All About Realestate

By Ron Borg

A real estate “flip” is when a property is bought and resold quickly. There are simultaneous flips, when the purchase and resale happen on the very same day and there are longer flips, such as when a property is purchased, rehabbed and later resold.

Flips are typically performed by real estate investors and speculators. They got a bad rap during the housing boom. Real estate was in such demand that contract flips became commonplace. This is when a speculator doesn”t even take title to the property – he simply sells the contract.

Say you sign a contract to purchase a property for $200,000. You find someone that is willing to pay $220,000 for the home. You could go to closing with the seller and then immediately close again with your buyer. That”s called a double close or simultaneous close. But there would be two sets of closing costs. To avoid that, a speculator could sell the $200,000 contract for $20,000. That gives the new buyer the right to purchase the property for $200,000. He paid $20,000 for that right so his total investment becomes $220,000.

Lending institutions no longer permit contract flips due to the frequency of fraudulent transactions within these types of transactions. You can buy or sell a flip with private financing but this is a blog about FHA financing so I will get to the point.

Title seasoning pertains to the length of time that a seller of a property was the owner of the property – how long they “held title”. In a flip transaction, title seasoning is very short. Lenders don”t like that. But lenders also understand that legitimate flips do occur such as when a property in disrepair is rehabbed and then resold.

In order to obtain FHA financing on a home you wish to purchase, there needs to be a 90 day period between the day the seller took title to the home and the date of your purchase contract.

Many real estate agents and attorneys are unaware of this. Before you sign a contract to purchase a home, you should find out everything there is to know about the property. Most counties have either a property appraiser”s office or a property tax office. These offices usually will have a website where you can look up the property you wish to purchase. Go to Google.com and type in “Your County Property Appraiser” or Your County Property Tax”. You”ll find it. Then search for the property by the address… you should be able to find it fairly easily. Read the entire report.

In the event that the county records indicate a different seller than the one you are dealing with, that may indicate that your sellers purchase transaction has not yet been recorded. This could mean that 90 day title seasoning has not yet occurred.

There are two situations where this rule contains exceptions. The first is on properties that were foreclosed and are now being sold by the foreclosing institution or if the property was acquired by an institution through a bulk purchase of foreclosed properties. The second is in Federal disaster areas.

It”s very important to do your due diligence on any property you are interested in purchasing so that problems don”t arise after a contract has been signed.

About The Author

Ron Borg is the founder & CEO of Mortgage123.com, the safest, most secure and simplest way to compare rates from the best lenders in the country.
Visit www.AskRonBorg.com if you have questions.
Also, check out Mr. Borg”s blog at www.LoanSuitability.com

By john mce

House prices have crashed, but yet many still think it is a good time to move house. There are bargains to be had, although the value of your home is likely to have nosedived over the past couple of years. If you”re thinking of moving home, then you should prepare for three new obstacles which are being put in your way by mortgage lenders.

It may turn out that your current mortgage isn”t as ”portable” as you might think it is. In the past you could safely move house halfway through a five-year repayment period, taking the loan with you to the new property and paying the same rate of interest until the original end date.

This was easy to do when house prices were rising, but now lenders are making use of small print in the paperwork which stipulates that loans are only portable if candidates still meet their lending criteria. And the lending criteria has changed quite significantly in the past few years, if you hadn”t noticed. If you don”t meet the latest desired figures of income debt levels and property valuation then your lender could make it really hard to move.

This could be a difficult obstacle to overcome, so don”t make any offers on new homes until your lender has agreed to the move in principle. If they decline, you need to look for a new mortgage from a more flexible loan provider. You will have to pay exit penalty fees on your old mortgage but if you want to move house you simply have no choice.

Loans providers are also much less likely to give credit these days. If, when you got your initial mortgage, you borrowed four or five times your income, you may find that there is no more credit available to you thanks to new lending limits.

These days there are seldom lenders who will offer high amounts of credit based on your salary, and none offer self-certified mortgages any more. Credit card debt or late loan repayments will now count towards your credit-rating and affect the possibility of you obtaining that loan.

It is advisable to clear any outstanding debts if you want to move house, improve your credit rating and avoid any overdrafts or offers of credit.

To add to homeowner”s misery, the value of homes are slipping, so you might find you have less equity than you think. Banks are also lending much less of the value of a home, offering up to eighty percent where before ninety-five percent was often available in the past.

