Altameroy Blog

We all need the help of a professional occasionally, especially if we’re tackling a big project that’s outside of our normal area of expertise. So when it’s time to buy a home, it’s smart to hire a real estate professional, also known as a real estate agent. Why? Because:

THE AGENT IS EXPERIENCED

Many agents have years and years of experience working with home buyers and sellers. Indeed, many are pseudo-psychologists because they can “read” their clients and determine their needs and preferences. An experienced, knowledgeable real estate agent will be able to guide you to homes or property that he/she feels will suit you and your family. Many will also let you know if the house if “over” or “under” priced, and will guide you as you bid on a home. Their experience is invaluable when it’s time to sign the contracts and complete the paperwork, too.

THE AGENT IS UP-TO-DATE

Housing listings change quickly–in many case overnight–and that means the homes you see on websites and in catalogs or magazines may not be current. Real estate agents, however, have the inside scoop. They’ll be able to let you know whenever a house that might interest you hits the market. And they’ll also be able to let you know when a house is already sold, so you don’t waste time and energy on an unavailable property.

THE AGENT IS KNOWLEDGABLE

Most agents specialize in a particular city, county or geographic area. They’re already informed about things like local schools, crime rates and nearby shopping. They also will be able to tell you about local zoning laws, possible natural hazards–like hurricanes and tornados–and even things like the demographics of the community. Most will know if something large and commercial, like an airport or huge shopping center, is planned for future construction in the neighborhood. They have quick access to things like plats and property restrictions, too. Here is a list of recommended Home Mortgage Lenders online. It’s important to use a reputable lender online to make sure your personal information is secure.

A real estate agent can make your home buying process relatively simple and painless. Unless you’re an expert in real estate, it makes sense to hire a professional to help guide you through the home buying process.

If you want an Ok or Bad Credit Home Loan, check out ABC Loan Guide’s free listing of reputable lenders. These lenders also have Adjustable Mortgage Rate Loans Online.

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Whether to Buy or Sell a home is one of the biggest decisions anyone makes and brings up the question “should I move?” To this I always ask “why do you want to move?”

I have had a surprising number of people respond with “I want to collect on the increase in value since I purchased”. They believed that they could sell their home for top dollars and buy a similar home for much less. For anyone who has not guessed already, this will not happen. All homes of a similar style, area, size and with similar features will sell for similar prices. Once you account for real estate fees and closing costs, a move can have significant expenses.
So why should anyone move? The simple answer is, because they need something that the current home can not give them. The longer answer involves cost comparisons with renovating, accounting for the inconvenience of both selling a home and renovating a home and whether or not a renovation is even possible.

Move If you can not renovate

Probably the best reason to move is because you can not renovate your current home to suit your needs. Things that can not be renovated include location, more parking or space if your zoning does not allow for more, sewers and gas lines if you live in a remote location and any other feature that you want that is not available because of availability or local laws. So if you own a home on a main street, with no parking spot, no lane or area where parking may be created, and your family is growing and you have safety concerns and parking needs. You should seriously consider moving to a home on a quiet street with parking.

Move if the cost of renovating is too high

One should also consider the cost of renovating. Not all renovations will increase the value of your home. As a general rule, the higher your expenses for renovating the less value you add to your home in relation to the amount spent. So a renovation costing $200,000 may only increase the value of your home by $100,000. This is dependant on what you are doing and how you are doing it. An extreme case of this would be down sizing. You want a smaller home with less maintenance and less expenses for what ever reason. You could knock down your current home and build a little cottage, or you could move and pocket the difference in values between the two homes.

Move If you can not deal with the mess

As we all know renovating can be messy and have numerous surprises. If you do not think that you can put up with trades people tracking through your home, services being disrupted or any of the other possible inconveniences of renovations, then you should seriously consider moving.

If your current home can not easily be changed into what you want for a reasonable price that you can afford, or you do not want to deal with renovations, then moving would be a good alternative. Unless you have multiple homes you should not concentrate on making money so much as consider what kind of home and lifestyle you want to live in. If your current home does not suit you, you may want to consider moving. The choice to move or renovate is yours. Know what you are trying to accomplish, and make sure that you have all the information you need, and you will be happy that you made the best choice for you.

Andrew Hodge is a Realtor® in York Region, Ontario. Helping people buy and sell
York Region Real Estate

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Questions Sellers Should Ask in Agent Interviews:

1. Is your license in good standing?

You can check an agent’s certification yourself with your state’s department of real estate. Avoid working with an agent whose license is not in good standing.

2. How many years of education and experience do you have?

Experience and continuing education typically make for better agents.

3. 3. How many homes have you sold in my neighborhood?

An agent who specializes in the area in which you are selling your home is preferable. This agent will be the most familiar with recent sales activity and will be able to recommend a good market price for your home.

4. At what price do you think my home can sell given the current market?

This will allow the agent to display his knowledge of your market.

5. How many other sellers are you representing now?

The busiest agents often are the most efficient.

6. Will you handle all aspects of my transaction or will you delegate some tasks to a sales associate or administrative assistant?

A knowledgeable assistant can be invaluable, but make sure that you can connect with your agent when you need to.

7. How much can I expect to pay?

Commissions are negotiable depending on what kind of listing arrangement you have with your agent.

8. Can you give me a Comparative Market Analysis (CMA) of recent sales in the area and homes currently on the market?

This should contain listing and sales prices for recently sold homes as well as sales prices and the listing date of homes currently for sale. It also should include detailed property descriptions (such as square footage and numbers of bedrooms and baths).

9. What does your marketing package contain in addition to a Comparative Market Analysis?

Listing presentations should also include a suggested asking price for your home, information on the local housing market, advertising plans, a discussion of various listing agreements, and an analysis of sale proceeds at various price points and commission levels.

10. Can I list my house with you for 60 to 90 days?

Most consumer experts agree that a three-month listing period, or less, is best. You can always renew the listing agreement at that time.

11. Where will you advertise my home for sale to attract buyers?

Most agents will provide you with a list of newspaper outlets and Internet web sites where they will pay to advertise your home in order to sell it within your timeframe.

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“Use your home’s equity to pay off your debt. It’s easy and simple, no closing costs!” Every time I turn on the television, commercials bombard me telling me to take out a home equity line of credit. People are using their dream homes to pay for even bigger dreams, like a “debt free” lifestyle and college educations for their children. Despite the ease in securing these seemingly beneficial lines of credit, many CPA’s and financial planners are cautioning homeowners to gain a full understanding of how these lending options work before they turn their homes into a source of money.

There are two options in using your equity to secure funding: a home equity loan or a home equity line of credit. Most lenders will let a homeowner borrow up to 80% of existing equity based on the amount owed on the first mortgage and the appreciated value of the home. Unlike other forms of nondeductible consumer debt, loans less than $100,000 or less that use a home as collateral may have a tax deduction available for interest paid.

A home equity loan is most usually used for large purchases, such as financing a major home improvement project, starting a business, purchasing a luxury item or consolidating high-interest credit card debt. There are advantages to securing lending for these purposes, but these types of loans are better suited to those who don’t foresee future borrowing needs.

Home equity loans are basically second mortgages, which provide you with money that is repayable over a fixed term from five to 15 years. These loans can feature locked-in rates and monthly payments that remain the same.

Home equity lines of credit are ideal for use as emergency money. They can be used for irregular or unanticipated expenses like medical deductibles and automobile repairs. These lines are often used by higher income families who don’t qualify for college financial aid to pay for their children’s college educations. When faced with using a home equity line of credit or savings to pay off credit card debt, it is advised to use the savings to pay of the debt and the line of credit for future emergencies.

With home equity lines of credit, you are approved for a certain amount of money, a credit limit. You can borrow any amount of money during the life of your line of credit up to your credit limit. You may be given a check or a debit card that can be used at almost all retailers. Home equity lines of credit are usually variable-rate loans.

Using the equity in your home is not a flip decision. Think about it seriously. If you are doing this to consolidate high-interest rate credit cards, it will only work if you do not accumulate any new debt. If you keep using the cards, you are only digging a further pit of debt.

Your credit card company cannot foreclose on your home, but your home equity loan lender can. You are placing your home at risk with every mortgage placed on it. It is necessary that you shop for the best rates and terms available. Talk to different lenders and be aware of introductory rates. Read all paperwork carefully before you sign it.

Using your home equity can benefit you in many ways, but always display caution. It is still debt

Martin Lukac, California mortgage Lender(http://www.martinlukac.com), provides mortgage financing for purchase,refinance,bad credit and more. Request a free quote or ask a question.

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Refinancing a mortgage is simply taking out a new mortgage. It means paying off one or more old debts by getting a new loan. Sometimes, refinancing your mortgage can really save you money. You may be able to pay less interest, lower your monthly payment, or convert from a 30-year loan to a 15-year loan and build your equity faster. But be sure that refinancing is right for you.

