Top Real Estate Articles

Neighborly Advice For Constructing Your Dream Dwelling

Feb 3, 2010 Real Estate

Choose Your Lot

First, it is a good idea to find the property that you want to build on. Make sure you research the exact plot size, the previous sale price, and the zoning and tax laws of the area, to ensure that you are even allowed to build a home on that plot.

Construction Loans

Banks, credit unions, and mortgage lending companies will give you finance options for your home. Prices range depending on the type and size of home you are planning to have built. Using an architect to draw up your plans will help you get the base price down. Your money lender will always want to see the home plans before lending you any money.

Find An Architect

From California to New York to Arkansas, home plans include foundation, framing, siding, plumbing and electrical details, and can range from as little as $600, to as much as several thousand. It is always best to screen at least three applicants before you hire any professional and architects are no different. All you need to do now is to stop by the bank and show them your building plans.

Don’t Be Too Rigid

Having a custom home built is an enormous project. Expecting the unexpected will help you deal with the inevitable weather delays for contractor disputes so be prepared. You need to be flexible and patient, and know that in order to have your dream home built, it will take time.

Following through to the end of the project is the goal, so don’t take your eye off the ball. As with so many other things in life, you just have to keep pushing and step by step you will reach your goal and complete building your dream home. If you don’t spend time doing this you may wash out at some phase, and that can cost you thousands of dollars.

Utilizing this outline will keep you focused. As with many other things in life, educating yourself is crucial, so plan on spending all of your extra hours reading, interviewing and learning about the entire construction process.

The author enjoys writing articles about short sale specialist in boise idaho & boise idaho real estate. Click on the above links to learn more about these topics! Don’t reprint this exact article. Instead, reprint a free unique content version of this same article.

Tags: boise, business, finance, idaho, news, Real Estate, REOs, Short Sales

A Discussion On Zero Down Mortgage Loans

Nov 14, 2009 Mortgages

Interest rates are steadily going down and so are the prices of homes. Many Americans are looking for a way to get in on really good real estate deals by applying for zero down mortgage loans. This is good way to get your dream home with no or little money down. Many of these loans are for the first time buyers.

A few notable mortgage brokers programs are offered to those who have marginal to fair credit scores and want to buy their first home. These are a couple popular mortgage lenders that offer really good deals for zero or low down payment.

1. USDA has a program that is designed for those who would like to purchase their first home in a targeted rural area. There are a few income restrictions, and they get an interest rate of 3. 5%.

2. Crown Financial Solutions has a program that offers the chance for a consumer with low to moderate credit scores. It gives them the chance to own their own home for around 3.5%.

The United States government also has a popular option for first time home owners, known as the FHA. This is targeted towards those with not so good credit to get a loan by just looking at the past few years of payments. There can’t be any bankruptcies over the past two years and credit scores have to be good after the discharge.

Owning a home for the first time is an exciting milestone in most consumers’ lives. There are many programs designed to help, some even zero down mortgage loans. Some of the programs being offered are geared towards those with fair to low credit scores. With home prices getting lower and lower, it is a really good time to take advantage of the deals offered to consumers.

If you are in the market to Buy a Home then visit Rob Kosbergs’ Detailed No Cost report on Buying your Dream Home with a Zero Down Mortgage or for up to date Mortgage info visit my Mortgage Blog

Tags: Down Payment Assistance, Economy, Fha, finance, home buying, money, Mortgages, no money down mortgage, Real Estate, refinance, Short Sales, zero down mortgage

Buying Short Sales

Nov 12, 2009 Foreclosures

Buying short sale houses may make today’s investors a lot of money if they understand how to complete them properly. Those buyers familiar with the short sale process understand that fortunes may be made purchasing properties at huge discounts. If you are new to purchasing short sales of preforeclosures, please understand that while the process may seem complex, the return on investment may be fantastic.

With this in mind, how does one go about purchasing a short sale property? To get started, you must comprehend that a short sell is simply purchasing a property for less than the mortgage value. For an investor the clear benefit of this type of investment property is evident. However, because the lender will ultimately lose cash on the deal, there are a number of processes and potential pitfalls to be aware of. Because of this, there may be many requirements and restrictions that the lender will require as part of the process

Before trying to buy a short sale, you must be aware of the roles that each participant will play in the process as well as their motivation. The nearly all obvious participant in the short sale process is the owner of the property who is willing to walk away from the property for less than is due on the loan. Before even beginning the short sale process, be sure that the property owner is willing to complete the transaction and understands the implications.

