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What Is A Reit

What is a REIT?

A REIT as we see in this part of this article, is a Real Estate Investment Trust. It can be a private or public firm. There are a myriad of “flavors” of REITS, and a REIT can have a smattering of different types of real estate within it. Thus, a REIT can be made up of 2 investment houses or 100,000+ other real estate properties. A unique math mystery occurs with a REIT that does not occur either simply or at all that does occur with non-REIT public firms. This is the mystery of market value compared to book value; with book value what a CPA would say a company is worth at any given time and the market value is what the securities buyers feel the company is worth. A non-REIT’s market value is worth in NORMAL circumstances, 3-25X its book value. I discovered this in 1974. This difference is what has made many CEOs and early stage investors wealthy when their private investments went public.

Some simple facts about private vs public REITs;

a; anything public deserves disclose documents re expenses, income, intent, history of firm, growth focus and more.

b ; a private REIT escapes the disclosure rules of Sarbannes/Oxley which should be unnecesary becase of accountng rules but when itcomes to accounting rules [think fiduciary] vs securities disclosures and company policies, one would think the general manager or operations officers would want to at least disclose to their private investors. So, while there are several forms needed by the fed, they are not horrible time consumers nor do they take attorneys to fill them out.

What is a double escrow and how can it be an advantage to one’s portfolio or investment strategy?

Ordinarily, when one wants to buy real estate, one finds a property to buy via one’s own search or thorugh the retained services of a BUYER’S AGENT [who should NEVER EVER be permitted to represent the seller also, called dual agency]. One likes the property, gets financing arranged if needed and closes escrow in the name of the individual or the organization’s name. End of story.

Within the world of BIRD DOGS

Instead of an assignment of a purchase contract, in a double escrow, there are two separate purchase contracts written up; one for a straw buyer, which he signs and the other contract is created which is between the straw buyer and the deal finder. At escrow close, there is necessarily full disclose as to who each party is and where any money paid goes. Thus, on a house found at $50,000 which is worth 100,000 with a ready buyer who is glad to pay $50,000, the finder of the house gets a friend to sign the first contract between the seller at $50,000 and the friend. and the second contract is between the deal finder and the buyer at $100,000. Everybody gets what they wanted. Everyone knows who did what and how. IF the buyer had been willing to take the time to find the discvounted house, it is feasible he could have wouldo up poaying only $50,000 but he was happy to pay the $100,000 so he feels happy.

There must be special attention paid to make sure that the buyer who is willing to pay the higher price is geting a house worth the higher amount and that the appraiser is not in collusion with the deal finder.

If in fact, a REIT finds many properties available at discounts to the cost to build those properites and holds onto them, it stands to reason that soon, the equity build up in the REIT will become signficant.

Thjus, a double escrow into one’s REIT is an ideal way to gain equity for a REIT. Edelstein, R.H.,.Uroševic, B., Wonder, N. (2005. [Two contracts, two different prices, two different buyers, both contracts closing on the same day-NOT to be confused with a “flip” which we discussed is a contract ASSIGNED to someone else.]

One of the criteria for the REIT or for any property acquisition program is identifying the type of property one wants to buy. Fisher, J. D.,.Goetzmann, W. N.(2005, September. REITs, Real Estate Investment Trusts, are good investment tools especially because they allow for incision into a public shell, thus re-capitalizing it. Darrat, A. F.,Shelor, R. M., Topuz, J. C.. (2005, November) When one identifies a property for acquisition, the REIT can pay cash for get financing for it. Titman, S., Tompaidis, S., Tsyplakov, S., (2005, Winter) When the REIT is sufficiently capitalized and the borrowers want off of personalized responsibility, it is an ideal time to either back into a public shell, a weak public firm or if not the most viable approach, an IPO. Dierker, M., Quan, D., Torous, W., (2005,Winter)To determine if the REIT one wants to purchase is prepared for its audit, one will need to hire a financial team to review the financial records. Jaffe, C. A.. (2001). Significance of the Problem USA banks make many loans to home buyers annually. These same banks and pension funds also make loans to buyers or builders of commercial properties; shopping centers, office buildings, industrial parks and free standing non-residential buildings and specialty buildings.

