Archive for Real Estate Infos
December 31, 2008 at 9:28 am · Filed under Real Estate Infos
Although the Property Index online service must be rated a new kid on the block business, starting their business only in March of 2007, they have fast achieved expert status. They are actually a quite uncomplicated business specialized in offering consultation services to anyone who is aiming to sell, buy, rent, etc. property in most areas of the world. Their pledge is to assist you uncover smack what you crave very quickly and, even better, sans hassle.
Property is being offered in the most popular regions of the world today, one of the most called for areas being estate you can purchase in Dubai. It should be easy as ABC to list some of the ripping properties available for sale in Dubai, one argument for opting for properties here being the houses and apartments available for sale and the chance of spending your life together with such a energetic and vigorous populace. This is one of the truly well-liked regions of the world today, and with the overall attractiveness and wonderful climate surrounding you, how could you ever say no… Property in Dubai is immersed in culture, art and history, this geographical region is home to a fair number of sophisticated nations.
Want to invest in Dubai City real estate? Check out the Property Index inventory of properties for sale in Dubai City here!
Around 25-30 years back there’d be merely a dribble of Britons keen on properties in Dubai. Ask any one single person who has chosen to relocate to Dubai and they will tell you the same thing. There’s many people who would describe it as a plain rage and others describe it as a approximating to a compulsion! Patrons who will actually migrate to this area range from young urban professionals keen on a bit of a new challenge to pensioners planning on relaxation and enjoyment. Note that you may have to deal with troubles when trying to purchase properties abroad — there are, of course, hundreds of steps whether plotting, sightseeing or finalizing the deal. Even if one single minute procedure is missed this can easily give rise to sizable troubles plus, most importantly, a failed investment.
As you may probably have counted on with this well-liked region, properties can be fairly expensive in this area and this, of course, is solely on account of the high market pressure. However, real estate buyers are certainly spoilt in terms of choice in a place full of sunny geography and splendid view. Really it has the whole enchilada one may feasibly itch for and plenty more.
September 23, 2008 at 9:10 pm · Filed under Real Estate Infos
Mortgage plans for dentists, architects, and other professionals are customized to service professionally employed borrowers. A fair number of moneylenders will guarantee fairly favorable rates particularly to dentists, solicitors and other professionals. As you’d expect merely buttonholing the local bank or conventional moneylender in a blue eyed manner won’t always be your most commendable approach… To all probability they will not have the most favourable interest rates. But there are alternative approaches — at Mortgages for Professionals you’ll come together with experienced advisers who can lend you a hand to find the most suitable deal for you.
The Mortgages for Professionals corporation boast quite a few years of specialised mortgage understanding and have punctiliously fashioned trusted industry liaisons with every the major United Kingdom mortgage broker. Obviously, this qualifies them to organize the most advantageous professional mortgage and, likewise, remortgage deal currently to be had one can expect. Their trained mortgage counseler will actually accomplish this arrangement in their patron’s best interest.
You will come across many benefits to authorize Mortgages for Professionals to be of assistance with your mortgage; what you’ll only have to remind yourself is that they can help even in a difficult situation… The Mortgages for Professionals corporation can be of assistance to you with a huge number of matters extending to enhanced income multiples at five times your salary and more, reduced mortgage and re mortgage rates and special zero deposit mortgage rates — to mention only a selection of them here. Of course there could be quite a number of reasons to pick out that trained mortgage counseler, but should you be too busy and tied up by other matters and are looking for a bit of extra help this trained mortgage counseler will probably prove to be practical for you. Click here for a mortgage brokers advice on securing a great mortgage rate from Mortgages for Professionals.
The Mortgages for Professionals corporation is a highly flourishing finance company because they will effectively listen to their customers and all clients will have to to is sign your name on the dotted line. They will state 100% precisely which documents are okay to provide and the best contacts for reduced rates for mortgages and remortgages for accountants, doctors and others available on the market.
