Michael's Blog

UNDERSTANDING THE FORECLOSURE PROCESS Michael B. Hamar, P.C. 520 W. 21st Street, Suite J Norfolk, Virginia 23517 (757) 622-2008    In the current housing market and sub-prime mortgage shakeout, the number of properties going into foreclosure is going to increase and will provide opportunities to ...

During my 31 years of legal practice, I have deveoped a comprehensive set of real estate investor forms and educational articles.  The following is a summary of materials available for purchase and consultation.  For information e-mail me at mike@hamarlaw.com or call (757) 622-2008.35 TITLE PROBL...

STEPS IN SHORT SALES A short sale is another twist on a subject to transaction.  However, instead of bringing the existing financing current and leaving it in place, the goal is to negotiate a discounted pay off with the lender.  A "short sale" involves four basic steps.            1.         Gai...

            WHY USE "SUBJECT TO" TRANSACTIONS?  There are a number of reasons why "subject to" real estate transactions are attractive to real estate investors and make economic sense, whether the investor's goal is to acquire rental properties or to rehab and sell fixer upper properties..  These...

I.  THE "BIG PICTURE: A.  OVERVIEW OF THE DEVELOPMENT PROCESS:              Each commercial real estate development project varies in many ways depending upon the particular type and size of the project to be developed as well as the particular zoning and engineering requirements for the project....

The following is a summary of the steps involved in processing and closing a typical residential purchase transaction by the attorney's office overseeing and coordinating the closing transaction.   1.         RECEIPT OF CONTRACT/TITLE SEARCH ORDER:   Once a fully ratified contract is received fro...

Introduction:  A possible tax deferred exchange under §1031 of the Internal Revenue Code of 1986, as amended ("IRC"), is something every seller who has not used the property to be sold as his/her principal residence for two or more of the past five years may wish to consider as a means to avoid c...

BACKGROUND: On November 7, 2006, the voters of Virginia amended the Bill of Rights set forth in the Virginia Constitution to includes, in relevant part, the following language:"This Commonwealth and its political subdivisions shall not create or recognize a legal status for relationships of unmar...

Introduction:  In addition to conventional mortgage financing approaches which generally require a significant equity contribution by the developer due to lender loan to value criteria, several tax-exempt and/or low income housing tax credit financing options exist which allow developers/investor...

On occasion, part of running a real estate investment business or in the estate planning process may involve placing assets into an entity (1) to limit one's liability, and/or (2) to provide a vehicle through which ownership interest can be gifted to children or others on a phased basis over a pe...