE is critical to these proceedings.  St. Louis City Tax Sales make money.  But only if you follow the rules. The court will always require you to strictly comply with the rules.

Notice must also be given to anyone who remotely had an interest in the property of the hearing on CONFIRMATION of the tax sale.  An appraiser, who you hired, will testify as to the fair market value under forced sale conditions.  Hopefully, the value is equal or less than what you paid at the sale otherwise it is possible that the Judge will require the purchaser to pay more for the property.  

Once the judgment is obtained, you have 10 days to apply for an occupancy permit,  (more money, of course).  You do not have to obtain the permit only apply for it.  Once this is done, go to the Sheriff with your paperwork and obtain your deed and have it recorded.  CONGRATULATIONS. Now you know how St. Louis City Tax Sales make money.