Dallas Appraiser L.L.C. wants your help and commentary on our Real Estate Blog

Title: 

Avoid Home Foreclosure - Facing Foreclosure? Some Options That May Help You

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542

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Millions of homeowners are on the verge of a home foreclosure at any time in the US. If you are one of them you may have some options, try to work it out with the lenders and save your home and credit.

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Article Body:

If you are facing a foreclosure, there may be options to negotiate a workout program with your lender. To get help with a foreclosure you have to start by talking to your lender. Help is available if you are willing to workout a reasonable repayment plan with your lender, while this can sometimes be difficult, you may be able to save your home. They really do not want your house back. Let us cover some options that may be available to you if you are facing a foreclosure.

The continuing flow of creditors and collections agencies called you can be over whelming, while it may seem hopeless, you may have options. Starting with the most important, your home, the others may have to wait and be fixed later.

Lenders usually will offer several options to a homeowner that is in default on their contractual obligations of a mortgage payment. They would  much rather workout a program that is best suited for all parties involved then to come and take your house. They are in the business of lender money, not managing properties. This is true even more today, with foreclosures at record highs, banks have been overloaded with homes that they must not manage and maintain until they are able to sell them to someone else.

The time that you have to negotiate a deal, is often very limited. In most states, a borrower that is in default 60 or more days is just about out of time. This period varies from state to state so make sure that you have checked your local laws. Lenders can and will take legal action to foreclosure on your home if you are not talking to them. 

Here are some possible solutions that you can offer to the lender to avoid foreclosure. While not all will be satisfactory to the lender, you can at least make the offer and let them tell you. 

Reduced Payments

Lenders may be willing to take a reduced payment for a specific period, this will allow you to remain in the home and catch up the default amount over time. Some lenders will not allow you to do this, but it never hurts to try.

Short Sale

Lenders may let you sell the property for less then what they are owed on the loan. More and more lenders are allowing this type of transaction as they have realized that it costs them much more to pursue the foreclosure then if they just settle and take what they can get.

Payment Deferment

Some lenders may allow you to defer a payment or two, they tack the payments on the end of the loan and allow you time to catch up and stay current. This option is only just now beginning to become available as lenders are doing whatever they can to help avoid the foreclosure process.

While this article only covers a few options that may be available, check with your lender and try to work something out, it may keep you from losing you home in the process. Keep in mind that a foreclosure will cost you money, even if you just walk away. The impact on your credit is substantial and will hinder your borrowing power for years to come.

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Arranging the Finance for a Resale Property in France

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359

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Before you start to look for a property in France it is vital to know your budget. How much money do you have? How much are you prepared to borrow? Can you obtain a loan for the amount you require?

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Article Body:

Before you start to look for a property in France it is vital to know your budget. How much money do you have? How much are you prepared to borrow? Can you obtain a loan for the amount you require?

Different regions of France, and different parts of those regions, have varying prices for similar properties. Many local and national factors come into play in deciding the price of property across France, as in any country. Until you know your price range it is difficult to start searching for the area that suits you.

There are many banks and building societies that may lend you money on French property; there are also French banks that may lend to foreign buyers or you may choose to raise the funds on your current property.  You can search lenders out directly, use the services of a financial adviser or mortgage broker, or come to VEF for help and advice.  It is important to be clear how you plan to raise the funds, the length of term, the interest rate, the type of mortgage, penalty clauses for early payment, the proof of income that will be required, the need for a medical and the length of time the mortgage will take to arrange.

At VEF we have researched the mortgage market for many years and continue to do so constantly to ensure that our clients get the very best service and the very best deals. There are constantly new financial products on offer and it is the job of our mortgage partners to be up to date with all the latest information. If you choose to use one of our partners, all your financial research will be done for you and you will receive written confirmation of the maximum amount of money you can borrow before you travel to France. Using one of the VEF approved brokers will save you time during the purchasing process.  Good properties do sell quickly anywhere in the world, and France is no exception to this. You will be more likely to secure the house you want if you have organized your finances before going to France to view properties.

