3 Things To Know About Renting Out Your Home

If you're looking to buy a second home, you might think it's a good idea to rent out your current residence. And, in fact, becoming a landlord can be a great money-maker. Even if you don't gain income from the rent, your property will be building equity over time. However, there are some things you should know about renting out your home, such as:

YOU'LL HAVE TO PAY FOR REPAIRS

Maintenance, repairs, remodeling and other basic home costs will have to be paid by you, not the renter. And, unfortunately, not all renters are respectful of the property. One wrong renter could end up costing you thousands in damages. Be sure to carefully screen renter applications before choosing a tenant for your home, especially if the house has sentimental value to you.

YOU'LL HAVE TO BE AVAILABLE

Unless you hire a property management company--which typically costs about 10% of the monthly rent--you'll have to be readily available whenever the tenant calls with problems or issues. If the water heater breaks, a pipe starts to leak or a window gets broken, it will be your responsibility to inspect the situation and repair it. If you plan on being a "hands on" landlord, it's probably best that you live reasonably close--within driving distance--of your rental property.

YOU'LL HAVE TO BE FINANCIALLY SAVVY

Being a landlord requires a lot more than just collecting the monthly rent check. There are tax issues related to rental properties--both advantages and disadvantages--that you should know. Moreover, there will be financial issues when you sell the property. And many landlords find it smart to run a credit check on tenants, so you'll need to know the basics of obtaining and reading a credit report. Here is a list of recommended Mortgage Lenders online. It's important to use a reputable lender online to make sure your personal information is secure.

There are a lot of advantages to renting out your home--the property gains equity while, essentially, someone else pays your mortgage. And you don't have to feel rushed to sell, especially in slow housing markets. But before you decide to become a landlord, make sure you carefully research both the pros and cons.

ABC Loan Guide, a website with informative loan information, has more about Residential Real Estate Loans. Also, view our suggested lenders if you're interested in funding investment properties with 100 Percent Financing.

Fast Home Selling

This is a fast world, where everyone is on the move and wants to do everything quickly. People want fast food, fast travel and even to sell houses quickly.

The first thing that has to be done to quicken the sales process is to get the property appraised from a certified appraiser. This is to make sure that you quote the right price when making quotes on the house. Giving the right quote greatly enhances the sales proceedings. Offering incentives also help shorten the sales cycle. But if you do turn to this to hasten the sale proceeds, there is a probability that the buyer will get the hint that you are desperate to sell, and may then try to get you to accept a bargain-basement price. However, if you do add premiums, the house sale process can be speeded up. You could offer a higher commission to your real estate agent for a speedy sale, or perhaps offer some show tickets, a meal at a fine restaurant or some other perk if the property gets sold quickly. There are also those “cash for homes” ads that you find on matchbook covers and late-night TV. Houses sold this way are sold quickly, but they are usually heavily discounted.

Making the house accessible at all times greatly enhances the speed of home selling. This means that the house should be always ready to be shown, thus saving on time. There are many agents who are not willing to show a house that takes 24 hours to get into. You can attract more buyers to your home with a few low-cost cosmetic steps like cutting the grass, painting drab walls, cleaning up the outside of the house and clearing up any clutter there is inside the house. It is advisable to do this, as most people like buying homes that appear clean, solid and well maintained. You could consider hiring a good real estate lawyer to represent you in the sales proceedings to save time in legal procedures. This may be an added expenditure, but in the long run, it is you who stands to gain.
Home Selling provides detailed information on Home Selling, Home Selling Tips, Home Selling Assistance, Fast Home Selling and more. Home Selling is affiliated with Home Buying Tips.

How to Find Cheap Homes for Sale by Owner

If you want to buy a home and also save money, you’re going to want to buy a house for sale by owner. Sellers who want to save on their brokerage fees put their homes on the market by themselves. This gives the seller and the buyer the advantage.

To buy cheap homes for sale by owner, you can compare prices in the neighborhood to make sure a house is not overpriced. Firms that help you compare rates usually don’t charge you for the service, so there is no risk in doing a little research.

When buying a home, you first need to question an owner’s asking price. Find out how they arrived at the final number. You can request copies of comparable sales or a copy of the appraisal.

Now that you’ve inquired about the price, ask specific questions about the property. Why is the home being sold? How long as the home been on the market? Are there defects, problems, or nuances regarding the house that you should be aware of? In most states, sellers are obliged to fill out a “transfer closure statement,” which states the condition of the property. A good seller should clearly answer your questions because sooner or later, the buyer will discover any home improvement issues. If you are informed about various quirks or drawbacks of the house, ask for a lower price – after all, you may want to fix these problems, which will cost time and money.

A home inspector can tell you even more, as he or she will be objective and skilled at analyzing the property. If you receive a less than desired report, you can again, ask for a lower price.

Now that you have your facts straight, make an offer that is based on comparable prices in the area, not on the listing price. For sale by owner is the usual way to buy a home at a low cost. Make sure the owner is willing to cooperate with you and negotiate a price.
Hannah Roberts has an interest in Shopping & Retail related topics. To access more information on for sale by owner or on homes for sale by owner, please click on the links.

Selling Your Home? Consider an Auction

It’s a pity that very few people consider auctioning a house as a viable selling option. This may be because many believe that auctions are only done at Christie’s for small works of art, or done by banks to get rid of their repossessed properties. The latter reason may also be the most compelling reason why home owners would rather not put their house on public auction, and choose to just wait it out.

Unfortunately, waiting for the right time to sell a house or the right person to come along and purchase the house will not be beneficial to your property’s existing market value. Remember that the longer your house stays on the market, the older and the more new competition it gets. Although the land the house rests on may increase in value, the physical structure itself, devalues. In addition, you may be paying extra on taxes and maintenance, expenses that you can do without.

If there is an existing real estate demand or the property rates are high, why not grab the opportunity and put up your unit for an auction. It’s a quick and effective way of selling a property at a short period of time and what makes it different is that you won’t have to accept low offers. When your property is auctioned; you will most likely get maximum returns. Auctions also reduce haggling and negotiations as the buyers are to abide by the terms and conditions (including payment terms and deadlines) the seller sets.

Auctions are usually done in a function room of a realtor’s office. The official valuator will determine the true value of the property and bidding starts from there. By pitting several interested buyers together in one venue, the buyers will know how much they are up against and can easily outbid each other until a buyer offers to buy the property at a price no one would want to match.

Even if your property is up for auction, you are not limited to accepting the bids offered at the auction itself. You may entertain other offers to purchase and, in case the winning bid is lower than an external offer to purchase, you can put the property on hold (or set is aside) until you’ve decided to whom you’d want to sell your home to.

To know more about auctions, their procedures and your responsibility as a seller, it is best that you request a real estate agent to discuss these with you thoroughly.

FSBO - Ensure that the Price is Right

A lot of home sellers, particularly those who opt to sell their property without the aid of real estate agents, make the mistake of setting the sale price too high. Home sellers do this because of two probable reasons: they expect home buyers to negotiate and offer to purchase the unit at a lower price; or they simply want to earn more.

It is very important that you set the right price for your property. If you put a very high price tag, your house would take longer to sell. If you decide to reduce the value to what it really is worth, by the time you do it, the excitement of potential home buyers would have waned. In addition, buyers who once looked at your property will think, once they get wind of the price reduction that you are getting desperate and are eager to sell.

In case you find a buyer who is willing to purchase your property at your initial asking price, don’t get your hopes up just yet. Most likely, the buyer will get a mortgage (as very few people can pay for homes in cash) and lenders often require that the property in question be appraised. If the figures gathered by the independent appraiser show a significant discrepancy with your asking purchase price, the financing company may refuse to go on with the sale. When this happens, you will be forced to drop your price and renegotiate with the buyer (if he is willing to enter into a renegotiation with you). Else, you will find your house back in the market once again.

It really pays to set the right price for your home. Naturally, since it is your property, to you it is priceless. If you’re selling your home, you have to stop thinking of it as your home and start seeing the property as just a house. If you do not know how value it, request a valuator or appraiser to visit your property and to help you draw up the right amount. The valuator will take several things into consideration when pricing your home, and these include the age and condition of the house, and the area where it is located, among others. Securing professional services may entail an additional cost, but knowing that the price stated is indicative of all the similar properties in the vicinity and that you have a higher chance of getting what your home is really worth, makes the additional expense all worth it.

For Sale by Owner - Marketing Your House for Sale

You’ve decided that the house you are presently occupying no longer suits the needs of you and your family and, after careful deliberation, have opted to put it up for sale, the proceeds of which you will use to purchase a new unit. Since you’re now ready to sell, you must know how you can properly market the house in order to attract the attention of as much potential buyers as possible.

The cheapest and easiest way you can announce to all and sundry that you are selling your house is to put a big “FOR SALE” sign in front of the property. Unfortunately, you are only likely to attract the attention of your neighbours or travellers who are simply passing through the area. Another relatively cost-effective way of marketing your property is by placing attractive posters on community bulletin boards (in church, the supermarket), where foot traffic is high.

If you want to reach a wider market, you can place an advertisement in the classified ads. Placing an ad is not very expensive but you may have to limit the number of words or characters. If you plan to place an ad in the classifieds, make sure that you are familiar with the real estate lingo and abbreviations, and it is advised that you put several short ads over an extended period of time rather than place one long advertisement once. An alternative is to place an advertisement in real estate related publications and magazines.

To reach a bigger market, you can place an advertisement on the internet. Being visible on the World Wide Web is no longer as costly as it was before. If you do your homework well, you would be able to find sites that offer very competitive rates and prices. Compare services first so you can get the most out of your money.

In addition to these marketing strategies, it also helps if you prepare brochures or flyers showing a photo of your property and listing down main points of interest (of the house and the community / neighbourhood). What’s good about brochures is that they are very handy. You can place a brochure holder in front of your home (by your For Sale sign or beside your mailbox), you can bring several copies with you to the office and distribute it to your colleagues, you can even ask your friends and relatives to help out by handing over a stack and requesting them to give it out to their friends. These brochures will also come in handy when you host open house events. Potential home buyers can just grab a copy and compare your home’s features with the other properties they are contemplating on buying.

There are several other ways by which you can effectively, cost efficiently and creatively market your home. You just have to think out of the box. Make sure, however, that your marketing activities will not bother or annoy other people.

Sell a House in the First 60 Seconds

Selling your house is all about creating the right impression instantly. This first impression will overide any little faults found later down the line. The first impression has a remarkable affect on the brain of the buyer. It says to a buyer " I want to to live here!"

Property buyers will have already formed an impression before they step into your property. A well-kept garden, pathway and fence, plus a freshly painted front door are immediately appealing, whereas a scruffy outdoor space with a litter bin outside the front door may turn many prospective buyers away.

De-clutter - don't underestimate the appeal of a tidy property. Throw out the junk - use moving as a good excuse to get rid of old, unwanted and unused items. Clean - dust and clean the whole house thoroughly, from cobwebs on the ceiling to crumbs and stains on carpets and rugs. Remember to wash down paintwork and clean windows.

Natural Colours - research shows that, most buyers prefer natural, earthy colours to bright, bold shades. Although there is a wide range of paint colours available, magnolia is still the top-selling colour.

Add a bit of colour - to prevent rooms looking too bland, use strong colours for accent walls or cushions and accessories.

De-personalise - remove personal items, such as family photographs and children's drawings, which may distract potential buyers.It may sound harsh but it really helps sell property

Maintenance – Complete all minor repairs.

Major Jobs- If you don’t spend out on home improvements to complete major repairs it could have a disproportionate affect on the value of the property.

Lighting - the right lighting can improve the mood of a room. A room looks cosier with a few table lamps rather than bright general lighting.

Create a scent - it may be a bit of a cliché to bake bread or grind coffee beans just before the arrival of a potential buyer, but scent does plays an important role in creating the right impression.

Open windows - most buyers like the smell of a freshly cleaned and aired room. Open the windows every day to let fresh air into the house.

Avoid strong food odours - don't cook foods such as fish or curry before a viewing as the smell will linger.

Take pets out - ask friends or family to look after pets during viewings. Fresh flowers and fruit - flowers and a bowl of fruit will brighten up a room and provide a pleasant smell.

Define your rooms - a property will be more appealing if rooms have a specific purpose and this allows buyers to see the full potential of the property.

Seasons - the best time for selling property is spring and autumn; the market slows down during late summer and over Christmas/New Year. If a property is sold while the market is buoyant, it's much more likely to attract the asking price.

Preparing to meet buyers.

Making a useful list of costs - Put yourself in the buyer's position and think about what questions they are likely to ask then compile a useful list of costs associated with running your house. In the UK council tax bills vary from property to property so having the costs at hand is really useful for buyers. Utilities bills, insurance, maintenance costs may also be useful information. You can use the list as an aide during the viewing and as a helpful piece of information to give to your prospective buyer when they leave.

Keep your property description details - Keep copies to hand of your property description details. Some buyers may have forgotten to bring them along. Be prepared to answer questions relating to what is written on your property details. Know how old your boiler is, how long ago that flat roof was replaced. If you’ve had electrical or plumbing work its good to know what was done, but remember don’t stretch the truth this may return and bite you when you least expect it.

Know the positive and negatives- Every house has positive and negative points, know them and be ready to expand about them

Your attitude - Treat each person who views your property as a potential buyer. You may have to negotiate with them at a later stage. Your aim will be to create a good working relationship you will need to be friendly but not too friendly, a detached informative attitude is ideal. This also helps give your buyer the feeling that you are not desperate to sell your house. It’s a fine line so be careful you don’t appear disinterested. Avoid putting any pressure on the buyer by asking them too many questions at this early stage. Hard sells do not work with major purchases like a property and will only serve to put your buyers off. Take your time and try to feel relaxed. If you feel rushed and tense so will your buyer. Good time management is essential before you allow in potential buyers.

Now you are prepared to sell your home so will the buyer be prepared to buy your home

Copyright 2006 Nicholas Marr
Nicholas Marr is the CEO to his own property marketing company at Marr International Ltd. His company is responsible for one of the fastest grwing property web sites at http://www.homesgofast.com

Home Stagers - Can they Help You Sell Your Home for More Money?

Consumer Statistics

U.S. Housing and Urban Development reports that a "Staged" house sells, on average, for 17% more than a house that is not staged. According to a report by the Christian Science Monitor, March 2006, staged homes sell for 7.4 percent more and in half the time. Whichever statistic you agree with, it's obvious that staging your home for sale can make you more money.

Home Staging

Although it's not a new concept, staging your home is an important part of getting it sold--and for top dollar. Traditionally, homeowners themselves have been responsible for making their homes presentable for showing, but with homes costing more and competition getting stiffer as the real estate market softens, that trend is changing.

If you're hoping to get a quick sale and a good price for your home, especially if it's in a premium area, you may want to consider hiring a home stager to help. They're knowledgeable at preparing houses for resale and can provide expert advice on the things that will help you accomplish your goals. A home stager will generally help eliminate excess clutter, arrange furniture attractively and efficiently, and offer suggestions on curb appeal, since enticing buyers into your home is the first step toward getting it sold.

Traditional wisdom says that buyers make up their mind about a home within the first ten seconds after stepping through the front door, but even that figure may be a bit optimistic. Most of the time, buyers form an impression, positive or negative, the moment they pull up to the curb or into your driveway. That leaves very little room for error.

Home Stagers

To locate a home stager, check your phone book, ask for referrals from friends and neighbors, or check with a real estate company. For expensive homes, some companies will even bring in a home stager as part of their service to their sellers.

To decide if a home stager's services will be cost effective for you, ask for an estimate. Most will visit your home and give you one free, and it's usually a quick process. Then, unless something unusual and unforeseen is encountered, their estimate will be relatively accurate. As with any service, it's worthwhile to get several estimates, because they may vary considerably. Some will give you a flat rate, while others estimate jobs by the hour. Ask how fees are determined and when payment is expected. The higher your home's asking price, the more you can generally expect to pay for a home stager's services.

In some cases, home stagers will even rent furniture to make your rooms more attractive, but your home will normally have to be in a fairly high price range before that type of service will be cost effective. However, the growing popularity of home stagers suggests that their services are generally worthwhile, both in quicker sales and higher sales prices.

Copyright © 2006 Jeanette J. Fisher

Jeanette Fisher, author of interior design, real estate investing, and home staging books teaches home sellers five ways to get more money from their home sale. Get your home ready to sell. Use interior design psychology strategies for home staging and, as Emeril says: "Kick it up a notch!" Home Staging Articles Home Staging Articles FREE Home Staging Information http://homestaging.us

Google Base and Real Estate Listings - Ignored by Real Estate Agents?

Google has expanded again, this time moving into the world of real estate--or at least real estate listing services. Their website, called Google Base, launched in November 2005, and lists properties for sale, which can be uploaded free. Home buyers can narrow their search by typing in particular areas, such as "San Francisco real estate."

Although the information isn't nearly as complete as the typical MLS listing, the new Google service allows buyers the opportunity to search with more anonymity than most similar sites. Before Google Base, viewers were generally asked to reveal personal information before they were given a chance to look at properties, and that information was then used as leads for agents.

It's a free advertising vehicle for agents, similar to Realtor.com, but doesn't offer nearly the choices of the actual MLS. However, the site has been up and running for less than a year, so it's yet to be determined what the site will eventually look like, in terms of the number of properties and the site’s overall features. For instance, buyers can currently narrow their search by ZIP Code or county, but it's not yet possible to search specific neighborhoods within a target area.

Perhaps the biggest change is that buyers can search for real estate listings through Google itself, rather than having to go onto the World Wide Web for information. The basic concept is similar to craigslist--the popular site that allows people to buy and sell goods and services nationwide.

At the moment, only properties that have been uploaded by agents appear on Google Base, but time will tell if Google will expand the information to include properties that have been "spidered" from World Wide Web listings on other sites. There will likely be a considerable amount of debate as to whether information that's traditionally been held solely by the MLS will ultimately become accessible to all home buyers. If the trend toward open access continues, it's possible that home buyers will gain access to what has previously been available only to real estate agents.

Eventually, the MLS may finding itself needing to enter into some sort of partnership agreement with Google Base, that is, unless they decide to team up with one of the other two search engine giants, Yahoo or MSN. Only time will tell how this latest Google venture will play out, but as always, it will be consumer demand that dictates the final outcome.

It seems as though real estate agents haven't taken to Google Base in all areas. In a search for Lake Elsinore, California, few of the listings available on MLS came up on Google Base. Interestingly, Trulia.com uses the Google Base map and more properties came up listed on Trulia.

Copyright © 2006 Jeanette J. Fisher

Jeanette Fisher teaches real estate investing, home staging, and interior design. Free real estate investing information and investors resources at http://doghousetodollhouse.com Real Estate Blog

Tips On Hiring a Real Estate Agent And Using The Multiple Listing Service

MLS stands for Multiple Listing Service. You can do a search for MLS.

The MLS is a database - an extremely convenient way to know what properties are for sale at any given moment. This makes it very useful to real estate agents and brokers.

Basically, the MLS is like a huge property warehouse. When a property is available for sale, it enters the warehouse. When it is sold, it leaves the warehouse.

The MLS only contains information since real estate cannot actually be stored in a warehouse. This information comes from the various brokers that exist in the scope of an MLS.

Why the MLS works for home buyers

First of all MLS is very convenient. Buyers can browse through the available properties listed on an MLS.

Using the MLS also does not cost anything. It is a free service that is sponsored by the Realtors advertising their available properties.