June 28, 2008 at 10:52 am · Filed under Real Estate Infos
If you are in the market for a mortgage loan you need to do your homework and shop around for the best mortgage deal. If you do not take the time to learn how to spot a good mortgage deal, how will you recognize one when you find it? Here is how to recognize a good mortgage offer when you find one.
There are thousands of mortgage companies in the United States alone competing for your business. All promise to have the lowest interest rates; however, which lender is right for you? Making mistakes when signing for a mortgage could cost you thousands of dollars, and possible your home.
Here are some basic guidelines when shopping for a mortgage lender that could help keep you out of trouble.
Pay Close Attention to Interest Rates
Mortgage interest rates vary widely from one lender to the next. When comparing interest rates watch for special “promotional” interest rates. These offers come with hidden fees and the rate may not be what it seems. Make sure you read and understand all of the fine print.
Find All of the Fees
Mortgage lenders love to disguise their fees. A perfect example of this is the “no closing cost” mortgage. Lenders like to make you feel warm and fuzzy about the three thousand dollars you are saving in closing costs; however, they neglect to tell you the 2-3% higher interest rate will cost you six times this amount over the life of your loan. Watch out for application and appraisal fees. Make sure you are comparing all fees from one mortgage lender to the next; this will allow you to gauge fair fees from exorbitant ones.
Service Today May Not Be Service Tomorrow
Signing with a big mortgage company with a slick image does not guarantee your loan will stay with that company. Mortgage lenders sell mortgages all the time. The lender you sign with may not be your lender in one year’s time. Keep customer service and company image in mind; however, there is no such thing as customer loyalty when it comes to mortgage lending. As a homeowner you need to do what’s best for your financial bottom line no matter how someone treats you. To learn more about finding the best mortgage for your family sign up for a free mortgage guidebook.
To get your free mortgage guidebook visit RefiAdvisor.com using the link below.
Albuquerque Mortgage Refinance
Louie Latour has twenty years of experience in the mortgage industry as a mortgage broker. He is the owner of Mortgages Refinance Advisor, a mortgage help site devoted to saving homeowners money with a free guidebook Mortgage Refinance: What You Need to Know.
Sign up for your free guide today at: http://www.refiadvisor.com
June 21, 2008 at 12:54 am · Filed under Real Estate Infos, School of Investment
PropertyIndex.com make it easy to find property in Spain, whether you are looking for a villa or an apartment, they can help you find the right property.
Notwithstanding the fact that Property Index is a fairly young concern, registered in March 2007, they were very fast to prove their expertise. As a matter of fact, they are a fairly uncomplicated concern focused on looking after and guiding any person who is aiming to rent real estate across the globe. Their promise is to be of assistance to you to hit upon exactly what’s required very swiftly plus unproblematically. Property can easily be found almost anywhere in the world presently, one of the most fashionable areas being real estate for sale in Spain. It’s straightforward to determine the phenomenal property you can purchase in Spain, the reason for picking real estate here is property you can purchase and the possibility to live amid such a fervent population.
It is one of the truly well-liked regions of the world presently, and considering the lovely landscape and wonderful sunshine that surrounds you all the time, how can you be wrong. Property in Spain is rich in history, this realm of the world has been and is still home to quite a number of sophisticated cultures. About twenty years ago there was just a dribble of Englishmen keen on property in Spain. Just ask any one single person who has emigrated to Spain and they’ll back it up. Lots of people would are wont to call it a basically irrelevant trend and others are wont to call it a as something approaching a compulsion! Buyers actually removing to this place will range from young families keen on a challenge in life to older generations who intend to enjoy themselves and have a break.
Do bear in mind, though, that there can be setbacks when buying property abroad — as can be expected, there are 100s of varied procedures when organizing, visiting or signing the documents. If you only miss but a single procedure this is liable to easily create sweeping setbacks not to forget, most importantly, financial damage. Obviously, as is to be anticipated with this well-liked region, property could be fairly expensive in this location and that is solely on account of the great market demand. Regardless of this patrons are indeed spoilt for choice in such a region boasting such a smiling countryside and fabulous setting. It patently has everything anyone could ever yearn for etc.
