Things You Should Know Before Buying A House
Things you Should Know Before Buying a House.
Knowing what you are getting yourself into will help you get better prepared, avoid costly mistakes, find better deals and, most importantly,
Learning To Buy Va Repo Homes
Finding savings on a new home may seem tough in the competitive market of today, but with the help of BankForeclosuresSale, it doesn't have to be so difficult. We'll show you how there are actually many different kinds of discount real estate out there available for purchase at extremely low prices. One of the most lucrative types of properties available is VA repo homes, and we can help you learn all about them.
VA repossessed homes are a particular type of property that is available for purchase from a division of the federal government known as the Department of Veteran Affairs. This department is responsible for a great deal of lending to homeowners for mortgages. However, when a homeowner defaults on their mortgage payments, and is unable to find a way to settle the debt, the lending agency will be forced to repossess and then sell the property in question through an auction.
This is where the potential for savings presents itself to homebuyers and investors. Since homes for sale at these kinds of sales only need to be sold for the remaining debt owed by the homeowner and not their full value, many real estate VA is often undersold. If you pick the right sales, you can often find savings of anywhere from 10 to 50% the market value of an incredible home!
Finding Foreclosure Real Estate
With BankForeclosuresSale, you'll be able to search for thousands of real estate homes available for bargain prices all over the United States. We'll show you all kinds of repo for sale at auctions and sales in every state, and not just through government agencies. There are also all kinds of distressed properties available from banks and lending institutions like Fannie Mae and Freddie Mac. But whether you choose to pursue VA repossessed homes or any of the many other options, we'll teach you all about how to buy it for the best price possible.
Using Our Repossessed Homes Resources
Our online educational library is chock full of great educational information and advice on procedures and processes for pursuing a wide range of real estate repo. We also provide insider tips and advice on getting the most value for your money by assessing values and forecasting costs. And our 24-hour Customer Support service is always there to help you choose the best deals out there and answer any questions you run into along the way.
So instead of relying on a real estate broker to help you find a good value on a home, let BankForeclosuresSale show you how to buy VA repo homes!
Investing In Bulgarian Property The Fast Track To Huge Capital Gains
There are amazing profits to be made in the Bulgarian property market. Careful research can even uncover properties that offer instant equity and guaranteed returns.
Bulgaria is currently the EU investment hotspot. The prospect of capital gains of 30% per annum, and the cheapest property in Europe is attracting investors from across the globe.
Millions of euros are being spent each and every month by investors eager to cash in and this is set to continue unabated, with the prospect of full EU accession in 2007. Entry into the European Community always prompts massive price increases, with 100% capital gains in a single year, quite commonplace.
All property types in Bulgaria offer incredible value for money and are experiencing good capital gains across the board. However, with careful research, unbelievable opportunities are to be found in this booming market.
The sheer volume of properties can offer a bewildering choice and in any region or resort the asking price of the properties on sale can vary massively. It is vital to accurately gauge the market value of each particular area.
In the off plan market especially, developers will launch their new projects with introductory discounts to stimulate sales. Properties are available with discounts of up to 20%.
The property for sale in Bulgaria is primarily designed for the holiday trade and corporate letting market. Forward thinking developers, have already begun to sign agreements with major holiday companies and corporations for letting the properties they are building. The income generated is then passed to the purchaser, as a further inducement to stimulate sales.
There are currently deals available which will offer anything between 2% to 15% as a guaranteed rental.
Bulgaria offers the best investment opportunity around today. The low cost of entry, consistent prices rises and the expected capital gains surge from EU accession next year, provide an irresistible mix for the property novice and seasoned investor alike.
investmentpropertybg.com/">www.investmentpropertybg.com offer a free service to locate either resale or off plan properties, with prices that range from under
Lose The Stress Of Debt With A Sale And Rent Back Scheme
In the fast-paced uncertainty of the modern world it's all too easy to fall behind with payments until one day you realize you have serious debt problems. Other than the blow to your self-esteem this causes, the stress that arises from being in debt can also have devastating effects on your physical and mental health. So if you're living from paycheck to paycheck and suffer the constant gnawing worry that your property will be repossessed, you really need to sort out your debt problems as quickly as possible. If you're a homeowner, a very attractive option known as sell and rent back is open to you. So if debt is making your life unbearable, consider the many advantages of this scheme.
