Tips About Your Real Estate Agent

So you're looking for a new house or a lot for sale on which you can build your dream house. You know you need to enlist the aid of a real estate agent. Here are some tips that will help you find the right one.

The first thing to remember and, ironically, the most important thing for a lot of people, is that your real estate agent will not be working for you. That's a common misconception. No matter who the real estate agent is and how close your personal ties may be, the agent's primary objective is to sell a piece of property to you. In fact, his income depends on that sale. The larger you pay for the property you want, the bigger his commission. Bear that in mind: it is in the real estate agent's interest to make you spend more.

Sometimes we become really comfortable and open with sales people that we share confidential matters that can have huge bearing on a potential sale. For instance, you may tell them that you are desperate for a piece of property because you have to move out of your old house within a week. This lets your sales agent know that they can sell the property to you at a high price. As a general rule, don't let anyone know how much you are willing to pay for a new house or lot.

Oftentimes, the first question that a real estate agent throws at you is precisely that: how much are you willing to pay? It's an old ploy so don't fall for it. In response, simply state the price that you want to pay and, if they ask again, tell them that's the ceiling. Add that if the seller does not agree to that price, then there is nothing to talk about and move on. Chances are great that a serious seller (or buyer, for that matter) will immediately turn down a prospect upon hearing the first bid. In all likelihood, a serious buyer or seller will negotiate and explore options.

Finally, don't let your real estate agent choose the lawyer who will write up the property agreement, precisely because the agent is trying to sell you something. It would be far better if you selected your attorney yourself.

Jonathon Hardcastle writes articles on many topics including Real Estate, Business, and Finance.

Calculate Cost Basis

How to calculate cost basis can be a confusing concept to those who contemplate selling their real estate. Along with fair market value and holding period, cost basis represents one the three key components in identifying the amount of potential tax that may be due on the sale of the property.

Unfortunately, how to calculate cost basis is not a common concept ingrained in us through our normal day-to-day educational experience. However, it very quickly becomes very real as we explore various real estate exit and transition strategies.

A good place to start in developing an understanding how to calculate cost basis is by defining capital gain. What are capital gains and how do they apply to real estate? In simplest terms, a capital gain is the appreciation between the original cost and current sale price. The federal government and most state governments tax this "gain" if the asset is sold.

The sales proceeds less any associated selling costs represent the "value" of the property being sold. It does not matter if the property is encumbered by debt or not in this calculation. And, it does not matter if all proceeds are received at the time of sale or not. The net result is still the value of the property at the time of sale - the top number in our simple mathematical equation to determine the amount of "gain" in the property.

In contrast, cost basis is the bottom number that is subtracted from value to give us the answer to our gain question. Simply stated, cost basis is the original cost of the property, plus any improvements made by the owner. Improvements can be items such as:

• Installing utilities on a building lot (electrical pole, well, septic system, etc)
• New roof or deck
• Remodeling the interior of the home
• Numerous other improvements performed by the owner

When selling property, it is imperative to define the cost basis of the investment. Accurately define any improvements made on the property and compare it to the current value. The difference is the capital gain and subsequent amount that could be taxed by the government during the sale. By having developed an accurate cost basis, you will be better prepared to take advantage of the various capital gain tax planning options.

Selling Your Glendale Home Are You Asking the Right Price?

If you have a home in Glendale, Arizona that you'd like to sell, you are in a good position. Glendale is a great community for buying and selling, it's one of the most affordable home communities in the greater Phoenix area.

Fortunately, Glendale is popular enough that you'll find plenty of people interested in buying your home. On the downside, if you've never sold a home before, you may not have realistic expectations about the sales process. You may be setting yourself up for a fall if you aren't aware of some of the common mistakes to avoid.

Asking Too Much for Your Home

Sometimes it's hard to have a great perspective on the asking price for your home. After all, you've probably put a great deal of time, effort and money in making improvements to the property. Unfortunately, if you focus exclusively on the price you think the property is worth, you may lose out on prospective buyers.

Remember that your home will be on the market beside other comparable homes. If your house isn't priced competitively, the home may be quickly passed over by buyers.

Listen carefully to your real estate agent and consider their input. Your agent understands the Glendale market and is going to give you the best price. If you have some doubts, check out zillow.com. This site uses some of the same information as real estate agents, sales of comparable properties, etc. to deliver an accurate home value.

Not Having A Marketing Plan

Before you list your home, you need to have a discussion with your real estate agent about how he or she intends to market your property. What will he or she do to make your property stand out? You want to get as much exposure for your home as possible in the shortest amount of time. The longer your home is on the market, the more opportunity you miss when it comes to finding another home, or you may not be able to complete the purchase of a home you really love.

Not Accepting an Offer

Judging whether to accept an offer is always a little risky, if you take too low of an offer you're missing out on potential money. If you reject an offer because you want something higher, you may find that your property just won't sell. Again, the most important thing you can do is follow the advice of your real estate agent. Glendale is a competitive market, so you should be able to get a good offer on your home. Even before you receive an offer, discuss the absolute minimum that you will accept, and how much room there is for negotiation. It's hard to make decisions in a stressful time, so if you go in with as much information as possible, you can alleviate some of the tension.

