Selling Your Home? Here Are Some Mistakes That You Can Avoid

September 30, 2010 on 10:16 am | In Uncategorized | Comments Off

First time home sellers often make lots of mistakes, but most can be avoided with advance planning and knowledge of what to expect.

Not detaching yourself.

You have decided to sell, so it is time to start thinking of your home as a product, by looking at it from a financial perspective. Put yourself in the shoes of potential buyers, and think about minor changes and enhancements that can attract their emotional, buying state. Set the stage for individuals to be able to visualize themselves living in the home and making memories for their family, and you will usher in maximum profit for yourself.

Not obtaining help.

Selling without an agent is attainable, and it can save you 5% to 6% of the sale price of your home. Selling on your own means that you are totally accountable for the sale; taking the calls, answering queries, setting appointments, showing the house, negotiations, and the mountain of paperwork that goes along with a home sale are all tasks you’ll need to handle.

A good real estate attorney will be able to offer assistance through the sale, as well as take care of all the required documents. If you feel comfortable showing the house and talking with potential buyers, you may be able to sell by owner along with your attorney’s assistance.

On the other hand, a real estate agent can assist in a lot of ways. Setting a competitive price increases the possibility that it will quickly sell, and no one knows the market better than someone who works in it every day. Another service agent can provide is qualifying customers for you. They know the questions to ask to make sure this is not a tire kicker, and will do some preliminary screening about the potential buyer’s financial situation so there are no surprises later. Agents also have tons of experience negotiating sales and seeing them through to close, and usually know the way to handle any problems that occur to keep the sale on track.

Trying to be Cheap

Many people decide to handle things alone to save the agent’s commission, and this is fine as long as you’ve made sure you have done your homework. Be sure to get prices on recently sold homes in your neighborhood before setting your price. Additionally, take into consideration those that are currently on the market, which are your competition. Set your price a little above what you will ultimately sell for, to give the potential client some wiggle room.

Selling is an area where you want to spend the money. Your house could be the best bargain on the planet, but if no one is aware of it, you’ll never sell. Experts estimate you must spend from 1% to 3% of the asking price for advertising. Especially important is listing on the local MLS (multiple listing service) because this can broadcast your listing to a wide audience and produce the most traffic. Take many pictures of your home, showing it in the best light, to enhance your listings.

Timing is everything

The most effective time to put your house out there is spring, especially if it’s located in an area with good schools. Families tend to move during summer vacation so that the children can start at their new school in September. You will get more people out to check your home, and a lot of potential buyers, in the spring and summer months.

Avoid selling in the winter. Not only is it cold, but most people have a full social calendar, especially close to the holidays. Who wants to consider packing and moving around Christmas? There will definitely be fewer buyers looking during the winter. On the plus side, those buyers who brave a blizzard to come look at your home might be quite serious about making a purchase quickly.

Another great article by Jason Trout Real Estate, Re/Max Properties, Inc.

Mortgage Refinancing Explained

September 30, 2010 on 10:15 am | In Uncategorized | Comments Off

If a person’s mortgage rate is adjustable or variable, and it will go way up at the end of a fixed term, it is advisable for the person to refinance to a fixed rate mortgage if a great rate presents itself. If a person does not want to take the chance of being strapped into paying the higher rate, then he should take the chance to lock into a very good fixed rate. This may very well decrease his overall interest paid, even if he is at a super low rate to begin with in the adjustable rate mortgage. (Please note, the original paragraph makes no sense as written, Woo would not want their interest rate to decrease??) That is why I changed it to “increase” and wrote what I did.

The procedure for refinancing is very similar to the steps that you followed while mortgaging your property for the first time.

In case of refinancing your mortgage, you should take all information from the banker directly. In this case more essential information is closing cost of your mortgage, because loan provider will not provide you information regarding closing cost. So it will be better you ask estimated closing cost directly form the banker. There are different parameters while considering refinancing, decreasing interest rate is not only the reason of refinancing.

The reason for the ability of you to convert the mortgage rate to fixed rates of interest or the ability of the individual to build a large property in short amount of time is the loan they have taken. Sometimes if the person needs a large amount for his marriage or his children’s studies then he can go to a bank to ask a loan of fair justice. An important thing is you must discuss with the bank in charge before lending a loan that if you are eligible to get a loan or not.

