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Thursday, September 6, 2007
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Thursday, September 6, 2007
The Home Buying Process
The information in this article will help you understand what to expect when buying a home. We have put the information in a step-by-step format and have included a time frame for each step so that you can mark it in a calendar.
1. Get pre-approved. Obtain pre-approval for a home loan before beginning your home search. Before writing a contract on a home, you will need to get a letter of pre-approval from your lender specific to the home you are buying to attach to the purchasing contract. This is free. (Time frame: before you begin the home search)
2. Choose a real estate agent. This is a free service for buyers. Your agent will write the contract for you and help you negotiate with the sellers. Your agent will also be able to give you recommendations on what lender, attorney, insurance agent, and home inspector to hire. Also, your agent will help you set up appointments with the attorney, home inspector, and any contractors you may need. (Time frame: approximately 1-2 months before move-in date)
3. Find a home and write a contract. It normally takes 30 to 45 days from the time you find a home to close on it and move in. When you find the home you want, you'll write a contract. If you have a real estate agent, he or she will write the contract for you and help you negotiate with the sellers. (Time frame: approximately 30-45 days before move-in date)
4. Give earnest money. After the purchasing contract has been ratified (meaning both parties have signed and agreed to the terms of the contract), you will write a check for earnest money showing the seller you are serious about purchasing. This money will be placed in an escrow account and will be credited to the buyer at closing. The amount of earnest money is determined by the buyer and the seller. There is no standard amount. (Time frame: within 48 hours of ratifying the purchase contract)
5. Choose a lender. There are many different kinds of loans. Although you can get a 0% down loan, it is good to shop around with 2 or 3 lenders to see what loans are available and to compare rates and closing costs. Make sure to get a "good faith estimate" of closing costs from the lender before committing to the loan. If you cannot get a loan before the specified date on the contract, then you are not obligated to purchase the home, and you will get your earnest money back in full.(Time frame: as soon as the contract to purchase is written)
6. Conduct a home inspection. Choosing a home inspector is optional. You do not have to conduct a home inspection. However, it is a good idea to make sure that the home is structurally sound and that all major systems in the home are running properly. (Time frame: within about 2 weeks of ratifying the purchase contract)
7. Write a repair list. Getting the home repaired is optional. If the buyer is dissatisfied with the home inspection, the buyer's real estate agent will make a list of items for the seller to repair. These items will be negotiated in contract form between the buyer and the seller. (Time frame: within 48 hours of the last day for inspection, which is specified in the purchase contract)
8. Get home insurance. Most homes will require purchasing hazard insurance (fire and dwelling insurance). If the home is in a flood plain, flood insurance will also be required. Some condos and townhomes collect the insurance through Home Owners Association dues or Regime fees. Ask your real estate agent or your insurance company what type of insurance your home requires. (Time frame: at least 2 weeks before closing)
9. Make a final walk-thru. This walk-thru allows buyers to inspect any last minute repairs the seller has made to the property. This walk-thru is the buyer's last chance before closing to examine the condition of the property. (Time frame: a day before the closing, but sometimes the day of closing)
10. Wire funds or get a certified check for the closing. About 24 hours before the closing date, you will receive a call telling you how much money you will need to bring to the closing. You will then need to get a certified check payable to the attorney's office. If you are from out of town, you may need to wire funds to the attorney's office a day or two before closing. In this case, ask the attorney's office for wiring instructions. Bring your checkbook and driver's license to the closing with you, just in case. Total closing costs (lender's fees, attorney's fees, title company's fees, and insurance, other closing costs) will be approximately 3% of the purchase price of the home. (Time frame: approximately 24-48 hrs. before closing)
Search for homes and vacant land in Charleston, SC!
Better Screening = Better Tenants
Do you want to rent your home, but are scared that you will get a renter who is a fraud? While your fears may be valid, there is a solution to this problem � better screening. Screening is the first process that starts once an individual shows interest towards your property and sends you an application. There have been hundreds of cases where malicious tenants have duped landlords. The tenants get this opportunity when the landlords are careless about screening the candidate�s application file properly.
Screening the details of an application will give the landlords enough clues to decide whether to rent the house to the applicant or not. While screening an application, the landlord should pay special attention to the following details that are mentioned in the application:
Social Security Number: This is the most effective tool to find out the authenticity of a person. However, imposters may copy someone else�s number, or they omit that section. This should be the first alarm sign, and the landlord should make sure that no matter what the circumstances, the social security number should be quoted, which the landlord should check with government authorities.
Name: This is another device used by fraudulent people to deceive landlords. Often wrong names are supplied to the landlord by carrying out some unusual name arrangements. Unusual name arrangements, such as the names of well-known personalities like Magic Johnson or Tiger Woods, or odd sounding names coupled with common names, are usually used.
