Posts Tagged ‘buying a home’
Who would have guessed?? Mother in Law Suites are Trendy…
I have been hearing real estate agents chatter about homes with Mother-in-Law Rooms or Suites these days. It seems a lot of home buyers are interested in accomodating more than one generation of their family in their home. When I inquired about the trend…this is what I learned.
- Nearly 40 percent of buyers sited financial reasons as the motivation for co-habitation
- A third of the buyers who were looking for an “in law” friendly floorplan cited care issues.
- Only 6 percent said a strong family bond was the reason they were living with family.
InfoTube.net offers some Tips for Buyers and Sellers regarding the “In Law” suite Trend
- Everyone involved in the purchase should talk frankly about sharing rooms, bathrooms and common area’s, such as kitchens and family rooms.
- Sellers with rooms or places to accomodate multi-generational living should definitely highlight and play up that aspect of their home.
- Buyers will be very clear about their needs and are willing to pay for extras. Extra bedrooms, bathrooms or even plumbing roughed in for an extra bath will be important. Luxury ammenities such as separate kitchens, entrances, handicapped accessibility, one level living or a free standing additional building on the property are most sought after.
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InfoTube.net on Facebook and Twitter
InfoTube.net announced some recent updates to it’s website that make it easier for homeowners to share information and property details on the internet.
Share Your Property Information with One Click
InfoTube.net has provided a direct “Share” link on every home listing. The “Share” link automatically feeds your property listing to all major sharing websites such as Facebook, Twitter, MySpace, etc. If you use social networking or RSS feed websites, simply select where you want your property listing posted and click. It’s that easy. (The Share Link can be located under the “Email Seller” link on every home listing.)
Sellers and Buyers Communicate, Learn and Get Advise
InfoTube.net for Real Estate has an Offical Facebook and Twitter page where you can post pictures, questions, idea’s or funny real estate stuff you want to share. Become a Fan and Contributor Today.
Thank you for visiting InfoTube.net for Real Estate. We hope you like the new improvements. If you don’t already have a FREE property listing on InfoTube.net, post one today, you’re missing buyers.
Get Down Payment Help
Home buyers who are a little short of cash can receive down payment assistance from their local and Federal government. Many city, county and state programs piggy back on the Federal down payment assistance programs.
For information about the help that is available in your area, search for “down payment assistance programs” and include the name of your region of the country. Also, check the HUD website which is providing a Neighborhood Stabilization Program.
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Pending Home Sales Up Again!!!
Pending home sales were up nearly 4 percent over September levels. More evidence that the housing market hit bottom months ago, October pending sales were a whopping 31.8 percent higher than in October 2008.
Pending sales reflect the number of pre-owned homes that are “under contract” but not yet closed. Since homes are typically “contract pending” for a month or so, closing on these homes should take place in November or December.
Before we Pop Champagne… Keep in mind that tight credit and dubious appraisals are wrecking havoc on closings. But, compared to a year ago, SALES of 6.1 million EXISTING HOMES means sales are up a HUGE 23 percent this year. So CHEERS!!!
If you are in the market for a home, there will never be a better time to buy than now. Home sales are predicted to rise 11 percent in 2010 and 4 percent price increases are expected in most area’s of the country. Another motivating factor for would-be investors and buyers,…it will be very difficult for the Fed to hold interest rates this low going forward.
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How to Handle a Low Appraisal
Low Appraisals and Appraisal problems are causing a lot of headaches for sellers, buyers and agents. For a look at one customer’s problem with an appraisal and some practical solutions to solve the matter, CLICK HERE.
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What Location Really Means to Homebuyers
We’ve all heard the sage advise “Location, Location, Location” when it comes to successfully selecting a good piece of property. But, what is truly important to buyers as they search for their ideal Location?
Seller’s, the answer may surprise you! It isn’t being near fancy restaurants, parks, churches or friends and family.
The Top 5 Things Buyers Look for in a Great Location are:
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#1 - Being Close to Work. By far, the most popular choice among homebuyers when selecting a home to buy.
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#2 – Splitting the Distance to Work between Spouses. Runner up for most important factor in buying a home– an ideal location must be about half way between your job and mine.
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#3 – Good Schools. No Surprise Here, other than we thought it would be #1. It’s Not. Could it be that a lot of buyer’s don’t have kids?
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#4 - Entertainment. Convenience and having fun things to do nearby the home is still important to buyers.
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#5 – Friends and Family. It made the list, but certainly isn’t a major factor for buyer’s looking for a good location.
