Prospective homeowners like to imagine that every home they see is in perfect repair, but the truth is, that’s not the case. Here are ten things to watch out for, from the roof down.

#1) Roofs and Gutters

Look at the roof carefully. Are there a lot of damaged shingles? Are there a mix of new and old shingles? Look closely at the gutters as well; look for rust, clogs, and other signs of ill repair…or fresh paint, which could be a sign of hasty repair. Also ask to look in the attic to see the roof from the underside; they may have fixed the outside, but not the inside.

#2) Water Damage

Look for signs of potential water damage: undrained areas on the property, cracks in the driveway or walkways underneath gutters, and definitely look for cracks or leaks in the basement.

#3) Electrical Problems

Ask to take a look at the fuse box. If it looks older, ask if they have modern wiring or knob and tube wiring, or if the wiring has been replaced recently in the house. If the answer is no and it looks old, be careful: the wiring may not be able to handle the electrical load of modern appliances.

#4) The Floors

Here’s a test that seems odd but will make sense when you try it: jump up in the living room. Does the floor flex underneath you, or does it solidly support your weight? If it flexes, the house may be structurally unsound.

#5) The Water Heater

Check the water heater closely for signs of rust, damage, or bad installation. For example, any water supply pipes to the heater should be copper: accept no substitutes.

#6) Insulation

You need at least six inches of fiberglass insulation in warmer areas and twelve inches for more temperate areas. Pop off a light fixture, take out a flashlight, and take a look.

#7) Ventilation

Does the home have central air and heat? If not, what heating system does it use? Ask the current owners how much they paid in a given year in heating bills. Also check the weather stripping and window seals by holding a piece of paper in front of them: if it moves, the doors and windows aren’t sealed properly.

#8) Fixtures

Look closely at the age of the fixtures: old fixtures may betray a lack of overall maintenance, while extremely new fixtures on an otherwise older kitchen and bathroom may betray some last-minute tidying up.

#9) The Carpets

If it has wall to wall carpet, check around the vents to see if it’s been properly attached to the floor. Look for obvious glue above the carpet, or tacks sticking up through the rug itself.

#10) The Homeowners and Real Estate Agents

Most of us are not exactly slick when it comes to lying, and we get more nervous the more we think somebody is onto us. If a homeowner or agent starts getting nervous when you ask questions and put the house through its paces, that’s a bigger warning sign than any of the above.

Tips for Underwater Mortgages Who Want to Avoid Foreclosure

The US is beginning its 6th straight year of declining home values. Like myself, 10 million home owners are underwater on their mortgages. This is not always a problem if there is a long term solution like waiting out the market or renting your home until the mortgage is paid off or values return. Many Americans have experienced a hardship like loss of income, wage reduction, increased bills, death of a family member or divorce time is working against them. They can’t wait out the market until it gets better, they need a solution now. Most people in these situation are at the end of their rope and savings accounts are running dry. Now is the time to find out what solution is best, refinance, mortgage modification or short sale.

Here are a 10 tips for home owners who owe more than what their home is worth and they don’t know what to do.

1. BEWARE of foreclosure prevention scams. Many unscrupulous people prey on distressed home owners at their moment of weakness. Never agree to up front fees. Check credentials and ask for referrals.

2. Be realistic. If you’re spending more than you make each month or have a hardship now or foreseeable future take action now that could prevent defaulting on your mortgage and bills later on. Ignoring the problem will only make it worse.

3. Must ask the question can I (we) or do I want to stay in the home? Be honest with yourself.

4. Seek out information. Many websites have great information and foreclosure prevention options. Make sure the sources are reliable because there are many scams and unscrupulous people looking to take advantage of troubled home owners.

5. Contact your bank and specialists like a Short Sale Realtor, Short Sale Attorney, Mortgage broker. Each will be able to help you discover all possible options. Banks are more willing now than ever to keep people in their home instead of foreclosing.

