The next few decades are bound to see some big waves of development which have the potential to turn America's metropolises into mega cities bursting with opportunities at the seams.
How?
Since the past decade, people have been buying plots of desert land in states like Arizona which was witnessing a veritable building boom. Phoenix was one of the cities raring to go. Speculators who took the bet with Phoenix have been laughing all the way to the bank. Today, Phoenix is still going strong with a building boom which has seen more than 500,000 homes being built here alone.
Investors have been buying acres of land for building ranches and farms and many are spread over an area which is probably double the size of Manhattan. Interstate 10, which is presently housing 15,000 farmers, is about to take off in a major way with housing colonies emerging on either side. Brokers here say that the region will be completely transformed into a metropolis comparable to Phoenix itself.
As the population increases, these fast growing areas will represent lucrative business making opportunities. Growth trends are rife already in Oregon and Washington, and it is estimated that by 2030, the cities of Portland and Seattle might just merge and form one big megapolitan area. Atlanta and Raleigh-Durham are two other cities which in the light of things today may also be joined by transportation, banking, and biotech.
While Americans in the southern and western parts are trying to cash in by buying pieces of land in the proposed boom towns, others elsewhere are speculating on parking lots and underutilized land trying to locate the cheapest property which may yield great returns. Companies like Target and Wal-Mart, which will always head towards areas with growth are also looking at speculating on land and creating a whole host of opportunities.
While land everywhere is being eyed with passion, few territories possess the potential to make a profit and create that storm for growth. Arizona offers building worthy land at low prices and given the continuous water supply from underground rivers, aqueducts, and mountains the new inhabitants can all be taken care of.
However it is silly to speculate on land under conditions prevalent in the congested suburban metros like Chicago, Los Angeles or even Washington. Spiraling fuel costs and trying commutes zoning disasters and delays in approvals can be hazardous to the developers. But the latest trend is to hedge bets on parking spaces given that America has 30 per cent more parking lots than it needs, which may be a reason why many developers believe they'll deliver the biggest returns.
A burgeoning Latino immigrant population is also a potentially good bet. At a time like this, one does not need to capitalize on the development boom by just grabbing land. One can also start businesses catering to a burgeoning immigrant Latino population which will soon become the fastest-growing ethnic group and the fastest growing group of buyers of services.
Bob Lipply, the top Real Estate Broker Associate in the Tampa Real Estate area, offers you a unique buying experience. We have helped many families relocate to Florida over the years. We also sell Safety Harbor Real Estate.
Article Source: http://EzineArticles.com/?expert=Robert_Lipply
Thursday, September 25, 2008
Real Estate Broker
A real estate broker is a person who is a go-between for buyers and sellers of property. They have to seek out the people who wish to sell and the people who wish to buy and then become their broker. Being a real estate broker is a double edged sword. When working with a selling party the broker must find a way for the seller to sell their property for the highest price under the best term. But when a real estate broker is working with a buying party they must find a way for the buyer to purchase a piece of property for the lowest price under the best terms. Most real estate brokers working within the United States are required to have a license before dealing with prospective buyers and sellers.
Below is a list of the services a real estate broker can provide to a buyer or seller of a piece of property:
Comparative Market Analysis
Exposure
Facilitating a purchase
Facilitating a sale
FSBO document preparation
Full residential appraisal
Home selling kits
Hourly consulting
Leasing
Property management
Exchanging property
Auctioning property
Preparing contracts and leases
Not all of these services are available in each and every state within the union and a handful of them come with a fee.
Below is a list of the services provided to a selling party:
Property listing
Paperwork prep
Adding a "For Sale" sign to the property
Advertising the property
Running an Open House for prospective buyers to tour
Negotiating the price
Representing the seller at the closing
To be qualified for a real estate agent's license an interested party must attend an educational course that usually lasts 60 hours or more. At the conclusion of the course the participants take a test and must pass before receiving their license as a real estate agent. The new agent must then use their license with an existing real estate firm before going out on their own. If the real estate agent wishes to become a real estate broker they must take another educational course and pass another test to become a broker. This can only happen after the agent has been an agent for a specified period of time, which usually differs from state to state. A real estate broker can own and/or operate a real estate firm and each branch office of a larger firm is required by law to be managed by a licensed real estate broker.