Glendale is the perfect community for finding affordable homes and reselling your home to new buyers. Work with an agent you trust and you'll be living in your new Glendale home before you know it.

Reg Gustin is a senior loan officer with Sun American Mortgage and specializes in helping families and their financial lending needs.

Get a FREE mortgage rate quote from a reputable Arizona mortgage company at http://www.arizona-homes-store.com/arizona-mortgages.html.

Search the Arizona MLS at http://www.arizona-homes-store.com/arizona-mls.html

Click here: http://www.arizona-homes-store.com/arizona-real-estate-appreciation-report.htmland get a FREE copy of The Greater Phoenix Area Housing Appreciation Report, as compiled by Arizona State University with your free subscription to his monthly ezine, MARKET NEWS.

Texas Mortgage What to Expect When Buying a Home in Texas

Maybe you?re buying your first home in Texas, or perhaps you?re relocating to Texas from another state. Either way, it?s important that you educate yourself on Texas home loans before shopping for a home and mortgage. This article explains what you?ll need to know before buying a home in Texas:

The median price of a home in Texas is $82,500. Recently, homes in Texas have been appreciating at rates well below the national average. Additionally, average interest rates in Texas are above the national average. However, the rate of job growth in Texas is comparable to the national average.

The price of homes in Texas varies widely between zip codes. For example, in Dallas, Texas, the median price of a home in the summer of 2005 was $261,000; however, in San Antonio, Texas, the median price of a home was $220,000, and in Houston, Texas, it was $151,000.

Home equity lines of credit are prohibited in Texas. Additionally, cash-out refinances are not permitted on primary residences. When a homeowner is refinancing their mortgage, Texas law states that the rates and terms of refinancing may only include the payoff amount of the old loan plus points, penalties, and any necessary and reasonable closing costs. The total amount of all closing costs may not exceed 3% of the loan amount.

The Texas State Affordable Housing Corporation provides housing programs for first-time homebuyers that are educators, police officers, or firefighters. These programs aid in the home buying process by providing qualified buyers with down payment assistance grants. Additionally, there are also programs for low income families. These programs offer down payment assistance grants and interest rate reductions for borrowers who make timely monthly payments for a certain period of time.

Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about Texas Mortgage Rates and Loans.

Property Developer

What is a property developer?

A property developer makes improvements of some kind to property, builds on land and thereby increasing its value. The developer may be an individual, but is more often a partnership, a Limited Company or a Public Limited Company.

There are two major categories of property development activity: land development and building development (also known as project development) the later being the most popular with the smaller developer.

Land developers typically acquire raw land (i.e real property with no improvements or infratucture) and improve it with utility connections, roads, etc. Building developers acquire raw land, improved land, and/or redevelopable property in order to construct building projects. The buildings are then sold entirely or in part to others, usually for a significant profit.

This is all well and good but how does the small property developer get started?

Small projects, terraced properties, shops, small offices, buying property in auction, these are all areas that the small property developer can consider. There is an old saying that goes, ?you should start in the area that you know best.? The reasoning behind this is obvious, as the area will be known, prices will be easier to determine and profits can be readily calculated.

Cashflow is king for the property developer as capital should be available for the initial purchase, as well as the cost of improvements, purchase costs and sale costs.

Buying a Small Terraced House for Development
Lets look at the classic case of buying a small terraced property with potential. The fees for the purchase will be as follows:-

?Initial Purchase Costs- ?75,000
?Initial Surveyors Fees- ?200
?Purchase Solicitors Fees- ?400
?Improvement Costs- ?3,000
?Cost of Sale (Estate Agent)- ?800
?Solicitors Fee (Sale)- ?300

Total Cost- ?79700

On the assumption that the property can be sold for around ?90,000 - ?95,000, the property developer could make a tidy net profit of between ?10,300 - ?15,300 and depending on the timeframe from purchase to sale, this could be the equivelant to earning of around ?50,000 to ?60,000 per year.

All this is well and good if you have the capital to be able to buy the property for cash but what if you haven?t. Well, let?s assume in this case that the property developer can only lay his hands on ?25,000 as a maximum. This is how this could work:-

?Initial Purchase Costs- ?75,000
?Initial Surveyors Fees- ?200
?Purchase Solicitors Fees- ?400
?Improvement Costs- ?3,000
?Cost of Sale (Estate Agent)- ?800
?Solicitors Fee (Sale)- ?300

Total Cost- ?79700

Less the cost of borrowing ?56,250 for say 3 months- ?2,109
Less extra Solicitors Fees- ?500
Loan Arrangement Fees- ?1,125

Total extra cost of borrowing- ?3,734

Based on the assumption that the property developer was borrowing 75% of the property value for a three month period would reduce the profit margin to a net profit of between ?6,566 - ?11,566.

