When you borrow money to buy a house, the money lender requires an appraisal – a neutral expert’s estimation of the home’s fair market value. The appraiser considers many factors, including the prices of comparable homes that have been sold recently as well as the condition, size and amenities of the property being appraised. The lender [...]
If you are buying a home you have plenty of research to do. But most mortgage information reads and sounds like military code: ARM, APR, PMI. It’s hard to tell if you’re buying a house or intercepting submarine messages. Below are some common mortgage words and their meaning: Adjustable-rate mortgage (ARM) — A home loan [...]
When you apply for a mortgage, the lender is required to tell you the interest rate and the annual percentage rate, or APR. But what exactly is the APR? The APR is designed to help you shop for loans by making them more comparable. It’s the one common denominator by which you can compare loans [...]
There are several different types of listing contracts, but very few of them are used. The “Exclusive Right to Sell” is the most common, but there is the “open listing,” the “exclusive agency listing,” and the “one-time show.” The “open listing” is mostly used by people trying to sell their home ‘by owner’ who are [...]
Sinking home values are often lowering appraisals as well. If you are considering refinancing your home, what do you need to know about the appraisal process to help ensure that you get the best possible appraisal on your home? Because your appraisal is used to evaluate how much your home is worth and sets the [...]
With interest rates dropping, many people are rushing to get new mortgages. But mortgage lenders warn there are still a lot of desperate lenders out there, so buyer beware. Don’t just call asking for rates. Ask questions, and find out what is the best deal. Make sure you get a referral on a mortgage lender [...]
Despite the bad economy and the poor condition of the real estate market – houses selling so cheaply and many foreclosures, etc. – the number of new applicants for real estate licensing is actually moving higher in some states. Interesting, as it’s a pretty challenging time to be in real estate or the mortgage business [...]
There is certainly a great deal of pressure on the real estate industry. It’s not just the changes brought on by the Internet. Consumers are becoming more demanding, and there is continual pressure to lower real estate commissions. Of course, the Internet is spurring many changes in how agents deliver their core services as well. [...]
Need some inspiration to help your real estate business? Here are some tips that can help. You’re running a business – treat it that way. Are you investing in training, new technology and innovation? If not, allocate between 9 percent and 15 percent of your gross commission income to these activities – it’s the best [...]
Leasing a property can work well for you. If you are wondering if a leasing arrangement is right for your situation, here is a brief explanation of two leasing techniques to consider as you decide. Lease-Option This arrangement is sometimes referred to as a “lease with the option to buy.” It provides you as a [...]
When it comes time to sell your home, finding a real estate agent can be a daunting task. Who do you choose and what’s the difference? Real estate transactions are complicated, and if you’re like most home buyers, all your assets are on the line. But all real estate agents aren’t created equal. Some realtors [...]
Should you sell your home? Or perhaps you should rent or complete a major renovation to get the home you want. There are reasons to sell your home just as there are reasons for finding alternatives to selling. View what’s best for you before starting down this road. Selling There are many reasons people sell their [...]
You’ve purchased a house in Virginia. However, you don’t actually own it yet. You need to complete the final transaction. This is known as closing or settlement. The escrow agent conducts the closing and is often affiliated with the title insurance company. Their job is to ensure the buyer obtains a clean title, the lender [...]
Title Insurance, Appraisal and Homeowner’s Insurance. These are very confusing areas of a real estate transaction. Some people can get confused, but that’s easy to understand when you consider that they have little knowledge or guidance concerning real estate transactions. Title Insurance When you buy a home, a title company examines the chain of titles [...]
Congratulations! You’ve found the home of your dreams. But before you make a formal offer, you need to make sure the home is priced correctly. You don’t want to overpay. Typically used when selling a home, a comparable market analysis (CMA) lists the recent sale information of nearby homes, including how long each home stayed [...]
There are many different types of loans available. Bridge Loan. Most people need the equity in their current home to purchase a new one. But what if you sell first and don’t have anywhere to go? A bridge loan is a temporary loan that you obtain from your lender until the permanent one can be put [...]
You’ve done all the preliminary work. Now is where the fun begins: actually looking for your new home. Looking around, attending viewings and open houses can either be daunting or fun, depending on how you view it. Try to see it as a new adventure. If you choose to buy a property directly from a [...]
Congratulations on making the decision of buying a new home! The first thing you need to decide is how much you can afford. Determining this early in the buying process will save you a lot of time and frustration. Not only will you have a clearer idea of the amount you can spend, but you [...]
Buying a home, whether for the first time or the tenth, can be very exciting and scary at the same time. Most first time home buyers will experience a full range of emotions as they go through the buying process. This is a completely normal reaction. Owning a home can be a wonderful thing. Having [...]
Buying or selling a new home always involves a lot of cleaning: packing up and going through clothing and items amassed through the years. And then there’s the housework-type cleaning. For some reason, that can be some of the hardest work to get motivated for. The reason for this is unclear, but whatever the reason, [...]
Earlier we did a post on building your own home. Now we can take it a step farther and go on to discuss tips on options and upgrades. Determine which options and upgrades you want. Bear in mind that for many builders, the profit margin is highest in upgrades. Some builders can sell a home [...]
You are focused and certain: it’s time to buy a house. Your very first home on your own. But wait. Don’t just dive in. Define Your Search Parameters. Almost 80% of all home searches today begin on the Internet. With just a few clicks of the mouse, home buyers can search through hundreds of online [...]
Condos, single family, single story, multi-level, side streets, corner lots, busy streets, country, city? There are all kinds of houses out there and with the buyer’s market that’s in existence today, you can probably find a good deal. But what kind of home is right? First, the pros and cons of location. Urban, suburban or rural? [...]
Many people don’t want to buy a used house when only a new house will do: when they can have it their way! The home must be brand spankin’ new, fresh and clean without so much as a finger print on the walls. Is this you? If it is the following tips will help protect [...]
Foreclosures, as has been mentioned can buy you a great deal, but there are always things to consider even after buying a foreclosure property. First off, what do you plan to do with it? Resell or keep it? When scouting for bank foreclosure properties, decide whether it is something you will resell or something you would [...]
According to the National Association of Realtors (NAR), there are over 2 million real estate agents working in the USA. With so much competition, sucess can’t be a shot in the dark. The first year drop out range estimated to be from 40% to 80% demonstrates that many real estate agents are not as successful [...]
If you are buying a home, whether for yourself or as an investment property, you might want to consider a foreclosure home. Though you often can’t choose your location, foreclosure homes can be bought at a fraction of the appraisal price. Foreclosed houses are real estate properties that have been foreclosed by the lending companies [...]
Just as in any venture, it is tough to go it alone when you invest in real estate. Make sure you hire the real estate, legal and titling pros when it makes sense. For instance, if a real estate agent comes along and can find you a buyer three months sooner than you can on [...]
When you invest in real estate, money is made or lost behind the scenes, not when the final deal is made. For example, you may have turned a $10,000 profit on the sale price after one month, but if you paid an attorney $1,000, your contractors $5,000, and your real estate agent $5,000, you lost [...]
Once you own one home, what might pop into your head is the idea of owning a second home as a money investment. Though the real estate and housing market is low, if you have some fortitude and some patience, now might be an excellent time to invest in real estate. After you invest in real [...]
