Get Rich In Real Estate 2012 Edition
Quick order the book from www.783loan.com This is the new & revised for 2012, "Get Rich In Real Estate" book, written by real estate author and expert David Oldenburg. The book covers everything from buying and financing as a first time buyer, selling and marketing and even short selling your home, investing and flipping homes for profit. Buying bank-owned REOs, repairing and fixing your credit and raising credit scores and even how to re-establish credit after a bankruptcy. It is a complete real estate book, including how to get money to buy real estate investment and how to build a real estate rental empire.
February 11, 2012
Tags: bank owned REO, Bankruptcy, conventional, Credit, credit repair, david oldenburg, Education, fha, flipping homes, foreclosure, get rich in real estate book, home buyer, home seller, Real Estate, real estate investor, short sales, va Posted in: General 
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Deal Estate Questions: Dennis Rodkin on the 2012 Real Estate Market
Readers ask questions, and our real estate expert answers. This week, a reader named Jessica from Streeterville asks for a forecast of the 2012 Real Estate Market. For more, go to: www.chicagomag.com
February 10, 2012
Tags: 2012, Chicago, Chicago magazine, Deal Estate Questions, Dennis Rodkin, Forecast, foreclosure, home, home prices, house, housing market, People, property, Real Estate Posted in: General No Comments
Real Estate Funding
realestatefundingworkshop2012.info 323 920-6085 Merv Evans
February 9, 2012
Tags: Community, Estate, News, People, Press, Real Posted in: General No Comments
Understanding Commercial Real Estate by David McCauley, President of Leaders Without Limits, Inc.
We reduce the risk in our portfolio by investing in NNN Commercial Real Estate. Complementing our other investments, commercial real estate is a great way to shelter our money from high taxes. The US tax code is designed to benefit Real Estate investors, like us. Passive income earned via Commercial Real Estate is taxed at the lowest level. Having a range of properties from different industries allows us to receive guaranteed cash flows that are backed by corporate guarantees. Many investors will prosper because of todays market conditions and will gain financial freedom and build wealth over the next five to seven years because they had the courage to move ahead by taking advantage of the fantastic opportunities and great deals out there right now. Investing in Commercial Real Estate is a huge step to take alone. Mr. McCauley did not go to college for real estate investing, he went to the school of hard knocks which was part of his motivation to create Leaders Without Limits, so that others may take a different route. Here at Leaders Without Limits, we want to give you every possible advantage to help you succeed. Join Our Events. For reservations, please call (916) 652-8122. Together, were unstoppable! www.LeadersWithoutLimits.biz Leaders Without Limits, Inc. 6100 Horseshoe Bar Road, Suite C Loomis, CA 95650 (916) 652-8122 David McCauley is happy to provide his opinion on wealth building, asset protection, business and lifestyle choices. This information is for <b>…<b>
February 8, 2012
Tags: Achievement, Advantages, appreciation, Asset, Assets, based, Bend, Build, California, Carson, Cash, City, Commercial, Credit, Dave, David, Deals, Debt, Education, equity, Estate, Examine, Exit, Expenses, Finance, financing, Flow, Force, income, Increase, investment, Las, Leaders, Limits, Loomis, mccauley, Medford, Motivated, Nevada, No, Opportunities, Oregon, Owners, Partners, Portland, Powerful, Properties, property, Protection, Real, Realtors, Redmond, Reno, Residential, Safe, Salem, sell, Seller, Sources, Strategies, Tremendous, Valued, Vegas, Wealth, Without, Your Posted in: General No Comments
A Home of Your Own : When Is the Right Time to Buy?
