Everyone would like to find a way to make a lot of money without doing a lot of work. Getting rich quickly seems to be the American dream. And if you watch a lot of late night television, you might think that you have found the ticket to fast riches by investing in foreclosed homes. There are advertisements that offer to tell you the "secrets" of buying distressed property with no money down and five figure profits in as little as 48 hours. Other advertisements state that foreclosed houses are available "in your area" at rock-bottom prices or that some troubled owners are "desperate to sell." Can this be true? Is there easy money to be made buying and selling foreclosed property?
Home foreclosure is the process by which a home is taken from a buyer by someone with a lien against the property. Most of the time, the lender initiates this when the buyer has not made payments on the mortgage for an extended period. Lenders are not really interested in taking back houses; they would much rather have cash. As a result, foreclosed houses are usually sold at auction in so that the lender might recoup their investment.
Due to rising interest rates and rising house prices, many people have found themselves with mortgages that they cannot afford. But are people really letting houses go at auction for pennies on the dollar? Can you buy a foreclosed home today and sell it next week for a huge profit?
The truth is quite a bit less exciting then the advertising would suggest. Here are some reasons why buying and selling foreclosed property isn't all it is made out to be:
There is tremendous competition at the auctions. Believe it or not, you will not be alone if you appear at a real estate auction. In fact, in these times of sky-high prices, bidders will be plentiful as everyone is trying to save a few dollars. Most of the time, the hammer price on such auctions will be very close to, and sometimes higher than, average market prices. The competition is fierce.
You must pay, in full, right away. If you do purchase a home in a real estate auction, you will be expected to pay for it, in full, immediately. If you don't have six figures in liquid cash sitting around, this might not be for you.
A lot of such property is damaged. Property damage is common, and you may not be permitted to do a full inspection of the property or the damage ahead of time. This is truly a case where "buyer beware" can apply.
There may be title issues. It may or may not be possible to obtain a clear title on the property. Most professionals who buy such property spend countless hours doing title research, thus putting a dent in the notion that you can make money this way on a part time basis.
What about the owner who is desperate to sell before the lender forecloses? The current market is still pretty lively. No one is going to sell you property at one third off when they can just put a "for sale" sign in the front yard.
The idea of making a fortune buying and selling foreclosed property is lucrative for those people who market books about the topic. For everyone else, it's an expensive, risky, time consuming job. If you are looking for a quick dollar, you won't find it in foreclosed property.
Sunday, February 8, 2009
Getting your dream home was never so simple
With the excessive amount of pressure to find an ideal place for living, it has really become so emphatic that you invest your money in the right kind of option. As you can see that getting a place for living is the need for every one and if you are looking for a place that would be more close to a natural environment , then you must not worry about it as it is quite simple nowadays. You will find hundred of people offering you their services; however, you must only try the one who suppose to give you the best value for your money. As, it is your hard earned money and only you can understand that where you should utilize it to get most out of it, to get the best, you can switch to Rainforest Holdings.
When you will consult with Rainforest Holdings you will certainly be amazed to know about the enormous amount of land they have on offer and that is also with the best view of greenery around as they place the special emphasis on that, so you can get the refreshing experience. You will certainly be able to find the resorts, villas and apartments without much ado and that’s too in diverse regions.
You can also fancy living in the place that can be rated as most happening and attractive for every one who visit India, the place is GOA. An amazing residential project is ongoing in Goa that can certainly provide you with the best of the locations where you can have a home of your own and can also feel the beauty and grandeur of the Sea and the waves that will leave you thunderstruck for sure.
You must keep one thing in mind that investing on your dream home is not something like a waste of money, however, you should be discreet enough in choosing the right one for you that can let you make some of up gradation as easily as possible, as every one needs to get a step forward in life so that should be the case with your house as well, after all, it is not something that you will change after every single month, will you? And that is the very point that people at Rainforest Holdings keep in mind and endeavor to provide the best utility home for every one. With the industrious frame of mind, they come up with the best solution that would be appropriate for you. Whatever you have in mind, they have the tricks and the zeal to bring your imagination to life.
So, whatever, your plans are about your home and about the location; you can certainly come to them with all the confidence as they will respond in the best possible way and you will be able to achieve the most desirable dream of your life, also, another good reason to go to them is that they know the technicalities that you will have to go through while finalizing a decision about a property, so, you best chances of doing it in the easy way is with their collaboration.
When you will consult with Rainforest Holdings you will certainly be amazed to know about the enormous amount of land they have on offer and that is also with the best view of greenery around as they place the special emphasis on that, so you can get the refreshing experience. You will certainly be able to find the resorts, villas and apartments without much ado and that’s too in diverse regions.
