Buyers

As we enter the sweltering days of late spring and early summer, homebuyers' thoughts will naturally turn to patios, decks, landscaping, air conditioning, and in some cases, pools. So if your home is on the market, you'll want to make sure your house is in top order and summer-friendly. Spring, particularly March and April, is typically the time of year that garners the most home sales; summer runs a close second…

An appraisal assists the mortgage lender in assessing the value of the house to determine whether a mortgage should be made and in what amount. Generally, the appraisal will analyze the condition of the house, its location, structural soundness and comparable sales in the area. A survey, on the other hand, goes to the question of the marketability of the house. The surveyor determines whether the house is within the property borders, whether there are any encroachments on the property by neighbors and the extent to which any easements on the property may affect legal title…

What do many homeowners want to hear after a long day at work? Perhaps it's the sound of nothing. In the age of talking appliances, chiming pagers and musical cell phones, Americans tend to savor their quiet times above all. The problem is most homes are not built for quiet…

While it may sometimes appear that your home inspection is the end-all, tell-all, it isn't. Home inspectors occasionally make mistakes, which is why it's important to carefully review everything that comes to light in the inspection process and question findings that don't add up. The average home has more than 60,000 pieces and parts to it. Short of being able to see through walls, predict cracks where none is showing, and test every single element of your home, even the best home inspector has to rely on representative samplings, coupled with experience and up-to-date product and systems information in tracking down faulty points…

If you believe what it says, late night TV is full of great ways to invest in real estate. Most investors - they seem to suggest - are looking at big paybacks with no money down. That's unlikely, like going to the store to buy a watermelon and offering to pay for it with a paperclip (a highly-unlikely feat which my daughter successfully managed to do this summer at camp). It takes forethought and preparation to be successful in real estate. You also need to realize that buying real estate is investing and with investing there is risk: If you don't know what you're doing, you can make a costly mistake…

The trend in residential construction is definitely "build bigger". In the last 30 years, the square footage of a typical single-family house has increased by 40 percent. Yet there are some buyers looking for smaller houses. Many empty nesters are looking to downsize from houses that often exceed 4,000 square feet to ones that are 2,000 square feet or smaller. Another segment is the first-time buyer. Typically just starting out and cash-poor, the first-timer in the new-house market wants an affordable house that will launch him or her on the road to equity. However, while both segments want smaller, they want to have the appearance of bigger…

Generally speaking, and in the absence of a contractual agreement to the contrary, fixtures remain with the house. Personal items can be removed by the seller. As one can see, it certainly makes a difference if an item is characterized "personal property" or "fixtures." For example, can a seller take a removable wet bar from the basement, even though the plumbing is hooked up? Does a window air conditioning unit convey with the property? There are no easy answers to any of these questions…

Getting help to spruce up the inside of your home is as close as the phone, mouse or remote control. Today's homeowners have lots of options when it comes to interior design. While hiring a professional to turn your house into a dream home is certainly one way to go, there are lots of other places you can turn for help that won't cost a penny. With enough time and effort, anyone can become a Martha Stewart by turning to Martha Stewart herself…

A growing number of people are getting into the swing by buying a home at one of the nation's many new golf communities. The National Golf Foundation reports that since 1986, the number of golfers in the United States has jumped 34 percent. During that time, the number of residential golf communities has also been on the rise. In fact, the NGF says about 45 percent of golf course construction today is part of a residential community. Golf communities are alluring to golfers and non-golfers alike and appeal to a wide range of age groups. In addition to the golf course, many of the communities offer a host of other amenities, such as swimming pools, baseball and softball fields, basketball, volleyball and tennis courts, and hiking, biking and equestrian trails. Some also feature a community recreation center, club house, restaurant, and reception areas…

If you've decided to sell your home, chances are you're caught up in a host of emotions. You may be looking forward to moving up to a new dream house or facing the uncertainty of a major move across country. You may be reluctant to leave your memories behind or eager to start new adventures. Whatever turbulent feelings you're experiencing right now, there are plenty of practical matters that need your attention…

James and Michelle Rigdon purchased a new $427,000 Gilroy, CA home with a conventional $282,500 first mortgage, a $25,000 deferred payment California Housing Finance Agency second, an $85,000 third from South (Santa Clara) County Housing, a $6,500 fourth from the Housing Trust of Santa Clara County and a $6,000 grant from a non-profit agency. That's what it's come to in Silicon Valley, CA an area where single family home prices have fallen nearly $40,000 in recent months but the median price of homes remain higher than a half million dollars. Instead of the traditional first and second mortgage to finance a home and cover the down payment, buyers are piling on more mortgages to acquire the American Dream…

While the thought of paying a mortgage is more enticing than paying rent, it's important to understand all the costs involved in buying and owning a home as you determine whether you can afford to join the ranks of homeowners. Potential buyers sometimes forget to factor in the down payment, homeowners insurance and the possibility of depreciation, as well as the costs associated with closing the transaction, moving, purchasing major appliances, and home, landscape and pool maintenance, not to mention furnishings and design accessories once you move in…

Would you spend $650,000 for a beachfront home with sagging shutters, no landscaping, peeling paint, old appliances, outdated wallpaper and a generally drab exterior? On paper, the house sounds less-than-desirable. But before you answer, consider that this potential fixer-upper is located in California just steps from the Pacific. Drab as it may be, could this home sparkle one day? With a coat of paint, some "sweat" equity, and thorough revamping inside and out could this property be an investment gem? All homes are different, but there are certain criteria which can help you spot a fixer-upper with good potential. Here are a few basic questions to ask: What needs to be changed? There are some homes which are structurally sound that require only cosmetic changes -- say that worn carpet from the 1960's, the historic appliances, or that inefficient heating system which consumes more fuel than a high school. It makes sense to inventory a home to see what can remain and what must go…

Your boyfriend will be paying half of the mortgage and half of the utilities. Does he have any interest in obtaining half of the property in the future - whether or not you stay together as a couple? Does he believe that he will be obtaining any ownership rights because he is making these payments? What about furniture? Will you be furnishing the entire house, or will your friend share in these expenses? What happens should you decide to split? Will you be able to afford to carry the house on your own, or will you need to get a roommate to assist you financially? If both of you were to go on title, the law is universal in the United States…

In the Southern U.S. it is not unusual to pass by many mobile home parks on the way to an everyday destination. They were - and still are - considered a vital part of many communities across the country and may offer a viable alternative to traditional housing for households seeking an affordable home of their own.. For some, a manufactured home can fulfill their dream of homeownership. Fortunately, the industry has gone through many changes in the last 25 years to assure quality and safety in the construction of manufactured houses…

Home buying with no money down is a wonderful concept, something that can make ownership available to huge numbers of people who otherwise are unable to buy. And yet there has not been a rush to buy homes with nothing down, in part because such financing has sometimes been promoted as a get-rich-quick device. But now we have a well-known lender entering the no-money-down market, something which should greatly help both the concept and its image…

Periodically you may hear from individuals who want to make $1 million in real estate -- quickly and with no money down. Usually they want to know more about real estate foreclosures -- how to buy them and how to profit from such homes. Foreclosure properties can be a good place to invest for exponential growth (or loss). There are some deals out there for little or no money down, but potential investors should take precautions because foreclosed properties can involve significant risks…

Private Mortgage Insurance (PMI). PMI is a monthly fee that the borrower pays if the first trust loan exceeds 80 percent of the purchase price. Since a lower down payment results in a statistically higher risk to the lender, PMI insures a portion of the loan to reduce the risk to the lender. Thanks to creative lenders, however, a borrower can still put as little as no money down and avoid PMI by taking out two loans. Ask your loan officer about loan packages with no PMI, sometimes called "piggy-back" financing…

