GayRealEstate USA

Rent-to-Own: The Truth

By Jeff Adolph

Residential Investment

Many people are searching for alternatives in the present housing market and this is seeing more buyers and sellers turning to rent-to-own agreements.

Rent-to-own can be defined simply as buying a home without needing to meet lending criteria or having a down payment. Typically, this is a rental lease and purchase agreement made between a tenant and a landlord. Where the tenant has the option to buy the property they are renting at a fixed price, at a specific time during their tenancy.

However, the rent-to-own agreement has its 'good' and 'bad' points for both the tenant and the landlord, and whether you are buying or selling it is important that you know what these are, prior to making an agreement.

The good points of rent-to-own are:

1) As a tenant you are able to put all of your rental money toward home ownership;

2) As a tenant you do not have to go through the process of applying for a loan and then awaiting approval;

3) As a tenant you may be able to improve a bad credit rating and overcome an previous history; and

4) As a homeowner you are able to finance your mortgage in an unpredictable market as well as secure a good return on your investment.

The draw-backs of rent-to-own are:

1) As a tenant you may forfeit the right to buy the property by not making payments, which may also affect your credit rating;

2) As a homeowner you may find that your tenant backs out of the transaction and is no longer willing to buy the home; and

3) As a tenant you may find that the rental fee is placed on top of a lease fee in order to cover the home's down payment; and

4) As a tenant you have no real guarantee that mortgage payments are being made because these are not in your name, and this means that if your landlord defaults on payment you not only lose your investment but also your home.

Rent-to-own contacts have increased since late 2006, with an estimated 3% of the real estate market comprising of rent-to-buy properties today.

Should you decide to enter into a rent-to-own agreement make sure that you come to an agreement on the mortgage payments to be made, whether you are the property owner or tenant. This ensures that both parties know what percentage of rent is being put toward the mortgage payment and that they are essentially being made.

Source: Angelo Carmen (2008) Rent-to-Own Homes?; available online at http://www.wtam.com/cc-common/news/sections/newsarticle.html?feed=&article=3905721

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Residential Investment

Many people are searching for alternatives in the present housing market and this is seeing more buyers and sellers turning to rent-to-own agreements.

Rent-to-own can be defined simply as buying a home without needing to meet lending criteria or having a down payment. Typically, this is a rental lease and purchase agreement made between a tenant and a landlord. Where the tenant has the option to buy the property they are renting at a fixed price, at a specific time during their tenancy.

However, the rent-to-own agreement has its 'good' and 'bad' points for both the tenant and the landlord, and whether you are buying or selling it is important that you know what these are, prior to making an agreement.

The good points of rent-to-own are:

1) As a tenant you are able to put all of your rental money toward home ownership;

2) As a tenant you do not have to go through the process of applying for a loan and then awaiting approval;

3) As a tenant you may be able to improve a bad credit rating and overcome an previous history; and

4) As a homeowner you are able to finance your mortgage in an unpredictable market as well as secure a good return on your investment.

The draw-backs of rent-to-own are:

1) As a tenant you may forfeit the right to buy the property by not making payments, which may also affect your credit rating;

2) As a homeowner you may find that your tenant backs out of the transaction and is no longer willing to buy the home; and

3) As a tenant you may find that the rental fee is placed on top of a lease fee in order to cover the home's down payment; and

4) As a tenant you have no real guarantee that mortgage payments are being made because these are not in your name, and this means that if your landlord defaults on payment you not only lose your investment but also your home.

Rent-to-own contacts have increased since late 2006, with an estimated 3% of the real estate market comprising of rent-to-buy properties today.

Should you decide to enter into a rent-to-own agreement make sure that you come to an agreement on the mortgage payments to be made, whether you are the property owner or tenant. This ensures that both parties know what percentage of rent is being put toward the mortgage payment and that they are essentially being made.

Source: Angelo Carmen (2008) Rent-to-Own Homes?; available online at http://www.wtam.com/cc-common/news/sections/newsarticle.html?feed=&article=3905721

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Knowing More About Interest is in Your Best Interest

By Jeff Adolph

Residential Investment

Sure, most of us know what interest rates are and that they affect us financially if we have a mortgage, but did you know that there are ways that you can save on mortgage repayments simply by knowing what interest terminology, facts and even figures are?