You can also fancy living in the place that can be rated as most happening and attractive for every one who visit India, the place is GOA. An amazing residential project is ongoing in Goa that can certainly provide you with the best of the locations where you can have a home of your own and can also feel the beauty and grandeur of the Sea and the waves that will leave you thunderstruck for sure.
You must keep one thing in mind that investing on your dream home is not something like a waste of money, however, you should be discreet enough in choosing the right one for you that can let you make some of up gradation as easily as possible, as every one needs to get a step forward in life so that should be the case with your house as well, after all, it is not something that you will change after every single month, will you? And that is the very point that people at Rainforest Holdings keep in mind and endeavor to provide the best utility home for every one. With the industrious frame of mind, they come up with the best solution that would be appropriate for you. Whatever you have in mind, they have the tricks and the zeal to bring your imagination to life.
So, whatever, your plans are about your home and about the location; you can certainly come to them with all the confidence as they will respond in the best possible way and you will be able to achieve the most desirable dream of your life, also, another good reason to go to them is that they know the technicalities that you will have to go through while finalizing a decision about a property, so, you best chances of doing it in the easy way is with their collaboration.
For Sale By Owner Check List
Many people believe that in order to get the best price for their home they need to sell it themselves. Why pay thousands of dollars to a broker for a job that they can do themselves? Even though close to 25 percent of the homes sold last year were sales by owner, at least half said they would hire a professional the next time around.
This is not to say you cannot complete a successful sale without a professional, but a home owner needs to understand the risks and be as organized and as knowledgeable about the sales process as any agent. Here are some of the main points to consider before you make your decision to fly solo:
Property Value
Realistic pricing of your home is crucial to the successful sale of your property. If it's priced too low, you could potentially lose money. If it's price too high, you may also lose money due to accumulated costs from the home remaining on the market for an extended length of time. Two years ago, when I sold my last home, there was a sale by owner in the same neighborhood. The property was priced much higher than it was worth, and last I heard, the place was still for sale.
Determining the value of your home involves an in depth understanding of your market area. You can begin by doing comparative studies of similar properties that are for sale or that have sold recently in your area. It's probably a good idea to hire an appraiser to give you an accurate market value.
Marketing
A good realtor will advertise your home on their own web site, the MLS web site, in print, as well as through word of mouth. You have to compete with this strategy in order to effectively promote your property. Your home needs to stand out amongst all those realtor listings and the longer it remains for sale, the more it will cost you in marketing.
A good place to start is with one of the numerous online 'sale by owner' type sites that offer reasonable advertising packages. You may also want to promote a cash incentive for a sale initiated by a realtor; otherwise you may experience some sparse open houses.
Commitment
One of the key contributors to a home remaining on the market longer than necessary is the owner's lack of commitment to show the home regularly, and this includes organizing and promoting open houses. A certain amount of time needs to be dedicated each day to selling your home.
Dealing With the Customers
One thing realtors do very effectively is filter out the serious buyers from the window shoppers or lowballers. You will have to learn how to deal with these people and not fall for an offer that you'll regret down the road.
Providing useful information to the potential buyer will lend to your credibility. A realtor is always waiting in the wings to field questions on financing options, costs of home repairs related to the purchase, recommendations for house inspectors, lawyers, etc.
Meet the Professionals
Get familiar with any inspectors, lawyers or title reps involved in your sale. You don't want a delay in process because you've chosen the wrong people to deal with.
Knowledge of the Legal Process
Many closings have fallen apart due to inaccurate or incomplete paperwork. Have the necessary legal documents ready and know the process inside out. Any financial incentives, or inclusions need to be documented, signed and dated; verbal agreements don't count.
If this all sounds like a lot to think about, it is. Don't worry, many successful sale by owner transactions are completed every year, by home owners who took the time to educate themselves on the process and details of an effective property sale.
This is not to say you cannot complete a successful sale without a professional, but a home owner needs to understand the risks and be as organized and as knowledgeable about the sales process as any agent. Here are some of the main points to consider before you make your decision to fly solo:
Property Value
Realistic pricing of your home is crucial to the successful sale of your property. If it's priced too low, you could potentially lose money. If it's price too high, you may also lose money due to accumulated costs from the home remaining on the market for an extended length of time. Two years ago, when I sold my last home, there was a sale by owner in the same neighborhood. The property was priced much higher than it was worth, and last I heard, the place was still for sale.