This hypothetical situation shows that ideally the small property developer is better off financing the scheme from his/her own funds but as well as this, profits can still be earned even though the majority of the money is borrowed by the property developer.

The author has been in the UK Financial Services Industry for more than 20 years and has worked on both small and large projects with clients in many parts of the UK. Follow the link http://www.commercial2.co.uk for further information.

Renting A New Home Doing The Initial Walkthough

So your looking for a new place to live. Well, sometimes we get so wrapped up in ?finding the right home? that we don?t think about the small things. This article is designed to help you think about some of the questions to ask yourself as you do a walkthrough.

So let?s get started!

Rooms? How many?

You may require a room if you need an:

Office
Den
Stuido
Sewing Room
Recreation Room
Theater Room

- In your rooms, how much closet space does it have? Will you have room to fit all of your items?

- What about bathrooms? Do you have a teenage son or daughter that needs his or her own space?

What Size?

What kind of square footage will you require? You can do some preliminary measurements form you comfort of your current home to get an idea what the sizes are. Bring a tape measure to your viewings and measure where your bed, couch and other items would go. Use your imagination!

How much counter space will you need? Do you have a coffee machine, toaster or bread maker? Will it fit in the cabnit or would you prefer to have it on the counter?

Amenities?

Amenities are more important then the actual unit to some people. Most people look for the following items:

Intercom System
Elevator
Parking Lot (underground)
Handicap parking and raps
Cable Included?
Gym / Pool included?
Clothes Washer/Dryer, Dishwasher, Range, Fridge
Air Conditioning
Balcony
Doorman or other security system/personnel

Do you need things a certain way?

Sometimes when searching for a home there is one key element that you require. For some it is having a Washer and Dryer for your clothes. Others enjoy having hardwood or laminate flooring.

Here is the most popular key features that we?ve found. (in no particular order)

Hardwood Flooring
A scenic view
High/vaulted ceilings
Close to shopping, recreation, schools or parks
Larger sized windows
Balcony
Newly Renovated
New Carpet
Security System
Games ? Party Room
Fireplace

We hope this article helps you with narrow down your search of a new rental unit!

Shane Toews is a Licenced Realtor who helps others to educate themselves on current real estate issues. He also provides assistance on how to locate quality homes, apartments or vacation rentals in Canada's Fraser Valley area. Visit his website RentFraserValley.com for more information on Canada's Fraser Valley Real Estate Market

Investigate Surrounding Vacant Land Before Buying

Homebuyers are always looking for an ideal situation with low prices. If you are looking in an area with open land around it, you absolutely must investigate the plans for the area.

You have been out shopping for a home for months and have not found that perfect specimen. One day you come upon a home that meets your needs and fits your price. The home is on a little dead-end street. You are happy with this aspect because you have kids and view the lack of traffic as a positive. You also happen to note there is a big, open field behind the house, but think little of it. Simply put, you are playing with fire.

Assume you go ahead and purchase the home. You move in, get the kids enrolled in school and basically get comfortable in your new home. After a month or so, you are laying in bed at six in the morning when there is suddenly an ungodly racket. You stagger out of bed and notice it coming from the backyard. Walking outside, you are met with an image of bulldozers grading the peaceful field behind you. Congratulations! You have just become a neighbor of a strip mall, Wal-Marts or some other monstrosity.

You may think this never happens, but the exact opposite occurs every day. If there are vacant lots of land around a property you are considering buying, you must investigate them. Are they zoned only for residential use or is commercial zoning available?

If they are approved for commercial use, you need to give some serious thought to whether the property is for you. How will you feel about living next to a business area? How much traffic will it add to your neighborhood? How much noise pollution will there be? What will the commercial development do to the value of the home? These are all questions you must consider and answer.

Finding a property in an area with plenty of open space sounds wonderful. If you investigate the area, you can avoid the situation turning into a nightmare.

Raynor James is with the site - FSBOAmerica.org - home buying information.

Real Estate Are Interest Rates Damping the Market?

The Federal Reserve Bank has raised interest rates more than 15 times over the past two years, and Realtors are feeling the pinch. Home sales have slumped all over the nation, and blame is being placed squarely on interest rates.

In June Ben Bernanke, Federal Reserve Chairman said that core prices had increased 2 percent. No one except the Fed seems to think that we are in any danger of runaway inflation. The greater fear is that higher interest rates will lead to loan foreclosures as popular variable rate mortgages written in the past few years are repriced. Real estate agents and lenders are not the only ones affected by rising interest rates. Businesses that depend on borrowing will find their expenses climbing, which will lead to pay cuts, layoffs and pullbacks in operations if interest rates don?t level out.

Many young home buyers have opted for variable rate mortgages, betting that their incomes would increase before the interest rates on their homes. Rising rates will put many young families at risk of losing their homes. Americans place a high value on home ownership, believing it leads to stability in our society.

Some have cast blame on rising rents for fueling inflation, but the truth is, rents have been stagnant for years. Young families normally rent for a few years as they save for their first home, but in the past few years they have borrowed from relatives and used every creative financing trick in order to buy their first home while rates are low. This has left many landlords wringing their hands over empty apartments and rental homes. The predictable result was a lowering of the price of rental housing. Now that home sales have slowed, rental housing is filling up again, and landlords are cautiously making long overdue adjustments to rent.

Actually, inflation is not caused by any industry or market raising its prices. Inflation is a growth of the money supply caused by increased lending. The symptom of inflation is increased prices as too many dollars chase too few goods. The Federal Reserve controls the amount of currency in circulation by raising and lowering interest rates. When interest rates are low, business and consumer demand for loans increases, and banks ?create? new electronic money by making loans.

The Federal Reserve attempts to grow the money supply at a rate matched to the growth of the American economy, so that prices do not increase or decrease.

The current higher interest rates are having a damping effect on real estate sales today, but the low rates of the past are also reaching forward to affect sales today. That is because many buyers bought early to take advantage of low rates while they lasted. If home sales were the only consideration, the Fed would not have raised interest rates this far, this fast.

Real estate agents are optimistic that the current sales slump is just a temporary hiccup that will pass as the market adjusts to current conditions.

Visit http://www.realestatecrosslakeminnesota.com/ for listings of real estate agents in Cross Lake, Minnesota.

Ohio Foreclosure Process

Ohio performs its foreclosures judicially. Specifically the County Court of Common Pleas have jurisdiction for the filing of a foreclosure complaint. There are eleven (11) separate steps to the foreclosure process in Ohio. They are

1) Breach letter; 2) Complaint to foreclose; 3) Title Report 4) Judgment Decree; 5) Praecipe ( order of sale); 6) Appraisal by three disinterested freeholders 7) Newspaper Publication; 8) Foreclosure Sale; 9) Motion to Confirm the Sale; 10) Confirmation Hearing; 11) Sheriff?s Deed.

1.) Breach letter

The first step in the Ohio foreclosure process is for the lender to notify the homeowner by certified mail that he/she has breached the contractual terms of the promissory note and to notify the owner of its intention to foreclose on the home and seek a deficiency judgment. This letter will be forwarded to the homeowner prior to the filing of the complaint to foreclose. This is the end of the private information which we will only see if we are able to enter the home prior to an auction and purchase the property from the homeowner directly.

2) Complaint to Foreclose

The Complaint to Foreclose is just a lawsuit which is filed in the court where the property is located. The attorney prepares the complaint after a review of the file, performs a title search and has sent a breach letter to the homeowner. It recites the facts of the breach of contract by the homeowner. For instance the complaint will recite the amount of the original mortgage, the current amount that the homeowner is behind on the mortgage and will include all of the other parties of record. 3. Title Report

A list of all parties interested in the property.

4) Judgment Decree

Once the court has established that a judgment shall issue, they will enter into a judgment which will set out the amount of the debt due on the house, orders the foreclosure, marshals the liens, establishes the priority of payment and orders the property to be sold free of liens.

The judgment decree will contain the following:

1) a recital of the pleadings filed; 2) a finding that service has been made 3) a finding as to the lien for the real estate taxes; 4) a finding as to the validity of the mortgage and its right to foreclose; 5) finding as to the priorities of the liens; 6) order of sale to the sheriff.

5) Praecipe (order of sale)

This must be filed with the clerk within three days after the decree.

6) Appraisal

Ohio requires that the property be appraised by three separate impartial individuals and that the property cannot be purchased for less than two-thirds of the appraisal except when a junior lien is foreclosing.

7) NEWSPAPER PUBLICATION

The notice in the newspaper is required to have the following information contained therein: 1) The time and place of the sale. 2) The street address of the sale and description of the property.

8) Foreclosure Sale

The sale is then held in the courthouse at the county courthouse where the property is located. The high Bidder is required to deposit ten percent (10%) of the winning bid by certified check or cash with the sheriff. If the high bidder defaults on his obligations to make all payments within the prescribed time the high bidder will lose his/her deposit and the property will be re-advertised for sale.

9 Motion To CONFIRM The SALE

This simply is an order prepared by the Banks lawyer confirming the sale and the order of payment.

10) CONFIRMATION HEARING

The standards to confirm a sale are that if the judge finds that the sale was regular it will be confirmed. It is not subject to appeal unless there was an abuse of discretion.

11). Sheriffs Deed

After the confirmation hearing the winning bidder will be given a deed by the sheriff deed. frontgateconsulting.com/

frontgateconsulting.com/

Sarasota Real Estate Marketing

With Sarasota becoming a hot spot for real estate investments, realtors use various marketing strategies to attract new clientele. Apart from the local print and media, realtors take advantage of the Internet.

Research shows that homebuyers prefer viewing details and photos of properties online. Detailed information on the description of the property, photos, maps and neighborhood information help reach thousands of buyers.