(In case you’re wondering, Safety wasn’t apart of the location poll, because staying alive and robbery free is important to all of us. It is assumed that if you don’t feel safe, the commute time really doesn’t matter to you.)
Why does this information matter to home sellers??? This insight gets to the heart of what people will sacrifice for and what they will not. It seems that the true hunt for location is not based on prestige or having nearby boutiques, its one that allows for a balance between life and work.
Home Seller’s can profit from this knowledge by knowing their town, and by asking the buyers where they work and how they live. Smart seller’s learn where nearby large employment area’s are. They know the easiest, fastest or least traveled routes to major job centers and area’s of interest. They know about the neighborhood school district and the drive time to school, if the buyer has children. And, most importantly, they convey this information to the buyer, in the order of importance.
The Bottom Line is: If you find a home that is in a good neighborhood and close to your job, you will usually end up finding all the other things that are important to you, too. Now, show and sell.
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Today’s Article of Interest for Real Estate Lovers: 3 Reasons that Interest Rates will Stay Low.
Fraud Alleged in REO and Short Sales
An accusation of fraud is a serious matter, but some home buyer’s and their agents are accusing the listing agents of bank owned property exactly that.
In a traditional sale, which is a rare event these days, the buyer’s agent presents an offer to the listing agent. The listing agent, in turn, presents the offer to the seller, who can reject, accept or make a counter offer to the buyer.
In contrast, REO (Real Estate Owned by the bank) contract negotiations take place with a bank, lender, or a representative hired to represent the lender. In contrast to a “normal” seller to buyer transaction, neither buyer or agent has the opportunity or ability to meet with the seller. Therefore, the buyer and their agent have no way of knowing whether their offer was actually presented to the lending institution, at all.
So you ask, “Why would a listing agent hide offers from the bank?” The answer is sadly cliche…”follow the money”.
Buyer agents allege that often, listing agents for the banks are also working with their own own buyers. If their buyer’s offer is accepted, the agent is paid two commissions, one as the selling agent, another for listing the property. So, if the listing agent holds back a higher offer in order to leave their client in the number one position, the agent “double dips” and earns double the money.
What can you do? Unfortunately, not much. The bank is unaware that other offers have been presented. Other buyer’s and their agents have no way of knowing if their offers were really presented, either. Usually buyers and agents are just told that their offer was rejected. Only after the closing can they see that their offer was better than the one the bank accepted and that the listing agent was also the selling agent.
If you suspect that you have been a victim of fraud or underhanded dealings, you can try to contact the lender. But, be prepared that most lenders want no contact with the public and even their own fraud departments show little interest in helping “would-be” buyers or their agents. And, as for the “listing agent for the bank”, it is highly unlikely that the of the fraud will suddenly get a change of heart and confess.
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Is it Safe to Buy from Bankrupt Builder?
Dear InfoTube: My husband and I are considering the purchase of a townhome. We found a great unit, much larger than most for the money, but the builder has filed for bankruptcy. Also, the development is not entirely finished and it has a lot of unsold units.
We would like to take advantage of the $8000 tax credit and low interest rates, so we are in a hurry. Should we buy this unit? Your thoughts and expertise would be a big help.
Dear First Time Buyer: You don’t say where you live, but bankrupt builders are common in this market. The fact that the builder is insolvent doesn’t mean that the construction was sub-standard. But, it does mean you won’t have the builder backing up his work. Keep in mind that all warranties for appliances, roofing, flooring, etc. are backed by the manufacturer, not the builder, anyway, then make sure you have a very good home inspection before moving forward.
The issue of the unsold and unfinished development should probably be of more concern to you than construction or inspection problems. There are issues that you need to discuss before considering buying into a paritally vacant, multi-family development.
- How much do you want to live through?? Since the development is unfinished, it could take years before the project is completed. And, you will have to tolerate construction noise and dirt while the work is done.
- How long do you plan to live there? You need to be aware that prices may drop subtantially on the completed unsold units before everything is said and done. This means that you may lose your equity and owe more than the people who buy later for less money. Also, when the remaining new buildings are finished, you will face a lot of competition from new or newer units than the one you own. If you decide to buy here, make sure you can stay until everything is complete and the market has stabilized.
