You are probably already aware of the rise in home foreclosures that has occurred in recent months. After all, it has been in the news almost daily for several months now.
But what you may not know is that many of the properties that get foreclosed upon end up being sold at real estate auctions for less than market value. What this means to you, as a home buyer, is that you can often save a lot of money by purchasing a home at auction (instead of buying it through a traditional real estate transaction).
With that in mind, I would like to offer you 21 important points about this topic. There are some of the things you should know before attempting to buy a home at a real estate auction.
21 Things You Should Know
1. The process leading up to a foreclosure can last up to five months. It starts when the homeowner defaults on the loan, but it can drag on through various stages, depending on what state you are in.
2. Because of this lengthy process, you need to be flexible, patient and persistent, all at the same time.
3. At some point, the lender will file a notice of default against the homeowner, which formally begins the process of foreclosure.
4. From a legal perspective, there are two types of foreclosures -- the judicial and the non-judicial. As you would imagine, the former takes place in court and the latter takes place outside of court.
5. Most foreclosures in this country are of the non-judicial variety, meaning they never go to court before a judge.
6. The non-judicial variety is also referred to as a "power of sale" foreclosure. It allows the trustee to sell the property more quickly (on behalf of the lender) by avoiding a court process.
7. During the pre-foreclosure stage, the homeowner may work with the lender to get back on track with his or her mortgage payments.
8. Also during this stage, the homeowner could sell the home before the bank forecloses on it, typically through what's known as a real estate short sale process.
9. If the homeowner fails to (A) get back on track with mortgage payments or (B) sell the house via short sale, the property will move along the path to a real estate auction.
10. About 20 days before the real estate auction is to take place, a notice of sale will be posted for public viewing.
11. In most cases, the notice of sale is posted at the county courthouse (in the county where the foreclosed property is located).
12. In most cases, the actual auction will also take place at the county courthouse.
13. In addition to the notice of public sale (which is a minimum requirement), the lender will announce the auction event through other channels as well, because...
14. The lender wants a good turnout at the event, because having a lot of qualified bidders will increase the likelihood of a quick sale.
15. The lender wants a quick sale above all else, because they are losing money and wasting other resources by keeping the non-performing (unpaid) loan on their books.
16. In true auction fashion, the attendees will bid on the property and it will eventually be sold to the highest bidder. 17. After the home is sold, a deed will be given to the successful bidder. This person is now the new owner.
18. The starting price for a home being sold at auction is normally based on the amount owed to the lender (combined with other expenses the lender might have incurred when foreclosing on the property).
19. Overbidding is a common mistake among first-time attendees. This will drive up the price of the home and defeat the purpose of buying through an auction. The purpose for investors is to obtain a property below market value.
20. In most scenarios, attendees must have financing lined up before they will be allowed to bid on a property. For obvious reasons, real estate auctions are typically cash-based.
21. Most homes sold in this way are sold as-is with no warranties of any kind. So if you have the chance to inspect the property before bidding on it (even if it's just a cursory walkthrough), take that opportunity.
Obviously this article does not cover everything you need to know about buying a home through a real estate auction. Entire books have been written on the subject, and you should read those too. But this article will help you understand the basic process that takes place, and therefore shall serve as a good jumping-off point for your further research.
With that in mind, I recommend you print it out and highlight the areas where your knowledge is lacking. Then, learn as much as you can about those areas. Good luck!
Wednesday, March 26, 2008
Finding Good Real Estate Deals in Fishers, Indianapolis
Zionsville, Noblesville, Carmel, Fishers, and Westfield are some of the fastest growing cities in the state and the country. Many people are choosing to call Fishers or Carmel home and investing in property there. Both are located close to Indianapolis and have all the required institutions such as quality schools, hospitals, churches, and government services. There are a number of commercial and shopping centers and other places for recreational activity. Property prices in these two cities have seen a steady growth in the last twenty years. Prospective homeowners can find their dream homes in all sizes and price ranges when looking for Fishers real estate or Carmel real estate.
Real estate investment is one of the most important and biggest purchases you will ever make, and it also involves extensive thinking and planning. If you are a first time buyer you need to be aware of property prices, negotiation techniques, financing options, mortgage rates, and many other things before you make an informed decision.
Finding good deals is not difficult if you go about it in an organized way. Below are a few tips to help you find a good deal for your dream home.
Be the first on the block. Find out where the local newspapers and other local publications are printed and get one of the first copies that come out. Look up the classifieds and other pages to find property up for sale and grab the first mover advantage.
Another idea is to advertise and get people who are contemplating selling their homes to call you, before they announce it to the world.
Look in the newspapers and scan the legal section. You can contact attorneys and explore the possibility of purchasing a good home. Also look at the garage sales section - about 20% of people who have garage sales eventually move or are planning to move.
Let it be known in the market that you are hunting for a house; in this way your success rate increases.
Another good idea is to look for damaged or deserted houses. Speak to the neighbors, as they will be aware of the owner's details. Such homes can be bought cheap. Neighbors also have a vested interest in having such homes restored.
Keep in touch with local lenders and finance companies; let them know that you would be interested in case of any foreclosures.
In case you come across Fishers real estate that does not appeal to you, but you are getting it cheap, buy it and then sell it off to someone else for some profit.
Let the whole community know that you are looking for a home or some property, also declare $500 as incentive to those who help you find your dream home. This way you will have a whole army hunting for your dream home.
Real estate investment is one of the most important and biggest purchases you will ever make, and it also involves extensive thinking and planning. If you are a first time buyer you need to be aware of property prices, negotiation techniques, financing options, mortgage rates, and many other things before you make an informed decision.
Finding good deals is not difficult if you go about it in an organized way. Below are a few tips to help you find a good deal for your dream home.
Be the first on the block. Find out where the local newspapers and other local publications are printed and get one of the first copies that come out. Look up the classifieds and other pages to find property up for sale and grab the first mover advantage.
Another idea is to advertise and get people who are contemplating selling their homes to call you, before they announce it to the world.
Look in the newspapers and scan the legal section. You can contact attorneys and explore the possibility of purchasing a good home. Also look at the garage sales section - about 20% of people who have garage sales eventually move or are planning to move.
