Saturday, June 28, 2008
It’s been almost a week that I have been searching for a reliable service to help me find luxury vacation spree. I certainly wish to finally experience Perfect Escapes. It’s just a good thing that I stumbled upon Perfect 10 Newsletter.
I found out that there’s a lot to offer from this service. And my excitement has become more intense when I get to see a list of the world’s best hotels and destinations that I can possibly go to. Now I made up my mind. I really have to go to any of these world’s best destinations as I hate the toxics in the city. I want something new, something fun.
And I’m pretty sure that perfectescapes.com will settle everything that I needed for a grand vacation. I heard a lot of people who are grateful enough to have chosen their service. So I am grabbing the chance and won’t waste time until I can get the best vacation that I’ve been wanting since. I might also consider going to Wynn Las Vegas, which I heard a great place to stay.
Monday, June 23, 2008
The National Association of REALTORS® (NAR) includes 1 million brokers and salespeople, individuals bound together with a strong Code of Ethics, extensive training opportunities and a wealth of community information. NAR members are routinely active in PTAs, local government committees and a variety of neighborhood organizations. Being actively involved in community affairs provides REALTORS® with a better understanding of the area in which they are selling.
Why?Buying and selling real estate is a complex matter. At first it might seem that by checking local picture books or online sites you could quickly find the right home at the right price.
But a basic rule in real estate is that all properties are unique. No two properties -- even two identical models on the same street -- are precisely and exactly alike. Homes differ and so do contract terms, financing options, inspection requirements and closing costs. Also, no two transactions are alike.
In this maze of forms, financing, inspections, marketing, pricing and negotiating, it makes sense to work with professionals who know the community and much more. Those professionals are the local REALTORS® who serve your area.
How do you choose?In every community you're likely to find a number of realty brokerages. Because there is heated competition, local REALTORS® must fight hard to succeed in your community.
The best place to find a local REALTOR® is from REALTOR.com's® extensive listing of community professionals and properties. Other sources include open houses, local advertising, Web sites, referrals from other REALTORS®, recommendations from neighbors and suggestions from lenders, attorneys, financial planners and CPAs. The experiences and recommendations of past clients can be invaluable.
In many cases buyers will interview several REALTORS® before selecting one professional with whom to work. These interviews represent a good opportunity to consider such issues as training, experience, representation and professional certifications.
What should you expect? (Working with a REALTOR®)Once you select a REALTOR® you will want to establish a proper business relationship. You likely know that some REALTORS® represent sellers while others represent buyers. Each REALTOR® will explain the options available, describe how he or she typically works with individuals and provide you with complete agency disclosures (the ins and outs of your relationship with the agent) as required in your state.
Once hired for the job, the REALTOR® will provide you with information detailing current market conditions, financing options and negotiating issues that might apply to a given situation. Remember: Because market conditions can change and the strategies that apply in one negotiation may be inappropriate in another, this information should not be set in stone. During your time in the marketplace REALTORS® will keep you updated and alert you to each step in the transaction process.
Thursday, June 19, 2008
One of the keys to making the homebuying process easier and more understandable is planning. In doing so, you'll be able to anticipate requests from lenders, lawyers and a host of other professionals. Furthermore, planning will help you discover valuable shortcuts in the homebuying process.
Do You Know What You Want?Whether you are a first-time homebuyer or entering the marketplace as a repeat buyer, you need to ask why you want to buy. Are you planning to move to a new community due to a lifestyle change or is buying an option and not a requirement? What would you like in terms of real estate that you do not now have? Do you have a purchasing timeframe?
Whatever your answers, the more you know about the real estate marketplace, the more likely you are to effectively define your goals. As an interesting exercise, it can be worthwhile to look at the questions above and to then discuss them in detail when meeting with local REALTORS®.
Do You Have The Money?Homes and financing are closely intertwined. (Financing is the difference between the purchase price and the downpayment, commonly referred to as debt or the mortgage.) The good news is that over the years new and innovative loan programs have evolved which require a 5 percent downpayment or less. In fact, a number of programs now allow purchasers to buy real estate with nothing down.
In addition to a down payment, purchasers also need cash for closing costs (the final costs associated with closing the loan). Several newly emerging loan programs not only allow the purchase of a home with no money down, but also underwrite closing costs.
