The Largely Ignored Aspect Of The Real Estate Meltdown

By Ruth Sias

When you read and watch the news about the mortgage/real estate meltdown you hear about the mortgage lenders and real estate agents that have fallen on hard times but problems in the title insurance industry are largely ignored.

Reason being, at least in part, is due to the way title insurance was marketed and sold. Because title insurance has been a behind the scenes aspect of the real estate processes the public and the news does not really hear about it. Unless the principals in the transaction are savy investors, the average consumer has no involvement in the selection of the title insurer and basically kept in the dark when it comes to this component of the real estate transaction.

This is also a big part of the problem that title companies are facing now. They relied on referrals from other real estate professionals and when the mortgage lenders and real estate agents go out of business the referrals dry up.

Too many title companies are now being forced out of business because they can't get the referrals any more. The title companies that are able to make their way out of this market are those who had diverse marketing plans focused on consumers as well as real estate professionals. They may not be able to make big profits but they will be able to survive until the market turns around.

Too many good people are losing their jobs and their businesses and if the remaining title companies don't take heed and change their business plans to be more consumer friendly we will see many more people on the unemployment line.

Ruth Sias is a former Commercial Escrow officer, turned Entrepreneur from Sacramento, CA. Ruth has taken her 23 years as a business professional, combined with her strong people skills and found a smooth transition into her home based business. This has provided an even greater platform for her to fulfill her true desire to assist others in the areas of personal growth and developing the mindset for success. http://www.FinancialSolutionsNow.net Article Source: http://EzineArticles.com/?expert=Ruth_Sias

Seniors Real Estate Comes In Many Flavors!

By Raymond Angus

Seniors real estate listings, through duly licensed real estate agents are the best way to go if you are selling or buying property! After making this statement, let's paint a real life picture and see why this is the best path to follow.

It's amazing the variety of free advice you'll get when you announce you're going to sell your house in the open real estate market.

Your next door neighbor will tell you to stick up a for sale sign, and in time a buyer will stumble onto your door step. The flip side of this sage advice is to throw an ad in the local shoppers newspaper and your phone will ring off the hook

The rationale behind all of such counsel is really sincerely given and altruisitic in nature! Accompanying this advice are tales of miraculous profits made by legendary senior sellers who went agentless.

Your neighbor had heard about these Robin Hoods down at the barber shop. Seniors who actually sold their property this way.

Don't scoff at them! Your would be advisors are simply trying to save you a few percentage points off the sale price that would go to a real estate agent.

And you know what real estate agents are like, they say with a wink and a nod. An agent will drag your real estate listing out until Rip Van Winkle goes back to sleep.

Okay, let's identify real estate agents!

1. They are men and women in good legal standing in the local community. If they had a criminal record of even a minor nature they would never receive an agent's license.






2. They had to attend a legally specified number of hours of real estate training at an accredited real estate school.






3. They had to pass a state administered test and investigation to acquire a real estate license. This enables them to practice their profession within the state.






4. They had to then work under the administration of a licensed real estate broker.

A very wise man once said that it only takes an hour to learn how to operate an automobile and get a drivers license. But it takes a life time of experience to learn how to drive a car safely and live through it.

A real estate agent, newly minted license in hand, is authorized to practice the business. But he/she will spend countless more hours and days studying. They will need hands on understanding of the intricacies of marketing the transfer of property within their areas.

First they must grasp the world of real estate marketing. They will then immerse themselves in the details of legally transferring the ownership of property under their direction.

There is much more to buying and selling property, than just being a senior, and putting up a sign or placing an ad in a newspaper.

A licensed real estate agent will give you the entry into the wonderful world of the MLS. The Multiple Listing Service. Your property, once it's listed on the MLS will be seen by the eyes of thousands of real estate agents and brokers.

A prospective buyer for your listing may already exist and be represented by another agent. Your agent will be contacted and a sale may be in the offing. Don't concern yourself with tales of taking a long time to make a sale.

Be an informed senior, and understand that your real estate agent won't be paid until your property sells and clears escrow.