Let it be known in the market that you are hunting for a house; in this way your success rate increases.
Another good idea is to look for damaged or deserted houses. Speak to the neighbors, as they will be aware of the owner's details. Such homes can be bought cheap. Neighbors also have a vested interest in having such homes restored.
Keep in touch with local lenders and finance companies; let them know that you would be interested in case of any foreclosures.
In case you come across Fishers real estate that does not appeal to you, but you are getting it cheap, buy it and then sell it off to someone else for some profit.
Let the whole community know that you are looking for a home or some property, also declare $500 as incentive to those who help you find your dream home. This way you will have a whole army hunting for your dream home.
Friday, February 22, 2008
The world's housing markets in review
In 2007, the US housing market crashed, and Europe's housing markets slowed. But house prices in Asia-Pacific gained momentum.Bulgaria saw the world's strongest house price growth at 30.6% (15.4% in real terms) to end-Q3 2007 from a year earlier.Shanghai's red hot housing market continued to rebound, despite efforts by the government to cool the market. House prices rose by 27.85% to end-Oct 2007 from a year earlier; a significant turnaround from 0.6% drop in 2006.Singapore registered an annual house price increase of 27.6% (24% in real terms) to end-Q3 2007, significantly higher than the 7.6% price increase over the same period in 2006. In real terms, Singapore was the world's best-performing housing market, given inflation of only 2.66%.House prices rose by more than 10% year on year (y-o-y) in nominal terms in several developing countries - the Philippines, Colombia, South Africa, and Hong Kong. However, when adjusted for inflation, price increases were generally substantially lower.In Europe most countries registered unimpressive y-o-y house price changes in 2007, aside from Norway and Estonia.Property prices in Ireland started falling in 2007, the first time in more than 15 years. The Irish housing market had the biggest and longest house price boom among developed countries in recent memory.Urban land prices in Japan's six largest cities rose by 7.75% during the first half of 2007. Although Japan's national urban land price index fell by 1.48% during 1H 2007, this is an improvement from the 2.8% price fall in 2006. The Japanese urban land price index is generally believed to lag reality, so significant recovery is taking place in the Japanese housing market.Interest ratesThe recent house price slowdown in Europe and the US is mainly due to higher interest rates.In Europe, the European Central Bank (ECB) raised its key interest eight times in 15 months. The repo rate was raised to its current level of 4% in June 2007 from its historic low of 2% in Nov 2006.In the US, the Federal Reserve Bank raised its key lending rate 17 times in 24 months during 2004-2006. The US Federal Funds rate rose sharply from its historic low of 1% in May 2004 to 5.25% in June 2006.As signs of strain on the housing market started to appear in mid-2006, the Fed kept its key rate at 5.25% for 14 months to Aug 2007.When the US housing market boom turning to a bust, the Fed slashed key rates in September by 50 basis points and in October and December by 25 basis points, bringing the rate down to 4.25%.The central banks of UK and Canada reduced key lending rates by 25 points in December 2007.Some would say the Fed raised rates "too much, too soon," and is now frantically reducing key rates to avoid recession. Others however suggest that weak oversight of US mortgage market lending is the primary cause of the present crisis, in combination with a structural shift toward off-balance sheet lending.The ECB's stubbornly slow rate adjustments, in contrast, have allowed the Eurozone's diverse housing markets to adjust relatively smoothly. Only the most overpriced housing market, Ireland, has actually crashed, while the rest are mostly slowing.
Easy Steps to Gain Success in Miami Real Estate Investing
If you want to be a successful Miami real estate investor, you have to know that there are steps that you should learn and apply in order reach those certain goals of yours. You know for a fact that Miami real estate investing is not that simple; you have to learn and apply those that you have learned.Definitely, being a real estate investor is a tough one, since it requires lots of your time and effort to become successful. Real estate investing requires lots of work such as finding plenty of motivated sellers. You have to go on your way searching for lots of lots of houses. And in searching for houses, you certainly need to make many offers.In this venture, you need to give a lot of your effort. You need to work with whole honesty. If you want to gain trust and you want people to deal with you, then you have to be an honest person. A dishonest person will end up being out of this venture, since no one will even think of working with him.This is really a quite tough job since you need to go to the market, look for lots of houses, make plenty of offers and sell the property again.Being a real estate investor, you do not just think about how much money you will gain. You have to learn how to listen. You have to pay attention to what sellers are saying. The deal won't work out if you only think about yourself. You have to understand every detail. Ask a lot of questions to make sure you and the other parties are on the right track. You can't win a great deal if you do not understand each other. In some chances, a deal can fall if you misunderstood each other. Your time and money will just be put into waste.Never deceive anyone just to gain a deal. You have a reputation to take care, so you need to be honest and never let your conscience haunt you. Do not ruin your reputation for just few dollars. Your reputation doesn't worth just a few dollars. So do not deceive any one, play nice and clean...You also have to be open on possibilities that deal doesn't work out. If the deal doesn't work by either party, then it is not a good deal. There will come a point that you just have to accept it and just walk away if it didn't turned out right. Think and look at all the possible outcome, never overlook any point or possibilities. There're some who just think about the few dollars that they will gain with this and soon overlook something and then turned out losing the money.Yes, in doing Miami real estate investing, you can earn a lot but do not excite yourself too much with the earnings, it is better to stick with the numbers and work on it carefully.You have fears but you need to face that fear in order to gain success with your Miami real estate investing. If you fear to make an offer because of rejection, then make a lot of offers until you are use with it. It is okay to be rejected, what matter is you move on and look for another...
New Home Buyers Second Step to Buying a Home
Finding and shopping your loan. The loan process and the different types of loans available are very complex. Loan officers and lenders rely on the complexity to confuse and misdirect the borrower in order to get them to surrender and sign on the doted line. Remember credit rules have changed and the three different credit reporting agencies are not supposed to penalize the applicant for applications filed in a thirty day period. This allows you to shop your loan, so don't listen to the spin that you need to sign today. Shop your loan and get the best deal possible. Stay on the realty trak. I am going to simplify the loan process to a few definitions and processes that will allow you to get the best loan possible. Truths are simple and whenever you make them complex you have some ones special interest at heart. Don't be a victim of special interest.Let us break down the types of lenders and list their types of loans, advantages, and disadvantages. Some will disagree with me but I break it down to three types of lenders. Direct Lenders, Mortgage brokers, and Lenders that do both. 1.Direct Lenders- Banks, Credit Unions, Specialty Loan Programs, and Large Corporations are some examples. The advantages of these are a relatively short approval time. Their loans, fees, points, and other charges are very structured so they can give a closing estimate that will be accurate. (PS- Don't forget to make them give you this it's called a Good Faith Estimate.) They should be able to give you full loan approval in one day. Many of them are offering No Closing cost loans that they will pay all of your closing, except for taxes related to the sale. This can save you a lot of out of pocket expenses at closing. If you are in the high 600s or above, on your credit score, this is probably the best type of lender for you. But remember, shop the loan out. Specialty Loan programs are out there for low income and first time home buyers. They often offer low interest loans with some paid closing but require the applicant to attend classes. Some Direct Lender disadvantages are that their loan process is very structured. If you don't fit their guidelines they will turn you down and this is bad for your credit report. Although many are starting to be competitive I have found most tend to have higher interest rates. And everything is done on their time so don't be surprised to see your settlement pushed back a few days. You need a great deal of patience to deal with Specialty Loan programs for they often take a lot longer to qualify and settle your new home for sale. 2.Mortgage Brokers- Are small, large companies, and individuals. Some service the loan, but most do not. The advantages are they shop your loan to multiple companies. so it is possible they can compete over the rates and points. Some can specialize in certain types of loans (such as FHA, VA, Construction loans Etc. We will define these later) and offer the most competitive and competent services for these type of loans. Many are willing to work with individuals bordering qualification, writing letters and such to improve your credit in order to qualify. The disadvantages are many, and the borrower should be aware of the process all the time. Many loan officers shop your loan to the companies that give them the highest fees to your detriment, so you need to ask for a Good Faith estimate from at least four different lenders that they are working with. If they don't want to do this, walk away. Many are very busy and don't submit all of the paperwork until the last minute, this can affect closing costs and increase you're out of pocket expenses at the last minute. This is why I recommend you shop the loan, you can threaten to abandon them and go back to one of their competitors if they don't make it right. 3.Lenders that Do Both- Banks, Credit Unions, Mortgage Brokers, and Corporation are examples. Notice that many of the examples from above do both. You need to ask whether this is the case for if a Bank is shopping your loan to another company, you can often go directly to that company and get better terms. These types of lenders have both advantages and disadvantages from both categories but can be an excellent source for shopping your loan. Now that we have seen the type of lenders lets compare a few types of loans. There are many types of loans and programs and no one individual can keep up with all that is available. I could write a book on everything available only to have it become obsolete because market conditions, government regulations, and or our favorite the Federal Reserve Bank has screwed up again. So I will concentrate on a few basic types of loans that are consistent and most loan types are subs of these types of loans. These are Conventional, FHA, and VA. Here are some of the advantages and Disadvantages. 1.Conventional loan are often more competitive through direct lenders. This type of loan is often better if your credit rating is in the high 600s or above. Higher credit scores can get many benefits from this loan. If you are planning on living in this property for a long time you can buy down the interest rate with points. Often many loan modifications are available. Many lenders that do this type of loan are offering all Closing costs paid even if you use your own settlement company or attorney. There are many types of this loan. 2.FHA loans are often more competitive through brokers. They are excellent loans for first time home buyers with low income, and or borderline credit rating. FHA 203k loans allow lower income individuals qualify for fixer upper homes financing the repair costs in the loan. FHA loans often let the buyer finance some closing costs allowing the purchaser to get in the home with only a small amount down. FHA loans have a cap for different areas often coming under the average price for higher dollar areas. 3.VA loans are for qualifying Veterans and offer many advantages brokers who specialize in this type of loan are more competitive. This loan has many options and is hard to compete against if you are a veteran. But always remember shop the loan. We can now, armed with the above information, list out a few factors and figure out the best loan that fits our needs. A.How much you qualify for. There are many mortgage and income calculators on the internet that you can figure out how much you qualify for. A lot of lenders take application on the telephone or internet and can tell you what you qualify for before they take your application. This is easier if you did the first step and got your credit score online. New Home buyers First Step in Purchasing a Home They can tell you the limits for FHA or VA loans in the areas that you are interested in. If you qualify for more than the limits and plan to spend more you know you will have to go with a conventional mortgage, and a direct lender will probably have the best choices for your needs. You can always buy at a lower price it all depends in your lifestyle and how your home fits into it. B.Your Credit score and Income. If your credit score is 640 to 680 and or your household income is lower than 80k per year then you probably want to go FHA, or find a Conventional Specialty Loan Program. C.If you are Veteran and have good credit VA is probably the best for you. If your credit is lower such as in B. then maybe you want an FHA loan. Remember Shop Your Loan. The guides above are nothing more than a common sense approach to getting a loan. Be Creative. Ask Questions and Expect Answers. The market and the loan products in it are forever changing, by shopping the loan you should be able to find the best product that fits your needs. You want find Houses Homes, Houses Apartments Lands, and or Real Estate that fits your lifestyle. Be firm and You and your Realtor should be able to check up on the lender to make sure they are giving you the product that you applied for. Always get a Good Faith Estimate for they love to forget this. I know you can do this if I can. John Norton Realtor Realty Executives of DC Washington DC Real Estate Maryland Real Estate Virginia Real Estate
Real Estate Agent In Chicago Will Help You Find The Best Area For Your Family
Relocating to a new city or to a new residence can be an exciting and stressful time. Luckily, there are professionals who are willing and able to help you through the sometimes difficult process of finding a new place to live. If you are looking for a place to live in the Chicago area, you'll find it simple and enjoyable to work with a real estate agent in Chicago.A real estate agent in Chicago is especially necessary if you are buying a home. He can browse all current listings and find just the right property for you. He will act as your liason with property owners and guide you through the entire process.A real estate agent can be your irreplaceable tool when it comes to buying a house. However, the lesser known fact is that they are also very helpful when it comes to selling your house. If you have ever been through the irksome process of selling your house, then you surely know how bothersome and lengthy the process is. A trustworthy agent can help you promote and publicize your house as well as help you find a new one.Even renters will find benefit in working with a realtor when searching for an apartment or house to rent. Searching through real estate listings can be a time consuming task. A real estate agent can help you sort through existing Chicago real estate listings to assist you in finding the perfect property. A real estate agent can efficiently locate properties with the correct number of bathrooms, bedrooms and square footage that fit within your budget.Any real estate agent in Chicago will have information on available housing in any of the suburb areas and will assist you in finding a place to live that you are comfortable with. A real estate agent will find you the best property that is within your price range in whatever metro section you can afford.Chicago is an exciting, fast-paced place to live. The real estate market in Chicago is comparable to most other American cities, and a knowledgeable real estate agent will be able to capitalize on current market conditions. Once you find an experienced real estate agent in Chicago who you are comfortable with, you'll soon be able to move into your new home.
