Sadly, dishonest activity exists in the marketplace. The good news is that the federal government has passed laws that protect home buyers from the negative affects of these unscrupulous activities. As a home buyer, there are certain rights granted to you as you search and apply for a mortgage loan for your home. Being aware of the rights helps protect you.
Borrower’s Rights
As a borrower, and a home buyer, there are several rights granted to you by both the Consumer Credit Protection Act and the Fair Credit Billing Act. Both of these are legislation passed by the United States Congress.
You have the right as a home buyer:
• To shop for around for the best loan among different mortgage lenders and brokers.
• To be informed of your loan’s total costs. This includes interest rates, points, and other fees assessed by a lender or broker.
• To be informed of any fees that will not be refunded to you in the event that you cancel the loan agreement.
• To know the reason for denial if your loan is turned down.
• To receive a free copy of the credit report that was used in denial of your loan. The lender should give you information about obtaining this credit report.
• To have income from child support, alimony, and pension considered in qualification for a loan.
• To ask questions about anything you do not understand about loan charges and terms.
• To know what you and the lender are paying the mortgage broker for a loan.
• To be considered for a loan regardless of age (unless under the legal age to sign a contract), gender, marital status, race, color, religion, and national origin.
• To receive an appraisal report for the home.
RESPA
The Real Estate Settlement Procedures Acts, administered by the Department of Housing and Urban Development, prevents mortgage lenders and brokers from charging certain types of fees.
Lenders are required, by the RESPA to disclose certain information to you pertaining to your application for a mortgage. You, as a home buyer, must receive a Good Faith Estimate from the lender or mortgage broker. The Good Faith Estimate, or GFE, details an estimate of fees that you will be charged for your mortgage. The lender must also provide you with a Mortgage Servicing Disclosure Statement if the loan is to be serviced by or transferred to another lender.
Finally, the Special Information Booklet, containing information about real estate settlement services, must be given to you as a home buyer. These documents should be given to you within three days after your application has been received. In the event that your application is denied within three days, the lender does not have to provide with the documents.
These laws have been put into place to protect you, as a home buyer, from scams, discrimination, excessive fees, and other malicious business practices. Educating yourself to the rights you have as a home buyer brings you one step closer to obtaining a home loan. Present yourself to mortgage lenders and brokers as a home buyer that is aware of the rights provided by the law.
Buying property in Greece seems to have caught the fancy of numerous property investors across the globe. Many people, particularly those from the UK, have found investing in their own country’s property market a costly affair. Therefore, investing in foreign property has becoming an increasingly attractive option and is becoming a trend of sorts.
Many countries that were, until now, avoided by oversea property investors seem to have sprung into prominence, which includes Greece. Greece now has a large number of foreign nationals who have already invested in property and this number seems to be growing by the day. The property market of Greece is one of the fastest moving in Europe because of so many overseas investors rushing to buy property in the country.
As most people know, Greece is a popular tourist destination, and it is no wonder, with its sunny climate, stunning views and laid back approach to life. The cuisine is known throughout the world, for example: moussaka, feta cheese, and dolmades. And many homes have a bottle of Greece’s famous Ouzo in their drinks cabinet. The cost of living is 40% lower than the UK, and in today’s economic climate that is welcome news.
Many people want to enjoy the delights of Greece on a regular basis and are purchasing a holiday home…or two…in the country. Some visionary people are taking the concept of purchasing holiday homes one-step further. They are buying property in Greece and then leasing them to enthusiastic travelers. A large number of people travel to Greece every year and renting a holiday home can often be cheaper that staying in a hotel over a period of time. Holiday homes also tend to be more personnel than a hotel room, which is another reason why they are popular with travelers.
Greece is also popular with sporting enthusiasts, after all Greece is associated with the first Olympic games and the country has won many sporting laurels. Greece hosted the summer 2004 Olympic games and one of the many benefits to hosting the Olympics is the value of property increasing. Holiday homes are now being regarded as a valuable investment that promises good returns in the long-term.