There are four popular groups within the real estate agent and broker profession. They are the National Association of Realtors, the Realtor Political Action Committee, the National Association of Exclusive Buyer Agents and the National Association of Real Estate Brokers.
The majority of sales involved in real estate involves a percentage. When a buyer or seller hires a real estate broker or agent to aid them in property movement they usually determine a percentage of the sale to go to the agent or broker beforehand. Most agreements net the agent or broker anywhere between 20 to 35 percent of the final sale.
Best Cities to Live
Raleigh Ranked High For Best City
Article Source: http://EzineArticles.com/?expert=Brenda_Williams
Below is a list of the services a real estate broker can provide to a buyer or seller of a piece of property:
Comparative Market Analysis
Exposure
Facilitating a purchase
Facilitating a sale
FSBO document preparation
Full residential appraisal
Home selling kits
Hourly consulting
Leasing
Property management
Exchanging property
Auctioning property
Preparing contracts and leases
Not all of these services are available in each and every state within the union and a handful of them come with a fee.
Below is a list of the services provided to a selling party:
Property listing
Paperwork prep
Adding a "For Sale" sign to the property
Advertising the property
Running an Open House for prospective buyers to tour
Negotiating the price
Representing the seller at the closing
To be qualified for a real estate agent's license an interested party must attend an educational course that usually lasts 60 hours or more. At the conclusion of the course the participants take a test and must pass before receiving their license as a real estate agent. The new agent must then use their license with an existing real estate firm before going out on their own. If the real estate agent wishes to become a real estate broker they must take another educational course and pass another test to become a broker. This can only happen after the agent has been an agent for a specified period of time, which usually differs from state to state. A real estate broker can own and/or operate a real estate firm and each branch office of a larger firm is required by law to be managed by a licensed real estate broker.
There are four popular groups within the real estate agent and broker profession. They are the National Association of Realtors, the Realtor Political Action Committee, the National Association of Exclusive Buyer Agents and the National Association of Real Estate Brokers.
The majority of sales involved in real estate involves a percentage. When a buyer or seller hires a real estate broker or agent to aid them in property movement they usually determine a percentage of the sale to go to the agent or broker beforehand. Most agreements net the agent or broker anywhere between 20 to 35 percent of the final sale.
Best Cities to Live
Raleigh Ranked High For Best City
Article Source: http://EzineArticles.com/?expert=Brenda_Williams
Fire Island - International Visitors Find Dream Homes
They just want to have their perfect place in the sun; the place where blue waters meet white sandy beaches, the place where International visitors of distinction can have their vacation dreams come true. Where else but on Fire Island, NY can they find what they are looking for in unique luxury vacation homes? Where else can they make a statement that they are part of an elite International set who know what they want and have earned the right to get it.
Fire Island offers a way for these International visitors to satisfy their desires and find the perfect home of their dreams. It hosts a number of small communities or villages nestled between the Atlantic Ocean and the Great South Bay off of Long Island, NY and near to New York City.
Fire Island is the kind of place where you can kick back and really relax. You don't even need a car because almost everything is only a short walk from the beach or fine dining and entertainment.
This vacation treasure on the East Coast of the US offers International Buyers of fine properties the opportunity to take advantage of favorable exchange rates in an economic environment that lends itself to making sound investment decisions, but it's not just about getting a good deal: it's also about finding the vacation home of your dreams. It's an all in one opportunity to get the best of both worlds so that you can feel secure that you are providing yourself and your family with a worthwhile experience of pure and justifiable pleasure.
The people that take up vacation residence on Fire Island tend to stay for years and in some cases from generation to generation because it provides a living experience of unparallel beauty and grace. This is just what International visitors are looking for. This is what many of them search the world for. This is a haven that can provide them with the peace and security that they cherish. This is what fine living is all about. This is the place to be.
*****
Please feel free to use this article as long as credit is given to the resource box.
© Copyright Arthur Levine 2008
Words: 425
Keywords: Fire Island, Homes, International, Buyers, Investment
Take advantage of the opportunity to find the vacation home of your dreams in what is quickly becoming the new Hamptons. We at Fire Island Homes invite you to visit our new International Division: http://www.fihomes.net/Fire_Island_Luxury_Sales.htm
Article Source: http://EzineArticles.com/?expert=Arthur_Levine
Fire Island offers a way for these International visitors to satisfy their desires and find the perfect home of their dreams. It hosts a number of small communities or villages nestled between the Atlantic Ocean and the Great South Bay off of Long Island, NY and near to New York City.