Frequently, an opportunity is made available to a buyer and this buyer cannot get seller, bank or pension-fund financing. In those cases, including when the seller will not trade or take a chattel item in exchange for part or all of the price, the buyer must seek an alternative funding source and often this becomes the search for the elusive hard money lender. Instead of this occurring one time in 100 (only one in a hundred of any type of real estate purchased) this occurs as often as one of every 5 purchase contracts. Thus, in some years, fewer than 5% of real estate commercial real estate purchase contracts are successfully completed.

While it is true that many teachers (facilitators), feel economically pinched, they have at their disposal considerable research and literature (both academic and working world) which discloses investment vehicles that provide returns of from 6.5% (the Fortune 500) to 2,500 % (K & S Investments; Phoenix, AZ) per annum, and the return’s security is risk free. These inordinate returns are as safe as funds invested in any Fortune 500 blue chip stock, and carries the additional advantages of depreciation, control over (amount of) return, and is as liquid as stock without its return being taxable. By simply filing the necessary income tax documents provided by the Internal Revenue Service, one can learn how the return available with some investment tools (provided in this paper– and which are not taxed) yet are totally supported by IRS rulings, instead of fly-by-night, flim-flam systems and methodology.

Methods of creative financing as we have seen include Double Escrows, Hard Money Equity Only Loans, and Seller Carry-Back Paper. As real estate professionals, will agree that often, it is how a property is acquired that will determine the amount of profit to be gained. Thus, this section of the paper discusses methods of financing intended to produce the most profits. The most popular institutional financing systems include fully documented loans by credit worthy buyers whose notes are converted to securities and sold to FANNIE Mae or other securities firms discussed above. Real estate professionals will agree that of acquisitions systems used, this one is the least valuable. This book discusses three other types. Double Escrows Deal-doers find properties for 30-80% of the cost to rebuild (thus, 15-50% below fair market value).

A common approach goes like this: A deal doer finds a property. The deal doer also brings in a friend to sign a purchase contract. The friend writes two contracts-one as buyer and gives same to the property owner that deal doer finds. In contract number one, the friend is the buyer. After the first contract has been filled out and signed by the seller, the friend writes up another contract and becomes the seller and sells to the deal doer. All the while, the deal doer lines up financing and pays for a new appraisal according to the requirements of the deal doer’s lender.

The title firm usually orders clean deeds to be created, termite reports, and title insurance and other items agreed to by both seller and buyer. A double (or triple escrow for that matter) is created when there is a single original seller and two buyers for the same property at two different prices, both contracts closed sequentially, ideally almost concurrently. As an example, buyer Kemper finds a deal. A commercial property in Kansas has a cost to rebuild of $1,400,000. Kemper sees an appraisal to confirm this. The seller, Frank, has made a first mortgage on this property to James and James has not paid on the mortgage so Frank has foreclosed and re-taken possession of the property. Frank does not want the property so he puts it up for sale, for $400,000 the amount of his original mortgage to get rid of this property quickly. Kemper does not have $400,000 cash and does not want to have to borrow just to buy the building and then to have to borrow again to up-date the property and have operating capital. Thus, Kemper finds a “straw”buyer, Mr. Cohen. Mr. Cohen, for the fee of $20,000, writes a contract to purchase this property from Frank and offers $400,000 (naturally including on the line of the contract where name goes, he includes “and or assignees”). Frank in this case does not seek financing or even visits the property. Cohen writes a second contract after handing the first contract to Frank. In the second contract, he makes the purchaser Kemper (and or nominee), and puts in the purchase price of $1,400,000, the appraised value of the building, per the instructions of Kemper. Kemper has, concurrent with his review of the building and appraisal, sought and obtained financing at 75% of the appraised value of the building. Kemper’s lender is one of the few that does review the contract and appraisal for legitimacy but does not pull a chain of title from the title (escrow) company to see who the actual seller is. This lender is not concerned with this data at this time. This lender only needs to make sure that title insurance is available for this property and that Mr. Kemper has qualified to finance it and is responsible for the mortgage.

At close of escrow [the process where a neutral party reviews buyer’s and seller’s instructions to make sure they match, receives the lender’s funds, orders title insurance and cuts checks and closes escrow and files with the county recorder which completes the transaction) the title officer has: Deposited the lender’s check, and written a check to the seller Frank, for $400,000. The title officer has also written a check to “straw seller/buyer Cohen for $20,000. The title officer (holding Cohen’s instructions too) has Kemper sign the lender’s note, and gives Kemper copies of the note and deed-making Kemper the end buyer. The math has become $1,400,000, the building’s value times 70% equals a $980,000 loan (plus the loan’s expenses) as the gross amount of the check from the lender. $980,000 minus seller Frank’s price of $400,000 equals $580,000. Minus $20,000 for Cohen equals $560,000. This final $560,000 minus title insurance fees and other closing costs goes to buyer Kemper.

