Category Archives: Articles

Common Real Estate Terms for Buyers

Posted on by

ADJUSTMENT DATE: The term is most commonly used in real estate transactions, where the adjustment date refers to the agreed-upon date on which certain costs such as property taxes and interest will be adjusted between the buyer and the seller. In Canada, the interest adjustment date refers to the date from which interest is calculated if a real estate transaction closes and mortgage funds are provided by the lender before regular mortgage payments commence. If the lender provides the mortgage funds on June 26, but the buyer’s monthly mortgage payments only start on July 1, the buyer has to pay an interest adjustment for the additional five days he owns the house. In an adjustable-rate mortgage, the interest rate on the mortgage changes on the adjustment date to reflect current interest rates in the financial markets.

MORTGAGE INSURANCE: Typically, lenders require mortgage loan insurance for loans made to anyone that wishes to purchase a home with less than 20% of the purchase price. The Canadian Bank Act prohibits most federally regulated lending institutions from providing mortgages without mortgage loan insurance for amounts that exceed 80% of the value of the home or purchases with less than 20% down payment.

CLOSING COSTS: Closing costs include a variety of expenses over and above the price of the property. These can be divided into two categories: recurring costs and non-recurring costs. Recurring costs include property taxes and homeowner’s insurance; one year’s worth of each must be paid in advance and put in an escrow account to ensure that the cash is available when it is time for the bills to be paid. Non-recurring costs include fees related to conducting a real estate transaction, and include loan origination costs, title search fees, surveys, and credit report costs.

TITLE INSURANCE: In Canada when you buy a new property you should employ an independent lawyer to undertake these searches for you, however when a sale is closed not all searches may necessarily have been completed, and the results of some searches may be contested at a later date. It is in circumstances like this that issues can arise. A purchaser may find out at a date after the sale has been closed that the property they thought had clean title actually has debts or outstanding legal claims against it. In its most basic form, title insurance protects the home owner and/or mortgage lender against such occurrences.

COMMISSIONS: The most common type of listing agreement between a seller and her agent gives that agent’s broker the right to exclusively market the home. In return for bringing a buyer to the table, the seller agrees to pay a commission to the broker. Typically, this fee is represented as a percentage of the sales price and is shared between the listing broker and the broker who brings the buyer.

TAKING POSSESSION: The possession date and time is negotiated in the contract and agreed upon by all parties. With that said, let’s give it some food for thought. Often times the seller would prefer some time after closing to allow possession to the buyer, typically 48 hours or so after closing. In fact, that is often indicated in the MLS for other agents to see and know the seller’s preference. Keep in mind, everything is negotiable depending on which point of view you see the situation.

Looking to find the best deal on Barrie Home Inspections, then visit www.barrie-home-inspector.com to find the best advice on Professional Barrie Home Inspections for your next purchase.

Utilizing REO Property Preservation Services to Improve a Property Value

Posted on by

REO Property Preservation handles the task of preserving a property possessed by a mortgage lender or a bank. For that is what REO is, Real Estate Owned. These are the properties which have become the bank’s property after foreclosures, when the owners cannot afford their mortgage payments. These properties would have failed to attract any bid in the event of a foreclosure auction and had a market value less than the debt owed to the banking company. Such properties will usually be in a bad condition due to low maintenance by the possessor or tenant, which is why the lenders would need such services.

Since a real estate owned property is a nonperforming asset for the banking company, they would want to sell it, so they would prefer it to be in a healthy shape. This is why they take the services of REO property preservation companies. The teams commonly remove rubble and waste in and around the holding, execute janitorial services, plank up the windowpanes and re-key and secure all entries. The services also include landscaping and improving the landscape or outdoors of the property to a decent state. They also do the preparation for winter if necessary.

Property preservation becomes challenging if the property is occupied. For that reason, many companies also provide dispossession as part of their property preservation services. These are of course the initial services. Property preservation companies also provide repeating and regular services such as review, upkeep, and at times, even cleansing.

The firms also prepare the properties before sale. This preparation may include lawn trimming, cleaning the home inside out, and scrutinizing and renovating plumbing, HVAC, electrical furnishing etc. Generally, banks prefer to sell these houses in an as is condition; but if they want to do renovate or remodelling to increase the houses equity or to keep a deal from falling through, the preservation companies may also provide these property preservation services.

Presently, because of the economic situation, the number of foreclosures and REO properties has been on the rise. This has got an increase in the demand for REO property preservation, as banking companies and lenders find themselves with more and more non-performing assets that need to be developed, to be of any value in real estate. When rendered well, the preservation services can improve the REO property’s standing in the real estate market.

Learn more about REO property preservation. Stop by Ciaran Weaver’s site where you can find out all about property preservation services and what it can do for you.

Use These Great Tips To Help You Successfully Sell Your Property

Posted on by

When you are selling real estate, what you get out of it is determined by what you put into it. Well-informed sellers are the sellers who make big profits. This article has many tips to help you become smarter about real-estate selling.

Don’t stick around while buyers are viewing your home. If you’re frequently walking around in an open house, you might not be communicating what your buyer wants. Leaving the buyer alone will allow him to make his own judgment about the house.

Research potential real estate agents thoroughly before hiring one to represent you. In order to ensure that your home buying or selling experience is a successful one, the agent you choose to work with should have vast knowledge of real estate. An experienced agent with good credentials will make your transactions run more smoothly and the entire process easier to understand.

Ask for opinions after showing an open house when you are selling your home. You have several options on how to get feedback from the prospective buyers. You can either ask the prospective buyers directly or you can have comment cards available for the prospective home buyers. The negative comments will help you know what you should change.

You may find you are getting some good offers depending on your house, the market and your listing price. You should accept fair offers and be flexible if you are serious about wanting to sell quickly. If you don’t need to sell the home quickly, hold out for an offer which is more advantageous to you.

Interior paint jobs preceding a sale should not necessarily reflect your own personality. Rather, select traditional, neutral colors like off-white, eggshell, or taupe. Buyers will appreciate the fresh look and appeal that the new paint provides the house.

You should make certain that any information that a potential buyer might be interested in is readily available. For instance, have the repair records for work done on your home, as well any improvements you have made. This list will show the buyer the amount of care you took to maintain and improve the home.

Seasons influence the housing market in certain areas. The fall is typically slower than the summer months, but your home can be more attractive to buyers if you decorate it for the season. Cleaning up the leaves in your yard and making sure the exterior is tidy will make buyers more interested.

The real estate market can feel overwhelming, especially if you, like most people, rarely have a need to get into it. Without the proper approach, trying to sell your property can be quite risky. If you are serious about listing your property for sale, keep reading for useful advice.

All USVI Real Estate Management Entails

Posted on by

There are many ways through which one can earn money from commercial real estate. That is why many investors are turning to the real estate sector. USVI Real estate offers many opportunities for the investor. You can decide to create wealth or keep it, either way you will make money.

Real estate management normally involves keeping track of finances generated by the investment and taking care of the property. It is a time consuming process and not all investors can manage to go through it. That is why many hire the services of management companies.

Decide on the type of technique you are going to use to make money from your investment. There are several strategies you can use. The first one is known as rehab. This is where you buy a dilapidated building that requires a lot of repairs. Then you carry out the necessary repairs and put the building back to the market. You end up selling the renovated house at a higher price therefore making a hefty profit.

Management software can be used to monitor more than one property at a time. This is possible since it is able to group data that belongs to a specific property together. So, one can manage all their properties using this software without having to undergo a lot of trouble.

It also imposes a lot of responsibilities on the landlord. Despite what many people think, the job of the landlord does not end when they find tenants for their property. The landlord normally has a lot of other responsibilities which include ensuring that the tenants are comfortable and dealing with irresponsible tenants and rent defaulters.

In addition to this, it produces monthly reports which contain important information such as expenditure, income, rent defaulters and wrong payments among other things. To say the least, this software has revolutionized the industry.

If you have grown weary of the cold weather and are itching to finally decamp to the tropics? If so, contact Sea Glass Properties for expert agents for Virgin Islands real estate and a reputable company. The agents at Sea Glass have solid experience in the tricky Virgin Island real estate market. The also have a team of EDC experts that can help with transferring a company to the USVI.