Determining the value of your home involves an in depth understanding of your market area. You can begin by doing comparative studies of similar properties that are for sale or that have sold recently in your area. It's probably a good idea to hire an appraiser to give you an accurate market value.
Marketing
A good realtor will advertise your home on their own web site, the MLS web site, in print, as well as through word of mouth. You have to compete with this strategy in order to effectively promote your property. Your home needs to stand out amongst all those realtor listings and the longer it remains for sale, the more it will cost you in marketing.
A good place to start is with one of the numerous online 'sale by owner' type sites that offer reasonable advertising packages. You may also want to promote a cash incentive for a sale initiated by a realtor; otherwise you may experience some sparse open houses.
Commitment
One of the key contributors to a home remaining on the market longer than necessary is the owner's lack of commitment to show the home regularly, and this includes organizing and promoting open houses. A certain amount of time needs to be dedicated each day to selling your home.
Dealing With the Customers
One thing realtors do very effectively is filter out the serious buyers from the window shoppers or lowballers. You will have to learn how to deal with these people and not fall for an offer that you'll regret down the road.
Providing useful information to the potential buyer will lend to your credibility. A realtor is always waiting in the wings to field questions on financing options, costs of home repairs related to the purchase, recommendations for house inspectors, lawyers, etc.
Meet the Professionals
Get familiar with any inspectors, lawyers or title reps involved in your sale. You don't want a delay in process because you've chosen the wrong people to deal with.
Knowledge of the Legal Process
Many closings have fallen apart due to inaccurate or incomplete paperwork. Have the necessary legal documents ready and know the process inside out. Any financial incentives, or inclusions need to be documented, signed and dated; verbal agreements don't count.
If this all sounds like a lot to think about, it is. Don't worry, many successful sale by owner transactions are completed every year, by home owners who took the time to educate themselves on the process and details of an effective property sale.
Easy Way To Sell Your Home
It is not pleasant when you want to sell home but nobody is interested in. Selling a home need not be a bitter encounter. We should healthily treat it as a source of marketable commodity, a money-generating property, a real estate. We should see our property as not just a plain house or a shelter, but as a fortress! In selling a home, we should also let other people (especially prospective buyers) get the same home sweet home experience we had.
Here is the first action you should do to have a good move in selling a home is to first cut off your personal attachment from it. Have it ready for others to see and in time, they’ll consider buying it.
Most people usually are not searching for big houses. They might consider the size more important if they have a large family, but most probably they’ll look for the comfort and homey feeling it brings. In selling a home, remember to restore its best features – just like the way it looked when you first stepped in.
You should remove all posters and frames of photos and de-personalize before selling a home and presenting it to prospective buyers. Make sure you have a final walkthrough to see if all personal memorabilia has been removed. Then try to see the parts of your home that need some re-conditioning.
All the clutter should be removed too as it is also a major step in selling a home. Sadly though, this part is also the hardest to do for homeowners as they have become emotionally attached to it. On the part of the buyer, seeing clutter is a very negative thing that will drive them away from the idea of buying. In selling a home, highlight all spacious area of the house and clear away all visible clutter.
In selling a home, you will most likely meet two types of realtors. Realtor Type #1 will present and come up with prices much lower than what you’ve estimated and will strongly strengthen their statements with sales records of homes similar to yours. Then here comes Realtor Type #2 who perfectly agrees and matches with how much value you are expecting to get, or sometimes they may even declare a higher value. Study their Competitive Market Analysis before you decide.
A last tip for selling your home is to take action now! Review your plans, pair up with the right realtor, and in just a short time you will feel much more comfortable in buying and selling real estate.
Nowadays, home buyers are having more choice about the homes they will buy. In the real estate market, competition is tough now to find a buyer that sees the potential in a home that needs a little work, without substantially lowering your asking price.
There is a reason why you cannot get a fair price. In many cases buyers expect your home to be in 'move-in' condition before parting with their money. They see new carpets and freshly painted walls in showrooms and are judging your home with the same measuring stick. It changes what people are willing to pay. You receive offers subject to negotiations - meaning you have more work to do before the sale takes place. Others may simply try to give you a ridiculously low offer if they buy 'as-is'.
If you have pressing circumstances that mean you cannot do the work or cannot afford the time it would take to have the work done you may take one of these offers, losing thousands of dollars of value just because it was the best offer on the table.
Real estate investors know the market you are selling in. They are not put off by stains on the carpets, fading paint or any of the other typical wear and tear that comes with lived-in homes. You can find real estate investors who will take on all of the hassle of cleaning and prepping your home for new buyers - all the while taking over your payments so you don't have to wait for the closing before moving on.
