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My First Open House Experience

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I finally decided to write my first post. Why not? But what could I possible write about that is interesting and educational as well. I can write about the market, mortgage rules, down payments, etc

Or read the newspaper and write a well digested post.

So, here we go, I remember that day as if it was an hour ago! It has scarred me forever and ever. Every time a client asks me to run an open house, I sweat and swallow super hard. Even after having lots of successful “open houses”, this one still manages to make me run to the bathroom and grab the famous Pepto-Bismol.

So, long ago, when I became a licensed real estate agent, at the beginning of my time as a Realtor. The new challenges I was facing, a bit anxious but super excited at the same time. Knowing what I am made out of, a very hard working, honest, reliable, ethical individual couldn’t wait to run my very first open house!

Since I had no listing of my own and couldn’t just run an open house on my own house and tell anyone entering through the entrance: “thank you for coming, but this house is really not for sale! It is just for me to practice my new skills”

So I asked a few fellow agents in my office and at last, after 2 months of trying, one of our broker asked me to help him out!

I was so excited that I had a hard time falling asleep! I did a CMA, I looked up all the past, present sales in the area; looked up all the schools from public, private, catholic, French, etc in the neighborhood. I had so much info on the area that I felt like a walking Google!

I asked myself so many questions that people could come up with and I had the answer to every single one of them memorized!

The day of, I put on my super tailored suit, make sure nothing was stuck between my teeth, etc. I just wanted to run it as professionally as possible.

Anyhow, after opening the lock box to the unit, I realized that my suit had no pockets! And I didn’t take my purse with me, so the only secure place I could come up with storing the property’s key for 2 hours was my bra. No big deal, who would find out, after all, I showered and my bra was super clean and my suit just came out of the dry cleaners. I could use a bit of water and soap after and put it back in the lock box. Problem solved!

Open house was over at 4 pm, not too many people showed up but I had everything under control. I was extremely happy with the outcome. It was GREAT, except for the key stored in my bra and started to be a little uncomfortable.

So, I lock the property’s door, made sure it was actually locked, put back the key in the lock box, shuffle the combination, get in my car with a huge smile!

Contact the listing agent and thanked him for the opportunity and that everything was left in its perfect condition.

The next day, I had a fund raising event to attend. 5KM walk for a children’s hospital. So, on that Sunday, I am walking and thinking of yesterday’s open house. I am going to call those few individuals that came in. Asked them for feedbacks and take it from there. At exact same moment, my phone ran and it was the listing agent asking me where the key to the property is?!

He asked me to look in my pockets or purse, just in case, by mistake I forgot to put it back in the box. I told him that was not possible. And I had to tell him where I stored the house key for 2 hours the day before (super embarrassing!) and the silent after that.

I drove to the property just to see it for myself, and yes, sure enough, no key… I couldn’t believe my eyes! Being new to the business, new to this brokerage, my very first open house experience that I wanted it so badly and wanted to be “perfect” just got destroyed. No key, no house key a scheduled open house and we couldn’t get in.

The property had no showings after my open house. Key just gone, nowhere to be found, did not fall out of the box when I was putting it back. A total mind blowing experience.

It was obvious that it was stolen, by whom? No one knows. They’ve changed the lock right away and took all necessary security action, but… I felt terrible for the owners! There is nothing worse than feeling unsecured in your own home! Just the thought of knowing that some stranger might have the key to your property made me sick! I put myself in their shoes and I couldn’t fall asleep just thinking of it.

I can’t describe how I felt on that day and still do. Every single time I have to open a lock box and close it again, I get this weird feeling (even today). It just feels like time stops for a split second and it slows down.

I get a little more anxious when clients ask me to run an open house for them. I do it, but there is something, some weird feeling that surface.

My first open house experience shook me like a massive earthquake… and I still can feel the aftershock from time to time.

Article Source: http://EzineArticles.com/9564658

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Luxury Homes

Ready to Relocate? Top Cities for Luxury Home Buyers

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Whether it’s for a job, for family, or even for a new love, just about everyone will relocate at least once in their lives. Luxury homeowners are used to a certain lifestyle and it’s important to find a new city that knows how to meet these standards of living. Of course, just because a city was known as the hub of the high life last year, doesn’t mean that standard still holds true. So, where are the new up-and-coming luxury communities? Where are the best places to relocate when you’re looking for a luxury home?

When it comes time to relocate, most people want to move to that city that contains those homes in which offer ample room for their family as well as contain the safety that they want. But, these people are also looking for a neighborhood that is the next best thing, no one wants to be in a neighborhood in which everyone knows that the residents are not up with the times. They want the community that is on the brink of developing new trends, not just participating and following in someone else’s footsteps.

