Tag Archives: Home Buying Tips

A Home Appraisal Gives You Reliability & Verifiability on Value

A Professional Appraisal: Your Assurance of Reliability & Verifiability on Value of Your Property

Professional real estate fee appraisers are educated in many aspects of property valuation and real estate markets and one of the main focuses of the appraisal profession is reliability and verifiability. Essentially the data and information which an appraiser uses must be reliable and verifiable. The most common source of data and information which residential real estate appraisers use is the Multiple Listing Service (MLS). The MLS is used because the data and information is on an open market system, open for all interested parties to see and use. The Realtors who provide the MLS data and information are legally responsible to the users of that data and information, and are expected to originate or confirm the data and information to the best of their professional abilities. Some data and information is a matter of opinion and may be open to interpretation, however, for the most part MLS data and information may be relied upon faithfully by an appraiser. Another source of data and information is the own appraiser’s files on comparable properties. This data and information is prized by the appraiser, for he/she has personally verified the details at some past point in time. There is the possibility that a comparable property on file may have had renovations, upgrading, or may have even suffered damage from fire or flood, hence there is the possibility that the details may not be totally reliable.

Assessment records, Land Titles Office records, For-Sale-By-Owners, project developers, house builders, and exclusive listings are some other sources of data and information that can be utilized for comparable sales, however the details on these types of sales are often not complete and may require further verification by the appraiser when utilizing them in an appraisal report. Instances where the subject property has unique features, an isolated location, and/or where there are a limited number of MLS sales, these sources are often very helpful. The professional appraiser makes note of these situations in his/her appraisal report so that the appraisal report reader is fully informed and can adjust his/her expectations of the report.

 

Buying A Home After Bankruptcy

Buying A Home After Bankruptcy May Improve Your Credit Rating

NOTE: The following article is general information only and does not constitute legal advice.

The good news of having a bankruptcy record on your credit report does not mean you can’t buy a home. Believe me or not but people who have gone through bankruptcy have been able to encouraged themselves to build credit by taking on debt again

But the bad news is that the debt will be closely scrutinized and may come in smaller amounts and high interest rates. This usually happens because when you experience bankruptcy you are now tagged as high-risk borrowers.

But these negative thoughts rather facts should not dishearten those with deprived credit account from investigating their home loan options. The conscientious use of credit is the only way up from a bankruptcy filing.

Bankruptcy can provide liberation to people in terrible financial straits by releasing them from the obligation to repay their debts.

It’s a drastic move for anyone because a bankruptcy will stay on a person’s credit rating for up to 10 years, effectively acting like a warning flag to anyone considering lending that person money or a line of credit.

In order to mitigate the risk of providing that person a loan, the lender will charge higher interest rates than they normally would. For instance, an auto loan that might ordinarily carry six percent interest could come with an interest rate of eight percent or higher.

But, as time passes and small loans and credit card balances are paid off on time, the bankruptcy filing becomes less and less significant to a lender.

Establishing good credit after bankruptcy is essential. The following will help recent bankruptcy filers regain their financial strength:

Pay bills on time. This is the single best thing bankruptcy filers can do to build up their credit rating.

Acquire and use a secured or unsecured credit card. Just don’t charge any more than you can afford to pay off each month.

Read your credit report. Errors are possible, and keeping tabs on your progress will help you stay focused on the goal of rebuilding after bankruptcy.

Mortgage companies would want someone with a reassurance that is on safe and responsible track. Many lenders prefer to see three things when considering loaning money to someone following a bankruptcy.

First thing is a long stretch preferably two years or more of on-time bill payments. This may be hard due to the case of reliable income. Likewise, with a steady work history and a down payment, even a small one, it would not be impossible for someone just coming out of bankruptcy to secure high ratio coverage on a home loan.

A down payment is the second thing and a steady income coming in on third. Well this isn’t much as hard as the first one since. Some lenders will be willing to provide a loan sooner than two years if there is evidence of responsible bill payment on a car or secured credit card plus reliable income.

Just keep in mind that after experiencing bankruptcy buying home may not be impossible.

There are many reasons a person chooses to file bankruptcy. The loss of a job, unexpected medical bills, and overwhelming credit card debt are just a few of the factors that can lead to filing bankruptcy.

The mortgage lending industry has created special loan packages and terms for those who have filed bankruptcy in the past.

Lenders have little to lose in approving a home loan after bankruptcy. With your home serving as collateral for the loan, the lender can feel confident in approving you for a home loan, often soon after your bankruptcy has been discharged.