Friday, February 15, 2008
The Hurghada Egypt Property Market
Ever since President Mubarak of Egypt opened his country's property market to foreign buyers in 2003, the Egyptian property market has boomed. The most favoured area for UK buyers is the area around Hurghada. Originally a fishing village on the Red Sea from where fisherman would come over from the Nile valley, Hurghada has turned into Egypt's newest property market. Vast pipelines from the Nile ensure that an area that was once a desert is supplied sufficiently with water to cope with the demands of a major expansion in population. Served by Hurghada airport with direct flights from the UK, the area stretches from El Gouna in the North to Sahl Hasheesh in the South , a stretch of some 40 kilometres parallel to the beaches of the Red Sea. Further resorts are planned further along the coast such as the Damac project which will include several thousand properties. El Gouna is a resort that is now completed and so only re-sale property is readily available. New front line beach projects are being built along the stretch from El Gouna to Hurghada.Hurghada is a bustling town full of shops and bazaars. New apartment blocks are being built to European standards. To the south of Hurghada, is the planned 5* resort of Sahl Hasheesh with several luxury projects underway. The 7* Oberoi hotal is already open for the discerning traveller and the Norman Foster marina is in preparation. In my opinion, the infrastructure planning around Hurghada will avoid the traps of the spanish Costas. For example, although not yet required there are 2 ring roads around Hurghada, meaning that the coastal roads serving the resorts will not have to support heavy through traffic, unlike Spain.
Current reasons why Hurghada is a property hot spot:
Freehold property (unlike Sharm which is leasehold)
Mortgages
Low prices
Front Line beach is still available off-plan (but for how long?)
Year round rental season
To the above should be added that this is a quality location, English speaking and with a level of service from the Egyptians that would be hard to find anywhere else. The cost of living is still very low. Eating out is easy and cheap as long as you avoid the wine where a local bottle will set you back £15 and an imported bottle £35!. A meal for two without wine will cost as little as £20
CONCLUSION: Many "Brits" are now settling in Hurghada, happy with the life style and this in turn is bringing additional services. (A Carrefour shopping centre is planned for 2009). The easy way of life, the prices, the location and the kindness and hospitality of the Egyptians are all sufficient reasons. The British colonial past of Egypt has left its mark in as much as English is very much the second language after arabic and a new school's programme ensure that pupils learn English right from kindergarten. However, the British are not alone in this market. There is enormous interest from Russian buyers as well, lured by the ease of the buying process and relaxed visa regulations. So now is the time to consider Hurghada and I would be delighted to help you find your ideal Hurghada Egypt investment property.
Current reasons why Hurghada is a property hot spot:
Freehold property (unlike Sharm which is leasehold)
Mortgages
Low prices
Front Line beach is still available off-plan (but for how long?)
Year round rental season
To the above should be added that this is a quality location, English speaking and with a level of service from the Egyptians that would be hard to find anywhere else. The cost of living is still very low. Eating out is easy and cheap as long as you avoid the wine where a local bottle will set you back £15 and an imported bottle £35!. A meal for two without wine will cost as little as £20
CONCLUSION: Many "Brits" are now settling in Hurghada, happy with the life style and this in turn is bringing additional services. (A Carrefour shopping centre is planned for 2009). The easy way of life, the prices, the location and the kindness and hospitality of the Egyptians are all sufficient reasons. The British colonial past of Egypt has left its mark in as much as English is very much the second language after arabic and a new school's programme ensure that pupils learn English right from kindergarten. However, the British are not alone in this market. There is enormous interest from Russian buyers as well, lured by the ease of the buying process and relaxed visa regulations. So now is the time to consider Hurghada and I would be delighted to help you find your ideal Hurghada Egypt investment property.
The Le Marche, Italy, Property Market
Normally at this time of year the property market in Le Marche, much the same as in the rest of Europe has still yet to show any signs of life. But this year, even with all the financial turmoil throughout the western world, the market seems to picking up early with local estate agents reporting many enquiries and visits already planned to the region.To help with planning a trip or if you are just in the early stages of your Italian property search I have come up with five good reasons why it is a good time to think of buying a property in Le Marche. Whether a farmhouse with land for a holiday or retirement home or a village house for rental purposes, I hope these five reasons will be of help.Relatively Low PricesDespite all the recent financial turmoil throughout the USA and Europe and also the recent weakness of Sterling against the Euro, prices of both Rural and Village properties in Le Marche are still less than half the price of similar properties in Tuscany and also 30% cheaper than neighbouring Umbria.Low Cost FlightsOver the past eight years since the introduction of low cost flights, many thousands of derelict farmhouses and also decaying and abandoned village houses have been sold to non Italians mainly from the UK, Germany and Holland.Even so there are still many thousands of beautiful properties for sale, but over the next couple of years most of the best bargains and finest properties will finally have been refurbished and sold.Improved Property Buying SupportThe property market is maturing quickly in Le Marche and the local agents are becoming bigger and using techniques that are new to them, but that are common practice in the UK.As this happens, vendors are becoming better informed about the prices they should ask for their properties. As this spreads throughout the Le Marche region, bargains and little overlooked gems are becoming less and less common to find.Increasing AwarenessLe Marche is becoming much more well known to the outside world and also to a lot of Italians from Cities such as Milan and Rome. As Le Marche's fame spreads there has been a dramatic increase in clients looking for properties in the region than there were even two or three years ago. Many hilltop villages are experiencing a renaissance with many of the historic houses being purchased by well off Italians from the North, especially if there are close family links.Building Industry RecoveryThe building industry in Le Marche has also blossomed over the last few years and has grown enormously to cope with the increased demand.For a few years after the devastating earthquake in Foligno and Assisi in neighbouring Umbria, many builders from Le Marche relocated there to carry out restoration work on damaged properties, mostly funded by the Italian Government.Many of these local Le Marche builders and Artisans have now returned to the region and are now very skilled and equipped to restore all types of properties, from the largest Palazzo to the smallest village house.Taking all these points together I hope you can now see why it is a good time to plan your trip to Le Marche and if I would be delighted to help you find your dream property for sale in Le Marche.
