Having a basic understanding of real estate terms is always helpful when you are buying or selling a property. What we will look at in this series of articles are definitions starting with “Pre-Approval Letter.”

a) Pre-Approval Lender Letter. This is a writing from a lender where a potential buyer has approval to borrow a stated amount of money from his firm based on having documented all the personal information needed has been stated. Aside from the final approval being only subject to the lender’s receiving a copy of a contract to purchase real estate, there is also a satisfactory appraisal of that real estate, and its underwriting department’s review of all pertinent information. This would also mean that the buyer qualifies so long as the property does and no changes occur.

b) Pre-Qualification Lender Letter. This is also known as a writing from a lender stating that a potential buyer is able to get a loan in a named amount. Here, it is typically stated that the price of real property to be purchased, and what information the lender had when forming his opinion. A lender’s opinion is worth more than if he just based it on what the borrower told him when he has pulled a borrower’s credit file.

Real Estate, or Real Property The ground, any plants growing in it, any minerals under it, and any buildings or other improvements built on it is what this refers to.

Septic System. A self contained means of disposing of sewerage which tends to intimidate city dwellers is what this is also called. The simple version is a holding tank in which enzyme and bacterial action decomposes the waste material and buried lines in a drainage field which uses soil to strain out what remains. This actually works well when it comes to soil which percolates well (water drains through it quickly). More elaborate septic systems are often needed in areas with heavy, clay soil and in areas with a high water table. Totally unsuited for septic systems and cannot be built on until public sewer is available are some of the properties.

5.Title Insurance Knowing the insurance that will compensate the insured for the value of his ownership or collateral position in real property if a person not thought to be a current owner materializes as an owner is very important. When property was owned by many heirs a generation or two ago, I have seen this come into play.

Townhouse. Also known as a single family attached dwelling unit with common walls.

It’s not a be-all, end-all, but we have covered lots of the important definitions and concepts needed to successfully handle your for sale by owner transaction.

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Buying a home is euphoric and scary. On one hand, you’ll finally have a property to call your own. On the other, you are committing to the repayment of a lot of money.

How to Avoid Buyer’s Remorse

Buying a property can throw your emotions all over the place. First, you are ecstatic when the seller agrees to your offer. Soon thereafter, you start worrying about the price, potential problems and the commitment you have made to pay hundreds of thousands of dollars over the next 10, 15 or 30 years. It’s like you’ll be feeling all sorts of emotions in too short a span of time. You really don’t need to have buyer’s remorse.

The first issue giving rise to remorse is almost always the purchase price. You would be happy to know that sellers would usually think that they ought to have asked for more. But the agreed-upon price is usually considered to be fair if you obtain a mortgage loan. The lender is not going to give you a loan well in excess of the value of the home, so you can rest assured you probably got a fair price. You might have paid an extra $10,000, but this is really insignificant when you think of how the value will rise over time.

The second area of remorse is the payment obligation. Buying a home sounds great until you realize payments of $1,500 or $2,000 are due each month. What would happen if you lose your job? What if someone gets sick? Endless what ifs. You should stop with this kind of worrying. Buying a home is not that big of a risk compared to the others in your life. If you default on a mortgage, so what? Well, actually it is bad, but you won’t go to jail for that. Failing is all part of success. In a worse case scenario, you can do the same.

Remorse can be consuming. If you let it lead you, you’ll suffer for no reason. And keep in mind that real estate is a great long-term investment. You’ll be ahead if you can keep the property in good shape and hold it for 5-10 years. Stop stressing out and enjoy your new home!

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Before you put your home up for sale, there are several things that would first need to be taken care of. And by taking care of these things before announcing the sale, you can save yourself a lot of hassle and difficulty.

Selling a house, let us face it, is like untying the Gordian knot. Aside from the obvious tedium of filling out paperwork and meeting with potential buyers, it takes up a lot of one’s time. That said, anybody who wants to sell their house must prepare well in advance. There are a few things that anyone who wishes to sell a house should do prior to putting the “for sale” sign in the front yard. Because if you do, and we promise these should not be too daunting if you come to think of it, you should not have much difficulty selling your house.