Fire Island is the kind of place where you can kick back and really relax. You don't even need a car because almost everything is only a short walk from the beach or fine dining and entertainment.
This vacation treasure on the East Coast of the US offers International Buyers of fine properties the opportunity to take advantage of favorable exchange rates in an economic environment that lends itself to making sound investment decisions, but it's not just about getting a good deal: it's also about finding the vacation home of your dreams. It's an all in one opportunity to get the best of both worlds so that you can feel secure that you are providing yourself and your family with a worthwhile experience of pure and justifiable pleasure.
The people that take up vacation residence on Fire Island tend to stay for years and in some cases from generation to generation because it provides a living experience of unparallel beauty and grace. This is just what International visitors are looking for. This is what many of them search the world for. This is a haven that can provide them with the peace and security that they cherish. This is what fine living is all about. This is the place to be.
*****
Please feel free to use this article as long as credit is given to the resource box.
© Copyright Arthur Levine 2008
Words: 425
Keywords: Fire Island, Homes, International, Buyers, Investment
Take advantage of the opportunity to find the vacation home of your dreams in what is quickly becoming the new Hamptons. We at Fire Island Homes invite you to visit our new International Division: http://www.fihomes.net/Fire_Island_Luxury_Sales.htm
Article Source: http://EzineArticles.com/?expert=Arthur_Levine
Monday, September 22, 2008
How to Become a Rich Real Estate Bird Dog
The demand of Real Estate Bird Dog is always huge and you will always be able to make money whether it is good or bad times without giving up your day job! So, how to become a real estate bird dog?
Below are two important steps that you need to follow in order to become a successful real estate bird dog even if you don't have a college degree and never sell properties before.
1) Locate A Real Estate Investor Mentor
Before getting started as a real estate bird dog, you need to find a real estate investor mentor that you would like to work with in your investment interests. Locate a real estate investor who are interested to invest in your targeted area and who are willing to share with you his investment experience.
Having an experienced real estate investor as your mentor will shorten your learning curve and therefore enhance your success.
2) Learn How To General leads For Your Investors
You must learn how to generate leads for your investor in order to earn your finder's fee or your bird dog fee. There are actually various methods of finding real estate investment deals and it is advisable to get your real estate investment mentor to train you in finding deals. If you want to become a successful real estate bird dog, you must be persistent, be communicative when things get tough in particular during the process of finding profitable and suitable deals for your investors. Besides, being creative helps in finding property leads.
In conclusion, to become a real estate bird dog, you have to first locate a real estate mentor to train you in real estate investments and learn how to find profitable deals for your investors.
Wondering whether Real Estate Bird Dog can make money without giving up their day job? Read more at http://www.property-profiler.com
Article Source: http://EzineArticles.com/?expert=Gary_Goh
Below are two important steps that you need to follow in order to become a successful real estate bird dog even if you don't have a college degree and never sell properties before.
1) Locate A Real Estate Investor Mentor
Before getting started as a real estate bird dog, you need to find a real estate investor mentor that you would like to work with in your investment interests. Locate a real estate investor who are interested to invest in your targeted area and who are willing to share with you his investment experience.
Having an experienced real estate investor as your mentor will shorten your learning curve and therefore enhance your success.
2) Learn How To General leads For Your Investors
You must learn how to generate leads for your investor in order to earn your finder's fee or your bird dog fee. There are actually various methods of finding real estate investment deals and it is advisable to get your real estate investment mentor to train you in finding deals. If you want to become a successful real estate bird dog, you must be persistent, be communicative when things get tough in particular during the process of finding profitable and suitable deals for your investors. Besides, being creative helps in finding property leads.
In conclusion, to become a real estate bird dog, you have to first locate a real estate mentor to train you in real estate investments and learn how to find profitable deals for your investors.
