Archive for January, 2010
How To Purchase A House In The State Of Texas
The process of purchasing a home in the state of Texas begins with the purchaser appointing a Realtor with a database of available houses. The Realtor is an agent who has a fiduciary relationship with the seller. The Realtor can help the purchaser identify a property within budget and in an ideal location. A Realtor with a database of available houses can give a purchaser better choices with regard to houses available according to budget and preference.
Once the property is located the purchaser makes an offer in the form of a sale purchase agreement stating the price offered the inspections required under law the time frame in which each stage of the transaction is to be completed and the mortgage amount that the purchaser can obtain. The offer is sent with a check to be kept by the Realtor in escrow and to be paid to the seller. The seller on receipt of the offer is required under the Laws of the State of Texas to make a complete disclosure of the present and potential defects of the property both structural and environmental. Once these tasks are completed the seller and the purchaser will sign the agreement and make it a binding contract.
The purchaser will now make inspection and title search arrangements. The purchaser should engage a certified inspector to assess structural defects pest control sewage drainage and appliance malfunction on the property. An inspection certificate required under the laws of the State of Texas will further enable the purchaser to raise a mortgage loan on the property.
The purchaser should hire an attorney a real estate title company or a trust and title company to scrutinize the title of the property and to check public and court records for possible encumbrances of the title of the property. The American Land Title association has a list of title search professionals the for the purchaser’s reference. Encumbrances that affect the title of property in the State of Texas are implied easements of necessity and benefit which are recognized by law. Other encumbrances are liens on the property arising out of judgments fines imposed by judgments of criminal Courts unpaid assessments unpaid litter levies unpaid estate taxes unpaid sanitary tax unpaid income taxes unpaid levies by the Homeowners Association unpaid mechanics both by affidavit and by contract and unpaid state taxes. Any encumbrance that can be remedied is communicated to the seller. The purchaser should buy a title insurance to avoid the litigation costs in defending undetected title claims.
The purchaser can then raise the loan from the lender company and make an earnest money payment. When the lender company is satisfied that all the paperwork is complete the purchase is closed. The purchaser is required to show proof of a one year home owners insurance premium payment and a proof of identity at the closure when the deed is signed by both parties and the seller passes possession and title to the purchaser and the purchaser finishes the process of purchasing a home in the State of Texas.
About the writer: Nicholas Adams Judge is a freelance writer specializing in business politics and economics. He holds a B.A. in political science and will begin his PhD studies in political economy and public opinion next fall. He has studied economics and political science at a number of different institutions both here and in the U.K. including Amherst College Warwick University Oxford University and the University of MassachusettsAmherst.
How To Make Money As A Real Estate Bird Dog
There are tons on tons of ways to make money with Real Estate and just as many ways to lose it! One of the easiest ways to make money is becoming a Real Estate Bird Dog.
What is a Real Estate Bird Dog? This is a person or in some cases a company who locates investment property for Investors.
Why would Investors pay for a service like this? Simple. Many Investors are business people who are busy making money. They don’t have time to hunt down good deals in major markets. This is where you come into play.
What does it take to become a bird dog? Easy. It takes you knowing your market. The best bird dogs have a ton of contacts within theer respective market. They also know a good property investment when they see one. Bird dogs seek out relationships with Brokers agents bankers lenders and anyone else who may have knowledge of a good deals on real property.
In most markets the Bird Dog will be a person who already works in the field for example an Agent or perhaps an assitant to a Real Estate Broker. However I know Bird Dogs who do nothing other than find investment deals for investors. And they do very well for their self.
How do you get paid? Typically once a bird dog finds several investments or investment leads they then present them to the investor. When/if they buy the investment the bird dog is paid a service fee which is typically a percentage of the transaction or it could be a flat fee it depends on the bird dog.
The advantages of being a bird dog is that once you hand the property off to the investor you job is done. You don’t have to worry about setting up financing inspections or any other of the headaches that can come with investing in real property.
How much can you make? Obviously it depends on what percentage of the deal you decide your time and effort is worth but some command as high as a 10 finders fee. I’ve heard of higher fees but most that I’m aware of run in the 3 to 6 range.
What are the pitfalls? Well for one in some states if you find real estate for an investor and then charge a fee they feel you need a real estate license. Check with the State you live in before going into this.
Personally I think that’s bogus but some States will do anything to bring in more license fees.
About the writer: Bill Miller has worked in and around real estate his whole life. He know consults new buyers and investors in the real estate process. You can find Bill online at Las Vegas Real Estate Property
Housing Market Recovery Forecast To Be Slow
The nation’s housing slow down will be a long haul and a full recovery won’t occur until some time in 2009 according to a new report by Housing Predictor which forecasts more than 250 local housing market futures in all 50 U.S. states.
The report comes on the heals of a Yale University economist warning to Congress that there may be future shocks to the nation’s housing markets.
Economist Robert Shiller who authored a book warning of the real estate market collapse four years ago told Congress he feared that “the collapse of home prices might turn out to be the most severe since the Great Depression.”
“The decline in house prices stands to create future dislocations like the credit crisis we have just seen” he told the Senate’s joint economic committee.
The present real estate slow down has evolved into a crisis with tightening credit standards for home buyers seeking mortgages. The slow down in the housing market is gaining momentum with slower sales in the majority of markets tracked by Housing Predictor while foreclosures are at a record high.
Former Federal Reserve Chairman Alan Greenspan said he would not be surprised if home prices fall in doubledigit decreases over the next year. Deflation in U.S. home prices of that scale nationally would be unprecedented in U.S. history and would have severe economic repercussions costing many times the economic damage of the subprime mortgage melt down that started the present financial crisis.
Investment bankers estimate the financial damage could be more than 300billion. The damage to the entire U.S. economy would be the worst since the Great Depression.
The Housing Predictor analysis indicates inventory levels of homes condos and land for sale in the majority of states markets are increasing with more foreclosures hitting the market.
About the writer: Irfan Faruki runs a company which provides service to sellers who are having problems selling their property via normal estate agent route or for people who are after quick cash sale. They offer cash house buying service which will offer you a cash house sale. The company also offers a sell and rent back service where you can sell your property for cash and rent it back.