Honest Realestate Agent

Archive for April, 2009

So, the time has finally come. Take that big breath as you dive into the home showings market that you have worked so hard to make a success of. This is the one moment you’ve been excited about for so long.You’ve stuck to your plan, your Realtor is ready, and buyers are going to be amazed! An open house is the next step in the real estate process. How are you preparing for it? Your home is now in sparkling condition. Both the inside or and outside of your home are in shape, everythings been put away, and you’re wondering why it didn’t always look this nice. It’s an important time to remember that a good showing can be very financially rewarding. 

Now, please, it’s a good time to relax and get back to normal again. Showing your house to home buyers is especially easy when you’re calm and ready. Get into some detail if appropriate, it’s time to stand-out. As you move throughout the house, pay special attention to objects that created some memories during your stay. Things like “My father does this beautiful carving when he was 18” will add some personal note to your home. Kids, husbands and wives can all have fun pitching in. Everyone can have a role, given at an earlier date, in the event of a last-minute view.Your hard work has left buyers looking at the best features of your house. But at the same time you want some elements on your house to be insignificant enough to provide a comfortable environment. Natural lighting is desirable, but also switch any other lights on for a clean, staged effect. If your house needs additional lighting to feel more happy inside, lamps are an affordable option. If you have had to keep your door and windows shut, it’s very important to let some fresh air in. It’s very important that buyers feel like your home is ready to move into, and that means no lingering odors. In house showings, the air should do what it needs to do – allows human to breathe – and do nothing more. It’s a great time for pets to visit friends and leave your home for the day. Even if your pets are great, let buyers have a look at your beautiful yard uninterrupted. In general, animals can be a difficult to predict, so it’s probably best to be on the safe side and let them go elsewhere for the day!Your agent will take care of the buyers in your home, you can take the day off. Sometimes, whether you feel it directly or not, buyers may get the “hovering” impression and get nervous. Happy home selling!. Here is a link in the event that you are interested in a South Reno Realtor for Northern Nevada

The last quarter and the Boise real estate market has been full of changes. There are homes that are selling. If you can really take a look at the numbers of the area it will help you understand what’s happening now and what is going to happen in the future of the Boise real estate market. Prices have come down but there are actually some areas that the market is holding up fairly well.

Homes are currently selling for anywhere from 83% to 100% of their asking price. This all depends on how aggressive each seller is pricing their Boise home. For home is priced very well in front, chances are you're not going to get the home for 85% of the asking price. Make sure you take a look at the actual sold numbers of the area to help you consider what you will ask for the home.  Eagle Idaho Real Estate

Some of the most active areas of the Boise real estate market include southwest Boise, Southeast Boise, and West Boise. There’s quite a bit of new construction in the South Boise area and prices can be very tempting to act on because builders have a lot on the market right now the one he rid of. Some of the most active subdivisions are Sonata Hills, Princeton Place, Hidden Springs, and Quail Ridge. This is the subdivisions that Sellers are pricing their properties correctly for our current market, therefore there selling more and a higher percentage of their homes. The market does not just vary city by city, but subdivision by subdivision.

The average price for a sold home in the Boise Idaho real estate market over the past two months is about $211,000 with an average days on the market running at about 72 days it is easy to see why Sellers are dropping their prices and getting more realistic was more the market is at.

Sure looking for a home in the Boise real estate market, these numbers and stats are likely to save you thousands if you understand them and have access to them. Don't go in there blindly and make an offer based on the asking price but make an offer based on the market value.

Bulk REO Investing

When a property is not yielding income it has dire consequences for the lenders and the general economy as well.  A bank’s ability to borrow is negatively effected by around 900% when a mortgage defaults.  For instance, if a loan of $100,000 is in default, the lender is forbidden from borrowing up to $900,000 until the property is dumped.  As a property loses its value, the only option banks have is to record the adjusted value and take the financial hit.

(A quick note from the editor:  For related information, check out Bulk REO Investing.)

Mortgage lenders are left with few options to ease the weight placed on the books by non-performing assets.  Only as a last resort will banks foreclose.  These actions are pricey for lenders and start with exhorbitant legal expenses.  It also generates sizable problems included with property management while the property is an REO (Real Estate Owned).  There is a higher chance that vacant REO properties will suffer damage further plummeting in value.  It should also be noted that with the selling of real estate also comes transaction fees and marketing expenses.

An even bigger problem banks face is staffing.  It matters little that a lender feels the only option is to foreclose if proper staffing can’t be put in place to manage and unload these REO properties.  It has been almost 15 years since the last major crisis in lending took place and personnel have been robbed of REO experts at staggering levels.  Not to mention the fact that the US has few experts capable of handling bulk REO’s while juggling the task of managing them, protecting them and divesting them with a low margin of loss.