Many Options

On the MLS, a buyer is not limited to choosing among a few available properties. Usually, the MLS makes available many available properties that are for sale.

In the olden days, when information was limited, a buyer would only be able to visit a few homes per day. He or she would also need to communicate with the agent for details and such.

With MLS, the buyer can start browsing from the comfort of his or her home. Details regarding the property are also listed there.

Aside from the written details, MLS usually provides pictures of the property. Other advanced MLS implementations even have other surveying tools that help buyers come to decisions regarding their desired property.

Fitting the Bill

MLS also helps the buyer by narrowing down choices to those that fit the buyer’s desires. The buyer supplies information on his or her desired property to the MLS site. This information includes desired area, size of property, age, location, and others. The buyer is then given a set of houses that fit that description.

Communication

MLS also makes it easier for the buyer to contact the realtor. Details the realtor are listed along with the property to allow straightforward communication between buyer and realtor. For the buyer, this can only mean good things – more choices, better decisions.

Pointers in Hiring an Effective Real Estate Agent

Buying or selling a house is a thrilling experience. But connected to this is a stressing and overwhelming job. This calls for a good real estate agent. But what do we need to know about hiring an effective real estate agent.

Verifying the real estate agent’s license is very helpful. It pays to be very cautious because this involves the property! This includes his state license in selling a property. Added to this is a doing a short background check on the agent. Ask for the previous estates he sold or acquired for a client. Knowing the training and seminars he’d attended would also give the client a grasp on the abilities of the agent he would be hiring.

Develop a good chemistry with your agent. With the agent knowing what the buyer or seller wants he knows where to start and what to consider. The agent should be able to tell his client the true worth of his property because it is really what is worth and not because he just wanted to lure the client in doing business with him. Meeting up with the agent once in a while so they could keep their clients updated about the property.

In selling a house, the agent acts as the adviser. He gives the owner advice like the asking price of the property and acts as mediator between the buyer and the owner. And in buying a house, the agent acts as the researcher. He also does the leg work and sorting through which properties best suits the need of his client.

The agent should also show an excellent knowledge about the market. This works well for the client because the agent would be able to give the buyer considerable rates especially if he has sold many estates within the area. And in the case of a seller, the agent could offer them a great deal of asking price for the property.

It is also important for the agent to have plans. Find out what the agent plans on how to sell the property or in a buyer’s case, see how he plans to help the client in acquiring a new property. Ask him what he plans on doing like will he put up ads for the property (if the client is selling) or would devise house visits on prospective estates (if the client is buying).

Hiring a good agent is easy if the client knows what to look for. Take these easy steps, ask for his credentials, establish a rapport and work with him in doing marketing plans for the property. Surely, the buying or selling an estate would come out as a satisfying experience!

Paul Bittle is the owner of Bits N Wits an information web site. Search the web, our directories, free courses, plus add your article or URL link for free.

Real Estate Negotiation - Seller Motivation

One of the most important principles of real estate negotiation is to learn why the seller is selling. More than that though, you want to try to learn the seller's motivations for every aspect of the process. In other words, learn not just why he wants to sell, but also why he wants to sell a particular way, why he wants the price he is asking, what's important to him when making decisions, and more.

Watch for personal motivators, too. Is the seller more motivated by what she reads or by what she hears? Is she more motivated by the promise of a fast sale, or a high price? Listen for clues.

A seller who continually says, "I see" is probably more visually oriented and motivated. You want to show such a seller the advantages of your offer. Don't just explain the offer, but point out on paper why it can work for you both.

Statements like "I just don't want any problems," or "I just want to be done with this" indicate she is more motivated to avoid stress than by positive goals. In this case, you would want to make the process as easy as you can for the seller. You might also suggest that this is her chance to "be done" with selling.

Early in your real estate negotiations, gather any information you can on the seller's motivations, then decide how to use this information. For example, I have a friend who likes to see himself as a shrewd negotiator. Letting him "win" a lot of small concessions is a sure way to get what you need most. Use a seller's own motivators, and even their own words. If they say "I understand" a lot, then start a statement with "I think you understand why..."

It is even easier to use the specific motivations involved. If you learn that a buyer of your house wants to be able to tell his friends what a great price he got, push hard on every other area. Get the terms you want, have him pay all the closing costs, etc. Take the attitude that if he'll give you what you want, he'll get what he wants.

A little more sophistication is called for most of the time, of course. You can't just say "Oh, you want that? Then give me this." Negotiate hard in all areas, but let him "win" the concessions he wants from you, and downplay what you have won. You'll both be happier in the end. There are many important principles involved in real estate negotiation, but you can't go wrong starting with an understanding of a seller's motivations.

Steve Gillman has invested in real estate for years. To learn more about real estate negotiation, and get a free real estate investing course, and see a photo of a beautiful house he and his wife bought for $17,500, visit http://www.HousesUnderFiftyThousand.com

4 Fengshui Ways for an Unforgettable Door Appeal

Sell homes with Fengshui door appeal. Or, you could be missing potential sales and profit. The front door is the mouth of the chi. A handsome door brings good health, wealth, and longevity. Although houses come with many door, there is just one door which is use more often. Fengshui encourages the use of the front or main door. Passing the front door, you are leaving the outside world. Once you are inside, you can see the true color or personality of the home owner.

Positive Energy Flow

Without any clutter in front or back of the door, the positive flow can easily go inside. You may also check for obstruction on the door path. Door should smoothly open and close.

Make the Guardian happy

The guests must be able to clearly distinguish the front door. With a properly placed light, the front door tells the direction to go. Think of light as a guardian. And, remember to replace used up light bulbs. Or, it will ruin the positive energy. Consequently, it may lead to financial loss and illness.

Color Personality

The color of the door tells something about the home owner. A red door symbolizes fame and fortune. Although Fengshui recommends a red door, many doors come in a variety of colors. Yellow says friendly and cheerful home owner. And, blue says introvert and quiet home owner. Lastly, the green is simply the color of life.

Size Matters

The size of the door must conform to the size of the house. An extra large door leads to financial difficulty, while an extra small door leads to petty arguments. Additionally, the doorframes are the poles that support the family. A sturdy and straight poles increase the potential fortune.

Dennis Estrada is a webmaster of mortgage calculators website which calculate the monthly payment, bi-weekly payment, affordability, refinance, annual percentage rate, discount points, and more.

Home Staging - Dealing With Sensitvie Situations

What do you do if you are a real estate professional and you have just walked into a home you know can sell for more money with just a few simple changes?

Selling a home often takes the homeowner through several emotional stages. Leaving the place they have called home and love exactly the way it is can be difficult for many people. The last thing your client wants to hear is that their home isn't "good enough."

When making common sense -everyone should know- suggestions you often walk a fine line of being insulting or helpful. You don't want to risk a losing a potential new listing by trying to help your client face the facts. This is where a home staging expert can help! Teaming-up with a knowledgeable professional will increase your bottom line and will help you obtain new listings.

When working with a staging pro, let them do the dirty work for you.

Examples:
Make the beds everyday.
Remove the dated wallpaper.
Wash the windows and walls.
Do the dishes and clean daily.
Remove family photos...etc.
Neutralize and de-clutter.

Not only will the blame be squarely on the home stager if the property doesn't sell in two minutes, but you will remain the real estate professional they have hired.

Remember that you will want to work with a staging professional you get along with. They will be your second-string, so to speak. You want to work with only someone that will compliment you and reaffirm your clients choice to work with you!

Consider paying for the staging service yourself. You can offer this service as a signing gift and deduct it from your taxes. Either way, it is a win-win for the busy real estate agent. You will never have to worry about dealing with a sensitive situation again!

Julie Rieman is an accomplished instructor in the arts faux painting and interior redesign. She offers two and four day classroom or online interior redesign training. If you live in the Twin Cities area, you can invite Julie into your home for a personalized consultation.

For more information about any of her decorating services and training opportunities please visit: http://www.allaboutredesign.com and http://www.allaboutwalls.net

House Values

How Much is Your House Worth?

Yesterday Zillow announced the launch of their real estate information site, offering free valuations on more than 60 million homes across the United States. You can see the estimated value of your house, your neighbor's house, or just about any other home in the country -- whether it's for sale or not. That's cool. Just enter an address, and you can view not only the valuation, but all of the info below for every home in the neighborhood:


Number of bedrooms, bathrooms, square footage, lot size, stories and year built.
Historical value changes, charted over the past year, five years or ten years.
All comparable home sales in an area.
Satellite, aerial and parcel views (if available)

Best of all, Zillow.com is free, and does not require you to register, subscribe, login or enter any personal information. That's VERY cool. Zillow CEO Rich Barton sums up his philosophy like this: "We believe you shouldn't need a computer science degree or a real estate license to find out what a home is worth. That's why we created Zestimate values, providing free and instant valuations for millions of homes in America."

For the true information addicts, Zillow's estimated values are updated daily, so you can track the value of your investment. This gives both buyers and sellers an real-time view of the local housing market.

How Will Remodeling Affect Your House Value? The Zestimator tool allows you to play "What If?" scenarios, to estimate the impact of adding a room, finishing the basement, or remodeling the kitchen. Plug in your changes, and Zillow re-calculates the new value for your home based on local remodel and depreciation data.

There are many factors that Zillow may not be able to take into consideration when estimating the value of a home, so it's still a good idea to hire a professional appraiser to evaluate a property, if you're serious about buying or selling. But do try Zillow to get an estimate of the market value of your home, a neighbor's home, or a home in a neighborhood where you might be considering a purchase. It's also a great tool if you're curious about what a neighbor's house sold for.
Reprinted from: http://www.askbobrankin.com/house_values.html
BOB RANKIN... is a tech writer and computer programmer who enjoys exploring the Internet and sharing the fruit of his experience with others. His work has appeared in ComputerWorld, NetGuide, and NY Newsday. Bob is publisher of the Internet TOURBUS newsletter, author of several computer books, and creator of the http://LowfatLinux.com website. Visit Bob Rankin's website for more helpful articles and free tech support.

Homes for Sale in Massachusetts

In your search, for a home Boston is a place you can find a home that will fit your family, your income and your every need. Boston, Mass was founded on September 17, 1630 by the Puritans. It was first known as Trimountaine, but then the settlers changed the name to Boston, England and then after the Revolutionary war, it was known as Boston, Mass. Boston is well known for the Boston Tea Party and by other events that happened in the war with England and the historical sites are available for your to see when you have the time.

Many tourists will visit Boston to see many of these things. Massachusetts a great place to live because you will become part of the culture and history of the area. Massachusetts has some of the most famous happenings and is the center of the war. There are a lot of artifacts from the War that still exist in Massachusetts and all the culture makes Massachusetts (Boston in particular) interesting and alive. You can experience the culture in the homes that are found through out Boston, in the architecture and in the streets, even in the bars and clubs surrounding the area.

In the area, you will find mostly Catholics, but there are still great amounts of Irish in the area. However, Massachusetts has a great diversity that makes Massachusetts great. Although you can see the Irish trademark (pubs) all over the state and especially in Boston, you can find other ethnic cultures in the area. As you are probably aware, Boston is the home of the Kennedy’s. John F. Kennedy was raised in Massachusetts and was a prominent politic figure in the state, but that is evident since he became one of American’s most known presidents.

Homes for sale in Massachusetts and Boston are great for the average Joe or America’s stars. However, as for the Boston area, you will want to find a Boston Real estate agency if you plan to relocate to the great city. The city has a total area of 90 miles and is almost fifty percent water. Boston is near other great areas like Rever, Chelsea, Cambridge, Watertown, Newton, Brookline, Canton, and Qunicy. Quincy should not get mixed up with Boston, but it is known as the Greater Boston. All these areas would be great to settle down and raise a family or live the bachelor life. When you begin your search for a Boston area home you will want to set yourself a budget. Boston real estate rentals or homes can be expensive, but it’s all about the location. You can live in Boston, have a great job, and not have to pay much on the commute. Living in Boston, you can find one bedroom, to five bedroom homes, condos, townhouse, apartments and so many other variations you will just love living in Boston.

They are located in the start line to America’s history. Berkshires, ma real estate is also a great place for a person to look for a home or rental. By simply contacting a real estate agent in Berkshires, ma you can begin your search for your dream Massachusetts home or apartment. When it comes to homes for sale in Massachusetts you will want to realize that you are getting a good value for your purchase. Boston, Massachusetts is one of the most favorable cities in America, and by purchasing a home for sale in Massachusetts you are setting yourself up for great parties, views, and family fun times. When purchasing a home in Boston, be sure to purchase a home that you can grow into as your children grow, and your family grows. You don’t want to have to move more than once so look for your dream house now while you have that perfect opportunity.

Boston and other areas of Massachusetts offer many sites to see and many activities to do. If you don’t recall Fenway Park is located in Massachusetts. Fenway is the most famous baseball field known to fans. Fenway Park has its own history from all the famous players that have hit home runs in the ballpark. Fenway is the one place that every Massachusetts family must go and see. Not only is it quality family time, but also Fenway is just as much as Massachusetts as Paul Rever.

There are plenty of realty ventures pertaining to real estate in Massachusetts. Property in the Boston area or even just in Massachusetts is a good investment because many people from New York will have cabins or summer homes in the state. Massachusetts is a great getaway to many celebrities and politicians. Not to mention that the wholesome feeling and beautiful scenery that Massachusetts offers is just one reason for anyone to relocate or to purchase a summer cottage. Much of Massachusetts is secluded and is great for private getaways. That’s why many celebrities try to take advantage of realty ventures in Massachusetts.

It doesn’t take much to become a success in Massachusetts’s real estate because the real estates practically sell their selves. People go to Massachusetts because it one of the few places in the States that offer that good, wholesomeness that many towns or cities lack. Certain areas of Massachusetts’s looks practically untouched by age and the cities still have that small town feel. As for Commercial Real Estate in MA, you will find that there are plenty of business opportunities in the cities, especially Boston, and you will find that perfect spot to open up a restaurant, bar, or other business.

Since the area is packed with history, there of course is going to be high demand for Ma. Real estate. Because of the high demand, there are well over fifty schools located in Massachusetts so that the area can produce enough realtors. At these schools, you will find out what to emphasis about a MA real estate site and you will also lean how to obtain the real estate home values for Massachusetts. Many realtors who start their own business will offer multiple listing real estates for Massachusetts. This basically means that they allow other realtors and banks to post listings on their site so that you are sure to find your perfect home or apartment.

When it comes to real estate in western ma you will want to look at the following areas: Agawam, East Longmeadow, Longmeadow, Southwick, Springfield, Westfield, Wilbraham, and West Springfield. Also great little commonwealth communities would be great to purchase a new home in Massachusetts. MA real estate property in Western Massachusetts and great, as well as most areas of the state, to find whatever you are looking for. If you want to raise a family, stay single, party with friends, or bond with your family, by simply spending a weekend in Massachusetts will make you want to relocate.

It has something to offer any type of person in any type of living situation. The towns and cities of Massachusetts look very classy and upscale, but once you mingle in, you realize that it’s just like your small town. The real estate appreciation in Massachusetts has some of the best numbers for those who are buying and selling a home in the state of Massachusetts.

Jennifer Hershey has more than twenty years of experience as a mortgage loan officer. Her site http://www.explainingmortgages.com - a real estate investing and mortgage resource devoted to making mortgage types and home loan programs easy to grasp

Growing Problem in Real Estate - Mortgage Fraud

Mortgage fraud may continue to plague the real estate industry. Maybe, I am seeing only the 20% Fraud for Property/Housing, as defined by The Federal Bureau of Investigations.

Reasons why mortgage fraud may continue:

1) The escalating cost of housing and the "American Dream" of owning your own home.

2) Licensing for real estate agents and mortgage brokers is much too easy. The requirements for licensing need to require a greater level of education, more than a high school degree as a prerequisite for licensing and harder licensing requirements, such as more pre-licensing education and harder tests. This will result in better people and less people entering the real estate profession.

3) Lenders need to offer less loan programs, for example, stated income loans (some refer to this as inflated income loans) and no doc (no documentation loans).

4) Most lenders require an IRS (Internal Revenue Service) Form 4506 at time of closing. Now, there is something that an underwriter or lender can request information and stop an inflated (aka stated) income mortgage application dead in its tracks. If they lie on their income tax return, is it possible that they would lie on their mortgage application?

5) Lack of educational programs in the real estate profession to identify mortgage fraud - could be wishful thinking, due to the Privacy Act - but at least a start. Where to report suspected mortgage fraud situations to the appropriate law enforcement authorities.

6) The credit reporting and scoring system needs an overhaul. Too often, I find errors on credit reports, where the creditor is not reporting timely or accurately information. For example, a customer settled in full his collection action in the later part of February '06. The collection agency in the later part of April is still showing a portion of the account as outstanding with a current date. Yes, they reported the payment, but did not remove the negotiated portion of the balance.

7) Lack of control points within the existing system.

What could possibly be done to reduce the mortgage fraud:

1) More checks and balances within the system to identify potential mortgage fraud situations.

2) More education for all real estate professionals - real estate agents, REALTORS, underwriters, lenders, etc.

3) Greater licensing requirements for all. And licensing requirements where no licensing is required at this time.

4) Implementation of a "whistle blower" protection system and telephone hotline.

5) Proactive preventative action on the part of lenders.

6) Enforcement of Section IX - "ACKNOWLEDGEMENT AND AGREEMENT" located on page 3 of the Uniform Residential Loan Application (FNMA 1003): "Each of the undersigned specifically represents to Lender and to Lender's actual or potential agents, brokers, processors, attorneys, insurers, servicers, successors and assigns and agrees and acknowledges that: (1) the information provided in this application is true and correct as of the date set forth opposite my signature and that any intentional or negligent misrepresentation of this information contained in this application may result in civil liability, including monetary damages, to any person who may suffer any loss due to reliance upon any misrepresentation that I have made on this application, and/or in criminal penalties including, but not limited to, fine or imprisonment or both under the provisions of Title 18, United States Code, Sec. 1001, et seq.;...7) the Lender and its agents, brokers, insurers, servicers, successors and assigns may continuously rely on the information contained in the application, and I am obligated to amend and/or supplement the information provided in this application if any of the material facts that I have represented herein should change prior to closing of the Loan;..."

7) Enforcement of the paragraphs from the typical mortgage, which reference the borrower's loan application and acceleration clauses: Borrower's Loan Application. Borrower shall be in default if, during the Loan application process, Borrower or any persons or entities acting at the direction of the Borrower or with Borrower's knowledge or consent gave materially false, misleading, or inaccurate information or statements to the Lender (or failed to provide Lender with material information) in connection with the Loan. Material representations include, but are not limited to, representations concerning Borrower's occupancy of the Property as Borrower's principal residence. Acceleration; Remedies. Lender shall give notice to Borrower prior to acceleration following Borrower's breach of any covenant or agreement in this Security Instrument...(d) that failure to cure the default on or before the date specified in the notice may result in acceleration of the sums secured by this Security Instrument, foreclosure by judicial proceeding and sale of the Property.

8) Better and possibly required education of prospective borrowers, so they can recognize the impact and identify situations.

Implementation of number 6 above will send shock waves into the communities and cause the less desirable professionals out of business and awareness to borrowers. Many may argue that this will be costly to the overall economy or lenders if foreclosure proceedings are needed, but in the long run there could considerable savings for all.