How It Works
First you contact a reputable company specializing in sale and rent back schemes. After surveying your property, the company will make you an offer on your home. Then in addition to an immediate cash payment, they will issue a contract for you to stay on in your home as a tenant paying rent at the market rate. Very often, they will offer a rent holiday. You have a lot of say in the contract you agree to; you can specify for example whether you want a short-term rental or long-term arrangement. You can also request a buy back option which gives you the option to later buy back your house when your situation improves.
Why It's The Best Way
The major advantage of course is that you can clear all your debts and continue living in your home as before. You don't have to suffer any of the upheaval that accompanies moving house especially if the move is unwanted. What's more, you get a quick, guaranteed sale with none of the waiting around and having potential buyers traipsing through your home day after day. Plus, you don't have to pay and estate agent's commission on the sale.
There's also the matter of discretion and privacy. Reputable agents can arrange a sale that's private and confidential. There's no need to put up a 'for sale' board in front of your house or put an advert in the local press. So friends, neighbours and colleagues are none the wiser to your circumstances.
A number of other methods exist to release the equity tied up in your home. These include lifetime mortgages and home reversion plans.
However the Which Consumer Group reported that these other schemes tended to be expensive, inflexible and risky.
Studies have shown that being in debt is major cause of stress with serious consequences for both your mind and body. So if debt is wreaking havoc in your life, look into the sale and rent back scheme.
Be sure to choose a specialist firm with many years of experience in this field. Only a specialist firm can give you the efficiency and discretion you deserve.
Foreclosed Property In Real Estate
Buying a property through an auction i.e. buying a foreclosed property is the most profitable and common way to make fortune in the field of real estate. But if you do not know how to buy a foreclosed property, it can also turn to be the easiest way to loose a fortune. Most disasters occur due to over bidding on the property without assessing the real market value properly and fix up costs of the property in the bidding. Fortune on a foreclosed property can make or break that depends on the research you did.
Auctions of foreclosed property are held at public auctions, these auctions are conducted under the supervision of the country or state court where the property is situated. This works in favor of the buyer as the transfer of title is immediately executed upon winning the bid. In most of the cases the winning bidder is the lender who has requested the foreclosure of the property in the first place.
Let us look into the pros and cons of buying a foreclosed property.
If we go for the advantages, the main advantage of buying a foreclosed property through an auction is the profitability, i.e. the difference between the highly discounted price and the estimated value you can sell it at. A normal foreclosure property auction has six-week notice enabling the interested buyer to inspect the property and assess its total cost including the fix ups and other issues and research the market price at which it can be disposed of. One must always remember that bidding at a foreclosed property auction need not be competitive but based on what you assess.
For the disadvantages, the main disadvantage in buying a foreclosed property from a court auction is that it requires a lot of capital investment. The payment period is very short and one should be ready even before bidding to successfully buy a foreclosed property. A major disadvantage would be transfer of title as it involves a great risk. If your research is not correct or incomplete it could lead to major losses. If the risk is high the profit will also be better provided you be careful and do a significant research before buying one.
Buying a foreclosed property involves a lot of learning. Smart businesspersons have been known to experience the darker side of buying and selling the foreclosed properties. If one is careful he can make the most out of it, but if one is careless they can also turn into bankrupts in matter of weeks.
Investing In Costa Rica
So you have searched all the listing sites for Costa Rica on the web. Read everything you could on how to invest, where to invest, what pitfalls to watch out for, and how to get a good return on your investment. Well, by now you are probably more confused than when you started. The following steps will help to simplify the process and ensure your buying experience will prove fruitful and enjoyable at the same time.
1. Narrow your search down to a particular region -
It is important to decide what area you are most interested in. The Northern Pacific has seen the most growth and development, but the prices reflect that. The Central Valley remains a steady market with good access to San Jose. The Central Pacific is a juvenile in regard to investment opportunity, and the South Pacific still a baby.
So depending on your investment goals, whether it is a "quick flip", an extensive development, a long term hold, or simply a retirement place; the particular region you choose can weigh heavily towards the end result.
2. Determine your budget -
In order to best utilize the time you are going to have while property hunting in Costa Rica, you should have a ballpark idea of how much money you are willing to spend. There are so many amazing pieces of property on the market in Costa Rica, that you can get bogged down trying to see everything. Stick to your budget, which narrows your search to the properties that are most important to see.
3. Schedule your trip -
This is a big step that too many people take for granted. You should allow yourself at least 15-30 days in the country to be able to acclimate yourself and view enough properties to feel comfortable buying. Also you have to consider the weather conditions could play a vital role in how much property viewing you are actually able to do. For example, if you planned a two-week trip in October to view property in the Southern Pacific Region, you could get rained out every day, as October is the peak of the rainy season. The primary goal here is to allow yourself adequate time so that you do not feel pressured or hurried.
