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Who is the Real Estate Wiki?
All Your Real Estate Questions Answered with a Unique Kind of Real Estate Encyclopedia
Hello everyone!The Real Estate Wiki is a new, independent wiki that exclusively covers the real estate industry.
The Real Estate Wiki was started by a group of real estate professionals who were just tired of all the real estate misinformation being consumed by users and felt that Wikipedia didn't fully cover some of the most important aspects of the real estate community.
Thus, the Real Estate Wiki was born.
They laid the groundwork for the wiki with the goal of becoming the real estate industry's largest free online encyclopedia.
The combined efforts of our small group yielded over 3,000 definitions for real estate terms, almost 1,000 answers to frequently asked questions, a list of 500 real estate acronyms, over 400 bios of prominent real estate leaders, authors, speakers, etc., over 600 real estate brokerage companies and details of 800 real estate associations, councils, designations, courses, blogs, social networks, publications...the list goes on and on.
Similar to Wikipedia, Real Estate Wiki is hoping that volunteers with real estate specific knowledge will join and cooperate to expand the largest, highest quality, free real estate encyclopedia in real estate as a resource for everyone to use.
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Can I Change My Mind About a Counteroffer I Accepted if I Get a Better Deal?
The seller is free to withdraw the counter-offer any time prior to your acceptance of it. The communication method for acceptance is usually described in the contract. If your acceptance was communicated to the seller in the required method before the seller withdrawing the offer, the seller should honor the contract with you and not entertain other offers.If the seller refuses to honor your contract, the problem becomes whether you try to enforce your contract or not, which requires legal advice and expenses. For that, you have to consult an attorney. Although you could probably technically enforce the contract, you have to reach a decision on whether it makes sense to spend the time and money to do so, or weather it makes more sense to accept the seller is unethical and just move on to buy something else.
Check out theReal Estate Dictionary for more
information.
Can A Realtor Offer A Client Legal Or Financial Advice?
No, a Real Estate agent or broker (unless licensed to practice law or provide financial services) is not allowed to provide legal or financial advise to his/her clients.
However, the agent may be helpful in providing referrals to the appropriate institutions or service providers, based on their expertise and network. If a real estate agent provides the client with a referral, it is the responsibility of the buyer to independently interview and research any information received and select the service provider of his/her choice.
Check out theReal Estate Dictionary for more
information.
However, the agent may be helpful in providing referrals to the appropriate institutions or service providers, based on their expertise and network. If a real estate agent provides the client with a referral, it is the responsibility of the buyer to independently interview and research any information received and select the service provider of his/her choice.
Check out theReal Estate Dictionary for more
information.
Beyond The Home Inspection
The first thing most agents advise buyers to get is a home inspection or termite report. Both necessary in determining the condition of a property.
The home inspection will review the health and safety issues of a property, including electrical, plumbing, and heating functionality. It looks at roof, structural, and foundation conditions, including many other conditional aspects of the property.
The termite report is specific in that it looks for infestations, damages from water, mold and mildew, and is an equally essential element in finalizing your decision to purchase. However, what you also need to consider is the Natural Hazard Zone Disclosure Report.
This report should always be given to the buyer by the seller, and is routinely provided by industry professionals who have remained abreast of the disclosure requirement laws.
The problem is that many of these reports are frequently skimmed over by both the buyer and their agent.
When you think of natural disasters, what comes to mind are earthquakes, fire, and flooding. These zone disclosures will let you know whether or not the property you are considering is located partially or wholly within or near any of these designated areas.
Through the use of official mapping, these hazard reports identify known or active earthquake faults, areas susceptible to strong ground shaking, landslides or other ground failures.
It looks at high density brush, timber or undergrowth areas, soil erosion areas that retard runoff of water; and landslide or rock fall areas, where homes encroach closely with unstable slopes or slide areas.
Dam failures may or may not be caused by earthquakes, and in many areas, unbeknownst to the homeowners, there may be a number of dams that you would never know exist until disaster strikes.
For example, in neighboring Alameda and Contra Costa Counties located in the northern California area, there are more than 56 dams, a number which would surprise many.
Katrina was a real wake up call, with consequences that continue to be discussed throughout the world. When considering your home purchase, make sure you take a real close look at the Natural Hazard Zone Disclosure as part of the home inspection process.
-By Jacalyn Evone, Broker for The Real Estate Wiki
The home inspection will review the health and safety issues of a property, including electrical, plumbing, and heating functionality. It looks at roof, structural, and foundation conditions, including many other conditional aspects of the property.
The termite report is specific in that it looks for infestations, damages from water, mold and mildew, and is an equally essential element in finalizing your decision to purchase. However, what you also need to consider is the Natural Hazard Zone Disclosure Report.
This report should always be given to the buyer by the seller, and is routinely provided by industry professionals who have remained abreast of the disclosure requirement laws.
The problem is that many of these reports are frequently skimmed over by both the buyer and their agent.
When you think of natural disasters, what comes to mind are earthquakes, fire, and flooding. These zone disclosures will let you know whether or not the property you are considering is located partially or wholly within or near any of these designated areas.
Through the use of official mapping, these hazard reports identify known or active earthquake faults, areas susceptible to strong ground shaking, landslides or other ground failures.
It looks at high density brush, timber or undergrowth areas, soil erosion areas that retard runoff of water; and landslide or rock fall areas, where homes encroach closely with unstable slopes or slide areas.
Dam failures may or may not be caused by earthquakes, and in many areas, unbeknownst to the homeowners, there may be a number of dams that you would never know exist until disaster strikes.
For example, in neighboring Alameda and Contra Costa Counties located in the northern California area, there are more than 56 dams, a number which would surprise many.
Katrina was a real wake up call, with consequences that continue to be discussed throughout the world. When considering your home purchase, make sure you take a real close look at the Natural Hazard Zone Disclosure as part of the home inspection process.
-By Jacalyn Evone, Broker for The Real Estate Wiki
Am I Automatically Approved For The Loan When I Get Pre-qualified?
No. Pre-qualification simply means that a lender has reviewed the preliminary information you have provided, including your monthly or annual income. Based on this preliminary information, the lender will pre-qualify you for a certain amount.
A credit check may not have been run and the lender is not yet in receipt of written documentation supporting your claims. You will only qualify and be approved for the loan, when you actually apply and submit all necessary documentation and a credit check proves you are worthy of being approved for the loan.
Check out the information.">
A credit check may not have been run and the lender is not yet in receipt of written documentation supporting your claims. You will only qualify and be approved for the loan, when you actually apply and submit all necessary documentation and a credit check proves you are worthy of being approved for the loan.
Check out the information.">
Do I Have To Allow Agents To Show My House At All Times?
Although it is best to make the showing of the home as easy as possible for agents and their clients, the seller does have the option of requiring appointments to be made.There may be special circumstances, which require the seller to have plenty of advance notice.
For example, if there are children or a handicapped person in the home that require special attention, the agent can specify that fact in the MLS listing, indicating the home may be shown by appointment only. Most agents will abide by this rule and call the seller to make an appointment.
Some home sellers even go as far as not allowing a yard sign or a lockbox, to avoid surprise visits. Again, the easier the home can be shown, the better the chances for it to sell quickly.
Agents who are in the area will bypass a home, which is not readily available to show, thereby curtailing the chances of that home being sold to their client.
Check out the Real Estate Dictionary for more information.
Home Staging Techniques
Many techniques are used to stage a property. De-cluttering, de-personalizing, updating old or unattractive fixtures, painting, furniture rearrangement, rental furniture and accessorizing are just some of the changes used to make a home more inviting to potential buyers.
Since a typical home buyer decides if they are attracted to a home or not in the first 8 seconds of seeing it, curb appeal is generally viewed as a vital aspect of the staging process. Therefore, curb appeal, the practice of improving a home's exterior appeal, is used alongside interior improvements.
It has been shown that homes containing furniture and accessories sell more quickly than vacant homes, because the potential buyers realize what can actually be done with the place. They may realize that the room is actually a lot larger than it would look without furnishings.
Rental of furniture and decorative accessories are common solutions used by a home stager when selling brand new properties that have never been occupied, or those where homeowners have already vacated the property.
Spaciousness and light often determine the success of a staged home. Typically, the larger a room appears, the better it will seem to homebuyers. Dark, tight spaces create a poor impression and may prevent the home from selling.
Furniture layouts should create an impression of openness and comfort. Non-essential items should be removed to minimize crowding and clutter.
Opening curtains and blinds to let in natural light and turning on interior and exterior lights at nighttime are also common staging techniques.
One school of thought suggests that wall treatments and flooring are most appealing when presented in neutral colors and subtle patterns.
Paint colors should be neutral whenever possible, as bright or bold colors and strong patterns detract from the universal appeal of a space.
This rule, however, does not always hold true, particularly in the luxury home market, where unique fixtures and bold finishes - such as stained concrete flooring, deeply colored textured paints and artisan fixtures - are often considered highly desirable.
Religious items, personal photos, awards, certificates and cultural items are often removed to downplay the presence of current homeowners.
This helps potential homebuyers to not only feel more at ease during viewings, but allows them to focus on the property itself while also imagining their own belongings in the space. -From the Home Staging Council for Real Estate Wiki
Check out the Real Estate Dictionary for more information.
Since a typical home buyer decides if they are attracted to a home or not in the first 8 seconds of seeing it, curb appeal is generally viewed as a vital aspect of the staging process. Therefore, curb appeal, the practice of improving a home's exterior appeal, is used alongside interior improvements.