In summary, cash will solve this problem, for sure. However long it takes to gather that cash is how long it will take to get the house.

Start thinking about how you can make money in your spare time, selling on line at eBay, doing freelance work, or starting your own business.

You can increase your chances by coming into the deal with a lender with as much cash as possible. The more money you can use as a down payment, the less risk for the bank. There is a level where they’ll lend you the money because the loan is secured by the house and the house is worth more than the mortgage.

Keep an open mind to all the possibilities.

 

Applying Feng Shui in Your Living Space

Advantages of Applying Feng Shui in Your Living Space to Increase Value

Many people are fascinated with Feng Shui and with many good reasons. While others generally believe that it is just some oriental superstitious set of paradigms on interior design (but that is just part of the extensive definition for Feng Shui), the Feng Shui that we know now is actually comprised of various schools of learning and incorporates the different cultures under which it is housed.

The good thing about the different options pertaining to Feng Shui is that even the layman can actually be able to understand and apply it immediately in their homes without having to spend too much. And apart from that, there are other advantages that only Feng Shui can bring if you can actually open up your mind to try it.

Advantage Number 1: It brings balance to one’s life

Have you ever found yourself completely overburdened with clutter and unnecessarily stressed out of your wits? Chances are, you are suffering from a visual imbalance of some sort in your surroundings. Now, the best way to introduce some sense of balance is by incorporating elements that provide you with a sense of control in the outer balance of things. If you are able to get some semblance of balance even in things as menial as your furniture, you are bound to find balance in other aspects equally manageable.

Advantage Number 2: It helps you become more mindful of the little things

Mindfulness in the little things can actually be a good thing. Some of us tend to be heavily focused on the big things of life that even the minor details like home arrangement and office ergonomics no longer come to play. When these “minor” aspects of life continue to take a backseat, they tend to accumulate and produce a very stressful environment, which can add up to other problems and worries of life.

Advantage Number 3: It opens up possibilities of meeting new people

Meeting new people is another bonus of being a Feng Shui enthusiast. When you are applying Feng Shui, chances are, you will be able to find another person within your social network who likes the same stuff and can even help you expand your knowledge on Feng Shui, no matter how limited it is to begin with.

Advantage Number 4: It gives a fresh perspective on things

At any given time, a fresh perspective is always welcome. This positive perspective can invite changes for the better. A new way of looking at home arrangement, for example, may actually serve to benefit you in the long run. The fresh perspective brought about by Feng Shui can actually bring about an enrichment of one’s mind.

Advantage Number 5: It invites prosperity and success

The main objective of Feng Shui is to invite all the good things to one’s life. Prosperity and success can be more easily within reach and a positive disposition may be expected if Feng Shui is practiced well.

Advantage Number 6: It has aesthetic appeal

On top of all the enumerated benefits of Feng Shui, the best would probably be its beauty. The physical appeal of a well-decorated home, interspersed with good Feng Shui techniques, is actually something that you can call a personal heritage that can transcend generations and promote beauty in all aspects, including design of the home and the office.

 

Home Buying Tips for Value and Comfort

Must Read Tips on Buying A Home
The home buying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home!
But before going into the buying process you should first ask yourself if your are already ready for home buying.
Do you prefer or even enjoy moving into different places. Do you prefer using your savings for things like vacations, appliances, retirement or having your own business? Do you like to enjoy not having so much trouble with regular maintenance and repairs?
If your answers to these queries are yes, then you may not be ready to delve into the home buying experience. You may have a lot of good reasons for buying a home but you should also have to consider your reasons for not wanting to.
Remember than buying home is not just the biggest financial decision you will ever make but also the strongest emotional choice in your life, so be prepared to make wise decisions when you are in this process.
Buying home always seems to be a great idea, but it is important that ownership of a certain property comes with a great deal of responsibilities too.
Of course, being a homeowner is something to be proud of but it also means having to invest money, time and energy and take on added responsibilities. So, before you decide to buy a home, make sure you’re ready.
The first things that comes into our mind when we think about home owning, is the wonderful things that is connected to it. It is true that there are a lot of good reasons for buying a home. So here are some of the good advantages of home buying.
Financial security is a very great deal of advantage when it comes to owning your own home. If the housing prices would go up, your home can provide you with some financial security due to capital appreciation.
Flexibility is another thing, when owning your house you will be able to decide all the aspects that comes with it. You can decorate or renovate your home to meet your own family’s personal tastes and needs.
And of course stability, having your own home will make you feel at ease and less burden than renting one.
Although it is really nice to think about the positive aspects of owning a home, it is also a crucial part to consider the downsides as well. Here are some of the disadvantages on home buying.
Financial Stress is a very common problem in home buying. Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances.
Maintenance and Higher Costs are also a big problem. Keeping your home in good shape requires time and money.
You may pay more each month for housing than you did as a renter. There are also extra costs for maintenance and property taxes.
So, you’ve decided that homeownership is right for you. Now you need to determine if you are financially ready to buy a house.
To avoid any future surprises, you can do some financial exercises to see where you stand. They include: calculating your net worth, your current monthly expenses and your current monthly debt payments.
Knowing your net worth is important because you will need this information when you discuss a mortgage with your lender.
Your net worth is the amount left over once you’ve subtracted your total liabilities from your total assets. It will also give you a snapshot of your current financial situation and show you how much you can afford to put as a down payment.
Just remember all this notes and surely you will be able to arrive at some very good decisions in home buying. Do not rush into home buying, take some time to think and view the property first before closing a deal.
Closing day is the when you finally have bought your home; you now take legal possession and finally get to call your new home your own. You are sure to feel great relief and satisfaction but remember that the home buying process isn’t over just yet. There are quite a few things that need to be done on closing day.
Make sure that your lender will provide the mortgage money to your lawyer. You must provide the balance of the purchase price to your lawyer along with the closing costs. Your lawyer pays the vendor, registers the home in your name, and provides you with a deed and the keys to your new home.

