Mobile Home Park Investment Money Trees

Mobile home parks are the scapegoats of the commercial real estate investment world. Perhaps one of the reasons why most investors ignore this lucrative asset class, other than for obvious eye sore reasons and the negative connotation associated with mobile home parks, is because they believe it requires too much up front cash and a personal income statement well above their means. This might be true if you were trying to finance your property through a large bank, however many mobile home parks are purchased with much less than 20% down and with little financial reserves in the bank. These parks are purchased through owner carried notes.

Small to medium sized park owners are typically older gentleman that have been running or overseeing the managers of their respective parks for a long time. Many of them are tired of this responsibility and would love to have someone like them come and take the park off their hands. Furthermore, some of these same owners prefer doing business the old fashioned way (without bankers / real estate brokers breathing down their neck, charging large commissions and inundating them with paperwork). In other words, a large percentage of mobile home park owners would rather take some initial financial consideration, make a nice profit each month off the interest on their note and not worry about the day to day issues of running a park. Additionally, many do not want to deal with a several hundred thousand to million dollar tax problem if they sell the park outright. Sure they could 1031 it into something bigger; but then they?re in the same boat as before. Sorry loan officers out there but investors should ALWAYS, ALWAYS shoot for owner financing in your mobile home park purchases.

Investing in mobile home parks is an absolutely beautiful thing. Not only is it a long term land play, but you have NUMEROUS ways to make money through your park. As opposed to investing in single family homes it is actually very difficult to NOT achieve positive cash flow each month. This is due to the following reasons:

1. The parks are usually in a less than favorable part of town. Therefore the land is cheap and you will be spreading that cost over numerous mobile homes.

2. Provided you purchased the right mobile home park, there will be vacancies and their will be a few spaces for you to bring in extra mobile homes. (Yes, that?s right?.you want at least half the park to be vacant when you purchase the property as that fact will kill the sellers price and ensure that you end up buying a screaming deal.) You?re healthy, sharp and full of energy so you?ll improve the quality of the park, raise rents and maximize your rent roll. By the way this will immediately increase the value of your mobile home park through cap rate valuation. Net Operating Income (not including cost of financing) / cap rate.

Example

30 Space Park, $300 a month Rent Roll (50% Vacant) = $54,000 yearly rent

$54,000 ? 16,200 (30% of rent goes towards Operating Expenses) = $38,000

$38,000 (N.O.I.) / 9.0 % (cap rate) = $422,222 (Your Purchase Price)

Your up side:

30 Space Park, 100% Occupancy, $320 a month rent roll = $115,200 yearly rent

$115,200 - $34,560 (30% park operating expenses) = $80,640

$80,640 (N.O.I.) / 9.0% (cap rate) = $896,000 ....I would sell at this point :)

3. If cash flow is low you can add additional revenue by putting in a coin operated laundry mats, adding vending machines, arcade games, day care services, etc.

4. Lastly, you should have purchased a park that came with owner rights on the mobile homes themselves. This will enable you to be extremely creative with how you fill your park with people. Far and away the best tactic is to Lease option your mobile homes instead of renting them. Home ownership is the American dream so when you advertise ?Own your own home, $3000 down, low monthly payments ? Bad credit OK, call Boca Vista Mobile Home Park? Your phone will ring off the hook, trust me. From there you take their down payment and have them sign your lease option paperwork that details the term of their loan with you. So why sell them one of your mobile homes?.isn?t that an asset to the park you ask? Yes, but:

A. Now you have someone in your park that has pride of ownership and will most likely take better care of the mobile home than most people would.

B. Because they technically own the rights to the mobile home, you are not responsible for costly maintenance.

C. Due to the interest on his loan, this person will pay you more each month than anyone renting a mobile home in the area.

D. If he/she gets promoted or saves up enough cash to pay the remaining balance (this almost NEVER happens by the way) then you make a substantial amount of money because due to serious demand issues, you can sell these homes for much more than they are worth.

E. Most of the time, the person will be late on a payment or two and will flee during the middle of the night. In that case, the property is 100% yours again, you?ve pocketed the $2000 option payment and you start the process over again.

Corey Donaldson is a professional mobile home real estate investor, owning numerous multi million dollar parks across the nation. He began investing in mobile home parks after purchasing a mobile home investment guide from Steve Case, who has since gone into business with Corey.

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Atlanta Real Estate Trends

It is believed that the greatest boom in the Atlanta real estate is yet to happen. An increased growth in population and rate of employment in Atlanta has caused the value of the real estate market to escalate continuously. The real estate prices are comparatively reasonable in Atlanta as compared to other large metropolitan areas. For example, a two-bedroom condominium in New York will cost you more than one million dollars, while Atlanta offers the same type of property for $250k to $300k.

The rapid pace of development of Atlanta has made it a center of many industries. This has led to an oversupply of commercial buildings, thereby decreasing the value of commercial properties. Assessment based on the supply and current vacancies has shown that Atlanta markets are more vulnerable to overbuilding. Atlanta has comparatively low mortgage interest rates. Federal environmental regulation or the tax reforms put forward by the state or the nation can also influence the Atlanta real estate trend.

Timely analysis conducted by credible industrial experts on different aspects of Atlanta real estate will help you to foresee changes in the market. Many experienced real estate professionals who know the Atlanta market are there at your service. They can represent your interests with integrity, character, and honesty. It is highly recommended that you get the property inspected before buying. If something turns up during the inspection, you have the right to negotiate a repair or remedy.

Atlanta posted one of Southeast's highest office sale prices recently when an investment management company paid $168 million ($330 per square foot), for an office building. The standing record in Atlanta is $343 a square foot for a building, according to the Atlanta Business Chronicle.

Atlanta Real Estate provides detailed information on Atlanta Real Estate, Atlanta Real Estate Agents, Atlanta Commercial Real Estate, Atlanta Real Estate Listings and more. Atlanta Real Estate is affiliated with Chicago Suburb Real Estate.

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Licensed Real Estate Agents

Better government policies, increased salaries, and easily available mortgages have improved consumer purchase capacities despite inflation. People would rather pay for their own property rather than opt for rental properties. Many people have also been purchasing property as an investment. Such a situation has proved to be good for the real estate business. Clients could avail of services of licensed real estate agents when contemplating acquisition, sale, rentals or lease of property.

Licensed real estate agents are certified professionals who are experienced in real estate trading. Licensed mediators possess comprehensive knowledge about property they deal in and are well versed with the legalities of real estate deals. Licensed agents are qualified to answer queries associated with property overheads, assessments, and intention of trade. They are conversant about property sizes, repair costs, legal restrictions, and reconstruction of property, if any is necessary.

It is advisable to verify credibility, success rate, and charges of an agent when considering a particular licensed real estate agent. Comparisons between listed professionals help locate agents who are affordable and suit individual needs. Licensed real estate agent listings can be found in the yellow pages, at local estate firms, and online. Clients may also choose to hire professionals that have worked with family members, friends, or acquaintances. Licensed agents may work as salaried employees at real estate firms or may be self-employed as private brokers. Agents working within a larger organization may be salaried employees but are liable to receive additional commissions based upon the volume of business they bring in.

Potential clients may choose to communicate with licensed real estate agents prior to hiring them. It is advisable to clarify details regarding service charges, expenses, and time required for a deal in advance. Licensed real estate agents can provide valuable information regarding mortgage types to potential clients who may be in favor of outright purchases. In addition, they may suggest names of banks and financial institutions that could provide funds upon presentation of testimonials. Apart from operating as mediators between clients, they may also be empowered to negotiate on their behalf if one party is not present at the time of closing a deal.

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Home Selling Strategies for a Normalizing Market

After a solid five year run of record home sales, the market is readjusting itself to a more normal level. Most of those who wanted to move have moved. Interest rates are rising again, lowering the upper end ceiling for buyers overall. With buyers qualifying for a lower mortgage today than they might have a year or two ago, the buyer pool for higher priced homes is shrinking. The large inventory of homes currently for sale is resulting in an overall downward trend of housing prices. With increased choices, buyers can be more choosy and take longer to make their decisions. As a result, longer market times may caution a buyer away from a property.

There are three important factors for selling your home in today?s market: condition, price, and time.

Condition reigns supreme over anything else. Buyers have so many choices right now that anything that looks like it needs work can be enough to kill your chances of selling. People prefer move-in condition, so if your property isn?t, you probably need to do what it takes to make it that way. It is worth the money to remove old wallpaper, paint, replace carpet, and replace the roof if it?s almost at the end of its life. Offering an allowance doesn?t work in these market conditions because buyers tend to overinflate the costs of these improvements, anticipating double or triple what it will actually cost you. Plus, with the number of homes for sale, if yours is the one that needs to be painted, chances are it?s also the one that won?t sell. There are exceptions, such as homes that need a complete overhaul, so it?s a good idea to discuss your home and your plans with your listing agent before getting started.