Today most lenders, bond managers and servicing agencies seem to have one goal: Unload shaky loans for pennies on the dollar ASAP.

Posted on April 23rd, 2009 by Lindsey Harper

In today’s word, with our current economy, you will find a foreclosure for sale more often than not. Although this is a difficult situation for people losing their homes, it is good news for buyers because these properties are re-sold for far less than what they are worth.

I found this lovely house for sale in Washington for the low price of only $109,900. The listing price for this house is much more than that at over $278,000. So this house is quite a steal! Excellent location at 11 East Treasure Place in Shelton, Washington and has three bedrooms and two baths on 1,134 square feet. The home was built in 1994.

Foreclosure for Sale Shelton Washington Home

When the lender seizes a home and re-sells it, they want to get rid of it quickly. There are various ways to find property that has been foreclosed, but not all of those ways are convenient. We all live busy lives, and we can all benefit from a service that presents foreclosure for sale property in one place.

For one of the most useful sources, go to Government Auction Network. That’s where I found this lovely home. They have a comprehensive list of foreclosure for sale property all over the country. Real estate deals are some of what Government Auction Network will provide, but you will find great deals on vehicles and other stuff too. So, I call Government Auction Network my one stop shopping source when I’m looking to save money. There really is no need for me to go anywhere else.

It’s very easy to take advantage of these incredible bargains. All you have to do is join the site and get started. The great deals are waiting for you.

Government Auction Network – real estate deals – foreclosure for sale – home for sale in Washington     

With the current real estate market, it is not a surprise that the foreclosure rate is up as high as 50% in some areas and states. There are many people who are having to face the upside down mortgage problem. The problem really began a few years ago when the there were many booming real estate markets including California, Nevada and Florida.

Many people convinced themselves that they could get into homes that were really beyond what they could afford and then wait for the property values to go up even more so that they can resell. Since there home values kept going up, there was no doubt in people’s minds that they would not make the money by selling these properties in the future. After all, all the home selling, buying and investing workshops had many investors who made lots of money this way.

The credit market added to the problem. As property values skyrocketed in many states and areas, there were a large number of banks that were willing to give money to people with bad credit providing they were going to purchase decent homes. Therefore, people who did not make a whole lot of money and did not have fair credit were able to buy expensive homes with loans that were too expensive in the long run. They did not care about the high interest rates because their home values kept rising more and more.

But soon enough the bubble burst and property values shot down significantly. The values kept falling as lenders realized that they made a mistake in lending to people who could not pay back. They started foreclosing. But, by then, the property values had fallen so far down that even when people wanted to sell their homes, they were not getting enough money back to repay their mortgages. The balances of their mortgages were much higher than the values of their properties. In another word, they have upside down mortgages. Foreclosing on these homes is not a solution for banks either since they are not going to get the amount owed by the homeowners back. For the people, even though, there are ways to delay foreclosure, when they are upside down on their home mortgages, they are going to have to lose their homes.

Many North American have the tradition of getting out of the city with the children on the weekends. Most of us dream of owning a summer property and having our little piece of heaven with clean air, trees and beautiful surroundings but without some initial legwork, the dream can become a nightmare.

Determining whether you can afford a second house should be your first step. Go visit your bank manager to determine if there is a way to finance the cottage such as increasing your current mortgage or applying for a second one. You will need to have the income available to make the additional payments.

Choosing a location you can afford and will enjoy will be your next step. The drive time from their main property can be the main deciding element when selecting a location but other aspect should also be taken into consideration. Is short distance to a lake or ski hill important to you?  For instance Blue Mountain real estate in Ontario has skiing during the winter and beach activities for the summer making Blue Mountain cottages very popular as a year round destination. Do you desire a heavily wooded area with no neighbors close by?

You will need to evaluate the number of bedrooms, the structure and the condition of the house and its electrical and plumbing but you will also need to evaluate where your water comes from and whether your cottage is suitable for winter use. Find out if the road to your cabin will be opened year round by the municipality.  Evaluate the condition and location of the sewage system, in most cases a septic tank or tile bed. Find out the bylaws in terms of water sole access, hunter admittance and others traveling your land. One more thing to consider will be rights to remodel or build additions to your property.

A few other things to look into when choosing a cottage are the services that are close by. Services such as grocery stores, ambulance and fire department, internet, cell phone and telephone access as well as a marina close by may be crucial to you and should be considered.

The decision to purchase a cottage is nerve-wracking and exciting. However, it should not be taken lightly. The best way to make sure that you get what you want out of a new cottage is to do your research. Ask many questions, everything should be explicit to you. Find an knowledgeable real estate agent who knows the cottage country and will be able to assist you make the best choice.Your new cottage deck is waiting for you as is the nature in your little corner of paradise.