According to the US Supreme Court Ruling, the title officer must give a printed copy of the above to each participant in this transaction. Cohen will go on the chain of title as well, having been for one minute, owner of the property. In the State of Utah, it has been discovered that more than one buyer and seller and appraiser got together and stipulated to a value of a building to be transferred that was not appropriate to the building; creating a non-arm’s length appraisal. All appraisals must be arm’s length appraisals to be fair and legitimate. There can be no agreement in advance as to the evaluation to be arrived at by the appraiser.

There is also a triple escrow and more if needed. The advantages to a double or triple escrow to the deal doer: getting a property with no cash out of pocket. Getting cash back at close.

Another method of buying includes Seller Carry-back paper/notes, also known as Discounted Trust Deed Notes. A note associated to a trust deed (or mortgage) is a debt or a promise to pay to a lender (or investor) a specific amount of money at a specific rate of interest (it may change, like in an adjustable rate mortgage, known as an ARM), and may have any due date and be assumable or not. Any type of property may have any type of mortgage or deed against it, and there may be any interest rate and due date and it may be for any amount of money loaned.

Hard Money Equity Only Loans.

An equity only loan means one’s property has to have a difference between the market value and the remaining mortgage. A hard money loan is one where there is no qualifying involved-no credit check, no application fee, no appraisal, no tax returns, no bank statements. The only document used in a true hard money loan is a single page application. In this application, the borrower indicates the address of the property. In different cases, the lender does not care if the borrower is even a current owner of the property as long as the lender winds up at close of escrow in first position (in rare cases, a hard money lender will accept second position if the first mortgage and the new second mortgage combined are less than seventy (70) percent of the value of the property.

This book author has procured both fully qualifying loans and hard money, equity-only loans. A true equity only hard money loan does not require from the borrower any front fees or documents other than a single page application which simple denotes the borrower’s name and address and address of the property to be mortgaged. It is felt important to this paper’s writer that some criteria be mentioned here.

There are fully-qualifying lenders nationwide who make full documented loans as has been mentioned earlier in this paper. There are low-documentation loan lenders also who require some documents but not the same number as a fully qualifying loan requires. In an equity only, hard money loan application, some lenders (both banks and private lenders) are trying to create a hybrid loan unethically and perhaps illegally. These newer lenders are asking for front fees, appraisals, and credit applications. Different business writers have commented on this new practice and caution/warn borrowers to be careful about providing front fees to both mortgage brokers and mortgage banks when, in fact, the industry suggests not doing so at all. When this paper writer was asked for front fees, the writer asked the lender for a conditional loan approval. A conditional loan approval is a common document in the lending industry and within it, a lender is committing themselves to making a loan when the borrower satisfies some criteria.

The most common criteria being asked is that of a front-fee to cover a new appraisal. Ordinarily, this sounds feasible. However, a uniqueness of the industry indicates that each lender wants their own appraisal if they want one at all. When a lender stipulates that a fee for a new appraisal is a criteria for a loan, the writer’s legal advisors have simply stated to the lender that “a fee to cover a new appraisal is acceptable subject to an agreement that this appraisal is the only barrier or condition to the lender making such a loan.”

According to both legal counsel and banks who do loans, a conditional commitment is the only “safety” line a borrower has. As has been discovered by these same lenders, if any fee is advanced to a hard money lender for an appraisal and if the borrower does not have a conditional loan approval in hand, the lender can refuse to lend and often will, by saying “after a review of the appraisal and based on our lending criteria, we have decided not to make a loan to borrower Kemper and hereby we return fifteen percent of the amount advanced for the payment of an appraisal.” Said appraisal cost the borrower eighty-five percent of the amount of the appraisal fee advanced or the lending application fee. By deduction, and having not heard via contacts seeking funds from those hard money lenders who advertise heavily, it appears that the non-protected borrowers of America are financing the operations of the hard money lenders who are demanding front fees. Seller Carry-Back Paper While banks and insurance companies and other large lenders make most of the full document loans in the US, they are not the only types of lenders as we discussed above with equity only, hard money lenders.

There is another type of lender that has been made very popular in seminars and tapes and books available in public libraries; the house owner lender.