Not everyone, however, elects to purchase with little or no money down. Less money down means higher monthly mortgage payments, so most homebuyers choose to buy with some cash up front.
As to closing costs, in markets where buyers have leverage, it may be possible to negotiate an offer for a home that requires the owner to pay some or all of your settlement expenses. Speak with local REALTORS® for details.
Is Your Financial House in Order?Those great loans with little or nothing down are not available to everyone: You need good credit. For at least one year prior to purchasing a home, you should assure that every credit card bill, rent check, car payment and other debt is paid in full and on time.
Sunday, June 15, 2008
Step 1:
Are you Ready?
Step 2:
Get a REALTOR®
Step 3:
Get Loan Preapproval
Step 4:
Look at Homes
Step 5:
Choose a Home
Step 6:
Get Funding
Step 7:
Make an Offer
Step 8:
Get Insurance
Step 9:
Closing
Step 10:
What's Next?
Wednesday, June 11, 2008
1. Property auctions are held around the country, but are advertised only about four weeks before. Look in local and national newspapers or in the trade papers Estates Gazette and Property Week. Chris Coleman-Smith, the head of auctions at Savills, recommends the Essential Information Group site, eigroup.co.uk, where the sales of all 300 auctioneers in the UK are listed. He says: “Sod's law says that if you get six catalogues, the property you would really like is in the seventh.”
Don't stay local
2. David Sandeman, of the Essential Information Group, says that the best bargains can often be found when properties are auctioned outside their local area. He says: “Half the properties sold in sales in London are outside the city. And if you have a small auction house in Wiltshire selling a property in Manchester, you may not have many people bidding who know the area.”
Get a professional view
3. The auction catalogue - which you can get, often for a small fee, direct from the auctioneer - contains all the information regarding the sale, such as guide prices, viewing times and any special conditions of sale. But make sure you appoint a solicitor who will apply for and check the document pack relating to your lot. This typically costs about £25 and includes the searches and the home information pack but no in-depth survey or valuation. Coleman-Smith says you can sometimes unearth important extra information by contacting the management company or speaking to another leaseholder.
See what you are getting
4. Visit the property at one of the viewing times listed in the catalogue - and take with you a surveyor and/or builder as necessary. More experienced buyers who feel they do not need a full survey sometimes pay a reduced fee of £100 or so to these professionals to “walk through” and advise on the property. According to Coleman-Smith: “You don't want to pay £500 for a full survey, just to be told there is a bit of woodworm under the stairs.” Viewings are typically scheduled twice a week and are open to everyone, which makes them an ideal chance to check out the rivals for the property you are interested in, according to Gary Murphy, the head of auctions at Allsop.
Keep an eye on the price
5. Do remember that a guide price (which to amateurs can appear very low) is, as Coleman-Smith says, “closer to a reserve price, and may have no relationship at all to the final sales price”. A guide price can change according to the interest displayed by buyers and any offers received in the run-up to the sale. It is not always advisable to make an offer before the sale as this may push up the reserve price, but be guided by the auctioneer. Coleman-Smith suggests expressing interest in writing and asking to be informed if a property is about to sell before the auction.
Find the cash
6. Have all your finance in place before you bid - if you are successful you will be expected to pay a 10 per cent deposit on the day, which you will forfeit if you can't find the remaining 90 per cent by completion 28 days later. However, more and more sales, particularly of repossessed homes, specify completion within 14 days, Sandeman says. Your lender must be aware of - and be able to meet - the strict auction deadlines by giving you an offer of mortgage before the sale. If you can't get this in time, don't bid.
Concentrate
7. Auctions last only about three minutes per lot. Once the hammer falls in your favour you will be required to sign the contract of sale in the back of the catalogue, and pay the deposit, so make sure you know your limits - and are bidding on the right lot. If you are a novice, consider attending a sale or two as a trial run before bidding.
Bid...
8. Auctions are not for the fainthearted. If you are worried about getting carried away, take your solicitor or a friend to bid on your behalf. You can also, if you think it is better for you, bid by telephone or online. But make sure you are fully informed: pay special attention to the auctioneer's announcements at the beginning of the auction as he or she will explain the procedure and disclose any lots sold or withdrawn prior to the sale. You must also read the addendum sheet on the day, which reveals any errors or omissions in the catalogue.