A word about home improvements ? consider improvements as solidifying your home?s value rather than increasing it when deciding on a price range. The kitchen you recently renovated or the room you added may help your home sell more quickly than the one down the street because it?s in better condition, but it won?t necessarily increase your home?s value. If you?re not looking to sell your home right now, spending the money on upkeep and maintenance now can help you avoid needing to spend a lot all at once when it is time to sell.

The second factor is price. You want to have the best price on the market. That doesn?t necessarily mean the lowest price, it means value. It?s a good idea to price your home aggressively because there are so many options available. If there are 40 homes for sale in your price range, you want your home to stand out as the best home for the money.

Misperception or misunderstanding of the current market conditions can lead to improper pricing which in turn can lead to excessive market time or even no sale at all. What you paid for your home or what your neighbors sold their home for last year are irrelevant when deciding on your asking price. Factors you and your Realtor should consider are your home?s current condition, the condition of other homes for sale in your price range, the asking price of homes similar to yours, and which homes are selling and which are not. Accurate pricing from the outset increases the likelihood that your home will find the right buyer quickly. The first three weeks on the market are the most important ? that?s when people are excited to see the new kid on the block. A strategy of starting on the high end and then lowering it over time is rarely successful in a normalizing market. By the time the house is where it should be, interest has peaked and buyers have moved on.

Finally, accept that it still takes time. There are only so many buyers out there and they have a lot of choices. Average market times have been three to four months, so your goal is to reduce the selling time by carefully preparing your home and improving its condition plus adopting an aggressive pricing strategy. Then you just need patience and faith that the right buyer will see your home and decide that?s the home for them.

Everyone?s situation is different, so be sure to discuss your situation with your Realtor and decide on the best strategy for your needs. Today it takes twice as much work to be the best value in your neighborhood. Hard work and diligence can pay off.

Today it takes twice as much work to be the best value in your neighborhood. Hard work and diligence can pay off.

Shawn Buryska is a realtor in Rochester MN, specializing in home real estate, buying a new home, selling your old home, or helping you search Southeastern Minnesota MLS Listings.

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Protect Yourself with a Home Inspection

Home inspection plays a very important role in the real estate process. When you are buying or selling a home, you rely on a home inspector to provide an accurate and reliable inspection of a property. A home inspector will tell you about the condition of the home and help you avoid buying a home that needs major repairs. It is the perfect way to get an in-depth and impartial opinion of your next home before you buy it.

What to Expect

Typically, you will hire a home inspector either immediately before an offer is made on a home or as a contingency to a sale. Additionally, home inspections are ideal if you want to evaluate your home's condition or diagnose potential problems before they become serious issues.

Home inspectors perform the following duties:

-Evaluate the physical condition of a property, including the structure, construction and mechanical systems.

-Identify the items that should be repaired or replaced.

-Estimate the remaining useful life of the major systems (such as electrical, plumbing, heating, air conditioning), equipment, structure, and finishes.

Although inspections are primarily visual, inspectors may use tape measures, survey instruments, metering devices, and other equipment, such as concrete strength measurers, to aid in their inspection. They keep a log of their work, take photographs, and file a formal report.

The inspection usually takes two or three hours (depending on the age and size of the home). You should be present so you can ask questions and learn about areas that need additional work. All of the findings will be presented in a formal report that details the condition of the home.

A Close Look

The main purpose of the home inspector is to provide an objective viewpoint on the condition of a specific home at the time of inspection. The inspector does not evaluate the cost or value of the property, but provides a close examination of the following:

Structural Components: Foundations, floors and walls.

Exterior Components: Siding paint, windows, decks, garage doors, etc.

Roofing: Coverings, flashings, chimneys, etc.

Plumbing: Piping, fixtures, faucets, water heating and fuel storage systems, etc.

Electrical: Wiring, main service panels, conductors, switches, receptacles, etc.

Heating: Equipment, safety controls, distribution systems, chimneys, etc.

Air Conditioning and Heat Pumps: Cooling and air-handling equipment, controls and ducting, etc.

Interior: Partitions, ceilings, floors, railings, doors and windows, etc.

Insulation and Ventilation: Attics, walls, floors, foundations, kitchen and bathrooms, etc.

They will additionally perform the following services (sometimes for an extra fee): mold sampling, radon testing, asbestos evaluation, pests/wood destroying organisms, carbon monoxide testing, lead testing, and more. These services are not always available.

Make sure to protect your investment. Get a home inspection before you buy your next home!

http://www.realestatelicense.com http://www.homeinspectioncourse.com

Heather Brunson is a lead marketing writer for Allied Schools. She has a B.A. in Journalism with an emphasis on public relations. She has additional experience in technical writing.

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Marketing to Realtors: Create a Power Position in Your Marketing Efforts

Every day a real estate agent receives several marketing attempts from loan officers. In fact, this information comes in a steady, unrelenting stream. It is no wonder agents have become adept at tuning out the static of these marketing attempts.

Your challenge is to find a way to differentiate yourself from all the buzz of other loan officers. You do so by establishing your marketing position.

Your marketing position is what defines your business. Take a moment to browse your competition websites. Does their marketing position look identical to yours? If it were not for their logo on the top of the page, could it basically be your website?

If the answer is yes, your marketing position is too close to that of your competition. You are competing with them for a place in your prospects mind, and chances are you are not winning the battle for first place.

Take a look at your business and what can you offer that nobody else is doing? If you feel stymied by how you could possible differentiate yourself from your competition, think about a couple of examples of businesses that have done a remarkable job of creating a marketing position.

Federal Express is a great example. They started a business with a position no other shipper occupied. They advertised was when it absolutely, positively has to be there overnight, they were there to do it.

Dominoes Pizza started their business by emphasizing that they would delivery a pizza within 30 minutes of the order, or the pizza was free.

Southwest Airlines have marketed themselves as the low-fare airline.

What special skill or niche could you develop and use in your marketing materials and what can you use to set yourself apart from your competition? When your services are similar to another loan officer, real estate agents will look for ways to differentiate.

The more your services are scrutinized for differences, the more important it is to give details about how you are different. You need to accentuate those details.

Prices and rates are not necessarily the kind of difference that gets you noticed. In fact, most often it merely gets you into a bidding war. You should instead find an unexplored niche and specialize your services around it.

You can develop a unique niche within a product line like HUD, ARMs or Jumbo Loan expert.

You can develop a niche around details of the process for example, loan approvals within an hour (or less), loans that close 5 days ahead of COE, daily email updates to agents.

You can position yourself around gender, ethnicity, geography or another demographic, specializing in exclusively serving the Hispanic community, single professionals, Town & Country Ranch, etc.

Spend some time thinking about what makes you and your business unique and then market to that position.

Jeff Nelson helps loan officers increase loan originations by attracting quality relationships with real estate agents from the development of customized relationship-building strategies. Click here to get a free copy of the Marketing Planning Guide, a 20-page workbook designed to help you outline a strategy to become an Agent Magnet. Visit us at http://www.loan-officer-marketing.com

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Palm Springs Real Estate

The Palm Springs area, consisting of well-established neighborhoods of desert area cities, is also known as the Coachella Valley in central Riverside County. Palm Springs nearly covers a geographical area of ninety-six square miles and is enriched with culture, history and a beautiful landscape. The shopping, entertainment, dining and recreational facilities provided for residents are world-class. In the past few years, the year round good weather, abundant nature and close proximity to Los Angeles have made it a popular destination for tourists of all ages. More and more people who are tired of the winter season are flocking to Palm Springs to take advantage of some of the pristine real estate still available in this beautiful area.

With a growing population and a growing number of tourists, Palm Springs continues to experience a bright economy. It has also resulted in a boom in real estate. Nearly 60% of Palm Springs area residents have moved into greater Palm Springs metro area in the last decade. Approximately 50 people move to Palm Springs each day, and with the attractive and rising real estate values and great interest in the area housing values are expected to continue to increase. Even with increasing property values, Palm Springs residential real estate continues to be affordable. The average price of a home in Palm Springs is $386,148.

Palm Springs has a population of approximately 50,000, with an average income of $69,000. The average temperature in January is around 58 degrees and 92 in July. The median age in Palms Springs is 45 with an average household size of 2.05.

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Mortgage Applications Down

Mortgage applications fell for the first time in four weeks as demand hit the lowest level in almost three years.

According to the Mortgage Bankers Association weekly report, the seasonally adjusted index of mortgage application activity for the week ended August 25 decreased 0.9%, landing nearly 23% below last year's level for the same week.

The decline remained consistent with the slowdown being seen in the housing market.