1. Refinancing can be a good idea for you if you:

- want to get out of a high interest rate loan to take advantage of lower rates. This is a good idea only if you intend to stay in the house long enough to make the additional fees worthwhile.

- have an adjustable-rate mortgage and want a fixed-rate loan to have the certainty of knowing exactly what the mortgage payment will be for the life of the loan.

- want to convert to an adjustable-rate mortgage with a lower interest rate or more protective features.

- want to build up equity more quickly by converting to a loan with a shorter term.

- want to draw on the equity built up in your house to get cash for a major purchase or for your children’s education.

2. Some situations where refinancing your mortgage can really save you money:

- refinancing your higher interest rate unsecured loans with lower interest rate unsecured loans if the terms of the loans are comparable and the new rate is lower than the existing rate.

- refinancing your secured debts (such as your mortgage or car loan) if the new loan is for the same length of time left on your old loan (or shorter), and the interest rate on the new loan is substantially lower than the interest rate on your existing loan.

- refinancing your home to pay-off expensive car loans or credit cards provided you’re not in financial difficulty and not at risk of losing your home.

Mortgage refinancing can be worthwhile, but it does not make good financial sense for every homeowner. A general role of thumb is that refinancing becomes worth your while if the current interest rate on your mortgage is at least 2 percentage points higher than the prevailing market rate. This figure is generally accepted as the safe margin when balancing the costs of refinancing a mortgage against the savings.

Sometimes, refinancing is an appropriate way to resolve financial problems. In some situations, however, refinancing can make existing financial problems worse. If you decide that refinancing is not worth the costs, ask your lender whether you may be able to obtain all or some of the new terms you want by agreeing to a modification of your existing loan instead of a refinancing.

Copyright © 2005. Chileshe Mwape writes for the Mortgage Lender Guide at: http://www.lending-guide.org/ which offers informative articles about mortgages and loans.

This article may be reprinted as long as all the above links are active and clickable.

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Adjustable Rate Mortgages tempt homeowners with low introductory payments. If you’re not careful this adjustable interest rate could turn into an ugly nightmare. Here is what you need to know about Adjustable Rate Mortgages.

Mortgage lenders often advertise adjustable rate mortgages with a “discount” interest rate. If you see a mortgage with an unreasonable low interest rate such as 3%, this lender is advertising a discount rate. This interest rate is only discounted for the introductory period of the loan; after the introductory period is up the loan will adjust to the actual interest rate. Chances are this interest rate will be much higher than a traditional mortgage.

When interest rates are falling adjustable rate mortgages are an excellent opportunity to save money. The problem comes when interest rates are rising; not many people can accurately predict which way interest rates are going.

The problem with adjustable rate mortgages is that when the mortgage lender adjusts the interest rate the monthly payment can go up significantly. Your 5% adjustable rate mortgage can easily jump to 9% in as little as four years. The first adjustment can hit your pocketbook particularly hard because the introductory interest rate is so low compared to the actual interest rate.

Even if your adjustable rate mortgage includes caps you could still see the interest rate and the monthly payment rise significantly. If you don’t have the stomach for a mortgage tied to a roller-coaster economy, your best bet is singing up for a traditional, fixed interest rate mortgage.

Tucson Mortgage Refinance

Louie Latour has twenty years of experience in the mortgage industry as a mortgage broker. He is the owner of Mortgages Refinance Advisor, a mortgage help site devoted to saving homeowners money with a free guidebook “Mortgage Refinance: What You Need to Know.”

Sign up for your free guide today at: http://www.refiadvisor.com

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Arm chair residential real estate investors are not a pretty picture these days. Many of these type of investors would love to have a makeover for their portfolios. Mainly the newbie group that cattle-called weekend millionaire workshops are the ones holding many properties, huge debt and bought in at or near market highs. On top of those problems, the number of buyers sniffing around over-priced markets has dwindled to a trickle. Plus, the few buyers around are the first wave of vultures looking for those desperate to sell. What’s a teetering weekend millionaire investor to do?

-Make sure your properties are listed with a large national brokerage. You need all the Internet and print exposure you can get, locally, regionally, and nationally.

-Don’t list with a company that demands you pay a commission, even if you don’t sell. It’s true, some companies listing agreements state you will pay a commission either way. Read the fine print before you sign.

