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| Article Of The Day |
| Marin County Foreclosures: Important Tips when Considering Buying a Foreclosed Home |
| If you’ve paid attention to the news at all over the past couple of years, you know of the crisis facing the housing market in the United States. As many homeowners are no longer able to afford their mortgage, the number of foreclosures is still rising. Marin County foreclosures are at record levels, making the Mill Valley real estate market one full of opportunities for buyers.
Of course, buying a foreclosed home is much different than buying a new home. It’s even different than buying an older, non-foreclosed home. Foreclosures often aren’t fixed up and ready to sell like other homes. This presents an opportunity for low prices, but it also opens up the risk of serious problems that need to be repaired.
If you’re considering purchasing one of the many Marin County foreclosures, the first thing you should do is find an experienced Mill Valley real estate agent to guide you through the process. Not only will your realtor be able to identify all the foreclosure options in the area, but they’ll also have important information on the home’s condition and potential selling price.
You should also find a home inspector to walk through any potential Marin County foreclosures you’re interested in buying to check for any potential problems. An experienced home inspector can see beneath the surface of the home to uncover trouble spots that need to be addressed. They can look for signs of termites, pests, mold, wood rot, sagging roofs, leaning walls, plumbing problems, and foundation issues that you wouldn’t be able to see.
Another thing you should do is avoid auctions on Marin County foreclosures. Foreclosure auctions put the buyer at extreme risk as you’re bidding on homes sight unseen and without proper inspections. In other words, you don’t really know what exactly you’re bidding on. Furthermore, auctions usually require you to pay cash for the foreclosure, an option that’s not viable for most buyers.
When looking at foreclosures in the Mill Valley real estate market, never assume that the list price is a great bargain. You need to research home values in the area to make sure the foreclosure truly is a good deal. With falling home prices, many homeowners actually owe more than the house is worth, causing the bank to sometimes list the property above its actual value.
It’s also important to make certain you have financing in order before you start looking at Marin County foreclosures. Some lenders don’t like to provide loans on foreclosures because they can be too risky. Others will provide loans but only under certain conditions: house is in good condition, buyer has excellent credit, etc. Make sure you’re pre-qualified in advance so the transaction will be fast and smooth once you’re ready to buy.
The last thing to consider when buying a Marin County foreclosure is the cost of repairs that need to be done. Make certain you get estimates for exactly how much it will cost to get your house up and running to your standards. A leaky faucet here and a little mold there can start to make the foreclosure cost more than it is really worth.
Understanding both the benefits and the drawbacks of Marin County foreclosures will help you make an informed decision as a buyer. Add in the right Mill Valley real estate agent to your team, and you could end up with the home of your dreams at a price you could’ve never imagined. |
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Admin |
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2009-08-25 |
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Real Estate |
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| If You have a Flair for Renovations and Want to Make Some Quick Cash, Flipping Houses is the Way to Go!
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Who wouldn't like to make some extra money? While there are a few different ways to do this (taking on an extra job, selling belongings you don't need), if you have a knack for simple home renos and an eye for a bargain, flipping houses can give you some well deserved economic freedom. House flipping is when you buy a house for the sole purpose of fixing it up and selling it for a greater amount that you purchased it for. Some people make a business of it, using the money that they make on the sale as a down payment on the next house that they want to flip. A lot of people who flip houses buy an older or rundown home, do some major renovations, and sell it for more that they bought it. While this method does work, it can also mean a lot of elbow grease and money upfront from you. You may need to hire contractors, subcontractors and even do some of the work yourself. What seems like a good deal at the beginning can quickly turn into a money pit. Another option is to purchase a house that has gone into foreclosure. These sell at a discounted price and by doing a few simple renovations, like a fresh coat of paint, new flooring and fixtures, you can turn a pretty penny. And it makes sense that the less you pay for the house, the more money you can spend on renovations that need to be done before you sell. Buying a house through a realtor and flipping it may seem like a good idea, but in reality there are better ways to buy a house that you plan on flipping. Houses that have gone into foreclosure are a great idea for an income house. Because the banks own them and don't want to, you can usually buy a bank owned house for a lot cheaper than market value. In some cases you can end up getting the house for pennies on the dollar. The banks aren't making any money off of the property when they own it, so they are anxious to sell. You also won't have to pay attorney fees or taxes and if there are any back taxes owed on the property, the bank settles up, not you. Flipping houses can be a great way of making some money off of an income property. Easy things like painting the rooms in neutral, appealing colors can increase a home's value by thousands of dollars. Updating appliances in the kitchen and the bathroom can also increase the price of a house. There are lots of resources available to help you with flipping a house. The key is to spend as little as possible on the property while producing the best results. When considering flipping a house, make sure to get an inspection done before purchase. If you are planning on major renovations, having a trusted contractor go through the house with you before you buy can save you a lot of money and heartache. You could have great ideas about the house, but if they can't be done, you may be left with a house you can't flip. Flipping houses isn't for everyone: it takes a lot of time, effort and dedication. If you are up to the challenge, purchasing a foreclosed house can put you one foot ahead of the completion. If you start out spending less money that means that there is a good chance you will make more money in the end.
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Admin |
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2010-01-26 |
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| Bank Foreclosures are on the Rise, Should You Take the Plunge?