You save yourself the hassle of finding a buyer that's willing to give you a fair price for your home while also being relieved of the work involved to make it look what its worth. This can be very important when a move needs to be made right away but you simply don't have the time or ability to fix things up.
It is better to find a realtor that can sell your home on the date you choose, giving you a fair price and doing the fixing up for you! All they can do is listing your home to the market - the market will decide what they will pay, not the realtor. Instead you may be talked into doing the work yourself or lowering your price - not always an option.
Remember that an investor is a buyer - you will not be paying them to list your property, they will be purchasing it from you or taking over the payments until a buyer is ready to purchase. You will not pay commission fees and other usual closing costs - you just sell your home. Have your home evaluated and find out the process involved - its easier than you think!
Here is the first action you should do to have a good move in selling a home is to first cut off your personal attachment from it. Have it ready for others to see and in time, they’ll consider buying it.
Most people usually are not searching for big houses. They might consider the size more important if they have a large family, but most probably they’ll look for the comfort and homey feeling it brings. In selling a home, remember to restore its best features – just like the way it looked when you first stepped in.
You should remove all posters and frames of photos and de-personalize before selling a home and presenting it to prospective buyers. Make sure you have a final walkthrough to see if all personal memorabilia has been removed. Then try to see the parts of your home that need some re-conditioning.
All the clutter should be removed too as it is also a major step in selling a home. Sadly though, this part is also the hardest to do for homeowners as they have become emotionally attached to it. On the part of the buyer, seeing clutter is a very negative thing that will drive them away from the idea of buying. In selling a home, highlight all spacious area of the house and clear away all visible clutter.
In selling a home, you will most likely meet two types of realtors. Realtor Type #1 will present and come up with prices much lower than what you’ve estimated and will strongly strengthen their statements with sales records of homes similar to yours. Then here comes Realtor Type #2 who perfectly agrees and matches with how much value you are expecting to get, or sometimes they may even declare a higher value. Study their Competitive Market Analysis before you decide.
A last tip for selling your home is to take action now! Review your plans, pair up with the right realtor, and in just a short time you will feel much more comfortable in buying and selling real estate.
Nowadays, home buyers are having more choice about the homes they will buy. In the real estate market, competition is tough now to find a buyer that sees the potential in a home that needs a little work, without substantially lowering your asking price.
There is a reason why you cannot get a fair price. In many cases buyers expect your home to be in 'move-in' condition before parting with their money. They see new carpets and freshly painted walls in showrooms and are judging your home with the same measuring stick. It changes what people are willing to pay. You receive offers subject to negotiations - meaning you have more work to do before the sale takes place. Others may simply try to give you a ridiculously low offer if they buy 'as-is'.
If you have pressing circumstances that mean you cannot do the work or cannot afford the time it would take to have the work done you may take one of these offers, losing thousands of dollars of value just because it was the best offer on the table.
Real estate investors know the market you are selling in. They are not put off by stains on the carpets, fading paint or any of the other typical wear and tear that comes with lived-in homes. You can find real estate investors who will take on all of the hassle of cleaning and prepping your home for new buyers - all the while taking over your payments so you don't have to wait for the closing before moving on.
You save yourself the hassle of finding a buyer that's willing to give you a fair price for your home while also being relieved of the work involved to make it look what its worth. This can be very important when a move needs to be made right away but you simply don't have the time or ability to fix things up.
It is better to find a realtor that can sell your home on the date you choose, giving you a fair price and doing the fixing up for you! All they can do is listing your home to the market - the market will decide what they will pay, not the realtor. Instead you may be talked into doing the work yourself or lowering your price - not always an option.
Remember that an investor is a buyer - you will not be paying them to list your property, they will be purchasing it from you or taking over the payments until a buyer is ready to purchase. You will not pay commission fees and other usual closing costs - you just sell your home. Have your home evaluated and find out the process involved - its easier than you think!
Descriptive Terms in Real Estate Ads – What Do They Mean?
If you are buying or selling a home, the chances are good you struggle with the meaning of descriptive real estate terms. Here’s the first in a series of articles explaining them.
The Wise Seller
Be very truthful if you are a seller advertising your home. Mention your home’s best features, but do not exaggerate. If someone comes to look at your home and feels disappointed, they are not apt to buy. You are probably wasting your time and advertising money if your ads mislead.
The Wise Buyer
Take advertisements with a grain of salt and don’t get too excited until you’ve seen the property. Many sellers do not take the advice given above.
Now let’s examine some of the terms themselves and what they commonly mean.