There are many types of properties available on the market and the average Greek property prices are: new 1 bedroom apartment from €50,000 to €150,000; new 2 bedroom apartment from €100,000 to €300,000; and renovated property from €50,000 to €300,000 plus.
When buying property, Greece, has more to offer than just holiday homes. Many foreign nationals have invested in commercial properties in the country, especially in the more developed cities. Commercial properties include retail enterprises as well as office buildings, and since Greece became a member of the European Union, the demand for office buildings has increased.
Whenever buying property in Greece, the investor must bear in mind that investing in any overseas property requires adequate planning, for example: looking at the market situation; the best location to invest in; when to buy; and what type of property to buy – for example: low-priced single-family homes are difficult to find in the well-developed city of Athens, but are easier to find in other cities such as Larissa. There is help at hand to assist investors: local real estate agents can acquaint foreigners to the realities of the property market; there are English-speaking lawyers specialising in property sales; and oversea holiday clubs.
In conclusion, when buying property, Greece has plenty to offer investors because the property choices are wide and varied, the country is popular with tourists, and property investors are already making excellent returns on their investments.
The quaint and traditional village of Mandria in Cyprus is quite possibly one of the more untouched places on the island to call home. It has not been over-developed, over-modernised or even over-run with tourists and as a result it maintains the laid back Mediterranean feel that so many people want to relocate to Cyprus to sample.
Using Cyprus’s modern road network, the village of Mandria is within easy reach of both Limassol and Pafos, strong centres for commerce, tourism, entertainment and also shopping, and also within easy reach of two of the island’s planned new marinas. It is just a short drive away from the international airport at Pafos which, together with the other international airport in Cyprus at Larnaca, is being extended and upgraded so that Mandria is certainly accessible and well catered for in terms of amenities and first class infrastructure, but because it is just set a little way off the beaten track, entering the village is like stepping back into another age.
The residents of the village are very modest people but they are rightly proud of their close knit and friendly community, and they are happy to welcome visitors and show them around, sharing with them the majesty of the location with its tree lined streets, small village square, easy access to the sea and the stunning views of the Troodos Mountains behind and in the distance.
In recent years a limited number of developments have been given permission for establishment within the greater Mandria district. These developments have had to adhere to the strictest low-density, high-grade building standards as laid down by the community council, and as a result they enhance the local area and have brought a welcome infusion of new residents, both young and old.
Cyprus is truly a destination beloved by all – no matter whether you first visit as a child on your summer holidays or as a retiree in search of some winter sunshine – and Mandria manages to encapsulate all that is loved about Cyprus. For example the climate in Mandria is so perfect that the area is a very fertile agricultural centre with production of everything from lemons to bananas and from avocadoes to pistachios very prevalent. The village is also home to traditional tavernas serving local fare, local wine and local brews, and because the areas surrounding the village have been largely preserved from development there are spectacular sea views available from the likes of Aristo Developers’ brand new Zephyros Village project which is being carefully integrated into the surrounding community so as not to disturb local wildlife or damage the environment around it.
Zephyros Village is typical of the low-density high-grade developments enhancing the perfect Cypriot landscape and feel that Mandria embodies. It is an apartment based resort that many overseas buyers are interested in as it gives them a base for holidays throughout the year or else it is a perfect place to call home for those who want to move to live permanently in the stunning Cyprus sunshine. The apartments within the resort are of course within reach of the delights of Mandria, but they also have a sauna, gym and a swimming pool with a separate children’s paddling area and even a bowling-green onsite too. What’s more, because Mandria is so close to such a wide array of amenities, those who live or holiday at Zephyros Village can visit Aphrodite’s birthplace which is just a short drive away or they can spend a day at the internationally acclaimed Secret Valley Golf Course for example. With two more courses planned for the area future golfing options also look bright.
It’s not hard to see why those who discover Mandria are mad about it because it has the best of the Cypriot sunshine, the best of the Cypriot lifestyle and it is off the beaten track, less well discovered and therefore is one of the more affordable places in Cyprus to call home too. Talk about having your cake and eating in – in Mandria you certainly can!