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| Do you know enough about bank foreclosures to take advantage of the current market trends? There are a number of ways that savvy investors are ensuring they have the necessary portfolio pieces to move ahead financially, even in these challenging economic times.
The process is not as intimidating as some investors might have you believe. For the most part, the biggest challenges to purchasing bank foreclosures is understanding the specific differences which may exist where you live or plan to buy property.
As a general rule the process is very similar all over the United States. When a home owner defaults on their home or other real property, they begin to receive notices from their lender. Institutions may vary on how long they will allow the home owner to continue not paying their mortgage.
After that period of time has passed, the lender will then place the property into a Trustee Sale list. This list is where the properties are subsequently published in a local newspaper for a set number of weeks. Most of the identifying information is included in that listing; things such as the property address, the amount of loan which is being defaulted on, in some locales even the name of the title holder is published as well.
After the legally prescribed amount of time in the papers, the property then goes up for auction. At a predetermined date, time and place the defaulted loan is offered at foreclosure auction. There tend to be many other properties that get offered for sale to the highest bidder during these auctions. Many properties can be picked up at these sales for only what is owed on the defaulted loans. For astute real estate investors who have done their homework, these buys provide them with savings which run into the hundreds of thousands of dollars.
The reason is that regardless of the true market value, the property being auctioned is potentially sold only for the amount of loan that exists and which was defaulted upon. All other secondary loans are usually wiped off the books when this occurs.
For example, a property is worth $250,000 in the current marketplace, but only has an outstanding loan of $125,000. When it is auctioned the bids start at the loan amount. It is not inconceivable that this piece of real estate could sell for only what is owed on it, $125,000.
If you have the ability to make this purchase, you have immediately doubled your money due to the value of the home in the market. Of course, to realize your profits you'll be required to either resell the property or refinance it in order to pull that money out of the transaction.
Many properties that go through this process, however, do not get purchased during the foreclosure auctions. When this happens, the title of the property then reverts to the lending institution on record for that parcel, home or building.
This is commonly referred to as an REO, or real estate owned property. The lenders don't like having to reclaim these properties as they are usually non-performing, or severely under performing assets that actually cost the lender money to have on its books.
This is another place where savvy investors can find hot deals on real estate. There are many list providers and subscription services which have all of the REOs owned in your area of interest. Once you have access to these lists, you can then easily contact the REO departments of the lending institution and make offers on the properties.
Often times the banks will allow these bank foreclosures to be sold even for less than the amount of the loan that was originally defaulted upon. Because they want to remove them from their list of non- performing assets many banks are willing do whatever it takes to sell them quick. If you're interested, seek out REO lists or subscription services that might provide properties in your |
| Author |
Admin |
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2010-01-21 |
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Real Estate |
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| Laminate Flooring: Are Floating Floors a Good Buy?
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| Nothing spruces up a home’s interior like gleaming hardwood floors. Even an older home can appear to have a contemporary edge with the clean lines that laminate flooring provides. Modern day flooring manufacturers also offer a variety of styles, colors, and types of laminates, so an individual can obtain a floor that best suits their needs.
That said, it pays to do a bit of investigation into the matter before making firm decisions on any one type of flooring.
For instance, you will come to learn that many modern day flooring companies install floating laminate wood floors. What are floating floors? Traditionally, they’re flooring that does not need to be nailed down or glued to a subfloor. The wood slats often come in a variety of sizes and colors and can fit together a lot like a puzzle. This makes the floor faster to install and easy to pull up should the need arise.
Because of the ease of floating floor installation, many home owners may opt to put the flooring in themselves. While this is certainly okay, they have to take time to educate themselves on the process to ensure a great result. In other words, just because something appears to be simple doesn’t mean it is. Far too often, consumers purchase floating floor materials, put the flooring in themselves, and then find that within a short time the floor starts to look and feel a bit uneven.
This can especially be true for parquet flooring, which comes in smaller tiles and can sink and shift over time. Wood also expands, especially in damp or humid climates further exacerbating the problem.
Many newbies make the mistake of not putting a firm foundation beneath their floating floor which is why this occurs. When weight and pressure is therefore put into the wood, it can begin to look sunken. Couple this with the fact that some laminate flooring can be cheaply made and you can have a one time asset that looks warped and dated quickly.
Savvy home décor shoppers often go one or two routes to ensure that their floors last. They first investigate various companies to see who has a positive reputation when it comes to business practices and the quality of their product. Once they obtain a few strong leads, they further look into the risk factors and benefits associated with self installation.
When possible, it is best to have professional’s place laminate flooring into the desired home area. Of course, if money is a factor one can always take a course or two in order to learn proper installation techniques.
Once you have found a great company and decided on the installation method you desire, the next step is to locate the type of flooring you require. This is the fun part of the hunt and can be pretty involved, especially since there are literally hundreds of different types of floating floors available on the market today.
One way to narrow down your choices is to consider the room or rooms you desire to put the flooring into. Smaller rooms for example, would benefit from lighter colored floors as dark colors tend to shrink a space. Likewise, large dining rooms, kitchens or living rooms may be accented by dark floating floors like cherry or mahogany.
The home is your castle and in that respect should be kept beautiful and inviting. No matter how old your home is, laminate flooring will give it a long-lasting, improved look that will add value to your home. Just be sure to check around, do your homework, and above all, enjoy the process. |
| Author |
Admin |
Added
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2010-01-20 |
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Carpet and Tile |
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