About The Author

Planning on moving your office or business? We”re the commercial or business removals company for the job. With over 150 years business removals experience, can make your office move hassle-free.

http://corporate.bishopsmove.com/

By john mce

If you want to let out a buy to let property then you may want to consider show home furnishing. Even if you intend to provide the property unfurnished it can help prospective tenants to get a feel for the space and to imagine how their own furniture might look inside the property.

Renting out a property unfurnished can have its advantages; it can mean that you are more likely to attract long-term tenants who are prepared to bring in their own existing furniture or buy for their rented home. If you intend on renting a property furnished, you will generally attract tenants who don”t have their own furniture and intend to stay at the property for a long time. If you want to rent your property unfurnished, but want to provide some furniture for viewings so that prospective tenants can get a feel for the place, then you should think about buying or renting some show home furniture.

When getting furniture for a rental property, there a range of things to consider. From the type of tenants that the furniture is likely to attract, to safety regulations concerning the types of furniture you can use. All upholstered furniture must contain an undamaged fire label, otherwise you as a landlord are breaking the law. While tenants can be billed for damage to this furniture, as a landlord you are responsible for general wear and tear.

Scrimping and saving on rental furniture might seem to make a lot of sense at first, but consider that having shabby, less attractive furniture in the property is likely to put off more affluent prospective tenants. Sometimes it is worth spending a bit more on interiors so you can reap the rewards in terms of increased rent.

When looking for furniture for rental properties, look for neutral, inoffensive colours. It might not be anyone”s idea of great interior design but important part is to not turn any potential tenants off with vibrant colour schemes or anything too unusual. Sometimes it can be a good idea to try to rent out a property with furniture simply because it gives the potential tenants a better perspective of the space and how it will work as a home.

However you decide to furnish your buy to let property, consider using show home furniture as a way to sell the space. You can even find reconditioned show home furniture online, which can save money on furnishing your property.

About The Author

John McE writes on behalf of Buy to Let Furnishings, Rental Property Furniture Specialists who offer a complete range of furnishing solutions for rented or buy to let investment property.

http://www.buytolet-furnishings.co.uk/

By Troy Truman

The most successful mortgage loan companies purchase online mortgage leads. They do not have the time or the resources to build their own comprehensive list. Many online lead companies tout the cheapest prices, the fastest turnaround, and the largest lists. All of that is irrelevant if the quality of the leads, and the filters applied to them do not meet customer needs. When selecting a company to provide mortgage loan leads, do some preliminary research. Is the company a broker, or do they generate their own lists? Broker firms purchase lists from other companies and they do not always screen the contents.

Lead lists that have been purchased by several other companies may no longer be current. Online mortgage leads must be properly targeted to maximize effectiveness. If a mortgage loan company specializes in first mortgage refinances, but the leads purchased are primarily for first time buyers, conversion rates will be low. Marketing money and time will be wasted. Does the lead company focus on mortgage loans, or do they collect many types of leads? Pre-qualified, tightly targeted leads are generated by companies that understand industry needs. They market to banks, brokers and lenders that are serious about mortgage marketing.

Understanding terminology, current mortgage rates and terms will help you assess the quality of the online mortgage leads. Ask all companies the same questions so that comparisons can be made on equal terms. Though the task seems time consuming, it is worth it. Not all mortgage lead companies are the same, from how their leads are generated to the way they are processed and sent to you. Assess your firm”s needs. If your representatives can only contact twenty leads a day, don”t purchase one hundred. This may cause the lead to go cold before they are contacted, lowering conversion rates.

Contact the Better Business Bureau to confirm the legitimacy of any company you select to work with. This will give you an idea of their business ethics and customer service levels. If they rate an “F”, don”t work with them, as the quality of their lists cannot be guaranteed. Purchase small lists of online mortgage leads from a variety of companies. This will allow you to check for effectiveness before making a large investment and provides the opportunity to test several strategies. Now it”s time to find out more about these online mortgage leads secrets and start transforming the way you do business!

About The Author

Troy Truman is an online publisher providing great tips on mortgage loan leads. To learn more about this topic, visit http://www.MortgageLeadVault.com today!

