Since the mortgage meltdown, it has become harder and harder for Real Estate investors to receive financing through a traditional lending company and many of them have to find additional means to finance their investment properties. Continue reading Paying for your investment properties
Category Archives: Inspiration
Things to consider before you jump into buying your house.
You are graduating from college, you have your first real job in your field of expertise, and you are ready to purchase a home and get out of the apartment you are currently in.
Before you consider looking at homes on the internet, or with a REALTOR, there are several things you should do first. Continue reading Things to consider before you jump into buying your house.
Settles Report for 9/1/2014 to 9/8/2014
Last week we did not publish the Settles Report. We questioned some of the reported numbers that where subsequently corrected, but too late for us to publish the report during that week.
Things to consider when you and your REALTOR holds an open house
The house is listed. It is online with the MLS and various other websites. The sign and informational box is in the yard. You are planning for your open house. Continue reading Things to consider when you and your REALTOR holds an open house
Student loans are affecting home buyers
Ever since the mortgage rule changes that went into effect in 2009, a small but ever growing title wave has been building. Individuals who lost their jobs during the downtrend of the market and decided to go back to school to earn a different degree, or updating their personal education, to put them into a better position for a better paying job. They are not only facing an ever tighter job market but also have put themselves financially behind the 8 ball when it comes to being able to qualify for a mortgage.
New rules that go into effect January 21st 2015 that will affect FHA loans
Since the housing crash we have witnessed more and more rule and regulation changes that affect the way loans are written. Making changes and adjustments to current rules, and writing new rules, has not slowed and I donāt see them slowing down anytime soon. The new changes that will go into effect in 2015 will not affect your current FHA loan unless you refinance. Continue reading New rules that go into effect January 21st 2015 that will affect FHA loans
Settles Report for the week of 08/18/2014 – 8/25/2014
Last week had a drop of new listings. Properties that where pending (in escrow), and had been sold in all three Counties, we have been tracking. Continue reading Settles Report for the week of 08/18/2014 – 8/25/2014
Is a Condo for me, or not?
Urban renewal is becoming more and more popular. Most of the people moving back in to the urban areas are baby boomers and executives with some free time on their hands. For this reason most of them are choosing to live in a condo. The trend of turning former apartments or an old factory in to condos has helped to turn around some of the urban areas. You can find great homes for reasonable pricing or a top notch location for a higher end price.
Before you buy a condo you should do some research into the condo rules and regulations? Each community will have their own fees and rules. You should familiarize yourself with each of these to understand what rights and responsibilities you as the condo owner will have.
Find out who is enforcing the Condo rules and regulations? Is it a homeowner association? A management company?
Most of the time condo owners are responsible for everything on the interior and the association is taking care of everything on the outside of the building. In some cases you may have an assigned parking space in an underground parking garage. When the condo is on a lake you may have a boat dock you can lease.
Some of the condominium associations might charge you an additional fee that helps them to offset any exterior repairs they might encounter and that fee is most of the time part of the condominium fee you have to pay, in addition to your mortgage and insurance payment.
Some other things to consider is that when your condo is on the 38th floor, are you willing to run down 38 flight of stairs in emergency? You may also have other restrictions due to the building or condo associations rulings.
The nice part with a condo is that you are only responsible for the interior of your condo and the condo association is responsible for the exterior of the condo. You donāt have to worry about cutting the grass, fixing a roof leak or making any other exterior repair. The downfall is that the exterior maintenance upkeep is only as good as the condo community management company.
Either way, like with everything, there are positive and negative things you need to consider when choosing a condo to purchase. When you have any additional questions about condos feel free to contact the Settles Team.
Demystifying what a Real Estate Agent does in a real estate transaction
āWhat does a real estate agent doā is a frequent question that is being asked. Let me see if I can demystify what a Real Estate Agent does during a transaction.
Many of the things a Real Estate Agent does are many times done outside of the public eye. What the public sees mostly is the interacting directly with our buyer or seller clients.
Depending on in what state you are buying or selling your real estate, you may have different types of real estate agents involved in the transaction. Each one of them may have different obligations they need to fulfill during a transaction that is either governed by local, State, or Federal laws/rules.