It has been shown that homes containing furniture and accessories sell more quickly than vacant homes, because the potential buyers realize what can actually be done with the place. They may realize that the room is actually a lot larger than it would look without furnishings.
Rental of furniture and decorative accessories are common solutions used by a home stager when selling brand new properties that have never been occupied, or those where homeowners have already vacated the property.
Spaciousness and light often determine the success of a staged home. Typically, the larger a room appears, the better it will seem to homebuyers. Dark, tight spaces create a poor impression and may prevent the home from selling.
Furniture layouts should create an impression of openness and comfort. Non-essential items should be removed to minimize crowding and clutter.
Opening curtains and blinds to let in natural light and turning on interior and exterior lights at nighttime are also common staging techniques.
One school of thought suggests that wall treatments and flooring are most appealing when presented in neutral colors and subtle patterns.
Paint colors should be neutral whenever possible, as bright or bold colors and strong patterns detract from the universal appeal of a space.
This rule, however, does not always hold true, particularly in the luxury home market, where unique fixtures and bold finishes - such as stained concrete flooring, deeply colored textured paints and artisan fixtures - are often considered highly desirable.
Religious items, personal photos, awards, certificates and cultural items are often removed to downplay the presence of current homeowners.
This helps potential homebuyers to not only feel more at ease during viewings, but allows them to focus on the property itself while also imagining their own belongings in the space. -From the Home Staging Council for Real Estate Wiki
Check out the Real Estate Dictionary for more information.
Can I leave Anything in the House After Closing?
The seller is supposed to remove everything from the home and have it left in broom clean condition. As a practical matter, there may be a few items left in the house, such as left over paint, left over boxes, etc.
If, during your final walk through, you find stuff left in the house that is unwanted, make sure you address the issue with your attorney before closing.
Check out the Real Estate Dictionary for more
information.
If, during your final walk through, you find stuff left in the house that is unwanted, make sure you address the issue with your attorney before closing.
Check out the Real Estate Dictionary for more
information.
How Does A Bridge Loan Work?
Category - Mortgage Questions - Mortgage Loans FAQ's
The Bridge Loan is a short-term loan spanning the period between the termination of one loan such as a construction loan and the beginning of another loan such as a mortgage loan. It could also be the loan between the purchase of a property and its improvement to make it qualify for a permanent loan. A bridge loan can also be used to cover the gap while converting apartments into condominiums.
At times, a buyer is required to take out a bridge loan to fund the purchase of a new home, if the seller will not accept an offer, which is subject to the sale of the buyer's home, or if the buyer needs to raise the down payment on a new home before selling his present home.
At times, a buyer is required to take out a bridge loan to fund the purchase of a new home, if the seller will not accept an offer, which is subject to the sale of the buyer's home, or if the buyer needs to raise the down payment on a new home before selling his present home.
Can a Seller List a Home Which is Rented and Occupied?
If there is no lease agreement, you can. If there is a lease agreement, it usually stipulates some kinf of notice or privacy clause and it will contain wording to that effect.As a landlord you owe your tenant the right of privacy, but that should not prevent you from listing the property and selling it.
Be sure you notify your tenant of your intention to list and sell and require the listing agent to contact the tenant for an appointment prior to showing the property.
The listing agent will also include the showing instructions in the MLS, as information to other agents. You should always review your local or state landlord-tenant laws first to ensure you are complying with all laws.
Can You Withdraw Your Home From The Market Before The Listing Agreement Expires?
Yes, you can. If at any point the seller changes their mind about selling a property, the seller can end the leasing agreement in writing and have their agent take it out of the MLS.
Be sure the language is totally clear in the agreement and keep in mind that the majority of MLS services charge a penalty for withdrawing (around $25).
After you've drawn up your withdrawal document, your agent will go through it and have you sign it, therefore terminating the previous listing agreement.
Be sure the language is totally clear in the agreement and keep in mind that the majority of MLS services charge a penalty for withdrawing (around $25).
After you've drawn up your withdrawal document, your agent will go through it and have you sign it, therefore terminating the previous listing agreement.
Do You Have to Allow Agents to Show Your House At Any Time?
No you don't, unless this is stipulated in the leasing agreement.
Although it is best to make the showing of the home as easy as possible for agents and their clients, the seller does have the option of requiring appointments to be made.
There may be special circumstances, which require the seller to have plenty of advance notice.
For example, if there are children or a handicapped person in the home that require special attention, the agent can specify that fact in the MLS listing, indicating the home may be shown by appointment only.
Most agents will abide by this rule and call the seller to make an appointment. Some home sellers even go as far as not allowing a yard sign or a lockbox, to avoid surprise visits.
Again, the easier the home can be shown, the better the chances for it to sell quickly.
Agents who are in the area will bypass a home, which is not readily available to show, thereby curtailing the chances of that home being sold to their client.
Although it is best to make the showing of the home as easy as possible for agents and their clients, the seller does have the option of requiring appointments to be made.
There may be special circumstances, which require the seller to have plenty of advance notice.
For example, if there are children or a handicapped person in the home that require special attention, the agent can specify that fact in the MLS listing, indicating the home may be shown by appointment only.
Most agents will abide by this rule and call the seller to make an appointment. Some home sellers even go as far as not allowing a yard sign or a lockbox, to avoid surprise visits.
Again, the easier the home can be shown, the better the chances for it to sell quickly.
Agents who are in the area will bypass a home, which is not readily available to show, thereby curtailing the chances of that home being sold to their client.
Are Village Inspections Required When I Sell My Home?
Well, this really depends on the town you're in. Some towns require a village inspection, others don't. Your best bet is to get a good attorney to do the research for you and take care of everything. If a village inspection is required, it usually has to be done before the closing and paid for up front. Exclusive Buyer Agency - What's in it for Me?
A Buyer Brokerage agreement or a Buyer Agency agreement according to Real Estate Wiki is much like the Listing Agreement between a seller and a real estate broker and is signed between a home buyer and a broker represented by an agent.
Prior to 1990, under the common law of most states the broker only represented sellers and only in the last fifteen years or so states passed statute law to create the buyer's agency. Under the buyer agency agreement, the real estate brokerage represented by the agent owes the buyer the duties of loyalty by acting in the buyer's best interest, confidentiality by not disclosing information to the seller's agent that could adversely affect the negotiation and assistance in negotiating the best price and terms for the property.
In addition, the agent representing the buyer will conduct extensive research based on the buyer's needs (i.e. price range, school district, number of bedrooms and baths, location, lot size, basement, etc.) and often preview the properties in order to provide the best service to the client. The agent's extensive knowledge of the area and access to real estate information, including the local listing services adds great value and saves the buyer time and money in the search for the perfect home.
For more information on what a buyer should know buyer agency visit www.RealEstateWiki.com. Real Estate Wiki is an online encyclopedia, glossary, dictionary and wiki dedicated to providing quality free information to all those who have real estate questions.
Prior to 1990, under the common law of most states the broker only represented sellers and only in the last fifteen years or so states passed statute law to create the buyer's agency. Under the buyer agency agreement, the real estate brokerage represented by the agent owes the buyer the duties of loyalty by acting in the buyer's best interest, confidentiality by not disclosing information to the seller's agent that could adversely affect the negotiation and assistance in negotiating the best price and terms for the property.
In addition, the agent representing the buyer will conduct extensive research based on the buyer's needs (i.e. price range, school district, number of bedrooms and baths, location, lot size, basement, etc.) and often preview the properties in order to provide the best service to the client. The agent's extensive knowledge of the area and access to real estate information, including the local listing services adds great value and saves the buyer time and money in the search for the perfect home.
For more information on what a buyer should know buyer agency visit www.RealEstateWiki.com. Real Estate Wiki is an online encyclopedia, glossary, dictionary and wiki dedicated to providing quality free information to all those who have real estate questions.
What is a Short Sale?
A Short Sale is a legal, lender-approved solution assisting financially strapped homeowners to get out from under their mortgage commitment quickly.A Short Sale can be accomplished by negotiating with your bank or lending institution to accept a purchase price for your property to a third party buyer for less than what you currently owe on your mortgage balance.
The real property short sale is not a questionable practice in a softening market, in fact it may have become a necessity.
The homeowner wins by getting out of a difficult financial situation through a clean transaction and a salvaged credit score. The property does not go into foreclosure, thus helping home owners minimize impact to their credit rating.
The lender wins by avoiding costly foreclosure proceedings or re-taking ownership of the property until it sells; referred to as REO or Real Estate Owned. The buyer wins by getting a nice property at a good market value.
What is the Federal Fair Housing Law?
In 1968, Congress enacted Title VIII of the Civil Rights Act, called the federal Fair Housing Act, which declared a national policy of providing fair housing throughout the United States (reference Sections 3601-3631 of Title 42, United States Code).
According to Real Estate Wiki this law makes discrimination based on race, color, sex, familial status, handicap, religion or national origin illegal in connection with the sale or rental of most dwellings (including time-sharing units) and any vacant land offered for residential construction or use.
According to Real Estate Wiki this law makes discrimination based on race, color, sex, familial status, handicap, religion or national origin illegal in connection with the sale or rental of most dwellings (including time-sharing units) and any vacant land offered for residential construction or use.
What Protection Does the Federal Fair Housing Law Provide for You?