We're still in the soft landing camp for the housing market, explained John Shin, senior economist for Lehman Brothers. We do see a sizable impact on the economy and expect that the slowing housing market is going to trim roughly one percentage point off of growth over the rest of this year and the next year as well.

For the sixth straight week, home refinancing demand increased as a result of decreasing mortgage rates.

Last week, the 30-year fixed-rate mortgage rate averaged 6.39%, well below June's four-year high of 6.86%. However, they were well above last year's level of 5.73%.

Seasonally adjusted index of refinancing applications increased slightly for the week, up to 1,609.2 from 1,608.5.

The refinancing share of total applications increased to 41.5%, up from 40.6% the week prior. This marks the highest level since February.

Fifteen-year fixed-rate mortgages averaged a rate of 6.06%, up from 6.04% the week prior. The one-year adjustable-rate mortgage also saw an increase, up to 5.97% from 5.91%.

ARMs made up 26.8% of total loan applications, an increase from 26.4% the week prior.

The MBA's survey covers 50% of all US retail residential mortgage loans. Respondents include mortgage bankers, commercial banks and thrifts.

Martin Lukac represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate and mortgage rates. We specialize in daily updates, mortgage news, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!

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"The Time Value of Money"

The time value of money (TVM) is an investment principle that states money is valued greater today than in the future due to inflation and economic conditions. Essentially, a dollar in your pocket today is worth more than a dollar in the future because money may be invested and earn interest over time. The notion of TVM is money is worth more the earlier it is received.

If you loaned a friend $20, would you rather get the money back today or a year from now? You should want the cash today. Think back to the price of movie tickets 10 years ago. The price for a movie ticket at one point was just a few dollars and has risen to almost $10 due to the factor of inflation. By receiving cash today, rather than the future, you can invest the money into an alternate source and potentially receive a higher return for your money. Future value includes the amount of money you would earn through growth in your investments in the future assuming a given interest rate. It is what the cash is worth at a particular time in the future, while present value refers to the value of a given sum of money today. The same principle applies to real estate notes. A real estate note, a mortgage for example, is created with specific terms, conditions and a length of time for its return. In order to exchange the note for cash, a note?s present value is determined through a discount analysis to appraise its current worth, which will differ from the note?s value in 10 years.

To demonstrate TVM and why it can be more advantageous to have money now rather than the future, consider the following example. If you own a real estate note that is appraised at present value for $150,000 you can cash out now and spend the money, or you can invest in alternate sources for a higher return on your investment. By receiving the money today, you can avoid dealing with late payments and the risk of not receiving a payment at all. Immediate cash appeals to most much more than receiving money in the future. The following illustration of TVM shows the change in value of $150,000 over a year if invested with a rate of return of 10 percent.

Future Value = (Present Value) x (1 + Rate of Return)

Future Value = (150,000) x (1 + 10%)

Future Value = (150,000) x (1.1)

Future Value = $165,000

Understanding the time value of money is essential to achieving financial success, as this concept allows you to evaluate the potential value of money today in comparison to the future. When you talk about mortgages, loans, car notes and retirement funds, the practical knowledge of time value of money can help you accomplish the wealth you have longed for.

Maria Fee is a mortgage professional, real estate investor, teacher, and master marketer with more than 20 years of business experience. Maria is the President of REMI KNOX, LLC, a group of investors who purchase real estate notes nationwide. Quoted by the media as an expert, she is continuously recognized for her extraordinary knowledge and real estate investing experience. You too can discover hidden secrets to success with real estate notes. To take control of your financial future with proven strategies visit Maria's website at www.REMIKNOX.com. Happy investing!

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Pune Property : India's Best Buy

Real Estate prices have been galloping in India over the last few years.

Since 2003 prices in Bangalore have been steadily rising upwards. Property purchased at 400Rs per sq feet has risen to 1800-2000Rs per sq feet within a few years. This is a 400-500% increase in price. Similarly for Noida. A plot for constructing an independent house is not available in Noida today for less than a crore . Why does all this make Pune property attractive?

Pune has been in the Real Estate news for a little over a year. So it's essentially been overlooked vis-a-vis hot IT markets like Bangalore and Noida. Real estate prices are still realistic in Pune. In the Eastern suburbs, you can still buy plots in Kondhva for about 600 Rs. Builders like Nyati, Cloud 9, Clover Village are the major sellers for plots and row houses in this area.

In the Western Suburbs Hinjewadi is the place where all the Real Estate action is happening. This is mainly because of the IT Park situated here. IT majors Infosys, Wipro, Cognizant are already there. New players have been coming in every month. This has resulted in a boom for rental accommodation in this area and also surrounding areas like Aundh, Baner, Bhugaon, Pune University.

A definite lower cost of living, fantastic weather, a small insular city which makes travelling easy, an extremely young upbeat crowd all add to the Pune charm. Pune is just a 3 hours drive over the expressway to Bombay and is well connected by air, road and rail. IT companies are moving to Pune since it's being seen as an extremely 'livable' city. The best property all over India

David Thomoson, an associated editor to pune360.com , is a contributing author to the www.pune360.com for distinct article sites/journals. Please feel free to visit www.pune360.com for more information on Real Estate, property and classified issues Or write to him AT pune360@hotmail.com. Any comments and /or suggestions will be highly appreciated.

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Vote No on Proposition 90 In California

Do you live in a Mobile Home Park and rent a mobile home? Do you want your rent gauging stopped? Did you know that Rent Control Ordinances and the Mobile Home Residency Law could be lost if the initiative passes.

We the people that live in Mobile Home Parks must all unite and defeat Proposition 90. If we do not defeat Proposition 90, we the owners of our Mobile Homes are in a world of trouble.

We could lose our homes.

For more information on Proposition 90 - Go to Californians Against the Taxpayer Trap =>http://noprop90.com/facts/

There will not be any rent control and the park owners can raise the rent anytime, and any amount.

We the Mobile Home owners must speak out. Have meetings in your own individual park and discuss this matter. Make sure everybody in your park votes. If there are home owners who do not drive set up transportation for these people to get to the poles or make sure there book is filled out ahead of time and mailed.

Every vote counts:

We are the people Proposition 90 will affect. We must band together park to park and vote NO, on Proposition 90.

Thank you for reading my article. Please feel free to read my other numerous articles.

Copyright Linda E. Meckler 2006

Linda is the author of her first book, ?Ghost Kids Trilogy.? Christy, 12 and her Brother Brad, 16 moves into an old house on top of a mountain and meet two Ghost Kids. Become involved with all the characters and all the adventure and mystery. Then we have a mysterious, magical Blue Vase where Uncle Charlie the villain is trapped. He wants out of the Blue Vase and exchange he will tell Christy and Brad where Pirates? Treasure is Hidden. Take a walk with Christy and Brad down a dark hall hunting for Pirates? Treasure. You will think were you there right there with them. Love, Family Values and Charity burst off the pages. 4 E books to be added to my website soon. How To Appeal Medical Bills - Appeal and Collection Letters for Medical Providers - Boost Your Self Esteem and Blosssom - Computers Cause Pain. You can purchase Love My Hand Pad on my website www.lmeckler.com Check out my website http://www.lmeckler.com

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Closing Costs Explained for the Buyer and Seller

The fees associated with buying and selling a home documented in a sales contract are called closing costs. They are split between the buyer and the seller and often involve negotiation. Buyers apply for a loan and receive a good faith estimate that may not include all of the closing costs.

Buyer's closing costs include: the actual down payment, loan fees, points, appreciation and credit report, along with any pre-paid interest, inspection fees, appraisal, mortgage insurance, title insurance, and documentary stamps or note. Escrow fees, homeowners insurance, and legal fees can be included. These fees vary depending on the lender and the details of the sales agreement.

It is advisable to carefully review the estimated costs presented by the lender. If there are any questions before the actual closing, have the loan or title company officer clarify anything before making a final decision. As Americans borrow more than $110 billion a year to buy homes, these added costs and charges can add significantly to the purchase price of the home.

Sellers' costs as part of the closing include: the broker's commission, tax transfers, documentary stamp on deeds, and insurance and property taxes. Before the sale closes, the escrow officer will verify with the lender to ensure sure the existing balance for the loan has been paid. If the proceeds from the loan do not completely pay for the seller will need to pay for the remaining balance. Any additional deductions for the sale of the home (including buyer credits and concessions) are subtracted before the seller receives their share of the sale proceeds.