Wondering whether Real Estate Bird Dog can make money without giving up their day job? Read more at http://www.property-profiler.com
Article Source: http://EzineArticles.com/?expert=Gary_Goh
Real Estate Office Management Tips
The assets industry professionals are some of the busiest people of the working community. They deal with clients, prospective clients, and contacts and maintain their records on paper or electronic databases. They have a lot of deadlines to meet in short periods of time and as they have to simultaneously deal with a number of situations at a given time, they can be pretty haphazard in the way they organize things around themselves, which in turn increases the complexity of their work and reduces their efficiency. Following a few real estate office management guidelines will do them good
One of the foremost criteria for enhancing work efficiency is to work in a systematic manner. The first step in this direction is to identify the routine activities and the ones that are done under special circumstances and develop a working methodology independently for each of them. The routine activities should be organized well. The daily input, daily processed information and daily output information stores should be maintained well. The staff handling these data store should be trained on handling them in a formal procedural manner.
The real estate office management staff should design a concrete system to deal with data storing and processing, and following the system should be made mandatory for the relevant staff. This will ensure fast retrieval of data when dealing with clients. A good assets managing firm will always try to take precautions against any special situations that they might encounter. Hence, if electronic databases are being used, then it is always better to be prepared with backups as electronic systems are highly susceptible to viral attacks and technical failures.
A good way to eliminate chaos in the work environment is for the real estate office management firm to make individual job descriptions for all its employees. These job descriptions should be conveyed clearly in writing to them so that they become aware of their individual roles and work accordingly. Assigning a particular job to only one person and not to more people will eliminate confusion. If a job is too huge in quantity or is highly complicated one job can be allotted to more than one person. But in that case, the role that each and every member of the delegation has to play should be conveyed clearly by the team leader.
Real office estate management gurus opine that it is always better to make any modifications and up dates to the databases as and when required rather then take them up as a separate task later on. This error usually happens where paper databases are used as the modifications and up dates have to be done manually. But in the case of electronic data basing this problem is overcome to a large extent as the effects of a change at one point ripples across all the relevant areas of the database automatically.
Lastly, an important criterion of commendable real estate office management is to organize the physical workspace systematically. The tables should be kept neat and tidy. Storing files and paraphernalia should be done in a logical manner so that accessing them does not take a lot of effort and time. A neat, hygienic and organized workspace reflects an efficient working environment. Managing workplaces is an art and it reflects the personality and work efficiency of the people working in that place. It makes the organization efficiency wise trustworthy in the eyes of the clients.
Kamyar Shah writes about different topics including self storage , property management , secret shopping and management consulting issues.
Real Estate Management
Self Storage Content
Article Source: http://EzineArticles.com/?expert=Kamyar_Shah
One of the foremost criteria for enhancing work efficiency is to work in a systematic manner. The first step in this direction is to identify the routine activities and the ones that are done under special circumstances and develop a working methodology independently for each of them. The routine activities should be organized well. The daily input, daily processed information and daily output information stores should be maintained well. The staff handling these data store should be trained on handling them in a formal procedural manner.
The real estate office management staff should design a concrete system to deal with data storing and processing, and following the system should be made mandatory for the relevant staff. This will ensure fast retrieval of data when dealing with clients. A good assets managing firm will always try to take precautions against any special situations that they might encounter. Hence, if electronic databases are being used, then it is always better to be prepared with backups as electronic systems are highly susceptible to viral attacks and technical failures.
A good way to eliminate chaos in the work environment is for the real estate office management firm to make individual job descriptions for all its employees. These job descriptions should be conveyed clearly in writing to them so that they become aware of their individual roles and work accordingly. Assigning a particular job to only one person and not to more people will eliminate confusion. If a job is too huge in quantity or is highly complicated one job can be allotted to more than one person. But in that case, the role that each and every member of the delegation has to play should be conveyed clearly by the team leader.
Real office estate management gurus opine that it is always better to make any modifications and up dates to the databases as and when required rather then take them up as a separate task later on. This error usually happens where paper databases are used as the modifications and up dates have to be done manually. But in the case of electronic data basing this problem is overcome to a large extent as the effects of a change at one point ripples across all the relevant areas of the database automatically.
Lastly, an important criterion of commendable real estate office management is to organize the physical workspace systematically. The tables should be kept neat and tidy. Storing files and paraphernalia should be done in a logical manner so that accessing them does not take a lot of effort and time. A neat, hygienic and organized workspace reflects an efficient working environment. Managing workplaces is an art and it reflects the personality and work efficiency of the people working in that place. It makes the organization efficiency wise trustworthy in the eyes of the clients.