The fair housing law provides protection against the following:-Refusing to sell or rent to, deal or negotiate with any person
-Misrepresenting terms or conditions for buying or renting housing
-Advertising that housing is available only to persons of a certain race, color, sex, familial status, handicap, religion or national origin
-Denying that housing is available for inspection, sale or rent when it really is available
-Blockbusting-a practice whereby a broker hopes to profit through persuading owners to sell or rent housing by telling them that minority groups are moving into the neighborhood
-Denying or requiring different terms or conditions for home loans made by commercial lenders
-Denying to anyone the use of, or participation in, any real estate service
There are exceptions and in 1988, amendments were passed to extend the "handicapped" provision to include physical, mental impairment, as well as cancer, AIDS, alcoholism, visual, and hearing or speech impediments.
For much more information about criminal penalties are provided for those who coerce, intimidate, threaten or interfere with a person's buying, renting or selling housing - during a regular transaction or during a short sale, foreclosure or buying a bank owned property visit Real Estate Wiki and read up over a thousand "Frequently Asked Questions" about the home buying, owning, selling and renting process, at www.RealEstateWiki.com
The law is administered by the Office of Equal Opportunity under the direction of the Secretary of the Department of Housing and Urban Development (HUD). Real Estate Wiki is an online encyclopedia, glossary, dictionary and wiki with over 20,000 pages dedicated to providing quality free information to all those who have real estate questions.
What is the Department of Urban Housing and Development?
Your Real Estate Questions Answered
Should I move into the house we are buying if I only had a dry close?
Well first things first, what exactly is a dry close? A dry close is essentially not a close at all. It is what happens for the convenience of the buyer and the seller. A dry close is when both parties agree to sign papers before any money is exchanged just to move the process along. They both agree to this knowing that the deal could break and the papers that were signed could be thrown out depending on the circumstances.Because the dry close isn't actually a close, it is in the best interest of both parties to wait until the money has been sent, or made available before starting the move in process. This is because either party's plans could change. The expenses of moving in or out of a home can be very costly, especially if both happen within the same time frame. The best idea is to wait it out until you are very confident that everything is going according to planned and the money has been sent. Four or Five extra days may seem like the end of the world, but your check book will thank you later.
Do you have a Real Estate Question? Ask it here and I'll see if I can help. Or you can check out at http://www.realestatewiki.com/ the Real Estate Encyclopedia.
Your Real Estate Questions Answered
Do I Need To Attend The Home Inspection?
Yes. It is best to schedule the inspection at a time convenient for you. Plan on spending several hours and learn as much as you can about home maintenance and repair or replacement schedules from your inspector. You might as well get your money's worth and a great inspector is a fount of knowledge and most are very happy to share their recommendations or respond to any questions you may have. Attending the inspection is an excellent learning experience. The inspector will be able to educate you about good home maintenance that will protect your investment.Do you have any Real Estate Questions? Ask me and I will see if I can help you out. If you want answers now, check out http://www.realestatewiki.com/index.htm
Your Real Estate Questions Answered
What is Recasting?
Category - Home Ownership FAQ's - General Home Ownership
Recasting is known as the process of redesigning existing loans, especially where there is a default. In this case, the term of the loan could be extended and the interest rate adjusted on a periodic basis, to alleviate the pressure on the borrower. Avoiding the risk of intervening liens attaining priority over the recast loan becomes critical. In some cases, the lender may prefer to go along with a delinquent construction loan until the building is sold because a modification and recasting of the loan might jeopardize lien priorities
Recasting is known as the process of redesigning existing loans, especially where there is a default. In this case, the term of the loan could be extended and the interest rate adjusted on a periodic basis, to alleviate the pressure on the borrower. Avoiding the risk of intervening liens attaining priority over the recast loan becomes critical. In some cases, the lender may prefer to go along with a delinquent construction loan until the building is sold because a modification and recasting of the loan might jeopardize lien priorities
Your Real Estate Questions Answered
Which Mortgage and Home Owners' Costs are Tax Deductible?
Category - Home Ownership FAQ's - General Home OwnershipAlthough the following information should prove helpful, it is not intended as tax advice. In addition, tax laws change continually, so seek the advice of your tax professional for complete tax advice.
The federal government supports home ownership by providing income tax advantages such as tax deductions, deferments and exclusions to buyers of homes. These tax benefits are different for a property used as a principal or main residence than for property purchased for investment purposes. In general, homeowners may deduct the following from their gross income to reduce their taxable income:
Ø Loan interest payments on first and second homes that meet the definition of "qualified residence interest"
Ø Real estate property taxes, but not ithe nterest paid on any overdue taxes
Ø Selected loan discount points
Ø Selected loan origination fees
Ø Loan prepayment penalties
Ø Casualty losses to the real estate not covered by insurance.
New Information for Renters
With so many people struggling to hold on to their homes, renting has become a very popular alternative.
Now Real Estate Wiki provide over 70 Frequently Asked Questions and Answers about the process of leasing a home instead of buying.
This new addition of leasing information is an example of the kind of industry focus a specialized wiki can provide and include aspects such as:
-How to Find Rental Properties
-Obligations of a Tenant
-Responsibilities of the LandlordLease Agreements
-Trust Accounts
-Leasehold Improvements
-Nuisances and Unlawful Activities
-Possession
-Defaults
-When Leases can be Terminated
-And many, many more valuable questions.
According to ComScore and Hitwise two real estate websites, Apartments.com and Rent.com, both rank in their January 2008 report as top 10 real estate websites based on traffic. This shows how important this sector of the real estate industry is, especially during a depressed real estate market.
For over 1,000 additional "Frequently Asked Questions" about the home buying, owning, selling and renting process, visit www.RealEstateWiki.com. Real Estate Wiki is an online encyclopedia, glossary, dictionary and wiki dedicated to providing quality free information to all those who have real estate questions.
Now Real Estate Wiki provide over 70 Frequently Asked Questions and Answers about the process of leasing a home instead of buying.
This new addition of leasing information is an example of the kind of industry focus a specialized wiki can provide and include aspects such as:
-How to Find Rental Properties
-Obligations of a Tenant
-Responsibilities of the LandlordLease Agreements
-Trust Accounts
-Leasehold Improvements
-Nuisances and Unlawful Activities
-Possession
-Defaults
-When Leases can be Terminated
-And many, many more valuable questions.
According to ComScore and Hitwise two real estate websites, Apartments.com and Rent.com, both rank in their January 2008 report as top 10 real estate websites based on traffic. This shows how important this sector of the real estate industry is, especially during a depressed real estate market.
For over 1,000 additional "Frequently Asked Questions" about the home buying, owning, selling and renting process, visit www.RealEstateWiki.com. Real Estate Wiki is an online encyclopedia, glossary, dictionary and wiki dedicated to providing quality free information to all those who have real estate questions.
Foreclosure Information from the Real Estate Wiki
Real Estate Wiki Adds Comprehensive Foreclosure Entries
Foreclosures are of major concern for many Americans at this time. For example, in March one in every 538 households in the U.S. received a foreclosure notice with Nevada (1 in 139 homes) leading the pack, followed by California (1 in 204 homes), Florida (1 in 282 homes) and Arizona (1 in 283 homes).To assist homeowners, the Real Estate Wiki added some 25 Frequently Asked Questions (FAQs) covering questions such as:
- Can I Negotiate the Price of a Bank Owned Property?
- What Can I Do To Avoid A Foreclosure?
- How To I Negotiate With The Lender To Avoid Foreclosure?
- How Does A Foreclosure Work?
- What Happens To The Mortgage Loan After A Foreclosure?
- What is a Better Option Foreclosure or a Short Sale?
In addition, there over 30 definitions have been added to the Glossary of Terms providing explanations for concepts such as Foreclosure, Judicial Foreclosure, Strict Foreclosure, Deed-In-Lieu of Foreclosure, Decree of Foreclosure, Right of Redemption, etc.
Various key organizations that provide information and assistance to home sellers before and during the foreclosure process are also featured in the wiki: The U.S. Department of Housing and Urban Development, First American CoreLogic, Experian, Equifax and RealtyTrac.
Real Estate Wiki is powered by a group of dedicated real estate professionals that offer up of their time and expertise to provide quality and relevant information in one central place; www.RealEstateWiki.com. Using this great resource is 100% free and anyone can add, change or improve any of the over 13,000 existing entries covering a wide range of residential real estate matters in over 70 categories.
Foreclosure: What Does That Mean to Me?
Foreclosure is, according to Real Estate Wiki, when a homeowner is no longer able to pay the monthly mortgage payments, and a legal procedure or foreclosure, whereby the property used as security for a debt is sold to satisfy the debt.
There are basically three types of foreclosure proceedings, judicial foreclosure, non-judicial foreclosure and strict foreclosure. The judicial foreclosure is used in those states where no "power of sale" is included in the mortgage document. It provides that upon the required public notice the property can be sold by court order.
In some states non-judicial foreclosure is accepted when a power of sale is contained in a mortgage or trust deed. In this case, a lender has the right to sell the mortgaged property upon default and is not required to spend the time and money involved in a court foreclosure suit.
At the same time, a borrower's redemption time is considerably shortened by the elimination of the statutory redemption period sometimes granted in a judicial process.
The notice of default is recorded by the trustee at the county recorder's office within the designated jurisdiction's time to give notice to the public of the upcoming auction.