Negotiations for deductions can occur with minor or major costs. Property taxes are often prorated. They are usually paid at the end of the tax year. If the buyer has questions regarding some structural aspect of the home, including the plumbing, windows or electrical work, the buyer may request the owner to credit for the repairs. At this stage, even the price of the house could even become negotiable. A buyer could offer to pay the full asking price or more for a house in exchange for the owner covering the closing costs. The seller may offer to ?carry paper? or finance a portion of the sale for the buyer to ensure that the sale goes through. There is really no restriction for what can be covered by the buyer or seller, just as long as both parties involved are happy with the eventual outcome and the terms of the deal is written down.

It is a good idea to carefully review the good faith estimate well in advance of your closing date. You'll be better prepared to protect yourself from padded, inflated or abusive costs. If questions are raised during the earliest stage of escrow, you'll have ample opportunity to speak with the preparer about your concerns and have them explained.

Make sure that you are aware of basic closing terms. Loan origination fees are fees that cover the lender's processing fees for the loan, a percentage of the loan that varies from lender to lender. Points. A point is a one time charge for a lower interest rate. A point usually costs one percent of the amount loaned. A buyer can save money over the life of the loan by paying down one or more of these points, and the points may be tax-deductible.

Property Appraisal: A property appraisal is done for the lender to determine fair market value of the home. Inspection fees: are charged for homes under construction. A lender requires routine inspection for construction and release of funds as work progresses and concludes. Buyers are also responsible for prepaid interest that covers the mortgage from the first day of the loan until the due date of the first monthly payment. Hazard and flood insurance are paid a year in advance to cover the home and lender from natural disaster: fire, loss, windstorm and flooding.

Miscellaneous mortgage fees can include more inspections and an assumption costs. Inspection fees are generally handled before the closing date and can include an inspection of the home, radon tests, and pest or other specialized inspection fees. Assumption costs are for transferring the owner's mortgage into the hands of the new buyer. This is where reviewing closing costs are important because they can vary from state to state. Charges for home warranties are common. An attorney can handle a title search, apply for title insurance for you and a lender and complete the closing in some states. In other states specialty companies handle title work and closings are completed elsewhere. As this process can be cumbersome, it is important that you work with your REALTOR?, title officer and/or legal professional to handle ensure that all aspects of the closing are handled with the utmost of care.

Current technology has allowed the closing process to become easier, quicker. There are a plethora of fees a lender may charge depending on your location and the technology employed in the process. Notary and record fees would apply to have documents notarized and filed with public records. Overnight fees would result to send or receive documents and transfer fees for wiring incoming and outgoing funds.

Regardless of where and when you are buying a home you're closing costs will take a significant jump before they're finalized. The more educated you are about the process the better you'll be able to discern between valid or inflated costs. You'll be better prepared for that possibility. The awareness you've gained from familiarizing yourself with the process and establishing a relationship with your lending officer, REALTOR?, and closing agent will better prepare you for a predictable rise in closing costs and enough knowledge to point out inflated costs or at least ask questions to determine exactly where you stand.

Alex Peterson writes for ZipRealty. ZipRealty provides home buyers and sellers with an innovative real estate solution. By using the efficiencies of the Internet, ZipRealty has streamlined the real estate process and is able to pass significant savings on to home buyers and sellers.

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Minnesota Mortgage What to Expect When Buying a Home in Minnesota

Maybe you?re buying your first home in Minnesota, or perhaps you?re relocating to Minnesota from another state. Either way, it?s important that you educate yourself on Minnesota home loans before shopping for a home and mortgage. This article explains what you?ll need to know before buying a home in Minnesota:

The median price of a home in Minnesota is $122,400. The price of homes in Minnesota varies widely between zip codes. For example, in Minneapolis, Minnesota, the median price of a home in the summer of 2005 was $320,000; however, in Plymouth, Minnesota, the median price of a home was $214,000, and in Forest Lake, Minnesota, it was $225,000. Average interest and job growth rates in South Dakota are both below the national average.

Minnesota law prohibits the financing of points and fees on a mortgage that are more than 5% of the loan amount. Additionally, Minnesota limits the ownership of agricultural land to U.S. citizens and permanent residents, and corporations owned at least 80% by U.S. citizens and permanent residents.

The state of Minnesota does not regulate home radon levels. This means that home buyers must test for radon levels in the home they are purchasing and decide for themselves how much radon is acceptable in their home.

Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about Minnesota Mortgage Rates and Loans.

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Overseas Property Investment This Area Continues To Soar In Value!

Do you want to invest in overseas property but are worried about the risk?

In that case, you will be interested in the region below where property speculators have been making solid gains of 30 ? 100% annually for several years and prices look set to move far higher.

The region is:

Central Pacific Coast Costa Rica.

Were not talking about an area that could take off but has taken off for overseas property investment.

More gains are coming and we will give you the reasons in a bit.

Lets look at the gains first at if you want a second home a villa a condo or a retirement home in the sun gains here are fantastic.

For instance buyers who purchased $30,000 of property in the town of popular town of Jaco, 15 years ago are now worth more than $750,000.

Another example of great gains can be seen are at Marriot Corporation Los Suenos Resort, they pre sold condos of 2000 square feet for $250,000. The following year they sold more at $350,000.

Now this years top end units are being sold at $450,000 to $850,000 and there is not enough supply to meet demand.

So why will this area make more gains?

There are several reasons:

1. It?s an established community with huge foreign investment and this inspires confidence for more people to come.

Its not an area that may take off it has and with all areas that do, property booms can last for decades and this one looks set to go a lot further.

2. The area has easy access from the airport, superb beaches and beautiful national parks and is an area with great scenery,surfing and fishing.

3. Facilities, infrastructure and property are of a very high standard in an area popular with both foreigners and locals, the proof of a boom area.

4. Costa Rica remains the premier destination for US and many foreign buyers.

While in a different country, the large expat community and the great facilities make it a place people feel at home in, despite being in a foreign country.

More gains coming

Now the above area is getting record investment and more people from overseas are coming and this means prices will continue to rise.

Not an area that may take off it has!

Unlike many central American countries it has a track record and the investment coming in reflects the appeal of Costa Rica and the preferred destination of the central pacific coast.

If you want a great area to purchase an overseas property in then Central Pacific cost Costa Rica offers you a solid investment and a great location

More FREE info On investing in property and land in the area outlined above and suburb beach front plots with great capital appreciation potential then visit: http://www.costaricalandlots.com

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Costa Rica Property ? 4 Reasons It Will Continue To Soar In Value

Costa Rica property prices continue to soar in value and many investors have been doubling their investments annually. Can this continue? The answer is yes and this can make you some great profits with low risk and we all want that!

Costa Rica property investment does have rivals such as Honduras, Belize and Nicaragua but these markets simply dot offer the same risk reward.

Lets look at why Costa Rica property prices will continue to soar in value.

1. Its an established market

Costa Rica property prices have been soaring for 10 years and it has become a mature market. While many investors think that prices can?t go higher, they can.

Why?

Quite simply, there is a track record of growth and all the factors that were present 10 years ago driving prices higher are still there, in fact their set to accelerate.

Investment is at record highs and rising and this will continue to drive prices higher.

2. Rewards are high and risk is low

The major attraction of Costa Rica property is the opportunity to buy property that is 70% less than in the southern US states in a beautiful and stable country.

Many investors however are thinking well if Costa Rica has taken off, maybe they should buy one of its neighbours like Nicaragua.

Prices are cheaper so upside will be higher.

This is totally incorrect. A new emerging market may take off but most don?t, you can buy property cheap but it?s cheap for a reason!

When buying property you don?t want to buy the cheapest, this is a mugs game.

You want to buy competitively prized property, with low downside risk and great upside potential and that?s exactly what Costa Rica property offers you.

If you want double digit annual gains with low downside risk then Costa Rica property can give it to you.

3. It has an established expat community

If people are looking at buying for investment, second or retirement property, they will look for who else is investing and living in the country from their own nation.

Once an expat community starts to establish and grow it attracts other expats. Many people like living in country where they are the only ones, but most don't.

Americans and Canadians in particular come to Costa Rica because the locals are friendly and they have their own community as well, to make them feel at home.

4. Outside Factors ? The major one to drive prices

Consider this

The baby boomer generation is coming to retirement age and are faced with this scenario:

Most will not be able to have the same standard of living their used to now. State support is less medical care costs are high, their living longer and they haven?t saved enough!

So what will they do? Many are already seeing Costa Rica as a way to maintain and improve their standard of living (just 3 hours from the US) and their buying Costa Rica property in ever increasing numbers

The baby boomers as they retire now will accelerate the upward trend in Costa Rica property prices and this is an opportunity for some double digit profits with low risk.

More FREE info and A FREE guide on Costa Rica property as well as video's features and articles go to http://www.costaricalandlots.com

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How to Find a Los Angeles Low Commission Real Estate Agent

Have you recently decided to sell your home? If you have sold a home before, you are likely to know the expenses associated with doing so. If you have never sold a home before then you are about to find out. That is unless you make the decision to obtain the services of a low commission real estate agent. Los Angeles residents have reported success with using their services and you could to.