Southeast Area

Real estate in Southeast Area, Sacramento County, California includes many unique properties and a rural setting, different from most of the Sacramento real estate. While most of the county continues to grow with increasing commercial and residential real estate properties, the Southeast community area remains widely untouched. Open spaces are characteristic of this region; ideal for those looking to buy acres of private land. While separated from Sacramento, small communities like Herald provide for daily needs and neighboring cities like Elk Grove and the city of Sacramento provide additional modern services.

The communities in Southeast Sacramento county are: Alhambra Triangle, Avondale, Brentwood, Carleton Tract, College/Glen, Colonial Heights, Colonial Village, Colonial Village North, Curtis Park, Elmhurst, Fairgrounds, Florin-Fruitridge, Industrial Park, Fruitridge Manor, Glen Elder, Granite Regional Park, Hollywood Park, Lawrence Park, Med Center, North City Farms, Oak Park, Packard Bell, South City Farms, Southeast Village, Tahoe Park, Tahoe Park East, Tahoe Park South, Tallac Village, Woodbine

Homes for sale in Southeast Area, CA are diverse and personalized. There are quaint farm houses, bungalows and traditional family homes along with luxury estate homes. Land is the valued real estate asset in the Southeast Area community. Southeast Area has acres of land are available. These lots are ideal for equestrians looking for land large enough to house horses. Your realtor can help you purchase the home, whether it be a pre-owned farm style house, a single family home or a new estate home, or a custom built house. Southeast Area home buying and building provides for a great deal of flexibility.

Open spaces not only provides for a beautiful property, but it also provides the ideal setting for the outdoor enthusiast and nature lover. The Rancho Seco Recreation Area is a wonderful place for Southeast Area residents to enjoy California’s beauty and outdoor sports. There is a 75-acre wildlife refuge that is a great way to find out about the northern California wildlife. To escape the hustle and bustle of the City of Sacramento, buy your next pre-owned or new home in the Southeast Area community of Sacramento County, California.

Living and Working in Spain

This article may help those people who have ever thought about moving abroad but have never mentioned it to anyone yet. It is specifically about Spain but could well be applied in some of its general principles.

For a Northern European, a Brit in my case, living in Spain was always my dream. From a young age I knew that it was my long term destination. Why though? Like most people I fell in love with the idea of the country on a holiday, a cheap package one at that. My experience was on the Costa Brava. I was surprised at the ease of life, the speed at which things happened, or didn’t sometimes and the joy in the faces of the people. On visiting Barcelona for the first time I was hooked. Prior to the visit I had often thought about living here, this just made it certain.

Then the question was how to get a plan of action to make sure the dream was realised. I would say it is necessary to learn the language, visit beforehand to get the lay of the land, read about the country and get a good idea of which part of Spain you want to be in.

Once that is decided you need to know what you are going to do here. If you come without qualifications and language skills life will be hard, after all why should anyone employ you before a local of foreigner with the ability to speak the language.

There are a multitude of things you need to know about local customs and practices and life can be very different, most people are constantly caught out for the first few weeks by shop opening and closing times, by the lateness of the eating hours in restaurants by the lack of their favourite products. However, the problems of settling down soon pass.

Therefore what is living in Spain really like

1) Expect to work long hours and fit in your family life around it. Some people do.
2) Expect to take time to adjust whilst you learn the language and get yourself into the community. It is very unlikely that most people will speak English unless you live in a coastal area
3) You should expect to have fun and laugh. Lots of the aspects of life are easier but the bureaucracy is horrendous. Take everything with a pinch of salt and laugh about it because in future it becomes an anecdote
4) Come to my blog regularly and read it as you will find loads of details of what happens when you live in Spain, the good, the bad and the downright ugly, usually involving utility companies this part.

Once you have done that and have your preparation off to a tee then you can find out what  it is like to live here and you will be ready. Only at that point should you start looking for houses for sale in Spain. If you come unprepared then expect to return home after a couple of years with tail firmly between legs. Failing to prepare inevitably leads to failure. By following the tips here your chances of succeeding will increase.

Since last year, a large number of homes went into foreclosure and the foreclosure rate continues to skyrocket because more people lost their jobs. With so many employers cutting jobs, people are unable to keep up with their regular mortgage payments. When they have todefault on their loans, the banks begin the foreclosure process. Fortunately, there are a few things that homeowners can do to prevent foreclosures

before the homes are auctioned off to the the highest bidders.