For more information on how foreclosureswork visit www.RealEstateWiki.com
There are basically three types of foreclosure proceedings, judicial foreclosure, non-judicial foreclosure and strict foreclosure. The judicial foreclosure is used in those states where no "power of sale" is included in the mortgage document. It provides that upon the required public notice the property can be sold by court order.
In some states non-judicial foreclosure is accepted when a power of sale is contained in a mortgage or trust deed. In this case, a lender has the right to sell the mortgaged property upon default and is not required to spend the time and money involved in a court foreclosure suit.
At the same time, a borrower's redemption time is considerably shortened by the elimination of the statutory redemption period sometimes granted in a judicial process.
The notice of default is recorded by the trustee at the county recorder's office within the designated jurisdiction's time to give notice to the public of the upcoming auction.
For more information on how foreclosureswork visit www.RealEstateWiki.com
If You Are Moving Homes, Don't Stress
Here are Some Moving Tips from Real Estate Wiki
Moving is ranked as one of the top 5 stressful events for most people. To try and help make it easier a new free service and online encyclopedia, Real Estate Wiki, provides numerous Frequently Asked Questions and Answers on almost all aspects of moving process.Here are just a few of the tips provided for example on the day of the move that home owners should consider:
- Carefully review the bill of lading.
- Note the cell phone number and other contact information of the movers.
- If your house is not sold yet, make sure a relative and the real estate agent have keys.
- Plan for meals and childcare.
- Assign responsibilities to different family members, including someone waiting at the new home for the movers.
- Make sure boxes are properly marked, especially those containing important papers or immediate necessities.
- Be sure to leave all spare keys and garage door openers on the kitchen counter for the buyers.
- Make sure your agent has your new contact information, in case any issues arise with the sale of your home, which you must address.
- Hire a maid service to clean after the move.
RealEstateWiki is a privately funded, non-profit, non-bias venture and is inviting all real estate professional, brokers, agents, Realtor Associations, Service Providers, Schools and all other related organizations to go and add or update their entry and profile on the wiki. It doesn't cost anything and adding a back link to your website is encouraged. Go to www.RealEstateWiki.com
Ready to Buy Your Next Home?
Take Some Tips from the Real Estate WIki as You Do
"Ready, willing and able" according to Real Estate Wiki (www.RealEstateWiki.com) is a phrase used in real estate to refer to a prospective buyer of property who is legally capable and financially able to consummate the deal. Traditionally, the broker earns a commission upon procuring a "ready, willing and able" buyer on the listing terms, regardless of whether the seller actually goes through with the sale."Ready and willing" means the broker has to produce a buyer who indicates that he or she is prepared to purchase the property and is willing to enter into a purchase contract. The "able" refers to the buyer's financial ability to comply with the terms of the contract related to the purchase price, loan approval and cash payments.
What is MLS?
Important Real Estate Information for Home Buyers and Sellers
The Multiple Listing Service(MLS), according to Real Estate Wiki, began as a periodic publication (MLS Book) designed to allow the listings of broker or agent members to be distributed to large numbers of other member real estate brokerages and agents. Today, the MLS is usually an Internet based service, which is accessed by all member brokers and agents to list or to search for properties on behalf of their clients.
More than just a data warehouse, MLSs are marketplaces for showcasing housing prices and amenities. They have been cooperatives that provide neutral ground on which industry competitors cooperate and marketing portals which disseminate listing information. MLS organizations also provide the central security that monitors the quality of property information while guarding private information about listed properties.
The public often confuses companies such as Realtor.com, Zillow, Trulia, Homes.com, HouseValues and HomeGain as MLS companies, when in fact they are not. Some of them are real estate portals, while others are lead generation companies or vertical search engines. To understand MLS and to read more about all the different type of companies that today operate in the real estate listing arena visit the free online real estate encyclopedia, glossary and dictionary, Real Estate Wiki.
More than just a data warehouse, MLSs are marketplaces for showcasing housing prices and amenities. They have been cooperatives that provide neutral ground on which industry competitors cooperate and marketing portals which disseminate listing information. MLS organizations also provide the central security that monitors the quality of property information while guarding private information about listed properties.
The public often confuses companies such as Realtor.com, Zillow, Trulia, Homes.com, HouseValues and HomeGain as MLS companies, when in fact they are not. Some of them are real estate portals, while others are lead generation companies or vertical search engines. To understand MLS and to read more about all the different type of companies that today operate in the real estate listing arena visit the free online real estate encyclopedia, glossary and dictionary, Real Estate Wiki.
How is the MLS Defined by the National Association of Realtors®
MLS is defined by the National Association of Realtors® as "a facility for the orderly correlation and dissemination of listing information so participants may better serve their clients and customers and the public," "a means of enhancing cooperation among participants," and as "a means by which authorized participants make blanket unilateral offers of compensation" among other functions.
Today there are over 800 MLS' operating across the country, most of them governed by or affiliated with local Realtor® trade associations.
In some states, more than one listing service may exist; some covering certain cities, surrounding areas or counties.
On January 1, 1993, the MLS rules were changed to give sellers the option of offering sub-agency.
Sellers are permitted to offer cooperation to participating members, regardless of whether they are subagents.
Today there are over 800 MLS' operating across the country, most of them governed by or affiliated with local Realtor® trade associations.
In some states, more than one listing service may exist; some covering certain cities, surrounding areas or counties.
On January 1, 1993, the MLS rules were changed to give sellers the option of offering sub-agency.
Sellers are permitted to offer cooperation to participating members, regardless of whether they are subagents.
What You Should Know About the National Fair Housing Alliance
What is a Subprime Loan?
A sub prime loan, according to Real Estate Wiki, is a loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans. Sub prime loans are risky for both lenders and borrowers and tend to have a rate that is 0.1% to 0.6% higher than the prime rate.
How Do Sub Prime Markets Work?
Sub prime markets are led by lenders, offering loans to people of questionable or lower credit ratings. It includes the business of sub prime mortgages, sub prime auto loans and sub prime credit cards.Typically, sub prime lenders charge a higher interest rate because the risk of default is much higher. Changing interest rates are not likely to affect sub prime lending because sub prime borrowers usually cannot refinance their debt until their credit rating improves.
The health of the sub prime market is very dependent on the strength of the economy. When people are employed and earn a fair income, they are more likely to repay their debts. Sub prime lending disappears very fast in a weakening economy, because lenders will avoid taking excess credit risks.
It is estimated that the subprime mortgage world comprises 15% of all mortgages, or approximately $1.5 trillion. Currently about 10% or $150 billion is thought to be in arrears. Of that, half is in default and will likely be seized in foreclosure, which according to the Center for Responsible Lending will lead to 2.2 million borrowers losing their homes along with $164 billion of wealth. Bank of America reports similar conclusions estimating that the current foreclosure level of approximately 400,000 homes could rise to over 2 million before the end of 2009.
By early 2008 nearly $2 trillion in subprime-backed securities purchased over the past seven years - not only by banks but also by insurance companies and pension funds - still need to be marked down to reflect the impact of increased defaults on the securities' underlying value.
It is projected that one out of five (19%) subprime mortgages originated during the past two years will end in foreclosure. This rate is nearly double the projected rate of subprime loans made in 2002, and it exceeds the worst foreclosure experience in the history of the modern mortgage market, which occurred during the oil disaster of the 80s.
What is a Prime Rate Loan?
A prime rate loan is the lowest commercial interest rate charged by banks on short-term loans to their most creditworthy customers.
Do you have more professional info on Prime Rate Loans? Register at the Real Estate Wiki and share your knowledge!
Do you have more professional info on Prime Rate Loans? Register at the Real Estate Wiki and share your knowledge!
What is Cost Segregation?
From the Real Estate Wiki
What is Cost Segregation?Category - Home Buying FAQ's - Insurances & Taxes
Cost Segregation is a strategic tax savings tool that allows companies and individuals, who have constructed, purchased, expanded, or remodeled any kind of real estate to increase cash flow by accelerating depreciation deductions and deferring federal and state income taxes.
Who Holds Legal Title to a Property Until the Loan is Paid Off?
According to the Real Estate Wiki, in a lien-theory state, the borrower receives the deed to the property at the closing and the lender establishes a lien position on the property by recording the note and mortgage.
Should the borrower default, the mortgage gives the lender the right to foreclose on the property, the note determines how much money the lender can collect and the lien establishes the order in which the lenders are paid.
Real Estate Wiki furthermore states that in a title-theory state, the law construes the lender to have legal title to the property and the borrower to have an equitable title. Because the lender holds the title to the property, the lender has the right to possession of the property on default.
For over 1,000 additional "Frequently Asked Questions" about the home buying, owning, selling and renting process, visit www.RealEstateWiki.com
Should the borrower default, the mortgage gives the lender the right to foreclose on the property, the note determines how much money the lender can collect and the lien establishes the order in which the lenders are paid.
Real Estate Wiki furthermore states that in a title-theory state, the law construes the lender to have legal title to the property and the borrower to have an equitable title. Because the lender holds the title to the property, the lender has the right to possession of the property on default.
For over 1,000 additional "Frequently Asked Questions" about the home buying, owning, selling and renting process, visit www.RealEstateWiki.com
What is Title Insurance and Why Should I buy it?