If you are unfamiliar with real estate agents, you may be wondering exactly what a low commission real estate agent is. In the Los Angeles area, a large number of real estate agents retain their fees from a percentage of a home?s sale. This percentage is often referred to as commission. The commission obtained by local real estate agents is likely to vary.

If you were to contact a number of local real estate agents you would find that some charge a commission as high as five or six percent. Does this sound like a large percentage to you? If it does, you are right. Those individuals cannot be classified as low commission real estate agents. An agent charging one or even two perfect can be classified as a low commission real estate agent. Los Angeles residents, to save money on the sale of their home, are encouraged to find these agents.

Searching for a low commission real estate agent is similar to searching for a traditional real estate agent. You can use a local Los Angeles phone book to find a number of local real estate agents. It is important to note that phone books are limited on the amount of information they provide. If you are interested in determining whether or not a real estate agent can be considered a low commission agent, you will have to contact that agent directly.

In addition to using a local Los Angeles phone book, you can also use the internet to find a low commission real estate agent. Los Angeles residents, including yourself, can use online business directories or online real estate resources. Each of these resources are likely to point you in the direction of a low commission real estate agent. Los Angeles residents can also perform a standard internet search. That search is also likely to produce the same type of results.

Many low commission realtors offer services that are similar to full priced real estate agents. To determine the difference in services, you are encouraged to speak directly with a low commission real estate agent. Los Angeles homeowners have been profiting from the sale of their home with discounted agents and so can you.

Brad Horn is a writer for 1 percent realtor where you can find a great resource for information regarding a Los Angeles Low Commission Real Estate Agent

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First Time Home Buyer Tips

Buying your first home can be a frightening and daunting experience, but it doesn't have to be. In fact, it can actually be enjoyable, if you take the necessary steps to make sure you're ready to go through with the transaction. Here are some ideas on how to make your first home buying experience more enjoyable and less traumatic.

First, it's important to know just how much home you can afford. That will help you avoid the heartache of finding a home you love, only to discover that it's beyond your means. Find out what price range you need to be shopping in BEFORE you start looking!

One of the best ways to do that is to call or visit your local lenders and find out what types of loans are available and how much you can qualify for. There are many different types of loans available, and if this will be your first home, you'll have even more choices, because there are a number of programs specially designed to help people make their first home purchase. Talking with loan officers will also give you a chance to find out what other fees are involved in getting a loan. That way, you won't receive any unpleasant surprises when it comes to finalizing your mortgage transaction.

Find a real estate agent you're comfortable with, but also make sure they're knowledgeable about financing, real estate prices, and sales procedures in your area. They should also be able to demonstrate some success in negotiating sales. That's not to say there aren't good people in the field who are also brand new, but you'll want someone who can hold your hand throughout the process.

Don't sign an agreement to work with just one agent. If you agree to pay a commission to an agent, it obligates you to do that, even if you find a house yourself that's being sold by an owner. Keep your options open!

Create a checklist of the things you want most in your new home. It will help you stay focused on the things that are important to you and will serve as a reminder to look for those things in every home you visit. That way, you won't get overwhelmed by seeing many homes or get swept away by a home that's dramatic but doesn't contain the elements you're looking for.

Once you've found a home you like well enough to make an offer on, have a home inspection done by a reliable person. Especially if you're looking at a For Sale by Owner (FSBO) home, you may not want to agree to use the home inspector they suggest. Ask around and find one of your own.

Finally, don't let anyone pressure you into signing either the purchase papers or the loan documents without examining them closely. You have the right to read and to understand what you're signing, so take all the time you need. If you feel as if you need legal advice, ask to be able to show the papers to your attorney.

Buying a home doesn't have to be an exercise in frustration and terror. If you pay attention to details, gather the necessary information, and stay focused, it can be one of the most exciting things you'll ever do.

Copyright © 2006 Jeanette J. Fisher

Free ebook: Credit Tips for Mortgage Financing at http://worryfreecredit.com Jeanette Fisher teaches six steps to buying your first home. Free First Home Buyer Info

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How Long Should A Mortgage Last

Commonly, the standard term is considered to be 25 years. However you may choose a different term if it suits you and the lender agrees that you can afford it. You have to keep in mind that with a shorter term, you will have higher monthly payments but pay less in total. While with a longer term, you will pay less each month but more in total.

Above all beware of making financial commitments that continue past your retirement age unless you are sure you will be able to afford the payments. You should think twice, or even more, before taking out a 40-year loan to buy a house. With the skyrocketing price of properties many middle class family are attracted by this kind of mortgage deals. But the extra 10 or 20 years won't reduce the monthly payments all that much. And you will pay so much interest to the bank. Eventually your equity will grow so slowly, that your home will never be a good investment, helping you to save and build wealth.

There are many personal and emotional reasons instigating one?s family to buy or build a house. But financial considerations also play a big part in the decision, too. A home should become your foundation for building wealth. As you are progressively paying back your mortgage, your home should quickly become one of the most valuable things you own. Besides the equity you create by paying off the loan is a type of savings that you can use to send your kids to college or ensure a comfortable retirement. But if you have a 40- and 50-year loans. You don't build wealth because you have to give really too much of what should be your money to the bank.

Check Out More Articles: You Fix It Credit , Fix It Home Repairs , Fix It Yourself Credit

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Sarasota Real Estate Housing Market

Compared to the same 3 month period (March to May) from last year, Sarsota real estate sales are down. For this period, Sarasota real estate area had 1,393 sold properties last year compared to only 865 this year. Last year, the same period had an average of only 2 months. However, for May 2006 the inventory skyrocketed to an average of 13.8 months. This is definitely indicative of Sarasota real estate becoming a buyer?s market. On the other hand, Sarasota real estate prices increased, up from an average of $240 per square foot to an average of $295 per square foot in May of 2006. Today in Sarasota the average price of houses for sale in May 2006 was $762,000 while average price sold was only $562,000. The market has indeed decelerated from last year, albeit this is the nature of equilibration towards a normal and stable market. With lots of properties for sale on the market, sellers really do need to price their property right in order to sell it. The rates are still fine, rising up slightly to 6.75% for 30 years fixed, and Sarasota has much to offer in order to attract buyers. Properties for sale will tend to float on the market longer than it would have for the last couple of years since buyers know that they have a large pool of selection to choose from. The number of buyers will also continue to gradually drop this summer as the market begins to take the command again. This point in time is certainly the time to buy. Prospective clients who take the time to fly down to Florida in the summer are more serious buyers since they have done the research and know what they are looking for.

In my opinion what the data is showing us is the reality that last year's price increase was strictly due to a lack of inventory. This is the law of supply and demand at work. With overflowing supply of resale and new construction homes, one can expect that the price of homes will continue spiral down. Sarasota real estate area is very conducive to live in and there are several more years in the prediction of experts regarding the influx of baby boomers towards this area. Furthermore, many new jobs have been opening, which presents an excellent opportunity for professionals and entrepreneurs alike who are contemplating on moving and buying a home in Florida.

Overall, Sarasota real estate property values are stabilizing. In the heat of the summer, this is going to be a more normal market. Now is an opportune time to buy your dream house in paradise. Prime time season is around the corner and properties that have not gone under contract by now have adjusted their prices. Sellers are getting motivated and are still moving on. There are some great deals out there especially on condos under $300,000 that prospective buyers can purchase in a golfing community or close to the coast.

Dranreb Earl Juanico

Sarasota Real Estate

Dranreb Earl Juanico - http://siestakeyrealestate.com

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Local Housing "Market Knowledge" Is Most Valuable Attribute Consumers Look for In Hiring An Agent

In today?s changing real estate marketplace, one-third of consumers said in a national survey that local ? housing market knowledge? is the most valuable attribute they look for in hiring a real estate agent. ?Commissions? and ?communication? tied for second place in the survey. Each received 22%.

Fourteen percent of consumers responding to the random survey said ?experience? is the most valuable asset they seek in hiring an agent. Ranked last is ?negotiating skills.?

?Market knowledge is critical in all kinds of real estate markets, no matter the location,? observed Michael Bearden, President and CEO. ?This is especially true when housing markets are as balanced as they are now between buyers sellers.

?By taking advantage of the free ?Current Market Conditions? feature on their websites, our member agents can immediately establish themselves as real estate market experts in their exclusive territories,? Bearden continued. ?These quarterly surveys measure such things as days on the market, percentage differences between listing and selling prices, inventories of unsold homes, the ratio between buyers and sellers, local market hotspots, and repeat and first-time buyer activity.?