If you have a willing property owner, get to also know the loss mitigation department of the mortgaging bank. As a financial institution, a institution will only agree to let an investment or mortgage go if the cost of owning it is going to be greater than the payoff. Nearly all lenders will only agree to short sales if the property is facing foreclosure or non-payment of the loan. Because that is a guiding principle, you must create a circumstance where the lender sees the short sale as the best option.

Now that you understand these two players, the process of convincing each to short sale the investment property to you is a process of working with both parties to create a offer that will satisfy the needs of both the property owner and the bank. Locate any and all areas of disrepair on the property and take pictures of them, and get an appraiser to come out and give an appraisal based upon the lowest marketable value of the home.

Combine all of these documents together as well as any additional documents required by the loss mitigation officer of the bank to create your short sale package. Put forward your purchase request along with the short sale package to the lender and gently push it through the approval process. It the request is approved, your purchase of the short sale goes through. If not, only modify your proposition and submit it again.

Start investing in short sales today. To get more information on how to invest in short sales or download a free copy of the IP Ware real estate investment software visit our real estate investment site today.

Tags: Foreclosure, Foreclosures, Investing In Real Estate, Investment Property, Loss Mitigation, preforeclosure, Real Estate, short sale, Short Sales

Upside Down on Your Loan in Las Vegas?

Oct 28, 2009 Real Estate

Statistics from recent studies indicate that a slight majority of homeowners in the Las Vegas area are upside down. That means that they owe more on their mortgage than their house is worth. While many people may consider foreclosure the only option, a short-sale may be the right decision to pursue. As experts in selling Las Vegas homes for sale, Sean & Emily Gunning are also experts at accomplishing short-sales. Here is what we can do:

1. A free, no obligation consultation with you via telephone or, in person if you are in Las Vegas, to determine if your property is a good candidate for a short sale. My consultations are honest and direct and are rooted in almost 20 years of experience with short-sales.

2. An explanation of the process, and a referral, if necessary, to competent attorneys and/or accountants, to answer your legal and tax questions. Under no conditions, should any Realtor be giving you tax or legal advice.

3. Strategies that can often stop the lenders from calling you. I understand your situation and the nuances of this process that can be overwhelming.

4. We have access to back lines and back fax lines on some of the mortgage companies. We also have access to the specific forms that many of the mortgage companies require, saving valuable time in the process.

5. It’s Free: The bank will pay for all closing costs, commissions, etc. There will be no out of cost expense for you, the homeowner. We saved the best for last.

So be sure to contact the best Henderson NV Realtor to short your home. Call 702-498-1171 today to receive your initial consultation from an experienced & Certified Short-sale Specialist. With very few short-sales being completed successfully, you need every advantage - ask us about our success rates and how they compare to other agents.

Join us online to find Henderson homes for sale. We are Las Vegas Realtors that specialize in aiding homeowners that are upside down with their mortgages.

Tags: Henderson homes, Henderson Nevada real estate, Henderson short-sales, las vegas homes, las vegas real estate, Las Vegas short-sales, Real Estate, Short Sales

What Are The Different Types Of Real Estate Investing Opportunities?

Oct 2, 2009 Real Estate

While the rest of the economy is in shambles, and record numbers of foreclosures make headlines, real estate investors are earning thousands of dollars by buying and selling homes. It seems that real estate investors know a thing or two about systems, strategies, and styles of investing that the average homeowner does not. If you are a budding real estate investor and you’re looking to invest in homes but don’t know how, here are some of the basic strategies that investors are using.

SHORT SALE: A short sale is when you purchase a home because the bank is willing to sell it for less than what is owed on it. This happens a lot because banks know that they cannot collect their entire lost amount if they have to bring a house all the way through the foreclosure process. So you can buy a home for less than what is owed, and re-sell it someone else for a profit. For more info on short sales go to: Www.investingwiththestars.net/ben/htm. Ben Pargman, Attorney has a great system to learn short sales! For more information on short sales go to: www.investingwiththestars.net/ben.htm

REO: REO stands for “real estate owned” and this is when the bank has taken ownership of the property. When you buy the property, you are not buying the property directly from the bank. The banks will often let homes go because it costs them thousands of dollars to re-list and sell homes and they don’t want the non-revenue-generating real estate on their books.

