Is Bankruptcy in Your Future?

The number of bankruptcies in the U.S. is rising at a dangerous speed. Last year over 2 million bankruptcies were filed! This is a serious problem! How can you know if you’re on the road toward bankruptcy? Here are 7 warning signs:

1. Not using a budget

2. No control over spending

3. No emergency fund

4. Having a house you can’t afford

5. Owning a car you can’t afford

6. Using credit cards

7. Having student loans

Bankruptcy can creep up on you no matter how great things may be going for you right now. If you see the warning signs in your life, it’s time to make some serious changes. It’s time to take control of your money instead of it controlling you! But it starts with you making the decision! Check out the beginning steps to steer yourself clear of bankruptcy:

* Build up a beginner emergency fund of $1,000. Sock this money away as quickly as possible. Emergencies will happen so be prepared.
* Start living on a monthly budget. Make sure you cover the basics first – housing, utilities, food and transportation. Then use what is left over to aggressively pay down debt.
* Attack your debt! Evaluate what you can sell to cut your debt. Consider taking on a part-time job to accelerate your climb out of debt. Sell so much stuff that the kids think they’re next!
* Add to the emergency fund. Once you are out of “crisis mode” (all debt but the house paid off) focus on getting 3-6 months of expenses in your emergency fund. When it’s fully funded, you can start making your money work for you!

Dave Ramsey is a personal money management expert, an extremely popular national radio personality and best-selling author of The Total Money Makeover. Dave is changing the face of America by helping people get out of debt and build wealth. Ramsey exemplifies his life’s work of teaching others how to be financially responsible, so they can acquire enough wealth to take care of loved ones, live prosperously into old age, and give generously to others. Find out more of what Dave has to say about bankruptcy. (Article Source)

Real Estate Buyer Resources: CNY Property Listing, FSBO Property Listing, Investor Real Estate PDF Magazine

 

Successful Home Sale in Slow Economy

How long have you had your home for sale? Have you listed your home with a number of agents, but still haven’t found the right buyer? There are a few things that are of the utmost importance if you want any chance of selling your home in this slowing economy.

First of all, price is still driving the market. If you have gone a month without any showings your price needs adjustments. Buyers today are very educated and know the market much better than they ever have before, and when they see a home that is overpriced, they are not going to look at it. Location, Location, Location is a popular saying in real estate, but I believe in this market it should be Price, Price, Price. The homes that are priced right and competitively are going to get showings. Another way to know if your home is priced correctly is to get good feedback from showings. If the agents who are showing your home are telling your agent that the price is too high, this is a sign that something needs to be done.

Secondly, outdated homes rarely sell, and when they do they get beat up on price. So make sure your home is updated and looking great. Old furniture and old carpet needs to go, and if you can get a home stager in the home that is great. There are so many homes currently on the market that one bad feature will send the buyer looking elsewhere. One thing that I have seen a lot of is seller’s offering an allowance to buyer’s for updates on their home. The problem with this is that it is hard for a buyer to imagine what the home would look like with these upgrades. Most buyers will continue searching until they find a home with the updates made, and at a similar price.

Finally, quality pictures are important for marketing. When your Realtor comes to take pictures make sure he shows you what he takes. I find too many listings with dark, blurry, and unappealing pictures. There are still agents who think it is cleaver to take one picture of the outside, and leave what the inside looks to the buyer’s imagination. Too bad the buyer’s are imagining there must be something wrong with the home. Why else aren’t there pictures of the inside? The listings that are being shown the most are the ones with good, clear, and quality pictures.

If you decide to become motivated with your price, are willing to make the changes necessary to update your home, and have a Realtor who will take good pictures, then you have a great chance of selling your home even in this slow economy.

By Luke Bouman -Holland MI Real Estate – – – Source

Real Estate Buyer & Investor Resources: CNY Property Listing, FSBO Property Listing, Investor Property PDF Magazine

 

Sump Pumps Offer Protection

Many people dealing with water in their basement are still adamantly against installing a sump pump. There’s this national stigma against the sump pump. Thoughts of “water issues”, “flooding”, or “huge problem” tend to start flying and perpetually snow-balling to then turn into people skipping out on buying the home, or friends passing judgment when they come to visit.

New generation sump pumps are still heavy duty and can deal with most water level issues. Some of the newer models of the Pro-Series line are built with stainless steel, a separate switch and run quieter and more cost effectively then their archaic predecessors.

Sump pumps are an intricate part in protecting your basement from future cartographies and moistures issues. When paired with a duel channel drain system, vapor barrier, and an energy efficient dehumidifier like a Santa Fe, a sump pump becomes the heart of an otherwise barren room with moisture issues.

A sump pump can protect your basement during heavy rain fall and exterior land saturation. It removes water that can build up pressure underneath your floor and help to insure that the moisture that is removed from the air by a dehumidifier actually gets out of the house, rather than becoming a source of the moisture in it’s collection bin.

Sump pumps aren’t something to be afraid of. They are a sure sign that someone cares enough to address an issue. If there are signs of water, but no sump pump, then that warrants caution.

Things to look for:
*make sure that the cover of the sump pump is flush with the floor
*make sure that there are little to no openings to the sump pump (cord holes and discharge line are of course necessary)
*Sump liners shouldn’t run deeper than 24″, 19″ deep is optimal.

If looking at a house with a sump pump:
*how deep has the water gotten?
*has it ever flooded? Even with the sump pump installed?
*do you loose power a lot? Do you have a battery back up?
*do you have a waterproofing system installed in the basement?

If you have purchased or are thinking about purchasing a house with a sump pump and have questions, call a local waterproofing company.

Author Jacob Lee-http://www.pioneerbasement.com, http://www.homebasementfinishing.com (EzineArticles.com)

Real Estate Buyer & Investor Resources: CNY Property Listing, FSBO Property Listing, Investor Property PDF Magazine

 

Understanding Mortgage Information Basics

By Carrie Reeder

A mortgage is usually the biggest purchase that an individual makes. Make things easier by getting a “handle” on the process – or at least the terminology.

Points
A point is amount that a borrower will pay in order to reduce the interest rate on their mortgage. One point is generally equal to 1% of the loan amount. For example, if you were taking out a 100,000 mortgage, and wanted lower interest rates, you might have to pay anywhere from 1-3 points (or $1,000-3,000 dollars) to get that rate. It’s important to note that some lenders advertise very low interest rates, and only when you read the fine print will you learn that you will have to pay points in order to get them.

Interest Rates
When a lender makes a loan, they make money by charging interest on that loan. With a mortgage loan, all of that interest is front-loaded, which means that for the first few years, every payment that you will make will go mostly toward the interest.

When applying for a mortgage, you will have the option of “locking-in,” or “floating” your interest rate. If you choose to lock-in your rate, then you will be assured – for about 60 days – that when you close it will be at that rate. However, if it appears that interest rates will go lower, you can choose to float the interest rate, which means that you can watch the rates carefully, and then lock it in whenever it reaches an amount that you are comfortable with.

Closing Costs
When you go to close on your home at the title company, both the buyer and seller will have to pay a pre-determined amount of closing costs. These are determined by the type of loan you get, and the area where you live. Your lender is required by law to inform you of any closing costs beforehand, so be sure to ask for your truth in lending estimate.

As you can see, mortgage terms aren’t that mysterious! Do some research to become familiar with the lending terms that you need to know. There are also many mortgage companies online that can help you find direct mortgage lenders and home loan brokers that will best suit your needs. This is a quick way to find a good mortgage loan and compare rates and offers from multiple lenders. When lenders compete for your business, it works to your advantage.

Author Carrie Reeder is the owner of ABC Loan Guide an informational website with articles and more about various types of loans.

More Real Estate Resources: Central New York Property Listing, CNY Realtor Directory, CNY For Sale By Owner

 

Why Home Staging Can Help You Sell Your Home

With the property market in such disarray at the moment and hundreds of homes failing to sell, it appears that we are all in for a rough ride in the next few years. However, there is no point twiddling your thumbs whilst waiting for your home to sell. Instead, why not seize the day and do your best to make your home appeal to potential buyers instead? One of the measures you could take is commonly know as home staging.