- What about the Homeowners Association? Unsold and vacant units mean that the association will need to cover their expenses. If the development is large and has ammenities such as pools, tennis courts, greenbelt area’s, etc. you may have only a few owners splitting the costs of insurance, maintenance and upkeep. This situation can dramatically raise dues beyond what most people are willing to pay. Verify the financial situation of the HOA and make sure you understand the by-laws before jumping into a situation with no real ceiling on future expenses.
I would offer you one piece of advise for any property you are considering, never buy a home because of tax incentives. Although the $8000 credit is very enticing, make sure you buy a home that is located in a good neighborhood and suits your families needs. Low interest rates, and the tax credit are strong motivators, but make sure you are buying the right home, in the right spot and at the right price.
Thank you for writing to InfoTube.net homes for sale and lease website. I hope I have answered some of your concerns and if you need more information, please let me know.
Priced Reduced. Who Cares? No One!
PRICE REDUCED. JUST REDUCED. PRICE DROP. PRICE SLASHED. These are the Signs of the Times, but why? Who cares, really?
Although, Realtors love the phrase and evidentally believe it to be a powerful message, PRICE REDUCED, means only one thing…the listing was overpriced. It doesn’t mean it still isn’t.
So, why do Realtors hang banners advertising that a price has been dropped? Do they believe that buyers care that an asking price was reduced from $250,000 to $200,000, if comparable homes in the neighborhood are priced at $175,000?
Maybe, the hoopla is all about the agents themselves. Maybe, it is a secret way of gloating to one another that they finally got their unrealistic seller to drop their price. Woo Hoo, We Were Right.
In any case, I find signs with swinging distress messages very unmotivating, somewhat negative and kind of sad. They are the antithesis of salesmanship. And, when I see these type of signs, my mind immediately conjures images of a stale listing, a probably dated interior, repair issues and a difficult seller.
In my opinion, a good salesperson, who works on behalf of the seller, would post signs that gave buyers important, exciting news about the property. “Seller Financing”, “Zero Down”, “Lowest Price in Area”, ”Free Appliances” or “Special Financing. Positive messages, such as these, are informative and helpful to buyer and seller, alike.
Before Realtor’s spends any more of their hard earned money on negative messages, or homeowner’s allow another one to be posted, I hope they stop and ask themselves, “Why are we doing this and Who really cares???
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Negotiate a Bad Home Inspection Report.
You thought your home was in good condition, but surprise… the home inspector says otherwise. You have already reduced the house to a rock bottom price to get a sale. This is the first offer you’ve had in months or ever. What can you do to save the deal or should you???
Stay Calm. Don’t Freak Out.
In slow markets, seller’s have every reason to panic when they learn about inspection problems. First, they have no idea how the buyer will react to the report. If the report is really bad, they know it is likely that the buyer will back out of the deal. In the best case scenario, they know that more rounds of negotiations and repair requests lists are back in play. Uncertainity, helplessness and frustration make it easy to freak out, but it is crucial that seller’s stay focused and remain calm.
The first thing the seller must do when they hear about a problem is to keep quiet. They should resist the natural urge to curse the inspector and they should say absolutely nothing, until the buyer presents a request for repairs. Some buyer’s aren’t surprised at all that a home might need some repairs. Also, they may not view the repairs as negatively as the seller does. Best advise is to not borrow trouble. Wait for the report, before jumping to conclusions.
Keep Your Head. Negotiate.
The good news is that if you receive a repair request list, the buyer didn’t walk and they are still interested in the purchase. Plan to review and discuss the list with an open mind. Chat with your Realtor, if you are using one. Talk the situation over with a repair professional. Get bids on big ticket items, before you go back to the buyer, or you agree/disagree to anything on the list.
Many times, seller’s find that they can get repairs done for less than they think. Or, sometimes, the seller can make the repair themselves. If cash flow is a problem, many contractors will agree to wait until the closing to be paid. The goal is to create a win-win atmosphere and don’t hate the messenger, no matter how bad the news is initially.
Reassure the Buyer. Stay Focused on Closing the Deal.
Reassure the buyer that you want to fix any major issues with the house. Get multiple bids from legitimate contractor’s for major repairs. Multiple bids are powerful because many times the buyer (especially the first time buyer) is scared about the costs of future problems, so they increase the numbers a bit. Sometimes, after the see that the repair isn’t urgent or may not be as expensive as they thought, the buyer will relax a bit, setting the stage for better negotiations.
Remember that everything about repair requests is negotiable and the options are endless. The seller can fix all the items on the list, they can agree to fix any real problems and ignore cosmetic issues, they can offer the buyer a cash credit at closing, reduce the sales price, or do absolutely nothing at all, depending on the value of the contract and what they can afford to do.