Websites offer directory listings and MLS, or multiple listing services, providing realtors the opportunity to gain maximum exposure. Virtual home tours give realtors a chance to offer a preview of a property to prospective buyers. As more buyers begin their property search online, a web tour is often their preferred introduction to their next home and to the real estate professional who?ll guide them towards closing a deal. For sellers, virtual tours help separate the serious buyers from the window shoppers. Virtual tours can be a simple series of photos and text or multimedia presentations with maps, floor plans, 360-degree panoramic images and a sound track. Many providers also offer lead capture and tour promotion services.

Property-casting is a new concept in real estate marketing. Property-casting is the filming of audio and video tours of real estate properties, for distribution over the Internet or to portable devices such as mobile phones, iPods and other multimedia devices. Full-scale audio and video tours are broadcast through different mediums. Property casting is economical and can be used in all areas of the real estate industry.

Professional marketing consultants that specialize in real estate offer a variety of marketing strategies to realtors. They are trained and experienced in project management, accounting, finance, real estate property operations, and information technology.

One of the reasons for Sarasota growing faster than many other counties in the US is the innovative approach of the real estate marketers here.

Sarasota Real Estate provides detailed information on Sarasota Real Estate, Sarasota Pre-Construction Real Estate, Sarasota Real Estate Marketing, Sarasota Real Estate For Sale By Owner and more. Sarasota Real Estate is affiliated with Minnesota Commercial Real Estate.

Buying Property Overseas the Common Misconceptions Solved

Janet and John part 5

Some of the misconceptions solved for buying overseas property

Janet and John had reserved their new property overseas. They had paid the reserve to the solicitor Raphael, and he had secured the property for them. He was now in the process of searching at Land Registry to see what if any were the problems related to their dream purchase. He soon found one. Janet and John were still recovering from the shock of having to put up half the money in cash and I mean real folding money!

It transpired that there was a mortgage on the property for 120K. He rang John and enquired if they knew? No was the reply but surely such a mortgage would be cancelled or settled by the current owner? Such is the habit in the UK that mortgages move with people but are secured on property. However in the UK when a property is sold the new owner buys it with clear title and no debt attached to the property.

In Spain the mortgage can stay with the property in question. The seller can happily transfer the mortgage to the name of the buyer or just walk away leaving the mortgage with the property. That mortgage never follows him but is charged against the property and the new owner becomes responsible to the Bank for the loan and the term.

It has often happened in Spain that foreign buyers have not employed a good solicitor or not even employed a solicitor at all but trusted the agent! Yes the hot sun gets to them all at some point. Unwittingly buying properties for the full price, only to find out later, that there is a mortgage on it or a huge council tax debt!

However it can also work to a buyer?s advantage. The old owner may have arranged a sizeable mortgage with a reputable lender over a long term and at a low interest rate. Even with variable mortgages, those that react to changing National base rates, by European standards these mortgages are normally inexpensive. Of course there is always the odd one that has been arranged for an un-creditworthy consumer with harsh conditions. Buyers beware!

What to do?

First contact Andy the Property pal. Is this normal? What shall we do? Back came the answer.? Yes it?s quite normal. First ask what the terms and conditions are. What is the rate of interest, who is the lender and what is the term? If they are acceptable and the lender is well known then it could be to your advantage to accept the mortgage as part of the purchase price.?

John spoke with the agent and explained the problem. Jose Miguel agreed to call the owner and make the necessary enquiry. John also had other queries relating to services and local taxes. John then asked if there was an electrical certificate. Poor John?.. Jose Miguel smiled, ?My friend this is Spain, the property is over 20 years old you will not be able to get such a thing however desirable.? John mentioned that Andy knew a local electrician, an Englishman called Brian would it be OK for Brian to do an inspection for him? ?Of course whenever you like!?

A few weeks later they are back in the UK and waiting for news. Nothing has been heard for a while and John is worried, Janet is becoming anxious. John decides to use the Property Pal network again and that night sends Andy, his Property Pal for Costa Valencia an Email. Andy replies two days later. He has phoned the agent and the solicitor and Brian the Sparks. All is going reasonably well, the legal process is progressing but John should plan to come back to Spain in 3 weeks time for a likely completion.

Janet is very happy with his news and John sits her down to discuss the outstanding problems.

The mortgage is a good one. The lender is Banco Popular a reputable lender and the interest rate is 3.5% with an outstanding term of 10 years. This means that 120K outstanding can be taken off the purchase price and Janet and John can take the responsibility of the mortgage with the property. The advantage is John does not have to register a new mortgage at the Town Hall and avoids paying a mortgage tax. He also saves a lot of time in not having to arrange his finance, albeit the loan is more than he wanted at least it is very cheap by UK standards and manageable.

The electrical report has come back from Brian the Sparks. It is not good news. The system that exists is illegal. The power input is so low that a microwave will set off the trip each time it is used. Brian assumed correctly that Janet would want a dishwasher, tumble dryer, air-conditioner unit, kettle and other electrical appliances installed and the power is just inadequate. John would have to apply to the local power company for an increase in supply. They would arrive to inspect and declare the current installation illegal.

What to do?