January 31, 2012
Tags: credit report, credit score, down payment, fixed-rate loan, home appraisal, home buying, home inspection, home loans, Howto, mortgage, personal finance, personal mortgage insurance, PMI, Real Estate Posted in: General No Comments
This Month in Real Estate (US) January 2012
www.kw.com JANUARY Hello and welcome to This Month in Real Estate. Im JAY PAPASAN. Our top story surprising insights into the mind of a buyer. But first, the numbers. [NUMBERS] MAIN And now, our top story. According to a national survey of real estate transactions, it takes about twelve weeks for the typical buyer to find their next home. Since the vast majority of homebuyers start their search online, the weather becomes less of a factor for sellers marketing their house to those buyers. For more tips on how sellers can make the most of any market, we turn to News You Can Use. NEWS YOU CAN USE The traditional home buying season starts in the spring. And for good reason. Families with kids need to be settled in time for the new school year, and houses just plain show better with a lawn of green grass and leaves on the trees. Sounds good, right? Well, there are some strong arguments in favor of listing your house right now, instead of waiting until spring. Here are just a few … • Since it takes almost three months for the average buyer to find a home, houses listed right now are in a better position to market to buyers looking to close in the spring. • On average, the number of home sales in January drops almost by half from the previous years peak. When there are fewer houses competing, a house that is priced right and staged well will stand out even more from the competition. • Lenders, appraisers, home inspectors, movers and other vendors also see a seasonal dip in <b>…<b>
January 31, 2012
Tags: 15 variable, 30 year fixed, agent, appreciation, buy, buying, distressed properties, economy, Education, equity, fixer upper, foreclosure, homes, house, houses, investment, Loan, location, maintenance, market, Marketing, mortgage, neighborhood, percentage rate, pricing, Real Estate, rental, sell, selling, short sale, square footage, staging Posted in: General No Comments
Kimco IPO Changed Real Estate Investment
www.reit.com Kimco Realty Corp.s (NYSE KIM) decision to go public in 1991 kicked off what is now considered the Modern REIT Era. Twenty years later, Kimco President and CEO David Henry says the companys initial public offering (IPO) changed the face of commercial real estate investment. In a video interview with REIT.com at REITWorld 2011: NAREITs Annual Convention For All Things REIT in Dallas at the Hilton Anatole hotel, Henry reflected on the development of the REIT industry in the last two decades. Today, equity REITs have become a widely accepted way to invest in commercial real estate, according to Henry, whereas that might not have been the case prior to Kimcos IPO. "Before Kimco became public in 1991, REITs were primarily mortgage REITs with somewhat of a jaded history," Henry said. "It was really the beginning of a 20-year trend of the growth and the acceptance of equity REITs." The attending benefits of the REIT approach to commercial real estate investment have been significant, Henry said. They include liquidity, transparency and a consistent dividend. Henry also noted that REITs restrained use of leverage offers investors stability. "We like to emphasize the balance sheets of REITs are quite strong," he said. "Were talking about leverage levels less than 50 percent, so its a safe, strong, reliable means to invest in real estate." Henry said the man who took Kimco public, chairman Milton Cooper, instilled a culture of "being a good partner" within the <b>…<b>
January 29, 2012
Tags: Business, Commercial Real Estate, David Henry, Initial Public Offering, investment, Kimco, market, Matt Bechard, Milton Cooper, Modern reit Era, NAREIT, News, Real Estate, real estate investment, Real Estate Investment Trust, REIT, REIT IPO, reits, reitworld, Retail, retail fundamentals, retail REIT, stock, stocks Posted in: General No Comments
RE/MAX 2012 Top 10 Housing Predictions
REMAX Chairman and Co-Founder, Dave Liniger, reveals his top 10 predictions for the US real estate market for 2012.
January 28, 2012
Tags: 2012 outlook, agent, buy, dave liniger, Forecast, home, Housing, People, predictions, RE/MAX, Real Estate, real estate broker, realtor, Residential, sell, top 10 Posted in: General 20 Comments
Short Term Funding #3 with John Adams & Dean TIlman of PACES FUNDING
Real Estate expert and guru John Adams talks with Dean Tilman of PACES FUNDING about how short term money can "Make Deals Happen."