If you are looking to move to the east coast, you have your share of up and coming cities to choose from. The most luxurious area that you could possibly find is in the Manhattan area. Manhattan is known to all those that travel or live in New York as the place to be if you want luxury simply because the price tags on most of these lofts, apartments and condos are extremely high. However, despite the price tag the area is home to some amazing art museums and luxury settings that cannot be found anywhere else in New York.

Go a little further south and you will hit the South Carolina and Florida area of luxury homes. Brays Island in South Carolina is home to some of the most luxurious homes that can be found in the state.

These homes are placed on acres and acres of land without having the possibility of touching houses to ensure that the person has the utmost in privacy. The views cannot be beat with peaceful landscapes and the water not being too far away. Florida also gives consumers the choice of living at Manalapan Beach, which is one of the best areas that are just not being developed. The buyer will get to have access to the beach, clear and clean waters to watch as well as ample space to live in.

A place that most buyers forget to look at is Colorado. Though you may not have warm Southern weather as you would with those areas closer to the South, you still get a beautiful view to wake up to every morning. For those interested, check out the Hidden Valley Estates which offers a community that is protected by gates, but still the option of having private living as each house is situated on acres of land between one another.

California is more than likely the first place that people think of when they think luxury homes, which makes sense given the number of stars that live there. Those that are interested in the West Coast should consider Nevada. Las Vegas is no longer just for those wanting to gamble, it also offers some awesome houses that have upwards of seven baths and eight bedrooms to choose from, as well as having the dessert as a back drop to a perfect evening. In California, Beverly Hills, Woodland Hills and areas that are close by are what most people deem as the starting point to find luxury just because the majority of these properties have unique room counts, pools to enjoy and a view that anyone would love.

 

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Uncategorized

Homes for Sale-Flipping

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Everyone has either seen television shows or heard about flipping homes for sale. This real estate strategy involves buying homes for sales for a low price, renovate the homes, and then reselling them for a profit. Some of these professionals make their living by regularly buying and flipping homes for sale making a profit. They sometimes juggle several sales and several renovations at any given time. It is important to know that there is an art learning how to flip a house and make a profit instead of losing money. Make sure that you understand any restrictions and all applicable zoning laws on construction that may apply. From purchasing to flipping, many set a ninety-day time frame.

Step one

Before you even look at homes for sale to buy and flip, you need to determine how you will finance this venture. If you have a background in real estate or construction and have excellent credit, it may be possible to sure from your bank a line of credit. If you do not have these things, you may have to come up with a more creative way to finance a house for sale to flip. This can include finding a partner who will advance the cash that is needed.

Step two

Once you have the financing in place you can start to look for a likely house to flip. There are many characteristics in a house for sale to flip that you want to look for.

• It must be affordable so you can make a profit when you flip the house. You want to purchase the house for the lowest price you can. Check out houses that have been on the market for a while. Talk to the owners to see if they would accept a lower offer because they are tired of waiting for their home to be sold.
• Make sure that the home you are looking at is salvageable. When flipping a house for sale you should only deal with sound properties. Make sure that the foundation is in good shape and you only have to do minimal upgrades to the plumbing and wiring. The roof should also be sound. If any of these are a problem, you may spend more in repairs than you can get back when you try to flip it. Cosmetic renovations can usually be done without spending a lot of money.

Step three

The location of the property is also important. Avoid buying a house for sale in neighborhoods that no one would want to live in. Make sure that the neighborhood will attract many buyers. You want to make sure that when you flip the house you make a large profit or at least break even.

Article Source: http://EzineArticles.com/9697773

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House Investment

We Buy Ugly Houses – Investment Firm Announces

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A real estate investment company in South Florida is easing the minds of those affected by the recent downturn in the local real estate market. People who were holding onto their real estate properties to financial ruin are being reassured that there is a way out. “We buy ugly houses,” is just one of the advertising lures used by credible investment firms.

So what exactly does the term “we buy ugly houses” convey? In many cases, real estate owners are afraid that they are stuck with their properties until the market value for their property increases. This is especially true if the property needs a great deal of work to make it attractive to mainstream buyers. You see, when foreclosure rates are high, the market is flooded with properties which only serves to drive the price on homes down. Seeing this, many people feel that it will be impossible to sell their home for what they owe on it if it is an ugly duckling.