Part of being successful in real estate involves reading the market and knowing the difference between a buyer’s market and a seller’s market. In order to drive a profit, you have to understand how to play your cards, and to be able to win the hand, you have to identify exactly what you are being dealt. Is the market on a downturn or an upswing? Depending on the answer, you’ll want to put your chips in different stacks.
The laws of supply and demand drive all sales. In a buyer’s market, there are more homes for sale than purchasers, meaning more supply than demand. There are several criteria that can help you easily identify a buyer’s market.
• A rising inventory of real estate. Check with your real estate agent from time to time and compare the availability listings. If you see a trend over several months or a year of the list lengthening, whether because more houses are on the market or because they are staying on the market longer, this is a good indication of a buyer’s market.
• DOM (days on market). If you look at a list of readily available real estate and notice that homes are regularly staying on the market for more than 90 days and several up to 180 days or more, this is a clear indication that a buyer’s market is emerging.
• Residential development slowdowns. When the market begins to turn and create a buyer’s market, builders realize there is already an overabundance of housing available, meaning new developments are not going to readily bring in hefty sums of money. Therefore, to help slow down the trend and bring prices back up, they will slow down their building and quit increasing produce at a faster rate than demand.
Once you’ve identified a buyer’s market, it’s time to decide how to work it so that you can profit. What you’ll find is that, due to supply surpassing demand, many sellers are willing to let go of their properties for a much lower sum than normal, just to get out from under it. That means you don’t have to purchase the real estate at retail price, allowing you to put it right back on the market and sell the house at retail price (or even below) and turn a profit.
A buyer’s market provides you with the opportunity to pick and choose your investments, with more options available than any other time. The excess of real estate for sale and lack of ready buyers means that you have your pick of the litter. You can be picky and only take the deals that will really make you money quickly.
With the proper training, a buyer’s market is an ideal time to begin your investment venture into real estate, making money the easy way. You don’t have to work any harder to make a lot of money in the market than you do a little, so watch for a turning of the tide like today’s market and get in while you can.
If you’re new to real estate investing, you probably haven’t figured it out yet. But you will. It’s inevitable. Stick around long enough and you’ll discover that successful real estate investors have their own lingo. Yes. Their own language. And if you ever talk to these investors, most of them will quickly resort to certain “F” words to explain their success.
Let me share just a few of these “F” words.
Focus
The all-important concept that keeps you on a clear, purposeful, directed path is focus. We are all focusing on something at every moment. For example, right now you are focusing on this article. How often are we focusing on the wrong thing? The key is to be focusing on the right thing. If you carry a lighted flashlight that is focused up instead of down at your feet, what would be the odds that you would trip in the dark? The odds, I say, would be fairly good. The flashlight is pointing at something; it just might not be pointing at the right thing.
For example, successful real estate rehabbers focus on the process – the rehab process – not the product. The product is a natural outcome of doing the rehab process well. Real estate achievers focus on implementing a duplicatable process to keep their rehab business growing. Non-achievers lack focus and haphazardly rehab the home. If the rehabbed house turns out all right, they credit their lucky stars. If the house is a dud, well, their lucky stars were not aligned just right.
Focus is the act of actually doing those actions that lead to the desired outcomes that you have chosen for yourself. Focus on the right things and you will get the right results.
Fix and Flip
If you are just getting into real estate, fixing and flipping properties is one of the best ways to realize substantial profits without using your own money. You start by searching for motivated sellers with junkers. In other words, find people desperate to sell their house that is in bad condition. Once you acquire the house, you fix it and quickly add value through a systematic rehab process. Then you resell the house quickly for a profit.
Let’s suppose you stumble on a property suffering from neglect by its prior owners. You sense that there is a lot of money to be made because you can buy the property well below its market value, make the necessary repairs, and then sell the property.
To successfully implement a ‘fix and flip’ strategy, you don’t need perfect credit, but you must have access to some cash. Preparing a real estate business plan to present to prospective lenders will vastly improve your chances of getting all the money you need to purchase the property including the repairs.