The loan amount is given after deducting a certain amount from the desired amount and the lender should be able to pay it back. An old lender would not enjoy any advantage in this matter compared to a new lender. Loan with cost of zero is available from some banks and though it may look better, the increased interest rate makes it more expensive than it appears to be.

The most important thing for the refinancing of your home, you should the worth of your home and should know that your home is of that value you can take it on mortgage rates. And because of this the value of these homes decreases in good way because of the fair or zero cost in their property. Otherwise if you are buying an expensive home, this will lead you to the disappointment because the refinancing of these highly expensive homes is not possible.

Obtaining a less amount mortgage depends on the payment you do to the banker who owns the home that you want to buy. It also depends on your eligibility to get the loan for your new home and also depends on how good your old home is.

If you need assistance in a second mortgage, visit online home loans.

Gated Neighborhoods: A Secure Bet

September 30, 2010 on 9:42 am | In Uncategorized | Comments Off

Several of the new asset developments on Coast Rica’s beautiful “Gold Coast” are gated communities. These are an ideal choice for investment, especially if you are not planning on living in your asset all 12 months round.

Owning land in absentia can pose some distinctive issues in Costa Rica, where squatter legislation give an individual some rights to land if the legitimate owner has allowed them to reside there for over 12 months. This doesn’t mean that you’ve given them permission to live in your land – it simply means that you simply haven’t kicked them off. Squatters look for uninhabited property and set up residence, from time to time growing a few crops, and hope to keep on being undiscovered lengthy enough to make a claim.

There are lots of ways to prevent this headache – you may have someone local check in your house, employ a caretaker (and retain excellent records so that they can’t claim squatter status), or visit your residence each three months. If squatters are discovered within 90 days the police are needed to remove them from your property or home. To have them removed after a year, the legal landowner should go by way of a lawsuit which is an expense (and headache) that most folks would rather prevent, and in some cases they could even lose ownership of their land.

An effortless method to steer clear of this is to purchase property or home in a gated neighborhood. This alternative ensures that your home is watched whenever you usually are not in town as well as having additional benefits. Gated communities are normally a more secure alternative than striking out alone, especially in locations that are big tourist destinations. Costa Rica is really a incredibly safe country: violent crime rates are a lot lower here than in other countries but petty offenses including theft and premises crime usually are not uncommon, particularly in traveler-dense areas. Several condo developments and gated communities offer an entry system and private security included inside the residents’ fees, and your neighbors provide you with a lot of sets of eyes to keep watch over your place.

Most of these developments supply infrastructure which is properly above the national average, with underground electricity, great roads and community regions, and some even present their own water systems and shopping places.

The other advantage of owning in a gated community is that you can actually easily enter a property management arrangement, turning your empty dwelling into a money making venture that pays for itself when you are not around. The Florida area has turn out to be an increasingly common resort destination mainly because of its warm weather, wonderful beaches and general beauty. There’s no doubt that a smart investment in this area will pay dividends and gated communities are a safe bet!

Seeking more about a manufactured home communities in FL? Then visit Thomas Waits’s site on how to choose the best local planned community for your needs.

Moving Costs More Than You Think

September 30, 2010 on 9:33 am | In Uncategorized | Comments Off

Moving homes is, without a doubt, a great source of anxiety and stress for most individuals today. Not only do you have to say goodbye to a place you lived and most likely loved, you have to find a trustworthy real estate agent, or if you decide to go it alone, you have to weigh the pros and cons of what you think you can do versus the reality of what you can and can’t do. Looking for the right house, might we add, is another tough decision to make in these times, then we need to close costs before going to the actual move.

But wait…there’s more, much more to share about the toll moving can take on one’s self…and wallet. Recent statistics estimate the costs spent by the average home buyer to be about $9,000 for all products and services involved in the move. That’s nearly ten thousand smackeroos per household, per move. Now if we total the number of moves made in the past year in America, and multiply it by the $9,000, we’re talking $170 billion spent by everyone who’s moved in the past year.

Yes, that’s billion with a b.

$9,000 is no petty cash amount by any stretch of the imagination, so let’s break down that nine grand and see how it is spent, according to the recent studies.

According to research, about half of the total moving expenses were eaten up by fixing up your old home in preparation to move. It may surprise you, but it is costly to take these mandatory steps in the moving process.

