PROPERTY

A Simple Guide To Pick The Perfect Condo In The City

2008-09-24T19:03:00.000-07:00

Many would say that Fort Lauderdale is the perfect location for a condo purchase. Dubbed as the Venice of America, the intricate canals and waterways of the city is sure to give a lovely panorama as you gaze out in one of the high-rise condo suites in the area.

Buying a condo is easy, but finding the right one might give you a run for your money. There are tons of these luxury residential properties in the city -- ensuring that you will be faced with a daunting task to determine whether it will fit your needs or not.

Here a simple guide to help homebuyers pick the perfect condo in Fort Lauderdale.

1. Determine Your Budget

Your first order of business is to determine how much you can actually dish out for a condo unit in Fort Lauderdale. Considering the quality of these residential properties, you can be sure that these real estate units can be quite expensive to acquire.

Such is the case; it would be best to get enough funding at your disposal to ensure that you can afford the best ones the city has to offer. You can apply for a mortgage loan to give your budget a little boost for the acquisition project.

2. Condo Specifications.

Next, you need to list down the attributes of your ideal condo unit. If you have no idea what to look for, you can check out the Web sites on the Internet that features the condos in Fort Lauderdale. List downs the specifications you want your condo to have to help you find the perfect one later one -- this usually includes the design and theme of the suite, the furniture and fixtures, and the appliances that comes with the property.

Aside from the specification of each room in the condominium, you might want to include in your list the facilities offered in the complex to ensure that you will be getting what you paid for. Take into consideration important details, such as:

* recreational and entertainment facilities * security and privacy * housekeeping services * parking lot * facilities in the surrounding areas

It is also advisable to visit each condo in Fort Lauderdale so you can personally check out the facilities in the complex with your own two eyes.

Keep in mind that acquisition of a condo unit in the city is filled with details that inexperienced homebuyers might find confusing to successfully handle on their own. Such is the case; it would be best to hire a realtor to help you with the project. They can also help find the perfect condo that will fit your specifications if you haven't found one yet.

Vanessa Arellano Doctor
Fort Lauderdale Real Estat

Cash Flow 101

2008-09-24T19:02:00.000-07:00

You have undoubtedly seen the word "Cash Flow" in the news lately. Maybe you've seen someone on the Internet or late night television talking about how you can make millions in the Cash Flow business. That sounds great but what are they really talking about - what is this cash flow business? In order to learn about this exciting business we must first understand the underlying conditions that allow the cash flow business to exist in the first place.

When an individual is interested in buying a piece of property, they typically need to borrow money from a bank or lending institution. Once financing is secured it is simple to purchase the property. What happens, however, if the purchaser discovers that they can't get financing? What if their credit score doesn't allow them to get a loan from a financial institution? There are even stories of people with good credit that got the loan approved but the lender backed out before the closing date on the property! Now what!?

This is where the cash flow business comes into play. It starts with something called seller carry back financing. In this scenario the seller of a property chooses to loan money to the buyer the same way a bank would. Therefore the buyer of the property strikes up a loan agreement with the seller of the property, and the buyer sends payments to the seller (instead of a bank). The "cash flow" is the payment coming monthly to the property seller.

I can hear the question in your mind - "Why on earth would anyone decide to carry payments on a property they sold?" They could be backed up against the wall and need to sell the property fast due to a pending move. Maybe a buyer shows up at their door with a really large down payment ready to go but can't get traditional financing. That's hard for the seller to turn down! Another reason could be that the buyer was able to qualify at a bank for most of the price of the home but can't get that last little bit of financing to make it happen. That means the seller would have to carry a second position note for a smaller amount to make the property sale happen.

When someone sells a home and carries the payments, that person can dictate the interest rate, the down payment requirements and the terms on the loan. (Of course, legal advice from a qualified attorney is an absolute necessity to set up a loan on a property so that all parties' interests are looked after.) A bank might give a qualified person a rate of 6% with a thirty year term while the seller carrying the payments might be able to get a twenty year term at 9% or even higher! When was the last time you saw an investment return like that?

