Silver Spring Real Estate
November 5, 2009 by Gavin
Filed under Realty In Idaho Contributors
The Silver Spring area is one of the fastest growing commercial centers in the Washington, DC Silver Spring real estate is high in value. There are residential properties including Silver Spring homes, condos and town houses. You will see that Estate type custom homes are to be found in private communities, like the Silver Spring Country Club.
There are over 200,000 residents in Silver Spring. Silver Spring is not an incorporated city, but is one of the most important business and residential centers in the Washington, D.C. Metropolitan Area, and is certainly one of the most affluent in the area.The housing prices will vary because of the diversity of the housing options, but do range from upper middle to high-end.
Downtown Silver Spring is currently sponsoring new development and historic preservation. And is the area’s fastest growing commercial center.The city fathers are very pro business, growth, pro family and environment making to work or own a business. A 22-acre project in the heart of downtown Silver Spring has opened its newest section, and more shops and restaurants will open soon. The project includes community and regionally oriented shopping, the AFI Silver Theatre and a 5,000 seat, first run movie complex, restaurants, office, hotel and parking facilities. The new project will include a new downtown civic building and Veteran’s Plaza park for outdoor activities and events.
Many families are drawn to the area because of the award winning schools.
There are also parks and citywide recreational facilities, entertainment houses, museums, libraries and everything that anyone would want in city amenities.
Essential Tips on Buying Property
October 28, 2009 by Gavin
Filed under Realty In Idaho Contributors
So You are searhing for a home with the New Orleans Real Estate Market area. Before you shop there are certain things you need to do to make your home shopping experience productive and enabling you to purchase the home of your dreams. Nothing is more frustrating than finding your dream house and then watching as the deal falls through and someone else buys your house. Follow the ideas below and they will help you when you go through the purchase process.
- Get pre-approval on a loan in writing , not just pre-qualified.
- Be sure and make you offer very competitive and positive, without sounding desperate.
- Include a generous deposit with your offer as if you are competing with other buyers.
- Make sure and keep contingencies to a minimum.
- Double check all items on your inspection reports before your close your real estate transaction.
- If you are buying a condominium, townhome, coop or pud, you will share a common wall with your neighbor. It would be wise to check on the noise in the total neighborhood.
- Take a walk through the new neighborhood and talk with some of the residence. They may not share the same values as you.
- By doing your “homework” you will be much better informed on property values in the neighborhoods you are interesting in.
- Be sure and check that permits were taken out from the city if the property you are interested in has been renovated.
- When you are buying a property at the full asking price, you can request it be taken off the market while it is in escrow. Show the compromising side of yourself, making it clear you will work at their time table.
- When you make an offer to purchase a home at full price, request that the home be removed from the MLS. Be flexible with the vendor and don’t quibble over minor points and make it clear you’re willing to complete on their timescale, not yours.
Before You Can Move In – First Steps After You Winning an Offer
September 9, 2009 by Gavin
Filed under Realty In Idaho Contributors
Even after your bid for the house you decided to buy has been accepted by the seller, there’s plenty left to do before you can rightfully move in. {In the following article, an experienced realtor will point out the most important points of the process.}
Once the offer has been accepted, your legal adviser should explain to you your obligations under the contract. One of the important points you should cover is the expenses you will be facing regarding the closing procedures, including Land Transfer Tax, disbursements and legal fees.
UTILITIES
It is also necessary to verify the absence of any arrears or outstanding charges, such as gas, water or hydro expenses. Your solicitor does this by sending letters to the municipal or regional utility departments. These letters also verify if the equipment on the property is rented or owned and they also advise the various utility departments of the planned closing date, the new owner’s name and the name of the seller’s lawyer. In these letters, it is also important to ask for details concerning the type of billing and if the billing is metered.
TAXES
A Tax Certificate is asked by your lawyer to confirm the amount of the current year’s taxes and to inquire as to arrears and outstanding charges for taxes for the current year and any previous years.
BUILDING & ZONING
The Building and Zoning Department will need to get involved as to the particulars of zoning by-laws and restrictions relating to the distance from the street and side and rear lines, type of construction, lot areas and building areas, lot frontage and depth requirements and permitted uses. Another letter is sent by your attorney to this department, together with a copy of the survey to find out all this.
TITLE & EXECUTION SEARCH
A Search of title to the property is started in the appropriate division of the Land Registry Office to establish whether or not the seller is the owner of the property, whether or not he has the right to convey the property, and that the property is not subject to any encumbrances, encroachments, easements, liens, agreements or mortgages that were not revealed in the Agreement or Purchase and Sale. It is also necessary to verify there are no executions against the seller or previous property owners that would affect your title. This is done by an execution search in the appropriate Sheriff’s Office.