By participating in the survey, local sales data developed by member agents also becomes part of regional and national housing data released quarterly to the media and publicized both internally and externally.

The importance of communication between agents and their customers is underscored in the survey results. ?The Internet has become an important tool in establishing and maintaining good communications with clients, past clients and prospects. The customer expects and demands instant communications.

By ranking ?commissions? ahead of agent ?experience? and ?negotiating skills,? consumers are focusing on the bottom line after a five-year run-up in homes for sale prices in many parts of the country. ?We?re talking about bigger commission dollars and higher expectations of services and results by home buyers and sellers in slower markets,? Bearden said. ?To be successful, real estate agents must have aggressive marketing plans and have a solid track record of successful results in all kinds of markets. Our system and our marketing tools were designed to do just that for our members.?

Monte Helme is a national public relations consultant with HouseHunt, Inc. Previously, he was vice president of public relations and publications for Century 21 Real Estate Corp.; vice president of communications for AmeriNet Financial Services (now LendingTree); assistant city editor/Orange County for the Los Angeles Times; executive sports editor of the Rockford, IL, Morning Star and Register-Republic; and reporter for the Dixon, IL, Evening-Telegraph. Find real estate, homes for sale through public MLS and check what my home is worth in your area.

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Atlanta Corporate Apartments

Corporate apartments are temporary lodging facilities for corporate travelers. These are situated in usual apartment complexes or complexes owned by a lessor and structurally similar to other apartments regarding the number of bedrooms available and indoor or outdoor facilities. Atlanta, a world-class business center, has a number of renowned corporate apartments in its downtown and suburb areas.

Atlanta corporate apartments are excellent accommodation options for business travelers for temporary, interim stays. These are more comfortable and convenient than hotels. Atlanta corporate apartments are available in various sizes and with a full range of facilities and amenities. Many apartments are ready to be rented directly to corporations, which enable the relocating personnel to engage in their work without the usual delays involved in hunting for a suitable house.

Modern corporate apartments in Atlanta offer standard to luxury stays for every budget and lifestyle. Corporate apartments are generally sited close to public transports and next to services such as restaurants, Internet centers, and convenience stores. Furnished Atlanta corporate apartments are first-rate solutions for extended- and temporary-stay travelers, relocating employees and their families, home buyers, or any person seeking a weekly, monthly, or extended stay.

Fully furnished single-, double-, three-bedroom, or three-plus-bedroom apartments are available for short- and long-term leases. Corporate apartments are rented at a rate of a minimum of about $50.00 per day, but this rate may vary with additional facilities. Standard facilities such as a business center, swimming pool, fitness center, tennis courts, playground, clubhouse, and tanning bed are also available in some reputable apartments. One can select apartments with a fully functional kitchen including a refrigerator, microwave oven, dishwasher, and icemaker, and with a washer and dryer. Some apartments allow pets.

Atlanta corporate apartments maintain competitive and flexible rental rates and terms, seasonal discounts and incentives, and master leases for corporate clients. The specialized property management companies in Atlanta will assist any corporate traveler with a number of furnished, cost-effective corporate apartment options and housing needs.

Atlanta Apartments provides detailed information on Atlanta Apartments, Loft Atlanta Apartments, Atlanta Apartment Rentals, Cheap Atlanta Apartments and more. Atlanta Apartments is affiliated with Apartments for Rent in Chicago.

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States That Do Not Recognize 1031 Tax Exchange

This article looks at states that do not recognize 1031 tax exchange. While Section 1031 is part of the United States Internal Revenue Code (IRC), it is important to know whether the same rules apply to State taxation for those states that have income taxes. Some states simply follow the rules of the IRC, while others have completely separate set.

While IRS Section 1031 allows any US investment or business real property to be replaced tax free with any other investment or business real property anywhere in the United States, there are states that do not recognize 1031 tax exchange. These states only allow an exemption from State taxation if the replacement property is located in that same state. If the proceeds are reinvested into property located outside of that particular state, it will be considered a taxable event and state income tax will be payable.

Besides costing investors the State taxes, this will also require them to keep track of a separate higher cost basis for the replacement property for State tax purposes than is to be used for Federal taxes.

Currently, it is our understanding that the only two states that do not recognize 1031 tax exchange (Georgia and Mississippi) will only honor the tax free status of a 1031 exchange if the replacement property is also located within their borders. Rules do change, so double check with the State tax authorities.

For the other states that do recognize a 1031 exchange, and do allow capital gains that had accrued on their properties to be rolled over into other states, they will expect the deferred taxes to be paid if and when the replacement property is disposed of in a taxable event. But in practical terms, this hardly ever happens because honestly, most times investors aren't telling, and more importantly, states aren't actively pursuing that information. Still, you would hate to be made the test example.

Finally, some states also have different rules, including special tax withholding requirements, applying to sellers of in-state properties who are not residents of those states. The list includes California, New York, and Maryland.

In summary, to ensure a smooth exchange, it is important to be aware of those states that do not recognize 1031 tax exchange. Also, it is critical to review the specific rules of the states in which both relinquished and replacement properties are located well before a deal is scheduled to close. This will ensure consistency with particular state rules including that the proper amount of taxes are withheld from the exchange, if necessary.

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Emerging Trends in Dubai Property Market

Dubai real estate is witnessing a number of changes in the commercial sector.

One of the emerging trends in the commercial property market is the conversion of warehouse space to office premises. Companies that require large open plan spaces, such as advertising or marketing companies have been seen to lease warehouse space and easily transform it into efficient office space. This provides a cost effective solution for businesses that need to be near the business centre but may not wish to pay the premium rates of prime location office space. Warehouse rental rates suitable for office conversions fluctuate between 40-65AED per sq. ft (warehouse space rent exclusively used for storage purposes averages 28-35AED per sq. ft), whereas rents in the Central Business District (CBD) may be 225-250AED per sq. ft.

The property market in Dubai is tight and therefore the concept of Split Offices has come into being. Many professional services firms, faced with the prospect of particularly high rents in prime locations tend to lease a small space suitable for client meetings in the Central Business District so as to boast an address on a prestigious location such as e.g. Sheikh Zayed Road, and move their operations to a secondary location where rents may be more affordable e.g. Garhoud, thus effectively saving on huge overheads.

Thus, supply of the real estate market in Dubai is shaping up to meet the property demand.

This article has been sourced from the 'Better Homes Commercial Review, June 2006' issue - the quarterly newsletter of the Better Homes Commercial Advisory Division, Dubai, UAE. Better Homes has been extensively involved in the leasing of large commercial projects in UAE over the past few years and now shares this knowledge and market information through this quarterly Commercial Review. Visit http://www.bhomes.com for buying, selling, renting, investing, managing and short-term renting your Dubai property. http://www.bhomes.com/commercialadvisory.aspx?ezine

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South Dakota Mortgage What to Know Before Buying a Home in South Dakota

Maybe you?re buying your first home in South Dakota, or perhaps you?re relocating to South Dakota from another state. Either way, it?s important that you educate yourself on South Dakota home loans before shopping for a home and mortgage. This article explains what you?ll need to know before buying a home in South Dakota:

The median price of a home in South Dakota is $79,600. The price of homes in South Dakota varies widely between zip codes. For example, in Rapid City, South Dakota, the median price of a home in the summer of 2005 was $195,000; however, in Sioux Falls, South Dakota, the median price of a home was $171,000, and in Yankton, South Dakota, it was $149,000. Average interest and job growth rates in South Dakota are above the national average.

South Dakota state law requires that the minimum loan amount on a mortgage is $35,000. Additionally, it requires that an assignment of mortgage must be in writing and recorded. In the case of full loan repayment, the borrower must satisfy mortgage of record within 10 days of the lender?s written request. If they do not do so, they are held responsible for all damages the lender incurs as a result of their ill-compliance, including the lender?s lawyer fees and a $100 penalty.

South Dakota has a Fair Housing Law that prohibits mortgage discrimination against anyone because of their race, color, gender, religion, familial status, or national origin.

The Housing Development Authority in South Dakota assists low and moderate income families and first-time home buyers obtain mortgages. This program offers below-market interest rates and down payment assistance to borrowers who qualify under the state?s established guidelines.

Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about South Dakota Mortgage Rates and Loans.

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Poll Shows That More Borrowers Are Going NonTraditional

A recent poll by the Wall Street Journal showed that an increased number of borrowers are looking to non-traditional mortgages for their lending needs.

Approximately 9% of those polled took out an option ARM this year -- only 4% did last year.

The use of piggyback second mortgages also saw an increase. Twelve percent of those polled said they piggybacked a second mortgage when they took out their first mortgage. Last year, only 10% piggybacked a second mortgage.