The largest numbers of second homes are in states with large populations. The greatest percentage of second homes is in smaller and less populous states. The most popular locations for second homes are near bodies of water and mountains and second home buyers prefer rural settings to those more urban, but in most cases, second homes are within less than a day's drive from the primary residence. Second homes are everywhere. Among the 359,000 second homes sold last year, second homes were found in every state and in every region, according to the National Association of Realtors' "2002 Profile of Home Buyers and Sellers"…

Each year more than 40 percent of all homes are purchased by first-time buyers according to the National Association of Realtors, a percentage which should offer some comfort if you're about to buy a first home. Others have done it, others are doing it, and you can too. But like most things, there are ways to make the process easier. Here in capsule form are 10 baseline strategies to make that first purchase a good experience…

Is there any event in life more stressful and laden with conflicting emotions than buying a home? The answer is yes -- selling one's home can be equally trying. For buyers, the purchasing experience can be stressful because they've never met the owners, something which creates a considerable amount of uncertainty. How well did the owners take care of the house? Are there hidden problems are waiting to unveil themselves. For sellers, the experience can also be troubling…

I remember in the spring of 1998, sitting at an awards ceremony for one of the nation's largest independent real estate companies when the president/founder of the company predicted: "Anything with a door on it will sell in the next 12 months." He was dead-on. What began that year was one of the largest real estate value surges in the markets where his company sold real estate. History has proven him right, as well, with average appreciation growing in many regions in double digits every year. If you're buying a house to live in, the three key aspects of real estate are: location, location, location. If you're looking to buy real estate as an investment, however, the three key aspects are: timing, timing, and timing. Robert M. Campbell notes this principal very well in his book "Timing the Real Estate Market," published last fall…

Baby bones discovered in the attic of a home. Arsenic and other toxic materials found in a residential area. Exactly what disclosures must be made to a prospective home buyer? That's the $64,000 question, or perhaps even higher, depending on the value of your house. Disclosure to potential home buyers of pertinent information about problem areas known to the seller has long been a troublesome area of the law. Indeed, in recent years, legislation has been enacted in many jurisdictions requiring certain disclosures to be made at the time a real estate contract is entered into…

National Association of Realtors President, Cathy Whatley, told a group of reporters at the National Press Club that homeowner's insurance premiums and the lack of available coverage have become significant barriers to homeownership. Most affected are those who have no credit history and existing homeowners who have water-related claims, she said. Whatley questioned insurers' use of credit scores and the Comprehensive Loss Underwriting Exchange database, which holds claim histories of individuals and properties for five years. Insurance companies share this database in determining whether to insure you and your property…

You've found the house, your offer has been accepted, and funding is in place. But before you start packing; be sure you hire a professional home inspector to make sure your house doesn't have any major defects that could cost you down the road. A home inspection typically includes an examination of heating and central air conditioning systems, interior plumbing, electrical systems, the roof, attic, visible insulation, walls, ceilings, floors, windows, foundations, and basements. Inspections may also include appliances and outdoor plumbing…

Property taxes are a major expense, one which often totals thousands of dollars per year. But property taxes are not the same for like properties or for every owner. Property taxes provide much of the revenue used to fund local and state governments. As property values go up, property tax collections also raise which means additional dollars are available for more public services, and perhaps even for tax refunds…

In a housing market in which supply is woefully short of demand, some buyers have been willing to forgo a home inspection in an effort to get a leg up on the competition. This is wrong. You've heard of buy now and pay later. By misusing a home inspection as a negotiating tool, the house you succeed in buying may cost you a fortune in the long run as you rush to correct problems a qualified home inspector would have easily been able to point out. But buyers are doing just that…

For homeowners aiming to sell their home and buy another, it's the classic question; "Buy or sell first"? If you sell first, you may find yourself under a tight deadline to find another house, or be forced in temporary quarters. If you buy first, you may be saddled with two mortgage payments for at least a couple months. You may need the money from the sale of your original home in order to pre-qualify for a loan for your new home. You may be facing a job relocation and need to sell quickly. There are many variables involved; there is no universal correct answer. It basically comes down to your specific circumstances…

