Monday, February 10, 2014

Everything You Need to Know About Real Estate - South Florida Real Estate Guide For Home Buyers And Home Sellers -



New mortgage underwriting criteria went into effect Jan. 10 requiring a debt-to-income ratio of less than 43 percent for most qualified mortgages. Even if you don't qualify for a mortgage under the current lending regulations, renting may not be your only option. Alternatives such as rent-to-own and contract-for-deed transactions make homeownership possible for those who may not meet mortgage-underwriting standards.

You can search commercial properties or search notes on knowledgefinancial.com / To speak with a commercial real estate professional, Call Anthony At: 786-709-6577 - South Florida. http://www.visionairebiz.blogspot.com/

These transactions have some variations depending on state rules and the contents of the legal agreement, but a rent-to-own (or lease-purchase) transaction often means the buyer rents from the owner for a set period of time, after which the buyer agrees to purchase the property. In some cases, the tenant might pay extra money each month toward equity in the home. A lease-option agreement gives the lessee the option (and not the obligation as with lease-purchase) to later buy the property.

"It could be a house in a neighborhood that you really want to settle in but for whatever reason you can't qualify to buy a home,"  "Instead, you can qualify to rent one that you'd like to be able to buy in the future." Rent-to-own especially appeals to former homeowners who want to get back into ownership.

In contract-for-deed agreements (also called bond for deed or installment land contracts), the purchase is often financed by the seller rather than a third-party mortgage company. One benefit to the seller is that the process is typically faster than a traditional mortgage, according to Anthony of knowledgefinancial.com . In real estate markets that are still recovering from the recession, it could also give sellers an alternative to staying put or leaving the property on the market indefinitely. 
 Real Estate Financing: Where And How To Find Money to invest in real estate? The most important thing you need to know is that there is plenty of money out there to fund your real estate deals You just need to be able to find it an ask for it.

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    For the buyer, perhaps one who doesn't currently qualify for a mortgage, it could buy time to improve his or her credit score. "It gives you the chance to live in a place before completing the sale," You can structure the agreement so that the person you're purchasing the house from will report [your payments] to the credit bureaus. Maybe after two to three years, you could qualify for a traditional mortgage."


    Anthony  Real Estate agent and real estate investor in the South Florida has entered into several lease-option transactions and says the arrangement gave him more time to consider his financing options. "Usually you shop for financing for a week," he says. "This allowed me to shop for financing for well over a year. If you're an investor, it gives you time to look for partners or line up remodel strategies for particular properties."

    Consumers can also use rent-to-own transactions for their primary residence; for instance, those who need to wait a little longer to demonstrate steady W-2 income on their tax return. "If you're six months away from getting financing, this a way to tie up a property in today's market and pay for it later at today's price," 

    Sound too good to be true? There are potential downsides, too. First, these transactions often have a higher overall cost than a traditional mortgage, so they're sometimes associated with predatory lending practices. Also, the price of the property might be agreed upon at the time of the agreement, but mortgage rates can still increase by the time the buyer becomes eligible and exercises the lease purchase or lease option.
     Real Estate Financing: Where And How To Find Money to invest in real estate? The most important thing you need to know is that there is plenty of money out there to fund your real estate deals You just need to be able to find it an ask for it.

      These transactions can also get complicated, especially if one party wants out. "Depending upon the state, [a tenant who moves out] may still have an interest in the property that can impair title to the property," The landlord would then need to file a Quiet Title action to clear up the title problems."

      Purchasers can also run into title issues. "From the tenant's perspective, the rent-to-own contract must prohibit the landlord from taking out a mortgage against the house during the tenancy, The purchaser should also hire someone to do a title search to ensure the landlord actually owns the property."

      Always have a knowledgeable attorney review a rent-to-own or contract-for-deed agreement before you sign anything. "Rent-to-own can be an advantageous transaction, but it depends how it's structured -- like whether the renter is building equity through the rental payments,"

      Before purchasing through rent-to-own or contract-for-deed, buyers should also explore mortgage eligibility. "By and large, consumers will get the best terms, best rates and best protection by obtaining a home loan by a regulated bank institution "You should shop around for home financing just like you'd shop around for a car loan. But at the moment, it is a marketplace that has a very narrow credit box, which means it can be hard to quality for a mortgage."