Kamyar Shah writes about different topics including self storage , property management , secret shopping and management consulting issues.
Real Estate Management
Self Storage Content
Article Source: http://EzineArticles.com/?expert=Kamyar_Shah
Three Real Estate Myths Busted
Myth Number One: Property prices always rises
The folks always say "Invest in properties". Some actually claim that the rate at which the human population is growing, land is fast becoming a scarce resource, therefore anyone who has properties, wins. Property prices, just like stocks, derivatives, bonds and etc, go through price cycles. There are times when they can appreciate during a bull market and falls like an anchor during the bear market. When property prices fall, it is no joke. This is because they can take years to appreciate back to the initial value at which you have bought it for. Of course, home prices do indeed recover themselves but those who are forced to sell in the bear market can really suffer badly.
Myth Number Two: Buying your house is definitely better than renting
You might think that instead of wasting your money on rent; why not pay those cash for real equities in your own property? Buying a house is not for everybody. It requires you to make a highly informed decision. What happens if you really dislike your neighbors or really dislike your living environment after you have moved in? Are you able to find a buyer that quickly? Will the bank penalize you for making a full redemption at too early a period? You may not be able to move your house as you wished, after reviewing the points. Renting a property is an entirely different story. You can choose to move out immediately if you do not fancy the place. Maybe you are the type who invests in where you stay. If this is the case, you can opt to rent a place while waiting for a property to buy over. Buying a house also requires you maintain prompt monthly payments. On the other hand, if you happened to be slow in sales or business, you can negotiate with the homeowner to defer your payments. Buying a house is not for everyone and ultimately the decision lies with your own personal profile.
Myth Number Three: Refinancing always helps to save money
If your outstanding housing loan amount is pretty small and you have been with a bank for quite a long time. There is a high probability that you are paying more of your principle than your interest. If you decide to refinance at this stage, even if the interest is much lower, you will restructure the monthly payment in such a way that it will tilt towards paying more of interest again. By small, I am saying if your outstanding is less than $100,000.
Zeng Han Jun is the Business Financial Manager of Chan & Partners Consulting Group. He actively contributes articles about business and finance on a weekly basis, so as to share his knowledge with the financial consumers. He specializes in mortgage advisory and business brokering services in Singapore. He has been directly involved and plays a crucial role in marketing and sales of businesses in Singapore. He also provides advice on various kinds of mortgages and construction financing for private individuals.
This article from CPCG is currently being protected by Singapore and International Copyright Laws. However please feel free to republish this article, provided that you include working links to our website: http://www.cpcgonline.com/ and http://www.cpcgonline.blogspot.com/
We appreciate your kind gesture. For any enquiries, please email us at enquiries@cpcgonline.com
Article Source: http://EzineArticles.com/?expert=Zeng_Han_Jun
The folks always say "Invest in properties". Some actually claim that the rate at which the human population is growing, land is fast becoming a scarce resource, therefore anyone who has properties, wins. Property prices, just like stocks, derivatives, bonds and etc, go through price cycles. There are times when they can appreciate during a bull market and falls like an anchor during the bear market. When property prices fall, it is no joke. This is because they can take years to appreciate back to the initial value at which you have bought it for. Of course, home prices do indeed recover themselves but those who are forced to sell in the bear market can really suffer badly.
Myth Number Two: Buying your house is definitely better than renting
You might think that instead of wasting your money on rent; why not pay those cash for real equities in your own property? Buying a house is not for everybody. It requires you to make a highly informed decision. What happens if you really dislike your neighbors or really dislike your living environment after you have moved in? Are you able to find a buyer that quickly? Will the bank penalize you for making a full redemption at too early a period? You may not be able to move your house as you wished, after reviewing the points. Renting a property is an entirely different story. You can choose to move out immediately if you do not fancy the place. Maybe you are the type who invests in where you stay. If this is the case, you can opt to rent a place while waiting for a property to buy over. Buying a house also requires you maintain prompt monthly payments. On the other hand, if you happened to be slow in sales or business, you can negotiate with the homeowner to defer your payments. Buying a house is not for everyone and ultimately the decision lies with your own personal profile.