4. Set up appointments -
Before leaving for your trip, take the time from the comfort of your home to set up several appointments. I would even recommend setting up more than you think necessary because there is a high possibility that either you or the agent will not be able to make the appointment. Business is very laid-back in Costa Rica and schedules are often not adhered to, so be prepared for that scenario going in. Costa Rica has a way of changing schedules, which is not always a bad thing.
5. Start the hunt -
Now the fun part begins. You have picked the area or areas you are most interested in, scheduled appointments to see properties within your budget, and you are on your way to locating that perfect piece for your needs. While searching, be sure to check the area for previous sales so you can establish an idea of what properties have been selling for. Even if you fall in love with the first place you see (which happens often here) keep on looking because it is liable to get even better. Buying property in Costa Rica is a very safe process with only two primary pieces of documentation you must ensure are present and valid. The first is the title, or escritura, this document; similar to a deed in the states guarantees ownership without liens or encumbrances. The second is a valid survey, or plano, this document shows the physical boundaries of the property and often any improvements. If both of these things are in order, you are well on your way to buying. (Insider tip-talk to waiters at restaurants about property they might know is for sale. Nearly all will know of something, and often you can find great deals. Just be sure to verify the aforementioned documentation if you get that far along)
6. Make an offer -
This part can be a little tricky in Costa Rica as there is no rhyme or reason to what is an acceptable offer. Most developments are fairly set in the prices they are asking for their land, but sometimes early in you can catch a development in need of cash flow and get a great deal. When buying off a local, or Tico as they are known, I have seen offers as low as 50% accepted and other locals who were tremendously insulted by anything other than the asking price. You really have to get a feel for who you are dealing with to make the right offer.
7. Close the Deal -
This process is very similar to the one we have here in the states. Both parties can choose a separate lawyer or decide to use the same lawyer, which is often more cost effective. If you desire, you can choose an attorney that speaks fluent English so he can explain the entire process to you. These attorneys are generally more expensive, but the peace of mind is often worth the cost. Your attorney will do a title search and verify the survey in a manner that is equivalent to the process here. Most people choose to form a Costa Rican corporation to buy the property with, which helps to limit certain aspects of liability. Once everyone has signed and the funds are transferred, you are now the proud owner of your own piece of paradise. All property is then registered in the National Registry which is accessible online to check ownership status.
People are often intimated from the myths they hear in regard to purchasing property in foreign countries. The truth is, from personal experience, by simply following these easy steps you can ensure your experience will be a profitable and pleasant one.
Vermont Real Estate The Independent State
Vermont has always been a state sticking to independent principles. Tucked away in the Northeast, Vermont real estate is a very good deal.
From the first day of existence, Vermont has always had a major independent streak. The first state to outlaw slavery, Vermont actually refused to join other states in the formation of the United States. Eventually becoming the fourteenth state in the Union, Vermont maintains a strong independent streak with the first same sex marriage laws, the only socialist party Senator in Congress and laws severely limiting the use of billboard advertising. Overall, Vermont is a state where strong community values are expressed and privacy is appreciated.
Located on the shores of Lake Champlain, Burlington is the biggest city in Vermont with a population of roughly 45,000. Located close to Montreal, Canada, the city has an odd, charming Canadian atmosphere, but with an interesting catch. The city is also the home to the University of Vermont, which carries with it a strong college influence. This mix gives the city a unique feel with development being restricted and walking spaces and parks favored over mass housing developments. As with all cities in the Northeast, the onset of fall turns Burlington in a city bursting with colors.
Stowe is a small town in Vermont, but I have to mention it. Located in forested, rolling hills, Stowe is the single best place to watch the leaves turn in fall in the United States. To say there is a burst of color is to understate the situation completely. It is simply amazing, so much so that I recommend it for people keeping a list of 100 things they want to do in their life.
The town of Stowe is a classic, historic Northeastern location. The center of the town is a historic village and, frankly, the place you should try to live. Due to its location next to a major ski resort, the town has seen an explosion of condos and less interesting housing around the perimeter. Still, Stowe is definitely a place worth considering in the Northeast.
Vermont Real Estate
Vermont real estate prices are very reasonable in relation to the state surrounding it. A single-family residence in Burlington will run $335,000 on average, a price generally found throughout the state.