In fact, by studying the market and having insight into mortgage rates before applying for a loan can reduce your repayment value and save you considerably over the lifetime of your loan.

Here are 4 main factors that could see you paying off your mortgage faster:

1) Research Rates -  whether your applying for a new home mortgage or have an existing one, it is important to constantly keep an eye on the current interest rates. Always compare your existing rate to to other lenders. If there are rates that are better then make sure to weigh up the pros and cons of changing lenders prior to doing so. Check fees and charges associated, and if lenders have any discounts or penalties that apply to you, then calculate the difference between to 2 and if it is viable to change lenders.

2) Pre-Qualification - before going house hunting discuss your options with lenders and find out in advance how much you are able to borrow, the repayments you'll need to make, and the size of the deposit that you will need. This will save you a great deal in terms of time and possibly even see you finding your dream home that much faster,meaning you can be paying it off quicker.

3) APR - when looking at interest rates make sure that you compare the APR of different lenders not just their advertised rate. Advertised rates often have hidden charges and fees associated with them, which many lenders prefer not to disclose. However, Federal Lending Law requires all lenders to disclose their APR and this represents an accurate lending rate, for example - an interest rate of 6.18% over a 30-year fixed term may actually have an APR of 6.29%.

4) Locking Your Rate - rate locks enable you to secure your lender's promised rate whilst your loan application is being processed,and this can mean the difference between you getting the rate you were originally offered or getting a new, higher rate at the time your application was approved. Typically, loan applications for mortgages can take between 7-14 days depending on your financial circumstances.

Source: Mortgage101.com (2008) Information on Mortgage Rates; available online at http://www.mortgage101.com/Articles/InterestRatesOverview.asp?p=mtg101

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By Jeff Adolph

Residential Investment

Sure, most of us know what interest rates are and that they affect us financially if we have a mortgage, but did you know that there are ways that you can save on mortgage repayments simply by knowing what interest terminology, facts and even figures are?

In fact, by studying the market and having insight into mortgage rates before applying for a loan can reduce your repayment value and save you considerably over the lifetime of your loan.

Here are 4 main factors that could see you paying off your mortgage faster:

1) Research Rates -  whether your applying for a new home mortgage or have an existing one, it is important to constantly keep an eye on the current interest rates. Always compare your existing rate to to other lenders. If there are rates that are better then make sure to weigh up the pros and cons of changing lenders prior to doing so. Check fees and charges associated, and if lenders have any discounts or penalties that apply to you, then calculate the difference between to 2 and if it is viable to change lenders.

2) Pre-Qualification - before going house hunting discuss your options with lenders and find out in advance how much you are able to borrow, the repayments you'll need to make, and the size of the deposit that you will need. This will save you a great deal in terms of time and possibly even see you finding your dream home that much faster,meaning you can be paying it off quicker.

3) APR - when looking at interest rates make sure that you compare the APR of different lenders not just their advertised rate. Advertised rates often have hidden charges and fees associated with them, which many lenders prefer not to disclose. However, Federal Lending Law requires all lenders to disclose their APR and this represents an accurate lending rate, for example - an interest rate of 6.18% over a 30-year fixed term may actually have an APR of 6.29%.

4) Locking Your Rate - rate locks enable you to secure your lender's promised rate whilst your loan application is being processed,and this can mean the difference between you getting the rate you were originally offered or getting a new, higher rate at the time your application was approved. Typically, loan applications for mortgages can take between 7-14 days depending on your financial circumstances.

Source: Mortgage101.com (2008) Information on Mortgage Rates; available online at http://www.mortgage101.com/Articles/InterestRatesOverview.asp?p=mtg101

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The Risks of Buying or Selling Without a Realtor

By Jeff Adolph

Buying and Selling

Buying and selling a home for many people is the largest single investment and transaction that they will ever be involved in during their lifetime. And whilst it is easy to say that you'd like to save on Realtor fees and possibly pocket more out of the real estate deal, it also can expose you and your family to some unsavory characters and end up costing you far more than your bargained for.

According to the National Association of Realtors (NAR) buyers and sellers electing to go it alone may cost themselves as much as $31,800 in lost sales revenue by having poor negotiation skills and little market knowledge.

