Whether you are buying or selling a property, many people employ the services of a real estate professional. This person’s duty is to offer help, professional expertise and generally make the real estate experience easier for you by guiding you through the process.
What Is The Difference Between An “Agent” and a “Realtor?”
The words ‘real estate agent’ and ‘realtor’ are used interchangeably but there is actually a difference between the two. A real estate agent is salesperson licensed by the state, and given legal permission to represent consumers in the sale of, or purchase of homes on the open real estate market.
A Realtor is a real estate professional who is an active member of the National Association of Realtors (NAR) - a key supporting real estate organization. The NAR offers ongoing education, legal information, contractual updates, information on governmental regulations affecting the real estate industry, etc. Realtors might consist of appraisers, property managers, loan officers, and brokers. Therefore, not all Realtors are real estate agents.
Is One Better Than The Other?
Some Realtors have lots of success in helping consumers, while some Agents struggle to satisfy their clients. At the same time, many Agents can be extremely efficient, while some Realtors can find themselves unsuccessful. Association with any national organization can’t guarantee anything. Some people prefer Realtors because they have a preference due to the national accreditation of NAR. Also, all Realtors must comply with the standard set by NAR, which in part gives the client some additional assurance of ethical conduct.
What Are The Qualities Of A Great Real Estate Professional?
It’s important that you select a qualified agent that you feel comfortable working with. Choose a person who has worked with someone you know, or a person who has a positive reputation within the community. A high quality real estate professional will make your transaction as smooth as possible and be forthcoming and honest about the details. That person will ask you questions, listen to your answers and recognize what you’d like to accomplish. Then will guide you towards obtaining your goal in a strategic, organized and successful way.
Monday, July 7, 2008
5 Tips for Buyers to Determine the Quality of a Condo
Even if you aren’t technically trained, there are easy ways to judge the quality of condo construction. Book an appointment to view the property and bring along a flashlight, a “night light”, and a golf ball. Then follow these five simple tips:
#1 Test the Major Appliances and Heating/AC Units
When you arrive at the condo, begin by testing the heating and air conditioning systems. Turn on the oven and the heat. If you’re viewing the property in winter, you may prefer to turn off the heat and crank up the air conditioning. As you tour the condo, these systems will have time to boot-up and prove their worth, and if they aren’t functioning properly you’ll be able to detect it within 10 or 15 minutes. Make sure that heat or air conditioning is delivered to every part of the condo, and that the oven heats up in a timely manner. Just be sure to turn everything off or back to the original settings before you leave.
#2 Check the Plumbing and Electrical Systems
As you walk from room to room, check the plumbing by briefly turning on the various taps and watching to see if the water pressure is sufficient and if drainage is fast. Slow drains may just need cleaning to remove clogs, but lack of pressure in any building – or sluggishness in a brand new condo – may mean that the plumbing system is inadequate.
Turn on lights in every room, and use the “night light” you brought to test the wall outlets. If you plug it in and it doesn’t light up, the outlet is probably dead. Any outlet near water – such as in the kitchen and bathrooms – should be the special kind that interrupts the flow of electricity in the event of a power surge. If the condo does not have them it needs upgrading. Three-prong outlets are important for rooms where you will operate computers and small appliances, so survey the condo to determine if those are present in sufficient numbers.
#3 Check the Walls, Ceilings, and Floors
Examine the ceilings and walls, using your flashlight, and look for spots where there may have been leaks or patch repairs. Study the areas around door and window frames and in the corners of the room for splits, cracks, or gaps. If the walls appear bowed or the lines where the walls and floor or walls and ceiling meet seem off-kilter, that may be a sign of warping or sloppy framing.
Put the golf ball you brought in the middle of a bare floor. If it rolls to the other side of the room, the floor is tilted. Test the doors to see if they automatically open or close all by themselves, which is another confirmation that the construction is askew. If, on the other hand, your golf ball or door stays where you left it, the room is probably level and balanced.
#4 Read the Property Offering, Disclosures, or Minutes of the Condo Association Meetings
Read the descriptions in the property offering for new condos, or the minutes of association meetings for existing properties. The amenities itemized in the offering should match what you see in the condo, and this includes the brands of appliances as well as the quality of any features such as flooring or counter tops.
If the condo is an older one, then study the minutes of the condo association meetings and look for mentions of repairs or service calls to the property. Repeated repairs may be a red flag, or it could simply indicate a responsive and responsible association, but you will need to investigate further to find out for yourself.
Study any official disclosures, and beware of buying a condo that has had previous problems with flooding, fire, environmental hazards, or other catastrophic scenarios.