June 2, 2008 at 1:20 pm · Filed under Real Estate Infos
As the real estate market cools, the profit potential of home ownership has cooled as well. Here’s a strategy called “follow the builder.”
It is relatively easy to make a profit when you sell your home if the market is rising sharply like it has been in most of the country for the last three years. It becomes more difficult when a hot market slows down. It’s very difficult to make a profit on the sale of your home when prices are falling.
Is there a way to be relatively sure you’ll make a profit when you sell your home? There is under all but the most negative market conditions. In fact, I’ve seen young, energetic couples use this maneuver multiple times when they don’t even need to move.
Follow That Builder
In many areas of the country, there are builders who build hundreds of houses each year within a fifty mile radius of each other. They build entire communities or are one of three to five builders who build entire communities around big employment centers. This present you with an important opportunity.
New Community
Builders will typically sell first phases of communities for significantly less than later phases. On one hand, they need to get the cash flow moving. On the other, it is harder to sell at high prices because the community typically consists of dirt lots and construction equipment. Put the hands together and you have a great profit opportunity.
The idea is to get in on the first phase of the build out. You will purchase the home at a discount, which gives you built in equity. As the community is built up, you sell the home for a profit at a higher price. While you’re doing this, you keep tabs on the builders projects and find another location where you can do the same thing.
You’ll end up living in each house for a year or more and picking up nice profits along the way. The only real downside is you have to move repeatedly.
Tax Consequences
I’ve seen this work well for a number of people who have done it more than once. However, you need to be aware that generating profit this way can have tax consequences. You need to discuss your plans (including projected timing and profit potential) with your tax professional so that you are prepared to deal with any tax consequences.
Raynor James is with the FSBO site -www.fsboamerica.org - FSBO homes for sale by owner. Visit our home buying page - www.fsboamerica.org/buyer.cfm - to view and buy homes, houses, condos, land and real estate.
May 29, 2008 at 7:44 am · Filed under Real Estate Infos
For decades, the real estate world turned in a predictable manner. The roles of buyers, sellers and real estate professionals were fairly well defined and transactions followed a predictable path of yard signs, newspaper ads, open houses and miles of paperwork.
Recently, online and empowered consumers have changed the game. Real estate professionals now face issues similar to the ones that have transformed the retail, personal finance and travel planning industries. As technology advances and new business models evolve, the real estate industry has begun to transform itself from providing traditional, carefully controlled “agent-centric” transactions to new “consumer-centric” practices. The following is a look at some of the recent industry trends and how buyers, sellers and investors can expect to benefit. The “Five Ds” that are driving change in real estate are:
1. Disruption - Over the past 10 years, the Internet has matured into a powerful platform for delivering real estate information, forever changing the interaction between buyers, sellers and real estate professionals.
2. Displacement - The popularity and acceptance of self-service and consumer-direct business models is being felt by real estate professionals, who are striving to develop attractive new offerings for Web-savvy consumers.
3. Demanding consumers - You now have more real estate knowledge, tools and resources at your fingertips than ever before. More savvy consumers tend to be more independent and demanding.
4. Downward pressure - Traditional real estate commissions of 5-6 percent of a property’s sales price are facing downward pressure.
5. Developing alternatives - The real estate industry is transforming itself to provide targeted services and exciting new options that add value for consumers.
Disruption
“We are going to see our industry go through dramatic transformation via the Internet and consolidation of agents and companies.” - eRealty Times Columnist Dirk Zeller
Some industry observers have adopted Harvard Business School professor Clayton Christensen’s term “disruptive technology” to explain recent developments in real estate. Though it’s easy to point to the World Wide Web and advancing technology as the main changes in real estate, that’s only part of what’s shaking things up. Essentially, the real cause of disruption is not just technology, but technology-enabled real estate consumers.
Web-enabled consumers
According to the National Association of Realtors (NAR), more than 72 percent of homebuyers now begin their home search online. The popularity of online real estate ads surpassed newspaper property listings back in 2001, and the gap is widening. Less than one percent of buyers first learned about the home they purchased on the Internet in 1995, while in 2004, that number passed 20 percent.
