Deparalyser

Archive for the ‘School of Real Estate’ Category

When money is tight, many people end up in a situation where they cannot pay their bills, sometimes including their mortgage. If you find yourself unable to pay your mortgage on your primary or second home, you may face major consequences. These consequences vary by country and can even vary by state or province within the same country, so it is important to understand them fully.

Defaulting on a mortgage in Spain, for example, has very specific consequences. In the past, such defaulting used to be very simple. This was especially true if the homeowner was not a Spanish citizen and the home was a vacation home or second residence. However, this is no longer the case, as Spanish banks can and will pursue non-residents to fulfill their mortgage obligations.

If you find yourself unable to avoid defaulting on your mortgage in Spain, the bank may agree to take the home back. This simple option will save the homeowner a lot of money in court costs and additional interest on the home loan. However, turning the home over to the bank is a process that must be negotiated. The bank is under no obligation to let you out of the mortgage by taking the home back. The bank is more likely to accept the home back from you if you have had a true hardship that has affected your ability to make payments on your Spanish mortgage. Any homeowners that can prove such a hardship to the bank will be even more likely to succeed in negotiating a turnover.

If you cannot negotiate a home turnover with the bank that holds your Spanish mortgage, you will need to sell the home as soon as possible. Try to get a final sale price that will cover the remaining amount on your Spanish mortgage or one that will come as close as possible to paying it off, as the bank will still expect the full amount from you in any case. They are more likely to do so if the shortfall is large. They will attempt to collect the remaining amount they are owed in any legal way they can. This means you may face liens on any assets you own, including your primary home and investments..

Even if defaulting on your Spanish mortgage is inevitable, you should work with the bank as much as possible as soon as you know you must default. Doing so can result in an agreement that will satisfy the bank, relieve you of your responsibilities associated with the Spanish mortgage, and allow you to keep other assets you may own.

Because the overwhelming majority of homes that sell are listed with a real estate agent, you will be going against significant odds if you decide to sell your own home. The experience of a real estate professional may get you a better price and help you to avoid all the “little” things that can go wrong in a real estate transaction.

The desire to “save” the commission on a property is the reason most people decide not to work with a real estate agent. Prospective buyers who look for properties that are “For Sale By Owner” (FSBOs) are also wanting to avoid the commission–and to get a less-than-market-value deal. However, nothing is saved in the majority of FSBOs. Listing your home with a real estate professional can save you money, spare you the inconvenience of showing your home, and save you the time you would spend talking to buyers who could not qualify for a loan.

A Real Estate Agent’s Advice

A real estate agent may ask you to do some things that you don’t particularly want to do to in order to get you moved into your new home as quickly as possible.

When real estate agents advise you about what you can do to make the transaction work, they are acting as part coach and part business consultant. If you find the house you love and want to “sleep on” the decision for a few days, the agent knows that you run the risk of losing the house. If you are inclined to complicate your offer with clauses that might make the contract unattractive to the sellers, the agent may ask you to consider some modifications. Should you call the week before the closing with an attack of “buyer’s remorse”, your agent knows the cure. Following your real estate agent’s suggestions will increase your chances for a successful move!

Do These Real Estate Tips Really Apply to YOU?

I’ve learned these tips through years of experience as a top Realtor. But I know that YOUR situation might be different.

There are always important changes happening in the real estate market, locally and nationally. These changes can affect YOU. Interest rates, zoning and tax laws, new ways to market your home and enhance its value…

Before signing a contract with any Realtor, make sure you know EXACTLY how your home will be marketed. There is a vast range in skills, experience, and track records!

A “Listing Presentation” is an industry term for the formal presentation that a Realtor makes to prospective home sellers, trying to earn their trust and business. Don’t list your home with a real estate agent without it!

Ann Marie Rubertone is a Treasure Coast Florida Realtor working with investors nationally and internationally specializing in 1031 tax deferred exchanges. She assists FSBOs in the marketing and selling process.

Ann Marie Rubertone

Treasure Coast Realtor

(772) 323-9628

http://www.AnnyIsMyAgent.com

cio@adelphia.net

Just starting to shop for a new home? Do you want to know how to figure what your monthly payment would be based on a certain priced home? No problem, there are plenty of mortgage calculators on the web you can use free of charge. All you need to know is the mortgage amount, sale price less the down payment, interest rate (also easy to access on the web), and the number of years you wish to finance your new home, usually 30 years (360 months) is the maximum term. Simply input those numbers into the mortgage calculator and voila you have your monthly payment calculated for you. Can you see the advantage of knowing what your approximate monthly payment is going to be while your home shopping?