In summary, mortgage fraud may continue, until such time that the losses reach greater levels unless there is a proactive preventative overall program to curb it. Old country saying "you don't close the gate after the horse leaves the corral."

(c) Copyright 2006, Glenn M. Ginsburg. All rights reserved.

Glenn Ginsburg is a Florida Licensed Real Estate Broker and Mortgage Broker in the Naples real estate market for over 10 years. Also serving the Bonita Springs real estate and Estero real estate markets in southwest Florida. Glenn was selected as a 2006 FIVE STAR Real Estate Agent "Best in Client Satisfaction" from over 12,000 real estate agents in southwest Florida. He is the owner/broker of A Delta Realty of Naples Florida.

Accelerating Affordable Housing

With real estate prices experiencing a bit of a pull back in many markets and topped out in others we see that so many people may not be able to buy homes based on their current wages and rising interest rates. Even more alarming is that many who had bought homes at or near the top of the market with variable loans may find their interest rates increasing their monthly mortgage payments and therefore are in jeopardy of losing their homes due to foreclosures.

Accelerating affordable housing projects makes sense and now with many builders slowing down and not investing in new housing tracts it makes sense to streamline regulations and make it more enticing for them to build affordable housing and work on downtown renewal projects. Unfortunately the blob of bureaucracy is curtailing such things and we find that there are so many barriers to entry in even building a simple project that many builders from the recent housing boom are simply saying thank you and retiring.

No sense in battling city planning commissions, building permits and lawyers to help the common good by building affordable housing. We need to take a good hard look as to what we are doing in America as we stick it to our entrepreneurial building companies and find ways to help them help all of us and our civilization to better and more affordable housing. Consider all this in 2006.

"Lance Winslow" - Online Think Tank forum board. If you have innovative thoughts and unique perspectives, come think with Lance; http://www.WorldThinkTank.net/wttbbs/

Working With a Real Estate Agent - What to Look for in an Agent

Whether you are looking to sell or buy a home, working with a real estate agent can be your greatest asset. With their expertise and connections, you will save yourself both time and money. However, you want to find an agent that has your best interests at heart.

1. What Kind Of Agent Are They?

Not all real estate agents are the same. Some specialize in helping homeowners sell their property, so they are called seller agents. Others guide people through the home buying process, and are called buyer agents. And there are also realtors who can handle both sides of process, and may charge a smaller total commission.

By selecting either a buyer or seller agent, you ensure that your realtor is advocating for your side of the transaction. Seller agents will set a price point, advertise, and handle multiple bids. A buyer agent will prescreen homes, set up private showings, and walk you through closing the deal.

2. Do They Listen?

Some agents are more interested in collecting their commission than helping you. That’s why it is important to find a real estate agent who actively listens to you. A good agent will ask you questions, not just answer yours.

To find a listening agent, talk to them over the phone or in person. Ask questions, like what is involved in the process and how they can help. Use your instincts to decide if they are paying attention to you or reciting a sales pitch. Keep researching agents until you find one you are comfortable with.

3. Are They Flexible?

While expertise and friendliness are important, also ask about flexibility. Some agents have full time jobs which limits their availability. This can be a problem when you are trying to arrange showing times or sign escrow papers.

Before you start working with a real estate agent, ask about their schedule. Can you call or email them any time? What days do they do showings and walk-throughs?

Finding a good real estate agent can be the beginning of a helpful partnership that can last for several years. Make sure you take the time to find one that will truly earn their commission and get you the best deal.

There are many Questions to Ask When Buying a Home. View our recommended providers who can help with a Home Loan for a Low Credit Score.

What Do I Look For In A Home I'm Buying Now, If I Want To Resell It Later?

That’s a good question! You want to purchase a home that will give you a good resell value later on. To do this, look at the type of home you’re planning to purchase that may be attractive to future buyers. When you’re looking to purchase a home, check to see if some or all of these features are offered:

1. Location of the home. Is the home located in a good neighborhood that is close to schools, stores, freeways, etc...

2. Check the crime rate for the area you’re thinking about purchasing in. What are the crime rate statistics. Is the neighborhood safe?

3. Is there anticipated growth for the areas such as: new schools, stores, future planned homes, etc... How will this affect you in the future?

4. Try to make sure the square footage of your home is at least 1200, in order to increase the likelihood of being able to resell.

5. Look for homes that have at least three bedrooms as part of your prospective home purchase. This will be helpful in reselling your home in the future.

6. You may want to look at whether or not the home should have one or two stories. Most people purchasing homes are interested in two stories. However, the elderly or individuals with certain disabilities may want to purchase a home that is a single story.

7. If the home you’re thinking about purchasing has a pool, keep in mind this may limit the number of prospective buyers if you decide to sell your home. Pools don’t necessarily add much value to the home and can be expensive to maintain!

8. You may want to consider having a garage which can accommodate a minimum of two cars. This is usually an attractive and expected feature for buyers.

9. The number of bathrooms is also important. Getting a home with at minimum of two bathrooms is a must when purchasing a home for future resell.

10. Make sure the home you’re considering has a fireplace, air conditioning and heating system.

When you purchase a home, just think of being able to get a good return on your investment if you had to resell. In most cases at a bare minimum you want to get the money you have invested in your home out of it, if you had to sell for some reason. It’s even better if you can make a profit on you sale isn’t it? I thought so, just be wise when you’re purchasing your home, it’s an investment in your future!

Nocita Carter is a writer that designs websites providing informative tips at http://www.personal-finance-tips-for-you.com; http://www.mydating-tips.com and http://www.ebook-corner-for-you.com

3 Reasons To Use a Realtor When Buying a Home

Using a realtor when buying a home will save you time and money. By tapping into their expertise, you can find homes that maximize your budgeted housing dollars. You also save time searching for a home when you allow your buyer’s agent to screen for potential homes. But the most valuable time to have a realtor is when you start the process of purchasing a home.

1. Saved Time With Personalized Showing

Give a realtor your housing specifications, and you will take the headache out of home shopping. With a real estate agent’s access to databases, they can be showing you homes that aren’t even publicly listed yet. They also have the inside track on under-priced or must-sale homes.

To make sure your realtor shows you the right kinds of homes, be specific with your requests. While a budget range is a good start, include home features too. How many bedrooms, bathrooms, or square footage to you want? Do you want a low maintenance condo or a sprawling backyard for a swimming pool and swing set? Are you looking for a specific architectural style?

2. Information On Neighborhoods And Schools

Buying a home isn’t just about the house; it’s also about the location. Real estate agents are privy to industry information that most of us just don’t have time to investigate.

With your realtor, you can find out where the best schools districts and neighborhoods are. Realtors also know which areas of a city that are likely to increase in value because of housing market trends.

3. Expert Knowledge On Negotiation Practices

A buyer’s agent is your advocate during the purchasing phase and where they can save you the most money. They will help you negotiate the terms of closing, which includes passing inspection, requiring repairs, or requesting appliances stay with the house.

They will also line up meetings, deadlines, and additional terms to make sure the process goes smoothly. That means you are less likely to lose your earnest money or house to another buyer.

Realtors offer a valuable service if you take advantage of their expertise and knowledge. Not only will they eliminate some of the headaches associated with buying a home, they can also save you money.

Check out our informative links to further research the Home Buying Process or to see Low Income Home Buying lenders.

3 Absolute Musts When Selling Your Home

Selling your home is an opportunity to fully realize the investments you have made in your property. But in a buyers’ market, you have to out-shine other homes in order to get top dollar for your house. Fortunately, it just takes a few quick and inexpensive fixes to stand out from other homes and increase the bids you will receive.

1. Make Your House Feel Like A Home

Small things count when it comes to making a house feel like a home. Decluttering rooms, vacuuming floors, and scouring bathrooms all add instant value. Small home repairs, like applying a coat of neutral colored paint or adding trim, will also pay off.

Make your rooms seem larger by packing away knick-knacks and extra furniture. Increase the light in rooms with lamps and open curtains to visually create more space.

Hold off on any major improvements though since you will usually see little return investment on them. While you need to disclose any problems with a house, like a leaky roof, major repairs are better left to the negotiation phase.

2. Improve The Curb Appeal Of Your House

First impressions count, even when selling a house. So put out a welcome mat and a basket of flowers at the front door. Spend time weeding and trimming your front yard to present a well-cared for appearance.

If you have the time and money to do any renovations, focus your projects on the outside since they will have the greatest impact on the bottom line. Good value adding projects include replace the front door, adding a porch, or bringing in mature plants to the bedding areas.

3. Partner With A Seller’s Agent

Partnering with a seller’s agent also improves your chances of getting the best price for your home. With a desire to increase their commission, seller agents work to attract buyers. They can advertise your home through databases only available to real estate agents. They will also help you navigate through the piles of paperwork and arrange deadlines for potential sellers.

A seller agent brings their own real estate experiences with them. So they can often point out small things that can make a difference. This may mean setting the right price point or suggestions on how to best set up for an open house.

Surprisingly, it’s the little things that add up to thousands of dollars when it comes to selling a house.

When it comes to Home Improvement Financing for home repairs or in preparation to sell, ABC Loan Guide can provide valuable information. Also, view our links for Real Estate and Home Buying information.

Home Buying Tip: 5 Advantages of Buying New Versus Resale

The purpose of this home buying tip is to explain some of the advantages new homes have over existing homes.

Before you begin your home buying process, it helps to identify the type of home you want. In fact, it's a necessary step if you want things to go smooth later on.

Why is this important? By having a clear picture of your ideal home, you'll be able to narrow down your search, which will save you time and energy.

One of the first questions that will come up is new home or resale home? Both have their pros and cons, but new homes have the following distinct advantages.

Advantages of a New Home

1. It's New!
A major advantage of buying a new home is that everything is ... well, new. In other words, the kinds of things that can cost a lot to repair -- like the roof, the major appliances, the heating and cooling -- shouldn't need any repairs for a long while. If they do need repairs, see the next item.

2. Warranties
Most new homes come with substantial warranties on critical areas like the roof, the foundation, etc. If you buy a resale home, you'll most likely have to purchase a warranty yourself (if you want one).

3. Design Input
If you have a home built to your specification, you'll be able to make a lot of choices. Depending on the builder, you'll have some say in the floor plan, the features, the design elements and more. You can truly put your personal touch on the home.

4. Negotiable Features
This benefit will largely depend on the kind of real estate market you're in. But in many cases, you'll be able to negotiate the price, the options and the closing costs. When you buy from a builder, you'll probably deal with a sales associate who represents the building company. The salesperson wants commissions, and the only way they get commissions is by selling homes. Typically, you'll find that a salesperson will "bend" as much as possible (within the limitations imposed on them) in order to make a sale.

Some builders will offer incentive packages as part of negotiations. For example, maybe they won't lower the price, but they'll be willing to upgrade the kitchen features or the flooring.

5. Thorough Inspection
Usually, a neutral third-party will inspect a new home before the buyers close on it. This could include a member of the city / county zoning and construction board, or a licensed inspector hired by you.

The builder will also walk through it with you, at various stages of construction. The point is, there are usually more people reviewing and inspecting a new home than a resale home.

* Copyright 2006, Brandon Cornett. You may republish this article online provided you keep the byline, author's note, and active hyperlinks.

Learn more:For more home buying tips, visit HomeBuyingInstitute.com -- the Internet's largest library of home buying articles and advice. Online at http://www.HomeBuyingInstitute.com.

Orlando Real Estate

Orlando, home to several adventure and theme parks, attracts a large number of tourists each year. Several of the tourists enjoy the atmosphere in Orlando. The fun atmosphere, large number of attractions, fast-paced city life and top-quality entertainment make it one of the best places for citizens to invest. It's a great locations for families and individuals alike.

In fact, several families find desirable places to live and work without any trouble. Those who relocate here must decide where in the city they wish to live. With several new entertainment venues opening every year, Orlando real estate is witnessing a boom period. Being centrally located in Florida, Orlando is able to attract many investors who find the area an attractive place to live and work.

The number of job opportunities that are available attracts people looking for work in the tourist industry. Though the price of real estate is not cheap, it is not priced too highly in the interior communities that are being developed by reputable firms. Anyone interested in living in a good neighborhood needs to pay in the range of $450,000 to $600,000. However, those looking for something cheaper should consult real estate agents, who will be able to provide information on homes that are available from $150,000 upwards. In fact, the fast growing tourism industry is acting the prime motivator in attracting a large number of people to move here. Therefore, buying in Orlando can not only lead to a pleasant present, but also be a sound investment for the future.

Orlando Real Estate provides detailed information on Orlando real estate, downtown Orlando real estate, greater Orlando real estate, Orlando commercial real estate and more. Orlando Real Estate is affiliated with Seattle Real Estate Listings.

Home Buyers and Sellers Real Estate Glossary

Every business has it's jargon and residential real estate is no exception. Mark Nash author of 1001 Tips for Buying and Selling a Home shares commonly used terms with home buyers and sellers.

1031 exchange or Starker exchange: The delayed exchange of properties that qualifies for tax purposes as a tax-deferred exchange.

1099: The statement of income reported to the IRS for an independent contractor.

A/I: A contract that is pending with attorney and inspection contingencies.

Accompanied showings: Those showings where the listing agent must accompany an agent and his or her clients when viewing a listing.

Addendum: An addition to; a document.

Adjustable rate mortgage (ARM): A type of mortgage loan whose interest rate is tied to an economic index, which fluctuates with the market. Typical ARM periods are one, three, five, and seven years.

Agent: The licensed real estate salesperson or broker who represents buyers or sellers.

Annual percentage rate (APR): The total costs (interest rate, closing costs, fees, and so on) that are part of a borrower’s loan, expressed as a percentage rate of interest. The total costs are amortized over the term of the loan.

Application fees: Fees that mortgage companies charge buyers at the time of written application for a loan; for example, fees for running credit reports of borrowers, property appraisal fees, and lender-specific fees.

Appointments: Those times or time periods an agent shows properties to clients.

Appraisal: A document of opinion of property value at a specific point in time.

Appraised price (AP): The price the third-party relocation company offers (under most contracts) the seller for his or her property. Generally, the average of two or more independent appraisals.

“As-is”: A contract or offer clause stating that the seller will not repair or correct any problems with the property. Also used in listings and marketing materials.

Assumable mortgage: One in which the buyer agrees to fulfill the obligations of the existing loan agreement that the seller made with the lender. When assuming a mortgage, a buyer becomes personally liable for the payment of principal and interest. The original mortgagor should receive a written release from the liability when the buyer assumes the original mortgage.

Back on market (BOM): When a property or listing is placed back on the market after being removed from the market recently.

Back-up agent: A licensed agent who works with clients when their agent is unavailable.

Balloon mortgage: A type of mortgage that is generally paid over a short period of time, but is amortized over a longer period of time. The borrower typically pays a combination of principal and interest. At the end of the loan term, the entire unpaid balance must be repaid.

Back-up offer: When an offer is accepted contingent on the fall through or voiding of an accepted first offer on a property.

Bill of sale: Transfers title to personal property in a transaction.

Board of REALTORS® (local): An association of REALTORS® in a specific geographic area.

Broker: A state licensed individual who acts as the agent for the seller or buyer.

Broker of record: The person registered with his or her state licensing authority as the managing broker of a specific real estate sales office.

Broker’s market analysis (BMA): The real estate broker’s opinion of the expected final net sale price, determined after acquisition of the property by the third-party company.

Broker’s tour: A preset time and day when real estate sales agents can view listings by multiple brokerages in the market.

Buyer: The purchaser of a property.

Buyer agency: A real estate broker retained by the buyer who has a fiduciary duty to the buyer.

Buyer agent: The agent who shows the buyer’s property, negotiates the contract or offer for the buyer, and works with the buyer to close the transaction.

Carrying costs: Cost incurred to maintain a property (taxes, interest, insurance, utilities, and so on).

Closing: The end of a transaction process where the deed is delivered, documents are signed, and funds are dispersed.

CLUE (Comprehensive Loss Underwriting Exchange): The insurance industry’s national database that assigns individuals a risk score. CLUE also has an electronic file of a properties insurance history. These files are accessible by insurance companies nationally. These files could impact the ability to sell property as they might contain information that a prospective buyer might find objectionable, and in some cases not even insurable.

Commission: The compensation paid to the listing brokerage by the seller for selling the property. A buyer may also be required to pay a commission to his or her agent.

Commission split: The percentage split of commission compen-sation between the real estate sales brokerage and the real estate sales agent or broker.

Competitive Market Analysis (CMA): The analysis used to provide market information to the seller and assist the real estate broker in securing the listing.

Condominium association: An association of all owners in a condominium.

Condominium budget: A financial forecast and report of a condominium association’s expenses and savings.

Condominium by-laws: Rules passed by the condominium association used in administration of the condominium property.

Condominium declarations: A document that legally establishes a condominium.

Condominium right of first refusal: A person or an association that has the first opportunity to purchase condominium real estate when it becomes available or the right to meet any other offer.

Condominium rules and regulation: Rules of a condominium association by which owners agree to abide.

Contingency: A provision in a contract requiring certain acts to be completed before the contract is binding.

Continue to show: When a property is under contract with contingencies, but the seller requests that the property continue to be shown to prospective buyers until contingencies are released.

Contract for deed: A sales contract in which the buyer takes possession of the property but the seller holds title until the loan is paid. Also known as an installment sale contract.

Conventional mortgage: A type of mortgage that has certain limitations placed on it to meet secondary market guidelines. Mortgage companies, banks, and savings and loans underwrite conventional mortgages.

Cooperating commission: A commission offered to the buyer’s agent brokerage for bringing a buyer to the selling brokerage’s listing.

Cooperative (Co-op): Where the shareholders of the corporation are the inhabitants of the building. Each shareholder has the right to lease a specific unit. The difference between a co-op and a condo is in a co-op, one owns shares in a corporation; in a condo one owns the unit fee simple.

Counteroffer: The response to an offer or a bid by the seller or buyer after the original offer or bid.

Credit report: Includes all of the history for a borrower’s credit accounts, outstanding debts, and payment timelines on past or current debts.

Credit score: A score assigned to a borrower’s credit report based on information contained therein.

Curb appeal: The visual impact a property projects from the street.

Days on market: The number of days a property has been on the market.

Decree: A judgment of the court that sets out the agreements and rights of the parties.

Disclosures: Federal, state, county, and local requirements of disclosure that the seller provides and the buyer acknowledges.

Divorce: The legal separation of a husband and wife effected by a court decree that totally dissolves the marriage relationship.

DOM: Days on market.

Down payment: The amount of cash put toward a purchase by the borrower.

Drive-by: When a buyer or seller agent or broker drives by a property listing or potential listing.

Dual agent: A state-licensed individual who represents the seller and the buyer in a single transaction.

Earnest money deposit: The money given to the seller at the time the offer is made as a sign of the buyer’s good faith.

Escrow account for real estate taxes and insurance: An account into which borrowers pay monthly prorations for real estate taxes and property insurance.

Exclusions: Fixtures or personal property that are excluded from the contract or offer to purchase.

Expired (listing): A property listing that has expired per the terms of the listing agreement.

Fax rider: A document that treats facsimile transmission as the same legal effect as the original document.

Feedback: The real estate sales agent and/or his or her client’s reaction to a listing or property. Requested by the listing agent.

Fee simple: A form of property ownership where the owner has the right to use and dispose of property at will.

FHA (Federal Housing Administration) Loan Guarantee: A guarantee by the FHA that a percentage of a loan will be underwritten by a mortgage company or banker.