According to a California Association of Realtors (CAR) survey, 97 percent of respondents said the Web helped them understand the buying process better and 100 percent said using the Web helped them understand home values better. Web-enabled homebuyers like you are taking a more active role in researching homes and neighborhoods. You also now spend less time with real estate professionals once you have completed your research. Internet homebuyers also used the Web effectively to filter out properties that did not interest them, visiting 6.1 homes on average versus 15.4 for traditional buyers.
Today, you can view photos and detailed information for hundreds of properties in the time it used to take to visit a single one. And the Web provides much more opportunity than simply moving print listings online. The growing availability of residential high-speed Internet connections has boosted the popularity of virtual tours and interactive maps, providing consumers with powerful and flexible visual search tools.
In addition to making home searches easier, automated valuation model (AVM) software is making a big impact in how properties are evaluated. AVMs, which generate valuation estimates by analyzing and comparing property information data, are becoming increasingly sophisticated and accurate. While not considered a substitute for human appraisals, AVMs are gaining popularity because they are inexpensive, easy to use and produce valuation estimates in minutes. Now AVMs, used extensively in electronic mortgage approval processing during the recent refinancing boom, are becoming available on real-estate Websites aimed at consumers. This is a significant development for independent sellers, who often find it challenging to price their properties correctly when selling on their own.
The MLS goes public
“In real estate, MLS data sits at the apex of the change, specifically the MLS information that is pushed to the Internet every minute of the day.” - Bradley Inman, Publisher of Inman News
Once an exclusive tool for real estate professionals, the multiple listing service (MLS) has in recent years become a very public platform for real estate listings. The MLS is the nation’s most comprehensive database of properties for sale - four out of five homes sold in the United States are listed on the MLS.
MLS properties are available to agents and brokers worldwide, and are now accessible via consumer Web sites such as Realtor.com, WSJ.com, Excite, Netscape, AOL and MSN. MLS listings also appear on local, regional and national brokerage Websites through Internet Data Exchange (IDX) agreements that allow participating Realtors to share listings and display them to consumers. Even though only licensed realtors can list property on the MLS, the system has begun to figure prominently for the $110 billion independent seller (for-sale-by-owner or FSBO) market. About 13 percent of real estate sales are now FSBO, conducted without a broker’s assistance.
Type “flat fee MLS” into any major search engine, and you’ll see dozens of real estate professionals willing to list your property in the MLS for a fee. If you are willing to pay a commission of 2-3 percent, you can attract the attention of thousands of agents who will show your property to prospective buyers. You can then reduce the cost of the sale to about half a traditional 5-6 percent sales commission, plus the cost of the MLS listing. If you find an independent buyer working without an agent, you could make a sale with no commission at all and pay only an MLS listing flat fee.
Displacement
Currently, about 2.4 million real estate licensees operate nationally, according to the Association of Real Estate License Law officials. The NAR has more than one million members, up from about 760,000 members five years ago. Many real estate professionals and industry observers expect a significant decline in this number because some tasks traditionally performed by agents and brokers can now be done more quickly and easily by Web-enabled consumers.
“Historically the fundamental driver of the real estate industry was the control of information. The real estate agent and the real estate office were the only sources of comprehensive information on which properties were for sale and those who might be interested in buying them. With this control revenues were practically guaranteed.
Moreover, because this exclusive control was akin to a monopoly by virtue of the multiple listing service (MLS) any firm of any size could serve the customer equally well. As a result, the number of real estate companies grew without regard to market efficiencies.
Simply put, the traditional model is too inflexible. Consumers are seriously questioning the value of a real estate agent. They frequently feel that many of the traditional tasks undertaken by the agents are now either no longer required or can be done by the consumer themselves.”
- Swanepoel & Tuccillo, Real Estate Confronts Profitability
The quotes above, from a popular report on emerging real estate business models and dwindling profit margins, highlight a number of issues traditional real estate professionals are now facing. And if the real estate industry has grown historically without regard to market efficiencies, the issue has only been compounded since 2001, as new agents signed on in droves, lured by low interest rates and skyrocketing home prices in many areas. It’s likely that the number of traditional real estate agents will decline, while new types of real estate jobs will be created to deliver value to Web-savvy customers.