However, fewer homeowners took out interest-only mortgages this year, 14%, down from last year's 17%. But when looking at demographics, there was a 50% increase in homeowners between the ages of 18 and 34 who took out an interest-only loan this year, to about 23% of borrowers in the age group.

Financial advisors have long criticized many non-traditional mortgage programs, such as the interest-only ARM, due to the risk that they bring to the borrower. Once the interest rates reset to normal levels from their inital teaser rates many homeowners are left with rate shock and are unable to afford their payments. Many borrowers who use the interest-only mortgages are unable to afford the payments once the principal amount is added to the payments. Those with Option ARMs that allow minimum payments often find they owe more after a year than they did at the time of closing. All of these programs leave borrowers open for default.

Lenders and banking instituations maintain that they simply provide these programs to qualified borrowers. They say they are not responsible for monitoring how a borrower manages their finances.

Non-traditional lending options have been popular during the past five years of strong housing growth. Most economists expect to see a downturn in nontraditonal usage, as well as overall mortgage applications, as the market slows to a normal level of growth.

Martin Lukac represents http://www.RateEmpire.com and http://www.1AmericanFinancial.com, a finance web-company specializing in real estate and mortgage rates. We specialize in daily updates, mortgage news, rate predictions, mortgage rates and more. Find low home loan mortgage interest rates from hundreds of mortgage companies!

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Are You Short of Cash for Your Next Real Estate Deal?

One thing many investors find when they start purchasing real estate investment properties, is they run out of equity or cash once they have a few properties. They find it difficult to fund their next purchases. The banks or lending institutions start to get nervous when they see you are getting a big portfolio and you are highly leveraged.

As any real estate property investor who is serious about creating wealth knows, you will have to get creative about finding money to fund your deals. The banks will not want to know you especially if you are drawing all the equity out of your properties. If there is a mishap in your life or something goes wrong for you, the banks will want their money back and they will liquidate your investment property to get back their money. This is called foreclosure. It is talked about and it does happen. There are heaps of smart investors creating great deals from this unfortunate circumstance.

One way around this money shortage is using private lenders. They are generally people who don?t understand the real estate property market. But the good thing for the investor is they have cash or money tied up in their own home or business, which is sitting there doing nothing and making no extra income for them. You can either do a joint venture deal with them or borrow the money outright from them for an agreed rate and time. Most time these people will be time poor as well. They are busy in their business or lives and don?t have the time or expertise to chase real estate investment property deals.

Once you source a few of them and get some deals going, they will also have friends or business acquaintances who will be interested in dealing with you as well when they see positive results from their friends deals. So long they see it as a win/win, you will be able to keep buying real estate investment property using their money or equity. This is called Other People?s Money. Or OPM.

Each person may want to go into business with you for all different reasons. Some may want to buy and hold, some may want to flip the property or others may want to buy rehabs to fix up as a project. The key for you is to be flexible in your approach to each prospective real estate investor and their needs. They will require some convincing and educating, as they will some concerns. This will be all new to them.

This is a great strategy to use to leverage you further to expand your real estate investment property portfolio.

To your investing success.

Leo Love PS If any of your family or friends are interested please pass this on to them.

http://www.therealestateinvester.com I am an experienced and passionate investor. I buy typical mum and dad type houses that give me cash flow and capital growth. My website offers helpful tips and ideas for any type of investor to help you with your wealth creation. Using my site will help to prevent you falling into the traps the inexperienced investors do.

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The State of the Real Estate Market is the Housing Bubble Bursting in Tampa Bay?

If your local Realtor? is to be believed, the stabilization of housing prices and the cooling of the housing market is good for the entire community. But, how can such a slowdown possibly be a good thing? Homeowners, used to seeing double digit gains in their homes values, are concerned when their home does not sell in a matter days with multiple offers, as homes were doing until the end of 2005.

Surprisingly enough a more stable market is better for everyone, and a slowdown is not a stop. David Lereah, NAR's chief economist states, 2006 is still expected to be the third strongest on record. In this case, experiencing a slowing from a hot market is a good thing because we need a solid housing sector to provide an underlying base to the economy, and slower appreciation will help to preserve long-term affordability.

In general, the overwhelming opinion of those in the know, is this slowdown will result in a stable housing market through the end of 2006. Former Federal Reserve Chairman Alan Greenspan on May 18, 2006 said that Americans' consumption could taper off somewhat now that the U.S. housing market's extraordinary boom has ended. Greenspan, in his first public U.S. speech since retiring in January, predicted there is no danger of a total collapse of the housing market.

UCLA Anderson Forecast Director Edward Leamer, who also does not expect real estate prices to fall significantly, notes that sales volume is what typically drops, and drops more precipitously than prices, as the price cycle lags behind the volume cycle. Locally we have seen this as homes have stayed on the market longer, although prices have remained stable.

According to the NAR (National Association of Realtors), Two conditions are necessary for price softness in a given area: an oversupply of homes available for sale, and adverse economic conditions ? generally a weak local job market. Fortunately, our local job market continues to be strong, with Florida's unemployment rate at 3.2 percent in May, up only slightly from 3.0 in April. Florida's May 2006 rate was 1.4 percentage points lower than the national rate of 4.6 percent.

We are fortunate in the Tampa Bay area that Florida continues to be the destination for aging Baby Boomers and others looking for vacation properties and second homes. With a strong economic forecast and a desirable destination, Tampa Bay should be able to weather the housing bubble rumors and come through the remainder of the 2006 housing market safely.

Visit http://realestatemarketingpro.blogspot.com for free real estate marketing tips or see these tips and tricks in action at http://www.ComeToClearwater.com Realtors and mortgage bankers/brokers, please feel free to use this article provided this reference is included and all links remain active.

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Staying Calm When Home Values Drop

As the real estate market cools off across the nation, many people are getting nervous about reductions in the value of their property. There is little reason for such stress.

Staying Calm When Home Values Drop

The real estate market can be looked at in two ways. First, you can look at the movements on a monthly or annual basis. When doing so, you will see moves up or down and perhaps stress yourself out far more than necessary. Alternatively, you can look at prices on a long-term perspective of five years or more and predict where they will go based on historical trends in real estate. By far, this second approach is the way to go when it comes to viewing the value of your home.

Unless you live in Texas or Colorado, there is no denying that you have probably seen significant appreciation gains on your home over the last ten years. The market has been about as hot as it ever has. Properties in Las Vegas, for instance, were appreciating at a staggering rate of twenty-five percent or more a year. A YEAR! On paper, a lot of people became millionaires because of the equity gains in their home. As always, such growth could not be sustained inevitably.

The gains you have made over the last five years or so appear to be under attack at the moment. Across the nation, we are seeing a pull back on home values because of a cooling real estate market. It is important that you don?t overreact to this pull back. The gains you have seen in the last few years were paper gains, to wit, they did not put money in your bank account unless you pulled money out of your home. As home values cool, it is important to realize any loss of equity is also a paper loss, to wit, you aren?t paying anything out.

A map of real estate prices over the years would show a continual up trend. Yes, there are variations over a two to three year period, but the overall trend is an increase in property values. There is no reason to believe this will change anytime soon. The current pull back on property values will pass and your home will start appreciating again. It may take a year or two, but it will happen. Relax!

If you are seeing a pull back on the value of your home, you should not sell unless there is some other compelling reason. Practice patience and you will see prices rise again in the near future.

Raynor James is with the site - FSBOAmerica.org - FSBO homes for sale by owner.

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Generating Mortgage Leads Is A Very Important Part Of The Mortgage Business

Generating mortgage leads is a very significant part of the mortgage business. Buying mortgage leads is a daily practice for many loan officers and mortgage companies; often the leads that they buy are oversold Internet leads that lead aggregators online sell over and over causing mortgage applicants to get a colossal amount of phone calls, and unwelcome email.

The mortgage industry battle for loan deals on a daily basis. You see advertisements everywhere in the mass media sector. So, is there a way to compete with the big dogs of the industry? Yes, your local market is where you have to focus hard if you are a mortgage loan officer and are having trouble generating loan deals from leads that you buy online. There are many different ways of generating mortgage leads in your local market. Below I have listed a small number of methods that have worked for scores of loan officers who have taken the plunge in to gorilla marketing and viral marketing techniques.

-Create a referral network with realtors: Communicate or at least introduce your self to as many realtors as you can. This will create a viral marketing system that will generate you leads for years to come.

-Use online press release service to your advantage. Submit a well written interesting press release about the local mortgage industry include some worthy news. You local papers and news may pick up on it. This can be a goldmine!

-Plaster your local area with flyers, business cards, pens, and anything containing your company name. Pens work real well since that have a use and are saved for 6-24 months on average.

-Work with local events and charities. Be a part of the community. Sponsor charity golf tournaments. Many real estate agents play golf and wealthy homeowners.