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Attention: Sir/Madam... I'd Like to Scam You

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585

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Scammers will also provide scans of documents that look legitimate. Many can be - stolen from other people or digitally altered. If called on discrepancies, the scammer will blame poor computer equipment.

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Article Body:

Many people have heard of the "419" scams. The term "419" comes from the Nigerian penal code section of that designation that deals with fraud. Despite a widespread belief that the people who get taken by these scams are greedy and stupid, many are not so. Many believe they are donating to distressed individuals and/or charities. These scams have spread into real estate as well, targeting house sellers and real estate agents.

The scam usually opens with a bait letter, assuring the recipient that the person contacting them is a) a widow whose husband left her millions that she cannot safely access due to her evil family, b) a high-ranking military official seeking to move money out of the control of their oppressive governmental regime, c) a representative of a mysterious person high up in the government, or d) a person interested in an item that the person is selling or representing.

If the target responds to the letter, the scammer usually replies with thanks and asks for personal information. Often this includes a bank account number, but this is not, as some people think, how the target is scammed. It is used as a gauge to determine if the target is likely to give money in order to pay "processing fees" or other mysterious charges. Scammers will also provide scans of documents that look legitimate. Many can be - stolen from other people or digitally altered. If called on discrepancies, the scammer will blame poor computer equipment.

In nearly all these scams, urgency and confidentiality are emphasized. The scammer doesn't want their victim to seek outside aid or take time to think things over. They are depending on the "get it now or you never will!" feeling to encourage the victim to send the money - usually through Western Union or some other money wire transfer company. Once the money is picked up, the person who sent it has no way to get it back.

An example of a real estate related scam:

You get an unsolicited email from someone claiming to be interested in your house. They will send you a large check, many thousands of dollars over the amount you are asking for the property. They then want you to refund the extra money. Or they say that there are "fees" that the seller must pay in their country. In any case, you have to send the money now, Now, NOW because the person interested in your house needs the money to a) come to America b) pay for their cancer operation or c) take their sick mother to the hospital. Sometimes, if you balk at sending a complete stranger thousands of dollars, they may threaten you with "legal action" or embroider the sob story to the point where their sick mother is suffering from cancer, AIDS, measles and ingrown toenails all at the same time.

Real estate transactions are only one of the targets of scammers. The scammer is not interested in your house; s/he only is interested in the money you can send to finance whatever spurious fees are claimed to be involved with the transaction. Don't send anyone any money or cash checks that are sent to you from an unverified institution or individual. Consult with a real estate professional for advice on how to handle offers via the Internet. Since many people use the Internet to inquire about houses, prices, etc., an email query may be legitimate. Just make sure that the person is legitimate before pursuing a financial transaction.

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About Rental Insurance

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547

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Many renters do not stop to think about what happens if there is a fire, someone breaks in and steals their new TV or stereo, or a visitor slips and falls on their property. The sad truth is; you will be responsible! While your landlord has

insurance that covers the actual building, that coverage does not include your personal property or liability for injuries which occur in the space you rent ~ be it an apartment or a house and yard. 

If a fire should destroy or damage y...

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Article Body:

Many renters do not stop to think about what happens if there is a fire, someone breaks in and steals their new TV or stereo, or a visitor slips and falls on their property. The sad truth is; you will be responsible! While your landlord has

insurance that covers the actual building, that coverage does not include your personal property or liability for injuries which occur in the space you rent ~ be it an apartment or a house and yard. 

If a fire should destroy or damage your home, your landlord’s insurance will cover the structure. It will not cover damage or loss of your belongings. Neither will it provide for the cost of temporary housing for you and your family.

You may think you do not own enough personal property to make the cost of insurance worthwhile. You are probably wrong! If you sit down and add up the cost of everything you own, you may be in for a big surprise. Consider what you have invested in such things as:

- Furniture and accessories

- Electronics like TV, stereo, computers

- Small appliances like microwaves, toaster ovens, etc.

- Clothing

- Art work like paintings or prints

- Dishes, silverware and cookware

- Sporting equipment

- Books

- Jewelry

Could you afford to replace all of these things? 