Fixture: Personal property that has become part of the property through permanent attachment.

Flat fee: A predetermined amount of compensation received or paid for a specific service in a real estate transaction.

For sale by owner (FSBO): A property that is for sale by the owner of the property.

Gift letter: A letter to a lender stating that a gift of cash has been made to the buyer(s) and that the person gifting the cash to the buyer is not expecting the gift to be repaid. The exact wording of the gift letter should be requested of the lender.

Good faith estimate: Under the Real Estate Settlement Procedures Act, within three days of an application submission, lenders are required to provide in writing to potential borrowers a good faith estimate of closing costs.

Gross sale price: The sale price before any concessions.

Hazard insurance: Insurance that covers losses to real estate from damages that might affect its value.

Homeowner’s insurance: Coverage that includes personal liability and theft insurance in addition to hazard insurance.

HUD/RESPA (Housing and Urban Development/Real Estate Settlement Procedures Act): A document and statement that details all of the monies paid out and received at a real estate property closing.

Hybrid adjustable rate: Offers a fixed rate the first 5 years and then adjusts annually for the next 25 years.

IDX (Internet Data Exchange): Allows real estate brokers to advertise each other’s listings posted to listing databases such as the multiple listing service.

Inclusions: Fixtures or personal property that are included in a contract or offer to purchase.

Independent contractor: A real estate sales agent who conducts real estate business through a broker. This agent does not receive salary or benefits from the broker.

Inspection rider: Rider to purchase agreement between third party relocation company and buyer of transferee’s property stating that property is being sold “as is.” All inspection reports conducted by the third party company are disclosed to the buyer and it is the buyer’s duty to do his/her own inspections and tests.

Installment land contract: A contract in which the buyer takes possession of the property while the seller retains the title to the property until the loan is paid.

Interest rate float: The borrower decides to delay locking their interest rate on their loan. They can float their rate in expectation of the rate moving down. At the end of the float period they must lock a rate.

Interest rate lock: When the borrower and lender agree to lock a rate on loan. Can have terms and conditions attached to the lock.

List date: Actual date the property was listed with the current broker.

List price: The price of a property through a listing agreement.

Listing: Brokers written agreement to represent a seller and their property. Agents refer to their inventory of agreements with sellers as listings.

Listing agent: The real estate sales agent that is representing the sellers and their property, through a listing agreement.

Listing agreement: A document that establishes the real estate agent’s agreement with the sellers to represent their property in the market.

Listing appointment: The time when a real estate sales agent meets with potential clients selling a property to secure a listing agreement.

Listing exclusion: A clause included in the listing agreement when the seller (transferee) lists his or her property with a broker.

Loan: An amount of money that is lent to a borrower who agrees to repay the amount plus interest.

Loan application: A document that buyers who are requesting a loan fill out and submit to their lender.

Loan closing costs: The costs a lender charges to close a borrower’s loan. These costs vary from lender to lender and from market to market.

Loan commitment: A written document telling the borrowers that the mortgage company has agreed to lend them a specific amount of money at a specific interest rate for a specific period of time. The loan commitment may also contain conditions upon which the loan commitment is based.

Loan package: The group of mortgage documents that the borrower’s lender sends to the closing or escrow.

Loan processor: An administrative individual who is assigned to check, verify, and assemble all of the documents and the buyer’s funds and the borrower’s loan for closing.

Loan underwriter: One who underwrites a loan for another. Some lenders have investors underwrite a buyer’s loan.

Lockbox: A tool that allows secure storage of property keys on the premises for agent use. A combo uses a rotating dial to gain access with a combination; a Supra® (electronic lockbox or ELB) features a keypad.

Managing broker: A person licensed by the state as a broker who is also the broker of record for a real estate sales office. This person manages the daily operations of a real estate sales office.

Marketing period: The period of time in which the transferee may market his or her property (typically 45, 60, or 90 days), as directed by the third-party company’s contract with the employer.

Mortgage banker: One who lends the bank’s funds to borrowers and brings lenders and borrowers together.

Mortgage broker: A business that or an individual who unites lenders and borrowers and processes mortgage applications.

Mortgage loan servicing company: A company that collects monthly mortgage payments from borrowers.

Multiple listing service (MLS): A service that compiles available properties for sale by member brokers.

Multiple offers: More than one buyers broker present an offer on one property where the offers are negotiated at the same time.

National Association of REALTORS® (NAR): A national association comprised of real estate sales agents.

Net sales price: Gross sales price less concessions to the buyers.

Off market: A property listing that has been removed from the sale inventory in a market. A property can be temporarily or permanently off market.

Offer to purchase: When a buyer proposes certain terms and presents these terms to the seller.

Office tour/caravan: A walking or driving tour by a real estate sales office of listings represented by agents in the office. Usually held on a set day and time.

Parcel identification number (PIN): A taxing authority’s tracking number for a property.

Pending: A real estate contract that has been accepted on a property but the transaction has not closed.

Personal assistant: A real estate sales agent administrative assistant.

Planned unit development (PUD): Mixed-use development that sets aside areas for residential use, commercial use, and public areas such as schools, parks, and so on.

Preapproval: A higher level of buyer/borrower prequalification required by a mortgage lender. Some preapprovals have conditions the borrower must meet.

Prepaid interest: Funds paid by the borrower at closing based on the number of days left in the month of closing.

Prepayment penalty: A fine imposed on the borrower by the lender when the loan is paid off before it comes due.

Prequalification: The mortgage company tells a buyer in advance of the formal mortgage application, how much money the borrower can afford to borrow. Some prequalifications have conditions that the borrower must meet.

Preview appointment: When a buyer’s agent views a property alone to see if it meets his or her buyer’s needs.

Pricing: When the potential seller’s agent goes to the potential listing property to view it for marketing and pricing purposes.

Principal: The amount of money a buyer borrows.

Principal, interest, taxes, and insurance (PITI): The four parts that make up a borrower’s monthly mortgage payment. Private mortgage insurance (PMI): A special insurance paid by a borrower in monthly installments, typically of loans of more than 80 percent of the value of the property.

Professional designation: Additional nonlicensed real estate education completed by a real estate professional.

Professional regulation: A state licensing authority that oversees and disciplines licensees.

Promissory note: A promise-to-pay document used with a contract or an offer to purchase.

R & I: Estimated and actual repair and improvement costs.

Real estate agent: An individual who is licensed by the state and who acts on behalf of his or her client, the buyer or seller. The real estate agent who does not have a broker’s license must work for a licensed broker.

Real estate contract: A binding agreement between buyer and seller. It consists of an offer and an acceptance as well as consideration (i.e., money).

REALTOR®: A registered trademark of the National Association of REALTORS® that can be used only by its members.

Release deed: A written document stating that a seller or buyer has satisfied his or her obligation on a debt. This document is usually recorded.

Relist: Property that was listed with another broker but relisted with a current broker.

Rider: A separate document that is attached to a document in some way. This is done so that an entire document does not need to be rewritten.

Salaried agent: A real estate sales agent or broker who receives all or part of his or her compensation in real estate sales in the form of a salary.

Sale price: The price paid for a listing or property.

Seller (owner): The owner of a property who has signed a listing agreement or a potential listing agreement.

Showing: When a listing is shown to prospective buyers or the buyer’s agent (preview).

Special assessment: A special and additional charge to a unit in a condominium or cooperative. Also a special real estate tax for improvements that benefit a property.

State Association of REALTORS®: An association of REALTORS® in a specific state.

Supra®: An electronic lockbox (ELB) that holds keys to a property. The user must have a Supra keypad to use the lockbox.

Temporarily off market (TOM): A listed property that is taken off the market due to illness, travel, needed repairs, and so on.

Temporary housing: Housing a transferee occupies until permanent housing is selected or becomes available.

Transaction: The real estate process from offer to closing or escrow.

Transaction management fee (TMF): A fee charged by listing brokers to the seller as part of the listing agreement.

Transaction sides: The two sides of a transaction, sellers and buyers. The term used to record the number of transactions in which a real estate sales agent or broker was involved during a specific period.

24-hour notice: Allowed by law, tenants must be informed of showing 24 hours before you arrive.

Under contract: A property that has an accepted real estate contract between seller and buyer.

VA (Veterans Administration) Loan Guarantee: A guarantee on a mortgage amount backed by the Department of Veterans Affairs.

Virtual tour: An Internet web/cd-rom-based video presentation of a property.

VOW’s (Virtual Office web sites): An Internet based real estate brokerage business model that works with real estate consumers in same way as a brick and mortar real estate brokerage.

W-2: The Internal Revenue form issued by employer to employee to reflect compensation and deductions to compensation.

W-9: The Internal Revenue form requesting taxpayer identification number and certification.

Walk-through: A showing before closing or escrow that permits the buyers one final tour of the property they are purchasing.

Will: A document by which a person disposes of his or her property after death.

Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, CBS The Early Show, Bloomberg TV, CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor’s Weekly, Dow Jones Market Watch, HGTVpro.com, MSNBC.com, The New York Times, Realty Times, Universal Press Syndicate and USA Today.

Top Tips for First Time Home Buyers

Buying your first home needn't be as daunting or as stressful as you think. The process is very much like a recipe for cooking. Adopting a pro-active perspective from the day you decide to buy a home until you walk out of closing or escrow can be the single largest decision you make that will impact your overall home buying experience. Mark Nash author of 1001 Tips for Buying and Selling a Home offers tips to simplify and focus while buying and looking for your first home.

-Hire a full time experienced real estate agent, that has been in the market for at least three years. Ask at the office or friends and relatives who they had a good experience with. Don't use the same agent that is representing the seller of the home you want to buy, this is known as dual agency, and it doesn't benefit anyone but the real estate agent.

-Get pre-qualified or pre-approved for a loan before you start your home search. Meeting with a mortgage lender will clarify how much your comfortable spending on a home. The rule of thumb is to keep your housing cost around one-third of your income.

-Think about resale when buying. Off-beat locations such as busy streets, corner lots, noisy trains and jets will be more difficult to sell to choosy buyers. Buyers want quiet, middle of the block locations away from busy intersections and train tracks, both commuter and freight lines. You might get a discount when you buy for a second rate location, but it's one thing you'll never be able to improve.

-Don't test the waters with low-ball offers. Good try, but low-ball price offers do more to set up an adverse relationship between buyer and seller, which could cost the buyer more in the end. Don't start below ninety on a well priced property. Determine negotiating strategy before putting a low-ball to paper.

-If your buying a condo or co-op consider the management style of your potential HOA (Home Owners Association). How you HOA is managed is important and could impact your ownership experience. The management could be a professional property management company or self managed. Smaller HOA’s find self-managing the day-to-day operations more cost effective and hands on. Some potential buyer’s don’t like self managed associations because they feel it conflicts with why they are purchasing a property in a HOA, which is to compensate some one else to manage the day-to-day operations of the common elements.

-Acquire a blank copy of the local real estate contract and review before you sign one. Most local real estate boards have a form contract that has blanks for contract price, terms and conditions. You will feel more confident if you review a real estate contract long before you are asked to sign one. Ask your real estate agent for a blank contract after your first meeting. If you have questions about the contract ask your attorney to review it with you. Review required disclosures too before signing them.

-Don't skip performing a home inspection. Cracked heat exchangers on furnaces indicate that it's a health issue and time for a new furnace. Home builders, owners and developers can put in lower-quality and under-sized furnaces that can have prematurely cracked or damaged heat exchangers. If your home inspector finds one, you better plan on replacing the furnace. From a safety standpoint cracked heat exchangers emit dangerous gases into a home.

-Assess your situation before buying a new construction home. New homes offer buyers the flexibility of changing floor plans, choosing finishes and defining a brand new space. Satisfied new construction buyers are everywhere, but their satisfaction comes from a reputable builder/developer, strong warranties and the knowledge that they won’t have to compete with the developer when they sell their home.

-Home buyers looking to purchase in over-heated markets should consider how much current prices have risen over the last year, two-years and five years. Contrast those rates with the potential pool of buyers to pay future prices along the same rates in the same markets. Will the local economy and personal income increases support spiraling home prices? Here’s the bottom-line, are you willing to pay your projected appreciated sale price when you go to sell?

-Create independent lists of must-have home features and compare with whom ever you will buying a home with. It can be difficult for newlyweds to find a starting point for joint home parameters. I suggest to my clients each list the top ten features they want in their next home and compare with their spouse. You should have at least five matches and less than five requires a discussion between you before you consider even looking at homes.

- Plan ahead for your move five weeks before moving day. Begin pricing and cleaning items for garage sale. Register children in new school. Verify with insurance agent that your possessions will be covered during your move. Obtain new homeowners and automobile insurance in your destination community.

Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, CBS The Early Show, Bloomberg TV, CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor’s Weekly, Dow Jones Market Watch, HGTVpro.com, MSNBC.com, The New York Times, Realty Times, Universal Press Syndicate and USA Today.

Tips to Ensure You Get the Right Home Improvement Contractor

It's hard to find good help and especially if your planning to market your home or you have just purchased one that needs some updating. Complaints about home improvement contractors rank high on consumer agency lists. Mark Nash author of 1001 Tips for Buying and Selling a Home offers do's and don'ts for home buyers and sellers when planning to hire an outside contractor to repair or renovate their home.

Do's

-Verify their insurance. Ask to see copies of liability insurance and amounts before signing a contract.

-Ask for references. Request a list of references from past and current clients. Call and discuss with them the pluses and minus' of the contractor. Take the time to visit homes where work was done, check for timeliness and attention to detail on work sites.

-Request information on suppliers and subcontractors. Contractors are only as good as their support system. Vendors and subcontractors can share insight into the business practices of your potential contractor.

-Check with local Better Business Bureaus and with local building and planning officials. Most likely you'll need building permits and certificates of occupancy from the local office that regulates renovation and building. These officials should be familiar with you contractor and their work.

-Get at least 3 estimates. You will be surprised at how different the costs can be for the same work. Have plans and specifications in writing to deliver to contractors who bid on work. A flat fee for a project is more cost effective than time and materials. Detail materials, paint colors by brand, appliance make and model and warranties.

-Draft a complete contract. Make sure it lays out who is doing what, when it should be done by and what happens if it is not done to your satisfaction. Include payment schedules and how changes to plans will affect costs and the contract. Options should be listed separate from the main contract.

-Address refusal to complete work. It's not likely that your contractor will refuse to complete work or abandon the project, but it pays to include a course of action if these situations arise in any contract.

-On occasion provide food treats and beverages. On hot and humid summer days or below freezing winter ones, make the effort to provide chilled bottled water, steaming coffee and a quick pick-me-up to contractors.

-Be appreciative verbally. After a rough or long day at your home, I have found it always pays to let contractors know that you appreciate their extra efforts. Staying late to complete the plumbing to get a toilet running or leaving the job site broom clean without asking is worth a hearty thank-you.

Dont's

-Ignore making scheduled payments on time. A sure bet to get slow follow-through from contractors. If the contractor is performing as stated in the contract, so should you.

-Forget patience. Delays by cabinet or door manufactures can be out of the contractors control. Don't be afraid to double-check though if they have been ordered to meet job lead times.

-Make the contractor guess what you want. Start a clip file before you have a contractor over to review job. Pick up some home magazines and tear out colors, finishes, appliances and overall looks for a room that you like. Develop a list of dislikes, anything helps to eliminate and communicate your thoughts.

-Be cheap. Good work costs sometimes comes at a higher price. And buyers know chintzy materials and craftsmanship. Don't nickel and dime your contractor, and pay for all change orders you request.

-Be unavailable for contractor questions. There are always a couple of items that sneak past the drawings and specifications or surprises that you run into in an older home. Make al your contact information to your contractor so if they need to reach you to make a decision that if you don't could hold the job up.

-Forget that we don't live in a perfect world. It's difficult to have strangers in our homes and even more so when the inconvenience of a remodeling job interrupts our personal refuge. Contractors like to complete work in a timely manner, but they don't control all the remodeling moons to align them perfectly on every project.

Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, CBS The Early Show, Bloomberg TV, CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor’s Weekly, Dow Jones Market Watch, HGTVpro.com, MSNBC.com, The New York Times, Realty Times, Universal Press Syndicate and USA Today.

Residential Real Estate More About Personalities than Homes

Standing around at a cocktail party or the water cooler you first hear about the dynamic with the personalities of a real estate transaction than the home that was just purchased or sold. The sellers who took every light-bulb, the low-ball offer, the realty agent who took negotiations on a needless tangent that derailed the transaction, the home inspector that killed the deal and the sellers attorney whose specialty is litigation not real estate contracts.

Home buyers and sellers don’t go through the home sale or purchase process very often and either want to forget the troubles or figure that the occasional reactive roller coaster ride of buying or selling a home is the norm. Often the buyer and seller don’t realize that they can contribute to the roller coaster ride out of naivety or a lack of information. To take back the transaction process and become more proactive Mark Nash author of 1001Tips for Buying and Selling a Home offers some examples of personalities you might run into and how to manage them.

-Sellers. They have what you want, the house, but they need buyers to move on. Everything should be in writing, the contract, counteroffers and acceptance. Timelines for responses should be clear. Personal property included with the sale must be listed in detail. Possession should be clearly defined down to the minute. Keep terms and demands reasonable. Don’t create unnecessary hurdles for buyers; they can contribute to buyer’s remorse. You don’t have to like or meet the buyers. Perform the purchase contract in good faith.

-Buyers. They have what the sellers need, the money to cash out and move on. Review real estate contracts long before you write one. Understand the home purchase process before you enter into it. Don’t think you’ll get everything you want; this is not an adversarial business transaction. Plan your strategy beforehand and during negotiations what you really want for price, closing date and contingencies; once you’ve agreed to terms in writing, it becomes difficult to change them. Don’t waive rights that are boilerplate in a contract such as an attorney approval period, home inspection or the sale of your current home, without speaking to an attorney. Keep emotions in check.

-Real estate agents. Take the time to find a good one before you start the process to buy or sell a home. Ask friends, family and business associates for agent referrals. Listen carefully to what you hear about their agent experiences. The agent you retain should be a full-time, experienced (at least 3 years in the business) and produces a minimum sales volume for the market in the mid-range. Stay away from friends or family as your agent, I have seen too many agents who manipulate familiar relationships. Ask to see lists of closed buyer and sellers from the last 2 years.

-Attorneys. You need one to purchase or sell a home despite the contrary. Search for an experienced legal advisor who specializes in residential real estate law. Your uncle or a friend of a friend who is a lawyer that has a focus in corporate law, might derail a transaction because they have a propensity to litigate and not negotiate.

-Home Inspectors. Most states now require home inspectors to be certified or licensed which is good for consumers. Utilize a professional inspector that has been recommended to you by someone who has used them in the last six months. Avoid hiring an inspector your real estate agent uses, they might be a bit too cozy for your unbiased needs. Look for an inspector who looks at the big picture, every home, new or old, has some minor repair issues. You want to investigate the structural integrity and discover any material defects in a home. The best inspectors don't give advice on negotiating the purchase price based on inspector results or solicit buyers for the work to repair inspection deficiencies.

-Mortgage Loan Consultants. Don't be lured by low teaser rates on mortgages, often their are hefty fees later to close the loan. Look for a major mortgage company that has competitive rates, responsive and organized loan consultants and require your consultant to attend the closing, I've seen more mortgage melt-downs at closing than I care to remember.

Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, CBS The Early Show, Bloomberg TV, CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor’s Weekly, Dow Jones Market Watch, HGTVpro.com, MSNBC.com, The New York Times, Realty Times, Universal Press Syndicate and USA Today.