Robert Allen has become famous by writing No Money Down and other books on creative financing. This paper does not focus on methods to buy real estate so much as it does focus on ways to creatively finance real estate. Thus, when discussing seller carry-back financing paper, we will touch on how the paper is created and then, discuss who is doing what with the paper. This paper is not included in the securitized notes that are sold in bundles to Fannie Mae as has been mentioned earlier.

Let’s say Kemper either cannot or does not want to qualify for a home loan. But Kemper wants to occupy by purchasing a home he sees. It is a nice home and is worth $150,000. Kemper discovers that the current tenant of the home is the owner (Mrs. Brown) and that the home is mortgage free (not a criteria for this type of financing-it just happens to be this way). Kemper offers the owner, Mrs. Brown, five percent down in cash and a note for the remaining amortized for 30 yrs, with a balloon in 6 yrs, at 7% interest. The seller wants to get along with her life, moving to a smaller house and accepts the offer. This is where Robert Allen’s book stops-getting control of real estate with little or no money down and no bank financing. Where people earn profits in real estate can include in buying the actual property as identified earlier in this paper or in brokering or buying the paper created.

While we have discovered that security buyers like Fannie Mae buy bulk notes converted into public securities, there is another body of note buyers of seller carry-back mortgages.

According to The Stefanchik Method, there are two new categories of note buyers; good notes and bad (also called delinquent) note buyers. An example of a good note buyer would be: Mrs. Brown, the seller of the house Kemper has purchased, now has $7,500 and a note with a face amount of 150,000 minus 7,500 or $142,500.

She gets payments sent to her at an address she has given Mr. Kemper and is happy for now. Two years later, Mrs. Brown decides she wants to buy the small condo she has been renting.

She is offered the choice of $125,000 for a cash deal or 145,000 if she wants the seller to carry (as Mrs. Brown did when she sold her house). Mrs. Brown likes the discount available so she opts for a cash deal. Her only thing is that she has retired and cannot qualify for a new mortgage-her social security and other bank resources are inadequate to allow her to qualify for a new mortgage in a traditional lending environment. Mrs. Brown really wants to pay cash for this condo.

She contacts her local mortgage brokerage (instead of this thesis writer) and discovers there is a world of note buyers out there who would be glad to buy her note. She only needs to decide how quickly she wants to perform and what she is willing to accept for her note. In most financial situations, there are either or both fees and discounts applicable in the process of selling/buying a real estate note. Mrs. Brown’s mortgage broker has discovered that the note has a face value of $145,000 and it has been paid on normally for two years, generating what is called “seasoning”, or bringing a positive history of payments received. This note also has the positive feature of not being the same value of the property upon which the note is written-the note debtor has paid down against the value of the house five percent. For a fast sale, the mortgage broker finds a note buyer who will offer Mrs. Brown $100,000. As this amount is inadequate to complete the sale, Mrs. Brown declines it. After searching for three months, Mrs. Brown discovers a widow (like herself) a Mrs. Green, who has a fair amount of money tied up into CDs and decides to offer Mrs. Brown $135,000 for the note, which is sufficient to pay cash for the condo. We now have Mr. Kemper occupying the house and Mrs. Brown paid off and Mrs. Green a new note holder against Mr. Kemper’s house.

Three years later, Mrs. Green decides she has had enough of the note holding game and wants to help a relative enter into business and seeks a note buyer of her note. Mr. Cohen, a note broker, decides how long it is likely to take to find a buyer for such a note and offers to find a note buyer for a fee of $5,000 to be paid at close. Mr. Cohen thus is offering to find a note buyer who will buy this note for $120,000 and in escrow, the title officer will hold the buyer’s cash and give to Mrs. Brown the sum of $115,000.

Mr. Cohen, the note broker, finds a Mr. Rich, who likes to buy notes and after Mr. Rich reviews the history of the note, offers through Mr. Cohen, Mrs. Green $120,000 for the note. While Mrs. Green would like to have had the same amount she paid for the note, she realizes she has received principle and interest payments and decides that the $120,000 is a fair amount and accepts it, minus Mr. Cohen’s fee of $5,000 thus netting Mrs. Green $115,000.

As discussed earlier, Mr. Stefanchik mentions two types of notes. Good and bad. We now discuss bad note buying.