Even worse, what would you do if a friend is injured on your property and decides to sue you for medical costs and more? It is a scary thought, is it not? 

Are you beginning to see why rental insurance may be a very wise investment?

The cost of rental insurance is based on several factors:

- The dollar amount of your coverage

- Deductibles

- Whether you choose to be reimbursed for Actual Cash Value or Replacement Costs (more about that in a minute)

- Where your rental property is located and the number of previous claims made, not only by you, but by others living in the same area. 

Let me explain the difference between Actual Cash Value (ACV) and Replacement Costs. ACV is the value of your property at the time a loss takes place. For example, if your television set is five years old, it is valued at much less than if it were brand new. The lesser amount is what you are reimbursed. 

However, if you opt for Replacement Cost, you are paid whatever it costs to go out and buy a new TV with similar features. Insuring for replacement cost raises the amount of your premium so it is a good idea to get quotes for both ACV and Replacement Cost policies. Then you can decide which option fits your needs and budget. 

Another thing to keep in mind is that jewelry, valuable collections, and guns are usually covered under a separate policy or ‘rider.’ If you own these kinds of items, be sure to tell your insurance agent. You do not want to find out after disaster strikes that they are not covered or that they are not covered for their true value. 

One way you can reduce the cost of your rental insurance is to check with whichever company insures your car. If they provide rental insurance you may be eligible for a multi-line discount.

Rental insurance may be worth the investment just for the peace of mind it offers you.

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In A Cooling Real Estate Market - Investing in Pre-foreclosures

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525

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Many lenders have turned to mortgage products designed to lower monthly loan payments and to help borrowers qualify more readily for larger loan amounts, while others require little in the way of documentation during the approval process. These loans do make it easier for some people to get mortgages, but they also can raise the possibility that some borrowers may end up in foreclosure. For the real estate investor or home buyer these market conditions represent a window of opportunity.

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This article is written for times when the real estate market is cooling. Keep in mind the market is hot in North Texas currently 

Article Body:

With the housing market cooling and demand for mortgage loans shrinking, banks and other lenders are turning to nontraditional and sometimes riskier mortgages to bring in additional business and make up their dropped off business.

Many lenders have turned to mortgage products designed to lower monthly loan payments and to help borrowers qualify more readily for larger loan amounts, while others require little in the way of documentation during the approval process. These loans do make it easier for some people to get mortgages, but they also can raise the possibility that some borrowers may end up in foreclosure. For the real estate investor or home buyer these market conditions represent a window of opportunity

As housing monetary value appreciation rates slow, more mortgages going into default. Foreclosure notices has edged up in recent months, providing yet Another sign of a cool down in the real estate market across the U.S. For example in San Diego County, CA. Banks and other lenders sent 1,266 letters of default to borrowers in the third quarter, a notice that gives homeowners 90 days to become current on payments before moving towards a foreclosure auction.

At the height of the real estate boom, the double-digit rises in home equity meant customers could pull out monies from the increased home equity to bask a life style that they could really not afford. Flush with the ability to tap into home equity loans, homeowners have pulled out cash to purchase new cars, furniture, vacations and other luxuries. Another boost to their life styles was rendered when homeowners refinanced using adjustable-rate mortgage loans that cut their monthly payments.

But now the conditions are changing, in many areas of the country real estate price levels are flattening out and even not rising in some real estate markets. With little or no increase in home equity, or even vanishing equity, homeowners could find themselves in a tight spot.

Additional forces are also having an impact on the housing market: New federal laws regarding credit card payments have passed to an increase in the minimum payment mandatory on credit card debt. For many people that payment will now be twice what it has been in the past. And, as energy prices and health care costs continue to march upwards to new all-time highs. Growing numbers of people are in financial situations where moines spent are exceeding monies earned.

For the first-time real estate investor or seasoned veteran, the current market conditions are a window of opportunity for those shopping to buy real estate property just before foreclosure. A growing number of homeowners have withdrawn all their equity (sometimes as much as 110% of their home's value.) and now house values have turned down and they are upside down -where they owe more than they can sell the house for. Trapped in a situation where they can't pay their debts and they can't find a buyer for their home, real estate investors who understand the default process can offer a solution that offers the homeowner in default a way to escape from their mortgage payments and for the investor a way to secure a property in the process.

