Tag Archive: real estate Tampa


The Tampa real estate market is one the place where a lucrative investment would be to be found; somewhere around the home foreclosure listings or lying down inactive with a real estate agent’s desk. The guide aims to give you the setting required to enable you to find lucrative expenditure real estate property.

The very first critical for benefiting from Tampa real estate is to locate a highly motivated and urgent seller. The theory is to barter a cheaper price on a part of real estate necessitates the seller to want to trade their residence shortly or desperately. Should you be talking to an unmotivated seller for the telephone then it will be very clear that you aren’t getting a reduced price about this real estate. If the seller is unmotivated you will subsequently be struggling to negotiate a lucrative deal.

One counterproductive aspect of Tampa real estate investment is you normally make a profit whenever you buy real estate and never once you flip it. This means that, while there is often little you’re able to do to increase the value of real-estate; sellers are human and therefore are often ready to negotiate their price. Conserving money while buying real estate is the key to selling homes for any profit inside real estate market.

With that in mind, pick would be to create a list of real estate houses you are considering buying. You’re going to have to view around ten bits of real estate when you careful pick which you’ll become the perfect chosen investment.

One important way of sourcing moneymaking real estate properties is to interview real estate agents; the people that make money from real estate on a regular basis. Interviewing a real estate agent and determining if they own just about any investment real estate they will be invaluable. Remember, they’ll be willing to be interviewed when you are offering them your regular custom.

Real estate agents see the market back to front and can be rich in investment properties with low prices because others never have seen or understood the potential of them. After you build a good relationship by incorporating local real estate agents you will typically be given a phone call if he or she notice a good property reach their desk. Remember, they be given a lot in return for this relationship because the more real estate that they can sell greater commission they earn.

When you purchase of home foreclosures you can be saddled with tasks you know nothing about. From securing financing, to finding the ideal property, to closing the deal and all the little steps in between, this exercise should not be undertaken without proper information and preparation.

Distressed properties are not only about great discounts, there are also a lot of risks involved. But these risks can all be minimized if not completely eliminated if you purchase home foreclosures with caution and diligence.

What You May Not Know

There are some elements that are true of all foreclosures. One is that they are all sold as is and seldom will a seller shoulder the cost of repairs for the property. There are some foreclosures that have outstanding obligations other than the mortgage. Obligations in the form of back taxes, liens and other encumbrances are not part of the seller’s disclosure. Your offer for a foreclosed home will only be considered if you can show proof that you are able to pay for your purchase. For this, you will need to obtain a loan pre-approval from your bank or any other mortgage lender. This will require the submission of some personal documents for the lender to be able to assess your financial situation and gauge your ability to borrow funds and how much.

Reducing Your Risks

Make sure you are indeed financially prepared for a high ticket investment like when you purchase home foreclosures. You should consider several listings of foreclosed properties to find the one you like. Never forgo a professional home inspection of the property as well as a title search. You should also commission an expert to conduct a comparative home value analysis in the area where your home is located. Once you have completed your research base your offer on what you have uncovered and approach the seller or his appointed agent.

Read more: http://www.articlesbase.com/real-estate-articles/what-to-consider-if-you-want-to-purchase-home-foreclosures-3691582.html#ixzz15q9N5wWk
Under Creative Commons License: Attribution

This blog post is to be about mobile homes for sale and how the industry has changed over the last few years.

During the housing bubble burst what went under the radar in the news was the affect on the manufactured housing industry. Especially the manufactured housing lending and finance industry. Mobile homes for sale that needed financing in order for the new buyer to purchase the home almost became non-existant over the last few years.

Now the sellers in today’s market have to sell homes at a reasonable discount to find cash buyers. The only alternative for people with mobile homes for sale is to find a private investor to fianance the deal for their new buyer. This is very difficult to do given the stygma that surrounds mobile home financing today. The industry as a whole is changing rapidly and this “affordable housing” market has an unclear future.

Will mobile homes be manufactured at the same rate they have been over the last several years? Or will the bubble burst of the housing market drive single family home prices so low that the manufactured home is no longer able to be profitably mass produced.

Will people continue to buy mobile home at the same pace as they did in the beginning of 2000? When lending companies like Greentree and Conseco were selling of repo mobile homes people were buying them up at discount as quickly as possible.

My take is, there will always be a need for mobile home parks. The mobile homes for sale currently are not moving very quickly because of the lending environment. As long as manufacturers continue to increase the quality and value of homes using vinyl siding and tabbed roofing, this housing alternative should be around for a long time to come.

Read more: http://www.articlesbase.com/real-estate-articles/mobile-homes-exploring-their-future-and-possible-extinction-3688002.html#ixzz15ezIvO66
Under Creative Commons License: Attribution

Buying foreclosed homes has become popular amongst real estate investors and individual buyers. While these types of properties are normally priced below market value they generally require some level of repair. Those who do not carefully inspect foreclosure real estate could end up investing in a money pit.

Foreclosed homes can be purchased through public foreclosure auctions or banks. When properties are repossessed, banks first list them for sale through auction. Auction attendees submit bids and often compete against several buyers.

Individuals purchasing foreclosure real estate through auctions should have a thorough understanding of how the auction process works, as well as the foreclosure laws of the state where property is located.

Some states allow foreclosed property owners to buy their house back within 30 days after being sold through auction. This can be quite disruptive when buyers have invested money for repairs or paid off creditor judgments to clear the title. This can also slow down repair progress as buyers do not want to invest in renovation work if there is a possibility the evicted homeowner will reclaim their home.

