Monday, November 17, 2008

How Does Your Property Rate?


Before putting your home on the market for sale it pays to take a critical look at how others might view your home.

You be the judge.

Imagine your house is entered into a 'home of the year' contest. Get out a clipboard and take an inspection tour of the entire property – inside and out. Judge each room out of 10. Note any minor repairs that are needed. Note down any areas that need cleaning or painting. Prepare a 'TO DO' list.

Tuesday, November 04, 2008

Why Seek Legal Advice When Buying Or Selling Property

When buying or selling property don’t rely on friends or family members to give you accurate legal advice. Always get independent legal advice when buying or selling a property. Your real estate attorney should be able to guide you safely through a minefield of legal bits and pieces. He or she will help with the intricacies of writing a contract. A real estate attorney can explain the implications of certain clauses and why each clause is necessary.

Your legal attorney will show you the correct way to write a contract so as to protect your rights as the buyer or seller. He or she will hopefully ensure that any such contract is as “water-tight” as it possibly without scaring off the other party in the transaction. After all, you don’t want the buyer or seller reneging on the contract – you want the property deal to proceed!

Your legal advisor will also be able to inform you of specific laws or requirements relating to the state or country where you live. For example, in most states in the USA, Title Companies close most real estate transactions. A Title Company can be an excellent resource for handling the mechanical aspects of closing real estate transactions. However, as I understand it, Title Companies cannot give legal advice to either a buyer or a seller.

Most Title Companies will employ the services of a real estate attorney who you should speak with. The title company can generally handle the rest of the transaction, but a real estate attorney is the only one who you should be getting legal advice from.

As I said earlier, the legal aspects and ramifications of a real estate transaction can be a minefield for the unwary. Don’t skimp on getting competent legal advice. ALWAYS, ALWAYS, ALWAYS use a real estate attorney.

Read how a Real Estate Attorney can guide you through a mine field of legal traps when buying or selling property.

Tuesday, October 21, 2008

Consult With Your Mortgage Specialist When Selling Your Home

If you have a mortgage then it pays to consult with the person (or company) that loaned you the money for the house. This could be a mortgage broker, a banker, a lender or for the purposes of this we’ll call them a mortgage specialist. If they can’t help you, or if you don’t want them to help you, then you might need to look for someone else who can.

It is important to find out how selling your home will affect your mortgage commitments. Will you be repaying the mortgage early? Will there be penalty charges for early mortgage repayment? Can the mortgage be transferred to the new property you are buying? What are the terms and conditions of the mortgage?

No doubt you will need someone who is knowledgeable and truly professional to help you with these and other mortgage questions. Friends or associates may be able to recommend someone who fits the bill. A mortgage specialist will have the knowledge to help you complete the transaction smoothly.

Wednesday, October 15, 2008

Why Pre-qualify Your Buyers When Selling Property

Don’t waste valuable marketing time on a buyer who can’t get a loan. Pre-qualifying interested buyer’s is essential and it is something your banker or mortgage specialist should be able to help you with.

For example, each time I have sold a business, I’ve always asked for a letter from the potential buyers banker before releasing commercially sensitive information. I would always ask for an assurance that the buyer has access to sufficient funds to purchase the business. I would always say to the buyer, “I want proof you have the ability to buy my business.”

Selling a property is somewhat similar. It is imperative you pre-qualify an interested buyer. It would be stupid to let someone who is not able to get a loan, tie up your house sale up with a contract that is never going to be finalized. That would be a waste of everyone’s time and could potentially lose you a genuine sale by a genuine buyer.

A mortgage specialist could give you guidance as to whether a buyer can afford to buy your house. They will be able to tell you if the buyer would qualify for a mortgage and if it is worth proceeding further with the transaction.

Saturday, October 11, 2008

Plan For The Unexpected

We are living in turbulent times, so it pays to plan for the unexpected when buying or selling property.

Circumstances can change, the economy can change and the market can change. Although many things will be beyond your control, some things can be predicted, budgeted for and managed.

An opportunity (or problem) could present itself at any time. It is best to be prepared to grasp opportunities, or nip problems in the bud before they get out of hand. Plan for the unexpected if you possibly can.

Tuesday, September 23, 2008

A Change In Circumstance Cause For Property Sales

Many property owners sell their home due to difficulties in meeting their required loan and interest payment commitments. In other cases, properties get sold due to changed personal circumstances such as matrimonial problems, illness, bereavement etc.

