Freehold Ground Rents - Ensuring Good Management
Ground Rents require good management to ensure efficient collection of the ground rent income. An investor offers his tips to ensure professional relationships with lessees are maintained.
Being On Side With The Other Side
The process of buying and selling real estate can be greatly simplified by ensuring that you are “On Side” with the other side, so to speak. So what is meant by that statement? Well, let’s look at it from both sides and explore a bit further.
Sellers - Being On Side with buyers it crucially important when trying to sell your home quickly and for the best profit possible. In attempting to do this it becomes necessary to consider what buyers want in a home. Ask yourself: “What would I want in a home, and what is my current home lacking?” Most buyers are are similar in the fact that they are looking for a good, clean home in a good location. How can we define a good, clean home? Simple. Buyers should arrive to the home and find it in the same condition that it is in in your MLS listing. There should be no clutter, garbage or piles of laundry. There should be no unpleasant odors or pet smells. The home should be suitably de-personalized so that the viewers have an easy time imagining their things and their families in the home. The yard should be tidy and well kept and all appliances and fixtures should be in good working order. It would also benefit the sale to have some community information on hand. Info on schools, businesses, transit etc is a good idea. Try to think of the kind of questions that a prospective buyer will ask the showing realtor and prepare the home to answer those queries.
Buyers - To be “On Side” with sellers you will have to think about what they are looking for. All sellers are looking for the same thing: a quick and profitable closing with as little stress as possible. To this end the best thing that you can do as a buyer is to have all your financial preparations complete and your mortgage funding in place before looking at or making an offer on a home. If sellers see a subject on an offer that states “upon approval of funding” that could set off klaxons. Sure, you may be willing to make an offer, but what if the funding isn’t approved? Or you aren’t approved for enough? It is possible that they could miss out on other valid offers while waiting for you to get your finances in order. Sellers will gravitate towards buyers who have the necessary finance’s in place.
If you really want to make the buying or selling process easier then consider what the other side is going through. Likely you have been in their place at one point and should be able to sympathize.
Austin Lansing is a representative of High Country Realty, specializing in the sale and purchase of <a href="http://www.cbhighcountry.com" target="_blank">North Georgia real estate</a>. For info on homes in the Blue Ridge Mountains and other area of Georgia's beautiful high country, <a href="http://www.cbhighcountry.com/Contact.cfm" target="_blank">contact us</a> today or visit us online at www.cbhighcountry.com
Stop Foreclosure - We buy houses
The term foreclosure refers to the circumstances, which arise due to the nonpayment of loan to the lender. When the borrower failed to pay back the money borrowed to the lender, then the lender will transfer the ownership of house property to him. The foreclosure arises when the owner of the property failed to make payment to the lender, the property will be seized. Losing the house property for not paying of foreclosure is a ridiculous task. Some steps can be followed to avoid foreclosure. There are so many alternatives available to avoid foreclosure.
Foreclosure Involves Many Stages
Stopping foreclosure is not the difficult process. There are several stages involves to pay off the current loan and avoid foreclosure. When the owner failed to pay money for a long period say 5 to 6 months then the lender ask to obtain a notice from the county record office. This notice will make the borrower to face the foreclosure and starts with replacement period.
If the borrower fails to correct the foreclosure within few months, say three months then foreclosure date for sale will be intimated. The notice of sale will be issued to the homeowner and this notice will be posted on the property. The notice of sale will recorded in the county record office and also published in the newspaper.
The foreclosure occurs where the property is located. In the notice of sale the time and location of the foreclosure will be properly designed. In the sale, the property is auctioned to the highest bidder.
Foreclosure Auction
In the auction the opening bid for the property is foreclosed by the foreclosing lender. The opening bid will be equivalent to the outstanding loan, interest accrued, additional fees and attorney fees related with the trustee sale. Compared to the opening bid, if no bid is higher than the property, the property will be purchased by the attorney who conducts the sale for the lender. The property will be deemed as REO if the opening bid is not met. It occurs because many of the properties listed for sale at the foreclosure auctions are worth less than the total amount payable to the lender. When a property has been purchased in the foreclosure auction sale, all small liens other than the property taxes will be swabbed out. The priority of lien will be determined by the date of recording.
Buying Homes On Foreclosure
Buying homes on foreclosure is said to be good purchase. If you are interested to buy a property on foreclosure, then you can search either on online or through professional realtor.
1. Search the foreclosed property either on online or through a professional realtor. The realtor will help you to find a successful foreclosed property. The realtor may always be updated with the real estate information.
2. If you are searching a foreclosure property through a selling agent you have to pay a commission to him at the time of purchase. But if you obtain a foreclosed property through a realtor you need not want to pay commission and find good foreclosed property.
3. Time is essential for purchase of foreclosure property. If you are paying for a foreclosure property through a loan or through cash, maintain proper records.
4. While purchasing a foreclosed property obtain some few bids from different contractor to estimate the cost.
5. If the property is going to be sold in the market, then ask the realtor to estimate the market value of the property going to be sold.
