Build Your Own Real Estate Vocabulary and Success By Mastering Real Estate Definitions
Posted on February 7, 2009
Filed Under Real Estate Definitions, Real Estate Glossary, Real Estate Terminology, Real estate terms | Leave a Comment
By D.C. Fawcett, Business Building Coach to the Foreclosure Industry
When real estate investors evaluate their options for securing deals and making profits in the foreclosure market, there are several things that may come to mind. Whether its preforeclosure, short sales, or bank owned foreclosures, there is a lot of money to be made. The first step on your own journey is to understand the terminology and that’s where real estate definitions are important.
Real estate definitions you need to be familiar with include:
Market Value: the true value of a property, as determined by comparisons to other similar properties that have been recently sold.
Bank Owned Foreclosure- When a property is lost via foreclosure it goes back to the bank and then becomes one of the now thousands of bank owned foreclosures (or REO properties) on the market today.
Preforeclosure- Any time prior to a foreclosure auction, a property is said to be in preforeclosure, a time when you can work directly with property owners.
Short Sale- When a preforeclosure property is negotiated to be paid off for less than what is owed to the bank, this is referred to as a short sale. Massive profits can be earned with short sales because deals don’t just exist, they are created.
Lis Pendens- This is the initial filing by a lender that a loan on a property is in default and that they are pursuing foreclosure as a remedy.
Real Estate Investment Training- This is any dedicated effort by an investor to learn the tools of their trade from those who have walked that path before them.
While this is just a start, these real estate definitions should be studied and committed to memory because they will soon become the foundation for your business as a real estate investor.
In today’s market, terminology is as much as part of real estate investing as any other part of the business. Make sure you have a steady source of leads and a professional team to assist you because the deals are out there to be had. Commit yourself to real estate training (including knowing the real estate definitions I’ve mentioned in this article), and I wish you the very best in success in real estate investing and in business as a whole.
Top 3 Real Estate Selling Mistakes
Posted on March 17, 2010
Filed Under Real Estate Foreclosures | 2 Comments
No matter whether the real estate market is going up or down, there are some things you can do to almost guarantee that your home will sell faster, easier and for a little more money than compared to a similar house in the same street.
However there are some big real estate selling mistakes that many home owners overlook that could affect their ability to sell their properties. Let’s look at some of the biggest real estate selling mistakes home owners make.
1. Poor Condition
Selling real estate that is in poor condition will mean an instant reduction in the potential price you could have set for the sale. Trying to market a home that is in poor condition or a home that has obvious maintenance issues that have been ignored is a sure way to put off many potential buyers.
People will automatically assume that if a house has any minor maintenance issues showing, then there must be bigger maintenance issues beneath the surface. Take some time to complete any repairs or maintenance on the home.
2. Real Estate Staging
Selling real estate is about trying to attract potential new buyers into thinking a property is the right place for them to raise a family and build their own memories. Most people who sell their homes overlook the importance of real estate staging prior to a showing. Giving your house a quick wipe over with a cleaning cloth and putting the dishes away is not enough.
Buying a home is an emotional purchase for most people. Buyers want to walk into a home and feel good. They want to imagine how their own furniture will look in each room and how their own decorations will brighten up each room.
Taking some time to freshen up paint with a light, neutral color and then removing all your personal finishing touches, such as your family photos, kid’s toys and some ornaments will make each room in your home look more spacious and more open. If you have big bulky furniture, either re-arrange it so each room appears bigger or borrow smaller furniture from friends and family.
3. Street Appeal
People selling real estate often overlook the importance of street appeal. Many home owners spend a lot of time fixing smaller maintenance issues within the home, but only take a moment to run a lawn mower over the yards.
Potential buyers want to be able to drive up to the front of a house and immediately feel that the home is appealing and attractive. Overgrown trees and shrubs obscure the house from the street. Prune them back or cut them down. Open up the yard with border plantings to make the land plot seem bigger than it really is from the street.
Selling real estate is all about appealing to buyers in such a way that they feel comfortable paying money for your property even when other properties might not be selling. An inexperienced agent may tell you to reduce your price, but the reality is people who sell real estate can actually increase their price if they’re willing to put in some work to appeal to potential buyer’s emotions.