January 26, 2012
Tags: Education, John Adams Real Estate Posted in: General No Comments
Top Commercial Real Estate Trends to Remain Same in 2012
www.reit.com Commercial real estate trends and issues that were prevalent in 2011 will continue into 2012, according to Steve Hentschel, managing director and head of Real Estate Banking, Gleacher & Co. In a video interview with REIT.com at REITWorld 2011 NAREITs Annual Convention For All Things REIT in Dallas at the Hilton Anatole hotel in November, Hentschel discussed sector fundamentals and recovery. He said that topics including global economic uncertainty, sovereign debt issues, nervous investors and market volatility, will continue into the New Year. When it comes to REITs specifically, Hentschel said one of the trends from 2011 that will carry over into 2012 is the trend of REITs owning core real estate. "People are looking for safety and want to own the highest quality assets," he said. "There will be a continued emphasis on major market 247 cities that have global appeal." In terms of trends that will be different, Hentschel pointed to leverage. He said that currently theres too much of a penalty for REITs with high leverage. "The pendulum has swung a little too far in the other direction, so I think that gap will close," Hentschel said. He added that theres going to be more of a focus on debt maturities schedules and less focus on the absolute level of leverage. "Another thing thats developing is that we are watching more private capitol become frustrated with the low cap rates in high quality assets. The spread has just tightened too much," Hentschel said <b>…<b>
January 25, 2012
Tags: Commercial Real Estate, Gleacher, Matt Bechard, NAREIT, News, real estate banking, real estate finance, real estate investing, Real Estate Investment Trust, real estate trends, REIT, reits, Steve Hentschel Posted in: General No Comments
FHA Loan – Pros and Cons of FHA Loans
www.REIClub.com – Are FHA Loans Good for Home Buyers? Here Are The Pros and Cons To An FHA Loan. Hi, this isFrank Chen with REIClub.com, the only site you need as a real estate investor. Today Ive got quick video on the pros and cons of Federal Housing Administration (FHA) Loans. What are FHA Loans? The FHA doesnt lend you the money, they guarantee the loan, so the lender doesnt take on a financial risk by extending you credit. the FHA guarantees that a lender wont have to write off a loan if the borrower defaults — the FHA will pay. The insurance removes or minimizes the default risk lenders face when buyers put down less than 20 percent. Without further approval from FHA, its approved lenders are authorized to Take loan applications Process loan applications Underwrite and close the loan FHA Requirements: www.fha.com – mortgage insurance – policy that protects lenders against losses resulted from defaults on home mortgages – fha loan limits – variety of housing types, state and county in which the property is located. – loan checklist – information needed by your loan officer – closing costs – only some closing costs are covered, rest to seller – fha dept ratios – fha credit issues – no credit, bankruptcy, foreclosure Pros to FHA Loans – low down payments – 0-3% down payment – low interest rates – better chance for loan approval – credit score is not highly weighted – but credit is needed – flexible repayment terms – multiple options – work with you – during hard <b>…<b>
January 19, 2012
Tags: Education, fha home loan, fha home loans, fha investing loan, fha investing loans, fha loan, fha loans, fha real estate loan, fha real estate loans, invest in real estate, Real Estate, real estate investing, real estate investing clubs, real estate investments, real estate investors, rei club, reiclub Posted in: General 3 Comments
7 Killer Real Estate Marketing Strategies Part – 1
Its shocking to say the least. Statistics show 95% of all new businesses fail within the first 5 years of business. Just think; if youve been in business for less than 5 years (a pretty long darn time) odds are youre doomed. Heres a free video on how to avoid it: ping.fm Im not making this up—it comes straight from the US Small Business Administration. And according to the SBA, the number one reason most businesses fail is lack of funding. Too often entrepreneurs charge into a venture under-funded and over-leveraged putting their personal credit, finances, and family at risk. But theres a secret large companies know and you can use to keep yourself from far from failure and join the top 5% of business owners who not only survive but also thrive in any market. The secret is using unsecured business lines of credit as an unlimited source of money to start or grow your business. This video shows you how: ping.fm Using this little-known source of finding you can fuel youre business… …WITHOUT using your personal credit. Youre can have terrible credit and still get all the money you need. …WITHOUT ever showing financial statements or tax records. You dont need business history to get started, or even making any money right now. If it takes money to make money, this is how you get it. …WITHOUT stepping a foot into a bank. Youll never have to beg for a loan the traditional way. In fact, do this right and banks will be begging to do business with you. It sounds <b>…<b>