Here are some suggestions for items to do before you put your home on the market:

Are you planning to enlist a realtor’s assistance? Here’s the thing – in life, research helps keep people informed, and this is no exception. You want to find someone with whom you are comfortable and who has experience selling homes. You don’t want to entrust this task to a realtor with milk on his or her lips, an absolute tyro in his or her profession. The big “R” will again serve as your most powerful weapon if you cannot find any realtors to work with and decide to sell your house independently – the Internet and real estate books are great resources. One term you might want to search for would be FSBO, an acronym for “For Sale By Owner.”

Is your house ready to be put on sale? Is it pristine and immaculate in appearance? Does it need paint? A new roof, perhaps? Or perhaps the yard needs upkeep? These are things you want to have ready ahead of time. Remember that first impressions last – you want to make a definitive first impression on your potential buyers. And cleanliness and maintenance also applies to your home’s interior. Before that fateful open house day, you should make it a point to clean everything up inside.

Pre-approved loans – can they help? Getting pre-approved for a loan is something you must put on the top of your bucket list if you are planning to buy new property after selling your old house. This will take away a good part of the burden of shopping for a new home afterwards. An even better idea would be to apply now for a home equity line of credit on your existing property. So that way, if you ever find a nice new home while still in the process of selling the old one, you wouldn’t have to worry about your down payment.

Put your property up for appraisal. While realtors have a good idea of how much a home should sell for, you may not if you are selling it yourself. Moreover, the chances of fraud in mortgage is much higher than it ever was before. It wouldn’t hurt to have an appraisal that is independent of the realtor or lender.

In conclusion, perhaps the “selling a home is difficult” credo is all overrated to begin with. But the more prepared you are to sell yours, the easier it will be.

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When you are preparing to sell your home, curbside appeal is the most important consideration.

Let us try to see your home through the buyer’s eyes. You see your home everyday and you have lived there for years. Do you find it appealing if you look at it from the street? Do you think you would buy it? Be honest.

In addition to all the common sense preparations such as picking up the toys and cleaning the yard¦let’s spend a little money and really make your home inviting.

Consider the lawn. Does it look like a green desert even though common sense tells you to keep your lawn mowed and edged. Try visiting your local nursery and bring your checkbook. What we are after are greenery, concrete, and other things.

Consider your entryway. Consider putting 2 to 4 18 inch pot plants along the entryway assuming that your lawn is not already landscaped. This will give a welcoming atmosphere. An attractive concrete birdbath close to the front entry is what you should also consider.

What about the driveway? On the entry to your driveway, plant two 18 inch to 24 inch shrubs.

What about the mailbox? Replace the mailbox if it is not new regardless if it is located near the entrance or on the curb. Black with gold trim would be the preferable color.

The Entryway/Porch. Aside from removing the cobwebs, you should also consider new paint and it’s better if it’s a light and inviting color.

Decorating the Front Door. Common sense says paint it, but replacing might be the way to go. This decision is important, probably the most important you will make. Set the tone for the home tour and try not to have a bland looking front door since this gives the impression that the interior will be also bland. It is considered as human nature.

Although some of these suggestions seem to be a little extreme, these tips can actually be successful. When you would objectively say that you would definitely buy your home when you take a look at it, then you are ready to place your For Sale sign in your yard.

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What everyone wants is a place they can call their home. If you have enough money saved, then building your own home instead of renting is an option. But the country is now in a financial crisis. Is building a home still a better option than continuing to pay the rent?

If you have the money available without borrowing money from the bank to pay the builders or buy materials, you should still consider building. Working out what kind of home you want to build and setting a budget is your first step. For unexpected expenses and price increases, you can factor in an allowance and you can also get an estimate on the materials and labor costs. Check if buying the materials yourself would be cheaper even though the contractor can help with the estimate.

Helping you turn a profit in a few years and build a bigger property is careful planning and consideration of what will improve the resale value of the house. Look for relatively inexpensive additions that can add value to your home, such as a solar water heater or a security system. You may want to plan the design of the house so that adding rooms or making alterations will be relatively easy. When you have the money, you can adapt the home to your changing needs.

But when the market value goes down due to financial crisis, wouldn’t it be cheaper to buy an existing home.

You may be able to pick up some bargains as there’s a sharp decline in the housing market, but buying an existing home has drawbacks. You may have to conduct some repairs and maybe even renovate certain portions of the house. The fittings may not be to your taste, and new flooring may be needed as well. These expenses will have to be weighed against the cost of building your own home from the ground up.