Commercial Property Receivers – What Are They?

Posted on by

When a commercial property is facing foreclosure, they are usually assigned to a commercial property receiver. These receivers will help to control the property while the foreclosure is being processed. They will help to do a lot of the work that is required when it comes to the property. The receivers are usually appointed by a judge, and they are basically a third party in the real estate property. Usually, they are an individual person, a company or an attorney.

Commercial property receivers pay attention to the upkeep of the property and are legally entitled to do what they think is best to maintain the property. This includes hiring workers to help maintain the commercial property and making decisions that affect the operation of the business. For foreclosed commercial properties, the owners no longer have any control over the property or the way the business is run. All control is transferred to the commercial property receiver.

There are a lot of other responsibilities of commercial property receivers as well. These include notifying the tenants in the property of the receivership that they have taken on. They will also help to create leases and find new tenants when necessary. The rent payments will be made to the receivers, instead of the owners of the building. The receivers will also be responsible for paying any taxes and utilities that are not paid by the tenants of the building.

One of the crucial aspects of commercial property receivership is the maintaining of the property’s insurance. Just about every commercial property is legally required to purchase insurance, and this responsibility now falls to the receivers. The receivers can also enlist the aid of a real estate agent to assist in listing the property if the property needs to be sold. Although it not recommended the receivers can sell the property in a private transaction, but it usually is not done due to the possible legal issues involved.

It should be quite clear by now that a commercial property receiver has a lot on their plate and much work to do. They are solely responsible for everything concerning a property, and have to handle it themselves or hire outside help. It is indeed a huge responsibility, but someone has to do it. If you would like to learn more about what it takes to become a commercial property receiver, you will need to do a bit of research and reading. You never know, it just might something that interests you.

Find out more about Property Receivers.

The Secrets For Selling a House Fast Without Using a Bank or Real Estate Agent

Posted on by

The basic secrets to selling houses fast are pricing your home right to make it a good deal, and also making sure the right buyer can easily find your house for sale. While all this may sound rather simplistic, it’s truly the winning combination. It’s not, however, what happens most of the time in real life.

Take a look at the multiple listing service and you’ll see listings priced with what I’d call a “hopeful” market value, a price established by comparing it to other properties that have recently sold or still on the market. When a house is listed on the MLS you can be sure that a real estate agent has placed the listing, and he or she certainly had some input as regards the listing price. Home Owners may insist on listing at a specific price, and sometimes that price is against the better judgment of their agent, but I am not talking that situation here. I’m describing how to price houses with the goal of selling houses fast.

Data collected from the county assessor’s office on houses that sold recently provides much better quality information than real estate valuation websites. Most of us are selling a house in order to get our equity at closing, and since that is the motivating factor for the sale we have to keep in mind that the price has to be right. Any property must be priced properly in order to sell a home.

People who are successful at selling houses fast say that pricing a house to sell is all about what kind of buyer you want to attract. Attracting a homeowner who plans to reside in the house is completely different attracting an investor. Investors normally purchase a house to rent out or to resell for a profit, so they cannot afford to pay as much as a homeowner will pay. On the flip side of that, investors usually pay cash and want to close quickly, so keep that in mind when you are selling your own house.

The question is, do you plan to wait for ideal buyers to show up, people who will fall in love with your house and who are already qualified for a mortgage? Or do you want to close quickly? If so, just call some investors to tour your home and make you a cash offer immediately. Your choice will be the one that makes the difference between selling houses fast or not.

Finding The best Commercial Genuine Estate Details

Posted on by

Investing inside the commercial genuine estate industry could be a double-edged sword. It could be mercifully lucrative or it could be financially devastating. Picking your property meticulously and picking financing which is trustworthy is crucial. The following paragraphs can guide you by means of your genuine estate journey.

It may be necessary to invest in some renovations before you can move into the space. The space may be due for some regular maintenance, or it may need something as simple as a new coat of paint. Other changes may be more significant, such as moving walls or installing new doors. Talk to your landlord about these improvements. Try to negotiate a deal where the landlord pays for some, if not all, of the cost of improving your space prior to moving in.