Post from the Real Estate Wiki
As opposed to other types of insurance which are designed to protect a policy holder against loss from something which has not yet happened, such as fire, flood or auto accident, a title insurance protects the policy holder from an occurrence that has happened, such as a forged deed which may have occurred some time during the life of the property in question. Typically a title insurance will protect the policy holder against such title defects ("hidden risks") as forged deeds, undisclosed heirs, mistaken legal interpretation of wills, misfiled documents, confusion arising from similar names, incorrectly given marital status or mental incompetence. The title company will warrant making good a loss arising through such defects or any liens or encumbrances on the title. The title insurance will agree to defend the policy holder's title in court against any lawsuits arising from defects covered in the policy.
Can Cost Segregation Eliminate Taxes Owed?
Answer found in The Real Estate Wiki
Cost segregation does not eliminate taxes owed, but can defer them until later years, resulting in a significant savings today. The after-tax savings is commonly as much as twenty to fifty times the price of the cost segregation study. Today every $1,000,000 worth of property reclassified as a five-year property has a present value of $200,000. The steps required to accomplish this include a detailed identification of a facility's components; the appropriate classification of each component, or property unit, for tax purposes; and determination of the cost of each unit.
A good cost segregation specialist should have the expertise in construction, engineering, construction cost estimating, tax regulations and court cases to perform cost segregation studies for any business from a single bank to a multinational corporation with facilities on several continents. If those studies are ever challenged, you should count on your cost segregation specialist to give expert testimony to support his conclusions before regulators and the courts.
A good cost segregation specialist should have the expertise in construction, engineering, construction cost estimating, tax regulations and court cases to perform cost segregation studies for any business from a single bank to a multinational corporation with facilities on several continents. If those studies are ever challenged, you should count on your cost segregation specialist to give expert testimony to support his conclusions before regulators and the courts.
When Do I Buy Home Owners Insurance?
Answer at the Real Estate Wiki
Most reputable lenders require the buyer to purchase Home Owner Insurance in order to approve the loan. A buyer should shop for the best rates and apply for the HOI prior to closing. If the buyer needs help identifying HOI providers, his/her agent ought to be able to provide the names of several insurance company's or agents to be interviewed by the buyer. Typically, the provider will submit the documentation to the lender directly prior to closing. What Are Property taxes?
-This answer found at The Real Estate Wiki
Property taxes are considered ad valorem taxes and, therefore, are driven by the value of one's property - the more valuable the property, the higher the tax and vice versa. Property taxes represent the largest source of income in the United States for local governments. Schools, parks, recreation areas, fire and police stations, local welfare programs, street maintenance, public libraries and public hospitals among others are all supported by property taxes paid by property owners.Property taxes are determined by a local government's budget preparation. Thus, in order for the local government to determine the property taxes, Step 1 is budget preparation and appropriation. Step 2 is the appraisal of all taxable property within a particular district and Step 3 is to allocate the amount to be collected amongst all taxable properties in a particular district.
In order to valuate taxable property (see Step 2), a county or state assessor's office appraises each taxable parcel of land and any improvements on this property. Some states outsource this responsibility to private appraisal companies. Appraisal procedures vary from state to state. In some, the appraised value is the estimated fair market value or cash price a buyer would be willing to pay for that property. Other states begin with the value of the land and add the cost of replacing any buildings or structures plus any improvements, minus an allowance for depreciation due to wear and tear. The appraised value of the property is converted to an assessed value on which the taxes are based. In some states, the assessed value is equal to the appraised value while in others the assessed value is a percentage of the appraised value. As an example, in Georgia the assessed value is 40% of the appraised value.
In order to calculate the tax rate, the assessed value of all properties is added together. For example, if the tax district has budgeted $800,000 for the coming year and the assessed value of all the properties in that district add up to $20,000,000, by dividing $800,000 into $20,000,000, you will find that the district will need to collect a tax of 4 cents for every dollar of assessed valuation. The taxation can be expressed three ways: 1) as a mill rate, 2) as dollars per hundred or 3) as dollars per thousand.
Why should you get Flood Coverage?
the next 2 posts are dedicated to this question.
Floods are the most common and widespread of all natural disasters, except for fires. Most communities in the United States experience some degree of flooding after spring rains, heavy thunderstorms, hurricanes, or winter snow thaws. Often homeowners are victims of natural disasters involving floods and devastated by their lack of flood insurance, because most homeowner insurance policies do not cover flood. Why Should You Get Flood Coverage?
-When It is Required
Federally mandated flood insurance is required if all the following conditions are present: 1) the local community where the property is located is participating in the National Flood Insurance Program (NFIP) contact FEMA toll-free at 877 336-2627 or at www.fema.gov for more information; 2) the property is located in a mapped floodplain shown on the community's Flood Insurance Rate Map; and 3) the borrower is obtaining a federally insured, regulated or supervised loan.
Lenders always have the option to require flood insurance in high risk areas. The average flood insurance premium costs around $400 per year, depending on the area. In low to moderate risk areas, coverage can be purchased for around $100 per year.
Lenders always have the option to require flood insurance in high risk areas. The average flood insurance premium costs around $400 per year, depending on the area. In low to moderate risk areas, coverage can be purchased for around $100 per year.
Why Should You Get Flood Coverage?
-Where to get it from
Flood insurance is purchased from The National Flood Insurance Program (NFIP). The NFIP is a federal program enabling property owners to purchase insurance protection against losses from flooding. This insurance is designed to provide an insurance alternative to disaster assistance to meet the escalating costs of repairing damage to buildings and their contents caused by floods. Participation in the NFIP is based on an agreement between local communities and the federal government which states that if a community will implement and enforce measures to reduce future flood risks to new construction in special flood hazard areas, the federal government will make flood insurance available within the community as a financial protection against flood losses which do occur.
You can buy flood coverage through your insurance agent or insurance company. Some insurance companies actually issue the flood insurance policies, in partnership with the federal government, as a service and convenience for their policyholders. In those instances, the insurance company handles the premium billing and collection, policy issuance, and loss adjustment on behalf of the federal government. These insurance companies are called Write Your Own (WYO) insurers. If your agent or insurance company is not in the WYO program, you may be referred to another agent or insurance company involved in the program. Your agent may also write a policy for you directly from the federal government.
You can buy flood coverage through your insurance agent or insurance company. Some insurance companies actually issue the flood insurance policies, in partnership with the federal government, as a service and convenience for their policyholders. In those instances, the insurance company handles the premium billing and collection, policy issuance, and loss adjustment on behalf of the federal government. These insurance companies are called Write Your Own (WYO) insurers. If your agent or insurance company is not in the WYO program, you may be referred to another agent or insurance company involved in the program. Your agent may also write a policy for you directly from the federal government.
What Are Exchanges and How Do They Work?
Found at The Real Estate Wiki
Under Internal Revenue Code Section 1031, if an investor exchanges property instead of selling it, payment of the capital gain may be deferred. The property must be of "like kind," meaning real estate is exchanged for real estate of equal value.Sometimes, additional money or personal property is given to make up the difference between the values of the exchanged property. This money or personal property is known as "boot," and capital gains must be paid immediately on the "boot."
Do I need a Home Inspection for a Brand New House?
One of the most common mistakes I see people make when buying a newly constructed home is them not having a professional home inspection. The comment I hear most is "why should I have a home inspections when everything is new" or "Isn't it inspected by the city or county while it is being built."The answer is yes everything is new, and yes it is inspected at different stages by a plumbing inspector, insulation inspector, etc. However, these inspectors are looking for very specific items and sometimes they are on a very tight schedule or are so friendly with certain contractors, they do miss things and they are not looking for something outside of their specific inspection.
I strongly encourage all of my clients to have a home inspection. Some of the home inspections have uncovered things that are very simple and easily fixed, but could have caused significant, long-term damage had they not been taken cared of upfront. I have also seen home inspections on brand new homes that uncovered so many severe defects that I am not sure they could be remedied to a point where I would have been comfortable buying the home.
The cost of a home inspection is around $500 depending on the size of the home. In my mind this is cheap insurance.
A lot of builders require the sale of a new home be written on their own forms. Remember to have your agent write the home inspection clause into the contract. In most cases, the home inspection clause will not be included in the builder's contract. (More to come on "Builder's Forms" in a later blog.) There is specific language that should be used and written correctly. A good, reputable builder shouldn't have an issue with a home inspection clause.
Another comment I hear for not having a home inspection is "isn't there a state-mandated one or two-year warranty on new construction homes." DON'T COUNT ON IT!
How do Counteroffers Affect the Original Offer?
If any change is made in an offer or a counteroffer is submitted, the original offer is void and the counteroffer includes the new terms of the contract. At this time, the legal positions of the parties to the contract are reversed. Sellers and buyers must be aware of this fact, since a counteroffer provides the party holding the legal rights to walk by not responding to the counteroffer. Many negotiations have been terminated by one or the other side taking advantage of this opportunity. Thus, counteroffers should never be taken lightly and must be viewed as a potential deal breaker or risk to the completion of the transaction. How do I Protect Myself from Last Minute Closing Costs or Rate Changes?
More Questions answered at http://www.realestatewiki.com
The first thing a buyer should do when planning to buy a home is to talk to a reputable lender and be pre-qualified. The pre-qualification process will help you determine the amount you can afford to spend on a home (be sure the lender obtains accurate documentation to help him assess your financial capability.) At the same time, it is a good idea to lock in a rate, especially if rates appear to be on the rise. The buyer should consult with the lender on the precise terms of the lock-in.Buyers must be aware that in the mortgage business, a promise is just a promise, not a guarantee. Brokers and lenders can tell you anything they want -- and even put it in writing - then turn around and change them. This is because most lock rates include fine print caveats.