Prepare well before plunging into buy-to-let or becoming a landlord
Recent research from the Association of Residential Letting Agents shows that 40 per cent of existing landlords are planning on making more acquisitions during 2008. But, potential landlords should consider many different factors before committing to letting a property. Performing a full risk assessment and being realistic about the finances required to pay for and maintain the property is essential. Unless you own a property outright, then you need to consider the best way of financing its purchase. Until recently there were thousands of different buy-to-let mortgage products available throughout the UK, but since the credit crunch, many have subsequently been withdrawn. Those that remain have tighter lending criteria and therefore come with quite stringent conditions. Ensure that you shop around before committing to any lender, and don’t settle for the first offer before checking out others. It may also be wise to opt for a fixed rate buy-to-let mortgage as you can plan your expenses for a fixed period with a degree of certainty. Being able to withstand a period of non-occupation, or non-payers is also an important consideration. If you can only afford to enter the buy-to-let market based on 100% occupancy of the property, then unless you are extremely lucky you will come unstuck at some point. Many experts recommend incorporating an average two months of non-occupancy when calculating your costs. Also, if you are employing a letting or property agent you will need to include their fees in your costs. Insurance is vital. If you don’t own the property outright, your lender will insist that you have buildings insurance to protect their asset, and similarly you should seriously consider landlord’s insurance to protect you and your investment. That applies especially if you have a portfolio of properties, or if your property is one of a number in the same apartment block where there are other landlords. Indeed, you and your fellow landlords could pool your purchasing power to leverage a better deal from insurers. Buy-to-let insurance is a specialist product and some insurers in that sector offer complimentary add-ons such as tenant referencing services, which are very useful when it comes to assessing potential tenants. Buy-to-let insurance can also protect you against owner liability claims, and no-one should seriously think about becoming a landlord without being adequately insured - both against liability claims and for protection of property. Another important consideration is ensuring that you put aside a sum for regular and emergency maintenance. Things will go wrong and it is best to provide for it up front. Having adequate insurance will also help in emergency situations. Older properties generally require more maintenance so consider that before buying. So, if you are thinking of becoming a landlord, make sure you assess all the risks, do your research and ensure that you are realistic about what to expect.
How Buying Property Abroad Can Save You Money
Every year hundreds of thousands of UK residents decide to purchase property abroad as a way of saving money. Buying a home in Spain is one of the most popular choices. However, some Britons are investing in places as far flung as Australia and New Zealand.
So do these people know something that the rest of us don’t? We investigate how buying property abroad can potentially save you money.
One of the main financial reasons for buying a home in another country is because of the high cost of living here in the UK.
According to recent reports, UK residents pay more for every day items (like bread, milk and petrol) than those living in Spain, France, South Africa, the United States, Australia and New Zealand.
Furthermore, and partly owing to taxation issues, the cost of alcoholic beverages is significantly higher in the UK than in most other parts of Europe.
The costs associated with owing a car are also much higher in the UK than elsewhere. Cars are generally much more expensive to buy here and running costs are also higher. Fuel prices are nearly double those in other countries whilst we Britons pay more road tax than almost anyone else in Europe.
Given that the above named countries are the main destinations for those moving abroad, lower living costs are clearly a key incentive for moving. In fact, studies show that around 10% of all people who decide to leave Britain and buy property abroad claim that the cost of living was a major factor in their decision.
However, it is not simply the opportunity to cut down on every day living costs that is enticing many UK residents to buy property abroad. Since going out for a meal or to the movies is so much cheaper elsewhere, purchasing a home in another country also enables you to go out more and still save money!
So do these people know something that the rest of us don’t? We investigate how buying property abroad can potentially save you money.
One of the main financial reasons for buying a home in another country is because of the high cost of living here in the UK.
According to recent reports, UK residents pay more for every day items (like bread, milk and petrol) than those living in Spain, France, South Africa, the United States, Australia and New Zealand.
Furthermore, and partly owing to taxation issues, the cost of alcoholic beverages is significantly higher in the UK than in most other parts of Europe.
The costs associated with owing a car are also much higher in the UK than elsewhere. Cars are generally much more expensive to buy here and running costs are also higher. Fuel prices are nearly double those in other countries whilst we Britons pay more road tax than almost anyone else in Europe.
Given that the above named countries are the main destinations for those moving abroad, lower living costs are clearly a key incentive for moving. In fact, studies show that around 10% of all people who decide to leave Britain and buy property abroad claim that the cost of living was a major factor in their decision.
However, it is not simply the opportunity to cut down on every day living costs that is enticing many UK residents to buy property abroad. Since going out for a meal or to the movies is so much cheaper elsewhere, purchasing a home in another country also enables you to go out more and still save money!
Tips for landlords looking to go to court against a tenant
Landlords should see going to court as a landlord's last resort. Unfortunately though, a court appearance is a fact of life for many landlords who are looking at regaining possession of their buy-to-let investment property, or are simply trying to retrieve rent & other monies owed to them by their tenant.
It is almost certain that any case that does go to court involving a landlord will end up in one of the 218 county courts in the country which deal with all but the most complicated civil law proceedings. Each court has Bailiffs who enforce court orders and seek to collect money if a judgment has not been paid.