NEXT in Part 2 of 2: - Demanding Consumers, Downward Pressure and Developing Alternatives
Charles Warnock is Marketing Communications Manager at Homekeys in Miami, Florida. Homekeys is a non-traditional real estate Web site that helps consumers buy, sell and save thousands on real estate. Learn more at http://www.homekeys.net. Charles writes frequently on real estate, finance, advertising and marketing communications.
May 19, 2008 at 5:39 pm · Filed under Real Estate Infos
No one would invest in a piece of commercial real estate without investigating it’s resale value, income generating potential, building structure, etc. However, there are a couple of things that seem to get overlooked, even by the savviest investors. Following are the four most overlooked items that you should consider when you are selling or buying a commercial property:
Has the building been unoccupied for more than 180 days?
Collier County has an established Land Development Code (LDC) that governs things like a building’s architectural standards, setbacks, landscape and parking requirements. These requirements vary based on the district where the property is located. The LDC is reviewed and updated twice a year and new projects are required to comply with the codes. Existing buildings are usually “grandfathered” in, however, there are certain times that a building is subject to review for compliance with the current land development code.
One reason a building is subject to review is if it is unoccupied for a period of more than 180 consecutive days. To bring newer buildings into compliance with the LDC may be as simple as revamping the landscaping with extra trees or buffer shrubs. However, with older buildings it can be very costly. A local businessman purchased an older building with the intention of using it as a warehouse-showroom. When he tried to get a permit for a renovation, he was informed that he would have to change the front facade of the building to include among other things, a 75% glass storefront. To bring this building into compliance, it would have meant serious structural changes that increased the renovation costs by tens of thousands of dollars. The project proved infeasible and the building was subsequently resold and developed.
Will the occupational license require a change of use for the building?
Another reason that would make the building subject to review for compliance with the land development code would be if there was a “change of use.” Change of use doesn’t necessarily mean a zoning change. It can mean going from a jewelry store to an office supply store, or a retail store to a restaurant. The reason for this review is to make certain that the new use is in compliance with the permitted uses of the specific zoning area. This review also ensures that there is adequate infrastructure (ie parking) to support the new use.
Will the building need alterations to the fire alarm or sprinkler system?
Another overlooked item is the fire safety system, which includes the fire alarm and fire sprinklers. By adding sprinklers or changing out a fire panel, you open the whole fire safety system up for review and it will have to be brought up to current code. Depending on the age of the building, this can include relocating the fire alarms on the wall; adding fire sprinkler heads; or replacing an entire control panel, which can add thousands of dollars to a project. If you are in doubt, get a consultation with a qualified general contractor or architect during your due diligence period.
Have you allotted enough TIME for planning and permitting?
Permitting is frequently the place where owners don’t allot enough time. According to the City of Naples Building Division, it typically takes three-four weeks for a permit application to be reviewed and a permit issued. However, if your permit application is rejected it can take another two-four weeks after your plans have been revised by the architect. According to the Collier County Building Department, it typically takes six weeks for a permit application to be reviewed and permitted. Depending on the complexity of the project and allowing for a couple of rejections, it is more realistic to plan on three to twelve months for a permit to be issued. A renovation might be three months and a building under 10,000sft might take six-nine months. Unfortunately, there are NO short cuts in getting through the permitting process.
With proper planning, your commercial real estate transaction can go smoothly and provide you with a profitable investment. If you have any questions about the process, it would be wise to consult with a reputable commercial general contractor and an architect.
Cyndee Woolley is the Marketing Coordinator for Professional Building Systems. For more information, please email Cyndee@pbscontractors.com
May 14, 2008 at 11:08 am · Filed under Real Estate Infos
Sell your Home for the biggest Profit by keeping things
uncluttered!