January 19, 2012
Tags: Bad, Bank, Bankruptcy, Budget, Card, Cash, Cheap, City, Colorado, Computer Software, Corporation, Cost, Credit Card, Darts, Denver, Estate, Family, Finance, Financial, Free, Google, Hampshire, Help, how to build business credit, how to get corporate credit, Howto, Insurance, Interest, John Part, Lake, Lake City, Linux, Low, Maker, Management, Marketing, New, Ogden, Pay, Personal, Planning, Rates, Real, Residential, Sales, Salt, Salt Lake, Sandy, Search, Small, Software Tutorial, Springs, Success, Taxes, Term, Training, Utah, Windows Posted in: General No Comments
Interview with Jay Dick About Commercial Real Estate
January 15, 2012
Tags: Commercial, DREIA, Estate, People, Real Posted in: General No Comments
Get Acquainted With The Most Frequently Asked Questions On Loan Modification
In simplest terms, a loan modification is nothing but the revision of the terms and conditions on your present home mortgage loan in order to make it favorable to your budget. If the high unemployment rate has already affected you and you’re left with not much cash at your disposal, you must negotiate with your lender and try to alter the loan terms so that you can easily repay the loan without causing much strain on your budget. Loan modifications are a surefire way to retaining your homeownership rights. When you fall back on your monthly payments, you can run the risk of losing your home to a foreclosure and therefore it is very important that you must take certain immediate steps towards retaining your home and paying back the loan. Have a look at some frequently asked questions on loan modification so that you can take the best step forward.
How to know whether you’re a good candidate for a loan modification?
If you’re a homeowner who has been stuck with the payments on your adjustable rate mortgage and you’re ready to revise the terms of the loan, you’re the perfect candidate for a home loan modification. The double impact of rising interest rates and unemployment rate may take a toll on your personal finances. However, if you’re about to miss the payments on your present home mortgage loan and you think you may lose your home to a foreclosure, you can certainly negotiate with your lender and repay the mortgage loan after modifying it.
What actually happens during a loan modification?
During a loan modification, the lender will come to know about the financial hardship that you’re going through and based on your present financial state, they will change the terms and conditions on your present home loan. With relaxed rates and terms, you can easily repay the loan without having to fall back on your other debt obligations.
What is meant by a principal reduction?
Principal reduction is nothing but waiving off a large portion of your debts so that you can repay the loan without burning a hole in your wallet.. The lender here waives off a certain portion of the balance that you owe in order to help you avoid the risk of a foreclosure. However, getting a principal reduction is often tough as the lenders rarely agree to lower the principal amount.
What are the other benefits of a loan modification?
Well, if you go through a loan modification, you must know the benefits of going through it. The interest rates on the loan will be reduced; the repayment term of the loan will be extended or shortened as per the request of the mortgage holder. You can thereby repay the mortgage loan with ease without causing much strain on your wallet.
Thus, if you’re looking forward for changing the terms and conditions on your mortgage loan, opt for loan modifications. Prepare yourself to write a loan hardship letter where you have to mention the reasons that are keeping you from making the monthly payments on time.
November 18, 2011
Tags: Get acquainted with the most frequently asked questions on loan modification Posted in: General No Comments
An Efficient And Automated System For Buying And Selling Real Estate
Picture this …
You export a list of houses from the MLS (or anywhere for that matter) that you want to make offers on, get dirt
cheap, sell sky high, and make millions with.
But instead of handwriting a thousand offers, faxing them all out, getting blisters and hating your life at the end
of the day you simply upload them into The MLS Blaster® which is a brand new feature in FreedomSoft 3.
Takes all of 6 seconds.
Once uploaded, you choose what percentage of the asking price you want to offer, your terms, and how often you
want to follow up. Then you hit “send.” 1,000 people just received customized low-ball offers from
you on their houses that have probably been sitting on the market for years.
Think you’ll be able to get just a few of those accepted? What would that be worth to you if all you did was flip one
measly house for a $5,000 assignment fee? My Point —> what used to take days now takes minutes.