: I just moved to California from the East Coast. I bought a new home in a large subdivision that is about ten years old. I was very confused about the process. I went to escrow instead of an attorney for the closing. The seller did not give me a survey of the property. Instead, I received a preliminary report of title with a map attached. Best of all, I did not sign a note and mortgage. Instead, the lender gave me a note and Deed of Trust, which I had to sign to close my purchase…

With thoughts of how you're going to arrange the furniture in your new home, whether you'll make the deadline for registering the kids for their new school and how you'll find a mover on short notice, the home inspection process sometimes takes a back seat. But it shouldn't. A home inspection is perhaps the most important chapter in the home-buying saga. You've seen the beautiful tile floors, the new carpet and the freshly painted walls, but do you know what lurks in the bowels of the heating system, what lies in the crevices of the roof, and if anything -- other than water -- can be found in the interior plumbing? You should -- you're about to plop down a huge down payment and commit to a 15- or 30-year mortgage…

Boston is enjoying the fruits of an increasingly robust economy. The Federal Reserve just issued a positive economic report for both commercial real estate markets and the commercial sector as a whole. The Fed reported that "Boston activity continues to gain strength, retailers and manufacturers report growth in sales and orders. Demand for software and information technology services as well as temp workers are also rising." The Fed further reports that "Commercial real estate markets may be stabilizing."…

Now could be a good time to begin thinking about investing in commercial property in Alabama. Properties most likely to make money are those in heavy industrial or business leases…

According to the Federal Reserve "Economic activity continued to expand" in Dallas. The expansion has been led by increased manufacturing activity and demand for business services. The Fed reported that "Economic activity continued to expand from mid-April to early June. Manufacturing activity was up. Demand for business services is increasing but remains slower than contacts expected…

The Federal Reserve reports that the Chicago "economy expanded solidly." In this quarter's report the Fed states that Chicago's expanding economy is due in large part to a "broader-based advance in manufacturing." The Fed reported that "Economy expanded solidly in late April and May, due in part to a stronger, broader-based advance in manufacturing. Consumer and business spending increased and hiring picked up…

When buying commercial real estate it is vital that you carefully consider its location. Buying in the correct location for you and your business can make or break the money making potential of your purchase. The first thing you must determine is what exactly your needs are. Take the time to make a careful list of all the things that you will need from your commercial property…

There are several advantages to having a realtor when buying commercial estate. Realtors will almost invariably save you money, by lowering your opportunity costs. The following are three specific ways a realtor will save you money…

Baltimore Hangs On To Industrial Growth. The Baltimore market has remained steady throughout the recession years. In 2003 it absorbed as much space as it added - 2.3 million square feet of bulk distribution, flex, and office-warehouse space. This consistent behavior is expected to be the foundation for greater economic growth in the coming year…

Detroit is currently experiencing an overall shift of much of its industrial and office activity from the city center to the suburban markets. With this in mind the Detroit market is staying pretty level in vacancy rates for both industrial and office space at 14.04% and 16.71% respectively. While leasing activity has increase dramatically for both Warehouse/Manufacturing and Research and Development/High-Tech…

Boise Remains Stable amidst uncertainty. Investment real estate demand remained strong in Boise during 2003 and is expected to expand during the coming years. The highest premiums have been paid for single-tenant, triple-net leased properties with credit tenants and remaining terms greater than five years. Additionally high vacancies have seemed to stabilize in what analysts predict is a preparation to lowering…

The Federal Reserve reports that the economic environment in Cleveland "remains strong."Cleveland is coming off of an economic slump in 2003 and is enjoying gains in manufacturing sectors for the first half of this year. The Fed reported that "The economic environment remained strong. In the manufacturing sector, increases in production continued to be broad-based, something that could not be said before the beginning of this year. Retailers reported steady conditions in recent weeks as well. Many firms reported that their hiring is likely to be limited for the remainder of this year."…