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Typically once the owner of a home dies, and leaves behind a detailed will or worse yet, fails to leave any instructions at all, the home has to be probated. A case will be opened at the local court who specifies a division of assets, and more.

Without getting stuck the complicated legal facts, some houses finish up being sold, typically at a court supervised public sale or auction. This comprises the standard probate sale. Another variation that could occur is the estate’s executor, administrator, or private representative could dispose of the house privately, without or with a broker, so that cash can be split between the heirs.

It’s completely feasible to get a deal on a home in probate if it’s sold at an auction sale or through a process of negotiation. Whenever a home is disposed of at an auction, a bottom bid is determined based wholly on its estimated value and in few circumstances, you may be the only bidder. No matter how many other additional bidders there are, you won’t have to worry about bidding too high because you’ll be able to discover how high other buyers are offering.

Because you can negotiate directly, you can take advantage of the successors’ desire for a quick deal – they might consider whatever money netted as icing on the cake. But you’ll find they’re also problems to buying a home under probate which includes :

1) Legal And Procedural Hassles – Court procedures alter by state and almost always involve bureaucracy and cut off times- and frequently a trip to court to bid on the house.

2) Dangers Of Concealed Renovations – Unfortunately, you’re waiting for a home whose material condition could be failing. In addition you’ll discover several states remove their discovery rules for houses undergoing probate. Tougher even, in a lot of probate sales you’re expected to purchase the house as is, without making the sale dependent on on the result of the property inspections.

Whenever you’re interested in searching for probate properties, locate a Realtor who concentrates on these type of properties. Or, whenever you hear about someone who’s recently passed away, it’s not improper to inspect the probate court documents to disclose who’s managing the estate and try contacting that individual. The executor ( or administrator or personal agent ) is probably a novice – a relative of the decedent – and will appreciate an alternative to disposing the property without paying any commission or having to endure the inconvenience of an auction.

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When you get a new home from a developer, you must follow certain processes. In any case, even if you have an agent to represent you, the developer will need you to use their own standard purchase offer and probably another separate form for the contract. At first sight, these forms may look like they are the same ones your local agent would give you, however, a close inspection will disclose this contract can be really different.

For example, in situations where the flooring you’ve chosen is no longer available, the builder’s contract will allow the builder to substitute products similar to the ones you’ve selected. There can also be a clause allowing the builder a big cushion in situations where your homes completion date will be delayed. When you find these terms, you’ll have to negotiate with the lender to change them – and ignore the builder’s argument their standard forms can’t be changed.

To complicate things further, you may not have the benefit of an independent real estate agent to assist you in negotiating, understanding, and interpreting the contract. To protect your interests, seek the advice of a good attorney before signing or request the inclusion of a contingency allowing you to have your attorney review the contract before the deal is final.

If you sense the terms aren’t reasonable, you have the option to modify or supplement extra conditions – the developer can determine if it chooses to approve your conditions. For example, you could:

1) Establish A Ceiling On Your Money Deposit – If you can place fewer dollars down, you’ll have fewer risks if the builder ends up not following through like they should.

2) Add A Finish Date – Insist on including a date by which the home must be finished, or you’ve got the option to cancel the contract.

3) Stipulate A Holdback Clause: Attempt to include a clause specifying that part of the purchase price will be set aside if the house isn’t completed at the finish date, which you can utilize towards having the house finished.

4) Negotiate For Several Home Inspections And Walk-Throughs – If the builder is to construct the home to your specifications, negotiate to have the right for independent inspections and you to inspect the property several times – not only just prior to closing. This will insure the work is being done properly and on time.

5) Require The Same Quality – If you’re purchasing a home that duplicates the model, add a clause stating you’ll be getting the same or higher quality than the model, not only minimum quality acceptable for the local building codes.

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It’s significant for you as a homebuyer to guarantee the title is clean before you acquire control of it. A title insurance company’s goal is handing over a house with clean title in order to prevent disbursing subsequent claims to you. With that in mind, executing a title search will be your title insurance company’s foremost priority ( or your attorneys contingent on the requirements of your specific state ).

