Home prices tumble by record in 3Q
Home prices tumbled by the sharpest annual rate on record in the third quarter, according to two widely watched indexes released Tuesday, and the trend is expected to get worse.
Home prices tumble by record in 3Q
November 29, 2008 By Leave a Comment
FDIC plan could help 1.5 million keep homes
November 29, 2008 By Leave a Comment
FDIC plan could help 1.5 million keep homes
Publicly breaking with the Bush administration, the FDIC proposed to use $24 billion in government funding to help 1.5 million American households avoid foreclosure.
Finding The Best Time To Buy Your Own House
November 29, 2008 By Leave a Comment
Gerald Mason asked:
Renting should be thought of as the short-term solution to the housing problem. Let us not rush out and buy a house, and get stuck too permanently in one place. Don’t be in too big a hurry to buy.
Renting will provide a place to live, without too much capital investment, and will permit you to move without too much trouble, if necessary.
If you have moved to an entirely different part of the country, you should be careful not to buy until you have decided for sure that you intend to stay. It may also be better to rent for a year or two, until you discover what town or what part of town is best for you.
Sometimes a good house can be rented for a year, with an option to buy included in the contract. This gives you more time in which to make up your mind.
Buying a house is a large undertaking, which should be given plenty of thought and consideration. In the meantime, renting is obviously the thing to do. If you rent in the part of town where you think you might like to live, you can study the neighborhood to find out whether it is just the district you want or not. When you have decided exactly where you want to live, it is time to begin thinking of buying or building.
Buying a House
It is too bad to get a house bought and then decide to move. But it is equally unfortunate to postpone buying too long. Rent money is lost and cannot be recovered. If you are reasonably sure that you are permanently located, that is for five years or more, then it is time to begin to think about buying or building a good permanent home.
Perhaps the ideal way to get a suit of clothes would be to find a good tailor, have him take your measurements, and help select a suitable fabric; then let him make the suit. But most of us go to the places where they sell ready-made suits and buy them di¬rectly. This saves time and is usually less expensive, though admittedly the fit is often not perfect, and the tailoring somewhat less than might be desired.
It is a good deal the same way in getting a house. You can hire a good architect to design you a house and find a reputable contractor to build it, or you can buy a house ready made. The ready-made house may not fit your family as well as the custom-built house, but it may be a pretty fair fit, and you can live very happily in it.
A tailor-made house will probably cost more than a ready-made one, but whether it will be worth more will depend upon the wisdom of the designer, the skill of the builder, and the cooperation of the owner.
In this present chapter we shall consider only the proposition of buying a house already built. In a later chapter we can go into the problem of actually building your own house.
It costs something to keep a roof over your head, any way you do it. It is one of the expenses of living just as food and clothing are.
The question to decide is how to get the most satisfactory roof with the least expenditure of time and energy.
The ownership of a home is now within the reach of any person who has the determination to go out and get one. It may take time and it will certainly take effort, but it is greatly worth while.
The satisfaction of having a place of your very own, a fortress from which you can defy the cruel world, a headquarters for your living, a place where the landlord does not tell you what to do, and particularly what not to do; these are some of the Why do you want a new house? Are you tired of renting, or has your family outgrown the present house? Or are you in the wrong neighborhood? Or is the house getting obsolete? How much do you want a new house? Enough to spend the best years of your life paying for it?
Why should a person own his house?
Because he does not like to have a landlord come and collect a big price every month for the privilege of living in his rundown old house; because the payments he makes on his own house gradually give him an equity in the place; because it saves the necessity of moving so often.
In a rented house a person can’t make any changes without permission and then he doesn’t want to make them anyway, as he may have to move soon,
If you want to buy a house it is well worth using a free mortgage calculator to save you money on your mortgage.
rewards of owning your own home.
Renting should be thought of as the short-term solution to the housing problem. Let us not rush out and buy a house, and get stuck too permanently in one place. Don’t be in too big a hurry to buy.
Renting will provide a place to live, without too much capital investment, and will permit you to move without too much trouble, if necessary.
If you have moved to an entirely different part of the country, you should be careful not to buy until you have decided for sure that you intend to stay. It may also be better to rent for a year or two, until you discover what town or what part of town is best for you.
Sometimes a good house can be rented for a year, with an option to buy included in the contract. This gives you more time in which to make up your mind.
Buying a house is a large undertaking, which should be given plenty of thought and consideration. In the meantime, renting is obviously the thing to do. If you rent in the part of town where you think you might like to live, you can study the neighborhood to find out whether it is just the district you want or not. When you have decided exactly where you want to live, it is time to begin thinking of buying or building.
Buying a House
It is too bad to get a house bought and then decide to move. But it is equally unfortunate to postpone buying too long. Rent money is lost and cannot be recovered. If you are reasonably sure that you are permanently located, that is for five years or more, then it is time to begin to think about buying or building a good permanent home.
