Post about "entertainment"

The Benefits and Pitfalls of Buying a Foreclosed Property

A foreclosed property is a home that is owned by a bank. A foreclosure happens when the homeowner defaults on their mortgage loan. There are three stages of a foreclosure. The first is the pre-foreclosure stage. This is where the homeowner falls behind on their mortgage payments and they are issued a formal notice that their mortgage servicer has begun the foreclosure process. Prior to a foreclosure being completed, the homeowner can sell the property. If there is no equity in the property, the house could be sold as a short sale. The second stage of a foreclosure is when the home is sent to auction. At an auction, the highest bidder may purchase the house. The bank which holds the mortgage may also bid on the property. If the house is not sold at auction, the bank by default takes ownership of the home. The final stage of a foreclosure is when the bank that owns the property puts the house up for sale through a real estate agent, or the bank may try to sell the property directly to the public.

There are many benefits to purchasing a bank-owned property. The most obvious of these is the property may be offered at a lower price than other similar properties. The longer a bank holds onto a repossessed property, the more money they will lose. Due to this, a bank will want to try and sell any repossessed properties as quickly as possible. The bank’s goal is to sell their properties as soon as possible to minimize their loss. Although bidding on a bank-owned property will require patience, it is often easier to negotiate with the bank, than an individual owner. This is because a bank has no emotional attachment to a property, were as a homeowner may have sentimental value attached to the house. Because of this, the bank will usually make decisions based strictly off of the home’s value. Another benefit to purchasing a bank owned property is that they are vacant. When you buy a home from an individual, there is usually a waiting period after the closing date to take possession of the house. When purchasing a bank owned property, a buyer will likely obtain the keys to the property, the same day the house transfers into their name.

There are drawbacks to purchasing a bank-owned property. These include the time that may be required to close on the property and the fact that bank-owned properties are typically sold “as is”. Patience is needed if you’re going to purchase a bank-owned property, because the bank will not allow the property to transfer until the title has been cleared of all liens. Most real estate agents will tell perspective buyers of bank-owned properties, “buyer beware”. What this means is some bank owned properties have been vacant for months or even years. Because of their vacancy, they may have unseen damage. The damage may include any and all functions of the house (plumbing, heating, electrical, gas), or possibly severe damage (structural). It is in your best interest to hire a general contractor or professional home inspector to inspect the property thoroughly, before entering into a purchase agreement.

Most bank-owned properties have been winterized because they have typically been vacant for long periods of time. Due to this fact, and that selling banks typically will not do repairs to their properties, potential homebuyers should either have cash or have been pre-approved for a rehabilitation loan. One of the most common rehabilitation loans is the FHA 203K. If you’re looking to purchase a bank-owned property and cannot pay cash, contact a reputable lender who is knowledgeable with the FHA 203K loan product.

How To Sell Your Property ( UK )