Realtors effectively provide buyers and sellers with countless benefits, many of which make the buying and selling of a property a much simpler and faster process. In fact, your Realtor does a great deal of work behind the scene and offers you expert knowledge and unbiased advice, such as:

1) Offering you a comparative analysis of the area and other properties on the market;

2) Finding listings that match your requirements;

3) Arranging viewings that suit your schedule;

4) Offering sound representation and price negotiation skills;

5) Providing legally binding purchase contracts and making sure that all terms and conditions, as well as monetary obligations are correct and accounted for;

6) Arranging for inspections and financial resolution to be carried out;

7) Making sure that purchases are completed and turnover of properties are carried out smoothly; and

8) Giving you guidance throughout the whole buying or selling process and offering support and their advice.

Should you elect to buy or sell a property without Realtor representation then you then expose yourself to the following risks:

1) A home that is not safe, does not meet legislators guidelines or has an unsavory past, such as criminal activity etc;

2) Sellers that are untrustworthy and that have a criminal or undesirable background;

3) Sellers that neglect or fraudulently misrepresent the property because they are not bound by a professional code of conduct;

4) Difficult negotiations with no sales history or data being offered;

5) Zoning laws, construction quality and other problems arising;

6) Insufficient contractual obligations being met and failure to include all the necessary details;

7) Contracts may be terminated without notice given due to other offers being made by higher bidders;

8) Deposits are paid to unknown parties and these may not be accurately accounted for and mortgages may go unresolved; and

9) Little or no professional advice or representation.

Overall, buying and selling a home should be a pleasurable and rewarding experience not one you regret or feel apprehensive about. Undoubtedly Realtors save you time and effort when considering to buy or sell your home, but their greatest benefit is they provide you with representation which prevents you from being taken advantage of and they protect your best interest. Therefore, a good Realtor, like a good home is a valuable investment.

Source: National Association of Realtors (2006) NAR in the News; available online at http://narblog1.realtors.org/mvtype/narinthenews/2006/04/the_cost_of_selling_without_a.html

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By Jeff Adolph

Buying and Selling

Buying and selling a home for many people is the largest single investment and transaction that they will ever be involved in during their lifetime. And whilst it is easy to say that you'd like to save on Realtor fees and possibly pocket more out of the real estate deal, it also can expose you and your family to some unsavory characters and end up costing you far more than your bargained for.

According to the National Association of Realtors (NAR) buyers and sellers electing to go it alone may cost themselves as much as $31,800 in lost sales revenue by having poor negotiation skills and little market knowledge.

Realtors effectively provide buyers and sellers with countless benefits, many of which make the buying and selling of a property a much simpler and faster process. In fact, your Realtor does a great deal of work behind the scene and offers you expert knowledge and unbiased advice, such as:

1) Offering you a comparative analysis of the area and other properties on the market;

2) Finding listings that match your requirements;

3) Arranging viewings that suit your schedule;

4) Offering sound representation and price negotiation skills;

5) Providing legally binding purchase contracts and making sure that all terms and conditions, as well as monetary obligations are correct and accounted for;

6) Arranging for inspections and financial resolution to be carried out;

7) Making sure that purchases are completed and turnover of properties are carried out smoothly; and

8) Giving you guidance throughout the whole buying or selling process and offering support and their advice.

Should you elect to buy or sell a property without Realtor representation then you then expose yourself to the following risks:

1) A home that is not safe, does not meet legislators guidelines or has an unsavory past, such as criminal activity etc;

2) Sellers that are untrustworthy and that have a criminal or undesirable background;

3) Sellers that neglect or fraudulently misrepresent the property because they are not bound by a professional code of conduct;

4) Difficult negotiations with no sales history or data being offered;

5) Zoning laws, construction quality and other problems arising;

6) Insufficient contractual obligations being met and failure to include all the necessary details;

7) Contracts may be terminated without notice given due to other offers being made by higher bidders;

8) Deposits are paid to unknown parties and these may not be accurately accounted for and mortgages may go unresolved; and

9) Little or no professional advice or representation.

Overall, buying and selling a home should be a pleasurable and rewarding experience not one you regret or feel apprehensive about. Undoubtedly Realtors save you time and effort when considering to buy or sell your home, but their greatest benefit is they provide you with representation which prevents you from being taken advantage of and they protect your best interest. Therefore, a good Realtor, like a good home is a valuable investment.