...or choose not to bid
9. David Sandeman says: “Do not get emotionally attached to a property. You are buying an asset, and if you miss this one, another will come along.” Some experts say that it is not advisable to start the bidding, as this can push up the price. If the auctioneer does not get the opening bid he calls for, he may accept a lower one. But Gary Murphy advises that sometimes a bold, early bid can be successful. He says: “Your competition will sense your strength and may be spooked.”
Follow up on unsold lots
10. Look into post-auction sales. Sandeman says: “Forty per cent of properties at auction do not sell. The sellers are then on the back foot: they have not managed to sell before the auction or during it, and you may be able to negotiate a bargain. More and more properties are coming to sale, and more and more are not being sold.”
You're not alone: experts are cringing too. Some are waiting for a pop, others for more ballooning growth.
All the talk has left many wannabe buyers on the sidelines. Hey, you can still buy that home in today's market, but read today's five tips first to learn how to do it wisely.
1. Walk around town
Okay, so we talk about the housing market as if every home in the country was selling the same way. It's not. Real estate is a local thing -- and I mean really local.
Take this example: Home prices in Bradenton, Florida jumped 45.6 percent in one year, according to the National Association of Realtors. But 13 miles away, in Sarasota, home prices only rose 36 percent. And 46 miles north in the Tampa, Clearwater, St. Petersburg area, home prices only rose 15.7 percent.
The moral of the story is you'd be wise to walk around town, and investigate growth in each market. Stephen Israel, president of Buyer's Edge, a company that represents homebuyers, recommends you take a list of zip codes to the local real estate agent.
Ask them to look up the one-year and five-year change in home prices in those zip codes. Avoid any standout zip codes, like Bradenton from the example above. Places where there have been major market swings can come with falling or leaping prices, and bidding wars.
2. Think location, location, location
Let's get down to it -- real estate 101. The most important thing to look for is great location, says Israel. After that, you want to look for the best lot, and then finally, look at the home.
Goes against your instinct, doesn't it? Remember, you can fix a house. But you can't move your house into the city's best school district, push it away from a freeway, or turn your shabby neighborhood chic.
When looking at location, make sure you look at proximity to city centers, transportation, the best schools, culture, and work centers. But think it through, and take into account where you live. Living near a bus stop may be a major plus in Brooklyn, NY, but it may be a disturbance in Bloomfield Hills, Michigan.
When you're looking for the best lot, "Stay away from any major negatives," says Israel. The location and house may be great, but if there's a swampy backyard, the neighborhood looks dingy, or there are no trees on the lot, you could pay for it when it comes time for you to move again.
3. Don't show your cards
It's a seller's market. So be ready to play poker, my friends, and don't show your cards.
First off, be careful who you talk to. "Most consumers don't understand when they call number on a yard sign or speak to a person at an open house that they are talking to the seller's agent," the Massachusetts Association of Buyers Agents (MABA) warns.
The seller's agent is looking to find the best price possible for the seller's home. So don't tell them what you want to spend or what your motivations are for buying. It gives them bait to jack up the price.
And when you tour a house, be sure you don't make the so-called "$10,000 mistake" -- and exclaim, "I love this house," advises MABA. You'll pay for showing your emotion.
If you want to hire someone to be on your side, look for a buyer's agent, who can split the commission with the seller's agent in the sale. To find a list of buyer's agents, check out the National Association of Exclusive Buyer Agents, Web site: www.NAEBA.org.
4. Pay a smart premium
When you tour a house, make sure you take the time to evaluate the property correctly. Understand what the true value of the house is, and what premium is in the asking price. You're going to pay a premium in many markets because the market's hot. But just make sure you only pay a premium on a house that's worth it.
If it's a good property, it can stand up to any weakness coming in the market. "If you paid $550,000 for a home worth $500,000, you can feel okay knowing even if the market dumps, over time you'll make that 10 percent premium back just because it's a good property," says Israel.
5. Remember it's an investment
You've heard me say it: your home is probably the biggest investment you'll ever make. So treat it like one. Don't panic about the confusing current market conditions.
Israel says if you hold onto a house over the long-term, say five years, you can almost ignore the blips in the market. If your house devalues by 10 percent in the next three years, who cares, you'll probably live in it for seven, and by then, you might come out ahead.