Now, along with benefits, there can be risks involved with carrying payments. If the home buyer could not qualify for a loan at a bank, what does that say about their ability to pay? The seller might negotiate and get exactly what they wanted for an interest rate, but what if the buyer defaults? Now what? By requiring a down payment, the seller can help to protect themselves in a foreclosure situation. What about collecting the payments on a monthly basis? What if the payor needs to be constantly reminded to send in their payment each month? That can take a lot of time and energy. As you can see, there are a lot of factors involved that one needs to know before carrying payments.

Now that we have a good overview of what the basics are, what exactly is the cash flow business?

Of course, one part is the business of collecting payments as a note holder. Another part is that the person getting the payments can also choose to sell them for a lump sum of cash. Let's take a look at an example. Let's say that a person sold their property and has been collecting payments for thirty-two months on a thirty year loan (which is three hundred and sixty payments). That means there are three hundred and twenty-eight payments left on the term of the loan. The note holder could choose to sell those remaining payments to a buyer. This means they would be free of the burden of collecting payments and get a lump sum of cash in return. There are several factors that are considered when a buyer looks at purchasing the payments, but the fact remains that a note holder can get a significant amount of cash for the payments left on the loan.

So the cash flow business really comes down to the simple fact that the bank is NOT the only one that can loan money to help purchase property. Regular folk have been doing it for centuries and will probably continue to do so for a long time to come.

The Note Finder's Role

2008-09-24T19:00:00.002-07:00

While there is much to learn when starting out in the private cash flow business many new note finders make the transition much harder than they need to by failing to truly understand their responsibilities and functions as a note finder. By inadvertently extending themselves into roles they should not be playing and taking on additional responsibilities many note finders set themselves up for failure; trying to absorb the nuances of every facet of the business is a daunting task that may lead some to give up before they even start.

To have the best possible chance of succeeding as a note finder it is important to first understand what part the finder plays in the note deal itself. This can be broken into several basic steps. The first, and most important step, is locating a willing note holder. This can be done through a variety of different techniques for locating and contacting leads. The note finder must determine how they will market their business, as individual strengths and weaknesses should be considered when designing a marketing plan of action. Once a note holder interested in liquidating their incoming monthly payments has been found it is necessary for the note finder to interview them about the pertinent details and terms of the payments they collect.

It is at this point - after a note holder has expressed interest and given the note information - that many note finders fail to fully execute their responsibilities. It is critical that the note finder not make a common error by sacrificing accuracy for speed. Many new note finders don't realize that it cannot be taken for granted that a note holder knows the specific terms of the promissory note they hold. Far too often a note holder unknowingly gives inaccurate information. If a note finder fails to realize this and correct any errors prior to giving the note information to a buyer they are failing to perform one of the primary responsibilities of their job.

Putting inaccurate information in front of a buyer can make the buyer question the finder's thoroughness and professionalism, making it more unlikely they will choose to work with that finder in the future. It also slows the process down considerably as the finder is caught fielding additional questions and answers between the buyer and seller. All of this can easily be avoided if the finder takes the initiative to make sure the seller is accurate after the initial interview. If inaccuracies are discovered at that point the finder can easily clear them up with the seller before putting the information in front of a buyer. Taking the time to thoroughly check the information gathered from the seller creates a sense of competence and trust in the finder by both the seller and the buyer.

Once a finder is certain that the information given by the seller is an accurate representation of the note they should give it to their buyers. Though some note finders find it difficult to turn their control of the deal over, it is important that they do not involve themselves in either the buyer's decision to offer or the seller's subsequent decision to accept. If the buyer is interested in presenting an offer he will contact the finder, who will subtract his fees, and present the remainder to the seller. Because a note finder is not an agent representing the needs of either the seller or the buyer it is not appropriate to advise either party on the note or offer made - in fact, a note finder should take great care to avoid this situation.

Once an offer is accepted the finder's job is almost complete. After sending the buyer the appropriate paperwork to protect their work on the deal, the finder should provide the seller and buyer with a means to directly contact each other to complete the note sale. If everything moves smoothly, the finder can receive their fee in about a month. As finders become more experienced and develop their skill and reputation among buyers they may decide to expand their role from finder to buyer. By taking the time to master their role as finder and build solid relationships with buyers they will have a solid foundation from which to tackle the next exciting step in building their note business

