Avoid Foreclosure: An Option That Many Dont know about properties for sale in Kenya

Looking down the barrel of a foreclosure, if you are among one of the over 1.4 million homeowners facing this same issue, there may be a creative technique to save your home. Save your home and salvage your equity so that you can fight again. The last thing that you want to do as far as properties for sale in Kenya is concerned is to give your home back to the lender.

 

If your financial hardship has left you in a position whereby you are not able to pay your mortgage payment, whatever the reason may be, then you cannot afford to live in your home. Foreclosures are growing dilemma for many homeowners in Kenya today; foreclosures are at an all-time high. For example, Alan Greenspan made comments that the US may be heading for a recession some few years ago.

Some lenders out there have not been playing fair, and some even to the point of unethical practices. These unethical practices are a primary reason that foreclosures are at an all-time high and were not expecting it to slow down anytime soon according to most real estate experts in Kenya and other parts of the world.

On the bright side of things, you may have an option that may allow you to keep your home, even if the foreclosure process is already under way. Something that has been around for many years, and you may possibly utilize to save your home and equity. You may need to wait a year or two in order to cash out the equity on the property, but it is better than the alternative.

This option is referred to as a Lease Purchase Agreement, find a tenant to lease your home from you, with an option to purchase the home at the end to the agreed period of time; usually 12 to 24 months. You set a price for them to buy the house when the agreement is signed; this will allow you to set the price so you can save the equity and by some time to recover. 

With a tenant that has the option to buy your home you may be able to:

1) First and foremost is the avoidance of a foreclosure

2) Since renters are paying less today due to the high foreclosure rates, this may be a way to increase the monthly rent, due in light of the purchase agreement

3) A one-time payment, up-front as a non-refundable deposit, this is usually 1% - 3% of the sales price. The best part of this is that even if they decide not to buy your home, you still keep the money

4) Quickly locate a buyer for your property, most times faster than trying to sell your home in the traditional manner

5) Someone else will be paying the mortgage payment, and potentially a few millions Kenyan shillings a month more

Lease Purchase Agreements usually work well in any real estate market; these agreements referred to as a "lease option" as well. This is a very valuable strategy to keep in mind, especially during market that in a distress.

While there may be many other reasons to take advantage of a lease option, they are defiantly an excellent way to avoid foreclosure, and salvage your home from the bank. In a foreclosure, your credit will be destroyed for years to come, and the additional financial repercussions can take a tool on your personal life.

To get more informative hints and available properties in Kenya kindly visit www.kenyan-real-estate.com

Attention: Sir/Madam...Kenya Property Scam

Many people have heard of the "419" scams. The term "419" comes from the Nigerian penal code section of that designation that deals with fraud. Despite a widespread belief that the people who get taken by these scams are greedy and stupid, many are not so. Many believe they are donating to distressed individuals and/or charities. These scams have spread into Kenyan Rreal Estate as well, targeting house sellers and real estate agents.

The scam usually opens with a bait letter, assuring the recipient that the person contacting them is a) a widow whose husband left her millions that she cannot safely access due to her evil family, b) a high-ranking military official seeking to move money out of the control of their oppressive governmental regime, c) a representative of a mysterious person high up in the government, or d) a person interested in an item that the person is selling or representing.

If the target responds to the letter, the scammer usually replies with thanks and asks for personal information. Often this includes a bank account number, but this is not, as some people think, how the target is scammed. It is used as a gauge to determine if the target is likely to give money in order to pay "processing fees" or other mysterious charges. Scammers will also provide scans of documents that look legitimate. Many can be - stolen from other people or digitally altered. If called on discrepancies, the scammer will blame poor computer equipment.

In nearly all these scams, urgency and confidentiality are emphasized. The scammer doesn't want their victim to seek outside aid or take time to think things over. They are depending on the "get it now or you never will!" feeling to encourage the victim to send the money - usually through Western Union or some other money wire transfer company. Once the money is picked up, the person who sent it has no way to get it back.

An example of a real estate related scam:

You get an unsolicited email from someone claiming to be interested in your house. They will send you a large check, many thousands of dollars over the amount you are asking for the property. They then want you to refund the extra money. Or they say that there are "fees" that the seller must pay in their country. In any case, you have to send the money now, Now, NOW because the person interested in your house needs the money to a) come to America b) pay for their cancer operation or c) take their sick mother to the hospital. Sometimes, if you balk at sending a complete stranger thousands of dollars, they may threaten you with "legal action" or embroider the sob story to the point where their sick mother is suffering from cancer, AIDS, measles and ingrown toenails all at the same time.

Real estate transactions are only one of the targets of scammers. The scammer is not interested in your house; s/he only is interested in the money you can send to finance whatever spurious fees are claimed to be involved with the transaction. Don't send anyone any money or cash checks that are sent to you from an unverified institution or individual. Consult with a real estate professional for advice on how to handle offers via the Internet. Since many people use the Internet to inquire about houses, prices, etc., an email query may be legitimate. Just make sure that the person is legitimate before pursuing a financial transaction.

Get more properties for sale in Kenya on www.kenyan-real-estate.com

Are You Ready For Buying Properties in Kenya?