So as a landlord you have filed court proceedings and the day is fast approaching when you will have to appear. What does a landlord need to do?
Justice Firstly, a landlord should dispel any romantic notion that a landlord's court appearance is a mechanism to bring about justice after months of suffering at the hands of a bad tenant. One landlord neatly summarised the legal system governing the renting of property:
"it's got sod all to do with who's right and who's wrong, just who's filled in the proper bits of paper and knows their bundle of papers really thoroughly."
This means that even when you as a landlord know that you have done the right thing, this will count for nothing in the eyes of the law. Landlords should realise that going to court is case of proving a set of events against a list of very specific criteria. It is nothing to do with justifying that you the landlord are a good person and that your tenants are bad.
A landlords preparation for a court appearance Careful preparation is definitely the key to any landlord's court appearance, particularly if the landlord is representing themselves. A landlord really needs to know what the Civil Procedure Rules (CPR say about the area of law they are taking action over. For example, the repossession of a landlord's buy-to-let property following a period of non-payment of rent. Civil Procedure Rules (CPR for those landlords that haven't come across them before are the procedural code that sets out how the court deals with cases in a just manner. Landlords before going to court should be aware of it and in particular the first few parts of the Civil Procedure Rules (CPR that deal with how court business is run in respect of paperwork, dates of service, etc.
It's all about the evidence a landlord can present As I mentioned previously the secret for any landlord who wants to obtain justice is providing sufficient evidence. Before going to court a landlord will have to submit a pile of documentary evidence. This folder of documentary evidence is known in legal parlance as a "bundle" and it should contain all the evidence that a landlord refers to in their statement. This might be letters that have been exchanged between the landlord and tenant, rent statements, the tenancy agreement, etc. A landlord should prepare their table of contents carefully, giving the date, a name for the entry (e.g. e-mail from defendant to landlord) and a one-line summary of the important point in the document. (For example a defendant states that they have no money available to pay rent). It is important that the landlord numbers the pages in the bundle and that they know what is where in case the judge decides to ask a question about it. A landlord should put post-it notes on the edges of their own copy so that they can find things quickly and simply. A landlord should present the court's bundle in a ring-binder folder so the judge can easily get to the pages that the landlord refers to (this is a requirement of the Civil Procedure Rules (CPR anyway.)
A landlord should establish a clear timeline of everything that has happened to assist the judge in their determination. The landlord should also endeavour to give precise dates and amounts of money. Finally, in preparing their statement, where a landlord makes reference to letters, e-mails etc, a landlord should make a note in their statement of the exact page number where this bit of evidence occurs in the landlord's bundle. This will help the judge when referencing the evidence and is also a requirement in the Civil Procedure Rules.
Most importantly a LANDLORD SHOULD BE WELL PREPARED. More importantly, they should be better prepared than their opponent, THE TENANT.
Tips for landlords on the court appearance
1. Firstly, a landlord should try and stay calm. A landlord should present their case in a dispassionate and calm manner. Getting worked up or annoyed will not help a landlord's case but getting across the facts and evidence will.
2. Court appearances are often brief. Landlords shouldn't expect an epic appearance. Where the defendant (the tenant) fails to show which is quite common and the evidence provided to the court is clear cut, the whole thing could be over in 5 minutes.
3. It is always useful for the landlord to have the basic facts on a single piece of paper as an 'aide memoir' and for easy reference listing the page or paragraph reference in the landlord's bundle of evidence (the landlord should bring the full details as well just in case)
If for example, the landlord is seeking possession under section 8 grounds the landlord might have the following information to hand:
* Tenancy start date * Date the Section 8 Notice was served and how (proof of postage if the landlord has it) * Arrears figure worked out to the set date. I normally do a large print spreadsheet for the judge to see.
4. A landlord should keep their answers to any questions short (yes / no). A landlord should be clear and concise. Landlords will probably find that the tenant will waffle on annoying the judge and digging a deeper and deeper hole for them selves. Remember a landlord can never prove a negative. For instance, that a tenant has not paid rent. Instead, a landlord should ensure that they lodge whatever evidence they hold and then claim that a tenant has not paid the rent; they should let the tenant prove that they have.
Remember all the evidence that a landlord has produced in court should have been submitted beforehand within a landlord's witness statement. The judge and the defendant will get a copy of this before the hearing.
5. Landlords should be aware that courts and even judges are not infallible. Therefore a landlord should always check any judgement carefully to ensure that the law has been correctly applied. If in doubt a landlord should always seek clarification from the court, or if a landlord is still unsatisfied they should seek professional advice. There have been cases for where the admin staff working at the court have not been clear on the judgement and issued an incorrect judgement or even that a judge has misinterpreted the law!
It is almost certain that any case that does go to court involving a landlord will end up in one of the 218 county courts in the country which deal with all but the most complicated civil law proceedings. Each court has Bailiffs who enforce court orders and seek to collect money if a judgment has not been paid.
So as a landlord you have filed court proceedings and the day is fast approaching when you will have to appear. What does a landlord need to do?
Justice Firstly, a landlord should dispel any romantic notion that a landlord's court appearance is a mechanism to bring about justice after months of suffering at the hands of a bad tenant. One landlord neatly summarised the legal system governing the renting of property:
"it's got sod all to do with who's right and who's wrong, just who's filled in the proper bits of paper and knows their bundle of papers really thoroughly."
This means that even when you as a landlord know that you have done the right thing, this will count for nothing in the eyes of the law. Landlords should realise that going to court is case of proving a set of events against a list of very specific criteria. It is nothing to do with justifying that you the landlord are a good person and that your tenants are bad.
A landlords preparation for a court appearance Careful preparation is definitely the key to any landlord's court appearance, particularly if the landlord is representing themselves. A landlord really needs to know what the Civil Procedure Rules (CPR say about the area of law they are taking action over. For example, the repossession of a landlord's buy-to-let property following a period of non-payment of rent. Civil Procedure Rules (CPR for those landlords that haven't come across them before are the procedural code that sets out how the court deals with cases in a just manner. Landlords before going to court should be aware of it and in particular the first few parts of the Civil Procedure Rules (CPR that deal with how court business is run in respect of paperwork, dates of service, etc.