When houses go unsold through foreclosure auction they are returned to the servicing lender. At this point they become bank owned foreclosures. Other common references include real estate owned or REO homes.

Banks negotiate with lien holders to clear creditor judgments or tax liens in order to sell the property with a clean title. Banks also engage in eviction action to remove property owners refusing to vacate the premises.

These activities cost the bank money, so REO properties are normally priced higher than foreclosures sold through auction. However, buyers can purchase the property without the burden of removing liens, judgments, evicting property owners, or worrying that the homeowner will reclaim their house.

Just as when buying any real estate; buyers should engage in due diligence. At minimum, buyers should review comparable sales reports to compare purchase prices of other homes in the area; obtain real estate appraisals to determine current market value; and home inspections to determine the types of required repairs.

Banks reduce foreclosed home prices to account for the cost of reported repairs. Banks rarely reduce the asking price of REO homes unless substantial damage is discovered during property inspections. Buyers should obtain repair costs estimates to determine the true cost of the home. If the purchase price and repair costs equate to more than the appraised value, it’s best to pass and look for a better deal.

Most banks require buyers to obtain prequalified financing prior to submitting offers on foreclosed homes. When buyers purchase foreclosure real estate through public auctions they normally must present full payment to the auction house within 24 hours upon bid acceptance.

Individuals unfamiliar with buying foreclosed homes through public auctions or banks may find working with a foreclosure specialist to be helpful. Realtors can help buyers locate the type of property they desire and assist them through the process of buying foreclosed real estate.

Buyers may also want to consult with real estate investors experienced in buying distressed properties. Numerous real estate clubs can be found via the Internet. Buyers can participate in online investment groups or locate local real estate investment groups within their hometown.

Those who take time to become educated about the process of buying foreclosure real estate can minimize financial risks, locate the best financing deals, and obtain the best price for the property.

Read more: http://www.articlesbase.com/real-estate-articles/foreclosed-homes-things-to-know-before-you-buy-3665853.html#ixzz15VxawlhQ
Under Creative Commons License: Attribution

New Home Owner

It’s not uncommon for a first time home buyer to say to me, “Gosh, just last week I called you about buying a home and now I’m in escrow! How did this happen so fast?”

The answer is it didn’t. First-time home buyers start the search long before most even realize it.

Here’s what you can expect from your home shopping experience.

Figuring Out the Benefits

You should buy a home. That’s what you’ve been hearing from friends and family, right? So, by now you have likely already weighed the benefits and decided that home ownership was the best decision for you. That’s a major hurdle now passed. You are focused and certain. Good.

Defining Search Parameters

Almost 80% of all home searches today begin on the Internet. With just a few clicks of the mouse, home buyers can search through hundreds of online listings, view virtual tours, and sort through dozens of photographs and aerial shots of neighborhoods and homes. You’ve probably defined your goals and have a pretty good idea of the type of home and neighborhood you want. By the time you reach your real estate agent’s office, you are halfway to home ownership.

How Long Should It Take to Find What You Want?

In seller’s markets, often I show only one home. After all, how many homes does one family need? A few buyers will look for years, but buyers who do that aren’t motivated. A motivated buyer will find a home within two weeks. Most of my buyers find a home within two days.

Good real estate agents will listen to your wants and needs and arrange to show only those homes that fit your particular parameters. Your agent should preview homes before showing them to you as well.

How Many Homes Will You See?

Studies show that the your memory dramatically improves after consumption of carbs and slows upon consuming sugar. So, layoff the soft drinks and have a hearty meal of carbs before venturing out to tour homes. The average number of homes that I show to a buyer in one day is seven. Any more than that, and the brain is on overload. Therefore, don’t expect to see 20 or 30 homes; although it’s physically possible to do so, you probably will not remember specific details about any of them.

The “Red Shoes” Experience

Women will relate to this. Say, you need a new pair of red shoes. You go to the mall. At the first shoe store, you find a fabulous pair of red shoes. You try them on. They fit perfectly. They are glamorous. Priced right, too. Do you buy them? Of course not! You go to every other store in the mall trying on red shoes until you are ready to drop from exhaustion. Then you return to the first store and buy those red shoes. Do not shop for a home this way. When you find the perfect home, buy it.

How to Rate Inventory

* Bring a digital camera and begin each series of photos with a close-up of the house number to identify where each group of home photos start and end.
* Take copious notes of unusual features, colors and design elements.
* Pay attention to the home’s surroundings. What is next door? Do 2-story homes tower over your single story?
* Do you like the location? Is it near a park or a power plant?
* Immediately after leaving, rate each home on a scale of 1 to 10, with 10 being the highest.

View Top Choices a Second Time

After touring homes for a few days, you will probably instinctively know which one or two homes you would like to buy. Ask to see them again. You will see them with different eyes and notice elements that were overlooked the first go-around.

At this point, your agent should call the listing agents to find out more about the sellers’ motivation and to double-check that an offer hasn’t come in, making sure these homes are still available to purchase.

Making the Selection

I’ll let you in on a little secret. I generally know which home a buyer is going to choose, and I suspect most other agents operate the same way. It’s an intuition. But I make it a practice not to steer buyers, and I insist that buyers choose the home without interference from me. It’s not my choice to make.

Real estate agents are required, however, to point out defects and should help buyers feel confident that the home selected meets the buyer’s search parameters.

(ArticlesBase SC #671992)

Read more: http://www.articlesbase.com/mortgage-articles/first-time-home-buyer-671992.html#ixzz14cu8SD00
Under Creative Commons License: Attribution