6. Government sponsored programs such as HAMP (mortgage modifications), HARP ( refinance), & HAFA (short sale 3k to home owner for moving expenses) are available to struggling home owners. Use these programs while they are still available.

7. A Short sale is not the end of the world. It’s a practical solution to a difficult situation. No cost to home owner. Credit scores can be affected as little as 50 points, better than foreclosure on credit report and can qualify for a new home mortgage in as little as 2 years and can negotiate away the deficiency ( difference between amount sold and amount owed).

8. In some cases, renting the home is possible if rent prices meet or exceed mortgage payments. This can be a risk as well because if the tenant doesn’t pay mortgage payments will be missed.

9. Consider what is best for your short term and long term future. A foreclosure can stay on your record for 10 years and could prevent purchasing a home again for up to 7 years.

10. Some banks are offering up to $35,000 for home owners to complete a short sale instead of letting the home go into foreclosure. Contact your bank to see if there are incentives.

My best advice is to meet the problem head on. The longer a home owner waits to take action the fewer options will be available. I have often been contact when there is only 1 month left until a home forecloses and there is very little that can be done to save a home owner. In contrast when I’m contacted early in the process all options are available. This process can be scary & frustrating, but in the long run will benefit your financial future.

Jeff Donnellan RE/MAX
http://www.webhomesearcher.com

With all that is happening in the world today – global warming, hurricanes, typhoons, flash floods, tsunamis and earthquakes, one can easily feel alarmed about the condition of Mother Nature. We do not need to be superheroes and have super powers to save the Earth because we can help with our own little ways. One way is by making sure that we are living as concerned as we can be to our environment.

Good thing that there are increasing numbers of people including public officials, athletes, musicians and celebrities trying to spread awareness about living green or eco-friendly. You can follow this act in various ways – avoid using plastic bags, using hair spray nets, heavily polluted car and others. Well, this article will focus on helping you find and decorate an apartment to be green and eco-friendly. This is one way to start your quest to do your part to help Mother Nature.

1. Consider eco-friendly furniture – It is recommended to avoid big warehouse brands and instead settle for materials that are made of organic materials such as bamboo, organic cotton and other recycled items. This is not only helping the environment but also a good way to help you save lots of money. Let us admit it, it is far more expensive to buy big warehouse brands compared to those that are made from bamboo and other organic products. However, we cannot say that eco-friendly furniture downgrade your standards because in fact there are lots of manufacturers out there who come up with real piece of arts using organic materials.

2. Paint your walls with soy paint – Do you want to renovate your apartment by coming up with new paint colors? Then why not consider using soy paint? Soy paint is non-toxic, durable alternative that is perfect alternative for commercial paints. This reduces indoor pollution thus make your house green and eco-friendly.

3. Reuse things that you can – Let us not only be eco-friendly but also practical by using things that can be recycled and used afterwards. It is advisable to use washable towels compared to paper towels as one good example.

4. Conserve water – Sometimes we take for granted simple things like running water while we are brushing our teeth or while we wash the car using water hose. This may sound shallow but if we will calculate every ounce or litre of water that was wasted in a year, we would be surprised to know that it can suffice to a family’s one-year supply of water. So, make sure to conserve water, use glass when you brush your teeth and use bucket and tub instead of water hose when watering the plants or washing the car.

Based on some surveys, 86% of Americans would prefer to live in a green and eco-friendly apartment. Therefore, it is truly advisable to start considering the tips mentioned in this article and help increase the 86% numbers who are willing to do their share to help the environment. This is not only for our own sake but this is most importantly helpful for the next generation.

Gary Meurer is a business writer who likes to share information on NYC office space and office space NYC as well as related office ideas.

There are 100s – even thousands — of foreclosed properties and homes in almost every corner of the streets right now that are waiting for you to check and maybe buy. For some, the inflation and the number of properties that are on the verge of being foreclosed frighten them to invest and buy properties these days. But, don’t you know that a foreclosed sign is actually a big welcome sign asking you to come and buy your dream house? Here is why.