Contact Andy the Property Pal. Andy instructs Brian to quote for the upgrading and re-wiring and installation of new circuit breakers. Andy will see if he can call the local power company and start a process for Janet and John. If Brian can do the work first then when they make their inspection, and of course when is the keyword, they will declare it acceptable for a power supply increase.

The next problem for our intrepid pair is how to handle the darker side of the cash purchase.

In Spain there is no Capital Gains Tax on your primary home but in theory there is on your second or weekend home. Traditionally over the years property has changed hands with little concern for the accuracy of the boundaries or deeds. Much of the price has been paid in cash from below the bed. This habit is changing and many lawyers are now under greater scrutiny from National and local bodies who wish to see the real value of a house declared and tax paid thereon. So the habit still exists but lawyers are encouraging and cajoling sellers to declare at least 70% of the value in legal tender.

Thus 30% is paid for in hard folding cash. If the declared value is too low then the Town hall Notary has been known to fine the seller for the assumed balance by going out and valuing the property! It is not unusual for buyers and sellers to exchange cash at the Notary?s office in a large bag. Obviously this does not go unnoticed by the local criminal fraternity and there are many instances of persons being robbed on their way to or from the completion meeting. It is normal but absurd as the Public Notary? office is fully aware that this practice exists, and the Notary in question will simply withdraw from the room for 5 minutes whilst the parties exchange the cash!

Often there will be two solicitors and two opposing bankers present, as well as the bagman, his counterpart and maybe a translator. It is a real farce which is slowly changing. It is now even acceptable for a Bank to draw a check for the cash element and bring that with them for their client instead of the insecure currency notes. However there are still sellers that insist on cash for their balance outstanding and some who even do another portion outside of the auspices of the Town Hall! Do not get involved in this practice is the advice from the myProertyPal.com website. The system is becoming so farcical that I have heard stories of Banks running out of cash and having to go around the local town and collect it from other Banks!

Janet and John chose Banco Popular and they and the opposing side were able to accept a check for the funny balance and all went well with their date of completion.

So the intrepid pair completed their learning curve of buying their investment property overseas, but was that the end of the story or was there much more to learn about Living in Spain? Of course and we will re-join them later!

http://www.mypropertypal.com

Sarasota Housing Market: Behold the "ThreeBuyer" Rule

The buyer, appraiser and underwriter must all agree with the price of the house before it can go to settlement (particularly if there is no large down payment involved.) Here's how it happens.

Buyer is First

When you visit the grocery store and examine the prices of produce and goods, you normally do not walk up to the check out and bargain the price listed on the sticker. The eggs are $1 per dozen all day long and most everyone will pay that amount or go without eggs.

In real estate (and other large investment items), the price is not necessarily what one is going to pay. It is merely the list price or asking price set by the seller. While Sarasota real estate agents may have some sort of control in determining if a house is overpriced or under-priced, they are not the ones buying the house. Hence, the real decision maker is the buyer. Thus, the buyers must be confident enough that the asking price and the terms almost certainly reflect the real market value of the house.

The savvy real estate seller will make sure that the asking price is as close to the realistic price in order to draw offers. Particularly, in a transitional market or dropping sales price environment, such as the Sarasota housing market at present, do not squander time holding off for the ?right? buyer to come along and pay the price being asked for. The smart real estate seller will realize what the price trend is and move in front of it.

Sellers over the last few years in the Sarasota housing market have had the benefit of price trending upward. Negotiation for buyers seemingly went up on its head?You want $350,000. What, are you crazy? I'll pay $375,000 and not a dollar less. Of course, they got beat out by the guy willing to pay $400,000 and include a vacation for the sellers.

When the Sarasota housing market begins to trend downward, a seller must get at the forefront of the trend. This is even more important than a market heading upward if you do not want your house floating on the market over a long waiting period. Every week you wait, you literally lose money, which sometimes could be thousands of dollars each week. Do not wait. When prices trend downward, sellers must forget what their neighbor's sales price was two months ago. It certainly has no bearing the day you receive your contract.

The moral here for the seller is that the buyer must believe the house is worth the asking price. Next, one has to convince the appraiser.

Appraiser is Second

Despite what others may believe, the appraiser is the most important visitor who is going come by your house. Sometimes even the appraiser understates his or her visit to the property.

If you have to impress the buyer to persuade him or her to write a contract, then you better mesmerize the appraiser. This is the person who is going to take a first stab in confirming that the buyer and seller have come up with a realistic price for the property.

With a contract price of $351,990, you want an appraisal of at least $351,990. If the appraisal is high, it has no bearing on the contract. If the price comes too far below, and the buyer does not possess enough down payment funds to cover the difference, then the seller and buyer will have to renegotiate who is going to absorb the financial hit to make the loan work. Is the seller coming down in price, the buyer up in price or are they going to split the difference?