Have you spent years renting homes or apartments and have grown tired of paying all that rent money to someone else? If so, then it might be your time to consider purchasing a home in Kenyan Real Estate, and keeping that cash for yourself. However, you do need to ensure that you are prepared on more than one level before jumping into the equity market. There are many financial considerations to make note of before you start looking for a home. But, if you can arrange your finances into a sensible plan and secure a mortgage then this can ultimately be the most rewarding purchase you have ever made or will make. 

Finance plays a huge role in the decision to purchase your first home. This is to be expected as if you are purchasing your first home you will not likely have a few hundred thousand dollars sitting around and will have to find a mortgage of some sort. You should really make sure that you are prepared for the application for a mortgage as it will involve a thorough investigation of your past credit history. If there are any issues that you know of with your credit then you should take care of them before you apply for the mortgage. Sometimes this is a simple case of oversight, some things have been taken care of and not recorded as such, and sometimes there can be some debts that you will need to see to. Once these are taken care of, be sure to get a letter of release that you can show to the mortgage broker or company if necessary. If there are no issues with your credit then that will only make the process easier. 

There is no stronger tool in the home buying process than having all your financing in line before you start shopping. This is a great attraction for sellers as they want their homes to sell quickly and without incident or trouble in the money phase, a buyer with ready-to-go financing's offers will hold greater favor with almost any seller. If you are mindful of these things then when the time comes to make your offer, the whole affair will go much more smoothly and you will be able to dedicate your time to what is important. How to decorate your new home. 

Visit www.kenyan-real-estate.com for more Kenyan properties for sale and other interesting articles.

Are You Looking for Kenyan Real Estate Agent or Kenya property Agency?

Are You Looking for Real Estate Agent or Agency in North Cyprus? No need to search again and again. Kenyan  Real Estate is a good investment property or a welcoming place in Kenya.

Kenya Property has become a popular investment for many real estate agency investors in recent years, with the majority of buyers not being Kenyans alone but also people from different countries. Kenya has already implemented more than 80 housing projects of a high developer standard, approved by many customers. The opportunity of the Kenya provided a powerful stimulus for the Kenya property residential industry and tourism sector. Despite the fact that a large majority of Kenya opted for favors of re-consolidation. This is a landmark case and should provide a stimulus to the Kenya property market. 

Kenya property industry takes care of its customers in securing confidentiality and maintaining trustfulness. Once you choose to live in one of our luxury residences, you become an appreciated member of Kenya real estate family. Each Project receives dedicated attention from Kenyan qualified team which will make bring your new home easy.

Money back Guarantee

On the day of completion, should you not be entirely happy with your villa, apartment, bungalow, condominium etc. the Kenya real estate agencies will always be there to help you dispose it at a good returning price. Some other seller usually has the tendency of purchasing back the property at the full purchase price or more depending on your agreements.   

Get more relevant hints on www.kenyan-real-estate.com

Asset Protection for Real Estate Investors

The first 10 years of my Kenyan Real Estate investing I ran my business as a sole proprietor because I really didn't know any better. Luckily, I survived with only minimal damages, but there comes a point when it is time to assess the best legal structure to use for Kenyan  real estate investing.

If you ask 10 experts in Kenya or any other country, you are likely to get 10 different opinions. With that in mind, I'll share my opinion and experience. Remember: free advice is always worth what you pay for it.

If you are a beginning investor, it's probably best to not worry about asset protection until you actually have a few assets to protect. Why spend time and money setting up a business entity and creating tax reporting requirements unless you need to? It's like buying full coverage auto insurance on a beat--up Glitch...what's the point?

Once you have assets and something to protect, then it's time to set up your business structure. Question # 1: what is your net worth? Question # 2: do you have assets that are at risk? If the answer to either of those questions is, "Yes," then you need to take the next step.

Assuming you want to set up an entity for wholesaling properties, the most popular are an LLC (Limited Liability Corporation) or a C Corporation. There is much debate about which one is better, but I prefer the C Corporation because the first Kshs. 4.3M is taxed at 15% and you can have a kick-butt employee welfare plan to write off many expenses. With an LLC, the income is passed through. If you start making money, you'll wish you could pay only 15% on some of it! Trust me on this one.

Why is the tax issue such a big deal?

Here's a simplified example. If you make Kshs 8.7M personally you are taxed on the full amount (35%) and have Kshs. 5.6M left. Anything you buy for yourself comes from after-tax Kenya shillings. However, with a C Corporation if you could make the same Kshs 8.7M on paper, but have Kshs.4.3M in allowable expenses that you can write off. So you get taxed on that Kshs. 4.3M at 15% and only have to pay Kshs. 652,500 in taxes compared to Kshs. 3,045,000 on your personal income.

What type of expenses can you write off in a C Corporation? It depends on how your Company is structured (see your accountant/attorney for details), but you can often write off basic expenses of things like a bed or even a swimming pool. You're thinking, "No way!" Let me explain how it's done. If you have an employee welfare plan that covers your medical expenses and your doctor gives you a prescription for aqua therapy, it's possible to write off the cost of the swimming pool. Yes, it's crazy, but I don't make the laws. Another more common example is a prescription for a new bed if you have a bad back. I have a "Sleep Number" bed myself, just like Paul Harvey J.

A very wealthy man once told me "It's very hard for a C Corporation to make any money!" What he was trying to illustrate was that C Corporations can expense pretty much everything and look like there is little or no profit. You still can buy the same stuff, but you are taxed less if you structure things correctly.

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