Style Ideas to Add Glamour to Your Home

Stagnant decor can benefit from a quick glamour update that doesn't have to break your bank. Mark Nash author of 1001 Tips for Buying and Selling a Home and syndicated columnist for RealtyTimes.com offer quick ways for you to add glamour to your home. Some inexpensive ways to add a touch or major glamour to your home.

-Add a large vase or urn on desk, table or vanity. Fill with fresh flowers on special occasions and european silk flowers for everyday. Use tone-on-tone colors such as white-on-white. Big blossoms say luxury.

-Lighting can set a glam mood. Picture lights, up-lights behind sofas and potted green plants and candles on pillar style holders in big scale say drama. Don't forget to put table lamps, sconces and recessed cans on dimmers.

-Shimmer and shine. Chrome, crystal and shiny fabrics like velvet can zip up a tired look. Large mirrors with silvered frames add punch and reflect the glamour from around the room.

-Furniture paint finishes add luxe. Glossy paint and lacquer looks say quality. Opt for black when in doubt. Antique white works best in bedrooms.

-Paint walls deep rich colors. Ming red, dark brown and turquoise are great backdrops for glamorous furnishings.

-Fabrics can balance dramatic statements. Raw silk and linen in solid colors complement glamour touches.

Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, CBS The Early Show, Bloomberg TV, CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor’s Weekly, Dow Jones Market Watch, HGTVpro.com, MSNBC.com, The New York Times, Realty Times, Universal Press Syndicate and USA Today.

Ingredients of Winning Kitchen Design

Designing a new kitchen is both exiting and daunting. Where do you start and what are the must-haves? Mark Nash real estate author of 1001 Tips for Buying and Selling a Home and columnist for RealtyTimes.com shares the top things that go into today's kitchens.

-Good lighting. In addition to decorative lighting which can match any style, remember to but abundant task lighting over food preparation areas. Mood lighting can accent glass front cabinets and cove ceilings.

-A functional layout. The basic mantra in kitchen design is to keep the work triangle composed of the stove, sink and refrigerator grouped near one another. It will save you countless steps through the years.

-Over-sized, deep sink. I never thought it would be important, but we put one in our home. It keeps the water in the sink, especially when washing large pots and pans. Don't forget the best faucet you can afford, with sprayer. We did a black porcelain sink to match dark granite counters.

-Lots of countertops. Clear work surfaces make cooking alone or with family and friends a snap. Make sure that you have at least one surface four feet long for baking. Don't skimp on materials either, countertops take a beating from knives, food acids and people, buy the best within your budget.

-Proper ventilation. Smelly kitchens are a turn-off. Specify adequate ventilation to the outside, near cook tops. Recirculating fans just stir up smells, not rid your kitchen and home of them.

-Storage. Plan for plenty of functional and easily organized spaces to store every day and seasonal stuff. More is more.

-Forget standing room-only. People want to stay in the kitchen. Make seating a design priority in your new kitchen. Seating around an island and a cozy table for breakfast all say, stay!

-Cabinet hardware. The finishing touch to a new kitchen.

Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, CBS The Early Show, Bloomberg TV, CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor’s Weekly, Dow Jones Market Watch, HGTVpro.com, MSNBC.com, The New York Times, Realty Times, Universal Press Syndicate and USA Today.

Protect Yourself Against Identity Theft when Buying and Selling a Home

Real estate transactions consist of mountains of paperwork. Loan applications, purchase contracts, credit reports, disclosures, mortgages, W-9 forms and HUD/RESPA statements. Many of these contain your social security number (SS#) and other vital information that could be stolen by one of the many people whose eyes it passes by. Factor in faxes and emails containing the information and it would be easy for your identity to be stolen when buying or selling a home. Mark Nash author of 1001 Tips for Buying and Selling a Home and a syndicated columnist for RealtyTimes.com offers tips on how to protect your identity in the purchase or sale of your home.

-Require all transaction participants if they have a Client Identity Protection Program (CIPP) in place. This can help insure that they have controls and procedures in place to curb the possibility of client identity and financial information being left in the path of identity lifters. Mortgage origination companies and loan processing departments, real estate brokerages, law firms, title and escrow companies should have document shredding policies, fax and email safeguards (you don't want your social security number sitting in a fax machine or email on unsecured systems). Determine how out-dated files are disposed of, they should be taken and shredded or burned by professional document disposal companies.

-Mortgage loan applications require a social security number to run a credit check. Never give your social security number over the phone, and if you have too, make sure that the person receiving it doesn't repeat it out load. Never send your SS# by email or fax. Ditto credit and debit card numbers.

-If you have pulled your own credit reports, be careful who you give them too. It's best to deliver them in person to the requester. Don't fax or email credit reports. Never give loan consultants password to your credit reports online.

-Real estate purchase contracts often have buyer and seller blanks for social security numbers. Limit your use of these. Offer to submit a separate IRS W-9 form to the closing department agent of the listing brokerage.

-W-9 forms. The Internal Revenue Service requires home buyers and sellers to complete a W-9 form. This Internal Revenue Service form requests taxpayer identification number and certification. Verify the security of all people holding this form. Write do not copy, fax or scan across the top and bottom.

-Do not place your social security number on the HUD or RESPA form. Only the closing, escrow or title agent needs to put their TIN or Tax identification number on the RESPA statement. HUD/RESPA (Housing and Urban Development/Real Estate Settlement Procedures Act): A document and statement that details all of the monies paid out and received at a real estate property closing.

-The most common way for your identity to be stolen is if your wallet is lost or stolen. Keep a close watch on it at all times.

-Shred all unsolicited credit-card offers in your name. Mailbox theft accounts for an increasing number of identity theft cases.

-Online theft has stabilized, but never respond to an email asking for personal financial information or account numbers, password and user names without verifying if it is legitimate first.

Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, CBS The Early Show, Bloomberg TV, CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor’s Weekly, Dow Jones Market Watch, HGTVpro.com, MSNBC.com, The New York Times, Realty Times, Universal Press Syndicate and USA Today.

Chicago Housing Stats Say "Buy Not Bubble"

Chicago Mark Nash real estate author and columnist says hype surrounding the real estate bubble hasn't played out in the Chicago real estate market and if recent sales numbers are any indication, good old Midwestern values have spared home buyers and sellers here from any hissing sound from deflating bubbles. While there has been conservative appreciation in home prices in the metropolitan Chicago market, speculation was never as large or as rampant as in California, Florida or New York. After all, the heartland doesn't see gambling with real estate investing as a good or a sure thing.

The National Association of Realtors(R) expect both prices and sales to rise this year in Chicago. Recent numbers bear this out. In March of 2006 The Illinois Association of Realtors(R) reported that total home sales in March outperformed all previous years and set a new record for the month. Median home prices in the state were also up from 2005.

Condominiums and single-family homes both enjoyed median price and total unit sales increases in 2006 versus 2005. Year-to-date numbers also are up over 2% from 2005 for the period January through March. The volatile east and west coast housing markets have seen larger increases in median prices the last several years, recent steep price and demand declines in those markets have made the Chicago market a stand-out for "tried and true" investors.

Forecasters are predicting rises in Chicago home values in 2006 between 4% and 11%, depending on location and housing type. A strong diverse local economy and strong demand maintain real estate bubble hype here as a mirage. Mortgage rates continue to remain historically low and the mortgage options available to buyers has grown in the last few years to help the Chicago housing market steam ahead at a slow but steady pace. It's hard to put all the bubble mantras out of mind, but here in Chicago, hype has never sold well. The Chicago housing stats say buy.

Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, CBS The Early Show, Bloomberg TV, CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor’s Weekly, Dow Jones Market Watch, HGTVpro.com, MSNBC.com, The New York Times, Realty Times, Smart Money Magazine, Universal Press Syndicate and USA Today.

Mark is a contributing writer to RealtyTimes.com, BrokerAgentNews.com, PrincipalBroker.com, Realtor Magazine Online and many real estate blogs including L..A.'s Best Real Estate Web log. He is a member of the National Association of Real Estate Editors, National Association of Realtors(R) and frequently speaks on residential real estate issues and trends through ExecutiveSpeakers.com

2006 First Quarter Real Estate Market Update

Buy, sell or hold seem to be the biggest worries of real estate investors in the 2006 residential real estate market. After solid double-digit appreciation in many major markets the last five years, investors see the brakes on growth in 2006. Where to go? Mark Nash real estate author of 1001 Tips for Buying and Selling a Home and syndicated columnist for RealtyTimes.com gives his report on the first quarter of 2006.

-Atlanta, Georgia. Rising inventories could slow appreciation rates that have not matched other major markets.

-Austin, Texas. Good news here, affordable housing prices attracting employers. Rising appreciation.

-Boise, Idaho. New on real estate investors radar, attracting scores of out-of-state buyers. Good profit prospects.

-Boston, Massachusetts. Soft job market, falling prices and bloated inventories.

-Chicago, Illinois. Recent national, state and local statistics dispel bubble trouble in conservative middle America.

-Dallas, Texas. Prices creeping upward, fueling investor interest.

-Detroit,Michigan. Market impacted by soft auto industry and fears of cutbacks.

-Houston, Texas. Demand from Katrina transplants driving a strong market.

-Las Vegas,Nevada. Market returning to normal appreciation rates, demand stays steady.

-Los Angeles, California. Declining prices after years of bloat are keeping buyers sidelined to see where the plateau will fall.

-Miami, Florida. Glutted inventories short-term, south Florida waiting for the next batch of boomers. Many investors sitting on the sidelines.

-Minneapolis, Minnesota. Downtown new construction saturated. First-time buyers breathing life into market.

-New Jersey. This is state is one large bedroom community, prices flat, the sold-in-five-hours days taking a vacation.

-New York, New York. Market price pressure building, but don't call it a buyers market. Sticker shock anyone?

-Philadelphia, Pennsylvania. Weak job growth projections. Flat appreciation expectations.

-Phoenix, Arizona. Ignored in the boom, now being discovered by investors. Most cities here are bargain-priced.

-San Antonio, Texas. Waking from a stagnant appreciation period. Good returns projected here.

-San Diego, California. High inventories, fiercely competitive sellers and declining prices.

-San Francisco, California. Greed factor subsiding, weathering the storm, bidding wars are gone and could be saved by tech industry emerging out of their bubble.

-Seattle, Washington. Good economy and low inventories offer attractive appreciation gains in 2006.

Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, CBS The Early Show, Bloomberg TV, CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor’s Weekly, Dow Jones Market Watch, HGTVpro.com, MSNBC.com, The New York Times, Realty Times, Universal Press Syndicate and USA Today.

Mark is a contributing writer to RealtyTimes.com, BrokerAgentNews.com, PrincipalBroker.com ,Realtor Magazine Online and many real estate blogs including L..A.'s Best Real Estate Web log. He is a member of the National Association of Real Estate Editors, National Association of Realtors(R) and frequently speaks on residential real estate issues and trends through ExecutiveSpeakers.com.

Your Selling Your Home, Not Your Pet

We know you love your pet and it loves you too. But many home buyers won't and it could get in the way of selling your home. Buyers can afraid of dogs big and small, allergic to cats and turned off by lingering pet odors. Mark Nash author of 1001 Tips for Buying and Selling a Home and a syndicated columnist for RealtyTimes.com shares some do's and don't for home sellers when marketing their home.

Do

-Have carpets and area rugs cleaned before showing your home to potential buyers. Those allergic to animal dander and hair, even if they can't see your pet will know when their eyes and nose start to alert them to an allergic reaction. Many will not purchase a home that poses strong allergy problems.

-Clean litter boxes daily and replace litter before it's time. Urine smells permeating from litter boxes are a turn=off to home buyers.

-Vacuum pet hair off carpets, rugs and furniture before every showing. No one likes to leave a home tour covered with pet hair.

-Brush your pets daily to keep ahead of shedding hair.

-Verify that old pet urine mishaps in carpets and under rugs on hardwood floors are gone for good. Hot humid weather can bring these old scents back to life.

-Train pets not to jump up on strangers, furniture and countertops. It is distracting for buyers to see cats running in food preparation areas and dogs mauling quality clothing.

-Take the high road and offer to pay medical bills if your pet bites a buyer or real estate agent. Agent communities are small and word gets around fast about home sellers that don't take responsibility for unruly pets.

-Clean up and buy new dog bowls before placing your home of market. Fresh pet bowls filled with fresh food and water finish off a pristine home.

Don't

-Leave pets unattended for property showings especially when you know they can be aggressive or territorial around strangers.

-Take for granted just because you have never seen you pet be aggressive that if around new people, scents and noises they might show a side you've never seen.

-Overlook picking up dog dropping in the yard. Buyers out to take a look at the roof don't want any "take away".

-Underestimate how a barking dog or overly friendly cats can kill a showing. Be pro-active and take your pets off site for showings. Hire a dog walker to occupy pets if you can't be home.

-Forget to groom your animals more regularly when your home is for sale. Dog breath and wet dog hair aren't becoming to buyers, even if they love dogs.

-Leave chewed window sills and door frames in that condition. It's hard for buyers to get past this type of property damage. Especially if you have young children in the house.

Consult with your real estate agent if you have uncommon pets such as reptiles, spiders, and talking birds. Believe it or not these can cause more anguish to those not accustomed to being around them.

Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, CBS The Early Show, Bloomberg TV, CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor’s Weekly, Dow Jones Market Watch, HGTVpro.com, MSNBC.com, The New York Times, Realty Times, Universal Press Syndicate and USA Today.

Mark is a contributing writer to RealtyTimes.com, BrokerAgentNews.com, PrincipalBroker.com, Realtor Magazine Online and many real estate blogs including L..A.'s Best Real Estate Web log. He is a member of the National Association of Real Estate Editors, National Association of Realtors(R) and frequently speaks on residential real estate issues and trends through www.ExecutiveSpeakers.com

Spring '06 FAQ's from Home Buyers, Sellers, Builders, and Developers

Everyone's curious about what's going on in the residential real estate market. More so in spring 2006 market than ever before. All the hype about a real estate bubble has created anxiety about what's hot, not, selling, sitting and the overall tone. Mark Nash author of 1001 Tips for Buying and Selling a Home and regular columnist for RealtyTimes.com shares what he and a network of agents across the country have heard from home buyers, sellers, builders and developers as the spring market reaches it's peak.

-Is there a real estate bubble?

Nash: No, a soft decline in prices is the norm. Houston is on the rise with high demand from Katrina transplants, Seattle is a strong sellers market, Chicago is over last years appreciation and sales volume numbers and the brunt of speculative woes are seen on the coasts, California, Florida and the Washington to New York corridor.

There is no free-fall anywhere. Fear of a bubble is subsiding.

-Are buyers spooked?

Nash: More so than in recent years. Since the negotiating pendulum has swung back in their favor, they take their time and build a strategy before writing an offer. Buyers remorse is on the rise, some buyers are afraid that they are buying at market highs. Sellers need to know that if they aren't priced right, buyers move on, and they have plenty of other options with rising inventories.

-What about Zillow.com and other new online companies?

Nash: Buyers are very savvy with the new wealth of real estate information online and sites like Zillow are popular with home buyers. Zillow had a couple of hiccups at roll-out, but they will grow as a force in the business. The new Internet business models need to figure out the "local" part of residential real estate to gain major market share.

-Will rising interest rates affect buyers decisions?

Nash: They will be able to afford less home with rising rates, so they are more value driven than before. This aspect of the home market has been around a long time, interest rates and home prices are intertwined. Home prices rise with low interest rates and prices fall as rates climb. Remember that supply and demand should be factored in to this equation too, inventory levels are very high in contrast to the go-go days of the past several years.

-What's emerging this spring as a hot new buyer trend?

Nash: Exposed brick in home interiors, old or new. Buyers of all ages are receptive to rehabbed vintage brick exposed walls as well as the use of new brick in new construction. Just a couple of years ago is was difficult to sell a property with exposed brick, it was considered dated. Buyers that are attracted to exposed brick should know that it does have to be sealed properly and it has low insulating values.

-Anything else?

Nash: Crystal or Glass knobs on doors and cabinets. Some builders offered them as a test and buyers have been very receptive to them. They run the design gamut from vintage knock-offs to contemporary , there is a style for every taste.

What's out?

Nash: Spiral staircases. It doesn't matter that they're custom-made from Brazilian cherry, buyers hate them. They're perceived as a floor plan mistake, not kid or pet friendly and a barrier to moving furniture up or down. I've been with buyers that refused to buy a place with a spiral staircase when the rest of the home worked. Buyers couldn't find a place to put in a standard staircase, they're close to becoming obsolete.

-That's it?

Nash: Well, stainless-steel appliances are becoming love-hate. Either they're a must have or a must replace. That's an important change from last year. Buyers have learned first-hand that they require additional cleaning and really don't go visually with every kitchen style, stainless steel with cherry cabinets is out. Buyers are returning to softer kitchen finishes as 2006 continues.

-Any home style predictions?

Nash: Retro 1970's will come back in a big way. Chrome and glass, Lucite, black,white and gray paint themes. I calling it "three-quarter century".

-Any closing thoughts?

Nash: Overall the market is shaping up to be a normal spring market. We haven't seen normal for some years and sellers have been slow to "get it". Flipping properties is on the wane and buyers are looking at housing more as a place to live than a "get-rich-quick" investment.

Mark Nash's fourth real estate book, "1001 Tips for Buying and Selling a Home" (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, CBS The Early Show, Bloomberg TV, Bottom Line Magazine, CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor’s Weekly, MarketWatch, HGTVpro.com, Miami Herald, MSNBC.com, Smart Money Magazine, The New York Times, Universal Press Syndicate and USA Today. Mark is a contributing writer to http://www.RealtyTimes.com

How to Pay Yourself More Each Month and Make More Money in the Longer Term With Real Estate

Are you making enough money today to retire in the future? Most financial planners tell you to invest in their insurance plans, or unit trusts or other financial instruments so as to develop long term wealth. Why not consider doing the same thing for your own real estate? This method works if you are a low risk real estate investor and want to quickly pay off the mortgage on your own property.

This article will explain the simple low risk strategy to owning your own real estate quickly and improve your finances.

Firstly, reduce the amount of money you spend on credit. Financial institutions in America are earning lots of money because of the easy access to credit and debt. More Americans are in debt than in positive cash flow and use the debt to purchase depreciating consumer assets like cars, home stereos. The first thing you should do today is to reduce your credit and debt so as to reduce your interest payments for consumer items.

Tighten your budget each month and then spend your money more prudently and then tell yourself you are controlling your own business (your life) and are in control of your expenses of your family and your own expenses.

Secondly, draw up a monthly cash flow statement and analyze your monthly cash flow. Specifically take a close look at how much your monthly mortgage instalment payments contribute to your outgoings in your cash flow statement. Now instead of spending money contributing to more insurance policies or annuity, why not double your own mortgage instalment payments. This means practically that you get to own your own property in double the time.

Note that the downside of this strategy is that your monthly cash flow may be a bit tight but the key is to place the monthly payments on autopayment so you do not even get to hold onto the cash so you will not feel a sense of loss. Now that you know that you will be paying up your first property in half the time, spend your energy looking for a second real estate investment property. You are now a qualified real investment bargain hunter.