Home staging is basically a process by which you improve the aesthetic appeal of your home. This can be accomplished in a number of ways and does not need to be as expensive as it sounds. There are a variety of techniques you can use, including the ones below:

• Minimize the furniture – A lot of furniture can cause a room to look very small but a few selective pieces can make it appear to be much bigger
• Maximize natural light – Natural light will highlight the good pints of a room and mask the bad because it will make it appear to be much more spacious.
• Mow the lawn – Outer appearances count as much as inner appearances so make your garden tidy, mend any problems with the outside of the house and apply a lick of paint where necessary.
• Declutter the house – Getting rid of all the clutter will enable people to see themselves reclining on the sofa. If your stuff were all over the place then they would not be able to do that. This means pictures, ornaments and any other personal belongings.

If you follow the home staging advice above then you will find that your home garners more interest from potential buyers and sells more quickly than it otherwise would. You also might find yourself better off!

Anthony Gregory is a SEO and Website Marketer. He can be contacted at: Sales (at) Brilliantseo.com – (Source www.ezinearticles.com)

More Home Sales Resources: CNY Property Listing, FSBO Property Listing, Investor Property PDF Magazine

 

So You Want To Back Out of The Sale

The buyer offered everything you asked for. So the wheels are in motion to close the sale. But all at once a wave of “seller’s remorse” flows over you. You realize that you really don’t want to sell the property. What can you do? And if you do back out of the sale, what are the possible repercussions?

Contrary to popular belief, a seller never has to accept an offer presented – – even if it’s for exactly what you told the agent you wanted. (The seller might be responsible for paying the agent’s commission, however, depending on how the listing was written. This is because the agent has done what he set out to do – – to provide the seller with a “ready, willing and able buyer.”)

Secondly, while “seller’s remorse” may not occur as often as buyer’s remorse, it does occur. It often happens when the seller realizes how tedious it will be to find another home and to move there and then estimates the potential costs involved in both. Just as buyers with second thoughts need to rehash why they wanted to purchase a particular property, sellers need to remember their initial reasons for selling, then consider not only the time, effort and money already expended in the selling effort but also the downside of not following through with closing – – including the possibility of legal action by the buyer.

What legal recourse would a buyer have against a seller who backed out on selling his property? That depends on how the purchase and sale agreement is written. For example, the agreement might state that upon any default, the defaulting party would forfeit the right to any earnest money and/or down payment (paid or received) and that the aggrieved party could seek legal remedies. Although not too common, a buyer could petition the court to force the sale of the property (a “specific performance” suit); perhaps the buyer could seek compensation for damages if he had expended money in anticipation of closing on the property. For the seller who declines to sell, a bottom-line, worst-case scenario might include: the buyer could sue the seller; the seller would perhaps need to pay legal costs to defend himself; and the seller could be required to pay the sales commission – – all without the benefit of proceeds from the sale.

If you’re a seller who’s considering bailing out, the first person to call is the real estate practitioner involved in the sale. The call is recommended – – not so the broker or associate can talk you out of it – – but because he may have late-breaking and pertinent information that could impact your decision and its consequences. Perhaps the buyer just found out that the financing he needs is much more expensive than he expected, that his job transfer has not yet been approved; perhaps the buyer himself is suffering a simultaneous case of “cold feet.”

Just as gathering information was important before you accepted the buyer’s offer, it’s equally important to check and recheck the facts before making the crucial decision to call the sale quits.

Don’t forget that if you do back out of the sale, it doesn’t necessarily mean that you can jump quickly back into the sales arena on your own and without consequence. The listing agreement you signed previously will dictate the time period during which you’ll be liable for the sales associate’s commission. This provision is included to deter sellers from trying to become for-sale-by-owners late in the process in order to avoid paying the sales commission.

Copyright© 2002, Julie Garton-Good. All right reserved. For information contact FrogPond at 800.704.FROG(3764) or email susie at susie@FrogPond.com.

More Home Sales Resources: CNY Property Listing, FSBO Property Listing, Investor Property PDF Magazine