Before rushing out and selling a home, the property owner should always carefully examine all the options.

Alternative Solution: If you are experiencing major life changes you could consider selling at a later date.

Pros: Sudden illness, a family bereavement, or marriage breakup is stressful and can trigger a rethink in your financial position. Rather than be rushed in to selling your property, it may be make more sense financially to hold-off selling right now. This is especially true if the real estate market is depressed. A marriage breakup could require you to refinance to pay off your partner’s share of the equity in the property.

Cons: If the market is buoyant and near its peak, a delay may cost you dearly especially if there is a sudden downturn.

Friday, September 19, 2008

Escalating Costs Of Keeping Your Current Home


Many home owners decide to sell because of expensive monthly mortgage interest payments. In many cases the home owner has little choice and need to sell to avoid a mortgagee sale. In other cases, refinancing a loan may be a sensible alternative to selling. If you are planning to sell your home because of expensive monthly payments, you could investigate the possibilities of changing the loan term, repayment amounts, or dates.

If you don't want to sell your home, here is another alternative solution in our series posted on this blog.

Alternative Solution: Depending on your circumstances and the location and type of home - renting out part of your home could be an option. You could buy another house in a less expensive area.

Pros: At times when the property market is on the way up, your home might be worth holding on to as a longer-term investment instead of selling it. This is especially so if you are considering buying in a lower-priced neighborhood. By not selling you’ll also save on real estate costs.

Cons: You will need to be in a position to carry another home loan as well as your current mortgage. Also, by waiting to sell, you may be disadvantaged when the market and prices level off.

8 Answers To Selling A House And Why You Need To Think Carefully Before Selling A House

Wednesday, September 17, 2008

Google Maps Helpful Real Estate Search Tool


If you haven't yet done so, have a look at Google Maps, because it can be a helpful tool in searching for real estate to buy. Agreed Google Maps is no replacement for a hands on property inspection, but it can save a lot of wasted time searching real estate listings.

Here is how it works: You simply go to Google Maps and type in the street address of the property and zoom in on a street level view of the property. You can move the photo East, West, North, or South - whichever way the street runs. You can rotate the camera around to view neighboring properties.

The big advantage is that you can get a "feel" for the neighborhood and street appeal without needing to visit the property.

Here is how you could use Google Maps In Your Property Search

Imagine you are thing about buying a property in another State or Country. You could start by searching for properties that meet your search criteria on various real estate listing sites. If you find a property that interests you, you can read all about the property and look at all the fancy interior photos of property. If after doing that, you are still interested in the property, you could contact the real estate agent, or you could search Google Maps before contacting the agent.

Google Maps would give you a good idea of the standard of neigboring properties, terrain, plantings, location in relation to sun, schools, shops etc. Google Maps could save you a lot of wasted time visiting properties that sound good, look good from the fancy interior photos, but are in a poor neighborhood or location.

As I said earlier, Google Maps is one of many tools you can use when searching for a property to buy. You should not rely on Google Maps to make the decision for you - it is a valuable tool to help with your property search.

As at September 2008 Google Maps is available in Australia, Canada, China, France, Germany, Italy, Netherlands, Spain, the U.K., and the U.S.

There's also full Maps functionality in Japan, with the exception of driving directions, and limited functionality for China.

There's map data from Google Maps available in these countries: Andorra, Austria, Belgium, Brazil, Czech Republic, Denmark, Finland, Gibraltar, Greece, Hungary, Ireland, Liechtenstein, Luxembourg, Monaco, New Zealand, Norway, Poland, Portugal, Russia (Moscow only), San Marino, Singapore, Slovakia, South Africa, Sweden, Switzerland, Turkey (Istanbul only).
Read this real estate article about LOCATION, LOCATION, LOCATION.

Wednesday, September 10, 2008

Buying A Smaller Home To Meet Loan Repayments

Many people sell their home due to difficulties in meeting their required loan and interest payment commitments.

Before rushing out and selling your home it is always best to carefully examine all the options. Sometimes the home is too big so, even though you like living there, you may decide to sell-up and move to a smaller/cheaper property.

Alternative Solution: Renting out part of your home could be an option. Alternatively you could rent out the entire house and buy a smaller house to live in.

Pros: If local property values are on the rise it might pay to not sell your home right now. By renting your home out you might gain some tax benefits and be able to claim rental expenses.