By Andrew Stratton

You have finally found the house of your dreams and put in a call to the listing agent to find out more about this real estate listing. He or she will be more than happy to give you a glowing report of all the details. But proceed with caution; there may be a few things that are being hidden. Be aware that:

The listing agent is working for the seller rather than you, the buyer. His or her job is to get that property sold and for the most money possible. If you let on that you have $300,000 to spend, but only want to pay $250,000 so that you can take a cruise and buy a few furnishings, he will let the seller know this. If you have $300,000 to spend, that”s what they want you to fork over.

It is a good idea to check with the neighbors in order to find out how many of them own their homes, how long they”ve lived there, whether they find it to be a supportive and safe community, how they like their neighborhood, and if there are any wild stories associated with the house you”re interested in. You can learn a lot by interviewing the neighbors.

The listing agent may act like he or she knows everything about the house, but this is not the case. Ask to see repair and maintenance records, check with zoning yourself to see if you can really add on that garage you”d like, and get a termite and home inspection.

Speaking of home inspections, it is a wise idea to hire your own home inspector. Many realtors refer a couple of inspectors that they often do business with. This tends to be a bit of a conflict of interest, as the inspector wants repeat business from the agent and may gloss over a few essential details that you should know. A realtor is very knowledgeable, but they are not a lawyer. Having an attorney look over the real estate contract is money well spent.

A listing agent may have you look at the house during the most sedate and peaceful time of day. You may see a quaint house in a quiet neighborhood mid-day but if you check early in the morning or later in the evening, you may find that it is a thoroughfare for rush hour commuters.

So remember, while the listing agent may be a wonderful person, it is his or her job to sell that property, at all costs. Be sure to use your intuition and business savvy to make sure that it is the right one for you.

About The Author

In Asheville, real estate agent provides the very best service to you and helps you find your dream house at the snap of your finger. To know more, visit http://www.preferredrealestatecenter.com

By Yuwanda Black

As home foreclosures continue to rise, more homeowners are taking drastic action to hang on to their homes. One of the things many are turning to is bankruptcy. According to the CNN Money article, “Bankruptcies Spike 33%”, The total number of bankruptcies filed in the third quarter surged 33% in 2009 and is at the highest level since 2005.

The article goes on to note that the surge in filings can be attributed to the weak economy. Drawing a direct line, the weak economy has caused unemployment — currently at 10 percent — to be at its highest in 26 years. And, this has led to a lot of foreclosures.

Now that it”s understood why so many are driven to bankruptcy, let”s answer the question “Will filing bankruptcy prevent foreclosure?”

There answer is yes . . . and no. Why/how? In order to gain a clearer understanding, let”s examine what happens when a homeowner files bankruptcy in hopes of preventing foreclosure.

There are two types that most file: Chapter 7 and Chapter 13.

Which type you file will depend on a host of factors like your debt load, assets, your ability to repay or not, your jurisdiction, etc.

Filing Bankruptcy to Stop Foreclosure: The Process

When you file bankruptcy, an “automatic stay” goes into effect. What this does is prevent your creditors from moving ahead with any collection efforts — for the moment at least. In order for a creditor to get around this “stay,” they have to petition the bankruptcy court to lift it.

And they can be successful, causing you to lose your home. Read on for how.

How You Can Still Lose Your Home Even If You File for Bankruptcy

Consider this: Let”s say your house is about to be sold on the courthouse steps. So, you file bankruptcy to prevent this from happening.

Your mortgage holder will petition the court to lift the stay. And they are likely to get it lifted if you can”t pay the arrears, you don”t have any equity in the house and your finances bear out the fact that you really can”t afford the monthly payments.

The reason is, creditors have a right to sell any of your assets in order to collect a debt you owe them. And in this case, the asset happens to be your home.

Stopping Foreclosure: The Biggest Mistake Most Homeowners Make

Particularly these days, many options are available for homeowners to prevent foreclosure. One of the biggest mistakes many make though is waiting too long to contact their lender. Even when you file bankruptcy in hopes of stopping foreclosure, you are still going to have to work out a payment plan with your lender.

The bottom line on filing bankruptcy to prevent foreclosure is this: if your financial situation is temporary and you just need some time to get back on your feet, you probably shouldn”t file.