Remain on the lookout for sellers who’re enthusiastic about generating a deal. Motivated sellers are a lot more willing to perform with you in selling their property, but you may must appear to locate them. You may attain absolutely nothing in commercial genuine estate unless you get your hands on an excellent deal, and that most usually will take place because of this of an supply created by an eager seller.

You need to know what a great deal is, recognize it, after which have the ability to make the most of it. When individuals are skilled in actual estate, they are able to spot a great deal nearly immediately. Their secret is their exit technique, which means they know when it’s time to walk away. These investors also know when a property is an upkeep trap. They are able to make complicated danger management choices and may use automated tools to plot these variables against their company objectives.

If you plan to rent out a commercial property, you should do all you can to make sure they stay occupied. If no one is paying you rent, you’ll be the one footing the bills. If you discover that you have multiple properties that are unoccupied, you should attempt to ascertain the underlying reason. Further action may be required on your part to avoid scaring off potential tenants.

It is essential that you become aware of any environmental issues associated with properties you are considering. Hazardous waste materials emitted from property can be a real headache for property owners, so identify the problems before they start with a thorough inspection. The fact that you are responsible for causing these issues is irrelevant; a property owner is required to fix them, regardless.

Just before placing an supply on any commercial property, 1st locate a lender. Talk along with your pals along with other investors to make a brief list from the very best lenders within your location. Do your homework, and do enterprise using the 1 that serves your wants before beginning the wheels turning on a commercial property obtain. You will discover the method of acquiring your loan to become significantly less difficult once you have taken the time to acquire all your specifics arranged ahead of time.

As previously noted, the business of commercial real estate can be challenging to succeed in. You must put in effort, time, and a large capital investment to make it succeed. Even when you do everything right, it does not always work out in the end.

CEA Issues Advertising Guidelines for Singapore Property Agents

Posted on by

The Council for Estate Agencies (CEA) has issued a Practice Guideline to promote ethical advertising by property agents. These suggestions were developed after consultation with property agents, industry associations, govt bodies such as the HDB and URA, and the Clients Association of Singapore. These laws will apply to all forms of adverts, including classifieds, pamphlets or flyers, online advertising, SMS and even social media.

With effect from 1 Aug 2011, property agents must:

1. Desist from employing misleading headlines and claims

Use of headlines such as “King of xxx (location) “, “Mr. Xxx (location”, “Real Estate Consultant” or “Expert” are not authorized. Property agents must also ensure that any claims of expertise, specialization or success rate can be substantiated by verifiable records.

2. Display their pro details

Details like their name, registration/licence and contact numbers must be included in each advertisement. This is to prevent unlicensed agents from operating.

3. Guarantee correct contents in their adverts

Adverts aren’t permitted to be incorrect or misleading. So claims of rates of return or rental yield must be substantiated, and convincing sources quoted. In the case of pictures, only real footage might be used, including things such as the view from the unit and the actual interior. Agents are also not allowed to suggest or abet by-passing of any rules and laws, e.g. helping owners to sell their HDB residences before the Minimum Occupation Period.

4. Engage in responsible advertising

SMS property advertisements must supply a valid mobile phone number for customers to opt out of future messages, and SMS advertising can’t take place between 10pm and 9am.

Property agents are also not allowed to market any property without the owner’s consent. Those caught advertising other individual’s unit or dummy ad or in the hope to get direct buyers will be penalised as it is equivalent to underhand code of conduct. If you suspect some other person is doing that, you can report them to CEA in writing.

According to Mr. Lee Say Kee, Director (Regulatory Control) of CEA and Head honcho of CEA’s Ethical Advertising Work Group, misleading and unauthorized advertisements are among the top 3 categories of public complaints. He further adds, “To date, we have issued 23 letters of guidance to realtors and salesman on such beefs. The Guidelines will supply clarity on the do’s and don’ts of advertising, thereby raising pro and ethical standards in the industry.”

Members of the general public who would like to lodge a complaint can do so at the CEA website here: http://www.cea.gov.sg/cea/content/resources_faq/faqComplaintForm.html.