Getting your house decluttered will help you clear your own mind
and get you ready for the prospective buyers to start coming.
The best way to get organized is to try to see your house
through new eyes. When you pretend like you are the one who is
considering buying your home, you can better see the areas which
need improvement. Take a clipboard and pen with you as you
survey from the outside to the inside. Write down everything
which disturbs your eye for even a moment. Chances are that if
you notice something that does not look right, your potential
buyers will, too. You will probably want to share this list with
your real estate agent and go through this process more than
once, so you don’t miss anything.
Getting ready to sell your home can be one of the most stressful
areas of the real estate experience, but it does not have to be.
Keeping in mind some key advice will help you get your house
looking top shape from the inside and out. Throughout the
process, the best way to go through your to-do list is to accept
the fact that you can only do one thing at a time. With this
perspective, all of the pieces will fall into just the right
places.
Now that you have an idea of what needs to be improved, cleaned
or changed, you can start knocking them off the list one by one.
Get the outside, “curb appeal,” taken care of first. This will
help your house attract attention right away even if the signs
haven’t gone up yet. Seeing your house looking its best on the
outside will also give you the courage to tackle the inside. If
you visit our website at http://brianmurphyrealtor.com you can
learn more on real estate in Port Saint Lucie, Florida.
Each room should contain as little clutter as possible. Get a
bunch of clear plastic bins and start filling them up with all
of those extra knick-knacks. Remember that buyers want to
picture their belongings in your house. If your stuff is in the
way, then they can’t form a mental picture as easily. To
properly declutter, you have to start detaching yourself from
your home. Make the rooms look as large as possible by removing
extra furniture, books, objects and wall hangings. Set aside
some time to repaint colorful rooms a soothing beige, cream or
linen. This will make the rooms look even bigger and give the
buyers more breathing room.
Any decorative object which you leave in a room should be used
as a tool to attract the buyer to a special feature. Place an
interesting candle holder in the fire place, or a few small
plants on the mantle. Draw the eyes to windows with lamps and
neat end tables. We are a one-stop source for Port Saint Lucie
area real estate services. Find homes for sale and area
information for Port Saint Lucie, Stuart, Jensen Beach and Fort
Pierce, Florida - FL. Get real estate buying and selling tips,
relocation help, and mortgage information visit
http://brianmurphyrealtor.com
Despite all your efforts, be mentally and emotionally prepared
to hear your agent tell you that you still need major
improvements if you want to get the price you had in mind.
Consider it a good thing that the professional agent you hired
is being completely honest with you. You want to have a real
estate agent who knows what and when things need to be done.
Talk to anyone you can about the good agents they have had in
the past. Get a feel for the agent’s strengths by asking them as
many questions as you can before committing to a contract. If
you have trouble getting a hold of them right from the
beginning, then that is your first sign that they may not have
the time or capacity to give you the proper amount of attention.
Your agent should thoroughly discuss the marketing plan for
selling your home. Deciding on the price will be one of the most
important aspects of this plan. Depending on your home and the
time of year, there will be several approaches to combining the
need to sell with the need to get the right price. For example,
if you live in a desirable neighborhood, you may be able to go a
little higher than you thought, but may not want to if there are
many nearby homes for sale at the same time. Trust that your
agent will inevitably come up with the right strategy, but be
outspoken about your opinion. Although you aren’t the
professional, it’s always possible that you will have an angle
that your agent didn’t consider.
When you are going through the real estate process, there will
always be plenty of people with tips, ideas and advice. All the
input can occasionally do more harm than good, so take
everything in as much stride as you can. Just make sure that
your agent keeps you in the loop through the whole process and
make your home as appealing as much as possible. With a clean
house and a clear strategy, you should be able to sell your home
much more quickly and easily than you thought.
April 26, 2008 at 1:05 am · Filed under Real Estate Infos
When considering buying or selling a home, seniors have a special set of needs that may not apply to others in the real estate market. The first time home buyer has a certain set of needs. Young families with small children have another. Seniors fall into a whole different category.