Switching services took up another big chunk of the moving budget, as the studies show. The necessary acts of switching internet, cable/satellite TV and telephone services, switching from one bank branch to the other, changing insurance providers if necessary, and other switching costs apparently cost that much. These routine tasks often come with unexpected fees that are not part of the original moving budget.

The studies also showed a trend towards impulse purchases, after the homeowner realized some things needed to be bought or some things needed to be done just two weeks before the move, or just two weeks after the move.

Moving can be expensive and stressful, but you can certainly lighten the load with some additional preparation, as well as having those extra boxes and rolls of packing tape ready with you.

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Understanding Mortgage Terminology

September 30, 2010 on 9:32 am | In Uncategorized | Comments Off

Most people think that buying a house or property is a simple process. That is until you start to get into the legal and financial side of things and are then confronted with a whole lot of terminology and jargon. Understanding what is being referred to can go a long way towards helping you understand the mortgage process. Here are the definitions of some of the commonly used terms and phrases to help you understand what is involved with mortgages.

What Is a Mortgage?

A mortgage is the term used to refer to a housing loan. Typically, it is a loan used to finance the purchase of property over a long period of time. Mortgage terms can last anything between five and 30 years, depending on the governing regulations of where you stay. A mortgage will be made up of a capital amount which is the purchase price of your home, plus an interest amount. The purchase price is what you negotiate with the seller and that typically decides on the mortgage value. Often, lending institutions will require a down payment which is a lump sum that has to be paid separately from the mortgage amount. The interest amount is calculated on an annual basis and added to your monthly repayments.

What Is a Mortgage Broker and How Can One Benefit You?

A mortgage broker is a business that negotiates better mortgage rates and deals on your behalf. They are able to do this because they have a large customer base and therefore considerable buying power. Mortgage brokers also know the industry very well and have excellent relationships with the various lending and finance institutions. Typically, a mortgage broker will be able to provide you with much better rates than you’d be able to get negotiating on your own. They also have deals that help you to pay off your mortgage over a shorter period of time. This can help you to save on a considerable amount of interest and will have your home as a paid-off asset much more quickly which is a huge benefit.

Interest Rates and How They Are Determined

An interest rate is the annual percentage of interest you will be charged on your mortgage. Interest rates can be fixed over a period of time or you can select to have a variable interest rate in which case it will fluctuate in line with the market trends. Typically, a financial institution will offer a standard interest rate on a mortgage. You can then negotiate to get a better rate based on your credit rating and history as well as the value of your mortgage. For example, if you are buying your second home after selling your first, you may not need a very large mortgage. You may have some profits from the sale of your first home and only require a mortgage to make up the difference of the buying price on your new home. For smaller mortgages, you can often get a much better interest rate as you pose a lower risk to lending institutions. In addition, if you have had a mortgage before, you will have a credit history that the mortgage institution can refer to. If you have been diligent about meeting your financial obligations then you will have more room for negotiation in terms of your interest rate. Perhaps one of the most important factors in deciding your interest rate is your credit rating or credit score.

The Importance of Credit Scores

A credit score is basically a ranking based on your credit history. This is something that mortgage lenders look at in detail when considering your application for a loan. They will look at things such as the amount of credit you have made use of and whether you have made adequate repayments based on the minimum repayment required. They also check if the payments were made on time and how long it took you to repay the loan. If you were consistently late in paying accounts and credit cards then this will count against you. If you still have sizeable amounts of outstanding debts, this is also considered a negative. The financial institutions will also look at how often you have applied for credit. Before applying for a mortgage, it is a good idea to get a report of your credit score. In this way, you can make an effort to clear any outstanding debts and improve your overall credit score. A high credit score will see you benefiting from lower interest rates and more flexible repayment terms. A bad credit score can result in them refusing your loan application. If you are fortunate enough to have your loan granted with a bad credit score, you can be certain that you will have a much higher interest rate.

The Canadian Equity Group Inc was formed by a group of mortgage professionals in December of 2001 with the vision to expand the mortgage market and to be a front-runner with major banking institutions. We predict very soon that more than 75% of all mortgages in Canada will be placed through the services of a mortgage broker. If you want to find the best mortgage rates, visit us online today!

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