If you’re thinking about refinancing your current mortgage
loan a mortgage calculator can be a great tool for you. You’ll need to know what your existing home
loan balance is, a current mortgage loan interest rate, and the number of years
you wish to refinance your home loan. Now pay attention to this for you could really help yourself with this
information. Use the mortgage calculator to calculate the monthly payment and compare it to your current payment; if the
new payment is less, you might consider refinancing your current mortgage
loan. Better yet, take your existing home loan balance and add your credit card and / or other debt balances
together then calculate a payment and compare this payment to your current home
loan, credit card, and / or other debt payments. The new payment may be hundreds of dollars
per month less. Again, you might consider refinancing your current mortgage loan and pay off some of your other
debts too. Please consult a mortgage
professional for all your mortgage needs.

Author Marc Sisk; Marc has been originating all types of mortgage loans since 1998. His web site’s title is Mortgage Calculator | Refinancing Home Loan | Mortgage Lender. By being an affiliate branch of a
large mortgage lender Marc is able to originate mortgage loans in most of the United States, visit his web page to see if we’re licensed in your state.

This article may be reprinted or reused please email me a link to the posted page of
this article.

There are many real estate market forecasts and predictions available – however the bottom line is that if you want to buy your first home-there is no wrong time. This is because the motivation to buy is not determined by regional market conditions or by location, but rather by your personal needs.
Industry opinions, economic reports, and investor speculation do not sway or predict when a particular individual will be ready to buy.

For the great majority of people, the most compelling reasons to buy a home are based on individual circumstances and personal needs. Some of these factors are:

• Family needs and desires for children/parents/in-laws/couples
• Convenience to home, work, school, social activities
• New work situation
• Sense of achievement or fulfillment
• Freedom and independence
• Sense of security and privacy

Even though there are many changes in the market, both up and downpeople still need and want to buy homes. This desire to buy a home is deeply rooted in the fabric of our national consciousness. The intrinsic value of homeownershipdefined as worth based on perception of value–gives far more satisfaction than ROI calculators can quantify.

Today, there are many different loan programs with flexible terms to fit all buyers. There are city and county down-payment assistance programs to assist in buying a home. There are condos and manufactured homes to close the affordability gap. For future buyers with blemished credit, there are many debt reduction and counseling programs to help gain a fresh start.

How do you make the leap to become a homeowner? First, you must determine that you want to buy a home. Sounds simple, yet many people find that getting started is the hardest part. There are perceived obstacles in the minds of many would-be homeowners: Do we have enough money for the down payment? How can we get out of our current lease? Where can we afford to live? The goal is home ownership, and there are many steps to reach the goal. You may not be financially ready yet, but you need to ascertain where you are NOW in relation to your goal.

Get your finances in order. Accurately determine your financial situation and check your credit to determine where you fall as a borrower. Look at all of your available assets for your down payment and examine all of the finance options available to you. If you have some credit blemishes, take the time to make timely payments to your creditors to present the best financial picture to your home lender. Make sure that you have a track record of stability in your employment history. Postpone any major purchases such as cars, motorcycles, or large appliances until after you close escrow. Your actual home purchase may still be 12-18 months down the road, but you can still prepare for it now.

Get pre-approved for your mortgage. Once you’ve cleared the financial hurdles, talk to your lender or broker to find out how much you can afford to borrow along with the expected out-of-pocket costs you will need to incur for the closing. This will include the required down payment (if necessary) along with funds for closing costs, which can run 3-4% of the purchase price. Pre-approval also allows you to shop for a home with an accurate price range. If you are buying in a seller’s market, you may want to search for homes that are considerably below your approved price range, so that you can have the most room for negotiation.

Find a credible licensed real estate agent. Look for an agent that can work with you based on YOUR needs and your schedule. Check references of previous clients and make sure that he or she is responsive and available to you. You may not know exactly what you want in terms of a new home, and your agent should work with you to determine your needs and help you find a property that meets your immediate and future needs. Your agent should be familiar with the area where you plan to move. Check with family and friends for successful agent referrals. Ask them how satisfied they were with his/her services and if they would use them again.