Many people would try to call the lender first to explain the situation. To avoid foreclosure, homeowners would need to persistently contact the bank to try to negotiate a payment plan. With the new stimulus plan, a lot of banks are now willing to negotiate. You can sometimes do a loan modification to make your mortgage payments smaller but the length of time of the loan might be loner. If you still have fair credit, you might be able to refinance to help make your mortgage payments more affordable.

With the interest rates at all time low, some homeowners manage to refinance before they receive foreclosure notices. However, most people who are already facing foreclosure cannot refinance so, this is not a way to avoid foreclosure for them. There may be some kinds of government loans, though, that will help homeowners who are already in foreclosure to get a new loan that will help make their monthly payments smaller. But, again, very few families qualify for these governmental loans.

Next, homeownerswho find it impossible to pay mortgage payments on their homes may try to sell their homes. This method might work for homeowners with a lot of equity in their homes. However, because no homes are selling at market values right now, most homes are sold at discount and the money obtained from selling a home may not be enough to pay off the mortgage balance.

If absolutely needed, homeowners can file for bankruptcy protection. Many times, the bankruptcy process will delay the foreclosure process. Some homeowners can stay in their homes by filing for bankruptcy protection. The banks involved may, however, file a petition to resume the foreclosure process so that they can sell the homes and recoup some money.

Experience International recommends their clients base their property purchasing decisions when looking for property for sale abroad based on the following 5 key principles:

• Credibility
• Ease of Purchase
• Security
• Return on Investment
• Exit Strategy

These stringent principles should be used on every property to ensure it is priced correctly.This is even more important during the current economic climate to ensure their funds invested provides maximum returns at minimal risk. Through buying a property using these principles ensures you are buying the right property and at the right price.

Credibility
Credibility is the key to determining the current price of a property and is derived from: Location, Quality of build, Developer’s track record and other comparable projects.  By ensuring the credibility of the development gives strength and guidance on what the asking price should be.

Ease of Purchase
The purchase procedure in every country differs hugely.When reviewing the asking price of a property also ensure you are aware of all the extra costs included.operty.  These include: payment plan options, taxes, solicitors fees, notary fees, finance and mortgage costs as well as the ongoing costs once you have purchased such as maintenance and service charges. The availability of finance or mortgages should also be fully checked.

Security
As a standard procedure Experience International carry out strict due diligence on every property development that they sell, however we also advise all clients to do their own research.  Checks should include: seller has clear land title, Correct Licenses for the country, correct planning permission, Developer, banks lending criteria, valuations, comparisons against other developments and security of your deposit.

ROI
The sustainable income achieved from your property during its life time will ultimately be its future value.Purchasing real estate during the current economic climate is a real buyers market.The yield and future capital value are vital in determining the success of your investment.

Exit Strategy
A lot of the time clients do not think about an exit strategy.  The profit is always made when you buy a property not when you sell, this means purchase a property wisely. Knowledge of your exit strategy options is very important to understand such how you will sell, what market exists, how demand and supply trends are moving, your current discount to market value, long term rental market if holding along with risks, what you can do to mitigate these risks and the worst case scenario.

A Case study
Zambrone Villas in Italy is a newly completed property in Calabria development is the perfect example of a holiday home that would suit the typical British holiday maker.  

Its asking prices are from €127,500 (£113,570) which you get a 2 bed, 1 bath semi-detached villa, with terrace, garden and sea views.

Location – Zambrone is a stunning area of Calabria, situated on the coast and boasts one of the best beaches on the Costa Degli De and close to the marina and centre for restaurants, watersports and recreational activities.

Size – the total plot including internal, terrace and garden is 263.95 sqm (£430 per sqm).This is way under current market prices and comparables considering this property is located at coastal location which often carries a premium.

Quality – This completed development has been built to very high standards and is currently being offered at off plan prices.  Every unit has already been registered at the local Building Registry ensuring purchasing in this development is safe and secure.

Specifications – research properties available nearby.The Zambrone villas are a secure community with swimming pool plus all villas have fantastic sea views.

It is important to compare like for like, so be sure your comparable properties are of a similar specification in terms of the number of rooms including bedrooms, bathrooms, reception rooms, furniture included etc. 

Rental Income – When looking for a property to draw in a strong rental income many of the above points will be very important in assessing rental values.  Every factor of this purchase indicates a very strong rental potential.

If you are looking at an investment property you need to work out the potential the weekly rental rate (or monthly if targeting long term local market) and likely occupancy rate. Local rental companies are a perfect source although you cannot always be sure you are getting the full picture. The internet is now an excellent tool for assessing rental values and demand so use it well to ensure the investment stacks up and the comparables you are using for the price will also provide some rental data. So in the case of the Zambrone Villas in Italy then simply do a search for Calabria property for rent in similar locations with the same or similar features and specification.

We hope these tips help and that you find happiness and success with your overseas property purchase and investment.