Archive for June, 2009

Home Styles in Real Estate Ads – The Meaning

Sunday, June 21st, 2009

Whether you’re buying or selling, reading real estate ads can be confusing. Here’s a primer on the styles mentioned in the ads.

Home Styles

What’s the difference between a Tudor and Colonial style? What about a Colonial and Dutch Colonial? Read on to find out.

“Colonial,” “Georgian,” or “Federal” style

Terms used when talking about a two (could be 3 or two and one half) story house that is very symmetrical. The front door is in the center of the house. There are an equal number of windows on each side. There is an upstairs window over each downstairs window and over the front door. There are usually exterior shutters at the windows. (Note: The houses which inspired this very traditional style were built in the early days of our country and are seen mostly in the East.)

“Tudor” style

A style of home that borrows from merry old England. It typically has exposed heavy dark beams. Some of the beams are perpendicular, some horizontal, and some at a forty five degree angle. The exterior walls are usually stucco between the beams. The lower story is usually of brick or stone. The upper story often has sections that are cantilevered out over the lower story. Box bay windows and diamond shaped panes are frequent features as are large chimneys.

“Dutch Colonial” style

Very much like colonial style except that the roof is a gambrel roof. That is, it’s shaped like most folks think of a barn roof. It slopes down from a center ridge line and then, usually a little more than half way to the edge, the angle of the slope becomes sharper creating a second ridge at the front and back where the angle changes.

“Spanish,” “Mexican,” “Hacienda” style

Seen mostly in the South and West of our country, this style incorporates stucco or adobe type bricks and red half round roof tiles. These homes are often built in a “U” shape with the walls of the house extended to enclose the “U.” This design device can give a pleasant feeling of privacy to outdoor areas. Door and window openings with curved tops and wrought iron grilles, door hinges, and handles are frequent features.

Summary

When looking at homes, you’ll find particular styles appeal to you. Once you identify the styles, you can narrow your search for the perfect home.

Raynor James is with http://www.fsboamerica.org – FSBO homes for sale by owner. Visit our home buying page at http://www.fsboamerica.org/buyer.cfm to see homes for sale by owner.

Salt Lake City Real Estate

Wednesday, June 17th, 2009

From the mountains to the valley, there are many types of Salt Lake City real estate to choose from.

Cabins:

Cabins nestled into the mountains on the east side of the Salt Lake Valley are a great place to escape for those who have a home in the valley (or nearby). Besides providing a getaway spot, cabins can be an investment.

Many come to ski at one of Utah’s many resorts. Some will stay at the resort itself, while others would like to relax a few miles away from the resort in a cabin. Buying a cabin as an investment may be a good idea, if you have the money for a long-term investment. There are some tax repercussions if you rent out the cabin, so be aware of that. You will also have to clean the cabin between visitors, or pay someone to clean it for you.

If you are relocating:

There is a lot to do in or near Salt Lake City. You can hike and ski in the nearby mountains, or attend one of Salt Lake’s excellent theatres. But before you are able to settle down and enjoy Salt Lake City, you’ll want to find a place to live.

Salt Lake City real estate/residential:

Like most other cities, Salt Lake City offers a variety of residential real estate. The city has apartments, small homes, and luxury homes. There are not many lots for sale within the city itself, but there is still a lot of room for growth in Salt Lake’s suburbs.

To the west and southwest of Salt Lake there are several new and developing communities where you can get a great buy on a new home. If you aren’t interested in a new home, there are many nice homes that have been around for a few years, and others (while still nice) have been around for ages.

Of course, you will have your own preference as to the age of your house. There are other things that will help you make a good decision on the area you choose to live in. A real estate agent will be able to help you find a neighborhood with a low crime rate that is located close to a good elementary, middle, or high school.

If you are relocating you will also want to consider that Salt Lake City is in the process of expanding its public transportation, mainly light rail. If you are interested in using public transportation you may want to move close to the light rail.

Salt Lake City real estate/commercial:

Salt Lake offers many types of office space. There are buildings where you can lease one office, or a whole floor for your company. If you are relocating your business to Salt Lake City, or if your business is already in Salt Lake, but you are expanding, there are several real estate agencies that specialize in commercial real estate.

Finding real estate:

You can look for both commercial and residential real estate in Salt Lake City’s two most popular newspapers, The Deseret News, and The Salt Lake Tribune. You can also contact a realtor who specializes in Salt Lake City real estate.

Inside Real Estate in a network entirely devoted to real estate information. Our staff of nationwide writers has provided a library of over 25,000 real estate articles. Inside-Real-Estate covers several topics from the basic “how to’s” of real estate to city specific real estate information.

Negotiating A Short Sale – The High Road to Huge Foreclosure Profits

Saturday, June 6th, 2009

Buying foreclosures can be extremely profitable for real estate investors. However, most of these homeowners are mortgaged to the hilt. They have no equity, and big loan payments. In fact, many actually owe more than the property is worth!

Most investors will walk away from these deals because they see no obvious profit. However, you can “create” your own equity by negotiating a “Short Sale” with the bank or lender.

What is a Short Sale?

The concept behind the short sale is simple: your goal as a real estate investor is to convince the bank to sell for less that is owed as payment in full. Of course, this concept is easy – buy the foreclosure from the bank at a big discount, sell the real estate, and make money!

How to Negotiate the Short Sale with the Mortgage Holder

Once you have your secured a contract with the homeowner and have your paperwork in order, you’ll be ready to deal with the loss mitigation department of the bank. Short Sales success relies on dealing with the loss mitigation department at the bank. Although most lenders look at short sales as a necessary evil within the lending industry, that doesn’t mean that the bank will just roll over and do your bidding.

Understand the Bank’s Perspective

With foreclosures at a 52-year high, the loss mitigation department at the bank is busy, if not highly overworked. Turn this disadvantage into an advantage – sell them the benefits of your short sale.

Short sales contracts help lenders unload unwanted property and spare many expenses associated with the foreclosure process. These expenses include, but are not limited to, court costs, bankruptcies, repairs and marketing. This is in addition to the $300,000 to $800,000 (or more!) normally held in reserve by lenders. Federal regulations require this reserve, which is usually many times over the actual price of the bad debt.

As the investor, keep these benefits at the top of your mind. After all, it’s up to you to convince the lender that cutting their losses short is the best option.

It’s time to hone your negotiating skills. Here are 3 Steps to help you out.

Step 1: Have Your Paperwork Ready

There is paperwork that all lenders will require in order for you to submit your offer for the short sale. Second, many of the larger institutional lenders have their own short sale package (their own forms to be filled out and signed).

Since many of these forms have to be signed by the homeowner(s), it’s best to have them with you when you meet with the homeowner to work out a deal. At a minimum you should have the homeowner fill out and/or sign: