8 March 2010, 7:48 am
The best thing to do when signing a mortgage is to have an attorney check it over to make sure everything is on the up and up. It’s best to use a lawyer that has experience with real estate law because not all lawyers are created equal and like anything else in life they specialize in certain areas. It’s usually not good enough just to give your mortgage to your regular attorney, instead insist on somebody who has experience with real estate because they can do a better job and they’ll do a quicker job which means you’ll pay less since lawyers charge by the hour.
Buying a house is a big responsibility and borrowing money can be intimidating to many people but it doesn’t have to be if you follow the simple tips that I outlined in this article today, then you shouldn’t have any trouble in the long run. Remember, when in doubt, ask questions!
6 March 2010, 8:38 am
When it comes to finding new listings, short sales may be your answer. In an effort to avoid foreclosure some homeowners may resort to a short sale. A short sale is the sale of a home for less than the value of the mortgage with approval from the lender. Before a home can go through the foreclosure process, the lender must file a notice of default, at the County Recorder Office. A NOD is the formal notification to the homeowner that they have lapsed in mortgage payments. All of these records are available at the Recorder’s office and it is your job to do the research to find these listings. These public records are accessible by anyone but you must research through all the paperwork to find the names of the people to contact. Although this may be time consuming, you going to the clerk’s office will put you ahead of all the other agents fighting for these listings.
3 March 2010, 5:09 am
4TH QUARTER EXISTING HOME SALES SURGE IN MOST STATES
contributed by, Tammi Greenwald, McColly Real Estate
Strong gains in existing-home sales were the predominant pattern in most states during the fourth quarter, with many more metro areas seeing prices rise from a year earlier, according to the latest survey by the National Association of Realtors®.
Filed under Loans and Credit, Porter County Sales, Uncategorized.
Tagged best mortgage rate, Buying Real Estate, internet marketing, mccolly, McColly Real Estate, northwest indiana, press release, Realtors, realty, Selling Real Estate
28 February 2010, 11:46 pm
25 Ways to save on Home Insurance There are many variables relative to a home that determine the rate that is charged for insuring the property. For example, homes constructed of Brick and that are detached from other homes, will get cheaper insurance rates than a home constructed of wood and that is attached on one or both sides. Also a 3 family home will cost more to insure than a one family home, as each unit adds another potential hazard with more stoves, kitchens, potential water leaks, and increased chances for human error that may cause a fire.
22 February 2010, 7:39 am
Everyone wants to sell their home for the highest possible price. In order to accomplish that you need to make sure that you avoid common mistakes that many home sellers make! Small mistakes can cost you hundreds or even thousands of dollars. It’s not difficult to avoid making these mistakes. Just follow the simple guidelines in this article and you should be able to get top value for your house when you sell.
For Sale By Owner: Most homeowners who choose to sell their home themselves do so because they think they can save the commission paid to the real estate agent. The amount of time and effort required to sell a home often surprises the DIY Seller. And, importantly, many costly mistakes can be avoided with the right guidance.
Know the Current Market: Most homes that don’t sell in the first 30 days after being listed are priced too high. On the other hand homes that sell too quickly might have been priced too low and robbed the homeowner out of additional profits. You need to understand your market and evaluate the value of your home based on fact, not gut instinct or the opinion of your in-laws. A professional real estate broker will know and understand your market.
21 February 2010, 1:16 am
To answer this question, let me begin by asking a question. When you are in a legal proceeding, would you have the lawyer representing the person sitting across the table from you represent you as well? The answer is so simple. Of course not.
Why then when buying a house or property which for many people represents one of the largest financial decisions of their lives would you utilize the Realtor who represents the Seller(s) to safeguard your best interests as the Buyer(s)?
Some states have “dual agency” (where one Realtor represents both sides of the transaction while maintaining “neutrality”) but for the life of me I do not understand why. It makes absolutely no sense whatsoever. There are simply too many places for conflicts of interest to rear their head.
