第三种资金来源为业主融资，即通过你的能力，自己发现和说服卖家。其实抵押就是借据，通过这个借据，买方同意在一定的时间范围内偿还房价借款，说到底只是贷款买房方式的一个担保。借方提供了抵押，并将其作为抵押，而且贷方也认可了这个抵押。在这个特例中，卖方其实就是最后贷方。偶尔，新闻上刊登一些房屋广告会提到“业主负责还款”。

The buying and borrowing transactions are handled simultaneously by a closer . She will take the down payment , typically in the form of a certified check from the buyer , and the check from the lender for the amount of the mortgage . She will then take title from the seller and re-register the property in the name of the buyer . Finally , she will hand over the monetary proceeds to the seller . If the parties want to make absolutely sure of the validity of the transaction , they will close in escrow . For most transactions , such a level of detail is not necessary .

　　买借交易被一个终端同步处理。她以一种从买方获得的保护支票的方式对预付定金进行处理，用从贷方获得的保护支票处理抵押贷款的数目。接着她会处理卖方的所有权，并将其考(试大重新置于买方名下。最后，她会将货币收益划归卖方。如果买卖双方想绝对确保交易的合法性，他们需履行提存手续。对大多数交易来说，没有必要做这么细。

　　It is said that the three basics of real estate are location , location , and location . That is true , all other things being equal . It means that you should not buy in a poor location . But it is also does not mean that you should necessarily “ pay up ” for the best . Just as with stocks you can make money from an expanding multiple ,as well as from rising rents . Some of the best multiple plays are in neighborhoods where the economies and the quality of the tenants is improving . These situations are most often found in large metropolitan areas like New York City .

　　据说房地产的三个基础是地点、地点、还是地点。这话不假，一切都必须讲求对等。意思就是说你不应该买地点不好的房子。可这也并不是说你要尽可能的买最好的房子。这就如同买股票一样，股票的翻番会让你大赚一笔，租金的考(试大上涨也会带来这个效果。最好的翻倍游戏多发生在经济和房客质量提高的区域，比如说像纽约这样的大都市。

　　The best deals can be obtained from motivated sellers , sometimes colloquially as “ don’t wanters .” Such a person may have recently gotten divorced (or married , or had a new child born ) , and no longer finds the house the right size . Otherwise , they might have been transferred or lost a job and want a house with lower payments . The classic case is someone on the brink of foreclosure . some investors check court records of divorces arrearages , and upcoming bankruptcy proceedings to find such people . Others will go to banks or savings and loans and ask to see a listing of the “ real estate owned ” (i.e. repossessed real estate ) . In the latter case , the bank may be holding property that it is willing to sell for a discount , because a down payment and part of the mortgage have been paid , rather than holding and managing the real estate .

　　最划算的交易也可以被焦急的卖方接受，即口语所谓的“大出血”卖主。他们可能刚刚离婚（或是结婚或是有了孩子），房子的大小已经不太合适；抑或搬家、失业，急需一套还款较低的房子。一个经典案例就是，某人止赎期满，一些投资者对其离婚欠款的法院纪录进行核对，并发现其破产诉讼即将到来。如此一来，投资者们会去银行或者储贷协会要一份其所属的房产清单。在后面这个例子中，银行可能会持有房产并希望对其打折拍卖，因为与其持有和经营房产，不如将其拍卖以偿还预付定金和部分抵押贷款。

The real secret is to buy only in situations in which debt servicing costs are less than rental income minus expenses . Investors most often get into trouble in negative cash flow situations . A bankruptcy in real estate terms is known as a foreclosure . This is when the bank or other lender takes possession of the building because the buyer can’t meet payments for a period of time . Foreclosures are the closest thing to personal bankruptcy , and stay on a person’s credit record for seven years . (bankruptcy stays for ten .) A more amicable situation is one in which the owner hands title (as symbolized by the keys and deed ) to the property to the lender in lieu of foreclosure , but this also involves a seven-year record . One or more missed payments followed by a catch-up will not lead to foreclosure , but this information does damage a credit record for some years .

　　房地产的秘密就在于只有在这种情况下才可以购房，即债务偿还开销要低于扣除份额中日常开销之后的租金收入。投资者很容易陷入负向现金流动的困境之中。止赎是房地产破产中的著名条款。此即由于买方考试&大一定时期内负担不起还款，该房产便收归银行或其他贷方所有了。止赎权与个人破产的信用记录保留期限最为接近，要保留7年（破产为10年）。一个更为和睦的处境就是所有者将财产所有权（以钥匙和契约表征）交与贷方从而避免破产，可这也要在信用记录中保留7年。一个或多个忘还的款项随后补交之后虽然不会导致止赎，可却会在信用记录中保留多年。

　　To buy in a turnaround , the most promising situation is one in which the neighborhood and properties are already being improved by the current owners . It is good sign if developers are moving in . (But this is smart money . ) The largest profits are made just before the developer stage , when individuals are fixing up the property . The quality of the people is even more important than the quality of the buildings . A blue-collar neighborhood with stable incomes and families may be a better bet than one inhabited by young singles who move out every few years . Seattle , Washington , was a case in point when the aerospace industry laid off people .