6. Additional cost or maintenance cost can be estimated to the tax department to get exemption or deduction.
7. After purchase of the foreclosed property, the purchaser receives the title under the special warranty deed. This title protects the buyer. Each lender obtains an insurance protection from the loan.
8. Foreclosure properties are highly profitable. But it requires more alertness while collecting details. The experienced realtor will handle the situation more carefully.
Ron Victor is a Expert Author for <a target="_new" href="http://www.webuyhousesforcash.com"> We Buy Houses</a>. He written many articles in various topics like Buying Homes Fast and <a target="_new" href="http://www.webuyhousesforcash.com/stop-forclosure.php">Stop Foreclosure</a> online. For more information visit <a target="_new" href="http://www.webuyhousesforcash.com"> Buy House for cash</a>. Contact him at ron.seocopywriter@gmail.com.
Property Inheritance Tax ” Can You Avoid the Burden?
When suffering the loss of a family member or when they become too unwell to take care of themselves, the last thing you need on top of the grief and stress is property IHT. This tax was originally designed to only affect the more wealthy property owners, however with property prices sky rocketing this tax is now affecting the less fortunate as well. There are places online where such matters can be discussed for example a property investment forum such as www.singingpig.co.uk. However your best defence is to have an IHT tax strategy in place, especially when house price in the South East, which can be sold for around 400,000, and property IHT can be charged at 40% on estates worth more than 285,000. How it affects your family First thing you should know is that you cannot give away the family home to anyone (including your children) to lower property IHT liabilities while you live on the property. This may be considered a “gift with reservation”, and still be subject to property IHT. There are annual exemptions, however. For instance, you are allowed a property IHT -free gift of 3,000 every year. Anything left over can be carried on to the next year. Parents may give wedding gifts to their children up to 5,000 free of property IHT. Grandparents may give up to 2,500. Of course, they must give these gifts before the official wedding date. Small gifts of 250 may be given to anyone in any tax year. Any donation made to a UK established charity, political party, national museum or university is completely exempt from property IHT. What can be taxed and what can t Due to the 263,000 inheritance tax threshold, more people on average incomes are being plagued by inheritance tax. Careful planning must go into decreasing your inheritance tax liability. “Gifting”, or the passing of wealth over a lifetime, is your best way of getting around this, but most people need professional advice to know how to use it properly. Many people these days do not know that ISAs (individual savings accounts), which are free from tax in life, may be taxable on death. However, jointly owned property for a married couple is generally exempt as well as pension fund payments. Problems can still ensue, however. Women who are not married but live with a partner and joint-own a property should make certain their name is on the deeds. If they are not and one of them dies, the partner may have a wrangle on their hands. The main way around inheritance tax is making gifts. As long as you make the gift and survive seven years, no IHT needs to be paid on the gift’s value. How to avoid property IHT The best IHT tax strategy to avoid property IHT is if the individual who survives for at least seven years after the money is given. Then the sum is considered a gift or potentially exempt transfers. Another way to protect the money is if the grandparents open up a trust account where money will be kept until the account matures, usually between the ages of 18-25. However if the individual gives the gift before the end of the seven year period a special relief known as taper relief may be available which will reduce the amount of property IHT that needs to be paid depending on the size of the gift amount.
Julie-Ann Amos is a freelance writer on business and property investment. She recommends www.singingpig.co.uk and their property investment forum as one of the most effective sources of information for property investment.
Condos, Great Rental Properties
In case you have not been paying a lot of attention to the real estate market lately, there are some changes afoot. The huge press on homes that has dominated the industry for several years has definitely cooled off and as a result there is a dramatic turn happening from seller’s to buyer’s market. However one thing that has not changed is this country’s love affair with condos. New developments are still going up everywhere and most developments are selling out in the pre-construction phase. Now, many of these purchases are simply real estate prospecting and will be immediately listed upon completion of the building but those that are doing this know that there is great money to made in the condo sector.
Many are also getting their hands on condos before completion with the idea of renting the units once they are finished. This is a great way to build equity and assure yourself of a nice income once the project is done. One thing that any investor should keep in mind are the proposed regulations and rules for the new condo building. Some buildings will have restrictions on whether or not rentals are permitted and some will have a certain percentage of units that are available for rentals. If you are an owner that gets in on the ground level then you should be at the front of the line when the HOA is formed and should be able to have a say in how the rules are laid out.
One real security in this vein of investing is the fact that in most major cities there is a real need and growth market for clean, quality residences. If the complex is centrally located then all the better. Condos really lend themselves well to the rental market as many have great assets that come as additional bonuses to owners/renters. There is also the fact that typically, condo will be directed towards a higher class of renter as a new condo will fetch a fairly high monthly rate. You can easily target your property to young professionals and families that are looking for a real quality home and are not hesitant to pay an increased rent for the higher quality homes. Condos are just a fantastic investment whether you are looking for a home for yourself or for a rental property. with the reduced maintenance that condos require they are simply ideal.
Michael Peterson is a representative of NationalRentalProperties.com. The one-stop site for locating rental properties across the nation. Contact us anytime or visit us online at www.nationalrentalproperties.com