“Open Floor Plan”
Describes a home in which rooms open out of each other and it’s possible to see from one room to another. Often entertaining rooms (living room, dining room, sun room, entrance foyer) are open to each other, and family living areas (kitchen, breakfast room, family room) are open to each other, while bedrooms have doors and open off a hall in a more traditional way.
“Traditional Floor Plan”
Used to describe a home with rooms opening off a hall or halls. Each room can usually be closed off with a door.
“Split Bedroom Plan”
A term often used to describe a home (usually one level) with the master bedroom on one side of the living areas and the rest of the bedrooms on the opposite side.
“Dormer Window”
A window in an upstairs room that has a slanting ceiling which follows the slope of the roof. The window is in an upright position, but that causes it to stick up above the roof, so it gets its own little roof (usually a gable roof) that is tied into the main roof where they meet at right angles.
“Shed Dormers”
These are often seen in Dutch colonial style houses and are flat roofed dormers. Sometimes these dormers are single windows, but often they are two or three windows side by side with one flat roof.
“Blind Dormer Window”
Sometimes builders construct fake dormer windows to add architectural interest to new houses. They are at attic level but can’t be seen from the attic because the roof of the house covers access to them.
“Oversize Garage”
Ads often say how many cars a garage will hold. Then they add the word “oversize” as in “oversize 2-car garage.” What is usually meant is that there is room for storage, or a work bench in addition to space for the cars. Occasionally it simply means you can open a car door wide enough to actually get out with both cars in the garage!
“Gourmet Kitchen”
This phrase is intended to convey the idea that a very good cook can happily work here. That may or may not be the case, but it does usually mean that the kitchen is fairly large and attractive.
“Great Room”
I’ve seen this used in two distinctly different ways. The first is to describe a living room, dining room, and kitchen in a very open floor plan. The area typically has a high ceiling. The second way I’ve seen it used is when what we’d normally call a family room has a high, often coffered, ceiling, a fireplace with a dramatically massive mantle, and perhaps an upstairs balcony overlooking it. I think this may stem from the idea of a “great hall” in old English houses.
“Living Room” & “Family Room”
When a home has both a living room and a family room, we know which is which. It used to be that when an ad mentioned a family room, we could assume it also had a living room. Now some builders are building houses with something akin to the first use of “Great Room” above and calling it the “Family Room” on the floor plan. Thus houses and their terminology seem to be evolving. I suppose in the new builder speak we should just think of the room as an informal family living room.
“Patio” & “Terrace”
Both are outdoor living areas paved with something like slate or brick. A patio is level with the ground around it. A terrace has adjoining areas of ground which are higher, or lower, or perhaps both.
“Solarium,” “Sun Room,” “Florida Room”
These terms are used to describe rooms with lots of windows (often on three sides). Many times these areas also have skylights. The choice of what to call them seems purely personal. They tend to be charming, bright, sunny places in which to over winter plants and sit in the garden in chilly or downright cold weather.
“Jack and Jill Bath”
A bathroom with two doors into it. It is frequently situated between two bedrooms with doors to each. Sometimes the doors are into a bedroom and into a hallway.
“Waterfront” vs. “Water View”
Waterfront property actually has a common boundary with (frontage on) the water. Sometimes the property line actually goes into the water. Water view just means water can be seen from the property. Sometimes there is a beautiful view. Sometimes it means the water can be seen from one upstairs window when the leaves are off the trees! Also, many times a new structure might block the view at some time in the future unless there is a protective covenant or something to prevent it.
“Plantation Shutters”
Refers to interior shutters with large, moveable louvers that can be used much like Venetian blinds. Often they’re used only on the bottom half of the window.
“Palladian Window”
A tall window that is rectangular except for an arched top and has wooden muntins separating the panes of glass. It is based on a revived classic style of architecture and the work of Andrea Palladio. Builders often use them as the window over the front door in homes with two story entrance foyers.
“Pocket Doors”
Doors that open by sliding into a slot in the wall much as a serving tray fits into a vertical slot built into a kitchen cabinet. It leaves wall space unaffected by opening and closing doors. I’ve seen them on bathrooms in modern houses. I’ve also seen them used in pairs that meet in the middle when closed as they were in older houses. Between a living room and dining room might be a good place. My grandmother had one between the front and back parlors in her home in Richmond, Virginia. Now that was a neat old house. It could always expand to accommodate one more family member or friend.
“Fireplace,” “Wood Stove,” “Wood Stove Insert”
A fireplace can burn wood, coal, or gas (natural or propane). If gas, it may or may not be vented to the outdoors. It is generally thought to be dangerous to have a non-vented gas fireplace in a bedroom and is against “code” in many areas. A wood stove burns wood, is free standing (on a non-flammable surface), and is vented to the outside. A wood stove insert is generally fitted into an existing fireplace designed to burn wood or coal. Preferences have to do with perceived beauty, convenience, heat production, and safety.
