Frequently Asked Questions...
Are you like a P.I.? Tell me what you think of this . . .?
The original warranty deed has a misspelled last name on it and a bogus address--Granite Bay, Alaska (no such place). Three years later, the warranty deed is corrected with the right name and an address in Orlando Florida where the man has lived for 20 years. So, why would he have given the wrong address with a misspelled name three years before. This was a piece of property from a guardian (probate). Two months after correcting the deed, the man sold the property for almost $100,000 more than he paid for it. Does this sound "irregular" to you? What might it mean?
Answer:
What part? First, you would be amazed at the number of deeds that are recorded with errors. It's absolutely astonishing, I'm a big advocate of attorney's preparing deeds, but most times, the paralegals complete them and the attorney just signs what needs to be signed. Then to make matters even more interesting, there are states where people can complete their own deeds, can you imagine the amount of mistakes that are made? The warranty deed was probably recorded as the mistake was made and corrected. Did you look at the new warranty deed, did it mention anything about a correction? If so, there's your answer, deeds and mortgages can be re-recorded to correct errors. As far as the sale, think about it, 20 years in a home in orlando fl and he made 100k, do it doesn't sound irregular. Fl property is pricey, and home values skyrocketed during the housing bubble, he might have seen the writing on the wall and got out when he could
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Short Sale vs Deed in Lieu. Orlando FL Short Sale Expert
Investment Price And Profits Are Not The Only Attractions For a Chinese Property Vulture
Riding in the back of a taxi from Beijing Airport, Chinese real estate investor Yin Guohua said he would be back in the US soon, and next time he would buy a house. Like 22 other Chinese investors, Yin had just taken part in a real estate "bargain hunting" trip to five US cities.
The trip attracted a massive amount of media attention.
The Chinese investment group had decided to stop talking to the media. Too much media exposure had already disturbed their privacy, leading half the group to abandon the trip and go home early. Real estate investors – and Chinese real estate investors in particular – tend to eschew being treated like movie stars.
Because of this factor, most if not all Chinese real estate investors are now purchasing homes in the US sight unseen. The fact that the prices of homes are so low, around $100,000, and their monies being secured by a Title company before finalizing the purchase of the property; this has provided the Chinese the confidence in purchasing sight unseen.
Many of these Chinese investors are seeking the professional assistance of Investment Property Vultures based out of Orlando, Florida. They are one of the experts in the business who specializes in bringing exactly these illusive property deals to the Chinese buyers. Mainly they offer foreclosures and distressed properties but also, government owned properties. Investors anywhere in Asia including China, Hong Kong, and Singapore can contact them via their website www.investmentpropertvultures.com or email them at info@investmentpropertyvultures.com.
The US real estate market is a real bargain for most wealthy Chinese. In Beijing or Shanghai, the average price for a condo is US$330 per square foot, with a 70-year lease. Yet in the best school district of Orlando, Florida, a new single-family house is US$100 per square foot, and the land is owned rather than leased. Unlike in China, the property is yours forever.
Add to this the fact that over the past 20 years, Chinese individuals have been accumulating personal wealth at a rapid pace.
According to Ma Weihua, CEO of Zhao-shang Bank, one of China's biggest private banks, China has over 30 million people with investible assets in excess of US$1.2 million. It is little surprise, therefore, that Chinese real estate investors do not care very much about the tightened lending policies at US banks, because most of them don't need a mortgage to buy a US$100,000 property.
Getting a return on the capital is important but it is not the only goal for a Chinese investor. Chinese investors can generate returns of over 100% per year on investments they make at home; this is rare in the US market.
The social infrastructure of the US is also a factor that has attracted Chinese investors: America has the best universities in the world and investments in the country hold their value well. Most Chinese invest in US real estate not for themselves, but for their kids and their family.
The legal framework is also an attraction in drawing Chinese investors to the US. In America, all real estate ownership documents, such as deed transfers, are public documents. So anyone can easily find out the owners of a real estate property by checking the records in a county court house.
In summary, the US real estate market has been sluggish but price is not the only reason why Chinese investors are interested in buying there.
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