In Conclusion.
If you receive a bad home inspection, please remain calm and cool headed. Focus on a win-win compromise with the buyer. And, gather all the facts and figures before commenting, if you want to keep the deal alive. In the long run, honest communication is always key and addressing the problems eliminates the likelihood of lawsuits later.
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Buyers Learn It is Often Impossible to Buy a Foreclosure
As bargain hunters everywhere turn their attention to foreclosures, many buyers discover that for all the hype, the homes can not be purchased. Banks are so overwhelmed by the sheer numbers of REO (Real Estate Owned) properties, that they hold up sales and leave buyers stuck with thousands of dollars in extra costs.
Distressed properties now make up 25 percent of all homes for sale. Many foreclosed homes have been vandalized, neglected and cause a blight on otherwise good neighborhoods. Selling these properties would help stabilize house prices and remove inventory from the market, but the banks simply can’t keep up with the paperwork.
Take the case of the Collins family, who in January, rushed to buy a foreclosure on a picuresque, tree lined street in southern California. They immediately obtained their financing, paid for inspections, appraisals and completed other paperwork the lender required from them. It is now mid-April and the Collins family finds themselves still sitting in limbo. They have yet to receive confirmation of a closing date or signed paperwork.
While common sense tells us that the housing market can not recover until the foreclosures are sold, the reality is that the banks can not keep up with the paperwork required to transfer the property. There are a lot of layers and people, with varying degree’s of work ethic, that are involved with the sale of any bank owned property. Further frustrating to “would be” buyers, is that they can’t just call the bank and ask what is going on. There is no one to ask for help, as there is when buying from a real owner.
As the nation’s banks anticipate owning another 1.5 million foreclosed homes in 2009, things will likely get worse in terms of getting rid of them quickly. Maybe outraged buyers, and the neighbors who tolerate these blights on our communities, should all cry out to their congressmen for help. Perhaps, they can force the banks to step up their management of foreclosed homes, and force the agents and servicers to do their jobs.
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Move Those Home Buyers Off the Fence
We hear the questions on the news everyday… What will it take to get buyers off the fence and into a home? Is it lower interest rates? Tax Credits? Freebies, giveaways or bonuses to buyer agents?
The National Association of Home Builders released results from a poll which ask home buyer’s why they had not committed to a home purchase. The results: 44 percent of respondents said they are holding out for lower rates. 41 percent said they were uncertain that they could qualify for financing. 38 percent reported that they were waiting for lower prices.
Based on the poll, it looks as if free upgrades, “green” features and granite counter-tops are not budging these fence sitters. If you want to know the secret to moving buyers off the fence, take a moment to read a short article about the #1 Secret to Selling Any Property.
Tip: Remember that internet marketing, with a listing on the MLS, is essential in helping buyer’s find your property. Even if your property is priced to sell, without these powerful tools, you are simply left waiting and hoping someone drives past your home and spots your for sale sign.
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Know the Facts Before Agreeing to Buy Out Your Ex-Spouse
A lack of buyer’s in the housing market is making things tougher on divorcing couples. Sadly, many people are stuck, unable to find a buyer for their co-owned property. While one solution may be for one spouse to buy out the other, please take the time to understand the consequences and future liability. If not, you may end up paying the ex much more than you planned.
Things to Know Before You Buy Property From Your Spouse or Ex
Internal Revenue Code 1041: Section 1041 states that gains or losses are NOT recognized by the IRS on transfers between spouses during marriage, or on transfer’s between ex’s, if the transfer was a part of the divorce settlement.
For example, if you agree to pay the ‘ex’, or to ’ex’ to be, $200,000 for their equity in your co-owned property, the cost basis of the property will not increase. If you sell in the future, you will pay income taxes based upon the original cost basis of the property, excluding your $200,000 payment.
State Taxes: Many states do not recognize gains or losses on property transfer’s to spouses or ex’s. Check on the tax consequences about a future sale before making an offer.
Real Estate Fee’s and Transaction Costs: Take into consideration what the costs of the sale would be. Calculate what each of you would expect to receive (net) today, after paying real estate commissions, repairs and closing costs in order to determine a fair purchase price.
Summary: When determining the value of co-owned, marital property, consider that the spouse who is buying will effectively pay the selling costs, along with the federal and state income taxes, on the other’s share, so account for it. And remember, it is always advisable to seek the council of a tax professional when discussing issues dealing with real property.
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