Thirdly, once you have paid up your first property fully, look for a real estate investment property with good rental yield. You want to use this property to generate good cash flow. How this works out in terms of a cash flow analysis is that you take the monthly rentals minus the mortgage instalments (inclusive of principal and interest) and see how much cash flow you can get from this real estate investment. Spend your time looking for a good property and it can make you more money in the longer term.

In conclusion, double paying your property mortgage instalments and reducing your consumer credit and debt is key to regaining control over your financial future. Take massive action today and start profiting from real estate instead of living from cheque to cheque.

By Joel Teo 2006 All Rights Reserved
Joel Teo is the owner of several websites and takes a keen interest in real estate investment. Learn how you can start making money with Mortgage Foreclosures & Real Estate Investment. today.

How to Choose a Good Real Estate Investment Property With a Good Monthly Cash Flow

There are basically two ways you can make money from your real estate investment, capital appreciation and monthly rental. In this article we will assume that you are a serious real estate investor and are purchasing this property to rent out and use mortgaging to control 100% of the property with a 30% cash down payment. Note this article does not deal with the no money down methods of property investment which will be covered in a separate article. This article aims to show you how to identify a good real estate investment that can provide you with a good monthly revenue stream and cashflow.

Firstly, ascertain how much cash you have in hand initially. This amount will determine how much financing you can get and the maximum amount of real estate you can control with your initial sum. Taking our example above, if we have $30,000 in hand, we can use this to control a property worth $100,000.

Secondly, once you do a rough estimation of your initial down payment sum, spend some time going to all the mortgage brokers, finance companies and banks in your area to see if they are willing to loan you money. You would probably need some credit reports and other documentations so as to convince them of your credit worthiness. Some things you would want to learn from your financers include, the interest rate and whether its fixed or floating, the monthly instalment size, whether they have special short term mortgages in case you should identify a good property to flip and re-sell. The financing element of a real estate investment deal is very critical and spending some time shopping around for the best bang for your buck would be a prudent move.

Thirdly, now spend some time peering intently at the classified advertisements. You want to ascertain the properties with the best rental yields as if you want your real estate investment to outperform the national rental yield, you would want therefore to look at properties in areas that are high in demand and look for bargain real estate investment deals. Another good way to figure this out is to ask someone who is knowledgeable in property. Ask him for places with good locations for the purposes of rental. A quick tip to note, places near the sea and on a mountain always fetch better prices than any other properties. Thus even commercial properties with a sea view command a slight premium over properties that do not have a sea view.

Fourthly, now after identifying on paper the bargain properties within your budget, start making appointments with real estate agents to look at properties on your list. If you make it clear that you are looking into property investment and that you might be a frequent customer, then there is a chance that these real estate agents would welcome you and inform you of other real estate bargains that you might be not aware off.

Fifthly, always make it a point to be early for the appointment and spend some time observing the surroundings of the real estate in question. Things to take note off include, a bad neighbourhood, no human traffic if you are looking at a commercial property, inaccessibility, no car porch or parking facilities or something that your intuition tells you is not right with the property. This is even more so for bargain properties and auction properties as there might be something very inherently wrong with the property. Spend sometime talking to the neighbours and ask them about the neighbourhood and then ask them if they know of anything wrong with their neighbours property.

If you are purchasing a run down property, you would want to bring along a contractor and building engineer or architect to inspect the property with you so that you can estimate how much you might have to spend to spruce up the property and later rent out or sell. Once you have ascertained the real estate investment is good for your purchase, start asking about rental yields of property in the area and what price the agent will be able to rent out your property.

Finally, once you have the property price, the mortgage instalment payment, the rental yields, and operating expenses, spend some time generating a spreadsheet to estimate whether your purchase is viable from a monthly cash flow perspective. You want to find the property with the best cash flow for your real estate investment. Once you find one property like that, spend your energy finding other similar properties and you will start seeing your monthly income rise.

Note that generally you are more likely to encounter surprises as opposed to surprise income, so factor this into your calculations. Remember to keep some money in your bank account to take into account things like changing of tenants where a month may go by without any rental coming in and you must be able to pay the monthly bank instalments. Also take note of where in the rental cycle you are purchasing the property, a property that may be in positive cash flow now, may not be so in the next few years.

In conclusion, this article has highlighted ways to ensure that you have a good grasp of all the different ways to choose a real estate investment property that will yield you a positive cash flow. Note that always remember that Murphy’s Law may strike at any time so keep some extra cash in your bank when preparing to purchase a real estate investment property to hedge against such uncertainties.

By Joel Teo 2006 All Rights Reserved
Joel Teo is the owner of several websites and takes a keen interest in real estate investment. For more real estate investment articles and resources go to Real Estate Investment articles.

Three Pitfalls to Avoid When Looking for a Property to Buy and Flip and Re-sell

One of the methods used by most real estate investors is to purchase a distressed property either because of foreclosure or because of its run down state and renovating it and reselling it for a profit. However this method has several pitfalls for the unwary and I will highlight three of them here in this article.

Pitfall #1- The surrounding neighbourhood

Ever wandered into a neighbourhood and wondered why property prices there were always lower than the rest of the district? One of the key things therefore is to take some time to walk around the neighbourhood in which your potential real estate investment is situated and then observe. Things to look out for include drug haunts, many broken down houses which are a good hangout for organised crime. Vandalism on walls that is not painted over represents a bad sign as it could indicate that the area is potentially crime ridden. Thus you want to avoid a bad neighbourhood as buying a property there and fixing it up would not get you a much higher price on the property.

Pitfall #2- The physical state of the property

Some times, even when the property is found in a good neighbourhood, there has to be a reason why the property price is at a bargain. If you are new to property inspection, bring a contractor, a structural engineer or architect along to inspect the property and tell you whether there are any hidden faults. In addition, bring along a prospective real estate agent that will do the rentals listings for you or resell the property for you to provide you with an independent assessment of the property. This incidentally is in line with Napoleon Hill’s Mastermind principle which states that to be successful, surround yourself with smarter people than yourself so that you can boost your own success.

Incidentally if you are interested in foreclosures and auction property, always make it a point to spend some time to examine your real estate investment property before attending an auction since you want to ensure that you are bidding on a piece of property that is not termite ridden.

Pitfall #3- Legal Title

Sometimes the legal title of the property may be more than meets the eye and this is why the price of the property is below the market. There could be for instance two lenders with mortgages on the property and as such your legal liability could be way more than the cost of one mortgage. Make your purchase contract, conditional upon due diligence by your attorney.

For the same matter, not all foreclosure and auction sales are a bargain, spend some time looking around the neighbourhood and look out for things that may affect the legal title of your property like unpaid property tax liens on the property, rezoning or some new development down the block that may affect your legal title. One thing that sometimes people overlook is the concept of access to land in the form of easements and tenements so remember to ask your attorney about this especially if the property that you are looking at is landlocked.

In conclusion, when looking for your next bargain buy and re-selling bargain property investment, spend some time thinking about these three important considerations. Take massive action today and reach your real estate investment goals.

By Joel Teo 2006 All Rights Reserved

Joel Teo is the owner of several websites and takes a keen interest in real estate investment. Learn how you can start making money with no money down real estate investment strategies.

Rea Estate -Annual Percentage Rate (APR) Made Easy

To fully understand and grasp Annual Percentage Rate (APR), there are terms to keep in mind. When you finally understand each mortgage term and definition, you can understand the basic concepts of APR. APR is short for Annual Percentage Rate which means true cost of borrowing. The fees below may be included in APR.

Points

Mortgage Lenders levied this charge at closing. A point represents one percent of face value of mortgage loan.

Pre-paid interest

It is the interest charged to borrowers at loan closing to pay for the cost of borrowing for a partial month. For example, if a loan closes on the first of the month and the first payment is due 10 days later, the lender will charge 10 days of prepaid interest.

Mortgage Insurance

The borrowers are usually required to pay when loan to value ratio exceeds 80%. This insurance protects the mortgage lender from default of mortgage payments.

Title or abstract, Escrow, Attorney, Closing, and Notary fee

The agent charges for their services.

Recording fee

The cost obtained in writing or entering an instrument in a book or public record

Appraisal and Credit report fee

Mortgage Lenders collect to pay the appraisal and credit-report Company.

Processing, Underwriting and Document Fees

Charges for the lender's services associated with making the loan.

Dennis Estrada is a webmaster of mortgage calculators website which calculate the monthly payment, bi-weekly payment, affordability, refinance, annual percentage rate, discount points, and more.

Should I Finance a Second Home for Investment Purposes with a Fixed or Adjustable Rate Mortgage?

A recent survey done by the National Association of Realtors (NAR) demonstrated that the second home market is much larger than anyone suspected. In fact 36 percent of all homes purchased last year were second homes. Even more surprising 23 percent of those were investment homes, while only 13 percent were vacation homes. However, many of those that own vacation homes also have investment property and “second homes” are quite frequently third, fourth or even fourteenth homes for serious investors. NAR President Thomas M. Stevens states “We’ve always known that a certain segment has invested heavily in the rental market, and some people earn their living simply by holding and managing investment property. What we see now is a crossover between largely vacation- and investment-home owners, with people recognizing the value of those investments and pouring more assets into real estate.” So if you’re looking at buying a second home for the purposes of investing, you are in good company.

Financing Your Investment Property

Of course this begs the questions of, “Where do I get the money for a down payment?” and “Should I get a fixed rate mortgage or an adjustable rate mortgage.” If you do not have the cash to put down on a second home, but have equity in your primary residence or other property you could utilize it in purchasing your investment property through a home equity loan or 2nd mortgage, and refinancing your current mortgage. Twenty-eight percent of investors with an investment property mortgage used their primary residences to procure down payment funds and you may be able to do the same. If you have not taken advantage of the lower rates since you purchased your primary residence, mortgage financing is something you should consider immediately while the rates are still low even if you are not looking at an investment. There are many options for securing a down payment and financing a second home and if you have the equity and your credit is good, certainly one will work for you. You just need to do a little research to find the best means of investing and be certain that you will be able to afford your payments.

Down payments

You will need a down payment of a minimum of 10 percent if you are purchasing investment property. If you do not have the cash available, refinancing or a home equity loan or 2nd mortgage on your primary residence may get you the money you need. The equity in your home is the fair market value of the property minus the amount you owe on the mortgage. This amount may be available to you through a home equity loan or home equity line of credit. Mortgage refinancing to “cash out” or extract the equity, is another way to put your home equity to work. Of course the better your credit, the better the rate on your second mortgage or mortgage refinancing. Once you’ve sorted out your investment property down payment you will have to decide which type of mortgage makes the most sense for your situation.

Choosing a Mortgage

Even if you have the cash to pay for your investment, there are benefits to having a mortgage. The main benefits are that interest payments and points are tax deductible. Owning property can be one of the best tax breaks you can get. The other benefit is that your cash is free to be used elsewhere.

An adjustable rate mortgage can be a good decision if you plan on “flipping” the property and selling it within the next seven years, otherwise you are gambling on the interest rates. However, these loans offer less of a monthly mortgage payment and may allow buyers to qualify for a larger loan. Adjustable rate mortgages offer lower interest rates because they are linked to short-term interest rates. According to the Mortgage Bankers Association, the rate for an adjustable rate mortgage is as much as 3 percentage points less than a 30 year fixed rate mortgage. You can lock into a five-year adjustable rate for lower payments, but should feel confident that you will sell the property or can afford larger payments if the rate goes up in five years.

A fixed rate mortgage gives you more security, but may mean higher payments. However, if you plan to keep the property indefinitely, a fixed rate mortgage will give you peace of mind. Your monthly mortgage payment will not change and can be worked into your budget. A fixed rate mortgage may also make sense if you are able to rent the property out at a rental rate of at least 1% of the property’s value to avoid a negative cash flow. If the property is certain to appreciate, you are in an even better position for the long-term.

In a March article in the Los Angeles Times staff writers Tom Petruno and Kathy M. Kristof noted that real estate is still the number one choice of investment in California according to a Los Angeles Times/Bloomberg Poll. The writers state that when “asked how they would invest most of a $1 million windfall, 36% of respondents picked real estate.” With the right mortgage product, real estate may be the best investment for you as well. Just be sure to do a little research on the various choices and get several quotes for the adjustable rate mortgage or fixed rate mortgage that you choose.

Rebecca K. O’Connor is the author of nine books on a variety of subjects including endangered animals, natural disasters and popular culture. She is also a regular contributor to Bird Times, 92260, Desert Magazine and has written for many other publications including Los Angeles Times Magazine.

Rebecca is known for her informative real estate finance articles. You can read more of Katherine’s articles at http://www.bdnationwidemortgage.com and get more information about home equity loans and second mortgage. For a complete look at loans and rates please go to http://www.bdnationwidemortgage.com/second_mortgage.html

Florida Real Estate Listings

If you are looking to move to Florida and don’t know where to start, fret no more. All you need to do is to contact a Florida real estate agent, and it is highly likely that you will be able to get all the information that you need. Florida real estate agents have access to most all real estate listed with the multiple listing services. The real estate agents will also be able to give you feedback on the current Florida real estate market, and also advise you on the best locations to live or invest in.

The multiple listings are normally subdivided into different categories, such as residential for sale (which includes single family and condo home); residential rentals (which means long term or short term rentals of condos or single-family homes); lots or acreage, which means residential and commercially zoned lots and acreage; residential income properties, which covers apartments and condos; commercial improved, which means commercial properties for sale; commercially unimproved, which covers commercially zoned land for sale; commercial space for lease, and business opportunities for those who are seeking established businesses for sale.

The Florida Association of Realtors would be the ideal place to obtain the full listing of all properties available in Florida. The listings will give you complete information, like the property owner, the size of the property, details of the property like number of rooms, halls, bathrooms, fixtures and fittings, whether it comes with a swimming pool, if it has a beachfront or hilltop view, the price and other pertinent information that you would need before considering a purchase.

The real estate listings will also list all the available real estate agents that specialize in certain areas in Florida, which would be most helpful to you if you already have an idea as to where in Florida you would like to purchase or rent the property.

Florida Real Estate provides detailed information on Florida Real Estate, Florida Commercial Real Estate, Florida Real Estate Listings, Florida Beach Real Estate and more. Florida Real Estate is affiliated with Florida Time Share Promotions.

Boulder Colorado Real Estate

If one is daring in spirit, and has the passion for both open spaces and the lure of a metropolitan area, one should consider buying property in the Boulder, Colorado, area.

The real estate market is booming, with a large number of people looking to buy residential property in the area. Buying real estate in Boulder can be a tempting proposition. Getting help from the right professionals in the area can be of great help to all those aspiring to buy homes there.

The price of real estate in Boulder may vary according to its location. Property in prime locations of Boulder can be expensive, while those in developing areas can be more affordable, though still higher than average.

The real estate market in Boulder is booming because of the area’s uniqueness. It consists of a diversity of people, places and culture. The scenic grandeur of the place is most pronounced in the west, with mountains rising over the rolling hills in Chautauqua Park.

The Flatirons, a Boulder landmark, generate a stunning, geometrical pattern on the mountainside, and united with the breathtaking back range scenes of the Indian Peaks Wilderness make available both exquisiteness and exclusivity not present in any other place.

To top it all, the region’s quality of life entails the best of everything including leisure, medical services, shopping, cultural events, and some of the world’s best skiing.

People are eager to invest in real estate in Boulder due to the fact that the area has Front Range exclusivity, in the sense that it is located directly against the foothills. The copious uncluttered area gives Boulder an unprotected feel, and renders the outdoors the ideal playground.

Boulder Colorado provides detailed information on Boulder Colorado, Boulder Colorado Realtors, Boulder Colorado Homes for Sale, Boulder Colorado Real Estate and more. Boulder Colorado is affiliated with Colorado Springs Hotels.

Mini Houses

Who says that bigger is better?

The affordability indexes of all large urban centers in the United States and Canada are reaching disproportionate levels these days, ranking North America in third place after East Asia and Europe on the scale of the world’s most unaffordable places when it comes to housing. Tokyo and Hong Kong, with an average resale value of U.S.$1,100 and U.S.$900 per square foot approximately have turned into cities of sardines, with people reduced to live in 300 square foot cubicles to afford a roof over their heads. And here in North America we are poised to follow suit pretty soon.

The affordability crisis is a very serious matter indeed. It has economic, political, social and demographic reverberations and repercussions. The primary culprit and cause of the crisis is the ratio between wages and real estate market values. This ratio is entirely skewed to values. Whereas, for example, market values in metropolitan areas in Canada have appreciated an average of fifteen percent per year for the past five years - or a total of seventy-five percent since 2001, salaries have increased an average of four percent per annum – or twenty percent total. There is, therefore, a fifty-five percent gap, which accounts for the problem buyers are facing today when it comes to go to the bank and qualifying for a loan.

In the past few years consumers have tried to obviate to the crisis of affordability by relocating or purchasing farther away from the urban core. But with prices of gasoline higher today anywhere from twenty to twenty-five percent than they were in 2004, and with the expectation looming on the horizon that price of crude will top the $80 per barrel in the relatively near future, long commuting is increasingly putting a dent in the convenience of living well out into suburbia. Additionally, researchers peg the cost per bbl. at a staggering US $100 by 2010. If this condition will occur, the average consumer will pay US$60 for a tank fill up in 2010 as opposed to US$40 today. Moreover, the oil industry anticipates that the world global output will have peaked by the year 2015, which then is a sure sign that from then on the US $100 per bbl. price tag will be there to stay for a very long time.

As such and in light of the foregoing, cities in North America, which are already energy inefficient, are destined to become even more and more so. It is going to cost too much to commute from one side of town, where one lives, to the other side of town, where one works, even with carpools or public transit. It will become too expensive to heat and light 2,500 square foot homes when, in fact, most people can enjoy them only in their free time over the weekend. A recent study undertaken on behalf of the US Department of Energy details that home heating costs can be expected to skyrocket in the forthcoming years. For example, the Department of Energy predicts that homes heated with natural gas could see their fuel costs explode by as much as 48 percent by 2007. And the cost of home heating oil could surge by up to 32 percent. It is the general consensus, therefore, of those involved in economic anticipatory forecasting, that by the end of the decade consumers will mostly demand smaller living quarters, and more affordable.

For all the foregoing reasons, municipalities across the continent are focusing on developing a number of new housing types, and testing their feasibility. Work includes an extensive review of small-scale housing projects across Canada and the United States, as well as discussions with local housing developers about economic viability and marketability. These new housing types are also reviewed and refined in consultation with staff from Planning, Engineering, Housing, Real Estate, Fire Prevention officials and City Building inspectors.

Often overlooked, but an important design consideration affecting the total energy used by the home, is the size of the home. Recent statistics compiled by the US Department of Energy show that new homes on average use more energy than older homes, partially due to larger size, increased use of air-conditioning, and the widespread use of numerous electronics. While home size will likely be determined by factors other than energy efficiency, considerations are now on the drawing board as to whether the same function can be delivered in a smaller package. The general idea behind all these efforts is to provide additional capacity for ground-oriented housing. The hope is to offer a more affordable alternative to the single-family home, while maintaining many of the desirable qualities of this type of housing. Providing these choices within the city core is important to long term growth and sustainability.

The basic parameters guiding the writing of the new construction projects vary from town to town, and take into account factors such as density, size and values of existing developments, as well as anticipatory demand based upon public response obtained by random surveys, which show support and interest for similar forms of housing. Plus, guidelines are laid out to ensure attractive building design, quality materials, landscaping and neighbourhood fit.