Source: National Association of Realtors (2006) NAR in the News; available online at http://narblog1.realtors.org/mvtype/narinthenews/2006/04/the_cost_of_selling_without_a.html

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LGBT Gayest Zipcodes -- Beech Creek Mountain Community Development -- North Carolina

By Jeff Adolph

Residential Investment

Recently a reader mentioned buying her first home with her partner in North Carolina, and she thanked me for my site being a valuable resource and offering her insight into buying a home.

I just wanted to wish Amy and her partner all the best with their new home and also dedicate today's post to the gated community in which Amy and her partner have bought their home within.

Beech Creek in Western North Carolina has been described as a 'premier community', with stunning mountain views and creek fronted log homes that offer all the modern conveniences of city homes but with a tranquility that is unsurpassed in urban precincts.

The community offers privacy, serenity and security to home owners as well as community gardens and parks, horse pastures, hiking trails, trout ponds and a touch of yesteryear.

Located only minutes from Asheville, one of GayRealEstate USA's gayest zip-codes, Beech Creek is situated near the Appalachian Trail and Roan Mountain. At present, the community has some 79 different allotments, 26  of which are sold. The allotments range from 1/2 an acre in size up to 11.30 acres, and there is room for future development, with only approximately 1/3 rd of the subdivision presently developed.

Beech Creek is within the Mitchell County region, which is estimated to have a population of some 16,000 people, representing .19% of the total North Carolinian population.  

For more information on the Beech Creek Community please visit http://www.beechcreeknc.com

Source: Beech Creek Community (2008) Beech Creek North Carolina; available online at

http://www.beechcreeknc.com

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The Fed Takes on Corrupt Lenders with New Rules and Regulations

By Jeff Adolph

Ask A Realtor

The Federal Reserve – which regulates many lending institutions and is taking an ever-widening role in supervising financial institutions in the USA as the mortgage crisis continues – unveiled new mortgage rules this month.

For months, government officials have been hammering out the rules and regulations in an effort to tighten supervision of mortgage lenders, prevent fraud, and protect consumers from the kinds of high-risk loans that created the subprime crisis. The unveiling of the new and stronger rules sent a message of strength, integrity, and prudent oversight to the mortgage industry and was extremely timely. Just days before the new policies were announced the major mortgage lending bank IndyMac collapsed, leaving many depositors in limbo regarding whether or not they will ever again see the money they had entrusted to the thrift.

But the troubles at IndyMac appear to be isolated, and can be traced directly to the fact the company invested heavily and recklessly in the hazardous market for bad credit loans. The institution is, in fact, a spin-off and remnant of the troubled and controversial Countrywide Mortgage, whose unsavory reputation for predatory sales tactics and corrupt dealings with customers helped to cripple it last year.

Fed Chairman Ben Bernanke announced the new rules by saying that they are “intended to protect consumers from unfair or deceptive acts and practices in mortgage lending, while keeping credit available to qualified borrowers and supporting sustainable homeownership." He also added that "Besides offering broader protection for consumers, a uniform set of rules will level the playing field for lenders and increase competition in the mortgage market, to the ultimate benefit of borrowers."

Here are the main highlights and a summary of the new changes:

·         The bulk of the new regulations relate to special mortgages that charge higher interest in exchange for lending to consumers with bad credit.

·         Rules will ultimately protect bad credit customers by making it much harder for them to borrow amounts that cannot be reasonably managed and repaid.

·         Those with good credit have little to worry about in terms of qualifying for loans under the new rules, but will benefit from the fact that mortgage lenders will now be held to a higher standard of disclosure

·         The Fed also severely limited the use of prepayment penalties. Prepayment penalties are stiff fees imposed on borrowers who choose to pay off their loans early in order to save money.

·         Lenders will also have to maintain escrow accounts for property taxes and homeowner's insurance. That will help manage those responsibilities for homeowners while also limiting the risk that could arise from forgetting to pay obligations on time or not having adequate funds to make tax and insurance payments.

·         More importantly, it will prevent fraudulent lenders from collecting money from homeowners and then failing to forward it on as promised to insurers and taxing authorities.

·         Creditors and mortgage brokers are now forbidden from pressuring real estate appraisers to artificially inflate or deflate a home’s actual value.

·         Companies that service mortgage loans must credit customer payments immediately and will have less flexibility regarding charging exorbitant late fees. They must also respond promptly to requests for itemized customer account statements.