Underwriter is Third

Finally, one has to satisfy the person in the back office?the underwriter of the mortgage. Underwriters calculate the risk factors for the lending company or group of investors. If they underestimate the risk of default on a loan and the buyer indeed defaults on the mortgage in time, then either their investors lose or they must sell the loan at a loss. Because of this, while they are not on the street monitoring if prices increase in the Sarasota housing market and if their analysis reveals that the house may not be worth what the contract is asking, they can withhold the loan process and the negotiations must start anew.

Let?s say I want to sell my house for $1 million. The problem is, while I might think it is worth that amount, I keep running into buyers who disagree. Thus it is worth $1 million solely in my perception.

I therefore have to satisfy three other people to get my price. In pricing my property, I must keep these three other people in mind if I want my ?asking? price to become my ?sold? price.

Earl Juanico

Sarasota Real Estate

What Every Buyer And Seller Should Know About Fair Housing Laws

Five major Acts of Congress have created protections for home buyers and sellers in the U.S.. These protections are known as Fair Housing Laws. Many states have enacted their own Acts which add additional protections. Locally cities and counties can add additional protections (or protected classes's. Be sure to check what state and local laws in your area cover in addition to Federal Fair Housing Laws. There are exceptions and variables to these laws, inquire at your local governmental office for complete details.

-Federal Protections. Age,color, disability, familial and martial status, national origin, public assistance, race, religion, and sex.

-State and local protections. Sexual preference, ancestry, defining disability as both mental and physical,and military status.

-Blockbusting. When real estate agents suggest that renting to or selling a property to a member of a protected will negatively affect property values.

-Steering. When real estate agents suggest specific neighbors based on the clients age,color, disability, familial and martial status, national origin, public assistance, race, religion, and sex. Homebuyers and renters should consider and look at properties in any area they wish.

-Discrimination. The intentional policy or practice that results in unequal treatment of a person or persons in a protected class.

-Complaints. File Fair Housing Complaints with the Federal or your local office of the Office of Fair Housing and Equal Opportunity, Department of Housing and Urban Development.

Mark Nash is the author of Fundamentals of Marketing for the Real Estate Professional, Starting & Succeeding in Real Estate, Reaching Out: The Financial Power of Niche Marketing, and 1001 Tips for Buying and Selling a Home. Mark is a contributing writer for: Realtor (R) Magazine Online, Broker Agent News, Real Estate Executive Magazine, Principal Broker, and Realty Times. His tried and true real estate tips has been featured on Business Week, CBS The Early Show, CNN, HGTVpro.com, The New York Times, and USA Today. Purchase his books at http://www.1001RealEstateTips.com.

Before Buying A Home

Real estate is an expensive investment. Most people do not buy a home with cash. If you are not a millionaire, you probably take loan from lender. So you should learn to think like them. What are they looking at on your loan package application? They are definitely looking at the source of your funds for your down payment. Your lender will probably ask for the last two or three months on your liquid assets. What are the liquid assets? They include your savings accounts, checking accounts, money market funds, stock statements, mutual funds, money market funds, 401k, and your retirement accounts.

If you want to avoid large deposits and withdrawals, you probably don?t want to move your money between accounts during your loan request. Your lender will probably ask for a lot of your financial documents such as deposit receipts, and cancelled checks. They want to have all the paper that they can have.

Don?t get mad at your lender. They are just trying to do the right thing for you. Buying a home is a big important decision, and it costs a lot of money. They must try to prevent potential fraud, and they must try to ensure the quality. You don?t want to make their jobs harder. You do not want to move money around, even if you are consolidating your funds. You also do not want to switch banks, when you are talking to a loan officer either. If it is possible, you don?t want to change job. It may be very bad to your loan application.

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Buying A Cheap VA Repossessed Home

A VA repossessed home is actually a home that has been foreclosed due to the owner's failure to pay the loan.

Contrary to the other types of foreclosure, VA repossessed homes were previously possessed by members of the military or a veteran in the United States. These homes are actually insured under the provisions of the Department of Veteran Affairs or VA.

With steep prices on newly built homes today, buying a VA repossessed home can actually give you more benefits than you can imagine.

Here is a list of some of its advantages:

1. Cheap at its best definition

Nowadays, people can define cheap as something that is way below the current price in the market. With VA repossessed homes, you get a better definition of the word cheap.

That is because VA repossessed homes are usually sold in the market by as much as 50% below the usual price of houses in the market.

The reason behind this is that Department of Veteran Affairs would like to dispose VA repossessed homes as fast as they could, hence, the lower price.

The main purpose here is to get the money back not to actually earn additional profits from VA repossessed homes.

2. Quick home equity

With VA repossessed homes, you get quicker home equities. This means that you can start reaping equity right away because the values of these types of houses are actually less than the actual price in the market.

Home equity refers to the current value of a particular home where the total debts indexed against it are subtracted.

You can start building your home's equity by repairing some of the much-needed repairs. In this way, you can present your VA repossessed home as something worth reaping profits.

3. More benefits

One of the best things about buying a VA repossessed home is that you can get all the benefits that veterans are enjoying, and to think that you are not even a member of the military or a veteran.

With this, you can even start using a VA repossessed home immediately even if you do not have the money yet because one of the benefits that you can enjoy is the no-money-down advantage.