The Wise Seller
Be very truthful if you are a seller advertising your home. Mention your home’s best features, but do not exaggerate. If someone comes to look at your home and feels disappointed, they are not apt to buy. You are probably wasting your time and advertising money if your ads mislead.
The Wise Buyer
Take advertisements with a grain of salt and don’t get too excited until you’ve seen the property. Many sellers do not take the advice given above.
Now let’s examine some of the terms themselves and what they commonly mean.
“Open Floor Plan”
Describes a home in which rooms open out of each other and it’s possible to see from one room to another. Often entertaining rooms (living room, dining room, sun room, entrance foyer) are open to each other, and family living areas (kitchen, breakfast room, family room) are open to each other, while bedrooms have doors and open off a hall in a more traditional way.
“Traditional Floor Plan”
Used to describe a home with rooms opening off a hall or halls. Each room can usually be closed off with a door.
“Split Bedroom Plan”
A term often used to describe a home (usually one level) with the master bedroom on one side of the living areas and the rest of the bedrooms on the opposite side.
“Dormer Window”
A window in an upstairs room that has a slanting ceiling which follows the slope of the roof. The window is in an upright position, but that causes it to stick up above the roof, so it gets its own little roof (usually a gable roof) that is tied into the main roof where they meet at right angles.
“Shed Dormers”
These are often seen in Dutch colonial style houses and are flat roofed dormers. Sometimes these dormers are single windows, but often they are two or three windows side by side with one flat roof.
“Blind Dormer Window”
Sometimes builders construct fake dormer windows to add architectural interest to new houses. They are at attic level but can’t be seen from the attic because the roof of the house covers access to them.
“Oversize Garage”
Ads often say how many cars a garage will hold. Then they add the word “oversize” as in “oversize 2-car garage.” What is usually meant is that there is room for storage, or a work bench in addition to space for the cars. Occasionally it simply means you can open a car door wide enough to actually get out with both cars in the garage!
“Gourmet Kitchen”
This phrase is intended to convey the idea that a very good cook can happily work here. That may or may not be the case, but it does usually mean that the kitchen is fairly large and attractive.
“Great Room”
I’ve seen this used in two distinctly different ways. The first is to describe a living room, dining room, and kitchen in a very open floor plan. The area typically has a high ceiling. The second way I’ve seen it used is when what we’d normally call a family room has a high, often coffered, ceiling, a fireplace with a dramatically massive mantle, and perhaps an upstairs balcony overlooking it. I think this may stem from the idea of a “great hall” in old English houses.
“Living Room” & “Family Room”
When a home has both a living room and a family room, we know which is which. It used to be that when an ad mentioned a family room, we could assume it also had a living room. Now some builders are building houses with something akin to the first use of “Great Room” above and calling it the “Family Room” on the floor plan. Thus houses and their terminology seem to be evolving. I suppose in the new builder speak we should just think of the room as an informal family living room.
“Patio” & “Terrace”
Both are outdoor living areas paved with something like slate or brick. A patio is level with the ground around it. A terrace has adjoining areas of ground which are higher, or lower, or perhaps both.
“Solarium,” “Sun Room,” “Florida Room”
These terms are used to describe rooms with lots of windows (often on three sides). Many times these areas also have skylights. The choice of what to call them seems purely personal. They tend to be charming, bright, sunny places in which to over winter plants and sit in the garden in chilly or downright cold weather.
“Jack and Jill Bath”
A bathroom with two doors into it. It is frequently situated between two bedrooms with doors to each. Sometimes the doors are into a bedroom and into a hallway.
“Waterfront” vs. “Water View”
Waterfront property actually has a common boundary with (frontage on) the water. Sometimes the property line actually goes into the water. Water view just means water can be seen from the property. Sometimes there is a beautiful view. Sometimes it means the water can be seen from one upstairs window when the leaves are off the trees! Also, many times a new structure might block the view at some time in the future unless there is a protective covenant or something to prevent it.
“Plantation Shutters”
Refers to interior shutters with large, moveable louvers that can be used much like Venetian blinds. Often they’re used only on the bottom half of the window.
“Palladian Window”
A tall window that is rectangular except for an arched top and has wooden muntins separating the panes of glass. It is based on a revived classic style of architecture and the work of Andrea Palladio. Builders often use them as the window over the front door in homes with two story entrance foyers.