It's all about the evidence a landlord can present As I mentioned previously the secret for any landlord who wants to obtain justice is providing sufficient evidence. Before going to court a landlord will have to submit a pile of documentary evidence. This folder of documentary evidence is known in legal parlance as a "bundle" and it should contain all the evidence that a landlord refers to in their statement. This might be letters that have been exchanged between the landlord and tenant, rent statements, the tenancy agreement, etc. A landlord should prepare their table of contents carefully, giving the date, a name for the entry (e.g. e-mail from defendant to landlord) and a one-line summary of the important point in the document. (For example a defendant states that they have no money available to pay rent). It is important that the landlord numbers the pages in the bundle and that they know what is where in case the judge decides to ask a question about it. A landlord should put post-it notes on the edges of their own copy so that they can find things quickly and simply. A landlord should present the court's bundle in a ring-binder folder so the judge can easily get to the pages that the landlord refers to (this is a requirement of the Civil Procedure Rules (CPR anyway.)
A landlord should establish a clear timeline of everything that has happened to assist the judge in their determination. The landlord should also endeavour to give precise dates and amounts of money. Finally, in preparing their statement, where a landlord makes reference to letters, e-mails etc, a landlord should make a note in their statement of the exact page number where this bit of evidence occurs in the landlord's bundle. This will help the judge when referencing the evidence and is also a requirement in the Civil Procedure Rules.
Most importantly a LANDLORD SHOULD BE WELL PREPARED. More importantly, they should be better prepared than their opponent, THE TENANT.
Tips for landlords on the court appearance
1. Firstly, a landlord should try and stay calm. A landlord should present their case in a dispassionate and calm manner. Getting worked up or annoyed will not help a landlord's case but getting across the facts and evidence will.
2. Court appearances are often brief. Landlords shouldn't expect an epic appearance. Where the defendant (the tenant) fails to show which is quite common and the evidence provided to the court is clear cut, the whole thing could be over in 5 minutes.
3. It is always useful for the landlord to have the basic facts on a single piece of paper as an 'aide memoir' and for easy reference listing the page or paragraph reference in the landlord's bundle of evidence (the landlord should bring the full details as well just in case)
If for example, the landlord is seeking possession under section 8 grounds the landlord might have the following information to hand:
* Tenancy start date * Date the Section 8 Notice was served and how (proof of postage if the landlord has it) * Arrears figure worked out to the set date. I normally do a large print spreadsheet for the judge to see.
4. A landlord should keep their answers to any questions short (yes / no). A landlord should be clear and concise. Landlords will probably find that the tenant will waffle on annoying the judge and digging a deeper and deeper hole for them selves. Remember a landlord can never prove a negative. For instance, that a tenant has not paid rent. Instead, a landlord should ensure that they lodge whatever evidence they hold and then claim that a tenant has not paid the rent; they should let the tenant prove that they have.
Remember all the evidence that a landlord has produced in court should have been submitted beforehand within a landlord's witness statement. The judge and the defendant will get a copy of this before the hearing.
5. Landlords should be aware that courts and even judges are not infallible. Therefore a landlord should always check any judgement carefully to ensure that the law has been correctly applied. If in doubt a landlord should always seek clarification from the court, or if a landlord is still unsatisfied they should seek professional advice. There have been cases for where the admin staff working at the court have not been clear on the judgement and issued an incorrect judgement or even that a judge has misinterpreted the law!
Real Estate New Times In The Future
When real estate markets are not doing that well, that also means that many deals could be available on the market if a seller is patient. During rough times, many properties go through foreclosure or sold below market value.
New times ahead can mean opportunities. With many properties returning back to the marketplace, if a buyer is willing to buy a property and do whatever it takes to get through the time it takes to sell it, then profit can be made.
During bad times of real estate, it is a default thought that money cant be made. But often, because there is a natural shakeup of properties, buying and selling is at a steady flow and so real estate opportunities do arise.
At times like this, when the market is down, its good to refocus on your plans and skills. Talk to a Armando Montelongo Real Estate Coach for help or an existing Real Estate Agent for advice or guidance. There are many online resources that can get you answers and questions including blog and forum sites and general social groups.
Don't worry if the real estate market is doing bad because it always an opportunity to make money if properties are on the move and buying and selling. Keep your focus on your plan and look for good deals that you can convert into profit.
The reason a person enters into a real estate deal is to make money. Anytime properties are being bought and sold, no matter the economic situation, profit can still be made and you can have success at reaching your real estate goals.
Real estate changes allot and just like long term investments, its good to keep an eye open for new deals no matter the economic climate. Opportunities can happen at anytime and so if a market is up or down, it doesn't matter, you can still have success.
New times ahead can mean opportunities. With many properties returning back to the marketplace, if a buyer is willing to buy a property and do whatever it takes to get through the time it takes to sell it, then profit can be made.
During bad times of real estate, it is a default thought that money cant be made. But often, because there is a natural shakeup of properties, buying and selling is at a steady flow and so real estate opportunities do arise.
At times like this, when the market is down, its good to refocus on your plans and skills. Talk to a Armando Montelongo Real Estate Coach for help or an existing Real Estate Agent for advice or guidance. There are many online resources that can get you answers and questions including blog and forum sites and general social groups.
Don't worry if the real estate market is doing bad because it always an opportunity to make money if properties are on the move and buying and selling. Keep your focus on your plan and look for good deals that you can convert into profit.
The reason a person enters into a real estate deal is to make money. Anytime properties are being bought and sold, no matter the economic situation, profit can still be made and you can have success at reaching your real estate goals.
Real estate changes allot and just like long term investments, its good to keep an eye open for new deals no matter the economic climate. Opportunities can happen at anytime and so if a market is up or down, it doesn't matter, you can still have success.
Overseas Holiday Apartments
Imagine sitting on a sparkling beach being bathed in a warm Mediterranean breeze doing absolutely nothing at all, which is exactly what you want to be doing. This doesn't have to be a fantasy any longer. There are many wonderful villas in Javea on the northern end of Spain's Costa Blanca available and ready for you right now.