Real estate investment companies like the one mentioned above are out to change homeowner’s misconceptions about selling a home in a down turned market. Their message is clear: Do not hold onto distressed and pre-foreclosure properties. We will buy your home or rental property and help you avoid financial ruin. Even if you are not facing foreclosure, getting rid of an unattractive property during a dip in the market can be difficult. Real estate investment firms can be a great way to get rid of any unwanted property.

 

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Residential Real Estate

Is Commercial Real Estate Different Then Residential Real Estate?

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A common definition of a commercial property is “any piece of real estate that is larger then one house on one lot.” Therefore commercial real estate includes everything from tiny 2 unit apartments to large shopping centers and even the development of land. Here are the 2 biggest differences between residential real estate and commercial real estate.

1. Commercial properties can be passive investments only once they are off the ground and running smoothly. Unless you have massive amounts of money and do not care about getting huge returns, commercial real estate will eat up both your time and money. When you enter commercial real estate investing you will have to deal with the learning curve, finding a good mentor or coach, finding financing, overseeing the project, hiring a good law staff and finally finding the right property to purchase in the first place. The good news is once you have your property up and running, then they normally makes enough money for you to sit back and pay others to manage it.

2. Investing in commercial properties has the ability to make you wealthy with the completion of just one deal. By completing one commercial deal in the correct manner you can profit with a healthy chunk of cash that might be worth several times your yearly salary as well as adding a decent monthly income to your current income. Residential property does have the potential to build wealth, but it does not have nearly the cash flow potential of commercial investments.

What it comes down to is how a person thinks. If you want to live big then you need to think big. Don’t think about how you can start small with a small house on a small lot and earn a small cash flow. Rather think about how big you can go while still managing the risks in an appropriate manner. You may not have the ability to purchase a skyscraper in your first deal, instead try setting your sights on a decent sized strip mall. Instead of a $1,200 a month check from your renter of the single family home, think about the $50,000 a month worth of checks you could receive from your strip mall. Think big and the profits you receive could potentially be enormous.

 

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Uncategorized

Shadow Inventory – What Is It and How to Find It

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Many Investors have been asking me about shadow inventory how much is out there and how to get their hands on it. Shadow inventory usually refers to the supply of homes that has not yet hit the market, but “hiding” in the background. In Real Estate this refers to foreclosures (REO or bank owned properties) or those close to the process.

Banks and mortgage loan servicing companies typically hold onto properties that haven’t seen a mortgage payment for 90 days and in some cases even 2-3 years.

Why do they hold on so long?

Banks hold on since it allows them to release their inventory over time to keep their books in check and also to provide that easy liquidation to stimulate the real estate economy when necessary. Banks will now be getting more money for those newly released properties, then say 2 years ago, due to the steady increase in home prices and low inventory levels. If they chose to release all at once, it would flood the market with “distressed properties” and bring down property values.

How much “Shadow Inventory” is still out there?

Foreclosures have been steadily declining since 2013 with the highest shadow inventory then at 2.2MM. According to the National Association of Realtors, there is still about 4 years still on the books and it is possible that we could soon see more!

More “Shadow Inventory”? Why? (HAMP) Home Affordable Modification Program

In 2017 and beyond, many homeowners may find it difficult to make their mortgage payments due to “resets” with HAMP thus pushing them into foreclosure. The government’s Home Affordable Modification Program provided temporary relief to borrowers during the housing crisis. These reliefs ended after five years and now payments will be “reset” thus causing loan payment increases for nearly 900,000 homeowners. Some of those are likely to find it difficult to keep up with the payments in our current economy.

Where do Investors find “Shadow Inventory”?

Forget about calling the loss mitigation department or asking the cashier at your Big Bank. They won’t be able to help you. Instead, savvy real estate investors can approach the REO departments of smaller regional banks, credit unions and portfolio lenders to find out what could be “lurking” in the shadows. This presents an opportunity to beat out the competition and purchase at greater discounts.

But my favorite way to locate “Shadow Inventory” is what I call “Driving forDollars”. Simply drive through areas that have high foreclosure activity and look for the white sticker posted on the front window or door of the house. This typically contains the information of the bank or asset manager of the property and their phone number. Give them a call and see where they are in the foreclosure process and if they’re ready to make a deal!

The NEW kind of “Shadow Inventory”!

There is a new kind of shadow inventory on the market these days and I’m not talking about the REO kind. Many successful agents have their own shadow inventory. If you’ve been in the business for an extended period and built up a clientele, these clients typically contact you well in advance of the property going on the market. You advise them of the steps needed to get the house ready to show which typically means doing repairs such as paint, carpet, landscaping, staging, etc. Therefore, there is a period of time before the property actually hits the market creating a different type of shadow inventory. Contacting your favorite realtor about this type of inventory can definitely increase your chances of finding that Dream home.