Before making a final decision, consult a qualified bankruptcy attorney in your jurisdiction. They will be able to help you decide if filing bankruptcy will help you stop foreclosure.

About The Author

To learn everything you need to know about how to stop foreclosure, log on to http://ForeclosureBusinessNews.com. You”ll also find info on how to start a foreclosure cleanup business, mortgage modifications, free articles for your website, newsletter or blog — and a lot more.

By Ki Gray

After rising steadily for the last 3 weeks mortgage rates fell back down this week. The 30 year rate fell from 5.03 to 4.98. The 15 year rate fell from 4.46 to 4.40. The 5 and 1 year arm fell from 4.42 to 4.35 and 4.57 to 4.47 respectively. This looks like more of a hiccup as mortgage rates steadily start there rise. At this point the overwhelming consensus is that mortgage rates are going to rise in the next six months. But the lowered rates do provide an opportunity for potential homeowners to lock in rates at sub 5.00 rates. Below are rates from the weeks from October 8, 2009 to November 5, 2009.

Nov 05, 2009
30-fixed 4.98 15-fixed 4.40 5-yr 4.35 1-yr 4.47

Oct 29, 2009
30-fixed 5.03 15-fixed 4.46 5-yr 4.42 1-yr 4.57

Oct 22, 2009
30-fixed 5.00 15-fixed 4.43 5-yr 4.40 1-yr 4.54

Oct 15, 2009
30-fixed 4.92 15-fixed 4.37 5-yr 4.38 1-yr 4.60

Oct 08, 2009
30-fixed 4.87 15-fixed 4.33 5-yr 4.35 1-yr 4.53

Apr 16, 2009
30-fixed 4.54 15-fixed 4.93 5-yr 4.83 1-yr 4.82

As has been the case for several months the interest rate to watch is the 30 year rate. When rates are low (and the expectation is that they are going to rise) there is no real reason to look at short term ARMS.

In addition to looking at rates we also calculated the mortgage payments for a 200k loan based on today”s rates.

Nov 05
30-year $1071.19
15-year $1519.78
5-year $995.62
1-year $1009.8

Oct 22
30-year $1073.64
15-year $1522.84
5-year $1001.52
1-year $1018.12

Apr 09
30-year $1015.74
15-year $1573.26
5-year $1043.29
1-year $1057.8

This show how little rates have moved in the last two weeks. For a 30 year loan on a 200k mortgage the payment is $2.45 less a month for a decrease of about 1/5 of 1 percent

So what is our advice? First I would avoid anything but a 30 year mortgage. Their is simply too much of a chance of higher rates. Second I would start looking for a mortgage earlier in the process instead of later. Basically their are too many issues with lending right now and it”s a good idea to find out any issues to get a loan earlier in the process. Second it”s a good to check into the 7,500 tax credit. The new program has expanded the eligibility so if you didn”t qualify for the 8,000 tax credit you might qualify for the new one.

About The Author

Ki”s site helps buyers search homes in the Austin MLS http://www.escapesomewhere.com/realestate_searchthemls.html along with providing information on Austin real estate http://www.escapesomewhere.com market and historical mortgage rates http://www.escapesomewhere.com/mortgageinterestrates.html

By Juhani Tontti

The reverse mortgage cost is formed by several items, which I go through in this article point by point. You may remember, that the final costs and fees will be calculated along your special situation and needs.

1. A Typical Reverse Mortgage Cost Is Appraisal Fee.

The responsibility of the appraiser is to assign a current market value for your home. The fee, which the appraiser takes varies from $ 300 to $ 400.

Another important job is, that the appraiser checks, that your home has no bad structural damages, like leaky roof or termite damages. Your home must fulfil the home safety codes, so that the reverse mortgage agreement can be made.

If the damages must be repaired, the appraiser has the legitimate right to make a new visit and to check, that the repairs fulfil the code. This another check will cost between $ 50 to $ 75. This reverse mortgage cost, actually both of them, can be made after the reverse mortgage loan agreement is done and you can cover these costs with your new loan.

2. The Origination Fee.

This reverse mortgage cost is meant to cover such costs, which the lender has to pay, like his overhead costs and marketing costs.

One example: in HECM program, which is the most popular in US, the origination fee is 2 % on the initial 200.000 maximum claim amount and 1 % on the balance after that with a cap of $ 6.000.