Bellingham & Whatcom County Real Estate Statistics

2008-09-24T19:00:00.001-07:00

Real estate sales numbers in both Bellingham and Whatcom County continued to drop in August 2008, with 40% fewer home sales than in August of 2007. Average prices, on the other hand, varied widely from one area to another, with the average home in Bellingham selling for 14% more than a year ago, while the average home sale in Lynden dropped by almost 20%. These numbers actually provide an excellent example of why it is important to look beyond the averages if we want a true picture of what the market is doing. For example, in August 2007, no homes in Bellingham sold for $1,000,000 or more and only one sold in the $900,000 range. In August 2008, one home sold for $3,300,000 and two others sold for more than $900,000. Those differences have a dramatic influence on the average. The median price in Bellingham increased 0.2%. For Whatcom County as a whole, average home prices were up 4.1%, while the median sales price dropped by 3.3%.

Overall inventory levels are remaining stable, with 684 single family homes available for sale in Bellingham in mid August of this year compared to 679 in mid August of 2007.

So how is the market if you want to sell your house? Actually, not bad, and you control the market for your particular house. Almost 33% of homes sold in the Bellingham real estate market are on the market 30 days or less before an offer is accepted. This is a slightly higher percentage than last year. These houses sold at 97.86% of list price, compared to 99.84% of list price last year. There are buyers, but they are only buying the best. If you want to sell, your house must offer the best location, the best condition and the best value for the dollar. If you don't have the best location and condition, you had better make up for it in price, and you had better do it sooner rather than later. Houses that were on the market over 120 days only sold at 93.5% of list price (typically after several reductions from the original).

So how is the market if you want to buy a house? Very good, provided you don't dilly dally when you find a good value. If it's a great buy and you can't make a decision, you will lose it. You still have good interest rates, you have better choices than you've had in years, and you really can get more house for your money. I talk to many people who are waiting to buy at the bottom of the market. The only problem is that they won't know where that was until we are on the upswing.

So what is coming? There are as many opinions on that as there are experts, and in a year some of them will look like geniuses and some will look like dunces. I just come back to the basics: 1. Real estate is a long-term investment 2. Buy what fits your needs, not just because it is a "good deal". If it doesn't meet your living and financial needs, it isn't a good deal for you. 3. If you are looking for a place to live, there is a cost in waiting. In the meantime, we will keep monitoring the market and reporting our observations.

Submitting A Complete Short Sale Packet

2008-09-24T18:59:00.002-07:00

If you're going to be working on a short sale as a real estate investor, a realtor, or even a homeowner, one of the most important things that you need to do is put together a complete short sale packet. Without a complete short sale packet, your file will not even be opened, let alone reviewed. In other words, you can forget about getting your short sale approved if you can't even put together a proper package.

So how do you ensure putting together a proper and complete short sale package? Well the first step is realize that every single lender in America has different requirements. So what does that mean to you? Well, that means that the first step is to contact that specific lender. I would recommend asking for the loss mitigation department, or the workout department, or the short sale department. Every single lender has different terminology.

Remember that many lenders won't even send you a generic package unless you have a signed Letter of Authorization from your borrower. However once you have this letter signed and dated by your borrower, including their loan number and Social Security Number, you can easily obtain the short sale packet from the lender.

Once you have the packet back from the lender, make sure you review it carefully. Different lenders have different requirements. However, all lenders have some basic requirements that you'll need to get your short sale packet complete.

Next is a hardship letter, which is written by the borrower and should indicate exactly why they fell behind on their mortgage payments, and why they can't afford the property anymore. It should be typed and then signed by each borrower on the loan.

A purchase and sale agreement also needs to be included in the packet, showing that the homeowner does indeed want to sell the home.

A borrower's financial information form is also needed. This shows the lender a snapshot of the borrower's finances. The borrower has to indicate exactly how much money he is making, each month, after taxes. He is then comparing that to his monthly expenses. Monthly expenses not only include his mortgage and taxes, but all of his bills, utilities, transport costs, groceries and anything else that he spends his monthly income on.

The homeowner is also going to have to compile 2 months of bank statements and pay stubs, along with his last two years of tax returns.

Investors should also include other supporting documentation to strengthen their argument about the value of the property. This can include comparable sales, otherwise known as "comps", along with contractor repairs for estimates.

Finally, a HUD1 or a "net sheet" is something that every lender is going to want to see included in your short sale packets.

Remember that every lender is different, and will have different guidelines, but if you follow the outline of this article, and combine that with the specific short sale packet from the lender that you're working with, you should quickly, easily and accurately be able to complete a short sale packet, and have the lender review your file.