Myth Number Three: Refinancing always helps to save money
If your outstanding housing loan amount is pretty small and you have been with a bank for quite a long time. There is a high probability that you are paying more of your principle than your interest. If you decide to refinance at this stage, even if the interest is much lower, you will restructure the monthly payment in such a way that it will tilt towards paying more of interest again. By small, I am saying if your outstanding is less than $100,000.
Zeng Han Jun is the Business Financial Manager of Chan & Partners Consulting Group. He actively contributes articles about business and finance on a weekly basis, so as to share his knowledge with the financial consumers. He specializes in mortgage advisory and business brokering services in Singapore. He has been directly involved and plays a crucial role in marketing and sales of businesses in Singapore. He also provides advice on various kinds of mortgages and construction financing for private individuals.
This article from CPCG is currently being protected by Singapore and International Copyright Laws. However please feel free to republish this article, provided that you include working links to our website: http://www.cpcgonline.com/ and http://www.cpcgonline.blogspot.com/
We appreciate your kind gesture. For any enquiries, please email us at enquiries@cpcgonline.com
Article Source: http://EzineArticles.com/?expert=Zeng_Han_Jun
Saturday, September 13, 2008
President Signs New Housing Act to Help 400,000 Homeowners
The president has just signed the Federal Housing and recovery Act of 2008. Legislation that will overhaul the Depression-era FHA and provide mortgage relief for 400,000 homeowners struggling with foreclosure woes.
This bill is also designed to quiet the jitters on Wall Street by offering some financial relief and additional accountability for the troubled, government-sponsored mortgage companies Fannie Mae and Freddie Mac.
While the bill started with a battle between the White House and the Democrats in Congress, bi-partisan support eventually led the President to withdraw his veto threat. Below are some highlights of this far reaching legislation.
Homeowner Relief Measures (Hope for Homeowners Act of 2008)
The law creates a new program to back FHA-Insured mortgages for debt-laden homeowners. Up to $300 billion will be available through the voluntary program operated by a board consisting of the HUD and treasury secretaries, and a chairman of the Federal Reserve Board and the Federal Deposit Insurance Corporation. (FDIC)
In exchange for new mortgages, homeowners will share future appreciation with the FHA. Borrowers must also meet a payment burden test to determine if they can afford a new mortgage.
Banks must agree to relinquish their claims for a payment equal to 85% of the current value of the home.
The homeowner relief program begins Oct. 1st 2008 and ends on Sept. 30th 2011.
New regulator for FHA
The law creates a new, independent regulator called the Federal Housing Finance Agency to govern GSE's (government sponsored enterprises). It will oversee Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
The Treasury Department has been granted temporary authority to purchase debt and equity of Fannie Mae and Freddie Mac through 2009 to provide financial stability for the mortgage giants.
Modernization of FHA
The law increases the FHA loan limit to 115% of area median home price with a cap at $625,000.
Down payments of 3.5% will be required for any FHA loan
Seller assisted down payment programs (such as Nehemiah) will end October 1st
The FHA mortgage insurance premium will increase to 3%.
The FHA's program for reverse mortgages is expanded with higher mortgage limits.
Tax Credits
Provides new first-time home buyer tax credit which is equivalent to an interest free loan of 10% of the purchase price of the home (up to $7500) to be repaid over the course of 15 years. It will be available through July 2009 for taxpayers who meet adjusted gross income levels.
Rules relating to the Low Income Housing Tax Credit will be simplified and states will see increased housing tax credit in 2008 and 2009 depending upon the size of the state.
Allows a new standard deduction for homeowners who do not itemize on their tax returns.
Other Provisions
The bill lengthens the time a lender must wait before starting foreclosure after a sooldier returns from service (from 3 to 9 months) and also provides returning soldiers with one year of relief from increases in mortgage interest rates.
Enhances mortgage disclosures requirements to require lenders to inform borrowers of the maximum monthly payments possible under their loans.
Provides additional funding for housing counseling and legal services to distressed borrowers.
44 billion will be provided for emergency Community Development Block Grant money to purchase and clean up abandon homes in areas blighted by foreclosures.