Perhaps the ideal way to get a suit of clothes would be to find a good tailor, have him take your measurements, and help select a suitable fabric; then let him make the suit. But most of us go to the places where they sell ready-made suits and buy them di¬rectly. This saves time and is usually less expensive, though admittedly the fit is often not perfect, and the tailoring somewhat less than might be desired.
It is a good deal the same way in getting a house. You can hire a good architect to design you a house and find a reputable contractor to build it, or you can buy a house ready made. The ready-made house may not fit your family as well as the custom-built house, but it may be a pretty fair fit, and you can live very happily in it.
A tailor-made house will probably cost more than a ready-made one, but whether it will be worth more will depend upon the wisdom of the designer, the skill of the builder, and the cooperation of the owner.
In this present chapter we shall consider only the proposition of buying a house already built. In a later chapter we can go into the problem of actually building your own house.
It costs something to keep a roof over your head, any way you do it. It is one of the expenses of living just as food and clothing are.
The question to decide is how to get the most satisfactory roof with the least expenditure of time and energy.
The ownership of a home is now within the reach of any person who has the determination to go out and get one. It may take time and it will certainly take effort, but it is greatly worth while.
The satisfaction of having a place of your very own, a fortress from which you can defy the cruel world, a headquarters for your living, a place where the landlord does not tell you what to do, and particularly what not to do; these are some of the Why do you want a new house? Are you tired of renting, or has your family outgrown the present house? Or are you in the wrong neighborhood? Or is the house getting obsolete? How much do you want a new house? Enough to spend the best years of your life paying for it?
Why should a person own his house?
Because he does not like to have a landlord come and collect a big price every month for the privilege of living in his rundown old house; because the payments he makes on his own house gradually give him an equity in the place; because it saves the necessity of moving so often.
In a rented house a person can’t make any changes without permission and then he doesn’t want to make them anyway, as he may have to move soon,
If you want to buy a house it is well worth using a free mortgage calculator to save you money on your mortgage.
rewards of owning your own home.
Real Estate Foreclosures: Double-edge Sword or Heaven Sent?
November 29, 2008 By Leave a Comment
Peter Conti asked:
It’s completely understandable…investing in real estate foreclosures can be irresistibly attractive. The lure of landing quick profits from 40% to 50% or more is enough to get anyone’s attention! But if you’re thinking about taking the foreclosure plunge it’s prudent to proceed with caution.
You have a small bucket of factors that’ll make the difference between experiencing the thrill of investor success, or the agony of foreclosure defeat. You need to have the right knowledge and walk in prepared.
If you’re new to investing…lets start off simple.
Foreclosure is a legal process whereby a mortgage holder, such as a bank, takes over possession of a property due to default on the mortgage loan. In the US, some states have what’s called, ‘strict’ foreclosures. This legality attempts to let the borrower have some time to make good on back payments. The borrower is given period of time to bring the debt current. Failing to do that, the title reverts to the lender.
You don’t want to be in the middle of someone else’s legal headaches.
And some advise to avoid offering any kind of legal rescue in exchange for part or whole ownership of the property. You absolutely MUST educate your self with accurate information from those with experience in this area. And there are ways to creatively help others solve their foreclosure problems with win-win methods.
In addition to accessing accurate legal information for your location, here are some other considerations for you…
Some legal foreclosure proceedings allow the borrower to have the ‘right of redemption’. This gives them a finite period to ‘cure the loan’. In other words to make back payments or strengthen their credit so they can reclaim title to and possession of their property.
You must be aware of critical clauses in their contract and get expert legal advice for your state or location.
But after the foreclosure is complete, or beyond question, you can create a plan to invest in the property. Some like to keep an eye out for deals in which a Notice of Default has been issued.
Then you have auctions on foreclosed property. These are quite common but still you need to do your due diligence. Never bid on a property without some first hand confirmation of its legal status and physical condition.
Here’s why this is so important…
Auctioned foreclosures are sold ‘as is’. Just like autos and other vehicles. And the difference with other property sales is there are no warranties or granting of title insurance.
A few things you should do at a minimum…
Arrange for a professional inspection to be performed. And you should do this even if you’re an experienced investor. No property is totally free from minor defects and issues. You just want to be sure it doesn’t need major repairs like a new roof, foundation repairs, or serious plumbing issues, etc.
On the other hand, if you’re looking for a fixer-upper to flip then major repairs may be acceptable. Only you know about your strategies and available resources. If you’re looking at major repairs, of course you should take those into consideration in your offer.
One other method of foreclosure investing is the REO, or Real Estate Owned. It’s owned by the lender. REO’s are properties that are auctioned but have not been sold. You can find some very good REO deals. But again you must exercise caution and do your homework!
Lastly…there’s the ‘short sale’ foreclosure deal. In this situation the lender agrees to accept less money than is outstanding on the loan. You’ll negotiate directly with the lender and come to terms. And all the due diligence cautions apply in this situation, as well.