First things first, there are tons of people who would probably tell you that now is the good time to invest or buy foreclosed properties simply because the prices are not just low, but really low. Although it is true that luring buyers with the low prices that properties have is the best way to sell right now, there are but few other reasons that you might want to know on why it is a great idea to buy your own home right this very moment.

The prices of properties in every country have reached rock bottom since the recent inflation. For a few $100,000 you can now have your own home. But to top it all, the government, the banks and some Realtors® have introduced a few schemes that would lend a hand to make your dream of having your own home a reality.

If you have gone to the bank and checked some of bank-owned homes and their foreclosed listings, you should know by now that the best way to lure you to buy properties this very minute is because the prices are simply low. But to top the undeniably tempting prices, the banks are now offering schemes such as rent-to-own properties and flexible mortgage loans that can really help you get the property you want.

The government is also forming ways and means to help people re-purchase or buy properties. Some of the schemes that the government is currently offering are tax incentives and flexible mortgage loan assistance for those who want to purchase their own homes. Also, with the steps that the governments are taking to step up and end the current recession there is no way for the economy to go but up. This means these properties are soon to get higher valuations in the near future. This in turn implies that for the very little amount that you will be investing today you can earn double that amount once the economy recovered.

Another great reason for you to buy properties right now is because you don’t really have anything to lose but have a lot to gain. With the right property to invest on you can rip double the amount of your initial investment or even more. Why wait until the economy has fully recovered, when all real estate have reverted back to their original high prices? We often hear of certain phrases like “strike while the iron is hot” such is also the case in buying properties: buy now while the prices are low.

The Agent University is an online school for all real estate professionals to advance their career by receiving real estate training. Received Certified designations and learn from industry professionals on certain aspects of real estate.

When it comes to buying or selling your home, does it really pay off to have a real estate agent? And if you decide to go with one, how do you make sure they have your best interests at heart? Here are some answers and tips to help you decide.

How important is finding the right tour guide, or the right realtor, when you’re buying a home? Does it really matter who a person chooses to be their agent? And, can the service really vary that much from person to person?

It is so crucial to find a real estate agent that is suited for your needs; it can make a huge difference in the level of success you have when buying or selling a home. You should never choose somebody because their mother plays the piano at church, or their father is a soccer coach on the weekends. But so many times, I hear that is the very reason why someone has chosen their real estate professional; because of an outside connection. They are trying to help someone out; trying to help them get started. But we don’t make decisions in that manner for other things in our life, so why should we do that when it comes to one of our largest investments? For instance, if I were going to have heart surgery, I’d want to make sure that my doctor has performed that type of surgery more than once.

What are some of the things that a person who is looking to buy a home should be looking for in an agent?

Experience

Experience is one thing that can not be surpassed in any other formula. Experience is absolutely crucial. How many years have they been in the business? How many homes have they sold? I’ve had listing appointments where the agent had not sold any property for a year and a half and they had tied the property up for six month; so experience is a really important issue.

Availability

Unfortunately a lot of agents have gone to part-time status because it’s been so difficult in the marketplace out there. Make sure that the agent you choose is given your cell phone number and that they are available all the time – it’s really important.

Areas of Expertise

So often an agent is a specialist in one particular area of town, or one particular town, and if you’re not in that area you’re out of their comfort zone. Do you really want to explore the purchase of your largest asset with somebody who is not familiar with that area? I wouldn’t.

And something I think a lot of people don’t think about is whether or not their agent has knowledge of the different financing options that are out there right now. Having this type of knowledge is crucial because just a 0.5% interest on a $150,000 loan over its term can mean $16,000 lost or saved, so it’s really important that the realtor direct you to the proper lending source.

Negotiation Skills; How do you find out if that person has those?

Negotiation skills comes back to experience. I was talking to an agent the other day who says she never negotiates because she doesn’t want to offend anybody. Well my goodness, in this kind of market if you’re paying cover price, you’re probably paying too much. So it’s really important to find an agent who has strong negotiation skills; the last time I personally bought, I made everybody mad during negotiations but I said “Hey, you never know until you ask.”