The title research includes researching through the preceding 50 yrs of official documents for any info concerning the home, including all preceding deeds, last will and testaments, divorce decrees, trusts, bankruptcy cases, court judgments, and tax documents. Statistics suggest as much as thirty-five percent of homes could possess a fault with their title.

When a title company issues a preliminary title report (also called a title insurance commitment or encumbrance report), you have the opportunity to rectify problems before going ahead with the sale – or to cancel the deal if something serious shows up. You’ll also learn the conditions under which title will be insured. In instances where unknown or unresolved issues can’t be eliminated, your title company will exclude these from coverage.

The preliminary title report should be given to you, your property agent, and lawyer by your closing agent. Make an effort to thoroughly review it and check with your lawyer or closing agent about items you aren’t clear about. If your report makes mention of recorded documents like easements or building-and-use-restriction, get copies so that you can study them.

A preliminary title report should also include a plat map which details the homes boundaries when the land was first subdivided. Check the map for inconsistencies between what was initially divided to what you see today. However use this map only as a general guideline because only a pro surveyor can tell you the precise boundaries of the house. If your report indicates there is an easement, be certain to ask your title company or attorney to show you where they are on the plat map.

If you have future plans in mind for the house you want to buy such as building a pool, be certain to inspect the initial title report for any limitations or easements which will stop you from building a pool. It is important to share all your future plans for the property with your closing agent, lawyer, or property agent.

Luckily you will not have to deal with absolving any flaws with title. Your closing agent will advise the seller’s Realtor of the defect and require all liens or flaws to be absolved and liquidated from the sellers earnings at closing.

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If you’re considering buying a home through a short sale or in foreclosure, you’ll find the foreclosure process more challenging. A foreclosure happens when a homeowner can’t afford to pay his monthly mortgage payments and the lender decides to take legal action to force the sale of the home. With today’s disaster in the bank and mortgage industry, you’ll find more competition from bargain hungry homebuyers. You’ll discover foreclosure abound in every market, from luxury homes to the simple inexpensive ones.

In a foreclosure process, the bank doesn’t force the sale right away – the borrowers are given a certain grace period to cure their default. As a home moves through the foreclosure process, there are three windows of opportunity for new buyers: 1) Pre-foreclosure, 2) At a public auction or 3) Buying directly from the bank (called real-estate-owned, or REO).

What makes buying a foreclosure so popular is the low price you get no matter which stage of the process you decide to buy. While there are positive aspects to buying a home in foreclosure, you need to be aware of certain drawbacks:

1) You Sacrifice Some Buyer Protection – During most of the foreclosure steps you’ll be sacrificing some of the standard protections available in a normal homebuying process; for instance, you may have to buy a property “as is” and forgo any title insurance.

2) Waiting For The Owner To Cure The Default – Many states have laws designed to insure lenders can’t swindle a home away from late-paying homeowners on short notice. If you’re a buyer, that mans you’ll have to deal with tons of deadlines, unexpected delays, court rules, and uncertainty – especially if your state gives a former homeowner the right to “redeem” or buy the property back within a specified time after it was sold in foreclosure (can range from ten days up to a year). If this should happen, you’ll receive a refund of all your money. The question you need to answer is do you really want to wait in limbo, not knowing if you’ll get the home?

3) Professional Competition – Word gets out when there’s a great real estate deal so expect to see plenty of investors trying to bid on a property.

4) Other Unresolved Issues – You need to be aware these homeowners were most likely going through financial issues. They probably withheld a lot of maintenance on the property, fell behind on property taxes, or used the home as security for other debts.

Now that you’re more informed about the foreclosure process, you need to decide if this is the route you want to take. If you do, be sure to hire a professional Realtor who has experience with these properties. If you want to still use a regular real estate agent, just make sure you define each agent’s role. Also consider using the services of a real estate attorney to guide you through the process.

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If you’ve been looking at homes for sale, you’ve probably come across the term “short sale” for a particular property. This term describes a situation where a seller, usually in financial problems, is trying to sell his or her home for less than the outstanding balance of the loan. Avoiding foreclosure is usually the motivating factor. In some circumstances a seller may have already defaulted on the loan.