What used to be the suckiest part of the real estate investing biz is now the easiest. Freedom$oft is taking the work
out of work. Or something clever like that. Click here for a quick demo:
http://freedomsoft.com/private?a_aid=4d9cb7c631dd4
$997 Private Lender Database for FREE
You’re probably aware that having a couple private money lenders in your pocket (like we do) is almost
essential nowadays. Yes, you can play the game without them, but it sure does make it easier with them.
I mean, I just call my girl up, tell her how much to wire me, and its there that day. Wouldn’t you like to have
that luxury? Everyone would and everyone is trying to get it. You have three choices.
1. Find these cash-rich people on your own and talk em into giving you money. (yah right. good luck with that)
2. Pay $1,000 for a home study course that teaches you how to go out and find these people.
3. Pay $1,000 for a nationwide private lender database (not a bad idea).
4. (I switched to four choices) … get this same nation-wide database of cash-rich, house-hungry, private
money lenders for FREE … inside Freedom$oft 3.
On top of “Freedom$oft Funding” (which is the 1-day loans we offer all our users already), this new version
includes a database of thousands of active private money lenders who have recently lent money to
investors just like you within the past 90 days.
Imagine having unlimited buying power so that you can literally say, “yah I understand you have 10 offers.
but I’ll wire you money TODAY.” Guess who gets the deal. YOU.
Click here to see the 900 other things Freedom$oft 3 is about to do for you.
http://freedomsoft.com/private?a_aid=4d9cb7c631dd4
October 3, 2011
Tags: An Efficient And Automated System For Buying And Selling Real Estate Posted in: General No Comments
Renters Are Affected By Depressed Housing Market
In some areas renters are also experiencing problems as a result of the housing market crash. This has been quite a surprise for many people because they thought they were immune to the housing crash because they had not taken out a mortgage. At the time, this seemed to be a safe strategy. Many people assumed they were doing the safe thing by waiting to purchase a home until the housing market stabilized.
Many renters in some areas are quickly discovering they are not immune to housing problems after all. One of the most common problems is the fact that while renters do not have a mortgage on their property, their landlords do have a mortgage. If the landlord is not able to make their monthly mortgage payments due to rising interest rates and adjustable rate mortgages, the rental property could very well go into foreclosure.
When that happens, renters could find themselves facing eviction. In some cases, renters have discovered they had only 30 days to leave properties they had rented for quite some time. This has placed a tremendous amount of stress of many renters as they struggle to suddenly not only locate a new place to rent but also to come up with the cash necessary to make rental deposits.
In other cases renters have been affected by rapidly rising rental prices. Nationally, rental prices have begun to rise. Currently, the worse places to rent because of rising rental prices are San Francisco and New York. Seattle, San Jose and Cleveland are also showing signs of rising rental rates. San Bernardino and San Diego are not far behind, either.
One of the reasons that rents are rising in these locations is the fact that developers have not been able to construct as many new apartment buildings. In highly populous areas this has resulted in a large demand with little supply. When supply is not able to keep up with the demand, the natural result is rising prices. To make matters worse, rapidly increasing numbers of former homeowners are either selling their homes as a result of the housing crash or being forced out of their homes due to foreclosures. They must have someplace to go and renting is often the only viable option for these individuals and families, further increasing the demand for rentals.
Overall, the national vacancy rate for rentals has declined more than 10% in the last four years, clearly indicating that more people are renting properties today than they were right before the housing boom of 2005. Nationally, rents have also risen 14% over the same time period, as reported by the Census Bureau.
A number of factors have contributed to the rising rate of rental prices. One of the most important factors that have contributed to rising rental rates is the fact that more and more renters are waiting for the prices of homes to drop before they make the decision to purchase. Many renters are assuming that home prices have not yet hit the bottom. For these renters, it just simply does not make sense to buy right now. Quite simply, most renters do not want to find themselves in the same financial troubles that many homeowners have been subjected to in the last two years.
There is also the fact that even buyers who would be willing to buy right now are simply not able to do so because of difficulty in qualify for affordable mortgages. Following the collapse of the subprime market, many lenders have tightened restrictions and now requesting not only good credit but excellent credit. Requirements for larger down payments have also increased, making it increasingly difficult for first-time home buyers to realize their dreams of home ownership.