What about inspectors?

This is another huge factor. Once you buy a home it belongs to you, so you want to make sure that the home has been dissected by somebody who is absolutely thorough. It is such a crucial part of it.

There is a unique home-selling technique that has given rise to great success for many people.

Anyone looking to buy a home that has one to sell, should look for an agent who is willing to cut their costs in half by lowering the commission and doing their portion for free; the selling part can be done totally free of charge. The reason an agent has the ability to do that is because they can make their commission when you use their services to purchase your next home. Essentially, an agent sells two homes to make money on one, but that allows people in today’s market to sell their homes when many of them would otherwise be sitting there for years at a time.

My name is Monte Mohr and I am a realtor that specializes in Franklin, Tennessee real estate. If you are looking for one of the top Franklin Real Estate Agents feel free to contact me directly at (615) 300 – 8393.

Purchasing a house is often a long and difficult procedure. So it is always best to prepare yourself with all the knowledge and also scenarios before diving in head first.

1) Speak to a Mortgage Advisor
Before you begin searching for houses you need to gain an idea of your financial allowance. A mortgage adviser or even broker can research the market for mortgages relevant to you, and can assist you to maximise your borrowing power. Be conscious that you need to have a definite budget prior to putting an offer on a property, as it can result in the rejection of your selected house if it’s out of your budget range. Also keep in mind the entire costs you may be accountable for like surveys, searches, solicitors and stamp duty.

2) Locate a Home
Figure out what type of home you’re looking for, how many bedrooms, the size of the garden and whether or not this includes a garage etc. You can filter your search by looking at online property portals, searching relevant locations and price ranges. Be certain to instantly brush away any houses that are a fraction above your budget, you have to stick to your guns if you are to make your purchasing process as smooth as possible.

3) Offer, Approval & Arrangement
If you make an offer on a home you want and it is approved, you then have to revert back to your mortgage broker to arrange a mortgage. You will also need to speak to a solicitor to act on your behalf and deal with the legal matters behind buying a home.

4) The Waiting Game
The solicitor will be organising essential searches and surveys on the property, and the results of which will give you a list of any minor or significant issues to the home. This phase of the procedure can be very slow, but the key is to keep up communication with both the estate agent and the solicitor to ensure that things run smoothly.

5) Sign on the dotted line
When the searches and surveys have been carried out and you are pleased with their results, a draft contract will be written by the vendors’ solicitors. Upon close perusal with your own personal solicitor, be sure you are totally happy before signing.

6) Exchange Contracts
It is at this stage of the procedure that you’re legally binding in the contract and are expected to follow the purchase of the house. It is also at this point where you provide a deposit amount of the sale price (generally 10%) and both sides agree on a conclusion date.

7) Time to move
On completion you will send the rest of the money to the seller (through the solicitor) and will then receive the keys to your home. Dependent on your own situations you might decide to move in that same day

There are more factors you can look out for when purchasing or sell home online. The property itself will tell many tales, and if you make an effort to look more closely at things such as foundations, structure and windows you may well save yourself time and expense. The survey will expose any deterioration which could possibly enable you to further bargain the purchase price, or even withdraw entirely. Furthermore, be aware if there is a long chain of people involved (a line of sellers and buyers involved at the same time in house transactions). A longer chain can result in timely setbacks plus more potential issues along the way.

During the height of the economic crisis, a lot of people were hesitant to invest in real estate as a result of the housing meltdown. Fortunately, this stage has passed and the industry seems to be making a comeback. Today, you can easily buy in a down market and make a huge profit. But of course, you need to do your research depending on the type of investment you’re planning to make.

A good rule of thumb to follow before investing in real estate is that you should have an excellent credit rating, and you should feel financially secure. This way, even if you unfortunately experience some downsides to your investment, it wouldn’t have that much of an effect in your life. The upside is that you’ll earn a significant profit; you’ll consider real estate investment as a lucrative main or side business venture.