With such reasonable real estate prices, one might think the appreciation rate in Vermont is modest. In truth, property appreciated at a rather surprising 15 percent in 2005.
My Third Real Estate Investing Deal Another True Nothing Down Deal
My third deal as a real estate investor involved almost no money out of pocket for me at all. The home was in good shape and had only been built about 14 months earlier. The home is in a neighborhood where several builders had unsold homes on the street making it very difficult to sell a used home. The seller had an unusual motivation for wanting to be rid of the house: he wanted to forget an ex-girlfriend as he had bought the house to get married and for them to live there. The seller contacted me through an online lead site and looking over the deal I knew it was in an area that isn't very good for retailing homes right now due to over building in the area. So what I did was offer to lease option the property from him. Like many sellers, the idea of a lease option doesn't sound that enticing. Most sellers need all cash and have no equity. Well my seller had a little equity, didn't need any walking money, and knew he couldn't sell the home otherwise and had been trying for a few months with no luck.
After about a month the seller contacted me again about doing the deal. So we met at his house and signed a purchase and sales agreement, a memorandum of option, an option agreement for 72 months, a lease agreement with right to sublet and a seller's disclosure. We agreed to a $125k purchase price and a $1038 rental payment. Other similar homes in the neighborhood were listed at $145k and this seemed like a reasonable deal to me. I agreed to start paying him rent as soon as I found a suitable tenant/buyer.
I paid to run an ad in the local paper which was my only expense. I had several interested people and took applications from a couple of prospects and selected the best applicant. We received a $3500 non refundable option fee towards the future purchase of the home at a price of $149k and a rent agreement for $1250 per month with $100 credit towards purchase for every on time payment with a 2 year agreement. With my tenant buyer we signed a purchase and sales agreement, a lease agreement, an option agreement, pet disclosure, and a couple of other papers. This is a pretty good deal as I have a decent tenant who can probably qualify for a mortgage within the 24 month time span we agreed upon giving me about a 50% chance they will buy at the end of the option period. I received a non refundable $3500 check up front against my back end profits which isn't taxable until the option is exercised, as well as a $212 monthly rent profit. I expect to make close to $30k profit on this deal once my tenant buyer refinances and cashes me out.
What I did wrong on this deal was agree to pay the rent directly to the seller instead of having the checks made payable to the lender directly. On a positive note the deal is decently strong and I have good cash flow and if my tenant doesn't buy I can easily put another tenant buyer in this property and collect another option fee as this is a desirable area.
Costa Rica An Exciting Real Estate Investment Prospect
The CIA world factbook clearly states that in its opinion Costa Rica is a 'Central American success story', and the government of Costa Rica is keen to expand on the country's success and have announced the implementation of a seven year plan for the economic expansion of the country.
To this end they are actively encouraging international real estate investors and those looking for a retirement or second home overseas to come to Costa Rica and explore its exciting and affordable property market.
The Costa Rican real estate market is one of the most exciting in Central and South America right now as a direct result of the Costa Rican government's commitment to promoting the property sector. With the implementation of a series of tax breaks and investment incentives available to overseas real estate buyers the success of the Costa Rican property market is practically guaranteed.
For those looking purely for real estate investment opportunity, Costa Rica offers two main angles for property investors to explore: -
Firstly as the natural beauty of Costa Rica proves an irresistible draw for more and more travelers and those in search of the perfect getaway, so the demand for rental and hotel accommodation in Costa Rica is on the increase. The supply of quality accommodation in Costa Rica cannot meet current demand and this situation is likely to deteriorate as the popularity of the country increases. The government is well aware of this fact and is keen to attract those wishing to develop specifically for the tourism market.
Secondly Costa Rica is becoming increasingly popular with the soon to retire US baby boomers who are actively seeking an affordable and attractive location in which to retire. Because Costa Rica enjoys relatively low crime, is neutral, has a relatively high standard and low cost of living it is gaining a reputation among pre-retirees as a must-consider destination. There is therefore room for the development of real estate to suit this particular market or for the purchase and long term lease of real estate to this market. This particular group of people also represents a strong resale demand for those who buy now, improve property and intend to resell in the medium term to release gains accrued.
The real estate investment climate in Costa Rica is hot right now with the government working flat out to attract sustainable foreign direct investment - those interested in making a move should consider committing to the market sooner rather than later while it remains a buyer's market and before opportunities for the strongest investment gains are eroded by increased levels of investor awareness and interest.
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