Become an informed and practical buyer. Once you determine where you would like to live, determine what factors are most important for your family. Calculate your new commute time and research school information for your children. You may want to consider the proximity to a place of worship and shopping in the area. Make sure to evaluate the surrounding factors that are most important to you, along with factors that are least important.

Find a home that works for you. Check out the floorplan to make sure that it meets your needs. Envision yourself along with your family, living in the home. What are the key points of consideration for your home? If you spend a lot of time in the kitchen, then you want to make sure that the kitchen can accommodate your habits. If you will be working from home, make sure that your home office setup will work. Make sure that all of your telecommunications and electrical needs can be met. Is the backyard adequate for your family? Do you need a garage? Are you willing to make major repairs to the home? Does the style reflect your taste? Can the home grow with you over the next 5 years, 10 years or 30 years?

Make the offer. Once you have located a property that meets your needs, make an offer based on the listing price, along with comparables information and market considerations. Your agent can work with you to determine the best price, along with any contingencies for the sale. Some strong purchase offers include:

• Short contingency removal periods
• Short escrow periods
• Increased cash deposit
• Love letter from buyer
• Pre-approved letter from lender guarantee for purchase price

It is good to get an independent home inspection, so that you can know what the potential pitfalls and future maintenance needs may be. Your offer may be accepted as-is; you may face a counter-offer from the seller, or you may be rejected. In a seller’s market, you may find yourself bidding with several other buyers for a single piece of property. Work with your real estate agent to determine what is customary in your area. This is when his/her negotiation skills really come in handy!

Once your offer has been accepted, you will enter an escrow period, where all of the title research will be handled, funding requirements met; tax and title transfer paperwork managed. Prior to the close of escrow, you will sign all of your finance paperwork, and pay your remaining deposit and closing fees. After funding is complete, the title company will record the new purchase deed with the County Recorder’s office, and you will officially “close”.

Congratulations! Now get ready to move! Make sure to connect your new utilities (and disconnect your old service) along with mail forwarding.

Everyone wants someplace to call their own, and whatever your financial picture, there is always a way to purchase a home. The purchase of a home can be a lifelong achievement, but one that is truly a worthy accomplishment.

San Diego offers such a wide variety of communities, all with their own unique characteristics, from beach living to urban centers to mountain ranches, it can be difficult to decide which neighborhood is right for you and your family. Whether you currently live in San Diego and are looking to relocate, or you’re from out of town and unfamiliar with the area, San Diego Real Estate Authority can recommend neighborhoods based on the amenities you need (parks, lakes, museums, theaters, cultural centers, etc.), the quality of schools in the area, the type of home you need (from 4-bedroom house to studio apartment), and, of course, your price range.

According to the current Bulgarian legislation, foreigners can purchase only the leasehold, but not the freehold (the land) of a property. Therefore, all non-Bulgarians have to set up a limited company in order to purchase a property (the freehold). Even though, it might sound complicated, this is simply a vehicle to purchase the property and there are no requirements for the company to be operational. No one so far has been refused to set up a limited company, regardless of their financial or criminal record. Setting up a limited company is not required when purchasing an apartment since technically you own the leasehold only and not the freehold (the land).

The procedure of setting up a limited company takes between 3-5 weeks and costs 500 – 600. You will just have to choose a name for your company. With the business bank account application form you will also have to deposit a statutory capital of BGL3,500 (about GBP1,400), which however, upon completion of your purchase, you can withdraw back. These funds therefore will be “locked” only from the moment of the bank account application until the completion of your purchase (usually 3-4 weeks).

Once you decide you like a particular property, you make an offer and if successful you will have to put down 10% deposit with the solicitor. If you decide not to proceed with the purchase at a later stage though, your 10% deposit is not refunded. If the seller decides not to proceed with the transaction, or the results from the local searches do not allow the transaction, your deposit should be refunded to you in full. This is the standard practice in Bulgaria.

Since completion can be done only after the limited company is registered (3-4 weeks after initial application) you will have to either come back in a month’s time for the completion or give your solicitor or anyone else you trust a Power of Attorney to complete the purchase on you behalf. At the completion, the remaining 90% of the agreed purchase price has to be sent to the solicitor’s bank account.

Stoyan Raykov is manager of the UK-based agency http://www.bulgariaproperties.com and can be reached for further information at info@bulgariaproperties.com.