Happy House Hunting!

Article Source: http://EzineArticles.com/9701961

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Move

How Do You Know If You Need to Hire a Moving Company?

14 Questions to Ask a Moving Company Before You Hire Them

No matter how you put it, there is nothing calming about getting up and moving your family and all your belongings to a new location. You are already worrying about your family members, the pets, new schools, and a potentially new work place; not to mention the heaping pile of boxes that aren’t going to pick themselves up. I wrote this article as sort of a list of questions to ask yourself in order to decide if you need to hire a moving company for your big day.

If you are planning or in the process of moving, one of the last things you really want to think about is the mass amount of things in your home. However, it may be the most important thing to consider when deciding whether or not to hire a moving company. You need to consider the amount of items you have, and the weight of them as well. A great moving company will supply you with a crew that can help you to organize your belongings, box them up, and haul them out of the old home. With specially designed trucks, you wouldn’t have to worry about the handling of your objects compared to you just stuffing your items in the back seat of your car. And especially if you are moving a long distance away, you will need the help of a trustworthy crew while you relax the whole way to your new home. Of course, as soon as you get there, you can expect your moving crew to unload the truck and yet again, allow you to relax and focus on where you want your strong movers to place your things.

If you are a business owner and you are planning to move your office to another location, you may be under a lot more stress than someone who is only moving their home and family. Like any business owner, if you need to keep your company’s productivity level high during the move, you may need to hire a moving company. In this case, a moving consultant should be hired who will take care of every aspect of the moving process. My father moved his company a year ago from Auburn, California to 20 miles down the freeway. He not only needed the entire office to be cleaned out and relocated, but a warehouse with hundreds of thousands of products to come along as well. With the help of a local moving company in Auburn, he was able to work to his full potential while his moving crew did the heavy lifting and relocating. He also mentioned that when they got to the new office, the crew had boxed and wrapped delicate items to ensure their safety. When the final items had been unloaded from the moving truck, they realized that not everything was going to fit in the new office, but not to worry; my father’s moving crew offered him storage for the overflow, and they were in a storage unit by the end of the day.

For all the stress-prone folks out there, don’t try and move without help. If you don’t know what you are getting yourself into entirely, let me tell you; moving is stressful! If you need to ease your tensions during hectic times, you probably need to hire a moving company. During my Dad’s Auburn move, he said specifically that the moving crews’ professional, positive and humorous attitudes made for an easy and comfortable move. A great moving company will send a crew that shows up on time, and gets your work done in a timely manner because they understand that your time is precious, and they don’t want to waste it.

Before deciding on any moving company, make sure you do your research online. If you have an excess amount of things, or if you are a business owner, or if you are just a worry-wart, you may need to hire a moving company. With this extra help, you are sure to have an easy and stress-free move.

 

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Uncategorized

5 Home Energy Areas To Consider

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When most home buyers look for a house, of their own, they consider many factors and considerations, including whether it meets their needs, in many ways, and is affordable, for them. When considering these economic factors/ considerations, very often, little attention, is paid, to the continuing costs of utilities, especially for heating, air conditioning, and electric. As a Real Estate Licensed Salesperson, in New York State, for over a decade, as well as a homeowner, and an investor in a few rental properties, I have come to recognize and realize, it’s very important, essential, and relevant, to pay keen attention to energy costs and considerations. This article will, therefore, attempt to briefly review, examine, consider and discuss, 5 specific areas of a home, which may have a significant impact.

1. Windows and Doors: Energy studies often indicate, perhaps, the largest loser of energy, in most homes, is via, the windows and doors. We often refer to these as drafts, but there are several possibilities, many of which, might be simply addressed. Pay attention to exterior doors, and see if there are areas, which may not be air – tight! A simple adjustment, such as applying seals, etc, along the bottom and sides of the doors, minimize this waste/ leakage! Are the windows, energy – efficient? If they are not, examine the Return on Investment, in terms of replacing the inefficient ones, with energy – efficient windows. If the windows are the right quality, also check and review, whether there is a need to seal the sides, etc, with quality caulking. You’d be amazed by, how much energy, might be saved, by addressing these issues!

2. Heating system/ alternatives: It’s important to have your heating system, examined, and maintained (including Preventive Maintenance), every year, prior to the colder weather. A well – tuned, properly, efficiently performing burner and boiler, not only will save you money, but avoid numerous potential headaches. Some individuals might benefit from using alternative methods, such as solar, geo – thermal, etc, and it is a good idea, to review, whether you might benefit from these.