The health of the rental market is being eyed with some concern due to the fact that the rental market actually has a strong impact on other sectors. The construction of apartment buildings, for example, is frequently affected by the health of the rental market.
August 27, 2011
Tags: Renters Are Affected By Depressed Housing Market Posted in: General No Comments
Commercial Real Estate
Commercial real estate: The big profits
Real estate is often termed as the safest investment avenue. In fact, real estate investments done with proper evaluation of the property (and its true value), can lead to good profits. This is one reason why some people pursue real estate investment as their full time job. The talks of real estate are generally focused towards residential real estate; commercial real estate seems to take a back seat. However, commercial real estate too is a good option for investing in real estate.
Commercial real estate includes a lot of different kinds of properties. Most people relate commercial real estate with only office complexes or factories/ industrial units. However, that is not all of commercial real estate. There is more to commercial real estate. Health care centers, retail structures and warehouse are all good examples of commercial real estate. Even residential properties like apartments (or any property that consists of more than four residential units) are considered commercial real estate. In fact, such commercial real estate is much in demand.
So, is commercial real estate really profitable? Well, if it were not profitable I would not have been writing about commercial real estate at all. So, commercial real estate is profitable for sure. The only thing with commercial real estate is that recognizing the opportunity is a bit difficult as compared to residential real estate. But commercial real estate profits can be real big (in fact, much bigger than you would expect from residential real estate of the same proportion). You could take up commercial real estate for either reselling after appreciation or for renting out to, say, retailers. The commercial real estate development is in fact treated as the first sign for growth of residential real estate. Once you know of the possibility of significant commercial growth in the region (either due to tax breaks or whatever), you should start evaluating the potential for appreciation in the prices of commercial real estate and then go for it quickly (as soon as you find a good deal). And you must really work towards getting a good deal. If you find that commercial real estate, e.g. land, is available in big chunks which are too expensive for you to buy, you could look at forming a small investor group (with your friends) and buy it together (and split the profits later). In some cases e.g. when a retail boom is expected in a region, you might find it profitable to buy a property that you can convert into a warehouse for the purpose of renting to small businesses.
So commercial real estate presents a whole plethora of investing opportunities, you just need to grab it.
August 27, 2011
Tags: Commercial Real Estate Posted in: General No Comments
When Disaster Strikes: Keeping Your Investment Safe
Once you’ve finished searching for that real estate investment of a lifetime, you’ve gone to the open houses, you’ve gotten the financing, made an offer, sat at home worrying if it’s going to be accepted, had the celebratory dinner once it was and then moved in, you’re faced with the chore of protecting it. The number of threats that your property faces can be staggering. It’s not just termites and crude neighbors that are looking to sink your land value, natural disasters are a part of owning land, too
It doesn’t seem to matter where you live in North America, there is a natural disaster with your name on it. The south has their hurricanes, the northeast and Midwest has blizzards and the west has earthquakes. A quake is the most sinister of all natural disasters. People in the rest of the country can see a hurricane and blizzard coming days, sometimes even weeks away and properly prepare their property for the coming storm. With quakes, there is no warning (usually), there is no report on the news that morning saying you’re scheduled to get one. They just happen. So, how can you protect your investment from getting a bad case of the shakes? Here are a few tips.
A good first step would be to pick up the phone or log onto the company that carries your home insurance. Almost no homeowners policies cover earthquakes. If you have the extra cash every month, earthquake insurance is a very good idea, but be warned, it is considered catastrophic insurance, so the deductible is going to be very high, usually between 10-15 percent of the amount of your policy. It’s still a good thing to have. Check the website of the US Geological Survey to see if you live in a high enough risk area to warrant extra insurance.
A quick quake-proofing of your home is another good idea. This won’ so much protect your house as it will protect you if one strikes. Use latches to keep cabinets closed, always make sure you have fresh water around and working batteries in all flashlights. These are common sense steps that anyone who lives in any sort of disaster area should follow, whether it be earthquakes, hurricanes or blizzards
A final step to safeguard your home is to know where your utilities shut offs are. Fires are common after earthquakes and you’ll want to know where your gas main shut off valve is so that you can turn it off and hopefully keep your house safe after a major quake. Also, do not turn the gas back on until you are told it’s safe to do so.