None of them are allowed to disclose the following information to either party, whether it is to a buyer or seller, unless agreed to in writing by both parties.
a)Ā Ā Ā Ā Ā Any material or confidential information (except adverse material facts or risks actually known by Licensee concerning the physical condition of the Property, and facts required by statue, rule, or other requiring entity).
b)Ā Ā Ā Ā Ā That a Buyer will pay more than the offered purchase price for the Property.
c)Ā Ā Ā Ā Ā That a Seller will accept less than the listed price for the Property.
d)Ā Ā Ā Ā Ā Other terms that would create a contractual advantage for one party over another party.
e)Ā Ā Ā Ā Ā What motivates a party to buy or sell the Property?
Most commonly, everybody knows the Buyer or Sellers Agent. That could be either a Broker or a Salesperson (some states). More and more, there are now also Transactional Agents that formerly where dual or limited agents. A Transactional agent does not represent a buyer or a seller. They are a neutral go between for both parties to help them complete a transaction.
A buyerās agent is ONLY representing a buyer and not a seller at the same time! A buyer and seller are represented by the same Agent during the same transaction is commonly called a dual/limited agency and it is not legal in all states. In many cases the dual/limited agent has been replaced with a transactional agent and it has to be understood and agreed to in writing by all parties.
Feel free to contact us and ask for the Agency relationship brochure that explains the difference between a Buyers, Sellers and Dual/Limited Agents.
Due to the different in the governing bodies that govern what a Real Estate Broker/Agent is allowed to do, you need to check with your State directly. There are basic functions a broker does that is pretty much within reason the same in every state.
- Comparative Market Analysis (CMA)Ā ā an estimate of the home’s value compared with other properties located within the same neighborhood or within a certain distance of the subject property. (competition for the subject property)
- Total Market OverviewĀ ā an objective method for determining a home’s value, where a CMA is subjective.
- MARKETINGĀ ā Marketing the real property to prospective buyers.
- Facilitating a PurchaseĀ ā guiding a buyer through the process.
- Facilitating a SaleĀ ā guiding a seller through selling process.
- FSBO document preparationĀ ā preparing necessary paperwork for “For Sale By Owner” sellers.
- Real estate appraisalĀ ā in most states. Other states a broker has to be licensed as an appraiser.
- Home Selling KitsĀ ā guides to how to market and sell a property.
- Real Estate consulting – based on the client’s needs.
- Leasing for a fee or percentage of the gross lease value.
- Property Management ā In some states the broker has to hold a Property Management certification.
- Exchanging property.
- Auctioning property ā unless the state requires an auctioneer license.
- Preparing contracts and leases. (not in all states)
When you have any questions about this or any other Real estate related topics, feel free to contact the Settles Team. We are never too busy to help you with any of your real estate related needs.
Are you in the market for a Retirement home?
Here are 5 key factors you should take in to account when looking for a home.
1-Ā Ā Ā Ā Ā When you are planning a relocation to a community outside the State you are living in consider vacationing in the area during both the busy season and off-season. Many communities have different āfeels’ to them depending on the time of year. Some people make the mistake of buying a home in a town that they have only visited on vacations once or during the peak summer period.
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During your vacation stay find out where medical care is located. According to AARP, more than 60% of Americans ages 50-64 have at least one of six chronic conditions such as hypertension, high cholesterol, arthritis, diabetes, heart disease and cancer. Once seniors reach the age of 65, more than 80% are affected by one of these chronic diseases. Close proximity to hospitals, doctors, and medical facilities should be considered when retiring.
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Think about gas prices and other conveniences. Your new home may be located far from family and friends and there may be no public transportation. You may end up spending a lot of money on gas and tolls. Twenty percent of people over 65 do not have a driver’s license. Many who do drive prefer not to drive at night or in inclement weather. Cost of living and the closeness of conveniences should be factored in as well.
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Determine how much living space you are comfortable with. Not having a family at home, your space needs will diminish. When looking at homes pay very close attention to how wide the door frames are. Does the home have stairs and if so how many? Do I need a basement and if so how will I get into the basement? Consider a garage attached or detached and whether they have stairs in the garage and attics when looking for a home. Also look for handrails or the possibility to put up handrails in areas like the bathroom or shower. The average size of a home for people over the age of 55 is 1,800 square feet.
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Look into social aspects of the area. If you like people, dining out, and shows, you may not want to opt for a remote location. Think about the activities you enjoy both during the day and at night. Many active-adult communities offer entertainment, bus trips to tourist attractions, and on-site shows and programs.
For help to find your perfect retirement home or any other real estate question contact the Settles Team!