#5 Do Some Fact Checking of Your Own
To find out what kind of quality you are getting for your money, make a few phone calls. If the builder touts a particular brand of insulated windows or hardwood flooring planks, for example, call the local distributors and find out how much they sell those particular items for, and then tally up how much you’re paying versus how much the builder is delivering.
You might discover that so-called top-of-the-line products used in the construction of the condo are actually cheap and inferior. Or you could be pleasantly surprised to learn that you are getting excellent materials for a discounted price because your builder has more buying power than you do and negotiated a good deal for your benefit.
Before buying any home, you should always hire a licensed and qualified inspector to provide you with a full professional report on the condition of the property. But the above tips will save you time while you do your preliminary shopping to narrow down your condo selection.
Whether you’re buying, selling, or refinancing, contact the professionals at http://www.GayMortgageLoans.com and http://www.GayRealEstate.com. Or call toll-free at 1-888-420-MOVE (6683). Experienced brokers dedicated to the GLBT community are ready to serve you.
#1 Test the Major Appliances and Heating/AC Units
When you arrive at the condo, begin by testing the heating and air conditioning systems. Turn on the oven and the heat. If you’re viewing the property in winter, you may prefer to turn off the heat and crank up the air conditioning. As you tour the condo, these systems will have time to boot-up and prove their worth, and if they aren’t functioning properly you’ll be able to detect it within 10 or 15 minutes. Make sure that heat or air conditioning is delivered to every part of the condo, and that the oven heats up in a timely manner. Just be sure to turn everything off or back to the original settings before you leave.
#2 Check the Plumbing and Electrical Systems
As you walk from room to room, check the plumbing by briefly turning on the various taps and watching to see if the water pressure is sufficient and if drainage is fast. Slow drains may just need cleaning to remove clogs, but lack of pressure in any building – or sluggishness in a brand new condo – may mean that the plumbing system is inadequate.
Turn on lights in every room, and use the “night light” you brought to test the wall outlets. If you plug it in and it doesn’t light up, the outlet is probably dead. Any outlet near water – such as in the kitchen and bathrooms – should be the special kind that interrupts the flow of electricity in the event of a power surge. If the condo does not have them it needs upgrading. Three-prong outlets are important for rooms where you will operate computers and small appliances, so survey the condo to determine if those are present in sufficient numbers.
#3 Check the Walls, Ceilings, and Floors
Examine the ceilings and walls, using your flashlight, and look for spots where there may have been leaks or patch repairs. Study the areas around door and window frames and in the corners of the room for splits, cracks, or gaps. If the walls appear bowed or the lines where the walls and floor or walls and ceiling meet seem off-kilter, that may be a sign of warping or sloppy framing.
Put the golf ball you brought in the middle of a bare floor. If it rolls to the other side of the room, the floor is tilted. Test the doors to see if they automatically open or close all by themselves, which is another confirmation that the construction is askew. If, on the other hand, your golf ball or door stays where you left it, the room is probably level and balanced.
#4 Read the Property Offering, Disclosures, or Minutes of the Condo Association Meetings
Read the descriptions in the property offering for new condos, or the minutes of association meetings for existing properties. The amenities itemized in the offering should match what you see in the condo, and this includes the brands of appliances as well as the quality of any features such as flooring or counter tops.
If the condo is an older one, then study the minutes of the condo association meetings and look for mentions of repairs or service calls to the property. Repeated repairs may be a red flag, or it could simply indicate a responsive and responsible association, but you will need to investigate further to find out for yourself.
Study any official disclosures, and beware of buying a condo that has had previous problems with flooding, fire, environmental hazards, or other catastrophic scenarios.
#5 Do Some Fact Checking of Your Own
To find out what kind of quality you are getting for your money, make a few phone calls. If the builder touts a particular brand of insulated windows or hardwood flooring planks, for example, call the local distributors and find out how much they sell those particular items for, and then tally up how much you’re paying versus how much the builder is delivering.
You might discover that so-called top-of-the-line products used in the construction of the condo are actually cheap and inferior. Or you could be pleasantly surprised to learn that you are getting excellent materials for a discounted price because your builder has more buying power than you do and negotiated a good deal for your benefit.
Before buying any home, you should always hire a licensed and qualified inspector to provide you with a full professional report on the condition of the property. But the above tips will save you time while you do your preliminary shopping to narrow down your condo selection.
Whether you’re buying, selling, or refinancing, contact the professionals at http://www.GayMortgageLoans.com and http://www.GayRealEstate.com. Or call toll-free at 1-888-420-MOVE (6683). Experienced brokers dedicated to the GLBT community are ready to serve you.