You can use the real estate business plan to provide your potential money lenders with your approach to your rehabbing business. You need to assure them that they’ll have a first mortgage on the property that will be secured by the property itself. Most importantly, your lenders need to know that that you’ll only purchase deals that are 20 to 30 percent below their after repair value.
After you purchase the property, the average turnaround on a ‘fix and flip’ property is approximately 90 to 120 days from the date you purchase the property to the date you cash out on the property. This timeframe is based on 30 days to fix it up, 30 to 45 days to sell it on the market, and usually 30 to 45 days to close. This process can be done faster, of course, under the right circumstances. However, the process can also take longer if you don’t get the property up to market standards and in selling condition in this time frame.
How many houses do you want to do? How much money do you want to make? Even on a part-time basis, doing a ‘fix and flip’ several times a year can generate a nice second income. Yes. A second income that can quickly surpass your full time income.
Financial Freedom
Real estate is one of the best and easiest ways to create wealth. More millionaires have made their fortunes in real estate than anything else! Here is what some of the wealthiest Americans have said:
· “Real estate is the basis for all wealth.” – Theodore Roosevelt
· “Buying real estate is the best, safest way to become wealthy.” – Marshall Fields
· “90% of all millionaires made it through real estate.” – Andrew Carnegie
Generally, most individuals that are looking for ways to get ahead financially give some serious thought to real estate investing. And many take the plunge. But why do so many that take the real estate investing plunge fall short of their financial goals?
Well, there are plenty of reasons to go around, but the principal reason centers around unrealistic expectations.
Many new investors are unwilling to pay the price. All worthwhile endeavors require some sustained and focused effort. In other words, some real work.
But many of us are searching for the magic key that will open the “real estate treasure chest” to instant wealth. Is it possible this magic key exists? Honestly, I think I have a better chance of getting my face carved on Mount Rushmore than you have of truly finding that magic key just lying around somewhere.
By now you know that success comes before work only in the dictionary. Sure, it’s a cliché, but it’s also a profound truth.
There are other “F” words that permeate the vocabularies of successful real estate investors. But if you will make focus, fix and flip, and financial freedom a part of your vocabulary, you will be on your way to reaching your financial goals.
I should know. Seldom a day goes by that I don’t use one or all of these ”F” words in my business.
One of the biggest thing that any FSBO seller has to worry about is getting their home sale advertised and recognized in the local marketplace. This has stereotypically been one of the biggest drawbacks of FSBO as homes have had trouble competing with the high-power, high-budget advertising campaigns of realtors and major market brokers. Well, as the old adage says “if you can’t beat ‘em, join ‘em!” And that is precisely what many FSBO sellers have been doing. Historically the most powerful tool the agents have is the MLS. This was one thing that FSBO’s did not have access to and it was the agents major advertising method. Well that has changed and there are many services offering a flat-fee listing on the MLS. This has the great asset of making your home known on a much larger basis thereby increasing the number of potential buyers.
Listing your home on the MLS not only makes your listing available to the home buying public but it also alerts realtors and brokers to the listing. Just because you have chosen to list your home yourself does not mean that you should hesitate to sell your home to one. Aside from the MLS listing, you may want to utilize a few other methods of advertising. Of course you should find FSBO signs and post them throughout your neighborhood. Another great idea is seeking out a FSBO website that has national coverage and create a listing there. The more exposure that your listing has, the better your chances are of making a quick sale. As you are running the show yourself, you will have to run the shows yourself, so to speak. This is going to involve a significant amount of emotional detachment from the home. Naturally you are going to want to show off the strong points of the home but you have to do this from a professional stature and not an owner’s emotional stature. Open houses are another thing that can help advertise your home and another thing that can be trying for an owner/seller. It can be difficult hearing people tell your directly what they don’t like about your home but this is to be expected and is the real test of a owner who lets their professionalism rise to the challenge.
