Here's a great new site, written by a Realtor, with advice on real estate for anyone, whether they are a beginning investor, or looking for a home for themselves. Lots of good information on such topics as Financing, Appraisal, Home Inspection, Choosing Pros for your Team, and more!
Check it out at How to get rich in real estate
Sunday, May 27, 2007
Thursday, May 17, 2007
Window of Opportunity
Well, we've just witnessed the "bad weather" impact on a national scale. After three straight months of steadily rising home sales nationwide, the stretch of stormy and frigid weather that hit many parts of the country in the early Spring took a chunk out of home sales numbers for the month -- they were down by 8.4 percent.
The chief economist for the National Association of Realtors, Dr. David Lereah, said the sharp decline was not a total surprise. "For months," he said, "we've been expecting a weather 'hit' on home sales" -- and it finally arrived with a solid punch.
But a patch of bad weather alone is not going to knock real estate out of its ongoing recovery pattern. Dr. Lereah points out that the key underlying economic fundamentals for home sales continue to be strongly favorable.
The weather related decrease in sales, he says, "is masking improved fundamentals in the housing market, with lower mortgage interest rates and motivated sellers" -- plus vigorous employment growth and low core inflation rates.
Mortgage rates continue to hover just above 6 percent for 30-year conventional fixed-rate mortgages, according to Freddie Mac, and slightly below that for 15-year rates.
Rates are actually lower this Spring than they were a year ago, and they remain less than a point above all time lows.
Prices in most local markets are relatively stable, even down a little in some areas -- which means the ball is very much in the buyers' court.
More houses are available, there's less pressure to make decisions on the spot, and there's no question: Sellers are more open to reasonable offers, and are prepared to negotiate and even throw in some extras to move the deal-like helping out on closing costs.
So think of the next month or so as a window of opportunity -- a window that won't stay open forever.
Forget the negative news about the weather. Now's the time for serious buyers to get out. The weather is definitely more cooperativeand and look at the many seriously well priced homes that are now on the market.
With sales rebounding in the weeks ahead, those houses won't be around forever.Written by Kenneth R. Harney
Tuesday, May 15, 2007
POSITIVE CASH FLOW ** Unique Investment Opportunity near Disney
Positive Cash Flow - Vista Cay at Harbor Square is located at the heart of everything in Orlando!  | |
| 9902 Universal Boulevard Orlando, FL 32819 Listing Type: Residential | Features include: World class location, only 5 minutes from Universal Studios, Sea World and Orlando International Airport. Vista Cay is located at the center of everything from Restaurants, to Attractions, Shopping and Nightlife.Orlando's newest Resort Vista Cay Offers 674 Luxurious Condominiums and Townhomes in Orlando's newest development, Universal Boulevard. Tuscan themed Vista Cay offers spacious family accommodations that are ideal for either the family wanting to be close to all the excitement of International Drive as well as the discerning business traveler in town for the big convention. The community of Vista Cay is located on the beautiful Lake Cay adjacent to the nation's second largest convention center. Vista Cay offers a range of ammenities including; Games Room Fitness Center Tropical lagoon pool area with children's play area and spa Sports court for complete family recreation Business center Hi-Speed Internet Access** Executive furnishings of the highest standard |
Monday, May 14, 2007
Selling your property is not always easy
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Sari McGovern's parents opened a preschool on the first floor of their Fair Lawn home in 1985. Twelve years ago, Sari and her architect husband Sean bought the home and the school and continued running The Kiddie Garden, a state-licensed preschool with a capacity of 30 children.
Now, Sari wants to change careers and become a children's book author, and the McGovern family wants to relocate to the Manahawkin area to be closer to Sari's mother-in-law.
So the three-story, 3,900-square foot home/business is on the market for $875,000.
"We are grandfathered to be here, and it's an easy turnkey operation," Sari McGovern said. "My [preschool] license is good until June of 2009. A new owner could even come in and take five or six kids to begin with and build up. This makes for a unique opportunity to have a large preschool below a live-at-home qualified educator."
But what makes home/office combinations unique can also make them harder to sell when the time comes. So think twice before you make a major investment to redo your basement, your first floor or your garage as your new base of business.