Mortgage Crisis Tips
A year ago most Americans had never encountered the word “subprime”, but today it is a notorious household word. And in too many households, it is uttered with contempt, despair, frustration, or some combination of those stressful emotions. The fact is that all of us – even those who have good credit and no mortgage whatsoever – have been somewhat affected by the so-called subprime mortgage crisis. What was originally explained as an isolated problem limited to an obscure portion of the overall mortgage market has now become a far-reaching global financial problem.
While the mess did start within the subprime industry – which accounts for only a tiny percentage of American home mortgages – it has now become everyone’s problem, either directly or indirectly. By the end of the third quarter of 2007 it had become widely acknowledged and conspicuously apparent that the subprime lending catastrophe had spilled over into a wide range of sectors beyond the high-risk lending arena. Experts have even predicted that the entire USA economy could plunge into a severe recession, thanks to the current mortgage and housing crisis. What this means for the average homeowner or buyer of real estate is that the market has changed dramatically.
Here are some insights into the current mortgage situation, and how it may impact your ability to take out a new mortgage or refinance an existing one:
The Proposed Rate Freeze
Much of the trouble with loans and interest rates involves adjustable rate mortgages with so-called “teaser” rates that start off at super-low, highly attractive rates. Homeowners pay relatively small amounts for the first few years, but then the rates readjust. Because prevailing rates have climbed dramatically, the readjustments often mean that monthly payments spike and can even double. Borrowers find themselves unable to make the new payments so they default.
Approximately 2 million of these ARM loans will reset higher within the next 18-24 months, so government officials have called on lenders to allow a temporary rate freeze or moratorium on resets. They hope this will give homeowners time to get back on their feet. Investors who backed these loans may disagree, so the proposal might get stalled. Even if it does go through, only homeowners who have keep up with their payments will qualify for the freeze. So it pays to keep up with your mortgage – even if it means financial sacrifices elsewhere.
Refinancing and Home Equity Loans
Lenders including Citigroup, J.P. Morgan Chase, and Wells Fargo have been lowering the maximum amount that borrowers can finance in some particular locations of the country where home prices are falling especially fast. Your chances of qualifying for a refinance may be diminished if you live in an especially foreclosure-prone area, even if your own home has maintained its value.
Lenders are also taking a harder look at appraisals, credit reports, and income. Applying for a refinance or a home equity loan during the mortgage crisis will be more challenging, so it is important to bolster your credit, provide excellent documentation, and be realistic about pricing and market value in terms of equity or sales prices of listed homes.
The Status of Jumbo Loans
Buyers who need jumbo loans – those unconventional mortgages exceeding $417,000 – will find that they are also in short supply, just like high-risk subprimes. The reason is that both subprimes and jumbos depend heavily upon private investment for their source of capital, and many private investors are sitting on the sidelines of the current tumultuous market. So if you plan to buy an expensive home and expect to borrow with a jumbo, you can expect to pay a hefty premium. Rates of jumbos have jumped considerably, and some mortgage brokers cannot even find jumbos for their clients, except at prohibitive prices.
If you are shopping for a jumbo at this time, one strategy is to first shop long and hard for an excellent and well-connected mortgage broker who charges reasonable fees. Less experienced brokers may not have the resources to locate a jumbo, or they may only be able to arrange them with those lenders who charge top dollar. For buyers who are close to the price of a conventional loan, it may be better to use two loans and piggyback them to come up with the funds. A conventional loan for just under $417,000 can pay for most of the purchase, and then you can take out a smaller loan – that you’ll pay higher interest on but can hopefully pay off or refinance soon to a better rate – for the remaining balance.
To successfully navigate today’s market is not impossible, so don’t despair. You just need to employ a fresh perspective, updated information, and reliable resources – including experienced and trustworthy lenders who can creatively assist with borrowing hurdles, options, and decisions.
Whether you’re buying, selling, or refinancing, contact the professionals at http://www.GayMortgageLoans.com and http://www.GayRealEstate.com. Or call toll-free at 1-888-420-MOVE (6683). Experienced brokers dedicated to the GLBT community are ready to serve you.
While the mess did start within the subprime industry – which accounts for only a tiny percentage of American home mortgages – it has now become everyone’s problem, either directly or indirectly. By the end of the third quarter of 2007 it had become widely acknowledged and conspicuously apparent that the subprime lending catastrophe had spilled over into a wide range of sectors beyond the high-risk lending arena. Experts have even predicted that the entire USA economy could plunge into a severe recession, thanks to the current mortgage and housing crisis. What this means for the average homeowner or buyer of real estate is that the market has changed dramatically.