Keeping your investment safe from natural disasters can seem impossible, but with a little common sense planning, you can minimize the damage.
July 25, 2011
Tags: Disaster Strikes, Keeping Investment Safe Posted in: General No Comments
Tips for a Smooth House Purchase
Making the decision to buy your own home can be one of the most stressful but rewarding choices of all. If you’re a first time buyer, the entire process can seem very intimidating. A few common sense tips can help you ease your way through it much easier.
First off, go visit your local library and borrow a few books on basic real estate principals. Make a sincere attempt at learning the jargon associated with the real estate process, so once you’re sitting in a meeting with a seller, a real estate agent and a bank officer, you’ll have a better idea of what everyone is talking about.
Second, know what the difference is between “pre-qualified not pre-approved”, “pre-qualified” and “pre-approved”. Sound confusing? It can be. It all relates to how serious of a buyer you are. If you’re “pre-approved not pre-approved” it simply means that you have given a letter to a potential seller that you can afford their property. It’s nice, but it doesn’t mean much. If you’re “pre-qualified” it means that you have a letter from a mortgage broker saying what he thinks you can afford. This is better than not having a letter, but you can do better still. If you’re “pre-approved” it means that you not only have a letter from a broker, but everything in the letter was shown to be true by a lender and most of the work for a loan has already been done. You’ll have a MUCH better chance of getting the house you want if you’re “pre-approved” than if you are only on one of the other stages.
Choose the right lender. One of the phrases you’re bound to get sick of hearing when you’re thinking about buying a home is, “do the research!!” This can’t be emphasized enough since banks offer different rates across the board. The more banks you visit, the better the chances are of you getting a better deal
Make sure that you plan for possible delays in processing. Any business that deals in red tape is going to have problems getting things done on time. Real estate purchases are no different, so make sure you factor these likely problems into your plans.
While none of these tips are fool proof, they can help you through a very stressful time. No doubt you will still have times where you feel like putting your fist through a wall, but a little common sense goes a long way when dealing with real estate, and the more you know, the better off you’ll be.
July 25, 2011
Tags: House Purchase Posted in: General No Comments
Home Affordability: Myth or Reality?
For many young couples, the idea of owning their own house just like their parents is an attractive idea, but it’s not very realistic. A recent poll conducted by the Associated Press and America On Line Real Estate showed that 80 percent of respondents believe that it is hard for first-time buyers to afford a home. A majority of those polled – 59 percent – also said that they believe it is harder to buy a home now than it was five years ago.
Taking a closer look at the poll reveals that young adults and those that classify themselves as minorities consider the affordability of homes a bigger problem now than five years ago, compared to those over the age of 50 and those that identify themselves as white.
Broken down by region, almost 70 percent of those living in the western United States and almost 65 percent of those living in the Northeastern US say that it’s harder to buy now than five years ago, compared to only 54 percent of those living in the South and 51 percent of those living in the Midwest.
The poll also found that almost half of those surveyed thought that the real estate market in their home area was overprice
A recent report by the census bureau seems to back up the findings of the AP/AOL survey. The census report found that approximately one third of all homeowners in the US that have mortgages spent at least 30 percent of their income on housing and housing related costs. It’s widely considered excessive if your housing costs make up more than one third of your income. The census took things like mortgage payments, insurance and utilities and taxes into account.
The biggest reason for this lack of faith in new home ownership can be directly attributed to the recent housing boom over the last five years. Also, a recent increase in mortgage rates has also dampened optimism. And while incomes are up, as well, most don’t even keep up with inflation.
Another recent trend that has kept optimism for first time home buyers down is the 32 percent jump in median home value from 2000 to the end of 2005. The current median price is around $167,500.
While buying your first home is never easy, things may be a bit harder now than they have ever been. But bargains so still exist, and if you’re patient, a first home can still be yours.
July 25, 2011
Tags: Home Affordability, Myth or Reality Posted in: General No Comments