Source http://www.banking.senate.gov/public
Ryan R. Wegman your land banking specialist invites you to discover the unknown world of real estate investing where patience and skill far out profit the fast, hurried pace of the find em fund em and flip em world investor world that has recently came crashing down along with our economy. Learn how to roll your IRA into real estate and discover the benefits of long term appreciation, high growth, safe and predictable California real estate. Sign up for your free, no risk, no obligation consultation today: http://www.ryanwegman.com
(c) Copyright - Ryan R.Wegman. All rights Reserved Worldwide.
Article Source: http://EzineArticles.com/?expert=Ryan_Wegman
This bill is also designed to quiet the jitters on Wall Street by offering some financial relief and additional accountability for the troubled, government-sponsored mortgage companies Fannie Mae and Freddie Mac.
While the bill started with a battle between the White House and the Democrats in Congress, bi-partisan support eventually led the President to withdraw his veto threat. Below are some highlights of this far reaching legislation.
Homeowner Relief Measures (Hope for Homeowners Act of 2008)
The law creates a new program to back FHA-Insured mortgages for debt-laden homeowners. Up to $300 billion will be available through the voluntary program operated by a board consisting of the HUD and treasury secretaries, and a chairman of the Federal Reserve Board and the Federal Deposit Insurance Corporation. (FDIC)
In exchange for new mortgages, homeowners will share future appreciation with the FHA. Borrowers must also meet a payment burden test to determine if they can afford a new mortgage.
Banks must agree to relinquish their claims for a payment equal to 85% of the current value of the home.
The homeowner relief program begins Oct. 1st 2008 and ends on Sept. 30th 2011.
New regulator for FHA
The law creates a new, independent regulator called the Federal Housing Finance Agency to govern GSE's (government sponsored enterprises). It will oversee Fannie Mae, Freddie Mac and the Federal Home Loan Banks.
The Treasury Department has been granted temporary authority to purchase debt and equity of Fannie Mae and Freddie Mac through 2009 to provide financial stability for the mortgage giants.
Modernization of FHA
The law increases the FHA loan limit to 115% of area median home price with a cap at $625,000.
Down payments of 3.5% will be required for any FHA loan
Seller assisted down payment programs (such as Nehemiah) will end October 1st
The FHA mortgage insurance premium will increase to 3%.
The FHA's program for reverse mortgages is expanded with higher mortgage limits.
Tax Credits
Provides new first-time home buyer tax credit which is equivalent to an interest free loan of 10% of the purchase price of the home (up to $7500) to be repaid over the course of 15 years. It will be available through July 2009 for taxpayers who meet adjusted gross income levels.
Rules relating to the Low Income Housing Tax Credit will be simplified and states will see increased housing tax credit in 2008 and 2009 depending upon the size of the state.
Allows a new standard deduction for homeowners who do not itemize on their tax returns.
Other Provisions
The bill lengthens the time a lender must wait before starting foreclosure after a sooldier returns from service (from 3 to 9 months) and also provides returning soldiers with one year of relief from increases in mortgage interest rates.
Enhances mortgage disclosures requirements to require lenders to inform borrowers of the maximum monthly payments possible under their loans.
Provides additional funding for housing counseling and legal services to distressed borrowers.
44 billion will be provided for emergency Community Development Block Grant money to purchase and clean up abandon homes in areas blighted by foreclosures.
Source http://www.banking.senate.gov/public
Ryan R. Wegman your land banking specialist invites you to discover the unknown world of real estate investing where patience and skill far out profit the fast, hurried pace of the find em fund em and flip em world investor world that has recently came crashing down along with our economy. Learn how to roll your IRA into real estate and discover the benefits of long term appreciation, high growth, safe and predictable California real estate. Sign up for your free, no risk, no obligation consultation today: http://www.ryanwegman.com
(c) Copyright - Ryan R.Wegman. All rights Reserved Worldwide.
Article Source: http://EzineArticles.com/?expert=Ryan_Wegman
Real Estate Fairy Tales and Fiction Vs Just the Facts
Ask 10 different people about the condition of the New York real estate market and you will likely get 10 different answers, ranging the full spectrum from "Awesome" to the ambiguous "Wild" or "Nutty," to the downright bleak "Horrid". Why such a disparity, you ask? And, more importantly, which response is correct? It depends who you ask, and that is the problem.