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3 Tips to Staging the Outside of Your Home Like a Pro

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Are you considering putting your house up for sale, but not sure where to start? Afraid it will take too long to sell, or that you won’t get the price you want?  Here are three tips to help ensure that won't happen to you.

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Article Body:

Are you considering putting your house up for sale, but not sure where to start? Afraid it will take too long to sell, or that you won’t get the price you want? Think about ‘staging’ your home, or in other words, setting the scene for immediate buyer interest in your property. 

To be really effective, you need to look at both the outside and the inside of your home. Here are 3 tips to get you started with the outside of your home:

1. Go stand on the street to see what clients see when driving up to the house. Be aware that any negative impressions they get outside the house (landscaping not maintained or non-existent, peeling paint, etc.) is just going to make them think that the house itself has not been well taken care of. So even if you have spent the time and money to fix up the interior, it would all be wasted if the clients get a bad first impression as they drive up to the house.

2. Next, step outside your front door and close the door; then stand on the stoop and look around for 5 minutes. While the realtor fumbles for keys and tries to figure out how to open the door, the clients are standing behind and looking around. So what are they seeing? Dead plants, old Halloween decorations in the middle of January, cobwebs?  Again, not a good first impression!

It is definitely worth it to take some time and clean it up. Want to go a step further? Try a new coat of paint or some new furniture or accessories.

3. Don’t forget the backyard. While that might not be part of the potential buyers’ first impression experience, you still should make sure it is in the best condition possible. Pull up weeds, water plants, do some sweeping (if that is applicable in your case) and maybe even purchase new furniture or accessories (plant pots, bird houses, etc.)

And the biggest tip of all? Imagine yourself as a potential buyer looking at your property for the very first time. What impressions are you getting? Would YOU buy your house? What would you like to see changed before you put an offer on your house?

And don’t worry about spending several thousand dollars to get your house ready to sell ñ you will get it all back when your house sells. Proper staging helps you sell your house in a shorter time and at the price you want.

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3 Ways Renters Lose Money

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572

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Are you still renting a home or apartment for yourself or your family? If so, you're losing money. Besides losing out on making money with real estate, renters don't get the same satisfaction of home enjoyment that benefits home buyers. If you're renting, find out how to to buy your own home.

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Article Body:

Are you still renting a home or apartment for yourself or your family? 

If so, you're losing money. Think about these three ways you lose money by renting:

1.  You're paying for someone else's mortgage payment. You're missing out on the appreciation that the property gives to the landlord. Appreciation is a term used in accounting relating to the increase in value of an asset, which means in real estate terms, added value to the property. Over the past five years, houses appreciated significantly, making many new real estate investor multimillionaires.

2.  Renters don't get to freeze their monthly housing expenses like home buyers can. Of course, many home buyers get mortgage payments with adjustable interest rates and their payments go up over time. However, these payments will not go up over the long term like rising rents. Just think about how much an apartment costs today compared to ten years ago. A two bedroom apartment in Lake Elsinore, California leases for $1,000 today. The exact same apartment rented for $325 in 1996, when it was brand new. Home buyers who had low monthly payments in 1996, who did not refinance their mortgage, enjoy low payments and don't have to worry about rising rents.

3.  Renters don't benefit from tax advantages. Home owners get income tax deductions. Tax deductions for interest costs, for instance, save tax payers thousands of dollars. 

Emotional Satisfaction of Home Ownership

Besides losing out on making money with real estate, renters don't get the same satisfaction of home enjoyment that benefits home buyers. Many landlords won't allow you to paint your walls in colors that you desire. Also, you won't feel like fixing up the property with custom window coverings and you get little say in flooring materials. Because you can't make your personal statement, you won't feel like you're HOME as much as home owners who feel emotionally connected to their property.