Now, the one problem you’d have when dabbling in property investing is where you’ll get the funds you need. How are you supposed to finance your real estate investing venture? Here are the top five ways on how you can do just that:

1: The Traditional Way

You need to have a solid credit rating and be financially stable before trying to invest in properties. The traditional way to finance real estate investments is to borrow money from banks, credit unions, home mortgage companies, and other financial institutions. Most of these have a high credit score requirement. You also need to provide a full documentation of your income and debts, and you need to shell out at least a 10% down payment. Overall, this is one of the safest and most well-known methods of financing real estate investments.

2. The Lease Option

An unfamiliar yet still suitable form of financing investment properties is the lease option. It allows you to own property for little or even no down payment. Within two or three years, you can be given the right to purchase the property while you’re still looking for financial backing. It can also be arranged that a percentage of the monthly lease payment goes towards the balance of the cost of the property.

3. Through Seller Carry Back

Also called buying on terms or creative financing, seller carry back refers to any method of financing aside from the traditional one. This is a good way for investors to use as little of their own money as possible, where sellers usually agree to carry the note of your purchase.

4. The Seller Second

For this, the seller provides a second mortgage and cash flow notes are usually involved. For example, if you’re pre-qualified for a loan which requires you to shell out 20% down payment, an offer can be made so that the seller can carry a cash flow note for 20%. The one thing you need to check when going for this option is that the loan you’re qualified for should allow a second mortgage attachment. Although there are some loans where this is a possibility, seller seconds are not allowed in most cases.

5. Using the Subject-To Method

Finally, you can go for the subject-to method which is a short-term solution for real estate financing. It means that the investment is subject to existing financing. When you purchase a property, one condition is that the existing financing stays in place. The title can be transferred but the loan will still be under the seller’s name, although the buyer is already making the payments. This financing is suitable for properties that are about to be foreclosed.

Before making any business decision, do a thorough research on the advantages and disadvantages of these options. Finding the right method of financing investment properties is key to your success, so make sure that it fits the type of program that you’re planning to invest in. For more information, visit Real Estate Investing Guru Review.

Copyright © Sherry Ann Smith

A foreclosure terminates all rights of the homeowner covered by a mortgage. During the foreclosure process, the estate becomes absolute property of the lending institution that holds the mortgage. More and more borrowers are defaulting on their mortgages each month, causing an increased risk of foreclosure. The real estate boom in that happened between 2002-2006 allowed many unqualified borrowers to take out excessive mortgages at inflated prices. Millions of homeowners are now living with mortgages they can no longer afford and they fall behind on payments.

Some of these homeowners are able to work their way out of foreclosure by catching up on payments and curing the loan. However, more than half a million homes went through foreclosure in 2010, and more homeowners are threatened with the practice due to late payments and defaults.

What is the procedure for a foreclosure?

The foreclosure process begins when the homeowner fails to make payments of the money due on the mortgage at the appointed time. This may be due to unemployment, divorce, medical leave, terms of the loan, poor property management, and even death.

Foreclosure does not begin after a single payment is missed, but missing a payment can affect your credit score. There is no single answer as to how many missed payments a borrower can have before foreclosure begins. It all depends on the action the creditor decides to take. Some may only miss a few payments, whiles others may fall behind for many months. Lenders do not want to foreclose on properties as it is a risky and expensive process. They will often seek a compromise and exhaust all avenues to help solve the problem, with foreclosure being a last resort.

Once the bank does decide to proceed with a foreclosure on your property, they will send a formal demand for payment in the form of a letter. This letter of notice is referred to as a Notice of Default (NOD). This is typically issued after 3 months of missed mortgage payments. Keep in mind that the notice is a threat to sell your property, terminate all your rights in that property and evict you from the premises.

How do I stop foreclosure?