Cons: Becoming a landlord takes some work and can have its problems. You will need to find good tenants and keep the property in good renting order. You may need to consult a tax advisor, carry liability insurance and you will be required to keep good financial records.

Tuesday, September 09, 2008

What To Do When The House Is Too Small

Need more space than is in your current home?

Alternative Solution: Consider remodeling existing home rather than buying a new one. A more open-plan style may provide more living space. Consider enlarging, or adding, a bedroom or bathroom.

Pros: Remodeling should improve the resale value of your home. It will also save you agent’s fees and other costs associated with moving. You may need to use your home equity to finance the project.

Cons: Remodeling may mean an increase in the property taxes you pay. There is also the danger of over-improving your home. Some people fail to recoup their investment when they come to sell.

16 Quick, Low Cost, Home Improvement Ideas To Help Sell Your Home

Financing Home Improvements

No money available to upgrade your home?

Alternative Solution: Refinance or consider applying for a home renovation loan.

Pros: Renovating and improving your home can increase its market value. This could prove to be a good investment for when you do decide to sell.

Cons: Increasing the value of your home may also increase the amount of property taxes you pay (depending on the laws in your country).

Sunday, July 13, 2008

Refinancing A loan Instead Of Selling

Many home owners decide to sell because of expensive monthly mortgage interest payments. In many cases the home owner has little choice and need to sell to avoid a mortgagee sale. In other cases, refinancing a loan may be a sensible alternative to selling.

If you are planning to sell your home because of expensive monthly payments, you could investigate the possibilities of changing the loan term, repayment amounts, or dates.

Pros: Refinancing can provide a home owner with more options. If you have owned a home for several years and have not refinanced, you may be able to refinance at lower interest rates and significantly reduce your monthly payments.

Cons: Refinancing essentially resets the clock on your loan. This may cost you money over a period of time, however it is worth doing some calculations and investigation what is best for you based on your current situation.

What Are The Alternatives To Selling Your Home? What About Mortgage Refinancing? Find out more.

Tuesday, July 01, 2008

Seek Help When Selling Your Own Home

When selling your own home yourself you shouldn’t try and do everything on your own. I don't just say this to promote Realtors, because I am also refering to getting the right advice from financial and legal experts. There are several pitfalls to avoid when selling your own home FSBO.

Also, be aware, selling your own home alone can be disheartening and in many ways scary. You have to shoulder the responsibility all by yourself.

The key therefore, is to find the right people who can help you through the sale and closing process. Accept that you can’t do all the things necessary to close the transaction yourself. There is a lot at stake, so it is important to seek qualified help, in order to get things right.

UK House Prices Slump For Eighth Month

30 June 2008.

House prices fell for the eighth month in a row during June. The latest figures from leading building society, Nationwide, showed the average cost of a home in the UK slid by 0.9 per cent during the month to stand at £172,415 - annual growth falling at its fastest rate since the 1990s crash.

The housing market downturn has now wiped more than 7 per cent off the value of homes compared with the peak hit last year.

This continuing downturn has added to speculation that the once-booming housing market may crash with some economists forecasting price falls of 15 to 20 per cent this year.

Friday, May 30, 2008

House Sitters Wanted Around The World

House sitting is a win-win for homeowners and house sitters providing free accommodation in 50 states around the world.

Making yourself available as a house sitter could be your first step towards spending a week or two in your favorite vacation spot in France, Spain, Australia, New Zealand, Canada, UK, USA, or some other country without paying for accommodation.

There are various house sitting directories on the Internet where you can find house sitting jobs, or find reliable house sitters to look after your own home. You can search online for house sitter jobs, or place a listing for a house sitter wanted.

Click this link to read how to become a house sitters, or advertise for a house sitter wanted.

Thursday, May 29, 2008

Choosing A Top Real Estate Agent

Read 13 Questions to help you select a top real estate agent to sell your home. Top real estate agents won't necessarily charge any more to sell your property - they'll just do a better job. This article explains how to interview real estate agents when selling your property.

Read the full article about Choosing Top Real Estate Agents.

About MLS Online Listings

The term Multiple Listing Service (MLS) refers to a database of real estate listings. Home buyers can search Multiple Listing Service listings online for properties. An online MLS search provides detailed information about real estate listings.

Read the full article about Multiple Listing Service Listings.