Of course, one big advantage, when you build your own home is that you don’t only establish a home for yourself but you also help people in the construction industry and the state. The money you pay for building permits adds to local revenue and you also provide work for those who do this for a living.

During a financial downturn, should you build your own home? You’ll be provided with a an investment that’s solid and can be sold for a profit in years to come and you’ll also create employment for others as long as you’re sure you can afford to and your income is secure.

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As the real estate market decline, the profit potential of home ownership has cooled. Following the builder is one of the several strategies that can make real estate profitable in a declining market.

Home owners find it difficult to sell and get a good price for their home when the market slows down but when it’s rising, it’s easy to make a profit. In all but the most negative conditions, following the builder affords homeowners the opportunity to make a profit on real estate. Most people, just so they can make a profit, would move even if they don’t need to.

Following the Builder

In many areas of the country, there are builders who build hundreds of houses each year within a fifty mile radius of each other. They build entire communities or a group of three to five builders build entire communities around big employment centers. An important opportunity would be presented to you because of this.

New Community

The first phases of communities would be sold by builders for significantly less than later phases. But they would have to get the cash flow moving. Because the community consists of construction equipment and dirt lots, selling at higher prices is difficult. A great profit opportunity is then presented to prospective buyers.

How to get in on the build out’s first phase is the idea. You will purchase the home at a discount, which gives you built-in equity. The community building up would mean you can sell the home for a profit at a higher price. Keeping tabs on the builder’s projects and finding another location where you can do the same thing is what you can do.

You can pick up the nice profits along the way when you end up living in each house for a year or more. Moving repeatedly would be the only real downside.

Facts about Tax Consequences

This has worked well for a number of people who have done it more than once. However, you need to be aware that generating profit this way can have tax consequences. You need to discuss your plans (including projected timing and profit potential) with your tax professional so that you are prepared to deal with any tax consequences.

You can build up a nice nest egg with this type of real estate investment if you’re willing to move yearly and carefully invest so your profits are clear.

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Safety can be a concern for realtors, particularly when on duty at an open house. They may spend periods of time alone at the house and often work alone visiting homes with clients. Many of those clients are strangers to the realtor, and there is no guarantee of personal safety. Try to consider these guidelines if you want to improve your safety.

If this is the first time you’re meeting the client, better you meet them at the office. As much as possible, get personal information about the client. A copy of the driver’s license is a good start not only for safety, but also to add to the client database.

Even if you have to split the commission, ask a co-worker to go with you. Driving your own car may be your only means of escape so do this when you go to the property. Once at the property make sure your car is not blocked and you have an easy escape route.

As you are showing the property, always have the client lead you; this allows the property to present itself and keeps the client where you can see them. Make sure they sign-in on the registry and if the office does not have information on the client, get the information to them via text message or email. Your office will thus be aware that you are with a client at this time.

Make sure your cell phone and keys are kept close and are easy to access. Keys are even considered an effective weapon of surprise if needed. Your handbag should either be kept with you at all times or locked in the trunk of your car. Get to know the property – not only do you look more professional, but you will be safer; your client will not know all of the exits as well as you should.

Take a few self defence classes, as a few minutes head start out of the property could mean the difference between a safe escape and being trapped. Take the first chance for escape and don’t try to talk your way out of a difficult situation. Spending more time in a dangerous situation would mean you’ll have a slimmer chance for a safe exit.

During an emergency, a vital role can be played by your office. They need to have the make of you car as well as its license plate and color. If you are using a different car that day, make sure they have its description as well. You office should have your schedule for the day and on each appointment, you should check in.

You may already be putting some of these points into practice. Working alone is what you would sometimes do if you’re a real estate agent. You’ll be safer and be in contact with help quicker with today’s email and cellphone capabilities as well as careful thought.

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Did you know that the best thing for you to do on showing day is not to be home? It’s true. To show your home, the best qualified person would be your Realtor. While you may think you know the home best, it is the Realtor®’s job to know the client best, and to know what they are looking for in a home. This means that during the days your home is being shown, go for a drive and a shopping trip, kick back and relax at a friend’s house, or whatever it takes to get you out of the house.

It’s really before the showing day that your work comes in. Sharing all that you know about your home with your Realtor is one of these things. The more they know about the home, the better they can sell it. Don’t hide your home’s flaws from the Realtor. These would come up anyway sooner or later. Your best option is tell your Realtor everything, both the good and the bad. This way, they will be able to promote the good and understate the bad. Alternatively, they may know about a niche market of buyers that actually wants those features in a home and they may even be able to provide creative solutions to what you perceive as problems with the home.