·         Creditors must provide a good faith estimate of the loan costs, including a schedule of payments, within three days after a consumer applies for any mortgage loan, including home improvement loans or mortgage refinances.

·         Until they receive the written estimate, consumers cannot be charged any fees except for a reasonable fee for doing a credit history check.

·         Lenders must also provide more disclosure and be more accurate and honest when placing advertisements for their loan products.

 

While these new mortgage regulations are not intended to help rescue homeowners who are already delinquent – and the rules will not go into effect until late next year – they were supported by many consumer rights groups.

Some of the strongest praise from national housing advocacy organizations was for a new rule that no longer requires borrowers who feel preyed upon to prove a pattern or practice of such illegal predatory behavior. Doing so in the courts can be nearly impossible. Now it will be much easier for borrowers to seek recourse from the justice system for wrongs lenders may have committed such as steering unwary consumers into inappropriate loan instruments.

The mortgage industry also welcomed the new regulations, because tougher oversight will help to weed out unethical or illegal lenders who have tarnished the reputation of good, reliable, resourceful professionals.

The final approval of these long overdue regulations is a positive sign. When the nation’s mortgage sector emerges from the current economic crisis and subprime meltdown it will do so as a revitalized and more respected industry. And that is encouraging news for those who want to buy or refinance a home with added confidence and fairness.

For the highest caliber of mortgage and real estate expertise – provided by professionals who are especially dedicated to the GLBT community – visit www.GayRealEstate.com and www.GayMortgageLoans.com. Or call toll free 1-888-420-MOVE (6683).

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Residential Real Estate Investing

By Jeff Adolph

Residential Investment

According to experts, low home prices are said to be luring investors to buy realty nationwide.

Cheap properties are proving to be too tempting for many who are interested in making a profit. Investors are either buying homes now, in order to sell again for a profit in the near future, or they are waiting a few years for the market to rebound. In the mean time they are renting properties they have bought and earning a tidy profit from the increasing rental prices.

Davis Hsu is a prime example he has bought four homes in the 12 months, including a $330,000, 2,700 square foot home, which he then re-sold for a modest profit. Another home that he purchased for $80,000 he sold some time later for $140,000 and made a $60,000 return on his investment.

Hsu will hold onto his remaining two properties until market prices increase. As he said,” You can get good deals on distressed properties, if you’re wiling to wait two or three years before you sell them.”

The key to property investment is to buy at the cheapest price possible and then re-sell without having spent too much on the home in the way of improvements.

As Jeff Ball, President of Econohomes in Texas who purchases homes in bulk to re-sell said,” The most significant thing is to stabilize the situation. Get people back in the house.” Ball added, “The new home owners move in and start taking care of the properties. If that starts to happen in large numbers, these communities may spring back to life.”

Ball has purchased over 400 homes in the last 24 months in the Ohio and Michigan regions. He is said to have paid less than $5,000, on average, for each house and then re-sol them for over $25,000.

Therefore, if you have money to invest that real estate is still definitely a viable option.

Source: Christie, Les (2008) Vulture Real Estate Investors Swoop In; available online at http://money.cnn.com/2008/06/30/real_estate/vulture_investors_take_flight/index.htm?postversion=2008070212

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Residential Home Sales Rise

By Jeff Adolph

Residential Investment

CNNMoney.com reports that home sales in some regions have risen during the month of May. This is thought to be attributed to reduced home prices.

The National Association of Realtors (NAR) said that existing home sales rose by 2% to an annual seasonally adjusted rate of 4.99 million units, a rise from 4.89 million units in April.

NAR President, Richard Gaylord said in a statement that, “Home buyers are starting to get off the fence and into the market, drawn by drops in home prices in many areas and armed with greater access to affordable mortgages.”

Lawrence Yun, NAR Chief Economist felt that this would stabilize home prices because the market can only be stable when buyers return and start to make purchases again.

Sacramento, the San Fernando Valley, Battle Creek, Michigan and the Monterey County in California, as well as Sarasota, Fla., are amongst those markets which have experienced an increase in sales of existing homes.

Source: Rooney, Ben (2008) Existing Home Sales Rise on Price Drop; available online at http://money.cnn.com/2008/06/26/real_estate/existing_home_sales/index.htm

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Source: Rooney, Ben (2008) Existing Home Sales Rise on Price Drop; available online at http://money.cnn.com/2008/06/26/real_estate/existing_home_sales/index.htm

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