There are five distinct phases to selling your property.1. PreparationDuring the preparation period you should be doing three things:a) Decide how you are going to sell. This can be through an estate agent, selling privately or going to auction. When you have worked this out, you can thenb) work out how much it is going to cost you. This should include items such as relocation costs, purchase costs associated with a new property, solicitors’ and agents’ fees, tax (including VAT), mortgage penalties and even the cost of hiring a removals van.c) Prepare the property for viewing and, hopefully, a quick sale.2. Valuation and marketingYour property should be prepared to pass the stiffest of inspections, both inside and out. Make sure that the person who values your home possesses the appropriate professional qualifications from the Royal Institute of Chartered Surveyors or the National Association of Estate Agents. A valuer, usually employed by your estate agent, will visit the property and put a price on it. The price needs to be set low enough for you to be able to sell it within the timeframe you require and also so that you can attract enough potential buyers to view the property. But it also needs to be set sufficiently high that you don’t lose out on any money that you could have made from the sale.
The agent will then advertise your property in the local press, in his window or on the internet3. NegotiationWhen someone is interested in buying your property, they may make an offer below the asking price. It is up to you to decide how much or how little you are prepared to accept. If your property has been on the market for months with very few viewers, you may be happy to accept less than the valuation price just to be rid of it and move on. However, if several offers come in during the first two weeks of the sale period, you would be well advised to stick to the asking price. Whether you accept an offer or not depends on your situation and circumstances.4. ConveyancingOnce you have agreed the sale with a buyer, your solicitor will take over. Although the conveyancing process (moving title of the property from your name to the buyer’s) takes the same length of time for buyers and sellers, there is much more onus on the buyer’s solicitor in terms of the amount of work required so your legal bill on a property sale should be lower than for a property purchase. The normal total cost of disbursements for a seller usually amounts to an £8 land registry charge, plus legal fees. Though not usually charged as a percentage of the property value, most solicitors and conveyancers will link their fees to the price band in which your property falls. Expect to pay anything from £250 to £500 for solicitors fees on the sale.5. CompletionThis is the last stage of the process. It is the precise moment at which the sale is complete and you no longer own the property.PREPARATIONWhen to sellThe best time to sell is when there are many buyers in the market and prices are increasing, and when interest rates remain low.Buying and selling property is also seasonal, with more sales being made between March and July each year. The year-end or Christmas period is slow, but a pick-up is usually achieved in the new year.When not to sellThe worst time to sell is when there are fewest buyers in the market. If interest rates are temporarily raised to calm the market, you may find that buyers are in short supply. If both your neighbours put identical houses up for sale at the same time, it may be a bad idea for you to do the same. Try to follow the markets and read the signs.
If your property is in a sought-after location, you should have no problem selling at a reasonable asking price regardless of the time of year or market conditions.Choosing An Estate AgentAn estate agent can take care of all aspects of the property sale for you. A good estate agent will:Arrange a property valuationAdvertise the property for sale – both online and in traditional mediaCourt potential buyersArrange and conduct property viewingsNegotiate with potential buyers on your behalfHelp to maximise the property sale priceAn estate agent will ensure you avoid mistakes when selling your home, which could otherwise be costly. The agent will charge a commission of up to four per cent of the sale price, although this is normally around two per cent. The actual amount is likely to be at the top end of this scale if you instruct them as a joint or multiple agent, but at the lower end if you decide they should be the sole agent in charge of the sale. No fees are payable up front and you should accept only a no sale, no fee agreement with your chosen agent.Try several agents and get recommendations from people living around you. Find out about estate agency bodies and only choose one which is professionally accredited.An estate agent acting as a sole agency is acting alone in the sale of your property. You are contractually bound not to allow other agents to try and sell your property during the term of the agreement and will be liable for a commission payment to the sole agent should you do so and successfully sell the property.Two agencies working together to try and sell your home is known as joint sole agency. The main advantage is that there will be more than one outlet or distribution channel for your property. You may pay slightly more in total commission than you would if there were just a single sole agent, as both businesses will receive a share of the commission when the property is sold.Multiple agency is where you instruct a number of agencies working in competition with each other. Each is acting fully autonomously and the person or business that sells your property gets to keep the commission. It can be the case that the agent will spend less on marketing your property or act less aggressively trying to sell your property under these terms. This is because they are aware that there is a possibility that they will receive zero commission regardless of how much effort they put in, and so may focus their efforts on properties for which they are the sole agents.
AuctionIf you need a quick and virtually guaranteed sale, you could auction your property. As long as the property is sold, you can guarantee that the transaction will be complete within 28 days of the auction date which offers a certainty of timescales not enjoyed by either of the other two methods.
Auctions are becoming increasingly popular with buyers but there is no guarantee that the seller will achieve the asking price of the property. Auctions are not suitable for everyone, as they attract a certain breed of buyer that may not be interested in every type of property. However, if you set the reserve price low enough, then you can virtually guarantee a sale, even if the price may not be what you are looking for.
Selling your property at auction generally costs around two and a half percent of the price attained. There may well be additional charges involved for marketing your property, adding it to the catalogue or contributing to the hire of the auction room. These charges are not always made separately – sometimes they are incorporated into the commission payment – but you will probably have to pay for them separately if your property is not sold.Private saleYou could decide to do all the agent’s work yourself by selling privately, and, if you manage to get a few lucky breaks along the way (such as already knowing someone who might be interested in buying your property), it is possible to spend no money at all on the actual sale of your house.For those people whose overriding goal is to maximise the proportion of the sale revenue that ends up in their own bank account, selling privately is certainly the best option. You can directly constrain your marketing expenditure and not a single penny of the sale price will be lost in commission payments.The main downside of a private sale is that sometimes it can take longer to sell your home, as your property does not enjoy the level of exposure that it would have if it were being marketed by a professional estate agent. But if time is not crucial, then saving thousands of pounds can be a good reason to go it alone.Prepare for ViewingBuyers can be put off before they’re through the front door. Make sure the outside of your property looks its best, with the rubbish in a bin, and communal hallways clear of junk. Make sure any lawn, garden or window box is a selling point. Clean, repair and repaint exterior surfaces. This should be done before you contact an agent.
Caravans, white vans and old vehicles on and around your property deter more buyers than anything else. Get rid of them on viewing days.Make sure that you clear away any junk or untidy looking areas in your property before potential purchases arrive on the doorstep. Aim to have your property in pristine, showhome condition at all times. This means sparkling surfaces in bathrooms and kitchen, fresh made beds, plumped cushions on sofas and chairs, polished furniture and clean floors throughout.Disguise pet smells and make sure that fresh flowers are displayed. Make your home as warm and welcoming as possible to potential buyers.The FutureA new way of selling your home will be introduced in June 2007. You will have to prepare a Home Information Pack (HIP) which will be made available to purchasers and will cost the seller around £1,000 to prepare.The Home Information Pack is like a traditional survey and will include local authority searches and the property’s title deeds as well as energy performance information and certificate. Buyers and sellers will be given A-G ratings on their properties, as well as practical measures to cut fuel bills and carbon emissions. This must be introduced in response to new European laws.The Government says that the home condition report – the most expensive part of the pack – will no longer be mandatory. Sellers will only be obliged to provide a half-HIP at an estimated cost of £150 to £200.HIPs are supposed to speed up the house buying process, ensure that fewer deals fall through, help first-time buyers and reduce the scope for gazumping.Selling your home can be a stressful and expensive experience. To make it easier on yourself you should:a) choose a reputable estate agentb) prepare your home for salec) build in plenty of time – the process can take monthsd) find out what it is going to cost and make sure you can afford it.This is meant as a general guide and should not be seen as legal advice.

