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AUCTIONS

BASIC TIPS FOR BUYING OR SELLING PROPERTY AT AUCTION

Auctions are one of many methods used to buy and sell property. It is also the worst method, especially if you are the seller. Ask yourself the question, “who really wins at an auction, the buyer, the seller or the agent? Once you have done your research you will see it is almost always the real estate agent.

SELLING AT AUCTION

A very common method of borrowing against your home is reverse mortgage. Reverse mortgage is becoming more popular among senior citizens who wish to pay off their outstanding debts and raise their retirement income. Financial specialists foresee a good scope for reverse mortgage in future.

Reverse mortgage differs from conventional mortgages as there are no monthly payments. The funds can be paid out to meet day to day expenses of elderly people. It can be withdrawn on monthly basis or as a lump sum as and when needed. Interests of reverse mortgage is charged every month and deducted from the home equity balance.

The terms of the tenancy agreement effectively set out the rights and responsibilities of the landlord and tenant. The Terms are normally contained under a series of headings. Landlords should be clear that the law acts in such a way as to allow the tenant to do what they like with the property. It’s important therefore that if any activity is to be prohibited, that this is written into the tenancy agreement. However, your scope to act is limited by the European Union directive on Unfair Terms in Consumer Contracts Regulations. This states that whilst the rest of the tenancy agreement remains valid, the terms which are ‘unfair’ to the tenant will be void. Therefore, if there is anything specific that is not covered by a standard tenancy agreement you should seek legal advice, or refer to the “Guidance on Unfair Terms in Tenancy Agreements” which should assist in phrasing any alterations to standard terms. It can be obtained from:

Considering a vacation home? Many people found the ability to afford a vacation home in the early part of this century, because they’ve amassed a huge amount of equity in their primary residences and the stock market wasn’t providing anywhere near the returns they could make when buying investment properties or vacation homes. Most vacation homes were purchased in close proximity to beaches, camping, or other highly desirable travel destinations such as Florida, Arizona, Texas and California.

Simply stated, a reverse mortgage is a loan that enables homeowners (age 62 and older) to convert part of the equity in their home into a tax-free income without having to sell the home, give up the title, or take on a new monthly mortgage payment. More and more homeowners are using this to supplement their retirement income, pay for health care, modify their home, or just get some cash for emergencies. Since this is a new product, some people have misconceptions of what a reverse mortgage is. The bank doesn’t give you money and take your house. Let’s look at some of the most common questions.

Recently I closed on the sale of two homes. They were located about a mile apart and had comparable market values. However, beyond these two similarities, the two deals were very different from each other. Let me discuss in more detail the similarities and differences of the two deals.

It’s all about ugly solar panels and cold houses, right? Turn down the heat! Put a sweater on! God, those solar panels are an eye-sore! Not any more. Green building has evolved into much more than simply slapping some solar panels on the roof of your house and calling it a day. It can include such basic concepts as: the proper orientation of your house, sealed air ducts, high efficiency windows, improved insulation, high efficiency HVAC, and tight construction.

1. Using an out-of-town lender.

Getting a mortgage in a timely and hassle-free manner is the “key that opens the door” to your new home.

Lenders who don’t live in the area you are buying in will not have the contacts needed to process your loan in an efficient and timely manner. Are you aware that if your lender fails to get you your loan on time, that your earnest money deposit may be at risk of being forfeited?

Your best bet is to ask your real estate agent whom they have used before and who they trust.

How many years have you been working in the real estate profession?
-There are a lot of Real Estate Agents that are new to the field due to the real estate boom over that last several years.

Can I see your Wisconsin Real Estate Salesperson License?
-Take down the Wisconsin Real Estate Salesperson License so you can check to see if the prospective agent has had any legal problems pertaining to his or her real estate transactions.

Are you a Wisconsin REALTOR?
-A REALTOR is a special designation that helps ensure prospective buyers and sellers of real estate are represented properly and professionally.

The US mortgage industry is going through a technological transition. Mortgage has been on the low priority in terms of automation and outsourcing in whole banking chain. But with increasing interest rates and competition, Mortgage banks are looking for ITO and BPO as long term strategic tools. India is fast becoming a Mortgage manufacturing hub, with its strong competitive advantage over other economies like China, Canada, and Philippines etc.