Too many real estate brokers have fallen into the salesperson trap of "perpetual perfection", meaning, regardless of the cold hard facts, business is always great. It's a tool that all good salespeople know - put a positive spin on things and anything is possible. The problem with this theory when it comes to real estate is, by glossing over the truth, you may be hurting business in the long run.
Sugar coating aside, the real estate market in New York has declined over the past year. And while a positive attitude is always an asset, there is no way to gloss over the fact that short sales are increasing in droves. Some brokers feel that presenting consumers with the brutal truth is depressing, and will further inhibit already leery potential sellers and buyers alike. But what happens when your tale stops spinning?
Eventually, when that overpriced listing doesn't sell, and that mint triple plus home is still on the market after 8 months, the truth comes out: The real estate market in New York is not at its best right now. Times are tough, prices are down, and foreclosures are up - the numbers don't lie. And your customers will figure that out, regardless of what you tell them up front.
But a downturn in the market does not mean all is gloom and doom. There is a reason why they call it a "buyers market" and buyers all over New York should be on their phones and computers snatching up those gems before it's too late. Three years ago, buyers were completely at the mercy of astronomical prices and aggressive sellers. Now, with the situation reversed, those in the market to buy would be foolish to miss out on the chance to cash in on a great deal.
So yeah, the real estate market in New York could be better. Brokers, don't ignore that fact because consumers are quickly catching on. But a slow market is not as grim as it sounds. While it's true that sellers have to be more realistic, competitively priced listings are definitely selling. For buyers, now is the time to act, and to seal those golden deals before the market swings up again, which, as history has shown us, it inevitably will.
The New York Source : Manhattan Real Estate
http://thenewyorksource.com
The New York Source, your #1 place on the web for NYC Real Estate. With more than 15 years of sales experience, Patty Levy enjoys a 90% referral rate not only because of the success she has achieved, but because she truly loves her customers and strives to protect their best interests. Her goal is to make their buying or selling experience an enjoyable and rewarding one. "It's not just another transaction."
Written by Terri Polk at http://NewSunSEO.com
Article Source: http://EzineArticles.com/?expert=Terri_Polk
Too many real estate brokers have fallen into the salesperson trap of "perpetual perfection", meaning, regardless of the cold hard facts, business is always great. It's a tool that all good salespeople know - put a positive spin on things and anything is possible. The problem with this theory when it comes to real estate is, by glossing over the truth, you may be hurting business in the long run.
Sugar coating aside, the real estate market in New York has declined over the past year. And while a positive attitude is always an asset, there is no way to gloss over the fact that short sales are increasing in droves. Some brokers feel that presenting consumers with the brutal truth is depressing, and will further inhibit already leery potential sellers and buyers alike. But what happens when your tale stops spinning?
Eventually, when that overpriced listing doesn't sell, and that mint triple plus home is still on the market after 8 months, the truth comes out: The real estate market in New York is not at its best right now. Times are tough, prices are down, and foreclosures are up - the numbers don't lie. And your customers will figure that out, regardless of what you tell them up front.
But a downturn in the market does not mean all is gloom and doom. There is a reason why they call it a "buyers market" and buyers all over New York should be on their phones and computers snatching up those gems before it's too late. Three years ago, buyers were completely at the mercy of astronomical prices and aggressive sellers. Now, with the situation reversed, those in the market to buy would be foolish to miss out on the chance to cash in on a great deal.
So yeah, the real estate market in New York could be better. Brokers, don't ignore that fact because consumers are quickly catching on. But a slow market is not as grim as it sounds. While it's true that sellers have to be more realistic, competitively priced listings are definitely selling. For buyers, now is the time to act, and to seal those golden deals before the market swings up again, which, as history has shown us, it inevitably will.
The New York Source : Manhattan Real Estate
http://thenewyorksource.com
The New York Source, your #1 place on the web for NYC Real Estate. With more than 15 years of sales experience, Patty Levy enjoys a 90% referral rate not only because of the success she has achieved, but because she truly loves her customers and strives to protect their best interests. Her goal is to make their buying or selling experience an enjoyable and rewarding one. "It's not just another transaction."
Written by Terri Polk at http://NewSunSEO.com
Article Source: http://EzineArticles.com/?expert=Terri_Polk
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