Employment details: There are many people who supply wrong information regarding their employment. For example, misspelled job titles or wrong information about one�s salary structure are given. A handyman, for instance, may not earn over $50,000 a year. Also check out for symbols like cents or decimals inserted while writing the amount. Or, the years of employment does not seem to correlate with the applicant�s age. The other types of deceptive employment details are the omission or copied net/gross income, or the supplementary income exceeding the net income. If during the follow up with the employer of the candidate, the employer answers on a cell phone or through an answering machine without identifying the company, this may be a sign of fraud, requiring investigating the employment status of the candidate more thoroughly.
Bank Account: Another foolproof way of checking a candidate is through the banking details that he/she has given in the application form. However, fraudulent people often omit or quote copied bank account numbers, or provide a reference number that is abbreviated or has strange symbols. If you spot something like this, further investigation is required. The other factors that should make you suspicious are credit references being written in the same sequence as on the credit report. Add to that a newly opened bank account, and payment accounts being exactly the same. And not to forget the references; the credit references quoted are of unknown companies or of closed accounts, or the references denying knowing the candidate, and finally, if there is significantly more credit than debit in the account.
Some other things that should sound alarm bells in your mind are: Wrong spellings, or use of P.O. Box for reference; additional residents not sharing the same surname; the first four credit card digits not corroborating with the issuing bank�s I.D. number; the phone number and area code not correlating with the address given; or if the nearest relative is a professional, like a doctor or lawyer (this is usually done to establish more credibility).
Always remember, no one can cheat you if you are careful enough to conduct a thorough screening, along with asking for credit, criminal and eviction reports. Sound renting decision is based on all these factors, and better screening means better tenants, and better tenants means peace of mind.
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Written by Kevin Kiene, founder of www.ezLandlordForms.com. Looking for a Lease Agreement, Eviction Notice, or a Rental Application for your rental property? ezLandlordForms offers professional landlord forms that you can create online and print right from your home or office. More than just forms, we offer the only web-based document system for landlords.
Costa Rica for Developers & Hotel Chain Owners
Costa Rica is fast becoming a booming environment for foreign investment, and with those foreign dollars comes foreign visitors. Thousands of people are eagerly looking into relocating to Costa Rica, with many thousands more hoping to visit Costa Rica in the near future. A burgeoning ecotourism industry and the low cost of materials and labor makes developing land in Costa Rica and building hotels in Costa Rica two of the surest financial bets of the decade.
The value of real property in Costa Rica has done nothing but continue to grow for the past fifteen years, and it shows no signs of stopping. Getting in now means you can buy and develop land, then turn around and sell it for twice what it cost you in as little as two years. Workers are literate, speak at least some English, and are pleased with wages as low as $2 USD per hour. Where else are you going to find a deal like that but when you’re investing in Costa Rica?
If it’s a hotel you’re looking to develop, investing in Costa Rica couldn’t be smarter. With affordable land, materials, and labor, you can have a grand hotel up and running for a mere fraction of the cost it would take in America -- and you’ll have a whole lot more people to serve, as the number of individuals visiting Costa Rica continues to skyrocket each year.
With one-third of the country devoted to legally-protected rainforests and wildlife reserves, ecotourism in Costa Rica is really taking off. And of course, all those tourists need a place to stay once their treks into the rainforest are over, and the low exchange rate in Costa Rica means they have plenty to spend on luxury suites, golf courses, and dinners out.
Plastic surgery retreats are also quickly becoming all the rage in Costa Rica, and going under the knife at a lower cost is a big reason for the increase in people visiting Costa Rica. These patients want to feel pampered, and they’re scrambling for hotel rooms and suites to spend their recovery time in. Spa treatments and luxury hotel amenities also make the perfect enhancements to a plastic surgery visit to Costa Rica.
Of course, with the rise of interest in investing in Costa Rica, there is an increasing demand both for developing in Costa Rica and for hotels in Costa Rica to stay in while investors are working out deals or simply visiting their properties. With the ever-increasing property values in the country, you can always turn a profit by selling your property later -- and enjoy the benefits of a low cost of development and a high revenue in the form of tourist dollars now.
by David Lovendahl, Costa Vista Marketing
Costa Vista Land (http://www.costavistaland.com) is ‘developing paradise’ in Costa Rica. They purchase large quantities of raw land at discount prices and develop the properties in less than 18 months. Hence, the unique program in which investors can obtain developed land at undeveloped prices and why company president, Brad Hogan says, "We are an investment company first and a land sale company second." Parcel choices range from valleys to mountains, to beautiful coastline property. Costa Vista Land encourages investors to visit Costa Rica to view their property and will pay for accommodations, meals and transportation to do so. This lucrative program comes with 100% money back guarantee.
For more information, contact 1-877-55-COSTA or in San Jose, Costa Rica (506) 234-7509. And grab your Free 50 minute CD Now by visiting http://www.developingparadise.com
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