Buyers

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…

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…

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…

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…

During a recent tour of a town-home for sale, I was struck at the owner's apparent apathy for increasing her odds. My Realtor and I tripped over a pile of tennis shoes in the front entryway. Newspapers were littered about the living room floor. A pile of shirts drooped over the recliner. The morning's breakfast dishes were still on the table, being hungrily eyed by a pair of dogs confined to another section of the kitchen behind a baby gate. We walked out to the backyard to discover overgrown grass, chipped and peeling paint, and dog toys strewn about the lawn. The truth is that the town-home had potential, but after being met with this display, I had little interest in heading upstairs to view the bedrooms. It didn't dawn on me until that moment that how owners display their homes during showings is critical. Even in hot markets like Dallas, buyers are savvy enough to know that they have plenty of other options -- homes which have been well-maintained and convey the owner's sense of pride…

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…

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…

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…

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…

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…

President Bush has signed a funding bill for the Department of Housing and Urban Development that gives life to a housing program first proposed by then candidate Bush during the 2000 campaign. The measure also authorizes the Federal Housing Administration (FHA) to begin backing hybrid adjustable rate mortgages and increases the loan ceiling on FHA-insured multi-family mortgages. Under the "American Dream Down Payment Assistance" program, Uncle Sam would match $3 for every $1 contributed by a bank or other private lending institution or individual towards a down payment, closing costs or a "soft" second mortgage that need not be paid back as long as the borrower meets certain conditions. The appropriations bill earmarks $50 million for the program, enough by Administration estimates to get 30,000 potential buyers over the hump and on their way towards home ownership. Assistance of up to $1,500 would be available to first-time buyers with incomes at or below 80 percent of the median for their areas…

If you've been waiting to get through the holidays and closer to warmer weather before beginning the search to buy your first home, you're not alone. The traditionally busy spring real estate season is just around the corner, meaning heavy competition looms. But there are things you can do as a potential homebuyer to get a head start. The number of home sales in 2002 shattered records with 5.56 million existing and 979,000 new homes sold throughout the country, according to National Association of Realtors chief economist David Lereah…

Who needs seller financing? Most people think that it's for those who have damaged credit, or could not otherwise obtain conventional financing. That may be the case, and if indeed you have some credit issues that require seller financing, be prepared for the following terms…

If you're one of the growing numbers of homeowners opting for a condo, you shouldn't consider the buying process any different than if you are buying a single-family home - especially when it comes to the home inspection. With condo sales on the rise and buyers gravitating toward higher-priced units, putting the condo - and yourself - through the rigors of a home inspection will always be worth the investment. In April, May, and June this year some 831,000 existing condos and co-ops were sold, according to the National Association of Realtors. A co-op is an apartment building in which you own a share of a corporation whose main asset is the building in which you live…

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…

You've finally found the perfect - or near-perfect - house. You've haggled, negotiated, and appear close to finalizing the deal. But first you'll want to hire a professional inspector - and then you'll want to do some inspecting yourself, including the home's major systems. An inspection involves a qualified professional who will take an objective look at the condition of the property and prepare a report. But it's also important that you, as the buyer, carefully inspect every foot of the house for things that might not be included in the professional inspection, as well as the things that are, like the systems - heating, cooling, plumbing, electrical service, and the water heater…

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…

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…

While discussing this subject, we should keep in mind loan payoffs. Millions of Americans are taking advantage of lower interest rates and refinancing their mortgage. For those folks who have FHA (Federal Housing Administration) loans, it's important to know that FHA collects the entire month's interest when the loan is paid off. Basically, this means that if you pay off your FHA loan on the first of the month, FHA will charge you interest for the entire month. So for people who are refinancing their FHA loan, it's best to settle at the end of the month. With any luck your loan officer will already know this and have you scheduled to close at the appropriate time…

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…

Most inspection contingencies contain very specific time limitations – i.e. you must complete the inspection and report any problems to the seller within X number of days or the inspection contingency becomes null and void. Regardless of the seller's reasons, the escrow holder has a fiduciary duty to both buyer and seller, and cannot unilaterally release the funds unless there is a written document authorizing how the funds are to be disbursed. You should immediately prepare a request for disbursement of the escrow funds, sign it and present it to the real estate broker for signature by the seller…

The price of oil has shot up in recent years, a matter which could seriously impact the real estate marketplace. What's the tie between energy costs and real estate? One connection is that if we are truly at the end of a brief recession, then the economy should begin to expand and as it grows it will require more energy…

First-time homebuyers face a steep learning curve. There's much to know, much to learn, and a great potential for "rookie mistakes" -- with costly consequences. One common mistake is rushing into the transaction. Buyers looking for homes in extremely tight markets may feel pressured to make an immediate offer. Instead, it makes sense to become familiar with the local market before making a purchase offer. Not asking enough questions is a widespread problem. First-time homebuyers, by definition, simply don't have home buying experience. It may be uncomfortable to ask questions, but ask anyway. Brokers can't answer unasked queries…

Going through the arduous process of buying a house may leave you with all the stress you can handle. But don't forget your kids. The thought of a new house usually brings pangs of anxiety as they think about being the "new kid" - especially if you're moving in the middle of the school year. Rest assured yours isn't the only family to go through this experience. The U.S. Census Bureau says that some 43 million Americans moved during a one-year period tracked from March 1999 to March 2000…

Under the first approach "tenants in common" each of you would have a divisible interest in the property. Let us assume in your case that each of you will have a 50 percent interest in the property. If one of you dies, his or her interest in the property will go to a probate estate, and if you have a Last Will and Testament, your share of the property will be distributed in accordance with the instructions spelled out in that Will…

A single filer doesn't owe capital gains taxes on the sale of real estate until it the gains exceed $250,000. For married filers, the floor is $500,000. The criteria for walking away with this lottery of sorts, is two fold: the floor amount of gain ($250,000/$500,000) and, you lived in the property at least two of the last five years, which you have. Unless you live in an amazingly luxurious unit, you probably will not gain $250,000 on your condo. Keep in mind, the cost of purchasing the house (referred to as "basis") is subtracted from your gross gains to arrive at your gain. For example, if you purchased the condo for $200,000 and sold it for $300,000, the basis would be $200,000 (plus points paid, closing cost, etc.). To keep it simple, let's just say its $200,000. Your gross receipts are $300,000 – subtract your loan amount (let's say you're down to $150,000) your gain is now at $150,000. Since you haven't reached the floor of $250,000 as a single filer, you owe no taxes. Now, you're first reaction may be," I can walk away with $150,000 tax free?" Yes. That is the way it is…

: 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…

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…

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…

As this year marches on, Bakersfield CA continues to show strong returns in the commercial real estate sector. The strong commercial market is being fueled by a robust internal population growth. Bakersfield grew 28.1% from 1990-2000, compared with a 13.8% state average for the same period. The city of Bakersfield is expected to grow by 14.4% over from 200-2007 (compared to a 7.5% state rate)…

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."…

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…

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."…

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…

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…

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…

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…