Time is of an Essence

2008-09-24T18:59:00.001-07:00

In the Tax Delinquent Investment business, it would be best if there were a time frame to finalize a contract. If you made an offer today you should let the offer expire ten days from that date. You need to calculate days from the time you send it out in the mail, it takes somewhere between one and four days to get to the recipient, to the seller. Then the seller has about three to five days to make up his mind on whether or not he wants to accept it. That brings you to give a time framed offer. Even if the seller is out of town, it leaves the a little bit of time for the mail forwarding to occur. It gives a small window for the seller to just leave the offer to sit around or even think it through again. It allows for a lot of procrastination on the seller's part to happen. If they do not sign it by then, it expires and the offer is no longer valid. It means your offer is null and void. At this point either they have to contact you or you might decide to call them to remind them of these dates.

Now when the offer is signed by the seller and returned to you as certified acceptable you now have to put a time cap for the sale agreement. You need to give the sale agreement about 30 to 45 days before the sale agreement expires. This ensures that in a given length of time the property can go to escrow and is definitely titled to you.

Giving each step of the way a time limit will allow a Tax Delinquent Investor a good gauge of when they can put an investment back in the market. The sooner this can happen, the sooner you can turn your investment into profit. In Tax Delinquent Investing, time is of an essence. This is not a waiting game. You want to be able to forecast when you can close the deal, seal the contract and cash in your investment.

Energy Perks for Home Buyers

2008-09-24T18:58:00.000-07:00

When purchasing a new house you want to ensure everything is in good working order and the structure is sound. With the rising cost of energy prices there are certain perks to watch for that may minimize those monthly utility bills. If you're selling a house that has any of these features, make sure to mention it to your agent when marketing your home.

Energy Star Rating: This is an energy rating introduced by the U.S. Environmental Protection Agency in 1992 to identify energy-efficient products and reduce greenhouse gas emissions. If any appliances or lighting are included with your home purchase, look for this rating. These products are designed to save money while consuming less energy. An entire house can also have this rating if the homeowner participated in an Energy Star program, and the rating would appear on the inside of the circuit breaker. A home with this designation performs at least 30 percent more efficiently â€" a definite plus for any home buyer.

Insulation: A poorly insulated house can waste your valuable heating energy by 25 to 40 percent. If your home has an R-value is higher than locally required, extra insulation in attics, crawlspaces, or any other wraps or sealant applied to reduce air escaping from gaps in the construction, it's worth pointing out.

Windows: 25 to 50 percent of your heating and cooling comes from your windows, and new technology has led to even more effective ways of managing this. If you have newer windows with insulated frames and a low U-factor rating, this is a feature to make prospective buyers aware of.

Heating and Cooling Systems: A furnace is measured by the annual fuel utilization efficiency rating, or AFUE. A minimum fuel to heat conversion rating is 78 percent. If you have a furnace with an Energy Star label, your rating is higher than 90 percent â€" much more desirable when paying high fuel prices. For warmer months, an air conditioner should have at least a 10 seasonal energy efficiency ratio, or SEER. That rating would be 12 or higher for an Energy Star label.

Other system perks include the type of unit you have such as a heat pump. Depending on the temperature zone, these can provide economical year round heating and air conditioning. A tankless hot water heater provides an endless supply of hot water and can save 20 to 30 percent of your energy bill. These systems are more expensive than some of the conventional methods of heating and provide a definite selling asset for any homeowner. In addition to actual heating and cooling devices, point out other energy savers such as programmable thermostats with timers, ceiling fans or radiant flooring.

Top 5 Virginia Real Estate Counties Overviewed

2008-09-24T18:57:00.002-07:00

Amherst County, VA. - The Amherst County, VA Real Estate Market has a lot of advantages for both Real Estate Buyers and Real Estate Sellers. Amherst is deeply committed to progress and growth as well as a region of people who are there for each other in the worst of times. The current county seat is Colleen which is by Nelson County. Tobacco, Apple Orchards, Mining, Milling and Timber are all traits characterists of this area. The Appalacian Train runs 25 miles through the county, and you can also take advantage of the Virginia Blue Ridge Railway Trail. Many homes in this area have that old, 1900's rustic look.