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      ways your tax refund or a settlement money can be used to add home value

      Some people like to spend their tax refunds, while others like to save them. But if you're a homeowner and spend your refund making improvements that add value to your house, you can do a little of both.
      The average tax refund is $2,700, but no matter how much you get back, there's a project out there that will add value to your home -- whether you're selling right away or further down the road. Even if you don't want to dedicate your whole tax refund check to a particular home improvement project, you can pick a dollar amount and do some quick maintenance that will still add value.
      For less than $100: Paint
      A new coat of paint can really spruce up a room, whether it's a fresh coat of a fairly neutral shade or simply re-touching all the dings and scratches. This home improvement project is low-cost, but can carry high rewards if you're thinking of reselling.
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      For $100 to $200: Hire a cleaning service
      If you're on the verge of selling, or you just want to make sure all the nooks and crannies have been scrubbed, consider hiring a cleaning service to get all the dirt and dust you shrug away during your busy everyday life.
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      For $100 to $200: Steam your carpets
      Steam-cleaning your carpets is another inexpensive way to see instant, gratifying improvement as well as adding value to your home. Similar to a new paint job, cleaning any latent dirt or grime out of your carpets makes your home look newer, fresher and more attractive.
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      For $200 to $300: Replace bathroom light fixtures
      Most buyers want significant light in the bathroom for daily grooming, so making sure your lighting is both modern and efficient is important. Replace any dated light fixtures and consider installing lights over the mirror in addition to general overhead or wall sconce lighting.
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      For $200 to $300: Install new faucets
      Few upgrades are more appealing than a quick faucet change. If any of the faucets in your house, particularly the kitchen sink, are the bare minimum, change them out. For your kitchen sink, get a spray faucet or consider a water purifier. These small features can make big differences to potential buyers down the line.
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      For $300 to $500: Re-tile bathroom
      If you want to get a return on investment, spend money on your kitchen or bathroom. Re-tiling the bathroom floor or walls around the shower won't cost much, but if your space is outdated, it could make a big difference.
      ----------------------- 'Commercial Real Estate Investing / ''REAL STATE.INVESTMENT TRUST'' ''Find Money  Now To Purchase Real Estate..-
      For $300 to $500: Hire a design pro
      This price range may not get you full services, but you could spend that money hiring a professional decorator, interior designer or home stager to come in your home, give you an assessment and offer advice on the best way to make improvements.
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      For $300 to $500: Get an energy audit
      You can hire a pro to come in and assess where you can increase your energy-efficiency, saving you and the future owners money in the long-term.
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      For $500 to $750: Hire a professional organizer
      Bring on a professional organizer to advise you on how to maximize storage and install organizational solutions in your home. Anything that helps add storage and reduce clutter is a big hit with buyers.
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      For $500 to $750: Landscaping
      Adding curb appeal is almost always a surefire way to add value to your home without spending a lot. You can hire a professional landscaper to design a new look for your yard, or do it yourself by getting a new tree or a mixture of shrubs, bushes and perennial flowers. To maximize the benefits, look for native plants that naturally thrive in your area and are relatively drought-resistant so you don't have to spend a lot of time replanting or maintaining.
      For $750 to $1,000: Re-do a closet
      Adding shelving, organizational furniture, replacing wire racks or installing new doors in a closet can help you create new space and keep things organized. Regardless of whether or not the additions to your closet are permanent, anything that makes your closet space look bigger will look good to buyers.
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      For $750 to $1,000: Install a steel front door
      Steel doors actually have one of the highest returns on investment of any home improvement project you can do. Plus, a new color or design can add to the curb appeal of your home and steel adds to the overall security.
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      For $1,000 to $1,500: Update your kitchen appliances
      Almost all kitchen appliances -- dishwashers, ranges, ovens, refrigerators -- can be purchased for around $1,000 to $1,500. While higher-end models will run closer to $3,000 for many of those items, if your appliances are old or dingy, an upgrade to a sleeker, stainless steel model will do wonders to modernize your kitchen and add value.
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