Real estate is always a good investment, so why not invest in your future by buying your dream holiday villa? Located on the Mediterranean Sea on Spain's East coast, the Costa Blanca offers many unspoiled beaches, wonderful mountains, and the old-world charm that is Spain. Enjoy morning swims in the pristine sea and afternoon siestas in your apartment followed by dinner in one of Javea's many cafes or restaurants. Costa Blanca has wonderful year round air and ocean temperatures making it the perfect get away location from the hectic life most of us live.
Because of the wonderful weather, when you are not enjoying your beautiful villa in Javea, you will be able to rent out your villa to other holiday makers from all over the world when you are not enjoying it yourself.
Costa Blanca has a large English speaking ex-pat community, so while you will be in a foreign country experiencing new and exciting things, there are always going to be places you can go to keep you from getting homesick while you are on holiday. There are large enclaves of Brits who have moved to Javea, who are always more than happy to help out.
The Costa Blanca has many different styles of apartments and villas for sell from one bedroom one bathroom apartments to three and four bedroom apartments. All of the apartments are in the beautiful town of Javea and are near restaurants, cafes, beaches, and other wonderful scenery.
Invest in your lifestyle and come and have a look at the wonderful apartments available in Javea today. Buying property abroad is a significant way to increase your quality of life as you will always have a great place to visit and stay when you go overseas, not to mention your investment will give you strong returns on your lifestyle as well as your finances.
There has never been a better time to live the life you have always dreamt of. Now is the time to take advantage of the strong conversion rate and see how much more your money can buy overseas.
Real estate is always a good investment, so why not invest in your future by buying your dream holiday villa? Located on the Mediterranean Sea on Spain's East coast, the Costa Blanca offers many unspoiled beaches, wonderful mountains, and the old-world charm that is Spain. Enjoy morning swims in the pristine sea and afternoon siestas in your apartment followed by dinner in one of Javea's many cafes or restaurants. Costa Blanca has wonderful year round air and ocean temperatures making it the perfect get away location from the hectic life most of us live.
Because of the wonderful weather, when you are not enjoying your beautiful villa in Javea, you will be able to rent out your villa to other holiday makers from all over the world when you are not enjoying it yourself.
Costa Blanca has a large English speaking ex-pat community, so while you will be in a foreign country experiencing new and exciting things, there are always going to be places you can go to keep you from getting homesick while you are on holiday. There are large enclaves of Brits who have moved to Javea, who are always more than happy to help out.
The Costa Blanca has many different styles of apartments and villas for sell from one bedroom one bathroom apartments to three and four bedroom apartments. All of the apartments are in the beautiful town of Javea and are near restaurants, cafes, beaches, and other wonderful scenery.
Invest in your lifestyle and come and have a look at the wonderful apartments available in Javea today. Buying property abroad is a significant way to increase your quality of life as you will always have a great place to visit and stay when you go overseas, not to mention your investment will give you strong returns on your lifestyle as well as your finances.
There has never been a better time to live the life you have always dreamt of. Now is the time to take advantage of the strong conversion rate and see how much more your money can buy overseas.
Greatest Real Estate Agent in the World
The greatest real estate agent in the world is a contest that was thought up by Eric Bramlett out of Austin Texas in which a group of real estate agents and real estate webmasters from around world compete for the keyword greatest real estate agent in the world. The rules are pretty simple: use any domain under your control (blog, website, forum) to rank the highest in Google on May 1st 2008. The contest hub is the blog section at Real Estate Webmasters where one can find all sorts of updates, entries, and general information about the greatest real estate agent in the world contest.
What is the point of the contest?
The greatest real estate agent in the world contest is a friendly SEO contest to test and share SEO skills and tactics among real estate agents and webmasters. The winner will of course getting bragging rights, will be dubbed the greatest real estate agent in the world according to Google, and as a very nice added bonus Morgan Carey has offered a free real estate website with a custom IDX and hosting for a year which totals over $4,000 in value. What makes the contest so intriguing is that everyone must share either what they did to gain the rankings they did or what they learned from others who we able to gain rankings.
Do I Need To Be an SEO Expert to Take Part?
No way. That is the point of the competition, just to have fun and learn from yourself and others and probably create a few friends along the way. Seasoned veterans and newbies alike can and should participate is this exercise. In fact, it could be argued that the newbies stand much more to gain as far as knowledge goes and will benefit the most from this competition even if they dont win.
Sounds Fun How Do I Join?
There is no entry form of need to announce your submission to the greatest real estate agent in the world competition, all that you need to do post a blog and start getting links to it. If you are so inclined and want to make a splash, a post at Real Estate Webmasters blog section will easily let everyone know that you are in the competition.
So if you are a real estate agent from anywhere in the world and would a shot a being the greatest real estate agent in the world:, head over to Real Estate Webmasters, read the rules, post a blog, and start getting some quality links.
What is the point of the contest?
The greatest real estate agent in the world contest is a friendly SEO contest to test and share SEO skills and tactics among real estate agents and webmasters. The winner will of course getting bragging rights, will be dubbed the greatest real estate agent in the world according to Google, and as a very nice added bonus Morgan Carey has offered a free real estate website with a custom IDX and hosting for a year which totals over $4,000 in value. What makes the contest so intriguing is that everyone must share either what they did to gain the rankings they did or what they learned from others who we able to gain rankings.
Do I Need To Be an SEO Expert to Take Part?
No way. That is the point of the competition, just to have fun and learn from yourself and others and probably create a few friends along the way. Seasoned veterans and newbies alike can and should participate is this exercise. In fact, it could be argued that the newbies stand much more to gain as far as knowledge goes and will benefit the most from this competition even if they dont win.
Sounds Fun How Do I Join?
There is no entry form of need to announce your submission to the greatest real estate agent in the world competition, all that you need to do post a blog and start getting links to it. If you are so inclined and want to make a splash, a post at Real Estate Webmasters blog section will easily let everyone know that you are in the competition.
So if you are a real estate agent from anywhere in the world and would a shot a being the greatest real estate agent in the world:, head over to Real Estate Webmasters, read the rules, post a blog, and start getting some quality links.
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