Here are some insights into the current mortgage situation, and how it may impact your ability to take out a new mortgage or refinance an existing one:
The Proposed Rate Freeze
Much of the trouble with loans and interest rates involves adjustable rate mortgages with so-called “teaser” rates that start off at super-low, highly attractive rates. Homeowners pay relatively small amounts for the first few years, but then the rates readjust. Because prevailing rates have climbed dramatically, the readjustments often mean that monthly payments spike and can even double. Borrowers find themselves unable to make the new payments so they default.
Approximately 2 million of these ARM loans will reset higher within the next 18-24 months, so government officials have called on lenders to allow a temporary rate freeze or moratorium on resets. They hope this will give homeowners time to get back on their feet. Investors who backed these loans may disagree, so the proposal might get stalled. Even if it does go through, only homeowners who have keep up with their payments will qualify for the freeze. So it pays to keep up with your mortgage – even if it means financial sacrifices elsewhere.
Refinancing and Home Equity Loans
Lenders including Citigroup, J.P. Morgan Chase, and Wells Fargo have been lowering the maximum amount that borrowers can finance in some particular locations of the country where home prices are falling especially fast. Your chances of qualifying for a refinance may be diminished if you live in an especially foreclosure-prone area, even if your own home has maintained its value.
Lenders are also taking a harder look at appraisals, credit reports, and income. Applying for a refinance or a home equity loan during the mortgage crisis will be more challenging, so it is important to bolster your credit, provide excellent documentation, and be realistic about pricing and market value in terms of equity or sales prices of listed homes.
The Status of Jumbo Loans
Buyers who need jumbo loans – those unconventional mortgages exceeding $417,000 – will find that they are also in short supply, just like high-risk subprimes. The reason is that both subprimes and jumbos depend heavily upon private investment for their source of capital, and many private investors are sitting on the sidelines of the current tumultuous market. So if you plan to buy an expensive home and expect to borrow with a jumbo, you can expect to pay a hefty premium. Rates of jumbos have jumped considerably, and some mortgage brokers cannot even find jumbos for their clients, except at prohibitive prices.
If you are shopping for a jumbo at this time, one strategy is to first shop long and hard for an excellent and well-connected mortgage broker who charges reasonable fees. Less experienced brokers may not have the resources to locate a jumbo, or they may only be able to arrange them with those lenders who charge top dollar. For buyers who are close to the price of a conventional loan, it may be better to use two loans and piggyback them to come up with the funds. A conventional loan for just under $417,000 can pay for most of the purchase, and then you can take out a smaller loan – that you’ll pay higher interest on but can hopefully pay off or refinance soon to a better rate – for the remaining balance.
To successfully navigate today’s market is not impossible, so don’t despair. You just need to employ a fresh perspective, updated information, and reliable resources – including experienced and trustworthy lenders who can creatively assist with borrowing hurdles, options, and decisions.
Whether you’re buying, selling, or refinancing, contact the professionals at http://www.GayMortgageLoans.com and http://www.GayRealEstate.com. Or call toll-free at 1-888-420-MOVE (6683). Experienced brokers dedicated to the GLBT community are ready to serve you.
Where Are Private Lenders And How Do I Find Them?
Private lenders are typically not loaning on real estate. You want to look at those people who are earning low interest rates. You can’t convince someone who is already earning 20% that they should do this with you because unless you want to pay more than 20% interest, it wouldn’t make sense to them. People who have their money in low yield vehicles are the people you need to talk to. The best opportunity is when people have their money in IRAs. IRAs are typically paying 1 to 2 % interest. The other great thing about that is that people that have money in an IRA can’t touch that money until they are 60 or 65 years old, so they are a little more willing to lend out that money because it is not something they are not dependent upon for living each and every day. They also don’t realize that the government will allow them to make loans from their IRA and decide their own interest rates. The fact is you can create a self directed IRA. Not all banks will do that.
You have to find a 3rd party administrator that will handle a self directed IRA. All they have to do is roll over their current IRA into a self directed IRA and then they can start making the loans themselves. Once you show a potential lender that they can do this and start earning 8-10% interest, they get very excited. This is money that they didn’t think they could touch. It’s money that they are not looking for until their retirement. Now you are showing them how they can get 5 and 6 times what they are currently earning on their money. That is an incredible benefit to them.