Real Estate Training Courses Online

There are also online real estate training course to teach you what you need to know to prepare for the real estate exam in your state.

Whether you choose classroom training or online real estate training, it is important to ensure that it's a legitimate real estate school recognized by your state. Online real estate courses and Real estate schools do not issue licenses upon completion of your training. In almost all cases, a real estate school will prepare you for a real estate licensing exam, but the exam is offered by the state.

Read the full article about Real Estate Training.

What If The Appraisal Comes In Under The Offer Price?

When buying a house, it is always possible that the appraisal will not measure up to your offer. The cause may be the condition of the home or the location.

Questions will then need to be asked including: Are you offering too much for the property, why didn't it value up and are reasons serious, will your financing fall through, will you need to find more money, will the seller drop the price?

Firstly regarding your borrowings. The mortgage lender (presumably a Bank) will generally take a conservative approach and value the property on the low side of your expected range. So, you need to discuss the appraisal, with regards financing, with your mortgage lender.

Regarding the price you are offering. A lot depends on what clauses you put in the contract and whether or not you get out of the contract. Purchase contracts can usually be amended and changed. That is why is always best to seek professional legal advice when signing any legal contract.

A low appraisal can be an excellent negotiating tool if if the appraisal comes in too low. A low appraisal could be the perfect opportunity for negotiating a lower price for the property. You should also seriously question why you are buying the property and whether you should complete the deal if the price is out of line with the appraisal.

Negotiating is what your agent is being paid for. Make the agent earn their commission.

Just because the appraisal comes in lower is not a bad thing. It gives you, the buyer, negotiating power for a better deal.

Wednesday, May 28, 2008

Foreclosure Negotiation Strategies

Foreclosure negotiation strategies can be helpful in avoiding foreclosure. It is in the lender's best interest to to avoid foreclosure and negotiate foreclosure strategies, or restructure mortgage loan terms.

Read the full article about Foreclosure Negotiation Strategies.

Glossary Of Foreclosure Terms

Read definitions for some commonly used foreclosure terms like: Bank Owned, Foreclosure, Pre Forclosure, Forbearance, Short Sale, Sherriff’s Sale, REO and Redemption Period in foreclosure sales.

Click here to read the glossary of foreclosure terms.

Foreclosure Properties Save Buyer's Thousands

If you are buying a foreclosure property, or any property for that matter, always calculate the total costs of purchasing the property. Buying foreclosure properties (bank owned properties) can be a good investment, but you need to buy wisely.

Read the full article about buying Foreclosure Properties.

Tuesday, May 27, 2008

Banked Owned Properties - A Risk Or Not?

Do those advertisements for 'foreclosure properties for sale' represent good property investments, or are foreclosed properties a risky gamble.

Whether you make money from foreclosed Bank owned properties depends to a large degree on the quality, location, condition and price of the particular foreclosed property.

Read the full article about buying Bank Owned Foreclosure Properties.

Monday, May 26, 2008

Homes For Sale In Your Price Range?

When buying a property, a home buyer generally has a set budget based on a pre-approved mortgage loan limit.

The vendor will attract home buyers trying to find homes for sale in the a set price range. There is no point in the vendor overpricing the property and missing out on attracting buyers in the correct price range.

Read the full article about how to find homes for sale in your price range.

Find A House For sale That's Not Overpriced

Whenever you are trying to buy a house in a particular price bracket, you'll find overpriced houses for sale. Optimistic home owners, who have set house prices based on wishful thinking rather than reality, own them.

Read the full article about Finding A House For Sale That's Not Overpriced

Bargain Hunters Chase Homes For Sale By Owner

Sometimes, homes for sale by owner FSBO are priced low to get a quick sale. A owner may have health problems, marital problems, or financial problems and need to sell quickly.

If you are willing to take the time to hunt out homes for sale by owner, you can often get a bargain.

Read the full article about Finding Homes For Sale By Owner

Pricing Your Home For Sale

Price is usually the most critical factor in an house sale. Just as you want the best value for your money, the buyer of your home will want the best value for his or her money too.

A home buyer doesn’t care about how much money you might want or need. The home buyer only cares what the home is worth to them. What you want or need has no bearing on the current market value of the home. Your home is only worth what someone is prepared to pay for it.

Read the full article about Pricing Your Home For Sale

Find Homes For Sale In Your Price Range?

When buying a property, a home buyer generally has a set budget based on a pre-approved mortgage loan limit.