How to Buy Your First Home

The biggest barrier to home ownership is often accumulating funds for a down payment. People think they have to have thousands of dollars for a down payment. However, if you have good credit and a decent job, you can get a mortgage for a home with zero down. And you can finance some of your closing costs as well as ask the seller to help you pay a good portion of your purchase costs. With today's mortgage finance plans, you may be surprised to find out how much of a home you can afford with payments similar to what you currently pay in rent. 

You may have to go out of the major metropolitan areas to buy a home. That's why so many people commute in Southern California. Affordable housing costs much less in outlying areas. But so do the rents. If you're renting an apartment for $2,300 in Los Angeles, you could buy a $500,000 home in Wildomar. Our daughter just purchased a home in December 2005 and her mortgage payment, for a 3,000 square foot new home, costs less than $2,300. With her tax savings, she will pay even less than renting a small apartment closer to downtown L A. 

If these amounts sound high to you, check your local area. Perhaps your monthly rent is only $1,000 and houses cost less than $200,000. Talk to a mortgage loan officer and see how much of a home you can afford.

If you're renting, make one of your priorities to buy your own home.

Copyright � 2006 Jeanette J. Fisher

Title: 

Property Management Software as an ASP

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686

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It used to be that in order to manage your properties, be it apartments, mobile homes, or office space, each of the managers would have to store the data on their own machines either on software built for that purpose or with an assortment of personal databases and/or spreadsheets. Things have changed.

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Article Body:

It used to be that in order to manage your properties, be it apartments, mobile homes, or office space, each of the managers would have to store the data on their own machines either on software built for that purpose or with an assortment of personal databases and/or spreadsheets. In order for a central office to be able to view that information or do any sort of reporting, the individual managers would have to mail a floppy disk to the central office, or, as things became more advanced, email or ftp that information. IT Managers hoped that the property managers were backing up their software in case of computer crashes, but never actually knowing if that was occurring or if the backups were valid. Among the other problems that were sure to occur in these scenarios were differing versions of the software, being tied down to a specific operating system, being tied down to a specific computer (the one with the installation), and difficulty correcting problems in the data from a remote location.

I talk about those things as if they are archaic when, in fact, many companies still rely upon these decentralized programs and databases and outdated methods to manage their properties.

Recently, however, companies that wrote these personal solutions have begun to develop centralized solutions based on web servers. And they are not the only ones. Intense competition from Internet startups with savvy web developers backed by knowledgeable property managers and property management companies have appeared, sometimes overnight.

Is it worth it to try one of these out? What does it buy you?

Whether you go with a proven player in the property management software market or a program written by a fledgling company, moving to an Application Service Provider (ASP) most likely provides you with the following important concepts. This list is by no means all-inclusive.

Centralized Data and Software

With data in one location, you can ensure backups happen on all of the properties as many times as you deem necessary. You no longer have to worry about whether your managers are backing up data. 

With data in one location, you can run reports on all of the properties at the same time without waiting for managers to mail or email you their data. You can even view these reports with real-time data.

All of your manager’s machines are always running the most up-to-date version, and the ASP does not have to take time building and testing the patches to make sure they patch the program properly on all supported operating systems. They can just make and test the changes on their own servers, and move those changes to where the property managers themselves can use the modifications.

Data fixes do not require the data to be zipped up and sent to the programming company, nor do they require access into your computers or networks.

Versatility and Convenience

No more are the days when you have to buy the Windows version, the Mac version, or, if you are especially daring, trying to get the version of the software to work with the flavor of Unix or Linux that you have selected. If done properly, property management software will run on any of the more popular web browsers on any environment you choose.

You no longer need to bring the computer with you that has the installation on it. You can access your properties from any library, school, Internet cafe, home, or work location at which you find yourself, as long as you have a connection to the Internet.

Cost

How many property managers honestly want to pay a team of IT professionals to manage all of the software and its upgrades at all of their properties?

There is really no need to keep using antiquated alternatives. If the convenience of easy access from anywhere using any web browser does not provide enough of an incentive, the easy and less expensive management and real-time statistics and reporting should. Take a look at some of the choices in online property management software today, and see how easy managing your properties can be.