Your agent wants to sell your seniors real estate listing just as much, and as fast as you do. They will do everything possible to make the sale happen quickly.

© Raymond Angus

Raymond Angus is a widely read author of articles and books. He writes about fellow seniors and their world. To read more of his writing turn to: http://www.theseniorslife.com Article Source: http://EzineArticles.com/?expert=Raymond_Angus

Are Real Estate GURUs Scam Artists?

By Franklin Cruz

The definition of a Guru is the following:

-somebody who has a reputation as an expert leader, teacher, or practitioner in a particular field

-a person's revered guide, mentor, or adviser in spiritual or intellectual matters.

But, sincerely, what really is a Real Estate Guru? The definition is right except there are a few absent words... In my opinion, it is someone that is a Master of all different aspects of real estate... Not someone who just knows a few things in this awesome game of Real Estate... But, a true MasterMind understands the ART of Real Estate investing.

It is not about making an extra $1,000 or $10,000. But, how can you make a potential $1,000,000.00 in one year.

Let's think about it- if you know how to make money doing one thing in Real Estate... That is great.. But, if you master all aspects of Real Estate which is called the Big Seven- it is even better-

1. Legal (Probate and Estate Sales)
2. Wholesaling
3. Rehabbing
4. Flipping
5. Mentorship (Learning through the master of Real Estate Investing)
6. Financing ( How to Finance your Real Estate Investment Deals)
7. Being Honest and having integrity in every aspect of Real Estate investing.

Once you can master all of these aspects, then you can make money 7 different ways.

Now, I do understand that you have to crawl before you walk and then walk before you run.

-Walking in Real Estate Investing is just getting started.

- You need to get into to the Race first before you can actually participate.

Real Estate Investing is a BUSINESS, so remember everyday is WAR... It is not normal or easy for people to thrive and be wealthy... If it was normal or easy, every lazy and idiotic person would be multi-millionaires... Just get started!

Now that you are involved, remember in every battle, you will have battle wounds...I have been to war. Sergeant Cruz (http://www.franklincruz.com) was my military name (Operation Iraqi Freedom) and one thing I have learned is that no matter what..... WAR will change you. You will be scarred and wounded in someway or the other.. It could be emotional or physical, but you will be different and be more mature. Published by: Franklin Cruz "I have done ever Wrong in Real Estate, so you don't have to..." http://www.FranklinCruz.com http://www.CruzTradeMarks.com Article Source: http://EzineArticles.com/?expert=Franklin_Cruz

MLS Property

By Donald Plunkett

 

While MLS members including real estate agents and brokers understand how an MLS works, many homeowners using alternative means to list a property in the MLS (such as through flat fee listing brokers) do not know exactly what types of property are eligible to be listed. Each Multiple Listing Service has a variety of property types which are typically divided into sections. While they vary according to local MLS, some of the most common property types are: single family residential, multi-family residential, land, commercial, residential rental, and commercial rental. Some other multiple listing services further divide out condos and co-ops into a separate section of the MLS, while most incorporate all single family property types together (single family detached, townhomes, condos, lofts, manufactured and mobile homes, etc.) into the single family residential category. In the same way, some MLS systems divide out multi-family residential into separate classifications for units available for residential financing (2-4 units), units available for commercial financing (5 or more units), and mobile home and trailer parks.

It is extremely important that your property is listed in the correct section and property type in the MLS. Even though you may think that it is beneficial to place the property in a different, more highly valued section of the MLS (such as single family detached instead of attached), this strategy is ill-advised and simply does not work. Buyers and buyers' agents do not want to waste their time going to look at a manufactured home that they think is a normal site built home. Investors do not want to perform analysis or compare capitalization rates on apartments, only to have a mobile home park mistakenly placed in the category. Likewise, some buyers may specifically be looking for single family attached homes like condos and town homes; sellers that accidentally classify the property as single family detached might be missing out on valuable buyers.