-Don’t list your property with a broker for longer than 120 days. Give them a chance to market your property, but for only four months. If they can’t do it in 120 days, chances are they can’t do it in 180 days.

-Demand that your broker does a virtual tour and a minimum of eight still photos on their Internet web site and on Realtor.com. This is not negotiable. The buyer of your property might be out-of-town, state or the country, think global.

-Pricing is king in today’s market. Throw your spread sheets away and your dreams of huge profits. Look only at sold comparable’s from the last six months, that’s exactly what the buyer’s mortgage lender will use. Price at market, forget wiggle room, you need to sell, act like it. Seven months ago was a different market. Remember you’re looking to save your credit rating.

-If you have multiple properties, see which ones can be your loss leaders, price them to move fast. Better locations and the most popular models and floor plans should bring your highest returns. Don’t treat all properties in your portfolio the same if they’re not.

-Figure out the absorption rate for your market. This rate will tell you how many months or years of for-sale inventory is in your market. Three months is fine, six months is okay, nine months is troublesome and twelve-plus, will not be pretty.

-If you’re in a coastal resort market, factor in hurricane season. If it’s bad it will impact the market next winter. The good news is, demand will pick up strongly after 2 years of weak activity. The question is can you wait for the rebound?

-Don’t even think about signing a contract to purchase. It doesn’t matter how good the deal is, you need to be selling not buying.

-Call your mortgage lender when you know you won’t be able to make a payment. They love the heads up. You’ll have more problems with your condo association if you can’t pay association assessments.

Mark Nash’s fourth real estate book, “1001 Tips for Buying and Selling a Home” (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, Associated Press,CBS The Early Show, Bloomberg TV, Bottom Line Magazine.CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor’s Weekly, MarketWatch, HGTVpro.com, MSNBC.com, Smart Money Magazine,The New York Times, Realty Times, Universal Press Syndicate and USA Today.

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You looked around, talked to friends or acquaintances for recommendations, and found your real estate agent. You should do the same to locate your Appraiser and Home Inspector. It’s really not that hard or time consuming. You can usually find the right one in a matter of an hour or so of research and phone calls.

No matter how honest a real estate agent or broker is, few of them want to see a potential sale go south because of a low appraisal value or a home inspection report full of listed defects. One of the ways is for an agent to recommend an appraiser that will almost guarantee the sale price or a home inspector that isn’t very picky or does a very quick inspection. There are many, many good appraisers and home inspectors out there. However, for those that have an “in” with an agent that recommends them, they may be more than reluctant to give a bad report. No one wants to shoot the goose that lays the golden egg so to speak. An appraiser or inspector will feel a bit of loyalty towards that agent that recommended them, and may not have your interests fully in mind.

One of the ways to avoid this apparent conflict of interest is to find one on your own. There are many sources to locate a good appraiser or inspector. You can start by looking up 3 or more and calling and talking to them. Several sources include the internet, phone book, friends, etc. If you ask your agent for some, make sure it’s a long list and not just a hand picked few.

Have a list of questions handy. Ask about their experience, national or local professional affiliations, etc. Ask for references and/or copies of their work. Find one you feel comfortable with and that you feel you can trust. It’s hard to determine over the phone someone to trust, but if you do your homework and ask the right questions it will greatly increase your odds.

Another issue will be timing. Don’t wait until the last minute to try to find someone. That will reduce your chances of finding the right person, and you’ll end up hiring the first one that can just meet your schedule.

Try not to shop for the lowest bidder! This is probably one of the largest and longest investments you will ever make so this isn’t the time to become thrifty. Find someone in the middle of the road. Those that are low end of the spectrum tend to be either part-timers or very inexperienced. Those on the high end tend to be the more experienced inspectors or appraisers that don’t really want your work unless you are willing to pay through the nose for it and can meet their schedule.

Finding a home inspector or appraiser on your own will help to avoid any conflict of interest with your agent and will almost guarantee that you will have someone working in your own best interest.


Here are a few sources to locate a qualified home inspector.

In Wisconsin
Wisconsin Home Inspector Directory
Wisconsin Appraiser Directory

National sites
NACHI Home Inspector Directory
Home Inspection USA Directory

Kevin McMahon is a licensed professional Wisconsin Home Inspector and owner of ABC Home Inspection, LLC located in Stevens Point, WI. You can visit his website by going to http://certified-inspector.com. This article may be reproduced only in its entirety. All references or links must be included.