Therefore, when locking in a rate, the buyer must find out how long the rate lock is good for and whether it will definitely extend long enough to get through closing. One of the main reasons people end up paying more for their loans is that they do not lock in their rates for a long enough period while the purchase process, including title search, appraisals, inspections, etc. can delay the closing.
In order for the buyer to protect him or her from changes in the loan rate, points and parameters between loan application and closing, buyers should remember the following guidelines:
Ø Never overstate your income, credit or present property value (any discrepancies will be discovered during the loan approval process).
Ø Understand what the commitment or lock-in agreement says - ask as many questions as possible and get it in writing. If the lender is not willing to submit the commitment in writing, find another lender.
Ø Continue to make your monthly payments on credit cards and mortgage loans until you close on the new loan. Any overpaid mortgage amount will be refunded by the lender once that loan is paid off.
Ø Include as much information as possible when you apply for your loan. Do not hide liabilities.
Ø Inform the lender if you have only been on your recent job for a few months or are self-employed and are unable to share tax returns.
Ø Inform the lender if your present property has recently been found to be in a flood plain because this may affect the property value.
Ø Inform the lender if you are buying a condominium in a first of, for example, four phases
Ø Reconfirm the present appraised value of your home.
Ø Inform the lender if you have gone through bankruptcy in the past.
Ø Keep in mind that a rate lock agreement does NOT unconditionally guarantee the terms of the loan. If you overstated your income, for example, whether knowingly or unknowingly, you could end up paying a higher rate or more points than shown on your agreement.
Ø Question discrepancies between your initial "good faith estimate" and your HUD-1 settlement statement. Federal law requires lenders to provide a good faith estimate, or GFE, statement to consumers within three days of when they apply for loans. The document is an estimate of what closing costs the borrower will have to pay. The HUD-1 statement is the document that shows the actual costs. Lenders do not have to provide that until either closing day or the day before. Ask as many questions you need to satisfy all your concerns regarding discrepancies.
Ø Underestimate rather than overestimate the amount you can afford for a home. This can protect you from unforeseen changes in your loan terms. There are legitimate reasons why you may have to come up with several hundred or a couple thousand extra dollars in fees or points to close. If you do not have that kind of money in savings, you could lose the home you are trying to buy.
Ø Take any interest rate changes seriously. A small percentage change in the loan rate, say a quarter percentage point, can increase your monthly payments and cost over the term of the loan by thousands of dollars. Do not be afraid to walk!
If you feel you are a victim of misrepresentation by the lender, your state's attorney general and mortgage banking or broker regulator are good places to place your complaint. If you got your loan from a federally chartered or regulated bank, you can get information about who to complain to at the site run by the Office of the Comptroller of the Currency. These agencies may be willing to contact your lending institution or investigate on your behalf. Sometimes a phone call or letter from someone "official" will be enough to prompt your lender to refund some of your money or agree to modify your loan.
Are There Any Village Inspections Required When I Sell my Home?
Your Questions answered by the Real Estate Wiki
Some towns require a village inspection. Your attorney will do the research for you. If there is a required inspection it must be done before the closing and is usually paid up front.
Can I List a Home Which is Rented and Occupied?
Answered at the Real Estate Wiki
As a landlord you owe your tenant the right of privacy and your leasing agreement typically includes wording to that effect, but that should not prevent you from listing the property and selling it. Be sure you notify your tenant of your intention to list and sell and require the listing agent to contact the tenant for an appointment prior to showing the property. The listing agent will also include the showing instructions in the MLS, as information to other agents. You should always review your local or state landlord-tenant laws first to ensure you are complying with all laws.
Can I Withdraw My Home From The Market Before The Listing Agreement Expires?
From Real Estate Wiki
Yes. If, for some reason, the seller changes his/her mind about selling the property, the seller can terminate the listing agreement in writing and have the agent withdraw it from the Multiple Listing Service. Be sure that language is very clear in your listing agreement. Most MLS services charge a withdrawal penalty, which typically ranges around $25. Your agent will ask you to sign the necessary documents to complete the withdrawal.
Reader Feedback
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Real_Estate_Investor
Feb 19, 2010 @ 10:57 pm | delete
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Janet
Feb 16, 2009 @ 4:07 pm | delete
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RyanRE Oct 27, 2008 @ 11:10 am | delete
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Tim_Mai
Oct 1, 2008 @ 11:30 am | delete
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ShortSaleRealtor
Sep 24, 2008 @ 6:35 pm | delete
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A Problem Developed at Closing. What Happens?
There could be hundreds of reasons why a home doesn't close. It's beyond the scope of this site to answer these possibilities. Overall, though, there are only a few things that can happen. First, the problem gets worked out and everything proceeds as normal. Second, things don't get worked out and the transaction simply doesn't close. Finally, a dry close could occur. A dry close is when all the paperwork has been completed at closing but no money exchanges hands and the deed isn't transferred. When a dry close occurs it's assumed that funds will eventually be available after certain conditions have been met in the near future, usually within a few days.
New Text / Write module
When Is It A Good Idea To Remodel My Home?
Category - Home Ownership Questions - Defects & Renovation FAQ's
Before you engage in a remodeling project, you want to decide how long you plan to stay in the home and how the home compares to other homes in the area or neighborhood. You probably don't want to draw equity out of your home if you plan to sell in less than three years. Price is the strongest force when selling a home and you do not want to price your home higher than comparables in your neighborhood and your area.
Typically, remodeling makes sense when interest rates are down and you can get an equity line of credit at a low rate. When interest rates rise, the real estate market slows down and most of the time, the remodeling frenzy slows noticeably down.
Before you engage in a remodeling project, you want to decide how long you plan to stay in the home and how the home compares to other homes in the area or neighborhood. You probably don't want to draw equity out of your home if you plan to sell in less than three years. Price is the strongest force when selling a home and you do not want to price your home higher than comparables in your neighborhood and your area.
Typically, remodeling makes sense when interest rates are down and you can get an equity line of credit at a low rate. When interest rates rise, the real estate market slows down and most of the time, the remodeling frenzy slows noticeably down.
What Other Factors Should I Consider When Remodeling My Home?
Category - Home Ownership Questions - Defects & Renovation FAQ's
Before you embark in a remodeling project, you may want to consider what features routinely are offered by comparable homes in your neighborhood.
If you live in a neighborhood where homes normally offer two-and-a-half or three baths but your home has one bathroom less, adding that second bath is going to get you a good return. On the other hand, if I you already have three full baths, adding another will not bring much of a return.
Remodeling can be very expensive. An upscale kitchen renovation can cost over $81,000, on average and adding an upscale master suite can run approximately $138,000.
If you live in a neighborhood where homes normally offer two-and-a-half or three baths but your home has one bathroom less, adding that second bath is going to get you a good return. On the other hand, if I you already have three full baths, adding another will not bring much of a return.
Remodeling can be very expensive. An upscale kitchen renovation can cost over $81,000, on average and adding an upscale master suite can run approximately $138,000.
Why Should I Consider Renovating My Home?
Category - Home Ownership Questions - Defects & Renovation FAQ's
In many cities across the United States, buyers interested in avoiding long commutes and traffic jams, are considering the remodeling of older or existing homes, some of them built in the 70s and 80s .
With some financial investment, an older home can be updated to include modern-ay features such as open floor plans, granite countertops and modern gourmet kitchens, while offering a more convenient location. The homeowner or prospective buyer should interview several construction or design contractors and know how to invest the remodeling money, to get the best return by driving the value of the home higher. It pays to research the subject of remodeling, since not all updates will earn the same returns when the home is re-sold.
Some investments, such as for example pools, are not necessarily desired by every buyer and may not result in a good investment. On the other hand, a remodeled kitchen with granite countertops, beautiful stained cabinets and stainless steel appliances, as well as a nicely finished basement with a media room are highly desired features, which buyers are willing to pay a premium for.
With some financial investment, an older home can be updated to include modern-ay features such as open floor plans, granite countertops and modern gourmet kitchens, while offering a more convenient location. The homeowner or prospective buyer should interview several construction or design contractors and know how to invest the remodeling money, to get the best return by driving the value of the home higher. It pays to research the subject of remodeling, since not all updates will earn the same returns when the home is re-sold.
Some investments, such as for example pools, are not necessarily desired by every buyer and may not result in a good investment. On the other hand, a remodeled kitchen with granite countertops, beautiful stained cabinets and stainless steel appliances, as well as a nicely finished basement with a media room are highly desired features, which buyers are willing to pay a premium for.
Do I have to move out at closing?
No. The buyer and seller may negotiate additional days after the closing, at a daily rental rate, during which the seller is allowed to remain in the home. This is called renting back the home. The buyer's agent will make sure that the necessary legal documents are signed at closing to protect the buyer. These documents will include the term the seller is allowed to stay in the home, the rent owed and describe the maintenance requirements and condition the home must be in when transferred to the buyer.
Could the buyer change his/her mind and terminate the purchase contract?
Buyers have been known to change their mind or get cold feet after they negotiate a purchase contract. Often, the buyer will use an excuse to terminate by not responding to a counteroffer or refusing to buy due to an inspection finding. In real estate, this is known as "walking". If a contract has been negotiated and all parties have agreed to all terms, a binding agreement exists and the inspection contingency has been satisfied, the seller does have legal options to enforce the contract but enforcing the contract can become expensive and tie the home up in litigation. Therefore, the seller might prefer to retain the earnest money paid by the buyer and place the home back on the market.