Sellers also need to be aware that an MLS typically only lists real property. Unattached mobile homes are often considered personal property. Likewise, businesses for sale that do not include real estate should generally not be listed in the commercial property section. Some MLS systems have a separate section for business opportunities; however, most states require a totally separate business broker license in order to list a business for sale, and as such, do not expect that most real estate agents will choose to obtain a business brokers license or access the business opportunities section.

If there is any confusion about how your property would be classified in the MLS, you should ask your broker. Certain nuances are specific to a particular local MLS, such as the difference between a manufactured versus mobile home (it might simply be the year built or it might be much more complicated). Likewise, you want to ensure that when you are pricing your home, you look at other homes of the same property type. Condos and single family homes rarely ever have similar valuations due to obvious differences. Understanding the different property types is one of the first steps to sales success.

Donald Plunkett is the President of Congress Realty, a $299 flat fee MLS listing company. Congress Realty has won numerous for listing volume in local MLS's and REALTOR.com. Article Source: http://EzineArticles.com/?expert=Donald_Plunkett

Create a Steady Monthly Cash Flow Through Real Estate that Allows You to Work from Home!

By Jack Bosch 

Working from home, isn't that everyone's dream? Getting up when you like to, Not having to fight traffic, working whenever you want, wherever you want.

I would like to tell you that creating a Steady and growing monthly cash flow of $5,000 to $40,000 is not only possible but possible within 1-2 years working from home in your spare time.

I am not saying this is possible over night but you should be able to leave your job within 1 year.

Here is how you do it:

1. By Investing in Tax Delinquent Property. There are several hundred thousand Properties in the US at any time with Back taxes on them and it is very easy to buy these properties at auction or even before the auction.

2. Follow the steps I laid out in my different products available at www.secretlandprofits.com and you will be on your way to property ownership at huge discounts within 3-5 weeks.

3. Do all your research using online sources like http://earth.google.com/ and the county webpages as well as subscriptions to companies like www.datatree.com. You can accomplish 95% of all the research you need to do without even leaving the comfort of your home.

4. Once you own a property, don't sell it for cash but instead become the bank. Sell your properties with seller financing where you hold the note and collect the payments. A $10,000 property sale can easily be structured such that it brings you $150.00 per month for up to 8 years.

5. Do this (step 1-4) about 20-40 times (can be done part time in one year) and you will have built up somewhere between $3,000 and $8000 per month coming in for years to come.

What could you do with that kind of money coming into your mailbox for the next 8-10 years?

Jack Bosch began investing in real estate in 1999. Along the way he discovered a secret system of buying land for literally pennies on the dollar and reselling the property for thousands more. Since his first transaction he has personally bought and sold over 5000 properties using his fine tuned system. Jack to this day still invests and profits from real estate, however now he also offers his secret strategy of buying and selling real estate for huge profits to You! You can find his complete wealth building system at http://www.LandForPennies.com and at http://www.SecretLandProfits.com Article Source: http://EzineArticles.com/?expert=Jack_Bosch

Appraisal Santa Clarita Most Relevant Information Needed

By Dawn Walker

I cannot tell you how many times I have made the same mistakes by not asking for more information when taking a request for appraisal. It is not that I forget to ask. My phone rings off the hook with new brokers or homeowners. I get calls from homeowners that think they are entitled to a copy of the an appraisal (appraisers can only give appraisals to the person, usually a broker or lender, who requested it), or calls from brokers asking when they will they get the appraisal since I saw the property yesterday (appraisals take 3-20 hours to draft after the property has been viewed) or calls from lenders wanting the city to be changed even though public records say the city that I put in the report and they are too lazy to change the preliminary report, etc..

The first piece of information that I need to gather is the purpose of the appraisal. Is the report intended to go to a lender for refinance purposes or an attorney or CPA for trust or probated purposes? If it is for refinance purposes, the report must go on a form (like the FNMA 1004) because most lenders will not accept the report in any other format. If the appraisal is not for loan purposes, I can usually do a narrative report. A narrative is a construct created in writing that describes information or paints a picture of the subject property and its comparables, culminating in a opinion of value. There are several types of "value" when appraising a property. There is retrospective value (value as of a specific date in the past), replacement value (as for insurance purposes), partial interest value (the parts are not necessarily equal to the sum of the whole) value in use (value of a property in its present use), future value (value for investment purposes) etc. Determining the purpose of the appraisal helps me determine which type of value I am looking for.