You have another major job and that is to clean up. Making sure you home is clean is very important. Clean better than you normally would. I’m not implying you are a sloppy cleaner, it’s just that a home being shown for sale needs to be completely clean, top to bottom, with no corner or crevice forgotten. You should not forget about cupboards or closets either since buyers almost always open these up to have a look. Another thing to consider is to have the carpets and drapes professionally cleaned.

De-cluttering goes side by side with cleaning. You should make sure that you remove clutter from your home. This will take more than tidying up because you might have to get rid of some of your decorations. If you are the type to have lots of little figurines or a vase collection, choose maybe one, then put the rest in storage. There are times when spare rooms and storage spaces are the key selling features which means you shouldn’t cram everything in there. Consider renting storage space. Since you will be moving away, things could be a lot easier when it’s finally time to move if you have some of your things packed up before the house even sells.

With these tips, you will hopefully be able to sell your home fast and also help you have a successful showing.

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As the real estate market returns to a normal pattern of buying and selling, some sellers are easily frustrated. Here are a few practical tips if your home is not selling.

What if Your Home is Not Selling?

Similar to a job interview or even a first date is selling a home. Presentation tends to go a long way in determining the outcome. That might sound a bit shallow, but it is simply a fact of life in many endeavors including real estate. To this end, sellers have developed bad habits when it comes selling their home out of the recent hot seller’s market. There are some basic tips you need to know to help you get back on track.

In most real estate, there is a garage. If you have lived in the property for any amount of time, you have undoubtedly stored numerous things in your garage. I know I have! However, when the time comes to sell your property, make sure that you give your garage the once over. Items you consider priceless heirlooms might be considered junk by buyers. Make sure your garage is not messy since this is also a negative. Keep in mind that you are expected to have the home in pristine condition. If there is anything that does not reflect that, then it will hurt you in the eyes of these individuals.

Your home has undoubtedly some amazing interior features. You should highlight the features because instead of just assuming, the potential buyer understands the value of them. Lighting would be the best method for doing this. You can ensure that you have sufficient lighting in the relevant area if you open drapes or use more powerful light bulbs. If you have beautiful marble flooring and counters in your kitchen, make sure there is sufficient lighting to make them stand out.

The first thing that a potential buyer is going to see when they pull up to the property is your lawn. Keep it trimmed and cut back any jungles. Try to think about the walkway to the front door. A good idea would be to plant flowers and such.

Instead of a negative aspect, make sure that the entrance is a positive aspect of your home. Make sure the front door is in perfect shape. In fact, you need to focus on the entry area. Add plants, rugs and what have you to make a good impression. Next, walk in through the front door and take in the view. Do you think there is anything that gives you pause and can be improved? If so, then go ahead and do it!

Cooling to the extent that homes are not selling in three days anymore is the real estate market. The key to getting the offer that you need would be returning to the basic fundamentals of selling a home.

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It can be a daunting experience to buy a home. If this is your first time, then you are about to experience all sorts of dodgy things being done to you, by the seller, their estate agent, or even your own estate agent. However, a little knowledge can go a long way as with many things in life. If you are buying a home, then try to consider these things.

First thing to consider is that you won’t go wrong if you set a budget and stick to it. Work backwards to include agents’ fees and other expenses such as surveys after you have worked out what you can afford. Your budget minus the fees and expenses is the maximum price that you should pay for your house. Once you get into debt, it’s hard to get out and this is what will happen if you go over because you’ll struggle and get yourself into bad debts.

The next important thing is to always have a proper survey done. It can be tempting to skip it or try to do it yourself from a checklist you found in a book because they are expensive but if you buy the house only to find something that the survey would have, then it would be much more expensive for you. This is one reason why it isn’t a good idea to buy houses at house auctions they will sometimes have drastic structural defects that a survey would have found, but you’ve just committed to buy the house without one.

There is one more piece of advice, and that is to take your time. You would be tempted to dive in and see as many houses as possible in a week once you have decided to move and then buy one of them. However, the people who find the best houses take a year or even more and they would look at only a few good houses each week until they find one that really grabs them. You will be less stressed if you do it this way and you will also be able to be much more likely to be happy with the result.

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