Understandably, cash flow properties are the key to real estate investment success; but how to find these kinds of properties and analyze a properties cash flow potential are what the new investor in real estate – or anywhere else for that matter – needs to know. First of all, if the investor is focusing on [...]
Archive | November, 2010
USDA vs. FHA, USDA wins
With the recent increase in the monthly mortgage insurance on FHA loans, USDA 100% financing is both a less expensive loan program and requires less money out of pocket when compared with the popular FHA program. Take for example a property with a sales price of $250,000. With FHA financing, the 3.5% down payment requirement [...]
Home Affordable Modification Program Guidelines Part 1
Taking a deeper look into the government’s HAMP manual found on HAMP admin website. Knowing how your loan modification should be proposed and what you need to provide, makes the difference between getting approved or not.
16+ Months with No Mortgage Payment
The unlucky number for today is 492; and that number is all but certain to rise. 492 – The number of days since the average borrower in foreclosure last made a mortgage payment. 16 months rent free and in many states like NY and FL, even longer, up to 20-24 month. 318 days; another number certain to rise – the average age of a delinquent loan that is more than 90 days in arrears but not yet in foreclosure.
Reject the Small Deposit: Just Say “No”
Say “No” to the Small Deposit By Brian Madigan LL.B. (Ontario Real Estate Source) There are many areas that operate with the low deposit being the norm. That doesn’t make much sense, but it also illustrates a difficulty in terms of the real estate industry understanding the purpose of a deposit. Some areas outside of [...]
Trend Towards Smaller Homes Continue
New single-family homes are getting smaller, and the trend is likely to last well beyond the recession, according to research from the National Association of Homebuilders (NAHB). The median size of a new single-family home has dropped from a peak of 2,268 square feet in 2006 to 2,100 square feet in 2009. Homebuilders attribute the [...]
5 Unique Closing Gifts
You’ve just closed a jumbo mortgage loan or large real estate sale. You really enjoyed working with this client and want to convey how appreciative you are for the business. And it wouldn’t hurt to make an impression so you’d come to mind when they are asked to recommend a great mortgage or real estate professional! Check out this list of unique closing gifts that are sure to make an impact.
Property Management Tip: Collect a Non-Refundable Deposit Before Taking a Rental Off the Market
If you have been in property management long enough, you have seen approved tenants change their minds about leasing a rental for all sorts of crazy reasons. Just yesterday, I had a client give me $200 deposit to rent a house in Tampa. She calls me this morning wanting to cancel because she is afraid [...]
Creative Financing Helping Many Buyers
The housing industry is gaining ground in many areas. Low prices and rock bottom interest rates have been helping to fuel the recovery effort, but high unemployment and difficulty obtaining financing are keeping a lot of people from taking the leap into homeownership. Since locating financing continues to be an obstacle for many would be [...]
Are You Show-Ready?
We were out showing homes and began wondering why so many occupied homes are not properly prepared for showings. The sellers knew we were going to show their home several hours in advance and yet most of them were not “show-ready” when we arrived. What is “show-ready”? Here’s a little background before we answer the question. [...]
Toronto’s 5,000 Page By-law Under Appeal
Omnibus By-Law Sparks Hundreds of Appeals By Brian Madigan LL.B. (Ontario Real Estate Source) Over 700 appeals have been filed against the City of Toronto’s new omnibus by-law. This was the 5,000 page piece of work that was supposed to simplify everything. You may recall that the old City of Toronto, North York, East York, [...]
Follow Employment Law for the Early Changes to Real Estate Contracts
Effectiveness of Employee Releases Offers Caution To Agents By Brian Madigan LL.B. (Ontario Real Estate Source) Employment law is often on the edge of new legal developments. When there are changes in legislation and additional indulgences permitted to a contracting party, it is often in the field of employment laws. So, if you want to [...]
Canadian Real Estate Market Returns to Normal
Canadian Housing Market Normalizes By Brian Madigan LL.B. (Ontario Real Estate Source) The Canadian housing market had been somewhat unpredictable over the last three years. It was hot in 2007, then there was a world financial crisis in late 2008, with some reasonable return to normalcy in late 2009 and 2010. So, finally the pundits [...]
Toronto Enforces Old Parking By-Law (decades later)
Toronto Charges Homeowners with Illegal Parking On Their Own Driveway By Brian Madigan LL.B. (Ontario Real Estate Source) You might think this was as a result of Toronto’s new crazy parking by-law that came into force on 1 October 2010. But no, this is an old by-law. Bob has parked on his parent’s driveway in [...]
What Happens When the Developer Goes Bankrupt?
It’s a sad siren song but one that I have personally heard several times and that I know other agents have as well. New home communities – many hanging on by their chewed off finger nails – tossing promises, buyer incentives and agent bonuses out to any potential clients. Many buyers don’t see the need for an agent when buying a new home so many of the obvious land mines are never recognized. Unfortunately, some agents representing new home buyers are too lazy, too stupid or just don’t care to properly research potential issues. The obvious question then, is what happens when the developer goes bankrupt? What recourse do owners have? Usually, none.
Five Helpful Hints to Sell Your Chicago Home This Season
There’s a chill in the air, the lampposts are wrapped with holly and the Magnificent Mile lights are in full illumination. Still, some Chicago homeowners find themselves with a case of the holiday blues, stemming from a concern that house hunters will postpone their searches until after they’ve ushered in the New Year. While fewer [...]
Ontario Residential Anti-Smoking Policies
Nobody Likes Second Hand Smoke! By Brian Madigan LL.B. (Ontario Real Estate Source) Not even if you are a smoker. So, what’s the problem? Many multi-plexes, co-operatives and condominiums have difficulty enforcing anti-smoking rules and policies. The Ontario government isn’t of much help. They have lost some supporters recently and they are not looking to [...]
Will The Mortgage Interest Deduction Go Away?
The National Commission on Fiscal Responsibility and Reform recently released the proposal to reduce our national debt, which included verbiage covering the mortgage interest deduction. Misinformation is rampant when trying to cover such a broad topic like reducing the US government’s debt. Just like across the country, Inland Empire homeowners should be aware of this [...]
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Carmen Brodeur: Very interesting! I better go buy more wrinkle cre...
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Ria Grace: What is good of having custom home is that you can...
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Patrick: A great online property management forum is agents...
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Kyle Pearce: Unfortunately, in every industry, there are some w...
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$10000 California First Time Home Buyer and New Home Tax Credit Extended
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Unite Against the Sarasota MLS Board
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Short Sale Heaven Coming April 5th 2010
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The Lones Group – Real Estate Social Media Marketing Firm – Sues Agent For Being A Zebra
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California Senate Bill 94 (SB94): Passes; Not even Attorneys can do it!
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