Can I Change My Mind And Not Sell The House After Receiving An Offer?
Category - Home Selling FAQ's - Agent, Offer & Commissions
Although infrequently, it could occur that a seller's needs change during the process of negotiation, which could lead to his/her decision not to sell the home. If the negotiations are at a stage where counteroffers are exchanged, a seller can select not to respond to a counteroffer coming from the buyer, which would terminate the contract. On the other hand, if all terms of the contract have been agreed to by both parties, a binding agreement date established and all inspection and other contingencies satisfied, the buyer could have legal options to enforce the contract. If the buyer decides to pursue the issue legally, he or she must keep in mind the possible lengthy process and additional resources, which this may require. The seller must be aware that if a contract has been negotiated and all terms, including the purchase price, agreed to by both buyer and seller, the agent has fulfilled his/her responsibility and is entitled to the agreed commission.
Could The Buyer Change His/her Mind And Terminate The Purchase Contract?
Category - Home Selling FAQ's - Agent, Offer & Commissions
Buyers have been known to change their mind or get cold feet after they negotiate a purchase contract. Often, the buyer will use an excuse to terminate by not responding to a counteroffer or refusing to buy due to an inspection finding. In real estate, this is known as "walking". If a contract has been negotiated and all parties have agreed to all terms, a binding agreement exists and the inspection contingency has been satisfied, the seller does have legal options to enforce the contract but enforcing the contract can become expensive and tie the home up in litigation. Therefore, the seller might prefer to retain the earnest money paid by the buyer and place the home back on the market.
Do I Have To Spend A Lot Of Money To Sell My House?
Category - Home Selling Questions - Staging & Marketing FAQ's
Although the seller should improve the home's appearance and thus the appeal it holds for a prospective buyer as much as possible, there are inexpensive ways to achieve this.
Often exterior paint may be holding up well but needs to be pressure-washed. Trim may need to be repainted which can be done by the seller or the yard made more attractive by planting a few plants or strategically placing a few ready-made planters by the front entrance. The listing agent should be able to guide the seller in this effort.
In addition, the seller could visit new neighborhoods in the area and enter the model homes to identify latest trends in colors, landscaping, etc. Taking pictures will help refresh your memory and could assist with refreshing your home's feel without spending a lot of money. In addition, you will be learning about your competition concerning look, feel and price. Since your home was built a few years earlier, you might be able to offer a similar value for a lower price, since construction costs typically increase with time. In addition, by talking to the agent on site, you might be able to learn what financial incentives the builder is offering the buyer.
Your agent should be able to put you in touch with a staging specialist or an interior decorator or designer to help you make color choices and rearranging the furniture to make the home look larger or cozier. There may be a consulting fee or perhaps no fee at all in order to win your business and future referrals.
There are sites that allow sellers to list a home before contacting an agent. iwantanoffer.com, zillow.com and tulia.com allow you to list your property for free.
Often exterior paint may be holding up well but needs to be pressure-washed. Trim may need to be repainted which can be done by the seller or the yard made more attractive by planting a few plants or strategically placing a few ready-made planters by the front entrance. The listing agent should be able to guide the seller in this effort.
In addition, the seller could visit new neighborhoods in the area and enter the model homes to identify latest trends in colors, landscaping, etc. Taking pictures will help refresh your memory and could assist with refreshing your home's feel without spending a lot of money. In addition, you will be learning about your competition concerning look, feel and price. Since your home was built a few years earlier, you might be able to offer a similar value for a lower price, since construction costs typically increase with time. In addition, by talking to the agent on site, you might be able to learn what financial incentives the builder is offering the buyer.
Your agent should be able to put you in touch with a staging specialist or an interior decorator or designer to help you make color choices and rearranging the furniture to make the home look larger or cozier. There may be a consulting fee or perhaps no fee at all in order to win your business and future referrals.
There are sites that allow sellers to list a home before contacting an agent. iwantanoffer.com, zillow.com and tulia.com allow you to list your property for free.
Do I still show my house after I found a buyer?
Category - Home Selling Questions - Staging & Marketing FAQ's
Yes. You never know what will happen until the home closes. It's best to have a backup offer in case the worst happens. Of course, if you don't want to show your home that's your choice.
Home Staging. What Does it Mean?
Category - Home Selling Questions - Staging & Marketing FAQ's
Home staging is the act of preparing a private residence prior to going up for sale in the real estate marketplace. The goal of staging is to sell a home quickly, and for the most money possible by attracting the most amount of potential buyers.1
Home staging focuses on improving a property to make it appeal to the largest amount of buyers by transforming it into a welcoming, appealing, and attractive product for sale. Staging often raises the value of a property by way of reducing the home's flaws, depersonalizing, de-cluttering, cleaning, improving condition items, and landscaping. For vacant homes, rental furniture is used to create a living space the buyer could "see" themselves in. Properly executed staging leads the eye to attractive features while minimizing flaws.
Staging is the crucial step needed to help a buyer connect with a listing and visualize themselves living in the home. Staging showcases the house in the best possible light. After all, we never get a second chance to create a great first impression so it is imperative that the house is "dressed to impress."
Home staging is in the end all about marrying the art of good interior design with the science of human decision-making and consumer behavior.
Home staging focuses on improving a property to make it appeal to the largest amount of buyers by transforming it into a welcoming, appealing, and attractive product for sale. Staging often raises the value of a property by way of reducing the home's flaws, depersonalizing, de-cluttering, cleaning, improving condition items, and landscaping. For vacant homes, rental furniture is used to create a living space the buyer could "see" themselves in. Properly executed staging leads the eye to attractive features while minimizing flaws.
Staging is the crucial step needed to help a buyer connect with a listing and visualize themselves living in the home. Staging showcases the house in the best possible light. After all, we never get a second chance to create a great first impression so it is imperative that the house is "dressed to impress."
Home staging is in the end all about marrying the art of good interior design with the science of human decision-making and consumer behavior.
How can I get my home on the Internet?
Category - Home Selling Questions - Staging & Marketing FAQ's
There are many companies that will post your home on the Internet from no cost to the thousands. Use the Internet search engines or directories for the sites that interest you the most.
Can I Get a Free Credit Report?
Category - Mortgage Questions - Mortgage Loans FAQ's
Under the law, everyone is entitled to one free credit report per year. This service is available form each of the three major credit bureaus via the website www.annualcreditreport.com.
There are also other circumstances that allow you to obtain a free current report, such as being denied credit based on a credit report a prospective lender obtained in connection with your application and with your permission.
There are also other circumstances that allow you to obtain a free current report, such as being denied credit based on a credit report a prospective lender obtained in connection with your application and with your permission.
Are Any Loans Assumable?
Category - Mortgage Questions - Mortgage Loans FAQ's
Most mortgage loans are not assumable. FHA-insured and VA-guaranteed loans may be assumable loans. For FHA-insured loans originated after
December 1, 1986 and VA-guaranteed loans originated after March 1, 1988, the buyer must meet approval. A third party can buy the property subject to the mortgage or assume the mortgage.
Assuming the mortgage loan with "novation" (or substitution of one contract for another) means the seller is released from liability and the buyer is responsible for making the payments. No lender is obligated to approve this method and no prudent lender will approve it without doing a thorough financial background check on the buyer or person assuming the loan.
Whether or not the buyer wants to assume a mortgage loan will almost always become known to the seller quickly because the purchase and sale agreement should specify how the buyer intends to pay for the property. This includes how much time the buyer is given to get a new loan commitment. If the buyer does not indicate a desire to assume an existing mortgage loan on the purchase and sale agreement, the seller should still keep track of the buyer's progress in obtaining financing, including getting a copy of the new loan commitment, so there are no unexpected surprises on closing date and also if financing fails, the seller can put the property back on the market quickly.
Almost all conventional mortgage loans made after 1980 are not assumable. Almost all FHA and VA mortgage loans prior to 1980 and most of them after 1980 are assumable. Since the rapid rise in interest rates that occurred around 1980, lenders have been reluctant to allow lower interest rate loans to continue in effect as property is sold. Preventing the assumption of such loans allowed lenders to write new mortgage loans at higher interest rates. If interest rates are high, lenders will often require a change to a higher interest rate as a condition of assuming a loan, although the buyer usually does not have to pay points or closing costs.
December 1, 1986 and VA-guaranteed loans originated after March 1, 1988, the buyer must meet approval. A third party can buy the property subject to the mortgage or assume the mortgage.
Assuming the mortgage loan with "novation" (or substitution of one contract for another) means the seller is released from liability and the buyer is responsible for making the payments. No lender is obligated to approve this method and no prudent lender will approve it without doing a thorough financial background check on the buyer or person assuming the loan.
Whether or not the buyer wants to assume a mortgage loan will almost always become known to the seller quickly because the purchase and sale agreement should specify how the buyer intends to pay for the property. This includes how much time the buyer is given to get a new loan commitment. If the buyer does not indicate a desire to assume an existing mortgage loan on the purchase and sale agreement, the seller should still keep track of the buyer's progress in obtaining financing, including getting a copy of the new loan commitment, so there are no unexpected surprises on closing date and also if financing fails, the seller can put the property back on the market quickly.