For example, a Policy Report and Project Study undertaken here by the City of Vancouver for the Standing Committee on Planning and Environment to put up one such type of housing development in the Kingsway and Knight Corridor – pretty much in the centre of town - has determined the following guidelines:

[ ] a 4.9m (16 ft.) front yard per lot;

[ ] a maximum height of 2.5 storeys and 10.7m (35 ft.) per single-family dwelling;

[ ] parking at grade, accessed from the lane or the courtyard;

[ ] typical unit sizes of 60.4m2 to 130.1m2 (650 to 1,400ft.2) depending on site size;

[ ] construction cost estimated at CAD $110.00 per sq. ft., or between CAD $71,500 and CAD $154,000 per dwelling, depending on size and inclusive of developer’s profit;

[ ] estimated selling price per unit between CAD $270,000 through CAD $350,000.

More importantly, the City of Vancouver anticipates that over a 20-year period, the redevelopment of the entire neighbourhood would generate approximately 800 net additional units for 2,500 more residents, over and above what might be expected if the zoning were to remain unchanged.

Architects and home designers are coming to grips with the realization that comfort has almost nothing at all to do with how big a space is but, rather, that it is attained by tailoring our houses to fit the way we really live. This, coupled by the opportunity given to contain an ever more rampant crisis of affordability, makes the concept of mini-houses a sure winning bet with real estate consumers in the very short term.

Luigi Frascati

Luigi Frascati is a Real Estate Agent based in Vancouver, British Columbia. He holds a Bachelor Degree in Economics and maintains a weblog entitled the Real Estate Chronicle at http://wwwrealestatechronicle.blogspot.com where you can find the full collection of his articles. Luigi is associated with the Sutton Group, the largest real estate organization in Canada, and is based with Sutton-Centre Realty in Burnaby, BC.

Finding a Way to Purchase a Home

Buying a home is an exciting time, and often not as difficult as it may seem. All you need is a little information.

You need three basic things to purchase a home: good income, good credit and a good amount of cash. If you are lacking in one area, don't worry, with a little effort, you can find a solution.

For example, if you have a lot of cash, your income and credit may not matter. You simply pay for your home outright. That is the ideal situation. You can usually negotiate with a seller for a lower purchase price because you don't require a mortgage approval. You are a simple, quick transaction to the seller.

You may be in the opposite situation. You could have a good income and excellent credit, but little cash saved. There are options for you as well. You can find many loan programs, especially those for first-time homebuyers, which offer low down payments, sometimes as low a 3%. You will have to pay for private mortgage insurance, but it is worth it to be able to purchase a home.

There are loan programs out there for those who do not want to disclose their income information. These loans are called no-doc mortgages. You will pay a higher interest rate and might have to put a large down payment on the mortgage, but you won't have to submit your income information. Many self-employed individuals turn to this option.

There are ways to purchase a home, no matter your situation. If you have made poor choices in the past and have questionable credit, you can find lenders out there willing to grant you a mortgage. You may have to prepay points. You will most likely pay a higher interest rate as you are more risky to the lender. But if you are willing to make the sacrifice, there is no reason you can't refinance your mortgage in five to ten years, when your credit is improved.

Look into all of your options when considering purchasing a home. It may be that you are better off waiting, saving some money and improving your credit history. Given time, you may be in a better position to purchase.

What you ideally need to obtain the best interest rates and repayment terms is a good, steady income with a long-term employer; a great credit score; and a large downpayment of at least 20%. It may be worth it, especially with rates on an upward trend, to wait a while and get your ducks in order before you buy a home. The more you are able to reduce your interest rate, the less you will pay back over time.

But if you are ready to buy now, do a little research and find out what is available to you. There are many loan programs and options that make owning a home a possibility for everyone. Yes, you may pay a higher interest rate, but you receive a home in return. Good Luck.


Martin Lukac (http://www.MartinLukac.com), represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!

Getting a Good Deal in a Hot Market

Despite the recent talk of weakening markets, many hot real estate markets around the country remain strong. Across the country, sales of homes have only decreased by 2.1% for the first quarter of 2006. While some formerly hot metro areas, such as those in California and Florida have cooled, other areas remain quite hot, such as Phoenix.

It would be nice to pick and choose when you will buy and sell your home according to the market. You would want to buy when it is cool and sell when it is hot. But that isn't the way life works for many of us. We find ourselves moving for new jobs, selling for financial reasons and buying for more space.

When the time is right for your family to purchase a new home, you should go ahead. If you make wise choices and purchase well within your financial ability, you won't have much to worry about.

There are a few ways to find good deals in a hot market. Start by finding a good Realtor. Your Realtor will help you find the homes that fit your criteria. Often, a Realtor can notify you as soon as a home is put on the market, even before it goes on the MLS. The selection of a good Realtor will make your purchase an easier transaction.

Make sure that you are ready to purchase a home on a minute's notice. Many times, you have to be ready to make an offer as soon as you view the home. Be financially ready by having a pre-approval for a mortgage from your lender. Be emotionally ready by knowing exactly what you require in a home. It will happen fast, so don't let yourself double-guess yourself too much.

While buying a home in a hot market can be a whirlwind, it can be one of those hurry up and wait situations. You have to be patient. Don't just jump on the first house you se. Remember that your requirements are more important than a few more weeks of searching.

Stay in contact with your Realtor. Make sure that the Realtor understands exactly what you are looking for. If you haven't heard anything in a week, call him or her. By keeping in contact, you are proving that you are a serious buyer. When new listings come up, you may be the first person on the Realtor's mind.

The best way to find a good deal is to be right there when they come up. When a good deal hits the market, it goes fast. You have to be ready to jump, while cautious about not jumping to fast. It is sort of like juggling. You want to be ready for the next ball, without forgetting to hold on the current ball.

Hot markets are easily survived by wise homebuyers. The key is to take your time to make smart decisions. If you are prepared in what you are looking for, you will be able to make a sound quick decision. If you stay within your purchase power, you won't have too much to worry about as the market cools. You can't always time your buying and selling with the market, but you can find ways to work within the market.

Martin Lukac (http://www.MartinLukac.com), represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!

Should You Buy New or Used?

There are many advantages to both new and existing homes. Which one you purchase depends on your preferences.
When it comes to buying a house, new can be very nice. But existing homes have many benefits as well. You should consider all of the benefits to each type of home before you make your decision.
Why buy an existing home?
When you buy an existing home, you are usually able to buy a larger home for your money. New construction is usually priced by the square foot, a more expensive way of determining value. Construction costs are greater today than they were 10 years ago. When you purchase an existing home, the square feet are not calculated based on today's square footage parameters. The cost is based on the age, style and location of the home.
You are often able to find better quality of appliances and features in an existing home. Most new homes contain "Builder's Grade" features. These are not the top of the line appliances and components. An older home has probably been modified and remodeled since it was built. Homeowners often upgrade their appliances and carpeting as they can afford to do so.
With an existing home, you are getting an established neighborhood. You know who the neighbors are before you move in. If you are moving into a new construction neighborhood, you don't know what mix of people will move into the surrounding homes. This can affect the quality of the neighborhood and the housing values in the future.
Advantages of buying new
The first decade of a house's life is its formative years. This is the time when the most price appreciation occurs. The new home has a lot of appeal. It needs little maintenance, doesn't require immediate remodeling or upgrades and is an economical choice if you don't have a lot of money for upkeep right now.
New homes usually come with warranties that cover many of the components of the home. For the first two years, the warranty can cover almost everything from appliances to carpeting and the heating and air systems. The first ten years will cover the structure itself from erosion, shifting and foundation problems. Warranties can save you a lot of money on home repairs.
Many homeowners take great pride at being the first to own a home. They can add options to the floor plan and create the home of their dreams. There are no hidden problems or dishonest sellers to worry about. When a new neighborhood is filled with new owners, a rapport can be built that is not found in established neighborhoods.
Buying a home, whether new or slightly used, is a very emotional decision. Look at all of your options when looking at homes to purchase. You may find that you like the appeal of an existing home's charm or the starkness of a new home. The decision is ultimately yours to make. Whether new or used, owning a home is a truly rewarding experience.
Martin Lukac (http://www.MartinLukac.com), represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate/mortgage market. We specialize in daily updates, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!

Selling your Home, Simplified Purchase Procedure

If you’ve decided to contract the services of a real estate agency, you usually don’t have to worry about the purchase procedure. However, if you’re doing everything by yourself, you may get a tad bit confused.

Selling a property is not a very simple task, as it involves a lot of paperwork. You may have to exert a little extra effort in securing all the permits but it is doable.

Assuming you’ve already completed all the pre-selling activities (fixing your home, advertising, conducting open house events and showing your house to guests), here’s what you should do when a buyer is interested in purchasing your home.

In a perfect world, a buyer would gladly pay the asking price, with no questions asked. But since this is not a perfect world, expect buyers to make a counter offer. This could be done through their agents or a simple one on one discussion with you (the seller).

If you find his counter offer amenable, you can ask him to give you a small token amount (a deposit), the figure to be agreed upon by you and your buyer. You and your buyer should then set a date when you should meet again, hopefully by then; all the necessary documents have been prepared and are ready to be signed.

Once the deposit has been given, you should contact a real estate lawyer and have him draft the purchase contract. You can download some forms from the internet but to be safe, it is best that you consult with a real estate professional. This way you avoid making costly errors.

When all this has been ironed out, you will then meet with your buyer (who will most probably bring his own lawyer or agent) and discuss the terms of the purchase contract. You may have to meet with your buyer several times but this is all part of the purchase process.

The moment everything is agreeable to both parties, the contract is signed and the down payment is given. You and your buyer can then discuss when they can move in.

The keys to your house, as well as transfer certificates or titles can be handed over to the buyer once the balance (as paid by the bank or by the buyer itself) has been settled.

Selling your Home, Your Buyer's Deposit

Truly, hearing the words “We love your house … we’ll buy it” is any home seller’s dream. But what happens once a buyer indicates a real desire to purchase your property?

When this happens, it is customary for home sellers to request buyers to give, or for buyers to offer the seller, a small amount. This amount is called a deposit. A deposit, otherwise known as earnest money, is given to show a sincere intention of completing the purchase transaction. It can be likened to a reservation fee.
There is no prescribed amount; the deposit can be as small as $500 or as large as 5% of the total purchase price. The final figure will depend on you and your buyer. Once the buyer hands you a check covering the requested amount, what should you do with it?

Ideally, set it aside, or have someone hold it in trust. Until the transaction has been completed, the deposit is not yours.

When you have your purchase contract drafted, make sure that the deposit your buyer made is mentioned, and explicitly specify the conditions wherein the deposit can be returned in full or when the deposit will be forfeited in favour of the seller.
Normally, deposits are returned when the transaction cannot be completed due to external factors that are beyond the control of the buyer. An example would be when the buyer is unable to get the appropriate financing.


Deposits are forfeited when the buyer backs out of the agreement for no just cause (just didn’t want to buy the house anymore), or reneges on a clause stated in your purchase contract (did not pay the deposit on a specified date).
In case the transaction pushes through, the deposit should be credited to the buyer, meaning the amount should be deducted from the total purchase price. It is only when this occurs that you can finally consider the buyer’s deposit, as yours.

Selling your Home, Invisible Home Turn Offs

Ever wondered why some beautiful houses stay on sale for long periods of time even if the properties are in good neighbourhoods and the purchase prices are fairly reasonable? It could be because these homes do not meet the needs of all their potential buyers, or because the buyers are turned off by invisible factors.

Invisible turn offs are not ghosts and goblins. These are little seemingly insignificant things that home sellers are usually not aware of, but buyers are very sensitive to. Some of these invisible turn offs include:

Undesirable Odours – since you live in the property, you may have gotten used to the smell of cigarettes, or mildew or pets and not consider this offensive. People who are not used to your home environment would notice this immediately, and they also know if you’re trying to mask unpleasant odours with sprays.

Pets – Yes, they are real entities, but they can be considered an invisible factor to you since you are used to having them around. Pets should be removed from the premises, no matter how cute or affectionate they are, whenever you’re showing your home off to buyers. They may bark, slobber or worse, relieve themselves unexpectedly, and any of these could be a big turn off for a buyer.

Bugs and Insects – Like pets, these are not invisible, but if you are used to their presence, again, they become invisible (to you). Buyers are on a look out for creepy crawlies, the worst of these are cockroaches, spiders and flies. You have to eradicate these little pests first, before you entertain guests.

If you want to get a good price on your home, and sell it at the soonest possible time, you have to be extra vigilant about these things. A house is more than having picture perfect interiors, solid structural foundations and a great curb appeal; it’s also about these little seemingly insignificant factors.

Remember that when you’re selling a house, everything matters.

Selling your Home, Seller Obligations

If you think that as a home seller, your only responsibility is to turn over your house and its ownership title to the buyer, then you are mistaken. Your obligations as a seller go beyond that. You are responsible for the property the minute you decide to sell your house, to the day you hand over your keys (and even a few months after).
One of the most important duties you have as a seller is to disclose the true state and condition of your house. You cannot give misleading information to make your property more desirable to the market. You have to be very honest, and if possible, have the necessary documentation (receipts from contractors, inspectors reports) to support your claims. If the buyer had to shell out money to repair something you claimed is in working order (when in reality, it wasn’t), you could be made to reimburse the new owner the full cost. To be on the safe side, it is best that you ask an independent valuator or inspector to give you a full report on the condition of your property. Show this report to potential buyers and give them a photocopy of it, when they purchase your unit.
You should also take it upon yourself to inform the buyer of existing local rules and regulations that he should abide by. For example, if you pay home owners fees, you have to tell him how much and when this is due. You should also inform your local council or association that you will be moving and your home will be occupied by a new family.
If you have tenants, you should tell them of your plans to sell the house even before you contact a real estate agent, or put up a for-sale sign in your lawn. When you have sold the house, you should give them ample time to move out (1 to 3 months advance notice should suffice).
Incidentally, you should be completely decided about selling the property. Once you and your buyer sign the purchase agreement, you cannot back out from it. If you withdraw, the buyer can take you to court and have them enforce the agreement. In some occasions, they may even claim for losses.
To protect yourself, it is advised that you consult your lawyer and ask that all legal responsibilities / obligations of a seller be discussed with you thoroughly.

Real Estate Deposit vs Down Payment

When you’re selling your home, you have to be familiar with related real-estate lingo. You have to know the difference between a canopy and an awning; a mortgage and a loan; and most importantly, the difference between a deposit and a down payment.

Believe it or not, there are a lot of home sellers who think that deposits and down payments are one and the same, when in reality they are not.

A deposit is the money given or handed over to the owner when a buyer indicates a sincere desire to purchase the property being sold. It is a token amount that could be as small as a few hundred dollars, or as big as 5% of the total purchase price. The deposit can be returned when the transaction does not fall through for reasons beyond the control of the buyer, and can also be forfeited in favour of the seller. When the purchase pushes through, the deposit is credited to the buyer and forms part of his down payment.

A down payment or equity, on the other hand, can be considered as an initial payment on the property itself. It is given when the buyer has decided to actually purchase the house (unlike in deposit, where it is given when the buyer indicates a desire to buy the unit). The down payment is the total amount of money a buyer can give as a partial payment and is generally of a bigger value (10% of the total property cost, or more) than regular deposits.
It’s fairly easy to differentiate. Just remember that a deposit is smaller and, once the transaction pushes through, becomes part of the down payment. The total of these two, plus any outstanding balance, should be the agreed upon purchase price of the property.

Pricing Your Home

If you are selling your home through the assistance of a real estate agent, you don’t have to worry about a lot of things, most of all pricing. The agents are not only there to sell your house, they are also there to put an appropriate price tag on the property.

Pricing a home properly is the biggest problem home sellers, who choose to sell their property by themselves, encounter. They either set a price that is way below the market value or way above it. Either way, this proves detrimental to the seller.

To avoid the pitfalls of having an inaccurately priced home, you have to do your homework way before you put a “for sale” sign in your front lawn.

The first thing you should do is to study the market. Browse through classified ads and take note of the prices of similarly sized homes in similar neighbourhoods. This should be enough to give you an idea of the acceptable price range.

Bolster your information with data gathered from the internet. Look for websites that provide online appraisals or you can go to the websites of real estate agents and see if any company offers free home analysis.

If you are uncomfortable taking this route, you can secure the services of a full – time, professional appraiser. Having your home professionally appraised may entail an additional expense but you will be assured that the figure he will give is the closest approximation to the true value of your property.

Learning the Real Estate Lingo

If you plan on selling your home and opt to do it yourself, and not rely on real estate agents, you have to attend to a lot of tasks before you can say that your home is ready for viewing. Aside from doing the minor renovations, basic landscaping and impromptu beautification projects, you must, before anything else, be familiar with the local real estate vernacular.

The real estate industry, just like any specialized industry, has its own unique kind of language and jargons. You need to be slightly familiar with the language in order for you to communicate effectively.

Initially, you would need to know what the standard abbreviations representing the different parts of your house are. You will not use these when you are talking to clients, but these will be essential when you place advertisements in major dailies and real estate magazines. This is especially useful when you are allotted a limited number of characters in your advertisement.

In addition to that, you have to know the technical terms usually associated with the construction and different parts of the house. That way, you would be able to inform buyers and building inspectors what materials were and what procedures were done when you had your home renovated.

Finally it pays to be well versed with basic banking terms and know the meanings of words such as “equity”, “second mortgage”, “financing institution” and “amortization” among others.

Knowing these terms and understanding what these words mean is very important, especially if you’re selling your home by yourself. It protects you from unscrupulous buyers and agents because it sends the message that you know what you are talking about. It increases your chances of being able to get a good price for your property.

Giving Commissions: When your buyer has an agent

Home sellers who solicit the expert assistance of real estate companies are obliged to give a commission once the property is sold. Some home owners do not want to be burdened with this problem thus they opt to sell their homes by themselves. But what should you do if the buyer who purchased your home has an agent? Are you obliged to extend a commission to the agent?

The decision on this matter rests solely upon your shoulder. If you opt to not give a commission, it is best that you discuss this with the agent first. Stress that you do not want to be listed under his agency and do not affix your signature on any document. He should either respectfully abide by your decision or he can suggest alternative solutions. You can thresh out the issue further until you both reach a mutually agreeable arrangement.

In case you decide to give him a commission, make sure that the rate is specified, and that the details of this is stipulated explicitly in the Buyer’s agreement. Specify who will be shouldering the commission (if it will be a percentage of the sales price, or an amount that will be added on to the selling price) and make sure that the buyer is aware of this arrangement.

Bear in mind that the commission rates are not fixed and should always be subject to negotiation. If you encounter an agent who insists on a commission, you should report his unprofessional conduct to his real estate agency.

Buying Real Estate - How To Be Smart When Attending Open Houses

If you're planning on buying a new home, attending open houses can be a good way to find a home you want or pick up useful ideas from what you find. Visiting open houses should be an enjoyable and fun experience, but you also have to keep focused on the reason why you are there. Primarily you're trying to get home buying information and maybe even find that special house that you have been looking for.

With that in mind, you need to approach visiting open houses with an organized mindset. Very often, you'll be visiting several open houses in the same day. And over the course of a few weeks, it can add up to quite a few homes that you have visited. As a result, it can be very easy to forget important points from one house to the next. So to ovoid this problem, it's a good idea to take very good notes on each home that you visit and perhaps even take along a digital camera to get a few snapshots if you wish. Of course, make sure that it is agreeable with the householder before taking photos of the inside of their home.