3. The Mortgage Insurance Premium.

In HECM program the borrower must pay an obligatory mortgage insurance premium. This reverse mortgage cost protects you in two ways. If the servicer, the company which manages your loan, goes into bankruptcy, the government step in and guarantees that you will get the funds, which belong to you.

Or if the selling price of your home cannot cover the full amount of the reverse mortgage costs, the difference between the costs and the selling price will be paid from this insurance. You will never owe more than the value of your home and your other assets will never be used for reverse loan back payment.

The cost of the mortgage insurance equals to 2 percent of the maximum claim amount, or home value, whichever is less, plus an annual premium thereafter equal to 0.5 percent of the reverse mortgage loan balance.

4. The List Of The Closing Costs.

A. Cost of the credit report. Determines every federal tax lien or other judgment, which is handed down against the borrower. Cost: Usually under $20.

B. Cost of courier. This fee covers the expenditures of every courier mailing of documents between the title company and the lender or loan investor. Cost: Usually under $50.

C. Cost to prepare documents. This fee is paid for preparing the closing documents. Includes the mortgage note and other recordable items. Cost: Usually $75-$150.

D. Cost of escrow, settlement or closing. Generally covers the title search and several other required closing expenditures. Cost: Usually $150-$450.

E. Cost of the flood certification. Shows whether the property is located on a federally determined flood plane. Cost: Usually under $20.

F. Cost of the recording. This covers the jobs to record the mortgage lien with the County Recorders Office. Cost: Usually $50-$100.

G. Cost of title insurance. The idea of this insurance is to protect the lender or the buyer against the losses from disputes over the property ownership. Depends on the loan size. The bigger loan you take, the bigger is the cost of the title insurance.

H. Cost of pest inspection. The idea of the pest inspection is to show, if the home is infested with the termites or alike. Cost: Usually under $100.

I. Cost of the survey. This shows the boundaries of the property. Is normally ordered to make sure that the neighbouring property has not inadvertently encroached on the reverse mortgage borrowers property. Cost: Usually under $250.

5. Service Fee Set Aside.

Federal regulations allow, that the servicer can charge a monthly service payment, which varies from $ 25 to $ 35. This cost covers the costs, which will arise from servicing your account. They will be paid, when the loan will be closed and can rise to several thousands of dollars.

As you see, the reverse mortgage cost is actually a list of different costs and fees. One useful and helpful thing is to visit the federal counselor, who is an expert in these costs and can tell, how the costs and fees behave in your particular case.

About The Author

Juhani Tontti, B.Sc., Marketing. Are You Interested About Your Reverse Mortgage Cost, About The Reverse Mortgages Pros And Cons? If Yes, Visit My Site: http://www.ReverseMortgageEarnings.com/reverse-mortgage-cost.html

By Brandi Cummings

Even in a recession, individuals flock to shopping malls and places of business during the holidays. From stopping at gas stations on their way to holiday parties to shopping for gifts in department stores, people are out enjoying the jovial atmosphere during the holiday season. Because of this, companies often find the holidays to be an ideal time to advertise and grow their business. This is true for the real estate industry as well. While the holidays may not be a booming time for home sales, the beginning of a new year can be. Because a home buyer or seller usually ends up working with the first real estate agent they talk to, now is a good time to pump up the advertising efforts. Catching buyers and sellers early in the decision making process is crucial.

Traditional methods such as holiday cards, signs, and billboards can no longer meet the growing needs of real estate agents who often work long, demanding hours. Real estate agents cannot always answer every call that comes in. They many times don”t have the budgets to hire assistants to help them answer phones while they are showing properties or meeting with other clients. This means that the efforts spent on holiday advertising can be quickly lost on customers who call, do not receive an answer, and never call back.

Call capture, however, is an innovative tool for real estate agents who want to make the most of their advertising dollars during the holidays. This technology allows agents to not only have the ability to identify interested customers, but also to learn which of their holiday advertising methods work best. And because call capture allows callers to listen to a pre-recorded message, real estate agents are spared the need to answer every phone call.