real estate agent
Commercial Real Estate Projects are largely similar to residential real estate except that they can be many times larger in terms of scale and may require large amounts of dollars. In order to make it more likely that you will succeed and make money there are some important hints that you need to consider. Some bankers will lend you money in proportion to the credit of your largest tenant so you would want to find a property with credit worthy tenants or source for credit worthy tenants to take over the lease. If you have enough time then you should spend time learning the craft by yourself.
real estate listing
You can also find properties which are located thousands of miles away. Bear in mind however that you will need to spend money on realtor fees unless you stick to the classifieds adverts on the internet. There was this large scale residential project that was re-zoned to commercial use. The developer had to spend a lot of time renovating the inside of the property so as to convert its use from a residential property to a commercial office type of setup. If you do want to use the internet to get a great value property then you still have to be prepared to do some hard work. It’s best to do your due diligence and hire a proper real estate lawyer to do a check on the property for you to find out if there is impending re-zoning as it can affect your real estate investments.
real estate michigan
Spending some time after learning about the age of the building and when the electrical and plumbing job was last repaired is critical when looking at a potential building to acquire. Once you have informally inspected the property you can then enter into a contingent offer. This means that the contract will depend on a professional inspection. The cause is that electrical and plumbing problems mean that you might have to hack through the walls and ceilings so as to replace old metal pipes that are corroding and faulty electrical circuits. You should find someone which is experienced, they will probably be slightly more expensive, and however it is worth it.
This means in effect that you have to do massive renovation on the property and unless you are tearing the building down from scratch and rebuilding it, such repairs may not be worth your while at all.
There are many factors you need to consider when deciding whether you have found a fixer upper home worthy of buying. From location to the purchase price, the list of considerations may seem overwhelming before concluding you have a profitable home on your hands.
Location, Location, Location
The first area of focus is the home’s location. It doesn’t matter what type of property you are investing in or area of the country, if the location isn’t right then you are simply not going to make any significant money on it.
Evaluate the neighborhood, where the house is situated on the street, and its proximity to appealing schools or large businesses. Many people initially filter home options based strictly on its location, and if yours isn’t situated in a popular area, you will have difficulty selling that home.
The Home Itself
The next factor to evaluate is whether the house is actually a fixer upper at all. Although some homes are advertised as such – making them easy to find – not all are described as homes you can fix up.
Check all homes within your budget, and take a leisurely drive around the city looking for those that may not be advertised in the local newspaper. By talking with friends and networking a bit, you may also be able to locate fixer uppers that aren’t even yet on the market for sale.
Don’t Skip a Professional Inspection
When you do find the home you think you may like to purchase, you will do yourself a huge favor by taking the time and small expenses to have the house professionally inspected. The inspector should check every nook and cranny of the house to let you know exactly what you need to do to fix it up for resale.
Many problems with real estate may go completely unnoticed by a novice investor, but a certified inspector can provide a much more accurate idea of what you will actually have to spend. Along with the inspection, you need a reputable contractor to estimate the projected costs of the repairs. It is important to seek several estimates to determine an average cost and, of course, to help you save money.
Your Buy and Sell Prices
Two of the other most important aspects of knowing whether a home should be a “contender” are the purchase price and the projection of a realistic reselling price. Most fixer uppers are available in a distressed condition, making them more affordable than newer, contemporary homes.
It is not at all unusual buy a fixer upper for at least 20% below market value. That is your profit potential! However you have to ensure you can sell it for a great price once the renovations are completed. Definitely do your best to negotiate a great price when you buy it so that when you do resell, you can do so at a desirable profit.
What is an apartment? Well, that’s easy- also known as a flat, this housing unit only occupies a part or a floor of a multi-storage building and there are usually suites of these rooms each with its own cooking facilities, bathroom and bedroom. These units are usually occupied by an owner who bought the place or it is occupied by a tenant that rents the place from an agent on a monthly basis. The apartment rental normally has one, two or three bedrooms.
There are lots of different apartments that are available:
• A studio- this is usually an apartment where all of the living, sleeping and cooking areas are in one room. Normally there are walls that part some of these areas, but the bathroom is always a separate room from those of the living, sleeping and eating areas.