There is advertising you can do to find private money lenders, but the best way to find them is to just start talking. If you just talk to people and start talking about real estate investing in general, they will start to ask you questions like how you find deals and where you get the money to fund them. This gives you the opportunity to talk about private lenders but without having to “sell” them on the idea. You are just explaining your business and how it works. Always end your conversation with “I’m always looking for more private lenders. If you know of anyone who would be interested, please give them my contact information.” I guarantee you that 90% of the time those individuals will say well I have some money would you be interested in using mine? Especially if throughout the description of your program you have told them what kind of interest they are going to make, how safe the money is, and also that you accept smaller loans. Most people don’t realize that you would be willing to except smaller amounts of money. They assume they would have to loan $100’s of thousands.
Lou Castillo has been successfully investing in real estate since the early ‘90’s. Castillo was on his way up the corporate ladder until he recognized that real estate offered a greater opportunity for financial freedom, and for the lifestyle he desired. Lou has a knack for developing powerful & proven systems that work in real estate and has authored more than 7 books and courses on the subject.
For more information or to sign up for Lou’s Powerful real estate Investing Tips go to: http://www.FreeRealEstateStrategies.com
This PR has been submitted by TrafficMagicians.com
You have to find a 3rd party administrator that will handle a self directed IRA. All they have to do is roll over their current IRA into a self directed IRA and then they can start making the loans themselves. Once you show a potential lender that they can do this and start earning 8-10% interest, they get very excited. This is money that they didn’t think they could touch. It’s money that they are not looking for until their retirement. Now you are showing them how they can get 5 and 6 times what they are currently earning on their money. That is an incredible benefit to them.
There is advertising you can do to find private money lenders, but the best way to find them is to just start talking. If you just talk to people and start talking about real estate investing in general, they will start to ask you questions like how you find deals and where you get the money to fund them. This gives you the opportunity to talk about private lenders but without having to “sell” them on the idea. You are just explaining your business and how it works. Always end your conversation with “I’m always looking for more private lenders. If you know of anyone who would be interested, please give them my contact information.” I guarantee you that 90% of the time those individuals will say well I have some money would you be interested in using mine? Especially if throughout the description of your program you have told them what kind of interest they are going to make, how safe the money is, and also that you accept smaller loans. Most people don’t realize that you would be willing to except smaller amounts of money. They assume they would have to loan $100’s of thousands.
Lou Castillo has been successfully investing in real estate since the early ‘90’s. Castillo was on his way up the corporate ladder until he recognized that real estate offered a greater opportunity for financial freedom, and for the lifestyle he desired. Lou has a knack for developing powerful & proven systems that work in real estate and has authored more than 7 books and courses on the subject.
For more information or to sign up for Lou’s Powerful real estate Investing Tips go to: http://www.FreeRealEstateStrategies.com
This PR has been submitted by TrafficMagicians.com
Flip and Grow Your Real Estate
Real Estate has always been a good way to make money. Some people do it to try and get rich. Others do it as a career path. Either way the term Flip This House has become popular the last few years making the term common.
Flip a house and making profit is and has always been a good way to make money. Even though Real Estate markets go up and down over time, there usually is a good chance that over time, the worth of a property always increases. This makes Real Estate a good target for people who are trying to grow their wealth.
Making sure your future is financially secure, is a very important issue that needs to be addressed in today’s world. Real Estate is a proven and good way to make money, if not now, the future. Its always good to invest your money in things that you can sell later for more money than you originally paid for it.
Flip and grow Real Estate is another term that you may hear. If you plan on making Real Estate a way to make money, do your research and homework in advance. If you find a property that you want to buy, study that specific situation. Find out how much money it will cost you. Look at the house or building or land and determine what will be the cost involved in making it ready for sale.
When you get ready to sell a property, you should have already known before you reach that point what the cost will be. Also, its important to have backup plans in place. For example, if the house doesn’t sell, will you rent it out or come up with some other avenue to completed the cycle of the project.
Its always good to get advice.
Flip a house and making profit is and has always been a good way to make money. Even though Real Estate markets go up and down over time, there usually is a good chance that over time, the worth of a property always increases. This makes Real Estate a good target for people who are trying to grow their wealth.
Making sure your future is financially secure, is a very important issue that needs to be addressed in today’s world. Real Estate is a proven and good way to make money, if not now, the future. Its always good to invest your money in things that you can sell later for more money than you originally paid for it.
Flip and grow Real Estate is another term that you may hear. If you plan on making Real Estate a way to make money, do your research and homework in advance. If you find a property that you want to buy, study that specific situation. Find out how much money it will cost you. Look at the house or building or land and determine what will be the cost involved in making it ready for sale.
When you get ready to sell a property, you should have already known before you reach that point what the cost will be. Also, its important to have backup plans in place. For example, if the house doesn’t sell, will you rent it out or come up with some other avenue to completed the cycle of the project.
Its always good to get advice.
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