FINANCING
In the meantime, while your attorney is busy going through all the initial searches, you should arrange all the necessary financing details. The amount of financing you will qualify for and the amount you will need to complete the business should be clear already before you have signed the Agreement of Purchase and Sale. There are always some costs related to mortgage financing that you haven’t known about on the day of closing. Your legal adviser can advise you of these costs when the financial institution that you chose provides you with a Mortgage Commitment Letter.
BEFORE THE DAY OF CLOSING
You will also need a certified cheque to verify the balance of closing funds to your lawyer. Bring this with you when you come to sign all the documents needed a few days before the closing.
CLOSING DAY
Your solicitor will arrange to meet with the vendor’s attorney at a mutually convenient time at the appropriate Land Registry Office where he will sub-search title and complete final execution searches. Documents, keys and cheques will be exchanged and your solicitor will attend to the registration of all necessary documents. As soon as this has been completed, you can get the keys and the vendor will get the finances.
AFTER CLOSING
Now your legal adviser will provide you with a reporting letter that certifies your title and explains all the transaction aspects. Then you are finally free to move in to your new house! Just make sure to check that all items that should be included in the purchase price, as indicated in the Agreement of Purchase and Sale, are left on the property by the vendor. If you think something is absent, contact your lawyer immediately.
Chicago Homes for Sale
September 1, 2009 by Gavin
Filed under Realty In Idaho Contributors
Visitors to Chicago experience a virtual explosion of cultural activity and civic pride. From world-famous museums and stunning architecture to vibrant eethnic neighborhoods and lake front parks and condos, fantastic restaurants, recreation options, exciting night life to great shopping opportunities, and warm and welcoming residents. The City of Chicago offers a range of attractions which keeps visitors coming back again and again. Chicago is truly ‘ The Great American City’, a virtual microcosm of the good ole U.S.A.
As mayor Richard J. Daley says: Chicago is “the city that works.Chicago is a city of status and ambiance, draws visitors from around the nation and the globe. Located in the heart of the Midwest on the shores of beautiful Lake Michigan, Chicago boasts a world-championship sports teams, an internationally acclaimed symphony orchestra, renowned architecture, an innovative and productive work force, industry and corporate giants.
Chicago IL homes along with commercial real estate are still being sought.Residential development in downtown Chicago continues to grow to meet the needs of new graduates and families who want to be near work, be able to walk to destinations, use public transportation or take a short cab ride to enjoy Chicago’s numerous amenities including world-class museums, restaurants, internationally recognized universities, music venues, major league sporting events, shopping destinations, theaters and twenty nine miles of lake front with 33 beaches.Chicago’s diverse heritage is reflected in the neighborhoods, which now attract thousands of visitors each year. Chicago has a population of nearly three million people of diverse nationalities and cultural. As each new ethnic group came to Chicago, their unique community spirit has enabled them to build a new community, a new life, and a new future. This innovative spirit is responsible for Chicago that has never stopped dreaming, building, rebuilding, growing, and making major contributions to the world.
August 31, 2009 by Gavin
Filed under Uncategorized
One of the most important aspects of the short sale business is determining the value of the property you have under contract. It’s impossible to formulate your offer to the short sale lender without knowing the home appraisal value of the property you are interested in. Likewise, knowing the appraisal value of the property is just as important to the loss mitigator at the bank. The loss mitigator must establish an appraised value for the short sale property so he has a baseline price for negotiation. The appraised value of the property establishes the playing field on which we negotiate the short sale price of the property.
Getting Property Comparisons
The best way to determine the home appraisal value of a property is by using property comparisons (comps). Look at the properties in the same area of the short sale property.
You can get these comps with a little effort. There are a few ways to find market value comparisons for your area:
• Subscription programs (one is Haines, a subscription service on disc)
• Multiple Listing Service (MLS) if you have access
• Network with a realtor who can pull comps for you
• Free comps services on the Internet
It’s not recommended that you use the free market comparison services found on the Internet. These free services are worth about as much as you pay for them. If you have to spend some money getting comps, that’s a good thing. It means that someone is actually doing research behind the website or program.
Finding Home Appraisal Value: An Example
A busy real estate investor may outsource their home appraisal needs to another company or a certified FHA appraiser.
When a deal comes in the real estate investor will email the FHA appraiser, the address and owner’s name. In about 24 to 48 hours the appraiser will send back a limited desktop appraisal with three comparison prices on other similar sold properties and the market value that the appraiser has determined for the property that the company is interested in. The appraisal may also include some additional information and a map.
This appraisal gives an idea of the market value of the property in comparison with other distressed properties in the area. When looking for comps, don’t look for sales of well maintained properties, instead look for comparisons of other properties in foreclosure, REO properties, or corporate-owned properties.