The biggest surprise I run into is when preparing to measure a home and look at the comparables, I depend on public data, usually through the County Assessor's office. If the Assessor says that a property is 2,000 square feet, and the client has not mentioned anything to the contrary, I assume the property will be around 2,000 square feet and plan to view comparable properties in that size range. The problem arises when I actually see the property and realize that the subject is larger, maybe by 500 or 1,000 square feet. In many cases, the owner or even the broker was not aware of any difference between the actual and the recorded size. Often people buy a home that has permitted or unpermitted additions they are not aware of because the sales person did not point it out to them or the lender accepted it without comment. When this occurs, the appraiser is stuck out in the field with the wrong comparable sales and sometime very far from a computer. Updating, additions, view( real or perceived), noise(freeways) and remodeling issues should all be known before going out on an appraisal for the same reasons.

Whether you are an agent, broker, lender, homeowner or investor, make sure that you give the appraiser all the information you know about a property when you make the request. In the end, you will get a more complete appraisal without delay.

This article was written and approved by Certified Residential Appraiser, Richard Royce, of Accredited Appraisers, Oxnard, CA.

Dawn R Walker, Certified Residential Appraiser Committed to delivering elegant, complete appraisal reports on time for residentail properties in the Los Angeles and surrounding Counties. Working as a professional and with professionals in many industries. Constructing appraisal reports that exceed expectations and providing customer service you will recommend to your associates and family. http://dawnrwalker.typepad.com Article Source: http://EzineArticles.com/?expert=Dawn_Walker

Take Credit for Heritage Restorations

By Branden Schroeder

For a long time heritage properties suffered from a bum rap. Investors were reluctant to purchase a piece of the past because of the cost of dragging it into the present. Fortunately, in the last few decades, older properties have been rightfully recognized for their beauty and historical value and have become a hot commodity. Yes, there is often work to be done on heritage buildings, but there are also financial incentives for restoring these properties to their former glory. After all, restorations create employment and the finished product is culturally significant, making it a draw for tourism and improving the quality of a neighborhood over all.

In fact, property owners in Maryland can benefit from potential federal, state and local tax credits for improvements and renovations. Maryland is serious about encouraging people to restore historic homes or income-producing buildings. If you don't live in Maryland don't worry - the state credits have no residency requirements, making it an equal opportunity investment opportunity. If you have a heritage property outside of Maryland you may still be eligible for the federal program. With all of these incentives, be sure to check the program requirements before starting any work.

Whether you are a home owner or a long-term lease holder of an income producing certified heritage structure, you can apply for a Federal Rehabilitation Tax Credit of up to 20 per cent of a restoration. If your property has not been certified, you can apply to have it certified or take advantage of the 10 percent credit for non-historic, non-residential buildings put in service before 1936. These credits have been used to revitalize buildings that were seriously dilapidated. They can be applied to all kinds of work on the building including, "architectural and engineering fees, site survey fees, legal expenses, development fees, and other construction-related costs".

In a further effort to encourage folks to restore heritage properties, the Maryland Historical Trust administers the state Heritage Preservation Tax Credit program, which offers Maryland income tax credits for 20 per cent of the qualified capital costs. These credits can be used towards interior and exterior rehabilitation, certain landscaping projects, plumbing and electrical upgrades, architectural fees and more.

In addition, the Maryland Historical Trust offers low-interest rehabilitation loans to people who use the Heritage Preservation Tax Credit Program. This loan can be used to acquire, restore or rehabilitate property making it easier for you to do more with less.

Within Maryland, many counties and municipalities also offer property tax credits and/or a freeze on tax assessments (for up to ten years) to encourage people to rehabilitate historic buildings. Again, these programs apply to homes and income-producing buildings designated as historic buildings.

