Real Estate Blog – Condotron

Condos – Properties – Real Estate – Mortgages

25 Oct

When It’s OK to Back Out of a Real Estate Deal: 1

Posted in Real Estate on 25.10.09

tenant 1I know, I know, the title of this series of posts may just have caused a gasp of horror from readers, but it’s true — sometimes it is okay to back out.

These are worst case scenarios, however. This is why people who are selling and renting so often want to make sure that you see the property before anything is signed. Up to that point, you can still back out and leave them in the lurch. However, due to the often subversive and deceitful nature of real estate doings, sometimes landlords, sellers, brokers, and real estate agents are perfectly happy to leave you in the lurch as well. That is why it is important to realize that, yes, sometimes you can back out of a deal.

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24 Oct

Facing foreclosure? Don’t pack just yet: 2

Posted in Mortgages on 24.10.09

ForeclosureHouseNow that we have talked about making sure that you know that you are not alone, let’s go ahead and dive right into foreclosure.  If you are considering just leaving before the bank really owns your home, there are some problems that you might run into that you need to know about.

Firstly, the foreclosure can actually be resurrected and the owner of your mortgage can return later and restart the foreclosure if the property value rises up in a few years.  Did you know that your mortgage can also be sold?  Just as many credit-card companies sell deadbeat accounts to aggressive debt collectors for pennies on the dollar owed.

Another problem is that the city can actually throw you out – which is something that I had no idea about!  These are just a few problems that you might run into if you plan on leaving your home.

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23 Oct

Facing foreclosure? Don’t pack just yet

Posted in Mortgages, Real Estate on 23.10.09

Facing foreclosure? Don't pack just yet Across the country, we all know that banks are starting to foreclose on many homes and homeowners are left without a word of explanation.  The banks seem to be taking the homes without so much as a warning and it is happening everywhere – form Ohio all the way to NY and from NY all the way to Florida.  It seems that foreclosures have become increasingly popular and there is no way around it.

If you are a homeowner that is faced with foreclosure – there are a ton of things that you can do, you just need to know exactly what to do and what they are.  The first thing you need to realize is that you are not alone.  There are so many people out there that have faced foreclosure and have gotten through it and you can too.

In the next blog, we are going to talk about some more ways that you can handle foreclosure if you are faced with it.

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20 Oct

What is Flood Insurance – Do I need it?

Posted in Insurance, Property on 20.10.09

Flood insurance is quite simply insurance that covers the damage inflicted on your home and personal property in the event of a tropical storm, excessive rain conditions, hurricanes, and other natural weather conditions that produce high volumes of water. Even man-made circumstances may cause flooding. For example, dams and levees that are neglected and ultimately break, and clogged sewer systems that back up creating massive water and filthy mud, are both ways in which floods happen.

And although many people think they know what flood insurance is, as it may be rather self-explanatory, they often mistakenly believe that general home Flood Insuranceinsurance covers these disastrous events. In reality, flooding is not covered and if you live anywhere near the coast or other areas prone to flooding, there is no doubt that you need flood insurance.

In addition to living in high-risk areas, statistics from FloodSmart.gov, the official site for the National Flood Insurance Program, state that “nearly twenty-five percent of flood insurance claims come from low-to-moderate risk areas”. This specifically suggests that even homes in low water areas are susceptible to some type of flooding. As a result, the answer to whether flood insurance is needed or not is clearly, a resounding yes.

Another curious reason to purchase flood insurance is new development. It seems rather obscure to think about construction and land development as a means to flooding and a direct detriment to your home, but the truth is, as the environment around you changes, so do the ways in which water is handled. Where once fields and swamps received the run-off, now concrete pavement and buildings may exist with nowhere for the water to go.

Because of these conditions, the United States Congress enacted the National Flood Insurance Program (NFIP) in order to help property owners, renters and business owners so that they would not have such a financial burden in the event of a catastrophe. In order for communities to participate, they must put into place flood prevention rules and ordinances that at least meet FEMA (Federal Emergency Management Agency) requirements.

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14 Oct

Getting into the Real Estate Game: 2

Posted in Real Estate on 14.10.09

agent 2One thing that will help you to decide if you do want to become an agent is by talking to other real estate agents. Knowledge is power in this industry, and learning about firsthand experiences can be enormously helpful.

You see, you can make good money when you work in real estate. However, it is not going to happen right away. As a new agent, you are going to have to pay your dues and make your bones, unless you are lucky enough to start out selling million dollar properties, which is not highly likely.

Thus it is important to be realistic. If your whole idea of being a real estate agent comes from one of those reality shows on Bravo, you need a big reality check.

As with any other endeavor, it takes hard work, determination, and patience to become successful in this industry. We will outline just how to go out it next week.

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12 Oct

Getting into the Real Estate Game: 1

Posted in Real Estate on 12.10.09

agent 1A lot of people love the idea of becoming a real estate agent, but they are not at all sure about what this involves. It seems fun — and it can be, as well as very rewarding. However, it is vital to remember that this is a job in an industry that is often topsy turvy at best. It takes a lot of hard work and dedication, and it requires more than just hours spent in the classroom.

Education is key, of course. Not only do you need to educate yourself when studying to be an agent, but you also need to do plenty of research before taking the first step. Contrary to what you may have heard, you will not make a lot of money while doing hardly any work if you become a real estate agent.

You can be successful, though, if you are willing to dedicate yourself — as you will see.

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02 Oct

How Much Time Do You Have To Decide On A Mortgage? 2

Posted in Mortgages on 02.10.09

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Now that we have talked a little bit about the time frame that you may be looking at whenever you are dealing with mortgages, let’s talk about some of the things that you can do in order to stay on top of the mortgage rates and find the very best deal.  Firstly – research your tail off.  This will seriously save you in the end and I can promise that you will find the right mortgage to fit all of your needs!

Next, you want to make sure that you are not only fluent in the mortgage lingo but that you are actually knowledgeable about mortgages in general.  You always want to make sure that you know what you are doing and what needs to be done in order to get the mortgage that you want.

Finally make sure that you keep up on the mortgage rates – get in contact with a few mortgage brokers and real estate agents – even some lenders!

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01 Oct

How Much Time Do You Have To Decide On A Mortgage?

Posted in Mortgages on 01.10.09

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Shopping for a mortgage is almost as hard as shopping for a house.  There are so many different options available and I can tell you that finding a mortgage is going to affect the rest of your life – so make sure you do not take the decision lightly.  Whenever you are looking for a mortgage, a lot of people wonder exactly how much time they have before they have to make a decision.

Well, usually the offer that you get from your lender is only good for about a 24-hour period … that is because there are so many people looking for mortgages; they can not hold special offers.  Whenever you are looking for a mortgage, you always want to make sure that you can make the decision right away.

The mortgage market is a quick market to move and on average, the rates actually change every 4 hours and 2 minutes.  Keep that in mind.

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