Whenever you visit an open house, jot down a few things that you like and dislike about it as soon as you arrive. What is its overall appearance from the outside? Is it close to nearby schools if that is a necessity? How about shopping malls? And how far away would it be from your job? Sometimes these are questions that home buyers fail to take into account early in the buying process.

When inside the home, be sure to check everything and take plenty of notes as you go. A few things to watch for are the condition of the cabinets, the carpet, the walls, the ceilings, and so on. Take good notes on any items if you feel may need repair.

Consider the size of all the rooms in the home, and determine if they will meet the needs of you and your family. If necessary, even take a tape rule with you to be able to measure out individual rooms and see what kind of space is available. Pay particular attention to storage and closet space, as this is an area that is quite often overlooked by new home buyers, but will become very important if you should decide to buy.

It's also a good practice to spend a few minutes outside the home and listen for noises that could be bothersome. Perhaps there is a train that passes nearby, or freeway noise that seems excessive. Just taking the time to listen can sometimes be very illuminating, and can help you ovoid moving into a home where noises could be constantly irritating.

Of course at most open houses, a real estate agent or broker is likely to be present. If so, feel free to ask plenty of questions, but keep in mind that the answers may not always be straightforward. If you try to make notes though as the questions are answered, there is a good chance that you'll get more honest answers. Don't be shy about asking questions either, as the purchase of a new home is a very large investment, and you want to be sure that you are well informed about all aspects of the home before you even consider it as a purchase.

Sometimes you may even find some mortgage lenders attending certain open houses as well. But just be sure to stick to your original schedule, and not fall for any special deals that they offer you if you buy right away. Remember, open houses are just for looking, not for buying.

Sometimes you can find the home you want within a short period of time, and other times you may have to visit several open houses before you find anything that seems to appeal to you. Just be sure to take your time and be patient as you go through the process of visiting local open houses.

Steadman Issenburg writes on many consumer related topics including real estate. You can find phoenix real estate listings and las vegas luxury homes and more by visiting our Real Estate website.

Buying Real Estate - House Hunting Tips And Ideas

Moving is often regarded as one of the most stressful events in a persons life. And that may be true, but the process of house hunting need not be very stressful that all. If you approach house hunting in a logical and organized way, the process usually goes much smoother and easier. So here are some house hunting tips and ideas for you to consider.

The very first consideration to be made when you're planning a move is the location or general area to which you're going. Try to get to know as much as you possibly can about it in advance. If you either have a family or are planning one in the future, get to know the schools in the area and try to move into a school district that has a good reputation for education. Consider also how close and convenient your home would be to shopping centers, medical facilities and so on. And don't forget about your job. How much time would it take for you to commute to your work from that location or area?

If you know someone in law enforcement, you can often find out a lot about the crime rate in a particular area by just asking them. Sometimes they can steer you away from certain parts of the area that tend to have more problems.

It's also a good idea to just drive through the general area and get a good feel for the kind of houses that are available there. Quite often, you can tell a lot about the quality of the householders by just taking a good look at the condition of their homes and properties from the outside.

Now that you have a good idea of the location that you prefer, it's time to start seriously thinking about what kind of home will work best for you. Here is where taking a little time to sit down and write out your needs and wants can help you focus in like a laser on the house that will fit you best. Make a list of all the important features including how many bedrooms you need, what size garage, how much square footage should be in the home, whether or not you will need a fenced in yard, and so on.

Before even starting to look for your dream home, now is the time to line up your financing arrangements. Shop around and find a lending institution that will give you your best mortgage deal. By getting pre-qualified for a home loan, you will be able to know exactly how much house you can afford, and will be in a better position to put in an offer when you find it.

Now it is time to actually get out and go find the home of your dreams. Expect that your house hunting adventure will take quite a bit of time, and don't try to rush it or get impatient in the process. Here is where having a good real estate agent to represent you can be a big help. So ask around among your family and friends, and most likely you will get some good suggestions on reliable, trustworthy real estate agents that have good reputations.

As you arrange to visit various homes or open houses, another good idea is to take along with you a notepad and make careful notes about the important details of each home that you visit to help you recall the information later on. This is very important as you will no doubt visit quite a few homes in your house hunting endeavor, and they can get very confusing unless you have a way to keep it all straight.

By following this procedure, you can bring some organization and order to a process that can easily become very haphazard and difficult. But if you use the suggestions provided above, they can most likely help you find the home you want quickly and easily.

Steadman Issenburg writes on many consumer related topics including real estate. You can find san diego real estate listings and new york luxury homes and more by visiting our Real Estate website.

The Top Ten Ways To Add Value Before You Sell Your Home

There are lots of ways to increase the value of your home before putting it on the market, by sprucing it up both inside and out. These little home improvement projects don't have to cost a lot of money, but they can often maximize the value of a home. So here are some of the top 10 ways that you can increase the value of your home before its sale.

1. Anything that improves the appearance of the home would usually add value, and decorative moldings for both the interior and exterior can add a lot to a home's appearance. They can often be installed by the homeowner themselves and are readily available at most home improvement stores.

2. One of the most important areas of the home that contribute toward the overall resale value is the kitchen. Quite often, it's a good idea to update older kitchens by replacing cabinets and countertops with more modern materials. If a complete overhaul will be too expensive, you may also want to consider simply refacing the cabinets and changing out items like the cabinet hardware and hinges, as well as the kitchen faucet for the most cost-effective cosmetic effect.

3. The bathroom is another one of the most important areas of the house for home improvement. Resurfacing the tub, changing out some of the tile and updating it, and installing a more modern vanity and faucet can go a long way toward improving the bathroom's appearance and bringing it more up to date.

4. A new roof can help out as it is one of the first things that prospective buyers will see, and your investment here will often come back to you because many buyers appreciate the value of a new roof.

5. If you have a wood or clapboard exterior to your home, give serious consideration to installing vinyl siding over it, as this can add up to $10,000 to the value of your home. And if you already have vinyl siding, give it a good pressure washing to freshen up the appearance of the exterior.

6. Putting on a fresh coat of paint both on the inside and outside of a home can make a dramatic difference in its appearance, and is fairly inexpensive and easily accomplished by most homeowners themselves.

7. If your carpeting or vinyl flooring is starting to show serious wear this can affect the appearance of an entire room. So replace any areas that are showing lots of wear to help build the home's value. Sometimes just a good carpet cleaning can do wonders too.

8. Newer and more modern appliances such as the refrigerator, dishwasher, stove, and so on can contribute substantially toward the value of your home as well.

9. The outside of your home is the first thing that most home buyers will see, and here is where a well maintained yard with properly placed flowers and shrubs can create a pleasing exterior that invites visitors in for a closer look inside the home.

10. Sometimes adding a new deck to your home can be a good selling point too. A nice wooden deck with a comfortable patio set would provide a recreational area that appeals to many home buyers.

Of course, you can only make the home improvements that your budget will allow. But many of these suggestions listed above are not expensive at all. All of them however will enhance the appearance and the value of almost any home.

Steadman Issenburg writes on many consumer related topics including real estate. You can find california houses for sale and houses for sale in texas and more by visiting our Real Estate website.

Real Estate: A Good Investment

There are many kinds of investments in which we can put our money and eventually earn in the future. Most business-minded people would choose investments that can give them not only income but also security. They seek in particular for an investment that possesses the capacity to stay productive over a longer period of time. They don’t just want another investment that can give them a one-time income. There are many kinds of investment that you can choose from. There are investments in banks, stock market, business ventures, real estate and other financial companies. But most people will invest in real estate. Why is it that they are willing to invest in this kind of investment?

Real estate can cost investors a lot of money up front, but it can promise a higher return in the future. One basic characteristic a real estate investment has is that the payment can be amortized for a longer period of time on an installment basis. In this case, the investor will only prepare for a down payment and the remaining amount will be paid on a monthly basis. Aside from that advantage, this kind of investment has the capacity to increase its appraised value up to 10% every year depending on the location and the development of a given investment.

Real estate investment can contribute a lot to the income of an investor. But with this income, there is a corresponding cost to it. As it is said that they higher the return, the higher the cost involved. This kind of real estate investment needs proper maintenance and development in order for it to increase its value over a short period of time. The development cost for this kind of investment can require a higher cash outlay to the owner of a certain property but the fruits of his labor will be abundant.

The investor can earn a large income in the near future as long as he invests proper management into his investment. Aside from the income that the investment can provide, it can also provide the owner security for his investment. Because of its tangible but immovable characteristics, this kind of investment is secure in the hands of the owner. These are the basic things that can make the real estate as a good investment opportunity.

Clive Green is a writer with expertise in the fields of self-improvement, real estate and finance. Look here for info on real estate.

For Sale By Owner Top Ten Selling Tips

A lot of people these days are deciding to sell their home themselves to help save some of the costs associated with listing the home with a realtor instead. So if you are considering selling your home as a for sale by owner, here are some things that you need to do to be successful.

First of all, get familiar with the state laws that govern what the seller has to disclose when selling a home. The disclosure requirements can vary considerably from state to state. Sometimes they are a simple as how old the house is and any problem areas that the buyer should be made aware of. But they can also extend to property disputes, whether the house is located near an airport, and other disclosure matters. Just be sure to check with your state laws to see what requirements you must meet.

After attempting to meet all federal and state requirements for proper disclosure, it's time to give attention to increasing your home's appeal. The very first place to look is the outside, as this is the first impression that will be made on any perspective home buyer. In fact, sometimes the outside appearance of the home can be the deciding factor for some buyers as to whether or not they will even want to stop and look at the inside or not.

So here are some suggestions to increase your home's curb appeal:

1. Keep the lawn mowed and weeds pulled regularly in order to help your lawn look it's best.

2. Keep leaves and debris raked up and properly disposed of.

3. Make sure all of your bushes, shrubs and trees are nicely trimmed.

4. Clean the outside of your house and all decks with a pressure washer to brighten up the appearance of the house.

5. If there are children in your home, be sure to keep all toys and kids clutter out of the yard.

When you have the outside of the house looking it's best, it's time to turn your attention now to the inside as well. Here are some suggestions to help you improve the appearance of your home's interior:

1. First and foremost, put forth extra effort to keep your home clean and tidy while you are attempting to sell it.

2. Make sure that all cosmetic blemishes are repaired before showing the home.

3. Identify and eliminate any and all foul odors throughout your house.

4. Keep your home well lit by opening up the window shades during the day, and making sure that you use plenty of lighting at night. A dark appearing home does not show well.

5. If you have children, be sure to pick up after them and keep their toys organized.

Of course, implementing these suggestions may take a lot of effort and time on your part to accomplish. But creating a warm, inviting atmosphere both outside and inside your home has been proven to be an effective strategy in selling your home quickly and for more money.

Steadman Issenburg writes on many consumer related topics including real estate. You can find houses for sale in florida and las vegas houses for sale and more by visiting our Real Estate website.

“Mack Daddy Curb Appeal”

The secret to selling a home lies not in how sound the structural foundations of a home are (although it does matter, but that is usually brought up later on), but on how pimped up the exterior is.

It may sound really superficial but it is, to some extent, true. Home buyers do not go to real estate agents and ask which home has the most solid foundation or which one has the least leaky set of pipes. When they approach agents, they first find out if there is a house that suits their requirements; and then they will go out to see if the house is the one they want.

Since the acid test relies on visual appeal, you have to pimp up your home and make it look like the daddy mack of all houses. It’s really not that difficult to make the exterior of your home pleasing to the eyes. You just have to watch out for possible eye-sores and attend to these immediately.

If you want to attract buyers the same way James Bond attracts the ladies, you have to check your home from head to toe (roof to sidewalk)

1. Check the hair (your home’s roof). If your roof has shingles, make sure that the entire roofline is properly covered with no traces of lose or broken tiles.
2. While you’re up there, check the gutters. These should be intact and in good working order (not drooping nor leaking). It would be a good time to clean these and remove leaves or dried branches.
3. Next, focus on the body. Are all the walls properly painted? Are there any loose wall panels? Check the windows: are they all scrubbed? Are the shutters working? How about the doors: has the hardware been shined? Are the colours coordinated? Give the body of the house as much attention as you would do your own.
4. Now you can focus on the grounds. The grounds should be as clean as the edifice itself. It should be free from unnecessary debris or clutter such as doggie dishes, rakes or way ward leaves. The lawn should be mowed and the trees and hedges trimmed. If you have a fence or a gate, these should be in good condition as well.
5. Finally, accessorize. No, this doesn’t mean putting fine china on your outdoor set. Just make sure that all exterior lights are working, and that you have adequate decoration outdoors. Having plants line your driveway, or ensuring that the mailbox by the sidewalk is clean and functioning properly may seem insignificant, but these matter.

Getting the buyers to step out of their car is the first and probably most important step. Once you’ve gotten their attention and have brought them inside, you can impress them further with the stuff that really matters.

Your Options if You Need To Sell Your House In A Hurry

In today’s hectic world, time is always of the essence. Ideally, everything should be accomplished in as little time as possible. However, when it comes to real estate transactions, selling a home in record time seldom happens.

If you want to ensure that your home would be sold quickly, your first option is to leave everything in the hands of experts. Hire an agent and select one who has built a professional reputation on being able to find the right buyers for his clients. You and he should be able to determine the right selling price for your home, come up with an adjustable marketing and sales plan, and a realistic time table with which you can base your progress. You can also draw up incentives for him and maybe one that is designed for potential buyers or unofficial sales agents (referrers) as well.

In case your property isn’t moving as quickly as it should, you can consider reviewing the offers given by companies that will pay “cash for homes”. They have advertisements on matchbooks, and bill boards and they can buy your house. The downside is that they will buy it at a price that is way below what it is worth.

If the reason you’re moving is because of your job, you can ask the company you will be transferring to for help. Your company may have a home-sale help program wherein they will purchase your home at its appraised market price. Once they have the title, they would then put the house on the market. If your employer does not offer this, you can simply have the house rented out.

Renting out your house is probably the most viable option you can take. Admittedly, you will not be able to get a big amount outright, but you won’t have to let your home go for a song either. Just inform the tenants that you intend to sell the house and that they should be ready to receive guests. Reassure them too, that if the house is sold, you would give them ample time to move out before you turn over the keys to the new owners.

Negotiating Commissions with Your Agent

If you decide to sell your home through the assistance of a real estate agent, be prepared to shell out, on the average, about 5 - 6% of the total sale price as commission. This is the average rate given to agents but you don’t necessarily have to abide by it. If you feel that 5 – 6% is simply, too much, you have the right to request for a lower commission rate.
First thing you should do when you contact a real estate agent is to ask how much he is expecting as his commission. If he gives you a rate that you deem to be higher than what you can afford, you have every right to haggle for a lower rate. By law, commissions are not fixed and must always be negotiated upon by both parties. If your agent refuses to budge, you can either accept his rate or look for another agent.
When you are negotiating commission make sure that you back up your request with facts. It would be good if you had the proposals of several agents on hand so you can show (or at least, inform) the agent you’re talking to of your options. It would also help if you are aware of how desirable your house is. You can tell him that he really needn’t do much selling because the property can sell by itself.
It would also be better if you did your negotiations in private. If you’re dealing with an external real estate agent (hired by the potential buyer), don’t talk about specifics in front of your children and most especially in front of guests. If you’re negotiating with your agent, you are not confined to discussing commission rates. You can also talk about their proposed marketing activities, frequency of advertisements and open houses, even the number of photographs to be taken.
Aside from straight out bargaining on commission rates, you can suggest a laddered approach to selling. You can pre-determine the commission your agent will get and base it on a pre-specified target price range. This would encourage your agent to sell your home at a higher rate. You may also opt to secure the services of discount brokers who will either charge only for services they render, or a commission rate of at least 3%.
Don’t be afraid to explore your options. Remember that this is your house, and your money. You have every right to make sure that you get your money’s worth.

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Home Staging Tips

When it comes to selling homes, the adage that you must not judge a book by its cover does not necessarily hold true. Like any thing that is put on sale, you have to make sure that the product is made extra attractive so it could get the attention of the market. Although the solidity and structural efficiency of your home will still matter, what matters at the onset is if your home is properly staged. When you stage your home, you simply primp it up to make it look worth more than it is. You make sure that your home is seen by the buyers in its best light: starting from the exterior towards the smallest room inside the house.

Remember that you only have one chance to make a good first impression, so make sure that you don’t blow it. Put as much attention on the exterior of your home as you would the interiors. Make sure that your hedges and the garden are trimmed, the paint of your exterior walls are intact (and not peeling), and the window panes are scrubbed. A welcoming exterior will do wonders for your sale.

Once you have the attention of buyers and have enticed them to pass through your doorstep, you have to make sure that the insides of your home look just as inviting as the outside. First, remove all the personal and unnecessary clutter from all the rooms. Shabby chic may appeal to you but it may not appeal to your potential buyers. Be on the safe side and go for Zen-like appeal. Stay with the basic pieces and pepper spaces with proper accessories.

When you’ve narrowed down your décor to just a few necessary items, arrange these in such a way that it would make your home appear even bigger or roomier. Try not to put your furniture pieces against the wall but nearer the center of the room or in small conversational groups instead. Also, don’t be afraid to mix and match furniture pieces. If you have a few spare areas, you can dress these up to create interesting spaces and add value to your home. For example, the space underneath your stairs can be transformed into a reading nook simply by placing a comfortable chair, a side table, a lamp and a small book shelf.

Nothing makes a room much more warm and inviting than light. Remove dark and heavy drapes and let the sunshine in. This would make your home warm, bright and airy. In case you really do need to use artificial lights, play around with wattage and location. Find out which arrangement would make home more appear dramatic.

Finally, try not to make your home like a show-room. Put some life into it by placing plants or flowers in strategic areas inside your house. A vase of fresh flowers in the middle of the dining table, or a small potted plant by the door of your bathroom will do.

Staging a home need not be expensive. Just be creative and resourceful. Also, don’t think of it as staging a home as a chore. Relax and have fun!
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Firing Your Real Estate Agent

Sometimes it happens. The real estate agent you have selected is not performing up to par and you feel that your account could be handled better by someone else. What are you to do? Do you settle with the agent you signed up with or do you have the guts to do what needs to be done? How do you go about firing your real estate agent?

Don’t be afraid to consider firing your agent if you are very dissatisfied with your agent’s performance and have a valid reason for ending your professional relationship. The key words here are “valid reason”. If your reason for firing your agent is because another agent has promised you better services then your reason will not hold up in court. Your attitude would be deemed immature and highly unethical.

If, on the other hand, your reasons include personality conflicts or a proven inability to perform the activities specified in your agreement, then by all means, put an end to your professional relationship.

The first step to firing your real estate agent is to request for a discussion with him. It is important that both sides are aired out before you can both move on to more drastic measures. If the problem cannot be remedied by a dialogue, then it may be best that you both go your separate ways. You needn’t tell him outright that “You’re Fired!” You can simply say that it appears that your professional relationship is not working and that it would be better if you were to work with someone whose personality matched yours. If you can back up that claim with facts, and you approach the matter sensibly and tactfully, there shouldn’t be any hard feelings in the end.

When all this is done, you can request your real estate agent to terminate your existing contract with them. In case he refuses or if this is beyond his jurisdiction, you can bring up your request to the Real Estate Agency your agent represents. Real Estate Agencies should have the power to terminate contracts between their agents and their clients. You may, however, have to shell out a termination charge. Provisions for these should be specified in the contract you have signed with them.
Home Selling Tips