Although some (but not all) of these incentives require you to maintain ownership of your property for a time in order to enjoy the full tax benefits, you are significantly increasing both the appeal and the value of your home. When it does come time to sell, you will see the fruits of your labor. In the meantime you can enjoy the beauty of your heritage property, knowing that you have helped preserve a piece of history for future generations to enjoy.

This article was written by the team of Maryland's first "EcoBroker" designated real estate agent, Branden Schroeder. To search real estate in Severna Park or for more information on Maryland Homes and Property, visit Branden online at MarylandHomesAndProperty.com. Article Source: http://EzineArticles.com/?expert=Branden_Schroeder

Delivering the 2012 London Olympics - A UK Land Grab?

By Dietrich Elliot

In July 2005, London en masse celebrated winning the right to host the 2012 Olympics. Since then, the hosting of the games has been much discussed: this article is concerned not with the wider issues but with the ODA's need to buy land to deliver the infrastructure.

The bid team identified a 306 hectare zone of UK land in east London to host the Olympic village and the main stadia. This was not in the traditional sense land for sale so upon winning the games, the London Development Agency (LDA) invoked compulsory purchase orders on some of the relevant UK land sites in the zone.

Through a combination of existing ownership and buying land, ninety percent of the required 306 hectare zone of UK land in east London is now in public hands primed for Olympics infrastructure. The cost of buying land was not included in the original budget (the talents of the bid team did not apparently extend to basic financial forecasting), and it is not only land for sale in the Olympics zone which has been acquired.

Additional UK land sites have been purchased in order to relocate businesses which operated in the Olympic zone: to some there is an irony that one of the main intended legacies of the Olympics is job creation whilst simultaneously displacing businesses onto UK land sites in other parts of the country. The total cost of acquiring all the necessary UK land is thought to be around £1 billion.

There have however been objections, not only to the perceived UK 'land grab' from powerless businesses and individuals, but also to alleged profiteering through buying land on the periphery of the zone by the LDA to benefit from future rises in the value of that development land.

The fact that this is not land for sale on the open market means that prices may not reflect the true value of the development land. The allegation, then, is that the Olympics have become a Trojan horse for companies involved in property development: there is a huge opportunity to acquire investment land with huge property and development potential at bargain prices.

The mayor's Olympics adviser Neale Coleman disputes this claim: "...it would be absurd to be trying to buy land that is not absolutely necessary to deliver the Olympics". A spokesman for the LDA insisted it was offering market value when buying land in the zone.

It has not at all times been plain sailing for the LDA when buying land. In February 2007 the LDA's efforts to buy land used for allotments in the Manor Gardens area of Waltham Forest was rejected by land use planning officers at Waltham Forest Town Hall. Campaigners argued that buying land from individuals was unlike buying land from companies: the former have an emotional attachment to UK land sites which they have long used, unlike the latter (which are concerned with profit maximisation).

The 2008 Beijing Olympics has attracted negative publicity for buying land and displacing local people. As with London, this was not land for sale purchased at open market prices and it has been suggested that private property developers have made lucrative land investments in the run-up to the games in China.

Olympic Delivery Authorities are powerful agents and there is no doubt that the political will is firmly behind the on-schedule delivery of the 2012 Olympics. This means in all but the most extreme cases the LDA will be empowered to buy land in the areas it deems necessary.

So does this represent a UK land grab? Well, perhaps it does, but it was to be expected. In some cases it has caused anguish but the bulk of the 306 hectare zone of UK land earmarked for the Olympics is industrial development land. However what is certainly true is that the cost of buying land has risen substantially since the bid was won, which has contributed to the swollen Olympic budget.

Dietrich Elliot is a Land Investment expert who generously shares his expertise with novice UK Land investors. For more information about the opportunities and pitfalls in UK Land investment please visit http://www.land-investment-uk.com Article Source: http://EzineArticles.com/?expert=Dietrich_Elliot