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A successful real estate press release must be able to reflect a
particular real estate company’s or real estate agent’s approach
to real estate as well as reflect whether the company or agent
is flashy, is concerned primarily with business or is downright
friendly.

A press release does not in any way work like magic. It is
actually a serious campaign which is created in order to bring a
desired and specific outcome. In the real estate world, that is
leads, and more importantly sales. Actual purchase of a house
and property is the best method to gauge how successful or not
successful a particular or a series of press releases is.

Real estate companies put out a press release in varying forms
and in varying occasions. Press releases should paint a good
image of the company. Such is the case of the company Cendant
wherein their October 2005 press release touted that the system
they are using was able to gather valid leads of up to two
hundred thousand which they were able to amply distribute to
their real estate agents.

They also explained the process of how they came up with such
numbers and how competitive is the system they are using, thus
making them able to keep up with the market.

Taking advantage of the magic of press release takes a lot of
science. It is important to consider that when one is utilizing
a Press Release Program, there really is no guarantee of
anything miraculous happening. What a press release does is
inform the public of what you as a real estate company or a real
estate agent is doing and the various ways, means and forms that
you are able to achieve your company’s objectives.

Usually, press releases are means to get a message across as to
any internal updates that a real estate company is undergoing or
a real estate program, software, or offer that could benefit
both the company or individual generating the press release as
well as the reader or audience who will be reading it.

For example, a recent press release by a particular real estate
company in Michigan has presented the new, advanced and highly
efficient lockbox system currently being used by their real
estate associates. The benefits their associates got from using
the system was thoroughly explained as well as the benefits that
their clients would have when they avail of their service. This
was clearly outlined. What was clearly described as well was how
efficient their system was in ensuring that only quality service
is delivered.

A press release therefore should generate valid and relevant
leads. Though the fact of the matter is that, simply getting
your name and business out there does not automatically convert
to business, it is therefore important that a press release
offer both prospective buyers and sellers something free. An
offer that your potential clients will probably not get anywhere
else. Putting this out will more likely increase your chance of
being contacted, than offering something that people could get
someplace else just as easily.

The best and greatest thing to offer and the chances of which
this offer will be accepted are usually any written materials
such as brochures, pamphlets, etc. Utilizing such materials is
also an efficient way of putting your company and your skills
out there. Use this avenue wisely, but do not abuse it either.

This should be detailed in the press release, but it is
essential that you also take stock on the freebies you give out
and the record of success which freebie generated more and which
generated less response.

It is also important that the reason of why you are putting up
free items or offers be thoroughly explained or at least be
understandable to your prospective clients. Honesty and
integrity is the best impression you could leave anyone. It
beats any and all forms of press release. Make it clear and be
sincere as well that the freebies you are handing out are not
intended to immediately close a deal. It is so that you could
acquire as much valid and relevant leads as you can which will
be able to contact you at the soonest possible time

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A 2nd mortgage may be one of the best financial moves you will ever make. If you know what it is and how it works, you can use it to generate money for profitable investments, simplify your debts and beef up your credit score. The key to taking advantage of a 2nd mortgage is understanding how it works.

A 2nd mortgage is a loan that uses the equity in your home as collateral. When you avail of a 2nd mortgage loan, you are technically putting a second mortgage lien on your title without refinancing or changing the terms of your first mortgage.

A 2nd mortgage is considered a “simple interest loan” because unlike other major loan vehicles, it has a fixed interest rate. This fixed interest rate is based on a number of factors such as the current market rate of your home, the prevailing interest rates and your personal credit history. You can choose terms that vary from five years to 25 years, depending on your capacity to pay and other cash flow considerations.

Many people turn to 2nd mortgages to consolidate their debts - they pay their credit cards, loans against insurance and other high-interest loans with the money they borrow from a 2nd mortgage. Experts say that the fixed interest rates of 2nd mortgage allows you to save up to three times more than you would if you are paying minimum payments on your credit cards. And, since the interest in a 2nd mortgage is amortized yearly, you don’t have to pay daily compound interests that credit cards charge.

Best of all, a 2nd mortgage actually gives you a tax break - the interest you pay on this type of loan may be tax deductible up to $100,000 of the loan amount, or 100% loan to value.

2nd Mortgage provides detailed information on 2nd Mortgage, Refinance 2nd Mortgage, Bad Credit 2nd Mortgage, 2nd Mortgage Loans and more. 2nd Mortgage is affliated with 1st Mortgage Rate.

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