Commercial Agents – Tips to Increase the Sales of Commercial Property Today

When it comes to the sale of any commercial property today, there is plenty of competition to contend with. In most cities and towns, there are many good properties listed and being actively marketed. The biggest frustration in selling commercial property today is in finding the right buyers who can act with appropriate finance. In simple terms there are fewer buyers around; the experience and expertise of the real estate agent is more important than ever before in the sale process.From the outset of the property marketing campaign, the specific target market should be the focus. All of the advertising should be written with a view to the targeted buyer. Clarity is important here.All of the advertising for the property should be structured around the target and what they are looking for today; the advertisements, promotional material, Internet listings, and direct mail campaigns should all be similarly structured.To understand this target market ask yourself these questions.
Where is the buyer for the property coming from?
What is the buyer looking for in selecting a property?
How much can they spend and on what terms?
What are the real features of the property that the advertising should be built around?
What is the best time of year to attract a buyer to the property?
What is the best method of sale that will attract the buyer to enquire and then to purchase?
What are the negative issues relating to the property that should be addressed prior to the campaign commencing?
What are the comparable properties nearby that frustrate the marketing process?
So these questions are critical to the property promotion strategy. The buyers in today’s property market are selective and fickle. There are fewer buyers around and negotiations take longer. That being said, the experience and skills of the real estate agent in the promotion, inspection, and closing of a property transaction is now more important than ever before. Knowledge and practice will help the process.Every marketing campaign has to address the target market and promote the individual property. The days of generic marketing are gone. Specific target marketing with dedicated advertising that really encourages enquiry should be the main focus of every campaign.The best ways to increase the levels of enquiry in every commercial property campaign include the following:
The buyers of commercial property typically come from the local area. This means that your campaign should be directed to the local property owners and the local business owners. To achieve this focus, it is best to direct mail and telephone the owners and the businesses that own or occupy local property. Every piece of direct mail should be followed up to optimise the enquiry and the information.
When any property comes on the market, within the first 24 hours ensure that flyers and information brochures are personally delivered to the neighboring properties and businesses within a radius of 500 metres.
Place a prominent signboard on the property at the start of the campaign. This is perhaps the best and most cost efficient way of promoting any property. If possible ensure that the signboard has specifically been created with property information and sale details.
When you draft your advertisements for the property promotion, use the keywords that apply today to the property type and location. These keywords will help the Internet Marketing and Internet listing. You can research the keywords from the larger search engines on the Internet. These keywords will be the words that the buyers of property are entering into the search engines when looking for properties to purchase.
When the promotion of property commences, make personal contact with the database within your office. This means telephone calls and meetings with the appropriate people. The information and leads that you gather from the campaign will be helpful in other property promotions at a later time. All the information should be entered into your database.
E-mail marketing will be a useful tool for every property promotion. Most agents are selectively sending out e-mail marketing each week. Any property promotion can be merged into this process.
To sell a property today, the best method of sale should be selected. That will be the method that buyers respond to and act within. Do not choose a method of sale that can frustrate the potential purchasers. The
Vendor paid marketing remains the normal and sensible alternative in every marketing campaign. Any serious property vendor will commit marketing funds to the promotion of their own property. Always ask for vendor paid advertising to comprehensively cover the target market.
Create an inspection process and strategy that covers the property and its features. Understand exactly how you will take people to and around the property. Identify the right things to talk about with buyers, and get market information to support your presentations or inspections.
Even in this tougher property environment, good properties will sell. It is a matter of the agency working hard to locate the buyers and then promote the property effectively. This is a personal process when it comes to each and every property.Open listings are generally a waste of time today as they always take longer to sell. Every serious vendor that needs to sell their property should commit to an exclusive listing and marketing campaign with one specialist commercial agency for a period of at least three or four months. If the property is unique then that time line will be longer.