The vendor will attract home buyers trying to find homes for sale in the a set price range. There is no point in the vendor overpricing the property and missing out on attracting buyers in the correct price range.

Read the full article about how to find homes for sale in your price range.

Sunday, May 25, 2008

Comparing Recent House Sale Prices

When buying a house, not only compare house prices based on what houses recently sold for, but also find out average house prices and real estate trends in the area.

It is not just a case of comparing house prices, it important to compare the recent sale prices of similar houses in the same area. The emphasis is the word 'similar', as there is no point comparing a 1 bedroom apartment with a four bedroom family home.

The more you know about the market before you make an offer, be the better chance you have of buying well and not getting ripped off.

Click the following link to read the full article about comparing house prices.

Falling House Prices Affect Housing Affordability

Several factors can affect the price of housing and housing affordability: the national and global economy, the local economy, mortgage interest rates, employment levels, income levels, tax rates, consumer confidence and inflationary pressures etc.

When interest rates rise, at the same time as the economy goes into a downturn, problems can develop for homeowners. They can face both the problem of high mortgage costs and falling house selling prices. This can have a positive and negative effect on housing affordability.

Read the full article on housing affordability here.

Buyer Thought Home Too Personal

When selling a home, the buyer needs to be able to imagine they are living there. If the home is filled with personal memorabilia belonging to the current owner, it can be off-putting for a new owner.

When presenting your home for sale, think of who a potential buyer might be. A buyer will need to feel comfortable in your home, rather than as if they are invading your personal space.

A potential buyer will need to feel as though he or she is looking through their future home as opposed to just visiting your home.

Too many family photos, or many personal items can make a buyer feel uncomfortable, and just want to leave.

Saturday, May 24, 2008

Increase In House Sale Prices?

An increase in house prices is an increase in consumer wealth. This is because; a rise in housing sales and home values generally has a positive affect on consumer spending, and economic growth.

An increase in house prices makes homeowners feel richer and they eventually start to spend more money. This can be inflationary.

An increase in homeowner wealth can increase the demand for home loan restructuring. When the property value increases, the homeowner can often access a bigger loan against the value of the house.

Click here to read the full article on house sale prices.

Wednesday, May 07, 2008

Selling A Home That Feels Like A Home


When marketing a home for sale it is important for the buyer to be able to imagine himself/herself living in the house. After all, people don't buy houses, they buy homes. To ensure a successful sale, a home needs to be priced correctly and it needs to be welcoming.

Trying to sell an empty home can be difficult. A house must feel like a home. It is difficult for a buyer to make an emotional connection with an empty house. Without furniture, it may be difficult to tell the scale and size of a room and what it could be used for.
An empty house can look unwanted, unloved and focus buyer attention on negative details like: a water stain on the ceiling, or a crack in the wall. If the house has already been vacated hire some furniture, or to pay for some home staging, to make the home look lived-in and inviting.

Click the following link to read the full article on selling a home.


Friday, April 25, 2008

Choosing The Right Agent For Buying Or Selling A House


Should you choose a Rookie agent who has 2-3 years of experience, or a long established real estate agent with years of experience under his or her belt?

Well, it really depends on the individual real estate agent. For that reason you might want to do a little background check on both and talk with previous clients.

Everybody has references. Even new agents have references from previous employers. Ask to see testimonials or references. Ask if any of the people providing references are related to the real estate agent. Ask if you can call the references with additional questions.

In order to gain trust and get business, a new agent may go the extra mile in making sure that you get a good deal. A lot depends on whether a new agent taps into the resources and experience available at the office where he or she works.

A more experienced agent might avoid potential problems before they happen. But, is the agent a lazy 10+ year veteran, or someone who is too busy to give you the attention you deserve?

Whether you choose an experienced agent or a new agent, there are advantages and disadvantages either way. The important things is to find a real estate agent who is willing to work closely with you to make sure that all goes well.
You need to be comforable with the agent and be confident that the agent has your best interests at heart. If the agent is new to the game, then you may need reassurance that he or she has ready access to the necessary resources and experience to ensure a successful outcome.

Keeping Your Options Open When Signing A Real Estate Contract

Wednesday, April 02, 2008

How To Find Out What Prices Homes Have Sold For In Your Neighborhood


Ask a real estate agent for a Comparative Market Analysis (CMA) because a real estate agent will normally have easy access to records of property sales in the local area. The real estate agent will search a radius around the property and will be able to tell you the high and low values in your area.