Bad note buying Mr. Jones has been paying on the note against his house for 6 years and is happy with the house. Mr. Jones falls on difficult times and is unable to pay a normal payment. Embarrassed, Mr. Jones does not send word of his fiscal concerns or problems with Mr. Rich and simply is unable to pay his next, second payment either. The following month, Mr. Jones is still unable to pay. The fourth month does not find Mr. Jones in any better fiscal situation. It is now four months that Mr. Jones has been unable to pay on his mortgage and by NOTE “rules”, the note not only goes into default but its face amount value culturally drops by fifty percent!

Mr. Rich calls Mr. Jones and learns that no payment plan is going to solve this dilemma and must make a decision: sue for default in a court or sell the note. In cases of notes that have been bundled by banks and sold to Ginnie Mae or her sisters, private notes that go into default are either foreclosed on by the note holder or the note is sold. Mr. Rich has other things to do and not needing to live off the proceeds of this note decides that the legal process of foreclosure is not in his best interest. In this case, Mr. Rich contacts his note broker, Mr. Cohen, and asks if Mr. Cohen now knows of any delinquent note buyers. Mr. Cohen, familiar with both good and delinquent notes, is familiar with many delinquent note buyers and, after pulling out his data lists, finds those who buy notes in the geographical area where Mr. Jones’s house is located. Of the tens of thousands of delinquent note buyers in Mr. Cohen’s database, fifty buy in Wickenburg, Az. The database shows the note buyers will pay from twenty five percent (25%) to sixty percent (60%) of the amount still owing on a house note. Mr. Cohen calls fifteen of these buyers and finds half of them on vacation and not viable buyers at this time. Of the thirty five buyers remaining, thirty are low on funds and cannot buy any more notes at this time. Of the five remaining, three have moved away thus leaving two. Mr. Cohen discusses the deal with the remaining two and one offers $60,000 and the other, $65,000 conditional to a “walk of the property” to review its condition.

No note buyer known will buy any note without walking the property. This is for a simple reason; the property can be in any condition and is being sold without insurance, also known as “as is.” The $65,000 note buyer is ready to drive from Phoenix to Wickenburg the next day and does so.

This note buyer, Mr. West, likes the property and brings a cashier’s check for $65,000 to escrow the next day. Mr. Cohen has an agreement with both Mr. Rich and Mr. West and Mr. Rich gives escrow a directive to give Mr. Cohen, at close, the amount of $5,000 for his services of finding the buyer for this note.

The following day, Mr. Cohen, Mr. West, and Mr. Rich all meet at their chosen escrow office and after the title company officer reviews the data and instructions, creates a new note for Mr. West and pays Mr. Rich his $60,000 (the agreed upon amount minus fees for Mr. Cohen) and gives Mr. Cohen his fee of $5,000. Mr. West now would likely sue for default and find a new tenant for this house or simply ask Mr. Kemper to leave the property and sell the house for approximately ($145,000 plus land appreciation of 35% or an additional 59,750) for a new value of $204,750. Mr. West has only $65,000 invested in this property!

According to Forbes magazine, there are over one trillion dollars trading hands annually in seller carry back paper. Methodology This paper’s author has queried real estate deal doers-finders. A real estate deal doer- finder is one who seeks to make a profit out of eclectic real estate transactions; empty lots, ramshackle homes, deserted commercial buildings and inefficiently run income properties. While the main populace of real estate transactions is fairly split between home sellers and commercial property sellers seeking buyers with cash [or those that can qualify for institutional cash], there is a large “mysterious” population that spends time with countless “contacts” and who seek DEALS (deal doers).

This mysterious populace’s investor/lender is not regulated (some states do limit the amount of interest that a investor or lender can demand) so the deal-finder is constantly on the search for money.

Bibliography

Edelstein, R.H.,.Uroševic, B., Wonder, N. (2005, June) Ownership dynamics of REITs Jun2005, Vol. 30 Issue 4, p447-466, 20p Journal of Real Estate Finance & Economics; Retrieved February 21, 2006, 1. Business Source Premier database. This paper studies the effects that benefits of control and moral hazard have on the evolution of large stakes in REITs. These authors have experience discussing and dealing in REITS, another form of real estate financing. They are professors of real estate. They are authoritative and thus qualified. Fisher, J. D.,.Goetzmann, W. N.(2005, September), Performance of real estate portfolios, Journal of Portfolio Management; Sep2005, Special Real Estate Issue, Vol. 32, p32-45, 14p, retrieved February 20, 2006 Business Source Premier database. The abstract indicates the article focuses on the role of portfolio choice in investment analysis. It relies heavily upon indexes for portfolio choice as well as for performance evaluation. Commercial real estate is one of the most important asset classes in institutional investment portfolios Freddie Mac is about to introduce the sales of commercial paper to the secondary market. This article and author introduce the reader to some of the inner workings of the creation Of such notes converted into securities. This professor is a leader in real estate securities research and conducts such work As Charles H. and Barbara F. Dunn professor of real estate at Indiana University in Bloomington. 2 Consulting director of research at NCREIF, and Edwin J. Beinecke professor of finance and management studies, Yale School of Management in New Haven.

