Real Estate Quotes

Sellers who agree to carry back a second mortgage frequently insist on a payoff term of seven years or less. When you use a balloon mortgage, you typically pay small monthly payments. You then pay the full outstanding balance owed after perhaps five or seven years. [2003] - Gary W. Eldred

Many lending institutions won't write mortgages on condominiums or townhouses where more than 30 or 40 percent of the units in the complex are occupied by renters instead of owners. [2003] - Gary W. Eldred

Buy a rundown property on contract and then create value through improvements. Next, refinance based on the now-higher value of the property. [2003] - Gary W. Eldred

Each time a lender sues for foreclosure, the country clerk where the property is located files that suit in the public records. Local newspapers or specialty newsletters often publish the borrowers' names and addresses. You can also go to the county courthouse. Some counties make it easy to find pending foreclosures; others make you search. Either way, the information is always available to the public. [2003] - Gary W. Eldred

In nearly every instance, you can say one thing for certain about an REO: The lender wants to sell the property as quickly as possible. Buying an REO directly from a lender typically presents no more risk than buying directly from any other property owner. Normally, you can buy an REO much more safely than you could have bought the same property at its foreclosure sale. You might even be able to buy at a lower than market value price. You can find REOs in three different ways: follow up after a foreclosure sale; cold call lender REO personnel; locate Realtors who typically get REO listings. Rather than ask for a complete list of REOs, narrow your focus. Tell lenders what you're specifically looking for in terms of location, size, price range, floor plan, condition, or other features. In that way, a lender can answer your request without disclosing the full number of REOs within its inventory. [2003] - Gary W. Eldred

Although most often you must guard against appraisals that come in too high, sometimes you might encounter a lender's appraisal that comes in too low to justify the amount of your mortgage loan. In some instances lenders have used low appraisals to turn down loans they didn't want to make. At other times lender appraisers give low appraisals in response to tightened government regulations. [2003] - Gary W. Eldred

To protect yourself from paying too much, ask to see the loan officer's rate sheet. On most loans, commissions typically should run no more than 1 percent of the amount you borrow. [2003] - Gary W. Eldred

Because many people believe banks to be a safe harbor in the cutthroat world of commerce, their loan departments charge a premium. They rarely offer the lowest interest rates or fees; however, credit unions often prove the exception, especially for plain-vanilla products. [2003] - Gary W. Eldred

With rental properties, you win when inflation runs rampant; and you win as it declines. Your interest costs (at today's rates) should total less than 7 percent, but the rental income from your property should yield (after expenses) 8 to 11 percent. [2003] - Gary W. Eldred

You want some furniture in each room, otherwise the rooms tend to look small. However, too much furniture and too much clutter makes the room look small. [2003] - Robert Irwin

An interior decorator is hired to come in and determine what new furniture should be obtained and where to place it. Most of the new furniture is rented. In the bedroom, you can dress up an old bed with a new bedspread. A dining or kitchen table can be disguised under a long, new table-cloth. Legs of furniture can be buffed and polished to hide scuffs, scratches, and stains. A new rug of even the poorest quality usually looks far better than an older, worn expensive rug. [2003] - Robert Irwin

If you're planning to sell your home within the next six months, then by all means consider replacing front door handles and locks. [2003] - Robert Irwin

The two biggest sources of odors are toilet leaks and leaks under sinks that are hidden in cabinets. [2003] - Robert Irwin

If there's street noise, keep the windows closed so the buyers will see that inside the house it's quiet. [2003] - Robert Irwin

Look for art from painters such as Monet, Renoir, or Degas. The works of Van Gogh, while colorful, can be disturbing and should probably be avoided. Good quality prints of the masters are available in art supply stores as well as in almost all museums. You can purchase a frame for another $25. Usually one hanging per wall is maximum (assuming they are fairly good sized). In smaller rooms, one or two per room is plenty. Most department stores have interior decorators on call and either for free, or a small fee (they're hoping you'll buy from them) will send them to your home to suggest floor coverings, furniture, and in this case, wall hangings. [2003] - Robert Irwin

In areas that have graffiti, property values tend to be depressed and even to go down. If you have a fence or a wall that seems to attract graffiti on a regular basis, it may be worthwhile to pay a little more for one of the several types of paint that are graffiti resistant. These paints, available at your local paint store, are constituted in such a way that the paint from many spray cans simply won't adhere well, but will run. [2003] - Robert Irwin

The single most important influence on a neighborhood's house values is the quality of its schools. [2003] - Robert Irwin

A "fancy" chandelier speaks volumes about the class of your property. It tells potential buyers that this is a home to be considered. [2003] - Robert Irwin

If your wall-to-wall carpet is more than a year old, cleaning may not be enough. You can carpet a 2,000 square foot home with nylon carpeting that will look great for $3,000 or less. [2003] - Robert Irwin

If it's been three or more years since the wood flooring was last finished, chances are it's due for a new refinishing. The downside is that all of your furniture usually must be removed for a few days. And the odor of the chemicals used can be quite strong and can linger for several weeks. The result, however, is usually spectacular. The cost is usually not as much as for new carpeting. [2003] - Robert Irwin