A CMA can serve as a guide to establishing a reasonable listing price when a property is placed for sale. The price is established by comparing the property to similar properties that have sold in the area within the past year.

However, a word of warning: just because a neighboring property sold for a particular price, doesn't mean all properties in the street are worth the same amount. And, just because a neighboring property is for sale at a particular price, doesn't mean that it will sell for that price. This is why it still pays to talk to an appraiser to get a more accurate accessment of what a particular property could be worth.

Although it's more time-consuming, sellers in the US can find the comparative sales information by visiting their county courthouse.

Although county records do not always list values on their transactions, they will give you a good indication of how many properties are selling.
Before you put your home on the market to sell... decide how “SERIOUS” you are about selling your home.

Monday, March 10, 2008

Real Estate Sales Contracts And What To Look For

The first thing to clearly understand when signing a real estate sales contract, is that IT IS A CONTRACT, and not just an offer to buy. You are signing a a legal contract.

Most sales contracts will have some paraphrase of the following: "This is a legally binding contract. If not understood, seek competent advice before signing."

IMPORTANT: This real estate blog does NOT purport to give any kind of legal or financial advice. So, tread carefully and seek your own professional legal and/or financial advice.

There are common things to look for in a real estate sales contract although they may vary depending on where you live. Generally however, most real estate contracts will include some of the following aspects:

1. A legal description of the property as well as the street address.

2. The selling price.

3. Deposit details. How much money accompanies the contract and who will hold it.

4. Acceptance. How long the sellers have to respond to the offer by either declining, accepting or returning with a counter-offer.

5. Possession Date. The exact time and date when the buyers take possession of the property either before, at or after closing.

6. A mortgage contingency. The contract being subject to the purchaser obtaining a mortgage (if applicable). It could include specifics of the mortgage such as the amount, rate and term. The specified number of days in which the application is to be made.

7. Inclusions and exclusions. A list of what is and is not included in the sale of the property.

8. Provision for a home inspection. Contingency for and to be done in a specified number of days.

9. Warranties Details of any warranties that are included with the house.

10. Provision for a termite and pest inspection being undertaken along with details on who will pay and if there is infestation or damage and who will arrange the repair.

11. Arbitration provisions in case of disputes.

12. Closing details. When and where.

13. Insurance. Who is responsible for insuring the property up until the closing date.

14. Property Disclosures. Notices of any property disclosures concerning the house.

The contract could also include other clauses like special provisions relating to condominiums etc.

This is a guide only and the list is by no means complete. Contracts will vary depending on where you are located and on the nature of the transaction, which is precisely why you should always seek professional legal advice before signing any legally binding real estate contract.

Click here before your signing a real estate contract.

Thursday, January 31, 2008

Indianapolis And L.A. In US Home Affordability Study

The National Association of Home Builders (NAHB) survey for the three months ended June 30, 2007 showed Midwest cities to have the most affordable housing.

Indianapolis was the most affordable of the major housing markets, where $122,000 was needed to purchase the median home. Indianapolis scored a rating of 86.8 in the survey meaning that approximately 14 percent of homes purchased were unobtainable by an average family.

By contrast, only 3 percent of the Los Angeles homes that sold were considered affordable for a typical family. In Los Angeles $530,000 was needed to buy the medium home.

The survey considered housing affordable when the housing expenses were no more than 28 percent of income. These expenses would have included insurance, property taxes and mortgage payments.

Tuesday, January 29, 2008

3 Problem Areas When Buying A Home

Buying a residential property is usually the biggest investment most people make, so it is important to be on the lookout for potential problems. These could cost you big money or make the property difficult to resell.

If you are selling your home, then look out for problems that could become a potential deal killer. An astute home buyer may walk away from a deal, or demand a lower price, if the property has structural or maintenance issues.

3 areas that can be picked up on a home inspection report are:

1. GUTTER AND DOWNSPOUT'S INSPECTION

  • Make sure the gutters slope down toward downspout's.
  • Check for any rust or peeling paint.
  • Are there apparent leaks or loose/sagging sections?
  • Are the downspout's extended away from the foundations?
  • What type of water supply, piping and drains does the property have?
  • Are there any visible signs of rust and corrosion?