Appomattox County, VA. - In 1845, this region was started from Buckingham, Prince Edward, Campbell and Charlotte Counties. This entire county was named after the Appomattox River. This is also the same region where Confederate General Robert Lee gave up and turned in arms to Ulysses S. Grant, which happened at the McLean house. One square mile of this county is just water, but the other 335 square miles is land. You can also visit the Holiday Lake State Park as well as the Paradise Lake Campground while you're out here if you love hiking. Friday Cheers only takes place here from February through October. This region also sports the Lions Club Food festival in May. Get ready for plenty of barbecues, shrimp and catfish.

Bedford County, VA. - This region has great transportation links and is fairly close by Washington, DC, as well as Richmond which is the State Capitol of Virginia. East of Roanoke, VA., this county covers about 764 Square Miles. Within one day you can reach any of the major Mid Atlantic Cities which makes this a high demand area for VA Real Estate Buyers as well as Real Estate Sellers. If you are into water sports, hunting, camping, fishing and hiking, this area can accommodate you very well. There is a strong sense of community and loyalty among people of this area, and home values have remained stabile in spite of the current recession.

Campbell County, VA. - This county was founded in 1789 and named after Colonel Arthur Campbell. This area is notorious for its beauty and available natural resources. In 1936 a dam was constructed in this area which has recently become a tourist trap called Norris Lake. Baseball, Swimming, Basketball, Soccer and Football are very popular around the Campbell County region. If you get out here you should also consider visiting the Avoca Museum and the National D-Day memorial. Annual Festivities in this region include the Wine Festival as well as the Annual Tractor Pull. Tobacco used to be the main industry out here, but recently lots of other successful enterprises have started budding as well.

Buckingham County, VA. - Buckingham rests South of the James River, smack in the middle of the State of Virginia. This county was founded in 1761, and before this it was a part of Albemarle County. Some claim this region was named from the Duke of Buckingham in Nelgnad. Others claim it was named after Archibald Cary on Willis Creek. Whatever the case, while you're out in Buckingham be sure to view the home of Carter G. Woodson who is the father of African American history and Black History Month. This region is also the home of Revolutionary War soldier Peter Francisco.

Selling Real Estate the Right Way

2008-09-24T18:57:00.001-07:00

So you've decided to sell your real estate, great, you've even picked the website you want to market your home on, even better, now you're sitting in front of your laptop and have already created a log-in, now what? In order to sell a property there are a lot of factors that go into this equation, aside from curb-side appeal, or lack there of, and many different pictures of your property, luring in a buyer with great descriptions and detailed specifications of a property is an absolute must. A home doesn't sell itself, no matter how great it looks or how many bathrooms and bedrooms it has.

Each website allows the opportunity to include a full description of a property, these websites also allow including specifications and amenities and so on. Picking the correct words to describe a home is very important because that will make or break a potential buyer, and it will eliminate phone calls and email inquiries asking questions that could have easily been answered in a listing submission on a website. Details are extremely important; if pets are allowed, include which kind, if there are association fees of any kind then include them as well. You don't want to leave any surprises for the buyer or any reason for them to turn away at a showing, even if a home is in less than perfect condition then that should be included as well.

Listing every possible amenity and spec of a property is a must; carpet, fireplace, laminate floors, marble countertops, finished basement, garden, new kitchen appliances, marble floors, freshly painted walls, all of these are extremely important and will not only paint a good picture of a property but will also encourage a buyer to make that first phone call to possibly set up a showing. Every possible detail and aspect of a property should be included in the amenity and feature section of a website. Now not all websites have the option of including all this in depth information or may limit you to a certain amount, which is why it is important to find a site that will allow you a good amount of space for these necessary details. Take ListingVUE.com for example, this website allows an unlimited amount of features to be added, and unlimited space for description and a large amount of pre-selected amenities to choose from.

The description is the part where you pitch your property, the most important part of the listing details. Don't write a college essay for your description but be sure to include just enough information about your property and your intentions for selling or renting your property so that a buyer knows what they are getting themselves into. Be sure to include how a buyer can reach you, even though there is a section for contact information, it's still important to show this information again so that your phone number or email address is a glance away. Whether you are a real estate agent or selling a property for sale by owner, all these aspects of selling a property are extremely important in order to stand a fighting chance in this competitive real estate market.