By advertising their call capture numbers during the holidays, real estate agents can grow their business. The holidays draw more people out of their homes and offices – they attend parties at homes and places of business, they shop in new neighborhoods, and they dine at new restaurants. With more people in the areas that an agent advertises in, the more likely it is that larger numbers of people will respond to advertisements. This is especially true when visitors to a neighborhood see a property that they are curious about or interested in. When real estate agents advertise their call capture numbers, these visitors can – with no pressure – place a phone call from their cell phones to listen to the pre-recorded message about the property.

Additionally, the holidays also provide many innovative ways to advertise call capture numbers. While signs in front of properties are an obvious example, holiday billboards, sponsorship of holiday events, and even cards and gifts allow real estate agents to extend pressure-free opportunities to consumers to learn more about their available properties and services. Holiday billboards give individuals a chance to offer holiday greetings, while advertising a call capture number that can encourage individuals who are interested in purchasing a home to call.

Many communities have holiday events such as plays, concerts, and school pageants. Donating to these events is a way to give back during the holidays, but sponsorship also comes with the opportunity to advertise on the event”s brochure or playbill. When real estate agents feature their call capture numbers, they have the opportunity to reach a larger customer base. Finally, holiday cards and gifts can also be advertising opportunities for the real-estate business. These opportunities, along with traditional ways of advertising in newspapers and newsletters, allow real estate agents the chance to give back to the community while still advertising their call capture number.

Further, by using call capture, real estate agents can quickly see a boost in their businesses. Because people are most likely still in the early stages of the decision making process during the holidays, they will be put at ease by knowing the can get a pre-recorded message – not a high pressure sales pitch. Instead, customers can simply sit back and listen to the message describe the features of a specific property. At the same time, real estate agents are given access to the customer”s number through the call capture technology, allowing the agent to pursue the relationship with a friendly follow-up call. Finally, this technology allows real estate agents to make informed choices about where to advertise, since the call capture technology isolates and tracks which advertisement generated each call.

About The Author

During the holidays people are more likely to buy Secret Santa gifts than houses. However, by using call capture agents can meet and beat the challenges of this time of year. Learn more about how to effectively generate real estate leads during the crazy holiday season at http://www.realtyone800.com

By Andrew Stratton

Asheville, NC, is known as the “outdoor playground of the southeast.” No matter what outdoor recreation you”re into, you”ll find it there. Folks travel from all over the eastern US to enjoy what the area has to offer.

The Tallest Mountains In The East

The area around Asheville, NC, boasts the tallest mountains in the eastern United States. The town is located right smack dab in the middle of the Blue Ridge Mountains.

There are lots of places to enjoy views of the rolling, many-colored mountains without even leaving town. Fall, in particular, is a wonderful time to see them with the changing of the leaves.

But what”s even better is to get into the mountains and enjoy what they”ve got to offer! Great Smoky Mountains National Park is just 60 miles from town. This park boasts incredible views of peaks that are over 6,000 feet, as well as hiking trails, camping and historic homesteads.

Not far from Asheville, NC, you”ll find the Blue Ridge Parkway. This is one of the most scenic drives in the United States, with fantastic mountain views on both sides, old farms and lots of places to stop along the way.

For nature lovers, there”s also the Land of the Waterfalls. This is an area of 150 natural waterfalls that pour down from the mountains. This is the home to a unique species of white squirrel that you won”t see anywhere in the world. They also hold bluegrass concerts.

The Rushing Waters

You”ll also want to enjoy the many rivers the area offers. The Asheville, NC, area has the French Broad River, which winds itself from high in the Tennessee Mountains through town, and down to eventually joins the Mississippi. It gets its name from being one of the widest rivers in the east.

You can have it as easy or as rough as you want it. If you”re into a calm canoe trip down the river, that can be arranged. If you want to fly down the river in a tube with water spraying your face from all directions, that can be arranged too. Asheville is the jumping off point to get your river adventure started.

There is also great fishing in the French Broad River. The river is filled with trout and smallmouth bass just waiting for the wiggly worm on your hook. They have boat fishing trips scheduled all year around where you can catch whatever you”re looking for. Lots of folks say that you”ll find the best fishing in the entire country right here.

Asheville, NC, is a paradise for outdoor recreation, nestled right in some of the prettiest mountains you”ll ever see. Check out the town, and then get out of town and enjoy all the area has to offer.

About The Author

In Asheville NC, real estate agency helps you find your dream home. Get the best services and be treated with integrity. To know more, visit http://www.preferredrealestatecenter.com