SUBJECT TO: When you purchase a home, it is one of the best ways to buy a house! When you buy a home “subject to” the existing financing, you get the deed to the home but the original owner keeps the mortgage in their name. You take over payments of the mortgage and ultimately sell the deed to someone else. For more information on Subject-to investing go to: www.investingwiththestars.net/banks.htm. Mike Watson has a program to get you started in subject-to investing!

Nancy Geils

Teacher/Financial Coach

Tags: Ben Pargman, carelton sheets, finding reo property, finding reos, Mike Watson, nancy geils, Real Estate, real estate investing, REOs, short sale investing, Short Sales, subject-to, subject-to investing

Foreclosures In Kuna Idaho Raising Buyer Equity!

Sep 26, 2009 Real Estate

Foreclosures in Kuna Idaho are getting to become common in the market. As hard as this seems to be for property owners, it is really quite good for buyers. Given that defaults at an all time high, foreclosures in Kuna Idaho are simply a condition of market components causing chaos.

True though they are typically somewhat overlooked, they can be good investments for buyers researching to settle down in the county if you keep these guidelines in mind.

New home owners buying foreclosures in Kuna Idaho just try to remembers that high numbers of foreclosures will require some updating and financial involvement. The bulk of foreclosure homes are treated for winter to protect their plumbing but do not expect that to mean that materials within the house will be in good shape.

You should be informed of the duration any real estate you are considering has been vacant and know that could mean that any of the contents, especially the water heater, has been open to extreme temperatures and lack of maintenance.

Another possibility to note is that mice & rats can move into the indoors as the onset of fall, as it turns cooler. If nobody is present to chase them out, and they have even a small store of food, they will get in, breed, and remain.

Vermin in the west U.S. can pack diseases like respiratory illnesses and the Black Plague so they can not be ignored. If an infestation is bad enough and involved diseased rodents, the house may end up being destroyed. This could have all be avoided by just requesting the property inspector to watch out for any signals of infestation and deal with it from there.

Vandalism is becoming an increasing situation with foreclosure in Kuna Idaho. Numerous vacant homes are left vulnerable against marauding children or criminals in the towns. Many of destruction is superficial and limited to shattered windows.

Many of damage is easy repaired and limited to broken windows. When it is something comparatively major that would permits easy access, like a kicked in door, so you have to worry about illegal residents using the house. Usually this situation is only a problem while the home is vacant because once the squatters see someone occupying it they go and find another house to occupy.

Tags: "mortgage, business, community, construction, Foreclosure, idaho, INVESTING, Kuna, lifestyle, Real Estate, Short Sales

Thinking Of Buying Kuna Short Sales?

Sep 17, 2009 Real Estate

Purchasing at the right value, right now, is the key to successfully buying real estate in this economy. The recent economic downturn has many home buyers, and many more homeowners, on the ropes. The easy way to combat this is right at your fingertips. All that you have to do is purchase property in Kuna that is going to be short sold or is in pre-foreclosure. Most of these homes are being taken back by the bank but the short sale process allows the bank to avoid having to do a full foreclosure.

These homes are listed on my database so you can review and and all of them you are interested in. The collection of this data is no easy task so to pay for these leads is an exorbitant cost to many people. This can be one of the many obstacles that people find when they choose to purchase Kuna short sales in this state. Even though there are pitfalls, like many things, a good real estate professional will help guide you through.

The best way to get free foreclosure listings is to go to a site that hosts these listings for a fee. These sites frequently offer a free trial period or discounted firth month to build membership. Due to the limitations on free memberships and trials periods you may want to consider signing up for a longer period of time than you think you will need to subscribe for. This has a large number of advantages over using a purely free site. The biggest of these is simply the quality.

As stated before, collecting information about homes that are in pre-foreclosure is extremely expensive and a free site cannot have nearly the same depth or breadth as does a paid site. The highest quality information is really what you are looking for and you will have to pay for that, in all likelihood. This may be one important feature that a short sale seeker will definitely not want to neglect.