3. Separate hot water system: While you only use your heat, during certain seasons, you need hot water, year – around! Therefore, doesn’t it make sense, to avoid, wasting money, by running the entire heating system, when you only need to heat your water. Some use solar, for their hot water, depending on location, costs, etc. Others might benefit, from having a separate hot water tank!

4. Insulation: Obviously, the quality, amount, and location of insulation, has a significant impact on energy costs. However, many ignore, the need to insulate, behind light plates, because there is often, significant energy loss, there.

5. Other materials; electric; etc: Examine the materials used, and whether they are efficient, quality, and hopefully, sustainable. Also, make a point of reminding, everyone who lives in the house, to remember to turn off the lights, etc, when they aren’t needed and/ or necessary.

In the vast majority of situations, much of this can be accomplished, at a relatively minimal expense/ cost. Don’t complain about energy costs – address them!

Article Source: http://EzineArticles.com/9873127

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Uncategorized

What Is Property Price Evaluation?

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The property evaluation is one in all the foremost necessary factors in commercialism house, living accommodations or land. After all, whoever desires to sell his property must know a lot of he will evoke. You have got to calculate the property price.

Used property or land are on the market price determined (market value). This can be the value that may sometimes and fairly be achieved. The market price is so meant to mirror market conditions on the premise of the key date. The legislative assembly has outlined 3 procedures for its determination, that are utilized in the calculation.

How much is my property worth? This question is usually tough to declare land house owners. And nevertheless, it’s vastly necessary. Anyone who puts the acquisition worth too high runs the danger of staying on his property. If you are doing not need enough, you’ll have monetary losses. These issues will be prescribed in the run-up to an acquisition with a decent land evaluation.

Anyone desire to sell their property ought to calculate the property price to outline a practical asking price. Curiously, the results of a true estate evaluation are additionally after you inherit a property. You have got been living in your home for a protracted time and you’ll not estimate the worth of your property? Then let the property value be calculated.

Real estate evaluation: totally different prospects for the calculation of the worth
Generally, house owners have totally different choices of land valuation. Thus property house owners will take a course yourself market summary procure and calculate the info the $64000 estate price. At the top of this text, we tend to gift 2 machine formulas with that you’ll calculate the property price. The results are appropriate for an initial assessment. However, they are doing not represent a reliable asking price. Numerous websites provide price calculators for land. The pc accounts a number of factors. They’re thus rather a rough guide than a practical property valuation.

Even land agent will calculate the property price. However, it’s necessary to search out the proper broker. It ought to be acquainted with each the precise object kind and also the regional conditions. Solely then will he do a true estate valuation and confirm a practical asking price.

Looking to sell, but not sure what property is worth? Maybe you are just wondering what competing properties are being marketed at? The keys to establishing what your house is worth are the asking price of local comparable properties and the prices achieved for recent sales.

Article Source: http://EzineArticles.com/9885040

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Uncategorized

How To Inspect A Property Before Sale

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Open inspections are a great opportunity for homebuyers to check the condition of the property they are targeting to buy. Buyers and investors should find time to personally visit the property to be able to make a guided buying decision. In fact, it would be a good idea to take down notes to keep track of the features that impress and don’t impress you.

A personal inspection of the home you are planning to buy can be done not only once. You can make several visits and while there, take the opportunity to snap photos of the different parts of the house. Just make sure to ask permission from the real estate agent before doing so. Further visits should be able to give you a real picture of the property’s condition and know its major and minor problems.

So what you should you look out for? Here are things that you need to be aware of.

Check for any obvious cracks in walls. Cracked walls can signal certain issues such as the house is sinking or needs the replacement of stumps. If large cracks are present, it would be best to get advice from a structural engineer.

Look for signs of leaking in gutters and eaves. Leaking gutters including roof that sag and broken roof tiles need repairs or replacement hence, it would be wise to ask about it from your real estate agent.

Also, look for obvious signs of recent patch ups or fixes that may be masking other issues. For example, peeling paint is a sign of moisture in the area while bubbles on paint can mean the presence of termites.

Find out if the floors are even or under foot. Floors that are sloping or bouncy could indicate the need to replace stumps.

Check if the bathroom or laundry has a smell of mould. Walls that have moulds signal excessive moisture in the area.

You may also ask the real estate agent or the seller for a due diligence checklist. They should be able to provide this checklist to prospective buyers at open for inspections.

Keep in mind that a home inspection is very important as it can tell you the defects of the property that could affect its value and the cost it would entail to repair them. This should not be taken for granted if you are buying a house to avoid a costly mistake.

Article Source: http://EzineArticles.com/9891466

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