Remember! Do your research. There are more considerations the wise foreclosure investor needs to consider. It’s possible to specialize in this area and do very well. You just need to get the right education from someone who has successfully been there and done that.
It’s completely understandable…investing in real estate foreclosures can be irresistibly attractive. The lure of landing quick profits from 40% to 50% or more is enough to get anyone’s attention! But if you’re thinking about taking the foreclosure plunge it’s prudent to proceed with caution.
You have a small bucket of factors that’ll make the difference between experiencing the thrill of investor success, or the agony of foreclosure defeat. You need to have the right knowledge and walk in prepared.
If you’re new to investing…lets start off simple.
Foreclosure is a legal process whereby a mortgage holder, such as a bank, takes over possession of a property due to default on the mortgage loan. In the US, some states have what’s called, ‘strict’ foreclosures. This legality attempts to let the borrower have some time to make good on back payments. The borrower is given period of time to bring the debt current. Failing to do that, the title reverts to the lender.
You don’t want to be in the middle of someone else’s legal headaches.
And some advise to avoid offering any kind of legal rescue in exchange for part or whole ownership of the property. You absolutely MUST educate your self with accurate information from those with experience in this area. And there are ways to creatively help others solve their foreclosure problems with win-win methods.
In addition to accessing accurate legal information for your location, here are some other considerations for you…
Some legal foreclosure proceedings allow the borrower to have the ‘right of redemption’. This gives them a finite period to ‘cure the loan’. In other words to make back payments or strengthen their credit so they can reclaim title to and possession of their property.
You must be aware of critical clauses in their contract and get expert legal advice for your state or location.
But after the foreclosure is complete, or beyond question, you can create a plan to invest in the property. Some like to keep an eye out for deals in which a Notice of Default has been issued.
Then you have auctions on foreclosed property. These are quite common but still you need to do your due diligence. Never bid on a property without some first hand confirmation of its legal status and physical condition.
Here’s why this is so important…
Auctioned foreclosures are sold ‘as is’. Just like autos and other vehicles. And the difference with other property sales is there are no warranties or granting of title insurance.
A few things you should do at a minimum…
Arrange for a professional inspection to be performed. And you should do this even if you’re an experienced investor. No property is totally free from minor defects and issues. You just want to be sure it doesn’t need major repairs like a new roof, foundation repairs, or serious plumbing issues, etc.
On the other hand, if you’re looking for a fixer-upper to flip then major repairs may be acceptable. Only you know about your strategies and available resources. If you’re looking at major repairs, of course you should take those into consideration in your offer.
One other method of foreclosure investing is the REO, or Real Estate Owned. It’s owned by the lender. REO’s are properties that are auctioned but have not been sold. You can find some very good REO deals. But again you must exercise caution and do your homework!
Lastly…there’s the ‘short sale’ foreclosure deal. In this situation the lender agrees to accept less money than is outstanding on the loan. You’ll negotiate directly with the lender and come to terms. And all the due diligence cautions apply in this situation, as well.
Remember! Do your research. There are more considerations the wise foreclosure investor needs to consider. It’s possible to specialize in this area and do very well. You just need to get the right education from someone who has successfully been there and done that.
Valuable Green Building Tips For The Home
November 29, 2008 By Leave a Comment
Valuable Green Building Tips For The Home
The central theme of the green building approach is conservation, and into ensuring that homes are healthier, safer, more comfortable, and have less operating costs. This concept allows people to connect to the land and community around them. Below are some valuable tips in implementing simple but helpful green building ideas for the home.
New breed of investor looks to housing market
November 29, 2008 By Leave a Comment
New breed of investor looks to housing market
Falling prices and rampant foreclosures are not the stuff of healthy housing markets. But to some real estate investors, the dismal market can signal that it is time to invest.
Freddie, Fannie suspend foreclosure actions
November 29, 2008 By Leave a Comment
Freddie, Fannie suspend foreclosure actions
Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures for about 16,000 U.S. households during the holiday season.
Freddie, Fannie suspend foreclosure actions
November 29, 2008 By Leave a Comment
Freddie, Fannie suspend foreclosure actions
Mortgage finance companies Fannie Mae and Freddie Mac are suspending foreclosures for about 16,000 U.S. households during the holiday season.
Mortgage rates fall, if you can get a loan
November 29, 2008 By Leave a Comment
Mortgage rates fall, if you can get a loan
Mortgage rates fell for the second day in a row Wednesday, and could be heading toward levels home buyers and owners haven’t seen this year.
Eco Housing For A Better Tomorrow
November 29, 2008 By Leave a Comment
Eco Housing For A Better Tomorrow
Just as housing is important and essential to our needs so is biodiversity conservation is the key to sustain the environment. A building can be truly eco-friendly if only constructed with the least impact on the biodiversity.