-Network to build net worth! Be known! Don?t expect everyone to know you, make them know you. Go to local after hour spots and network.

-Join as many organizations as possible. The local chamber of commerce, BBB, Social Clubs, anywhere that will get your name more credibility and visibility.

-T-shirts for children. Make company t-shirts. Instead of giving them to adults give them to children, they will wear them and be seen. I saw one shirt on a child that said ?Future Mortgage Broker? Company Name, Phone?. Awesome!

These are just a few ways to enhance your local market share without spending big bucks. Compared to the price of internet leads ($15.00-$75.00 per lead) based off the prices we found posted at http://www.leadbull.com, local marketing is a immense money saver and maker if you have the time and put the effort in!

Jayson Brock has been in the mortgage industry for over 11 years and mostly in the marketing business for 6 of those years. To see more articles Jayson has compiled visit http://www.TheMortgageWire.com or http://www.BrokerTrends.com.

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The Ten Biggest Home Buying Mistakes

This article highlights the greatest mistakes buyers can make. Get familiar the following mistakes and make sure to stay clear of them.

• Not being prepared from the start. In this age of the internet there quite simply isn?t an excuse for not thoroughly researching any topic of this significant importance. An abundance of information is available on the internet. See Part Three for more on this.

• Purchasing on a hunch of what future demand might bring. You need to buy based on your own current and future needs. It?s very risky trying to guess what will happen to the market in the coming years.

• Selecting a poor location even within a fine neighborhood. Location, location, location. Even location within neighborhood boundaries is important. Is there high traffic volume? Do you have a porch view of a wooded buffer zone or the backside of movie theater? Discussed more thoroughly in Part Four.

• Forgetting the importance of the interior layout because the exterior is so impressive. It may be attractive from the outside, but it?s the interior that must suit your family?s needs.

• Selecting a home which does not match your family?s needs. How do you really live? Are certain rooms going go completely unused? If given the choice, would a space used as a home office be more important than one used as a formal dining room? Is a child on the way?

• Not having the home properly inspected. Every prudent buyer will take the time to get a thorough home inspection. The investment is simply too great to take any chances. Get an inspection from a qualified, respected professional.

• Failing to verify the qualifications and reputation of a home builder. It?s advisable to speak with three to four people who have purchased from the home builder, particularly one that is new on the scene. Are they satisfied with the end product? Has there been an unusual amount of troubleshooting during or after construction? Ask questions. Most people will be proud to discuss their home with you. This is also an opportunity to visit with possible future neighbors.

• Rushing into a decision. Settling for less. This is one of the largest, if not the largest, investment you?ll make in your lifetime. Patience is critical in heading off mistakes. Once you know it?s the correct choice then, with your real estate professional, move quickly.

• Waiting for interest rates to come down or hoping demand slows. There is no way to know for sure how market conditions will change. When you find the right home at the right price it?s time to move.

• Not investing at all. The benefits of home ownership begin with various tax deductions and end most likely with growing equity. Building home equity has proven to be a great way toward a rich fulfilling retirement.

Buying or selling real estate can be an emotional, stressful rollercoaster ride. It's important you find a real estate agent whom you can trust and help avert the pitfalls inherent in buying or selling real estate. Equally important-you should be able to count on an agent to do so for a fee structure that maximizes your bottom line. I provide you with frank appraisals of the current market and ensure your interests are protected while your transaction stays on course. You can count on me to have the patience to invest as much time as necessary to make sure you are comfortable with every step of the process. We will always complete our business at hand before I move on to my next client. My first priority to you is the utmost skill, care and due diligence. When listing your home, I take the approach of utilizing a non-traditional commission structure to make every effort to maximize your profit. I look forward to discussing with you my fair commission approach. When buying a home learn how you will pay no commission. http://www.claytonncrealestateagent.com

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Real Estate What Makes for a Great Agent Website

In today?s market it is important for an agent to have a website that caters to the needs of the consumer. This means that a website needs to go beyond the old rule of providing just the pictures, size, style, and price of a home. The agents website today needs to have more information and links to the communities they serve. It should have information about the city/town, local newspapers, libraries, schools, public transportation, and shopping. If you find an agent who includes this kind of information on their website, you probably have an agent that is current with today?s technology and is thinking about the customer?s needs instead of his needs. One more thing, if you are a first time homebuyer make sure the website has free articles that talk specifically about your needs

You should be concerned if your agent does not have a website. It can mean:
1. S/he is new in the business or refuses to accept change
2. S/he may not believe that the Internet is important.
3. S/he is afraid of technology

If you are planning to buy or sell property in Massachusetts in the next 12 to 18 months, or you?re just curious, check out http://www.ricks-ma-home-buyer.com

Rick is a member of the Real Estate Cyber Space Society and the Massachusetts Association of Realtors, Technology Committee. He has also been an active traveler on the Internet Highway for more than 15 years.

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Issues with Renting Buying and Selling Properties Overseas

People interested in renting, selling or buying various properties overseas are commonly faced with a wide range of difficulties such as language barrier impediments, limited market evaluation possibilities, as well as poor access to information regarding the advantages and disadvantages of closing a certain deal on foreign land. In order to get the best out of a given transaction, one generally needs to spend a lot of time and invest a lot of effort in doing the required price-service research, carefully analyzing the benefits and the minuses of choosing one offer over another. Whether you wish to sell, buy or rent apartments, villas, houses or land in remote locations, the recommended thing to do is request the services of a reliable third-party. With the help of a solid Real Estate company, you will be able to quickly find the best apartments and villas to rent or buy, and you will also receive proper assistance and counseling on selling such properties.

There are various Real Estate companies and agencies out there that provide customers with high-quality services that account for the subtleties of finding and closing the best Real Estate deal overseas. The trick is to find the company that best satisfies your needs and requirements, the company that can help you achieve your goals in exchange for affordable price packages. In order to obtain the best results, you should consider employing the services of a Real Estate company that sustains and promotes its activity via the Internet. This way you will be able to achieve a better exposure for the properties you wish to offer for sale or rental, and also keep track of other properties if you are interested in buying or renting. Efficient Real Estate companies offer clients the opportunity to browse through an extensive and well-structured database of classified ads and submit their own announcements online, free of charge or in exchange of previously established monthly or annual fees.

Classified ads are properly categorized into multiple sections, include descriptions of the properties available for sale or rental and are also accompanied by suggestive images, helping customers form an idea about each individual advertisement. If you are looking to buy or rent apartments, villas, houses, townhouses or land overseas, simply use the classified ads feature and find the announcements that best satisfy your needs. Once you have found the most appropriate house, apartment or villa to rent, all you need to do is contact the ads? submitter and negotiate the terms of the transaction. Similarly, if you are interested in selling such properties, write and submit your own ads and you will be contacted by potential clients.

Greatly simplifying the process of closing effective Real Estate transactions and helping customers overcome the difficulties of buying, selling or renting apartments, villas, houses and other properties overseas - reliable, competitive and cost-effective Property Management Services are an important feature you should look for before deciding to collaborate with a Real Estate company. Such services usually include: accommodation services, property services (client meeting, security, cleaning), property research services, legal services, translation services, chauffer services and many more.

Depending on factors such as the type of the transaction and the location of the property you are interested in buying or renting, you should request an appropriate package of services that can help you overcome the difficulties of the deal. For instance, a good lawyer can inform you about the hidden costs behind the transaction, such as local taxes. Another advantage of having a good lawyer is that it can accelerate the process of closing the deal by taking care of all the required documents. In addition to employing reliable legal services, you should also consider hiring efficient translation services when renting or buying properties overseas. Such services will take care of translating all the documents you require, thus overcoming the language barriers you may come across when renting and buying properties overseas.

Before closing a deal, it is also advised to employ the services of an experienced surveyor. Once hired, surveyors perform elaborate on-site investigations, verifying the condition of the property, establishing an estimate on the overall value of the property and providing clients with concrete information about the advantages and disadvantages of the transaction. Surveyors are vital for people interested in buying or renting apartments, villas, houses, townhouses or land overseas, as their report clearly reveals the worth of a certain deal.

A more consistent report generally includes the following: information on the location of the property, amenities (swimming pool, gardens, view, tennis court, etc), the materials used in building the property, the condition of the property (substantial or negligible faults, results of testing the interior structure for dampness, information regarding the existence and condition of the drainage system, insulation and damp-proofing), repair costs, the precise value of the property on both the local and open markets, recommendations for further specific inspections, etc. With the help of an extensive survey report, the client can easily prepare his next actions and decide whether to close the deal for the initially established price, renegotiate its terms and costs, or even cancel a problematic deal.

So if you want to find more useful information from EUDreams about an apartment to rent or even about a villa to rent, we recommend you clicking these links.

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