• A one bedroom apartment- It usually has a living and cooking area that is in one room, the bedroom that is separate and the bathroom that is in another room.
• A two or three bedroom apartment has its own living and cooking area, with a separate bathroom and each bedroom that is in another room.
Want to know where you can look for property to let deals?
Well, there are lots of apartments that are available for rent and you can just subscribe to sites that offer you a wide range of comprehensive data of such apartments. The advantage of making use of such a site is that they offer you a wide range of photos from all the apartments available and some even give you a tour of how the apartment looks. If you like an apartment, then these sites usually offers you some kind of notebook where you can keep notes of all the apartments that you like and then you can submit your online rental form. These property websites will serve as your personal real estate agents.
Normally you will get some very useful data with regards to properties that are small and unique and that can not be found easily. If you do not see an apartment which you like, then there is always the option of looking in your local newspaper. Just a warning- please be careful for these advertisements, they are usually placed by rental agents and these apartments are usually much more expensive, because the agent must also get its “cut out of the cake”.
Well, whether it is a studio or a three bedroom apartment you are looking for- there is lots of sources available to make your search easier for you.
When buying or selling a home, one of the biggest decisions that you will make is deciding on a When buying or selling a home, one of the biggest decisions that you will make is deciding on a real estate agent. After all, this is a decision that you want to get right. If you strike up a relationship with a qualified and trustworthy agent, it is safe to say that you will be on the right track to success. On the other side of things, an agent who is only interested in the money could cause more bad than good.
The process for selecting a real estate agent depends on a number of different factors. First off, you need to choose an agent that you feel comfortable working with. This is not to say that you have to be best friends with the person, but you need to feel that communicating with them is second nature. If you are afraid to ask your real estate agent questions, you may end up losing out in more ways than one.
Once you know the names of a few real estate agents in your area, move onto calling them on the phone. From this point on you should be forming your opinion of the person. Do they like what you are saying? Are they kind and courteous when speaking with you? Do you feel comfortable asking them questions? As you call more and more agents, you will begin to formulate a list of questions that you can rely on.
The final selection process is not difficult if you do your homework in the first place. Once you speak with several real estate agents, when it comes time to choose one you will know what you are doing. The bottom line is that the only time you will find yourself in trouble is if you try to select an agent on a whim. When you take the time to learn about each agent and what they offer, you will know who is right for the job.
Overall, there is no reason to stress out over selecting a real estate agent. You will want to keep your stress level to a minimum when buying or selling a house. This will help to ensure that you get the best deal, and that you have fun doing so. Having a great real estate agent on your side is never a bad thing!
agent. After all, this is a decision that you want to get right. If you strike up a relationship with a qualified and trustworthy agent, it is safe to say that you will be on the right track to success. On the other side of things, an agent who is only interested in the money could cause more bad than good.
The process for selecting a real estate agent depends on a number of different factors. First off, you need to choose an agent that you feel comfortable working with. This is not to say that you have to be best friends with the person, but you need to feel that communicating with them is second nature. If you are afraid to ask your real estate agent questions, you may end up losing out in more ways than one.
Once you know the names of a few real estate agents in your area, move onto calling them on the phone. From this point on you should be forming your opinion of the person. Do they like what you are saying? Are they kind and courteous when speaking with you? Do you feel comfortable asking them questions? As you call more and more agents, you will begin to formulate a list of questions that you can rely on.
The final selection process is not difficult if you do your homework in the first place. Once you speak with several real estate agents, when it comes time to choose one you will know what you are doing. The bottom line is that the only time you will find yourself in trouble is if you try to select an agent on a whim. When you take the time to learn about each agent and what they offer, you will know who is right for the job.
Overall, there is no reason to stress out over selecting a real estate agent. You will want to keep your stress level to a minimum when buying or selling a house. This will help to ensure that you get the best deal, and that you have fun doing so. Having a great real estate agent on your side is never a bad thing!
RSS FEED