All of these things are boiled down to the fact that buying VA repossessed homes are not just great bonuses to life's simple pleasures. These homes are definitely worth evaluation especially if you really wanted to have a house of your own but cannot financially buy a new one.

For listings of cheap repossessed homes, please visit http://www.buy-cheap-houses.info/.

For the Middle Class Miami is a "Paradise Lost"

A housing crisis is brewing in Miami, Florida. Cops, teachers, and other members of the middle class can't afford homes there. According to Sgt. Armando Aguilar, president of Miami's Fraternal Order of Police, none of the new cops graduating out of the academy can afford to buy a home in Miami-Dade or any nearby counties. In fact, the force is losing officers left and right to other places that pay better and where living is less expensive. Miami police officer salaries start at $37,817 which ranks Miami 36th out of 43 other municipalities reporting annual pay data. But that won't buy a cop a house here.

Or new teachers, nurses, and many more of the community's middle-class who are in the same sinking boat. Consumer-price inflation is rising much faster than wages. According to an article in the Miami Herald, inflation in the Miami-Ft. Lauderdale area was running at 5.1 percent, nearly twice the national rate.

Nearly twice the national rate.

Would someone please tell us what is going on?

Last week one of our staff members had to pick something up in Plantation in Broward county from a guy who was selling his house. The house wasn't new or that big, but it did have nice curb appeal in a neighborhood of unassuming homes. Inside, marble floors, an upgraded kitchen, two bedrooms, one bath, a two-car garage, and no backyard to speak of. He wanted $425,000 for it. He pointed out another house that had recently been sold. Its curb appeal was sorely lacking but it sold for close to half-a-million dollars. Why? It had a pool.

Something has to give. Teachers and police in Miami-Dade in separate incidents began standing on street corners last month waving placards and shouting at anyone who will listen about low wages and shrinking retirement funds. We believe these are the first signs of a crisis hovering just beyond the horizon that no one in local government seems to be addressing. Maybe nothing can be done until the market corrects itself with falling home prices. But what will initiate that process?

According to Bruce Nissen, a professor at Florida International University, he sees the workforce organizing more and more protests. Will that be enough to set the corrections in motion? As much as we would like to believe it will, we think that, without government action, protests will devolve into strikes effectively shutting down the economy and disrupting our lifestyle to the point where draconian measures will be called up to fix the problem. Unfortunately, we don't think falling real estate prices will be the total answer. However, building affordable housing is part of the answer. But if developers can't make a profit against their investment in land, the rising cost of labor and materials, why bother building anything at all? Even though most people can't afford to buy into the high-end condo building boom in Miami-Dade, if that sector in the local economy collapses, thousands of people will be out of work. It's a double-edged sword for sure and we don't pretend to have any answers. Instead, when considering what tomorrow may bring, we face the future with fear and trepidation.

D.C. Copeland is a writer and award-winning artist. In 1970, he co-founded Ecology Action of Florida which combined recycling and working the disadvantaged. When visiting Copeland's personal website and blog http://www.miamivisionblogarama.blogspot.com/, you will discover that Wayne Cochran is the Patron Saint and that many people consider it to be The Rodney Dangerfield of Blogs.

Sell Your House Fast

Selling your house fast would normally mean that you have a sale contract in place within a few weeks of listing. This is definitely possible if you prepare yourself well.

Once you have made the decision to sell and you want fast results, it is better to hire a reputable sales agent for the task. You could also list your house online and request that your agent put advertisements and flyers in neighboring areas. You may also offer the agent an incentive for a speedy sale. In the meantime, determine an appropriate value for your house. But selling a house quickly should not mean that you are selling it at any cost. The right price will help you sell it faster. Again, the agent could help you in valuing your house. Check with some valuators to ensure you are not underselling.

For a quick sale, it pays to be flexible in the negotiations. It is sometimes required that you reduce the original price. So plan how much you are ready to negotiate. If you do not stick to your planned price reduction, chances are you might end up selling at a much lower price than the current market value. List the benefits of the house and location. And make sure the house is neat, well-lighted and presentable, inside and out. Inspect the house yourself or have it examined by a professional, and make the necessary changes to help it sell faster. If required, replace any leaking and broken fixtures. Try to be available all the time so that you do not miss any prospective buyers.

Finally, treat your prospective viewer respectfully, and let him look around the house. Do not try to hide any defects. Instead, be honest about all major problems, if any. This will bring trust to the relationship. Also, clearly indicate what accessories will be included as part of the sale. You may even contact professional real estate investors if you want to sell your house fast. But they generally tend to pay less than the market value. Do not fall for any unduly attractive deals. Stick to your goals and do not sell the house in distress. If there is an immediate need for cash, try to check other options for meeting this demand. Otherwise you could end up in a deal that you might regret later.

Sell House provides detailed information on Sell House, Sell Your House Fast, Sell House By Owner, Sell Your House Online and more. Sell House is affiliated with Real Estate Note Brokers.