In other states, like Vermont, Realtors must represent only one side of the transaction – either the Buyer(s) or the Seller(s). Often, Buyers aren’t clear on this point. They see a sign in front of a house for sale or a listing online. Call that Realtor and utilize that Realtor to facilitate the negotiations of price, terms and conditions when that Realtor represents the Seller(s). Do you see where this is completely problematic? Be sure to ask if the Realtor you are speaking to is the Listing Agent. If so, thank the Agent and tell them you want representaion, hang up and find another Realtor who can represent you and your interests. Keep in mind, good listing agents are experts in finding out information from prospective buyers without you even being aware of it. They can ask questions that ultimately compromise your negotiating position. Thank them politely. Hang up and find a Realtor to be your Buyer’s Agent.
When Sellers agree to list their property they agree to a commission which is paid to both the Realtor who lists the Seller’s property and the Realtor who brings the Buyers to the table. A typical Realtor commission these days is either 5 or 6%. Thus, this commission is split in half (i.e. with either 3 or 2.5% going to the buy side Realtor). Buyers should not think because I am represented by a Buyer’s Agent I am incurring an additional expense to pay their commisssion. The commission is already taken into account by the Seller(s) in their Listing Agreement with their Listing Agent. All Sellers are willing to split the commission between the Realtor representing them and the Buyers Agent representing the Buyer(s). Sellers do this to facilitate the transaction and in this market they are happy as can be to have buyers brought to them.
Let me further clarify. If there is no Buyer’s Realtor involved, the Listing Agent consumes the entire commission of 6 or 5% with no split whatsoever. Now do you see why listing agents so love it when buyers call them directly? On a house that costs say $300,000 with a 6% commission, the Listing Agent would receive an $18,000 commission. If there is a Realtor representing the buyer(s), the listing agent would have to split their commissions.
18 February 2010, 5:06 pm
Many people have homes and mortgages and have taken out a loan through a bank and or lender of their choice. Their job then is to make monthly payments to pay back the bank that lent them the money, what happens if one cannot make their payments? Making payments on the mortgage is above all the most important thing a homeowner can do. Not making your payments on time results in a lower credit rating making it tough to get a loan.During this current recession, many people have lost their jobs making it impossible to pay their bills, currently; our unemployment rate is averaging around 10%. That means 10% of our population is currently out of work. When a person or family loses their income they cannot pay the bank back the money they borrowed, the bank will then start a foreclosure process that in a sense, takes the house back from the borrower.
11 February 2010, 6:32 am
Renting a property is not only a matter of choosing the right one, making agreements with the owner and paying the fee. This is a common misconception for those who do not know that there is more to owning a property.
The property owner has many responsibilities that he or she has to act upon to keep the investment a continuous money-maker source. There is property maintenance, bookkeeping and tenant management. These are just for starters.
In addition, there are rules involving real estate and property rentals. You can either start learning about every one of them or get someone who already knows all the aspects of real estate.
If you are an owner, would you rather deal with these things or have someone deal with these for you?
5 February 2010, 5:37 pm
In these trying economic times home owners are finding it increasingly difficult to meet their monthly mortgage payment. Rampant unemployment and increasing interest rates has led to an astounding number of foreclosures in the country. Despite all their efforts, home owners cannot make their payments and finally accept foreclosure as an imminent fate or resort to selling their homes. There are two ways for homeowners to save their home one is refinancing and the other is home loan modification.
3 February 2010, 1:09 pm
All agents have had this problem at one time or another. They have listed a property that is worth more than the asking price, but the asking price is out side the financial reach of local buyers.
You the know the ones like that Commercial Property where the owner is retiring and the sale is his retirement or that Great Dream Home on the lake and the owner has been transferred 2000 miles away. In both cases these are properties could be considered bargains… motivated sellers…. need to liquidate assets, but they just are not being looked at by qualified buyers.
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