He has been Director of the International Center for Finance, Yale School of Management in New Haven. The professor is qualified, applicable and focused in the commercial finance field. He has 12 cited references for his work. Darrat, A. F.,Shelor, R. M., Topuz, J. C.. (2005, November), Technical, allocative and scale efficiencies of REITs: An empirical inquiry, Journal of Business Finance & Accounting, Vol. 32 Issue 9/10, p1961-1994, 34p, 7 charts, 5 graphs, retrieved February 20, 2006, Business Source Premier database. The artilce on REITs mimics the case of commerical investing viability. This paper empirically explores various efficiency aspects of Real Estate Investment Trusts (REITs) in light of their remarkable growth in the 1990s While there are no corroborating references, the authors experiences and Prior publishing is exemplary: Department of Accounting and Finance, Southeastern Oklahoma State University Department of Economics and Finance, Louisiana Tech University, Department of Finance, Ohio University Titman, S., Tompaidis, S., Tsyplakov, S., (2005, Winter), Determinants of credit spreads in commercial mortgages, Real Estate Economics; Winter2005, Vol. 33 Issue 4, p711-738, 28p, 7 charts, retrieved February 20, 2006, Business Source Premier.

The article relates to credit within commercial lending; very applicable to this Student’s Paper as it examines the cross-sectional and time-series determinants of commercial mortgage credit spreads as well as the terms of the mortgages. Consistent with theory, our empirical evidence indicates that mortgages on property types that tend to be riskier and have greater investment flexibility exhibit higher spreads. The relationship between the loan-to-value (LTV) ratio and spreads is relatively weak, which is probably due to the endogeneity of the LTV choice.

The article’s author is a professor of business, thus the professionalism of the background. McCombs School of Business, Finance Department, University of Texas at Austin, Austin, TX 78712, McCombs School of Business, Management Science and Information Systems Department, University of Texas at Austin, Austin, TX 78712, Moore School of Business, Finance Department, University of South Carolina, Columbia, SC 29208 Dierker, M., Quan, D., Torous, W., (2005,Winte), Valuing the defeasance option in securitized commercial mortgages, Real Estate Economics; Winter2005, Vol. 33 Issue 4, p663-680, 18p, 10 charts, 2 graphs, retrieved February 20, 2006 Business Source Premier. The abstract denotes that the article’s intent is to protect the interests of investors, commercial mortgage loans pooled for the issuance of commercial mortgage-backed securities (CMBS) have restrictive covenants that discourage the borrower from refinancing. Such restrictions limit the borrower’s ability to access any accumulated equity. The predominant means of accessing this equity today is defeasance. By defeasing a loan, the borrower substitutes the commercial mortgage with U.S. Treasury or agency obligations whose payments match those of the defeased mortgage.

The professor’s teaching background qualifies him as an expert in this field. The paper is applicable as a different way to review a commercial note before it is sold as a security similar to how Freddie Mac sells its paper. The author is a professor at C.T. Bauer College of Business, University of Houston, Houston, TX 77204, School of Hotel Administration, Cornell University, Ithaca, NY 14852, The Anderson School of Management, University of California, Los Angeles, Los Angeles, CA 90095. [book reference] Jaffe, C. A.. (2001), The right way to hire financial help: A complete guide to choosing and managing brokers, financial planners, insurance agents, lawyers, tax preparers, bankers, and real estate agents, Second edition. Cambridge and London: MIT Press, The History of Home Mortgages – A “Dead Pledge”.

The reference Author Gareth Marples is a successful freelance business writer providing valuable tips and advice for consumers about home mortgages, mortgage rates and ree credit reports online. His numerous articles offer moneysaving tips and valuable insight on typically confusing topics. This article on the “History of Home Mortgages” reprinted with permission.

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