Almost all conventional mortgage loans made after 1980 are not assumable. Almost all FHA and VA mortgage loans prior to 1980 and most of them after 1980 are assumable. Since the rapid rise in interest rates that occurred around 1980, lenders have been reluctant to allow lower interest rate loans to continue in effect as property is sold. Preventing the assumption of such loans allowed lenders to write new mortgage loans at higher interest rates. If interest rates are high, lenders will often require a change to a higher interest rate as a condition of assuming a loan, although the buyer usually does not have to pay points or closing costs.
Am I Automatically Approved For The Loan When I Get Pre-qualified?
Category - Mortgage Questions - Mortgage Loans FAQ's
No. Pre-qualification simply means that a lender has reviewed the preliminary information you have provided, including your monthly or annual income. Based on this preliminary information, the lender will pre-qualify you for a certain amount. A credit check may not have been run and the lender is not yet in receipt of written documentation supporting your claims. You will only qualify and be approved for the loan, when you actually apply and submit all necessary documentation and a credit check proves you are worthy of being approved for the loan or multiple loans.
Are there any village inspections required when I sell my home?
Category - Home Selling Questions - Listing & Agreements FAQ's
Some towns require a village inspection. Your attorney will do the research for you. If there is a required inspection it must be done before the closing and is usually paid up front.
Can I List a Home Which is Rented and Occupied?
Category - Home Selling Questions - Listing & Agreements FAQ's
As a landlord you owe your tenant the right of privacy and your leasing agreement typically includes wording to that effect, but that should not prevent you from listing the property and selling it. Be sure you notify your tenant of your intention to list and sell and require the listing agent to contact the tenant for an appointment prior to showing the property. The listing agent will also include the showing instructions in the MLS, as information to other agents. You should always review your local or state landlord-tenant laws first to ensure you are complying with all laws.
How Do I Improve My Chances To Sell Quickly?
Category - Home Selling Questions - Listing & Agreements FAQ's
Following are some suggestions on how to improve the chances to sell quickly:
Ø Price your property right (consider the market in your area) and be competitive!
Ø Make an excellent "First Impression" by keeping a manicured lawn, trimmed shrubs and a clean and appealing porch. A freshly stained or painted front door will be one of the first things to greet the potential buyer. If it's autumn, rake the leaves. If it is winter, keep the walkway up to your home free of snow.
Ø Clean up the house and consider a fresh coat of paint or new carpets in worn areas. Some homebuyers do not have the necessary imagination to picture the home how it could look and you may lose a prospect due to cosmetic issue
Ø Think Safety. Repair or replace anything, which might present a safety hazard.
Ø Potential buyers are looking for storage space as well as comfortable living areas. Make sure your storage areas in the attic and basement are clean and free of unnecessary items.
Ø Organize your closets.
Ø Keep your bedrooms neat -- offer prizes to your children for the nicest kept room. Check and repair caulking in your bathrooms.
Ø Let the sun shine in! Open your curtains and drapes to let the light in (make sure to dust!!)
Ø Turn on all your lights - both inside and outside. Lights add color and warmth, and make prospects feel welcome.
Ø Leave your home or keep the company present to a minimum, when buyers visit.
Ø Make sure your pets are out of the way, when buyers visit and clean that kitty litter.
Ø When prospects want to talk price, terms, or other real estate matters, let them speak to your listing agent.
Ø Make sure your home shows at its best-- keep it ready to show at all times
Ø Price your property right (consider the market in your area) and be competitive!
Ø Make an excellent "First Impression" by keeping a manicured lawn, trimmed shrubs and a clean and appealing porch. A freshly stained or painted front door will be one of the first things to greet the potential buyer. If it's autumn, rake the leaves. If it is winter, keep the walkway up to your home free of snow.
Ø Clean up the house and consider a fresh coat of paint or new carpets in worn areas. Some homebuyers do not have the necessary imagination to picture the home how it could look and you may lose a prospect due to cosmetic issue
Ø Think Safety. Repair or replace anything, which might present a safety hazard.
Ø Potential buyers are looking for storage space as well as comfortable living areas. Make sure your storage areas in the attic and basement are clean and free of unnecessary items.
Ø Organize your closets.
Ø Keep your bedrooms neat -- offer prizes to your children for the nicest kept room. Check and repair caulking in your bathrooms.
Ø Let the sun shine in! Open your curtains and drapes to let the light in (make sure to dust!!)
Ø Turn on all your lights - both inside and outside. Lights add color and warmth, and make prospects feel welcome.
Ø Leave your home or keep the company present to a minimum, when buyers visit.
Ø Make sure your pets are out of the way, when buyers visit and clean that kitty litter.
Ø When prospects want to talk price, terms, or other real estate matters, let them speak to your listing agent.
Ø Make sure your home shows at its best-- keep it ready to show at all times
100 Day Challenge
Category - Real Estate Social Media - Blogs Real Estate Agents
The 100 Day Challenge Social Network is a virtual community for top performing real estate agents. This site will put you in contact with agents across the country that are looking to sell a home or more each and every week. The site is heavy with scripts and dialogues to help you in every aspect of your sales business. Each day there is a new situation posted that you can respond to. The site will also walk you through the 14 key steps to increasing your production:
1. Talk to lots of people.
2. Ask lots of questions.
3. Get to the truth.
4. Vend Opportunity.
5. Apply the Client Profile.
6. Make your career just this week.
7. Master your scripts and dialogues.
8. Stay in the hunt.
9. Delegate non-production related activities.
10. Stick to a schedule.
11. Measure and evaluate what you do.
12. Focus on the process.
13. READI yourself for success.
14. Stay conscious of your why.
Steve Shull is the creator of this site.
For the past 15 years, Steve Shull has been the personal coach to thousands of business professionals and small business owners. As a Business Coach, Steve works with individuals across the country in setting goals, developing and executing a business plan while creating and maintaining a balanced and healthy lifestyle. Prior to becoming a Business Coach, Steve was a very successful licensed real estate agent in Southern California. Steve's background also includes five years of experience as an institutional salesperson on Wall Street working with some of the nation's premier money managers, banks, corporations and pension funds. Prior to his investment work, Steve played four years in the NFL as a linebacker/ special teams captain for the Miami Dolphins. In 1982, Steve was one of the Miami Dolphin co -captains for Superbowl XVII. Born in Bucks County Pennsylvania, Steve has a B.S. degree from the College of William and Mary in Williamsburg, Virginia and a M.B.A. from the University of Miami in Miami, Florida. Steve's company, Performance Coaching, offers personal and professional development coaching services to sales professionals, managers, executives, and small business owners nationwide. Steve is also a principle in a new high end real estate company, Teles Properties, that recently opened in Beverly Hills, Ca. in October of 2007.
1. Talk to lots of people.
2. Ask lots of questions.
3. Get to the truth.
4. Vend Opportunity.
5. Apply the Client Profile.
6. Make your career just this week.
7. Master your scripts and dialogues.
8. Stay in the hunt.
9. Delegate non-production related activities.
10. Stick to a schedule.
11. Measure and evaluate what you do.
12. Focus on the process.
13. READI yourself for success.
14. Stay conscious of your why.
Steve Shull is the creator of this site.
For the past 15 years, Steve Shull has been the personal coach to thousands of business professionals and small business owners. As a Business Coach, Steve works with individuals across the country in setting goals, developing and executing a business plan while creating and maintaining a balanced and healthy lifestyle. Prior to becoming a Business Coach, Steve was a very successful licensed real estate agent in Southern California. Steve's background also includes five years of experience as an institutional salesperson on Wall Street working with some of the nation's premier money managers, banks, corporations and pension funds. Prior to his investment work, Steve played four years in the NFL as a linebacker/ special teams captain for the Miami Dolphins. In 1982, Steve was one of the Miami Dolphin co -captains for Superbowl XVII. Born in Bucks County Pennsylvania, Steve has a B.S. degree from the College of William and Mary in Williamsburg, Virginia and a M.B.A. from the University of Miami in Miami, Florida. Steve's company, Performance Coaching, offers personal and professional development coaching services to sales professionals, managers, executives, and small business owners nationwide. Steve is also a principle in a new high end real estate company, Teles Properties, that recently opened in Beverly Hills, Ca. in October of 2007.
3 Oceans Real Estate Blog
Category - Real Estate Social Media - Blogs Real
Estate Agents
Insights into the San Francisco Bay real estate market as well as commentary on the real estate business nationwide.
The blog is managed by Kevin Boer.
Insights into the San Francisco Bay real estate market as well as commentary on the real estate business nationwide.
The blog is managed by Kevin Boer.
How Does a Short Sale Affect My Credit?
Category - Mortgage Questions - Mortgage Loans FAQ's
Your credit score will suffer a more substantial hit by undergoing foreclosure or giving a deed-in-lieu of foreclosure than with a short sale.
Under a short sale, the borrower negotiates with the lender and the short sale process is completed in accordance between the two parties.
Experts agree that a short sale may result in a loss of about 100 points on the borrowers FICO score. On the other hand, a foreclosure or deed-in-lieu of foreclosure could result in a loss of in the area of 250 points of more.
Under a short sale, the borrower negotiates with the lender and the short sale process is completed in accordance between the two parties.
Experts agree that a short sale may result in a loss of about 100 points on the borrowers FICO score. On the other hand, a foreclosure or deed-in-lieu of foreclosure could result in a loss of in the area of 250 points of more.
by The_Real_Estate_Informer
Hi there! My name is DJ Swanepoel and I'm the Assistant Marketing Manager for The Real Estate Wiki.
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