One of the best things you can do to prevent foreclosure is work with your bank. Do not ignore the issue as it will only get worse. If you have trouble paying your mortgage, you have several options including forbearance, short sale, loan modification, refinancing, and a repayment plan. Talk with your lender about these options.

In addition, there is a multitude of real estate investors looking to purchase homes from sellers who are in financial duress. Talk with a local real estate agent or private lender to find an investor in your area. Real estate professionals and hard money lenders work with investors all of the time and most are in the market of purchasing short sale properties. Short selling your home is far more advantageous than foreclosing.

Written by Kellie Davis of Capital Fund I Private Lending. I invite you to learn more about your foreclosure options at http://www.capitalfund1.com.

Real estate is a great place to put your money in. With wise real estate investments you can retire young and rich. One way to make money in real estate is by acting as an agent. A real estate agent acts as the go-between. He is the person who facilitates the sale between buyer and seller. Now the question is how do real estate agents do it? With the money involved in real estate deals you can be sure that closing a deal is not easy.

Here are some methods that real estate agents use in selling houses.

First, grow your buyers and sellers list. When it comes to real estate brokerage buyers and sellers are equally important. You may think that buyers are more important because after all, they are the people with the money. But without a seller there can be no sale. Professional agents have a buyers and sellers list. This list is strictly confidential. This is one thing you wont be handing over to just anyone. This contains all the details of your buyers and sellers as well as of the properties you are selling.

Second, increase your network. It has been said time and time again that your network is equivalent to your net worth. So expand your circle of influence. You can do this in many ways. One is by attending social functions like galas and charity events. You can meet many wealthy people in events like this that can prove helpful to your endeavors. Another is by playing golf. Golf is a popular sport that many rich people indulge in. And you can bet that many do it not just because of the game. It is one great way of getting to know many influential individuals. You can also get to know a person by the way he plays golf. Watch how honest he is in playing. If he can’t be honest in a golf game then you can be sure he’s integrity is questionable.

Third, go to public auctions. This is a great place for getting good deals that you can refer to your clients. Of course you might not have the time to go to every auction. So what you can do is to obtain a list of the foreclosed properties of each bank in your vicinity. Take a look at the list and recommend any property that might match your buyers requirements.

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When a buyer and a seller agree to a contract to purchase real estate, there is often an inspection period. In Georgia, this period is called the Due Diligence period. This is the period for the buyer to do all of their inspections and fact finding.

In Georgia, this due diligence period is often 10 to 14 days and encompasses everything. It has sometimes been referred to as the “Free Look” period because a buyer can terminate the contract for any reason during this time. They can have their uncle look at the property or stub their toe or even find another property and terminate the contract and receive their earnest money back.

During the due diligence period it’s often expected that the buyer will perform a home inspection. Georgia does not regulate the businesses of home inspectors so it is generally suggested that the buyer get an inspector that is ASHI certified. The American Society of Home Inspectors have a set of standards and guidelines that every member must adhere to. It’s not a foolproof way to pick an inspector but it does help.

Other inspections that are common or should be during the due diligence period are termite inspections. A good pest control company will perform a free termite inspection and only charge if a “termite closing letter” was requested. Often pest control companies will look for other pests if you simply ask them. It can save thousands of dollars to have a professional take a look at potential entry points for pest. HVAC inspections, pool inspections and other system inspections are sometimes requested.

Additionally, the due diligence period is the time that the buyer needs to find out about offenders in the area, as well as potential land value issues such as landfills. Finally, the appraiser can be ordered in the period but is not always.

The Due Diligence period was originally an inspection period with strict rules on what a buyer could do and could not. This relatively new period now also includes the ability to request anything of the seller on the property. The only caveat is that all negotiations have to happen within this period.

As you can see this protects the buyer far more than the seller in this instance. On the seller side this period ends up being good because at the end of it, the buyer is often locked into the home for good. If the buyer backs out after this period they could face losing their earnest money or legal actions.

Joshua Jarvis is a real estate agent in GA, you can find more real estate information at http://GAHomesDigest.com.