2. LOT AREA INSPECTION

  • Does the grade slope away from the house?
  • Are there any settled/low areas next to the foundation?
  • Are there cracks in the walkways or driveway?
  • Is the property lower than the street or neighboring properties?

3. BASEMENT INSPECTION

  • Is there any evidence of water penetration (stains, mildew/odors, efflorescence, loose tiles etc.)
  • Are the foundations of good stable quality?

These are just some of the points to look for when buying or selling a home.

Here is a link to a helpful article about home inspections

Sunday, January 20, 2008

Electrical Services Often Overlooked When Buying A House

ELECTRO-MECHANICAL CONSIDERATIONS

The quality and reliability of electrical services is an important consideration when buying a house. Unfortunately this is something that homebuyers often don't take a lot of notice of...and it can end up costing them thousands in repairs and maintenence.

So, before putting in an offer to buy a house carefully consider the style type and age of heating & cooling systems. Try and establish when they were last inspected or serviced (or even if they have ever been serviced)? If in doubt get an professional inspection report from an electrical contractor or a registered home inspection company.

When buying a house it is important to ascertain the age of electrical services. Is the visible wiring in good condition? Are the outlets grounded? Have there been any upgrades to electrical services?

Here is a handy 14-point indoor home inspection checklist.

Tuesday, January 15, 2008

Will A Real Estate Agent Help You Find Other Professionals?

Yes, many real estate agents will have a list of professional you can consult with.

When arranging any legal or financial transaction you may already have a list of professionals who can help you. You may be best to consult with the professionals that you have previously had dealings with as opposed to finding new contacts.

If you don't already have a list of professionals to call on, your real estate agent should be able to supply you with a list of professionals including: property attorneys, mortgage brokers, home inspectors, accountants and title companies.

If you see the term "affiliated" it could mean that the real estate agent, or his/her broker, is receiving a commission from one or all of professionals. Although this is not necessarily a bad thing, you need to determine whether or not you are paying a premium for the service in order for the agent to be compensated. You also need reassuance that the professional is competitive, independent of the other party and capable.

Ask the real estate agent to explain why he or she recommends these professionals.

Find Out How Your Real Estate Attorney Can Guide You Through A Mine Field Of Legal Traps When Buying Or Selling Property.

Thursday, January 10, 2008

How Many Houses Has A Real Estate Agent Listed And Sold In The Last 12 Months?

Watch out for the real estate agent who has dozens of listings and two or even three office assistants. Is he or she just playing the numbers game? Does this agent work on percentages, knowing a volume of listings will result in a certain percent sales? Is it a case of quantity v's quality?

If the real estate agent is just looking for another listing to add to the volume, how can you be sure your listing won't get neglected? Don't get me wrong, there is nothing wrong with an agent having several listings, it is really a matter of being reassured that your property will be a priority.

As an example, the most successful listing agent in town might employ 6 assistants. This could explain why he or she is the top sales agent in the entire county.

Before deciding on a particular real estate agent ask, "What percentage of houses listed by the agent sold in the last 12 months?"

Read 'Why Over-Priced Real Estate Listings Can Result In Unsold Properties'

Tuesday, January 01, 2008

Questions To Ask A Real Estate Agent - Part 6

FACT: Many people are inexperienced when it comes to buying or selling a property, so rely greatly on the 'perceived' ability of the real estate agent they are dealing with.

If you are a seller and are considering putting your home on the market, then shop around for the real estate agent that will best meet your needs. Observe real estate agent marketing trechniques, talk with friends and people who have recently bought or sold a property. Then draw up a list of agent's you might consider and then narrow it down to about three and schedule an interview with each real estate agent.

Ask some of the questions we have already suggested (see earlier blogs Part 1 to 5) and also ask these questions:

Why should I list with you rather than any other real estate agent?

Listen carefully to the substance of the answer. Look for honesty and genuine commitment.

Also ask the real estate agent:

  • What is your average market time vs. other agents' average market time?
  • What percentage of houses listed by the agent sold in the last 12 months?
  • How would he or she establish a price?
  • How would the agent market the property?
  • How often will the real estate agent be in contact with you?
  • What references can the real estate agent provide (both personal and for the company he or she works for)?
Number of sales is important but so too is personal and company reputation.

Know how and when you will communicate to avoid unrealistic expectations.

Here is an article you will find helpful. Click on the following link - 4 Real Estate Marketing Tips For Buying And Selling A Home