Will the public ultimately be free of the bother of spam SMSes and mailboxes full of property flyers? Let’s see how effective the enforcement of these Rules are!

Hope that you enjoyed reading this Singapore property market article!

Propwise.sg, a top Singapore property blog, is devoted to helping you understand the property market and make better decisions. Visit us to read more Singapore property market articles.

How Can Property Owners Sell Their Property For Cash Without Fees Or Hiring Real Estate Agents?

Posted on by

If you are seriously thinking about selling your home in the near future, then it’s a good time to remember that there are a lot of things to consider before putting it on the market. In this article I’d like to share an important idea that will help you get prepared for success. Naturally, there are always a lot of variables, many of which are completely out of your control.

The global and local economic conditions affect house sales in many ways, and it’s important to take those conditions into consideration before putting your home on the market. Everybody knows that selling your house is usually a lengthy process, and it’s generally motivated by some basic changes in your life. Only you know why you really need to sell, and the truth is that any prospective buyers surely do not need to know your personal reasons at all. Many times it is best if personal information is kept private in order to avoid compromising your listing price.

I’ve been buying and selling houses for a long time and during this time I’ve observed that the main thing a seller is not inclined to share is his or her personal reasons for selling. And that is the same exact information I am trying to learn when I’m the buyer. So, be prepared when buyers ask you why you are trying to sell a house.

You will definitely be asked, probably more than once. Be prepared with an appropriate response that is true, but doesn’t compromise your position in the negotiations. You certainly are not required to reveal your financial condition or personal motivations whenever you are selling your house. After all, your personal business is not your responsibility to share with the public.

Replying politely is all you should have to do on the phone and even during a showing. Sometimes you’ll find that estate agents who know pertinent details regarding your finances or other personal situations may not strictly maintain the high level of confidentiality you deserve as a seller. Of course this is typical human nature, so don’t forget that fact when you take anyone into your confidence about your bottom dollar and your motivations for selling your house.

Identifying your personal motivations bear heavily on the process of selecting your ideal selling price and also your bottom dollar. These are actually the two main things that need to happen before you get started talking to any buyers or real estate agents. If you are truly motivated you can conduct research regarding recent sales in order to see how sale prices compare to the dollar amount you desire and what agents tell you is a practical market price when you’re selling a home. Doing your own research beforehand is always a wise practice.

How To Sell Your Residence Privately Without Hiring An Agent Or Mortgage Broker

Posted on by

Have you considered that you could sell your house privately instead of relying on other people to sell it? This article is not intended to dissuade you from using a real estate agent, not at all. I use real estate agents with great success in my own business, so I would have no reason to tell you not to hire one for the sale of your own house.

My intention here is to inspire you to take more responsibility for thinking about and acting on some of the marketing activities that I do for myself in my business as a real estate investor. If you want to sell a home privately as I often do you will need to think about your responsibilities and plan ahead to accomplish them.

The first and most important point I’d like to make is that there are several parts to the process of selling a home. Those parts might be labeled this way: listing, marketing, negotiation, sales and closing. That’s five different parts that can be accomplished by an agent, or by more than one agent, or by an agent and a homeowner working together to achieve the same goal – the sale of a home. If you sell your home privately you will not have the advantage of an agent’s professional skills, so give it serious thought before you strike out entirely on your own.

Setting about to accomplish the basic marketing tasks is something that most sellers can easily accomplish for themselves. But thereafter, meaning negotiating with the buyers to establish the price and terms of the sale, and managing all the activities that normally follow a successful negotiation are often in the realm of an agent’s normal daily activities. But they can be a little overwhelming for homeowners. This is where things can break down when you sell your home privately.

That’s why I regularly suggest that homeowners consider jumping into the marketing activities with both feet and then leave the balance of the transaction to the real estate professionals. Payment of a real estate commission is an obligation whenever you list your home with an agent, but more than likely your agent will earn his or her commission once a buyer is located. Finding the buyer is the first thing that has to happen of course, but it is by far not the last. It is the beginning of the closing journey, and that is a journey most homeowners do not want to make alone.