Be Prepared to Pay for it!
Companies spend money getting their comps because they want good, accurate market value comparisons. When you are figuring the budget for your short sale business, remember to allocate some funds to pay a company or a certified FHA appraiser for that home appraisal. It’s well worth it to pay for a home appraisal so that you have accurate comps from third person parties or neutral parties outside of your short sale deal. You present their appraisals as objective evidence to convince the bank to accept your short sale offer.
Factoring in Cost Estimates for Repairs
The physical condition of the property is just as important as comps in a home appraisal. See if there are any repairs to be made on the short sale property. Make notes of what’s wrong, take photos, and get construction estimates for the cost of repairs.
When you do your cost estimates remember that the bank will be making the repairs, not you. Get cost estimates from a general contractor the bank would typically hire.
The best way to get cost estimates for your home appraisal is to hire a certified home inspector. You can look one up in the yellow pages. There’s also an organization called the National Association of Home Inspectors (NAHI). NAHI has high standards and finding a home inspector affiliated with this organization is a good way of making sure you get a thorough inspection.
A typical home inspection can take two and a half to three hours. The inspector gets up on the roof, checks the crawlspace and goes over the home with a fine-toothed comb. On completion of the home inspection the inspector hands over a report that can be 20 pages with detailed information about the property defects. Home inspectors may also takes photos and provide detailed cost estimates.
Paying a home inspector to get cost estimates is a great way to calculate the home appraisal value for your property. You’ll know exactly what’s wrong with that house because you’ve gone to a neutral third party expert.
Getting the Cost Estimates: An Example
Dan Shields is a typical home inspector. He’s a member of NAHI and does all of the home appraisal evaluations and repair estimates for many investors.
Dan states that a home inspector will start an inspection from the outside of the property to get a look at the big picture. He’ll check the roofing, gutters, siding, and windows to make sure they’re properly installed and flashed. He will also check out porches, columns, etc.
From there the home inspector enters the home for the interior survey, to document built-in amenities, appliances, and flooring. He will next go to the mechanical room and check the heating/cooling package and plumbing. Finally, the home inspector will check the attic and find the insulation factor for the short sale property, literally working from the ground up on the home inspection.
A Broker’s Price Opinion Value
When you complete your home appraisal and submit the short sale package to the bank you will be assigned to a specific loss mitigator who will want to determine their own estimate of property value.
The loss mitigator orders the bank’s appraiser to go look at the property and get a broker’s price opinion (BPO) or market value. Sometimes it’s done by a realtor, sometimes an appraiser. It’s your job to be the contact person that the appraiser goes through to get into that property. It’s very important that you meet the appraiser at the property to convince him your home appraisal value is about the same as the BPO value.
When you meet with the bank’s property appraiser let him know the property is in foreclosure and that you’ve been working with the seller to try to do a short sale with the bank. Get that point across immediately.
You don’t want the meeting with the bank’s appraiser to be a confrontation. This is first impression time, so just be yourself and let your personality shine. Shake hands with the property appraiser. Get to know him for the five minutes before you start shoving your material on him.
The whole BPO process will probably take less than 15 minutes. You have 15 minutes to let your personality shine so make it your best effort.
During the BPO
When you go out to these appraisals, take three things; a copy of the Real Estate Purchase Contract with your offer amount, your market value comparisons and a copy of your home inspector’s report
Try to present the material in a conversational tone. Ask if he’d like a copy of the offer you have made on the property and so on. If it’s an appraiser, he will always want a copy. Realtors are a different story—you can never tell what they’re going to take. Just ask and see what he’ll take from you. An appraiser will always take the property inspection report because it’s a good, neutral indication of property damage.
Let the appraiser know that your Purchase Contract has been at least preliminarily accepted by the bank and that’s why he is appraising the market value. You’d be surprised how often the bank’s appraiser doesn’t even realize the property is in foreclosure.
You also want to share comps with the home appraiser. Most of the time, appraisers have pulled comps before they go out to the property, so you may be able to share comps to get an idea of the BPO. Make sure the appraiser knows about specific problems with the property such as; mold, termites, or foundational problems that are not readily apparent. This is something the appraiser won’t spot during his 15 minutes with the property.
Once you get these three documents into the hands of the bank’s home appraiser chances are higher that the bank’s BPO comes in close to your home appraisal value. When you get a good home appraisal value and cost estimates on that short sale property. You’ll have armed yourself with the best tools in convincing the bank to accept your low short sale offer.
Pick up more information about real estate shortsaling at Real Estate Investor.com. This is the place to go for the latest real estate news and advice. You’ll find a network of other real estate investors ready to help you out, along with free articles, blogs, contracts and documents for your use.
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