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Private House Sale

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522

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Many homeowners opt for a private house sale instead of hiring someone to do the marketing and sales for them. A lot of people feel really connected to their home and they do not want anyone else to show the home to potential buyers.

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Article Body:

Many homeowners opt for a "http://www.sell-my-house-fast.org" private house sale - instead of hiring someone to do the marketing and sales for them. A lot of people feel really connected to their home and they do not want anyone else to show the home to potential buyers. Other homeowners simply do not want to deal with a realtor, so they choose to do it on their own. There are many benefits to choosing to sell your home this way.

Reasons to Choose Private House Sale

Many people decide to sell their home privately because they want to be in control of the process. For obvious reasons, many people feel very attached to their home and they want to make sure that they showcase the home’s most positive features. When you have lived in a home for any period of time you will know what features the home has and you may even be able to show them off better than a professional would. It is important though, if you choose to go this route, that you detach just a bit from the home and try to look at the house through a prospective buyer’s eyes.

Other homeowners choose to sell their home privately because they do not want to deal with a professional. For some people it is really uncomfortable to have a realtor in their home with strangers and because of this they decide to forego dealing with a realtor at all. It is possible to sell a home privately, and many people in and around the US are very successful at it. As long as you are willing to work around the schedules of others, are able to advertise the home for sale, and are also able to market the positive selling features of the home then you can sell your own home.

Many people will tell you if you want to "http://www.sell-my-house-fast.org" - sell house fast, you need to hire a realtor, but this is not always true. Being able to sell a home is all about marketing, proper pricing, and many other factors which a realtor knows well. However, if you spend time getting the word out there through street signs, maybe hire a pro to price the home for you, put advertisements in newspapers, and on the internet you may find that selling your home privately is easier than you could have imagined. Before there were realtors people were buying and selling homes all on their own, so it is possible. Realtors bring knowledge and experience to the table that may be difficult for you to obtain if you are crunched for time. A North Texas Appraiser or broker could help you with pricing your home

When you sell your home privately you will want to make sure you understand the process. There are a lot of great books out there as well as internet sites dedicated to helping homeowners sell their homes privately, even dealing with paperwork and all of the logistics of selling a home. Before the for sale sign goes in the yard or one advertisement goes out, the homeowner should be sure that he or she can diligently handle all of the necessary paperwork. A great thing to keep in mind when selling your home privately is that if you ever feel that you are in over your head a professional is just a phone call away.

Preventing Downfalls With Your First Home

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Walking into your first home is a large step to take.  It is an entirely different process that you will follow, with an entirely new set of rules to begin learning.  Because of the large changes that occur with buying a first home, there are always those who walk into a deal over their head.  Making sure that you don't get the wrong options presented to you will help you to invest right the first time.  

The major factor that you will need to consider when deciding on your first home is where you will stand with the search.  One of the largest mistakes that people make is deciding that they like a specific home then only investing in that home by becoming emotionally attached to it.  This can cause several problems.  The first is that you may not be able to get the home because of something happening in the process.  This can be disappointing and tiring.  The second mistake is that you will offer a price that is too high or too low.  Make sure that you know exactly what the house is worth and how it fits into your needs before becoming attached.  

Not only will you need to shut off emotions in order to find and compare homes, but you should also do this after you have chosen a home.  Even if you have signed a contract for your first home, the process isn't over.  You will have to find a mortgage and inspections will have to be made.  If there is a large problem with the home that needs to be prepared, or if something goes wrong in the process of the loan, you will have to start over again.  If you are prepared and detached until you set foot in the house for the last time, it will make the entire process much easier.  

From here, you can decide exactly what you can afford and how you will get there.  The best place to start is with your credit history.  By knowing your score, you will also be able to estimate the type of loan that you will be able to get.  You will want to make sure that your bank statements are stable and secure.  There is nothing like walking into your first home and not being able to pay the mortgage from the beginning.  

By staying detached and logical about your new home, you will have the ability to find the best.  Preventing the mistakes in the beginning will save you hours and days of time, as well as stop years of hassle that may occur.  Being prepared and honest about what you are looking for is an easy way to help with the process.