Short sales have become a necessary evil in our real estate market today. Given the added difficulty, it is easy to make a mistake that can cost you thousands. A drop in real estate prices like we experienced this last year can cripple your investing opportunities for years. Given that short sales and REO’s listings are now the majority of home listings on the real estate market, you have to know how to deal with them in a way that benefits you. Virtually zero home buyers and very few investors are familiar with short sales, and consequently don’t know how to take advantage of them. The proverbial ounce of prevention being worth the pound of cure, in regard to real estate, can be measured in knowledge.

In order to be as efficient as possible, you can simply spend your time doing the research and learning about short sales in general. This will optimize both, the return on your time and your money.

The author enjoys writing articles about Kuna foreclosures and Kuna short sales.

Tags: Foreclosures, homes, housing news, idaho, INVESTING, INVESTMENT, Kuna, kuna real estate, Real Estate, rent housing, rentals, Short Sales

Beware of Buying a Short Sale

Sep 14, 2009 Real Estate

If you are seeking to buy a home, youve probably already been told by multiple people to stay away from short-sales. Of the many little reasons you may have been told this, here are the main issues: bank approval is required on top of seller approval for all terms, theres no such thing as a short short-sale, most of the professionals are inexperienced, and there is a decent chance the deal wont get approved.

1. Everything has to be approved by the bank: While the seller may accept the terms of the buyers offer, that is the first and easiest hurdle, assuming the homeowner is responsive, which is not always the case. So, if you are a buyer, regardless of what the seller agrees to, that means nothing until the bank approves the deal. So the offer needs to be realistic and agreeable to the bank.

2. The bank takes a long time: Short-sales range from 2-6 months to get an approval. The problem with this is that many buyers that are actively looking for a home want to be secure that they have a home and they want it now. While they are waiting for a short-sale to get approved, it is quite common for them to find another property that is not a short-sale and purchase it. This causes issues for the seller and the bank when one buyer drops out and they need to find another, which usually further increases the sale process.

3. Inexperienced professionals: short-sales are a new thing and there are a lot of them. As such, the realtors, bank employees and negotiation firms have very little experience. There are very few industry guidelines or examples to follow. Each bank has a different system and each bank makes regular changes to their system in the hopes of creating a better process. With very few people that really know what they are doing, it is easy to see how things get mucked up

4. There is no guarantee: simply put, many short-sales do not go through and the home ends up in foreclosure. This can happen for a variety of reasons. Sometimes, the bank itself is unreasonable and tough to deal with. Sometimes, the short-sale negotiator/Realtor is to blame. But usually, its a mixture of all of these reasons. This uncertainty is a problem for some buyers and one of the main reasons they purchase another property while waiting for a short-sale to get approved. One in the hand is better than 2 in the bush

In summary, there are many reasons why buyers (and some realtors) simply stay away from short-sales altogether. It is a long and cumbersome process that is uncertain to yield the hoped for result. So if you are thinking of buying or selling a short-sale, make sure to have the right professionals doing the job for you. Ask for a list of their recent short-sale successes and failures ” and ask for referrals.

Adam Pascu is a San Diego Realtor that is experienced in working with short-sales. Visit his site to search San Diego homes for sale.

Tags: buying real estate, home buying, Real Estate, Short Sales

6 Things To Avoid While Waiting For A Mortgage Approval

Aug 24, 2009 Mortgages

A home buyer should know that there are 2 stages to mortgage loan approval. We have heard of preapproval. When the buyer submits the loan application to his loan officer for preapproval, Stage 1 begins.

Preapproval is an initial home mortgage approval. When this is requested, It indicates that the loan is likely to be approved for a predetermined down payment and purchase price.

This preliminary approval becomes obsolete once the buyer signs a purchase agreement. Stage 1 is now over because the buyer must now secure the actual loan from an “underwriter” and not the loan officer.

Stage 2 of the process occurs when a mortgage underwriter is reviewing credit, income, assets, job history and probable other things. It is the job of the underwriter to insure that the buyer can meet the lending institution’s criteria for loans.

If the loan officer did his job in Stage 1, Stage 2 is just a formality. And most times, it all goes according to plan. Occasionally, though, a homebuyer sabotages his own mortgage approval by inadvertently changing his “risk profile”. It doesn’t happen on purpose, of course — it just happens.