Roger Vetruba
http://www.articlesbase.com/real-estate-articles/top-3-real-estate-selling-mistakes-736738.html
Posted on March 17, 2010
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Posted on March 17, 2010
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Posted on March 17, 2010
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Flipping Real Estate for Amazing Profits
Posted on March 15, 2010
Filed Under Real Estate Foreclosures | Leave a Comment
Flipping real estate or house flipping is a popular trend in today?s real estate. The buyer looks for property that can be obtained at bargain basement prices and then resells it for a profit. The idea is to buy low, have a minimal investment in renovations and sell for a large profit. Typically the house flipper is investing in the single family home.
Frequently house flippers will look for homes with tax liens, in foreclosure, estate sales or houses abandoned for reasons such as hurricanes or flooding. In the New Orleans area, many homes were vacated and remained vacant after hurricane Katrina. Many families simply chose not to return to New Orleans after the storm and made homes elsewhere. This type of property is a prime target for a house flipper.
Once a property is obtained, the house flipper remodels and upgrades the property. Often only cosmetic remodeling is required to make a house appealing to a potential buyer. The handyman can usually do many of these changes himself. This makes for greater profit.
When considering a house to flip, know your abilities and limitations. Many times these properties are obtained by the house flipper ?as is?. The more you have to spend to make a house sale, the less profit you will make. Also, consider what remodel trends are considered to bring in the bigger dollars. Painting, replacing carpet, refinishing floors or landscaping are relatively cheap remodeling tools that can push the selling price up considerably. Renovations that are more extensive may have to be made such as updating a kitchen, bathroom, or finishing a basement. While these updating trends can be expensive, they usually have a huge appeal to the potential buyer. Many buyers will pass a house if they have to do something like remodeling a kitchen.
Another big concern to the house flipper should be the ?big? repairs. Foundation problems, out-dated wiring, bad plumbing, or a bad roof are not only costly repairs, but will quickly take a huge piece of the profit. Look for fatal flaws carefully. Get a contractor to inspect the property and get quotes for the repairs. Some repairs cannot be covered with paint or hidden by a shrub.
The astute house flipper will also consider the neighborhood. If a property is going to resale, then it has to be re-saleable. No one wants to buy a nice house in a neighborhood with nothing but run-down houses around him or her. The property to be flipped should be comparable in price to the surrounding area. In addition, the property should be kept within the theme of the property. In other words, the house flipper should not make an artisan house look like Buckingham Palace. At the same time, pleasing decorative touches can be quite appealing such as changing the color of the outside or adding a porch. Try to keep it real and in budget.
Gen Wright
http://www.articlesbase.com/accessories-articles/flipping-real-estate-for-amazing-profits-677320.html
Learn Real Estate Investing Deals You Will not be Able to Pass on
Posted on March 15, 2010
Filed Under Real Estate Foreclosures | Leave a Comment
As you learn real estate and the various parameters of investing, obviously the main objective is to make the most out of our money. The reason you invest in anything is to multiply your money in the long run. While there are a number of different ways you can invest in real estate, wholesale real estate investing is something the most savvy investors take advantage of.
Wholesale real estate investing consists of you buying a lot of equity at a significant discount from another real estate investor who has already found a deal and got it under contract. The great thing about this type of investing is that the other investor has already done the hard work for you.
There is nothing quite like being offered the opportunity to purchase significant amounts of equity at a ridiculous discount price. This is something you do not want to let pass by if you get the chance.
If you do it correctly, a wholesale real estate investment can increase your net worth by $20,000 to $100,000 on every deal you do. This is by no means chump change and it is fairly easy for the money you will make off of it.
As you learn real estate, you will find that it is not always the easiest thing in the world to find deals like this. If it were that easy, everyone would be exchanging small amounts of cash for a large amount of equity down the road. However, there are three solid sources you can turn to find wholesale real estate deals.
The first place to look at is a real estate investing club that is near you. Almost all clubs are going to have network opportunities for you to work with other investors that work with these kinds of deals regularly.
The next place to look is in ads in the newspaper, in magazines, or on the television. You would be surprised at how many investors are willing and looking for someone like you to wholesale deals with.
The last place to look is in your e-mail box. There are several free e-courses you can take online which will then notify you of any deals that come up. This gives you the opportunity to work locally and nationally with real estate investments.
If you are considering real estate investment, it is vital you take into consideration wholesale real estate investing. It provides too many benefits to pass up. After all, who wouldnât want to pass up on the opportunity of multiplying money drastically?
peter vex
http://www.articlesbase.com/real-estate-articles/learn-real-estate-investing-deals-you-will-not-be-able-to-pass-on-734987.html
Posted on March 14, 2010
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