Here are Some Tips to Consider when Buying A Home

The home buying process can seem complicated, but if you take things step-by-step, you will soon be holding the keys to your own home!

But before going into the buying process you should first ask yourself if you are ready for home buying.

Do you prefer or even enjoy moving into different places? Do you prefer using your savings for things like vacations, appliances, retirement or having your own business? Do you enjoy not having to trouble with regular maintenance and repairs?

If your answers to these queries are yes, then you may not be ready to delve into the home buying experience. You may have a lot of good reasons for buying a home but you should also have to consider your reasons for not wanting to.

Remember that buying home is not just the biggest financial decision you will ever make but also one of the strongest emotional choices in your life, so be prepared to make wise decisions when you are in this process.

Buying a home always seems to be a great idea, but it is important to remember that ownership of a property comes with a great deal of responsibilities too.

Of course, being a homeowner is something to be proud of but it also means having to invest money, time and energy, and take on added responsibilities. So, before you decide to buy a home, make sure you’re ready.

One of the first things that comes into our mind when we think about home owning, are the wonderful things that are connected to it. It is true that there are a lot of good reasons for buying a home. So here are some of the advantages of home buying.

Financial security can be a very great advantage when it comes to owning your own home. If the housing prices should go up, your home can provide you with some financial security due to capital appreciation.

Flexibility is another thing, when owning your house. You will be able to decide all the aspects that come with it. You can decorate or renovate your home to meet your own family’s personal tastes and needs.

And of course stability, having your own home will make you feel at ease and can be less burden than renting one.

Although it is really nice to think about the positive aspects of owning a home, it is also a crucial to consider the downsides as well. Here are some of the disadvantages on home buying.

Financial stress is a very common problem in home buying. Coming up with the down payment, meeting regular mortgage payments and other ongoing costs will tie up a lot of your cash, and can put considerable stress on your finances.

Maintenance and Higher Costs are also a big problem. Keeping your home in good shape requires time and money.

You may pay more each month for housing than you did as a renter. There are also extra costs for maintenance and property taxes.

So, you’ve decided that home ownership is right for you. Now you need to determine if you are financially ready to buy a house.

To avoid any future surprises, you can do some financial exercises to see where you stand. They include: calculating your net worth, your current monthly expenses and your current monthly debt payments.

Knowing your net worth is important because you will need this information when you discuss a mortgage with your lender.

Your net worth is the amount left over once you’ve subtracted your total liabilities from your total assets. It will also give you a snapshot of your current financial situation and show you how much you can afford to put as a down payment.

Just remember all these notes and surely you will be able to arrive at some very good decisions in home buying. Do not rush into home buying, take some time to think and view the property first before closing a deal.

Closing day is the when you finally have bought your home; you now take legal possession and finally get to call your new home your own. You are sure to feel great relief and satisfaction but remember that the home buying process isn’t over just yet. There are quite a few things that need to be done on closing day.

Make sure that your lender will provide the mortgage money to your lawyer. You must provide the balance of the purchase price to your lawyer along with the closing costs. Your lawyer pays the vendor, registers the home in your name, and provides you with a deed and the keys to your new home.