During the mortgage approval process, the buyer must not do anything that will increase his loan risk during the time between Stages 1 &2. Risk needs to remain consistent. The following are 6 things of the “Honey Don’t” list for this interim period:

1. Don ‘t miss a payment to a creditor 2. Don’t transfer large amounts of money in or out of your bank accounts (large may have different meanings to different people) 3. Don ‘t accept gift of cash without talking with your loan officer first (There are rules for gifts) 4. Don’t buy a new car (or increase loan or lease payment) 5. Don ‘t quit your job or change career(don’t switch to a “commission” job ) 6. Don ‘t open a new credit card (no matter the deal)

There’s other items, too, but this a good start. Now, avoiding these mistakes may not be practical for everyone. Therefore, if you know you’re going to violate a “rule”, check with your loan officer first. There are a lot of “gotchas” in mortgage lending and it helps to have professional guidance for your individual questions.

Tags: Down Payment Assistance, Economy, Fha, finance, home buying, money, Mortgages, no money down mortgage, Real Estate, refinance, Short Sales, zero down mortgage

Question: How Sterile is a Seller Expected to Leave the Household After Moving Out?

Aug 17, 2009 Real Estate

A subscriber asks: “I just sold my house on a short sale rather than let the banking company take it in foreclosure. I don’t know who bought it, and I don’t care; we’re just glad to be rid of it. My agent says the home must be “broom swept.” What does that mean? Am I required to sterilize it up after moving out? How clean am I supposed to leave the home for the new household buyers?”

Answer: That’s a good query. Break for a minute to weigh the shape of numerous bank-owned homes. Grease, filth and mold are often the least of buyers’ interests when they find all the appliances are pulled out, the H2O heater has been stolen and the front doorway is boarded up.

Some banks don’t complete anything, and they assert that home is sold in “as is” condition. Places in a seller’s possession that are turned over to a new buyer are different. It doesn’t matter if that home is a short sale or a regular sale, sellers may have duties to clean the home.

Legal Responsibilities for Cleaning a Home After a Sale In some states, real estate purchase contracts stipulate that the home is to be “broom clean,” meaning the seller should at least sweep the floor, the walls and ceiling. The language in some of these contracts is ambiguous.

Standard contracts don’t address the condition of the home apart from telling that the home should be left in basically the same condition as it was when the offer was taken. The Residential Purchase Agreement says the property is sold in its present physical condition as of the date of acceptance, and the seller is to remove all personal property and junk.

To find the extent of cleaning that you are contractually bound to do upon abandoning, you should understand your purchase agreement.

Usual Means to Exit a House After Moving In the absence of a binding prerequisite to clean the house before moving out, most sellers take special steps on their own to present the home in an great condition to buyers. It’s understandable that after moving all day, sellers may be too beat to expend a lot of time cleaning.

Renting a cleaning help can be an super solution. Sometimes, listing agents will commit to have the house professionally cleansed.

When purchasers purchased a Boise home in a decent neighborhood, the listing broker inspected the house upon closing. He determined the carpeting wasn’t good enough, so he hired carpet cleaners to shampoo the carpet before the buyers moved in. He paid for the cleaning as a courtesy, not because he was obligated.

While most purchasers will clean the home to their own standards before moving in, regardless of a sellers’ efforts, following is a list of things a seller can do to leave a home sensibly clean and make goodwill:

Cleaning Inside the Home Before Moving Away * Get Rid Of all personal property. * Vacuum the floors. * Clean kitchen appliances, inmost the icebox and oven, and wipe down counters. * Scrub sinks and bathtubs. * Rub down interior cabinets and shelves. * Wash tile and vinyl / linoleum flooring.

Cleaning the Garage * Get Rid Of personal belongings. * Throw out scrap. * Decently dispose of toxic chemical substances. * Sweep the flooring. * Stack items concerning to the home such as paint cans, roofing stuffs or surplus flooring.

In sum, leave the home in the shape that you would like to find your new home. Remember, the new home owners might obtain some of your mail by mistake or packages over the holidays. It’s a solid idea to stay on pleasurable terms with the new purchasers. And it’s also the right thing to do.

Tags: boise, Foreclosures, ID, idaho, Real Estate, Short Sales