First, most municipal zoning regulations sharply limit the kind and amount of business you can do at home.
Second, specialized and costly home business upgrades may not be a help -- and may even be a hindrance -- when it comes time to sell your home.
McGovern, for example, just recently put a $4,000 synthetic grass surface on the preschool's outdoor playground. It's not the kind of upgrade that will pay for itself upon resale, if the home reverts to just a residence.
Jeffrey Shapiro of Coldwell Banker is marketing a $999,000, five-bedroom colonial in Englewood with an attached six-room handicapped-accessible medical office and off-street parking for patients. He said it's not an easy sell.
"I initially went with the headline that this was a medical office or professional office, and home," Shapiro said. "But I switched gears and now I'm promoting it as a grand old home with a medical office attached."
He's done a lot of specialized marketing, printing up fliers on the house and office, and dropping them off in doctors' lounges in local and New York City hospitals.
But the lack of interest in the home as a home-based business prospect makes him think medical practitioners nowadays want to maintain their professional offices away from home.
Barry Colyer of Re/Max in Oakland has sold one home with an attached medical office a number of times.
"I sold a house on Ramapo Valley Road with a chiropractor's office on the lower level," he said. "The first time it sold to a doctor. The second time it just sold as a home office. The third time, the new owners tore it all out."
Saturday, May 12, 2007
Top 7 Tips When Buying a HUD Home
Top 7 Tips When Buying a HUD Home
by Eric Bramlett
HUD homes offer many buyers the chance to purchase their home with built in equity, and allows investors some fantastic deals, as well.
When the foreclosure rate is particularly high, as it is in 2007, HUD's inventory swells, and there are deals to be made. HUD deals are very different from traditional purchases, however, so make sure and follow sound advice before purchasing your first HUD home. Follow these tips, and you will be on your way.
1. All HUD Homes Aren't Great Deals
Many buyers mistakenly assume that, if the US Department of HUD is selling, it must be a great deal. This couldn't be further from the truth! Many Realtors relentlessly market HUD homes to drum up business, and this can create a glut of HUD buyers. When the HUD inventory is particularly low, oftentimes buyers will bid the property up to, or above the fair market value. Look at every HUD deal on its own merit, and make your decision based on that.
2. Understand the Bidding Process
HUD purchases are very different than conventional deals because they follow a "blind" bidding process. The bidding date is released by HUD, and each buyer submits their best offer-without the knowledge of any other bids. As long as HUD finds the highest offer acceptable, that offer is accepted. HUD retains the right to refuse all offers.
3. Know the Difference Between "Owner-Occupant" & "Investor"
One of HUD's goals is to increase the number of US citizens who own homes. Because of this, they give preferential treatment to owner-occupants over investors. Owner-occupants have the first 10 days to bid on any home before it is released to investors. A buyer may bid as an owner-occupant once every two years. Make sure and bid honestly-otherwise it is illegal, and can result in hefty fines.
4. Anticipate Repairs
You are allowed the opportunity a third party inspection before closing, but buyers cannot negotiate repairs based on the results. Backing out of HUD deals & retaining your earnest money is trickier than conventional purchases, too, so you may run the risk of losing your earnest money. Make sure and go through the home thoroughly before bidding on it.
5. Continuously Monitor the Inventory
As foreclosure rates rise and fall, so does HUD's inventory. The laws of supply & demand definitely apply here-when the inventory is high, your chances of getting a great deal are higher than when they are low. Follow the asking price & sales price of HUD homes-if they are selling far over asking, it might not be the time to buy.
6. Make Sure Your Realtor & Lender Know the Process
After your bid is accepted, the paperwork begins! In Texas , HUD requires that you submit original signed (in blue ink) paperwork to the HUD agent's office within 48 hours of the bid's acceptance. If the paperwork is incorrect, you are allowed one revision-which must be received within 48 hours. They are just as strict with a lender's closing documents-so make sure both your Realtor & lender are very familiar with the HUD process. Oftentimes, the HUD agent's office will be located in a different city-and often, the escrow agent will be located in yet another city-this can put a very interesting twist on the process, and time constraints.