“Pocket Doors”
Doors that open by sliding into a slot in the wall much as a serving tray fits into a vertical slot built into a kitchen cabinet. It leaves wall space unaffected by opening and closing doors. I’ve seen them on bathrooms in modern houses. I’ve also seen them used in pairs that meet in the middle when closed as they were in older houses. Between a living room and dining room might be a good place. My grandmother had one between the front and back parlors in her home in Richmond, Virginia. Now that was a neat old house. It could always expand to accommodate one more family member or friend.
“Fireplace,” “Wood Stove,” “Wood Stove Insert”
A fireplace can burn wood, coal, or gas (natural or propane). If gas, it may or may not be vented to the outdoors. It is generally thought to be dangerous to have a non-vented gas fireplace in a bedroom and is against “code” in many areas. A wood stove burns wood, is free standing (on a non-flammable surface), and is vented to the outside. A wood stove insert is generally fitted into an existing fireplace designed to burn wood or coal. Preferences have to do with perceived beauty, convenience, heat production, and safety.
Cut Utility Bills By Auditing Your Home
Most people are shocked these days when they open their utility bill. By auditing your home, you can turn a monstrous utility bill into a minor annoyance.
Home Energy Audit
It happens every month. You pick up the mail and see an envelope from the utility company. Oh, the agony! Should I open it now and ruin the day or just wait. An energy audit can make the pain of getting your utility bill go away or at least become a dull ache.
Unlike a tax audit, you can conduct an energy audit by yourself. Simply walking through your home and paying close attention to energy issues can really pay off. Let’s take a look at some obvious problems that can save you a bundle.
The number one energy waster is a leak. Much like a leak in the tire of a care, even one leak from the interior to exterior of the home can raise your utility bill by as much as 30 percent. The most common area you will find such leaks are windows and doors.
Windows and doors are undisputedly the area where most air leaks occurs. The first issues is whether air is actually leaking out through the framing of windows or the area around the bottom of the door. You can typically tell this by feeling for a notable temperature difference in these areas. If is significantly cooler, you have a leak.
As people in cold climates know, having sealed windows is simply not enough to control heating costs in the winter. Most windows on homes are designed for year around use, which makes them huge energy wasters in the winter. Going with energy-efficient windows can make a huge difference in keeping the heat in and the cold out.
If you’ve walked through your home and haven’t found any significant problems with your windows and doors, you may still have one. To really give your home an efficiency test, you can hire contractors to perform a pressurization test. The test essentially raises the pressure in your home and looks for leaks.
Fixing any leaks you find will depend entirely upon the nature of the problem. Some fixes only require additional caulking or insulation while others are unique. Regardless, making your home more energy efficient will significantly cut your utility bill this year and for years to come.
Home Energy Audit
It happens every month. You pick up the mail and see an envelope from the utility company. Oh, the agony! Should I open it now and ruin the day or just wait. An energy audit can make the pain of getting your utility bill go away or at least become a dull ache.
Unlike a tax audit, you can conduct an energy audit by yourself. Simply walking through your home and paying close attention to energy issues can really pay off. Let’s take a look at some obvious problems that can save you a bundle.
The number one energy waster is a leak. Much like a leak in the tire of a care, even one leak from the interior to exterior of the home can raise your utility bill by as much as 30 percent. The most common area you will find such leaks are windows and doors.
Windows and doors are undisputedly the area where most air leaks occurs. The first issues is whether air is actually leaking out through the framing of windows or the area around the bottom of the door. You can typically tell this by feeling for a notable temperature difference in these areas. If is significantly cooler, you have a leak.
As people in cold climates know, having sealed windows is simply not enough to control heating costs in the winter. Most windows on homes are designed for year around use, which makes them huge energy wasters in the winter. Going with energy-efficient windows can make a huge difference in keeping the heat in and the cold out.
If you’ve walked through your home and haven’t found any significant problems with your windows and doors, you may still have one. To really give your home an efficiency test, you can hire contractors to perform a pressurization test. The test essentially raises the pressure in your home and looks for leaks.
Fixing any leaks you find will depend entirely upon the nature of the problem. Some fixes only require additional caulking or insulation while others are unique. Regardless, making your home more energy efficient will significantly cut your utility bill this year and for years to come.
Creative Financing - Ten Ways
How many ways are there to finance real estate? Who knows, but here are ten creative financing techniques to get you started.
Do all the creative financing techniques you hear about really work? Yes, actually. They probably have all worked somewhere for someone at least once. The point isn't if they will all work for you. The point is to know what is possible, so you can find your own creative ways to invest in real estate. Here are ten methods to get you thinking.