It is important then, to make sure that the real estate professional you choose has the ability to meet the needs of the senior buyer or seller. Most agents are simply interested in putting your home on the market and getting it sold. But there is much more to the process than that. Seniors need an agent who is willing to “go the extra mile” to make the transaction as stress-free and hassle free as possible.
Senior sellers may be in the process of “scaling down”, moving to a smaller home or an assisted care facility. Your agent needs to understand how to help you to figure out what you will need to take with, and suggest ways to dispose of excess items that won’t fit in your new environment. Your agent should have suggestions for companies who can organize estate sales, garage sales or help you organize a charity to pick up items which may not be needed in the new setting.
Seniors may have lived in their home for a number of years and not understand what people are looking for in today’s market. Your agent needs to know what the market may demand. If you are selling a home in a 55+ community other seniors may not demand granite counter-tops and the most updated appliances. A simple fresh coat of paint may be all you need to make the property appealing before putting it on the market. Other markets will demand more upgrades, or a sales price adjustment, which the right agent will advise you on.
Seniors may have owned their properties for a number of years, resulting in numerous tax implications. While Real Estate Professionals cannot give you tax advise, the right agent, working with your tax advisor should be able to advise you in ways of selling your properties which could result in less taxes or tax deferments. These types of sales need to be handled correctly to protect as many of the seniors assets as possible. The amount of equity you have in a property, the way title is held and whether or not property has been held as an investment all make a difference is the next step you make. Be sure your agent understands the implications of disposing of these properties.
An agent dealing with seniors need to be understanding of special health needs which may be in the home. If health issues are a concern in your home make sure that you have an agent who will show compassion and concern in trying to show the home at convenient times for the family members with those special needs. Again, if you have an agent whose only concern is that they get the home sold as quickly as possible, compassion may give way to convenience- the real estate agent’s convenience.
When searching for the right agent, try to find an agent who has had experience in working with other seniors and those who have been in similar circumstances to yours. Let your “gut instinct” be your guide. If you feel pushed by an agent, or rushed, as though they don’t have time for you, perhaps you don’t have the right person.
Once you do have the right agent- sit back, relax and leave the driving to them!
Patti Phillips is a Realtor in the San Diego area. One of her specialties is helping seniors to meet their real estate needs. Please visit her web-site at http://www.PattiPhillipsRealEstate.com or call toll-free 800-680-9133
April 5, 2008 at 12:11 am · Filed under Real Estate Infos
There are many expenses one must pay when closing on a mortgage. Some of these include taxes, a down payment, loan origination fees, and miscellaneous fees for couriers, copying or other office expenses. No one likes paying these costs, but they are part of the process of taking out a loan. There is one item that can be paid for at closing that may be worthwhile, however, and that is something known as “discount points.”
Discount points are a fee paid to the lender in order to reduce the interest rate on the mortgage. A “point” is one percent of the loan amount; in exchange for paying one or more points, the interest rate on the mortgage may be reduced by an agreed upon amount. Since this fee can easily run in the thousands of dollars, it would make sense to first determine if it is a good idea to pay the lender to reduce the interest rate.
The key to this equation consists of two parts - how much the monthly payment will be reduced if you pay the points and how long you will keep the mortgage. Most people have some notion of how long they intend to remain in the house they are buying, but it is more difficult to determine how loan you will keep the loan. After all, if interest rates drop dramatically, you may elect to refinance the mortgage, which would retire the existing one.
When closing approaches, and you are considering “locking in” your interest rate, ask your lender if you can reduce the rate by paying points. After he or she outlines the available options, ask them how much the monthly payment would be reduced if you paid the points. After that, divide the cost in points by the monthly savings. The answer will be the number of months that you will have t keep the loan to break even. If you think you will keep the mortgage for that long or longer, then you should probably pay to reduce the interest rate if you can afford to do so.
Even a savings of $20-30 per month can add up over the life of a 30 year mortgage, so it is well worth your while to see if you can lower the payments. Why pay more than you have to?
©Copyright 2006 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including HomeEquityHelp.com, a site devoted to information regarding mortgages and home equity loans.
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