7. Act Quickly & Decisively
Because HUD places very strict time constraints on bidding, and due to the bidding process, you must act quickly & decisively. You will typically have 1-2 weeks from the date HUD places the property on the market until the bidding period begins-and more often than not, the property will be purchased on the first day of bidding. Make sure & exercise your due diligence, and make your decision quickly-you often won't get a second chance.
HUD homes can be fantastic opportunities for a buyer or investor to get a great deal on a property. However, because the purchase process is quite different, make sure & do your research before attempting to find your first buy. Follow these tips, & you will be on your way to a successful transaction!
Disclaimer: The information above is based on Eric's experiences with HUD in Texas from 2004-2007. The process continually changes, so make sure & get the most up-to-date information for your area before bidding.
by Eric Bramlett
HUD homes offer many buyers the chance to purchase their home with built in equity, and allows investors some fantastic deals, as well.
When the foreclosure rate is particularly high, as it is in 2007, HUD's inventory swells, and there are deals to be made. HUD deals are very different from traditional purchases, however, so make sure and follow sound advice before purchasing your first HUD home. Follow these tips, and you will be on your way.
1. All HUD Homes Aren't Great Deals
Many buyers mistakenly assume that, if the US Department of HUD is selling, it must be a great deal. This couldn't be further from the truth! Many Realtors relentlessly market HUD homes to drum up business, and this can create a glut of HUD buyers. When the HUD inventory is particularly low, oftentimes buyers will bid the property up to, or above the fair market value. Look at every HUD deal on its own merit, and make your decision based on that.
2. Understand the Bidding Process
HUD purchases are very different than conventional deals because they follow a "blind" bidding process. The bidding date is released by HUD, and each buyer submits their best offer-without the knowledge of any other bids. As long as HUD finds the highest offer acceptable, that offer is accepted. HUD retains the right to refuse all offers.
3. Know the Difference Between "Owner-Occupant" & "Investor"
One of HUD's goals is to increase the number of US citizens who own homes. Because of this, they give preferential treatment to owner-occupants over investors. Owner-occupants have the first 10 days to bid on any home before it is released to investors. A buyer may bid as an owner-occupant once every two years. Make sure and bid honestly-otherwise it is illegal, and can result in hefty fines.
4. Anticipate Repairs
You are allowed the opportunity a third party inspection before closing, but buyers cannot negotiate repairs based on the results. Backing out of HUD deals & retaining your earnest money is trickier than conventional purchases, too, so you may run the risk of losing your earnest money. Make sure and go through the home thoroughly before bidding on it.
5. Continuously Monitor the Inventory
As foreclosure rates rise and fall, so does HUD's inventory. The laws of supply & demand definitely apply here-when the inventory is high, your chances of getting a great deal are higher than when they are low. Follow the asking price & sales price of HUD homes-if they are selling far over asking, it might not be the time to buy.
6. Make Sure Your Realtor & Lender Know the Process
After your bid is accepted, the paperwork begins! In Texas , HUD requires that you submit original signed (in blue ink) paperwork to the HUD agent's office within 48 hours of the bid's acceptance. If the paperwork is incorrect, you are allowed one revision-which must be received within 48 hours. They are just as strict with a lender's closing documents-so make sure both your Realtor & lender are very familiar with the HUD process. Oftentimes, the HUD agent's office will be located in a different city-and often, the escrow agent will be located in yet another city-this can put a very interesting twist on the process, and time constraints.
7. Act Quickly & Decisively
Because HUD places very strict time constraints on bidding, and due to the bidding process, you must act quickly & decisively. You will typically have 1-2 weeks from the date HUD places the property on the market until the bidding period begins-and more often than not, the property will be purchased on the first day of bidding. Make sure & exercise your due diligence, and make your decision quickly-you often won't get a second chance.
HUD homes can be fantastic opportunities for a buyer or investor to get a great deal on a property. However, because the purchase process is quite different, make sure & do your research before attempting to find your first buy. Follow these tips, & you will be on your way to a successful transaction!
Disclaimer: The information above is based on Eric's experiences with HUD in Texas from 2004-2007. The process continually changes, so make sure & get the most up-to-date information for your area before bidding.
Tuesday, May 8, 2007
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