1. Hard money lenders. You can ask around or find these online. They specialize in short-term loans at high interest. You typically use this type of financing for a "fix and flip." You can often get the money fast, and if you make $30,000 on a project, who cares if you paid $10,000 interest in six months.
2. No-doc and low-doc loans. No (or low) documentation of your income or credit required. Again, you can find banks that do these online now. The catch is that you will only be able to borrow up to 80% of the purchase price or property value. If you have 10% in cash, you might be able to borrow the other 10% from a friend or the seller.
3. Seller-carried second mortgages. Sometimes a bank will loan you 90%, and allow the seller to take back a second mortgage from you for 5%, leaving you needing only 5% for a downpayment.
4. Land contract. Called "contract for sale" or other names as well, this just means the seller lets you make payments, and delivers the title upon payment in full. I sold a rental this way for $1,000 down, because I wanted the 9% interest, and the higher price I got this way.
5. Credit cards. If a seller will take $10,000 down on a fixer-upper that you expect to make $20,000 on, why not use credit cards? This is a true 0-down deal for you, and if you turn the project in six months, you will have paid $900 in interest on an 18% credit card. Don't let $900 get in the way of making $20,000.
6. Retirement accounts. The laws get pretty complex in this area, but you can check with a tax attorney to see how you might borrow from your own retirement account to finance real estate investments.
7. Friends and family. Keep it all business, if you use this source, but loaning you money at 7% isn't a gift if their money is getting 2% in the bank.
8. Note buyers. The seller needs cash. He raises the price, and sells to you for $100,000 with no money down, taking back two mortgages from you for $90,000 and $10,000. He arranged (or you did) for a note buyer to pay him $80,000 cash for the first mortgage at closing, getting him the cash he wanted. You pay two payments now, one to each note holder.
9. Get a loan on other property. Interestingly, if you take out a home equity loan for a vacation, and then forget to use it for that, you can use it for the downpayment on an investment property, without violating the rules of the bank that gives you the primary mortgage. In other words, you got in with no cash of your own.
10. Partnerships. For bigger projects, you could arrange for five investors to each put money into a partnership, with your share being the management responsibility instead of cash.
Do all the creative financing techniques you hear about really work? Yes, actually. They probably have all worked somewhere for someone at least once. The point isn't if they will all work for you. The point is to know what is possible, so you can find your own creative ways to invest in real estate. Here are ten methods to get you thinking.
1. Hard money lenders. You can ask around or find these online. They specialize in short-term loans at high interest. You typically use this type of financing for a "fix and flip." You can often get the money fast, and if you make $30,000 on a project, who cares if you paid $10,000 interest in six months.
2. No-doc and low-doc loans. No (or low) documentation of your income or credit required. Again, you can find banks that do these online now. The catch is that you will only be able to borrow up to 80% of the purchase price or property value. If you have 10% in cash, you might be able to borrow the other 10% from a friend or the seller.
3. Seller-carried second mortgages. Sometimes a bank will loan you 90%, and allow the seller to take back a second mortgage from you for 5%, leaving you needing only 5% for a downpayment.
4. Land contract. Called "contract for sale" or other names as well, this just means the seller lets you make payments, and delivers the title upon payment in full. I sold a rental this way for $1,000 down, because I wanted the 9% interest, and the higher price I got this way.
5. Credit cards. If a seller will take $10,000 down on a fixer-upper that you expect to make $20,000 on, why not use credit cards? This is a true 0-down deal for you, and if you turn the project in six months, you will have paid $900 in interest on an 18% credit card. Don't let $900 get in the way of making $20,000.
6. Retirement accounts. The laws get pretty complex in this area, but you can check with a tax attorney to see how you might borrow from your own retirement account to finance real estate investments.
7. Friends and family. Keep it all business, if you use this source, but loaning you money at 7% isn't a gift if their money is getting 2% in the bank.
8. Note buyers. The seller needs cash. He raises the price, and sells to you for $100,000 with no money down, taking back two mortgages from you for $90,000 and $10,000. He arranged (or you did) for a note buyer to pay him $80,000 cash for the first mortgage at closing, getting him the cash he wanted. You pay two payments now, one to each note holder.
9. Get a loan on other property. Interestingly, if you take out a home equity loan for a vacation, and then forget to use it for that, you can use it for the downpayment on an investment property, without violating the rules of the bank that gives you the primary mortgage. In other words, you got in with no cash of your own.
10. Partnerships. For bigger projects, you could arrange for five investors to each put money into a partnership, with your share being the management responsibility instead of cash.
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