If you’ve been looking at enough homes, you’ll notice homes being sold as a short sale feature a lower sales price. But you have to be careful before jumping to make an offer. Even though the sales price may be lower than the outstanding balance, the seller could have originally overpaid for the property or the real estate market may have caused property values to drop. Another point to consider is you may be responsible for extra fees that aren’t included in the sales price.

One big problem you face in a short sale is having to wait patiently for the lender to accept your offer, especially since they’re taking a loss on the property. The lender must weigh the benefits of accepting your offer versus continuing to let the property go to foreclosure.

Unfortunately, waiting to hear from a bank can take several months, regardless if the seller accepts your offer immediately. Expect the entire process to take a while with no guarantee the bank will accept the deal, especially if the seller has been frantically advertising the home for significantly less than what’s owed on the loan.

After considering all the possible disadvantages you still want to continue pursuing the options of purchasing this type of property, make sure you hire a Realtor with short sale experience. If your agent is professional, he or she will take the time to research what’s owed on the property so you’ll know how much you want to offer. If your offer is too low, most likely the bank will reject your offer.

Your agent also needs to investigate if there are multiple loans against the property. If additional ones exist, your agent will need the cooperation of all lenders to approve the deal. The more lenders involved, the less likely your deal will be approved since most lenders won’t forfeit their interest in the property without some compensation to make up for their losses. To find out if multiple lenders exist, just have your agent pull the deed to the property.

One important step you don’t want to skip is having your agent speak with the seller’s agent about what short sale preparations have already been completed. A mortgage lender will only accept a short sale situation if they can verify a seller is undergoing severe financial hardship. Even though you ultimately need a lender’s final approval, you want to be sure the seller has taken proactive steps to prepare the bank for a short sale situation. Make sure the seller has confirmed the lender will accept a short sale. Unless you prefer not to view other properties, you don’t want to waste precious time waiting on an approval from a lender when the odds are slim they’ll accept it.

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Today’s homebuying market has radically evolved from a time when viewing a seller’s unorganized home didn’t matter-to professionally decorating and arranging a home for the best visual appeal. Showing a home with a dirty kitchen, old furniture, and junk all over the house has now become a thing of the past.

Fixing up a home to draw a homebuyer wasn’t practiced much in the old days. Today’s cutthroat real estate market has forced the industry to think of creative ways to get a homebuyer to offer more on a property. If you’re trying to purchase a home, make sure you aren’t distracted with the dazzling presentation of the home. Let’s discuss the 7 tips to help you choose the best home:

1) Can All Your Furniture Fit? – When a house is staged, most of the seller’s furniture is replaced with a select few pieces designed to make the room look more spacious. Don’t be fooled by the visual size of a room. If you’re checking out a master bedroom, imagine how your king sized bed, nightstand, and dressers will fit, not their twin sized bed with a small side table.

2) Where Are The Everyday Products? – A properly designed laundry or utility room will have adequate storage space for detergent, softener, laundry baskets, and a place to iron clothes. Instead, a staged home may only display a wicker basket full of towels. Check to be sure their laundry room can fit all your products and accessories.

3) What Catches Your Eye? – As you enter a room, observe how you’re drawn to the focal point of a room. Could there be a reason your eyes are diverted away from a defect in the house such as a dreary hallway?

4) How Big Are The Closets And Cabinets? – With a perfectly clean and clutter free home, you might not notice a missing hall closet, linen closet, storage space, attic, or basement. Be sure to gauge whether there’s enough storage room for your things.

5) Does The Decor Match The Home Style? – If you’re desiring a particular style of home, be sure the decor matches the exterior styling. Homes can be staged to imitate a certain style, yet the true style of the home will be something different. Stagers can even dress up a plain 1960’s tract home to appear like an Arts and Crafts bungalow.

6) How Convenient Are The Electrical Outlets? – Older homes tend to feature inconvenient and insufficient outlets. When you view a home, be sure to check that all lamps and non-stationary lighting works. Also observe if all kitchen and important large appliances have a nearby outlet.

7) Do You Get That Home Sweet Home Feel? – As you inspect a home, don’t let the aroma of potpourri smells and the relaxing sound of music playing in the background distract you from honestly evaluating a home.

While staging isn’t a bad service, it’s important to not let the decor and ambiance distract you from paying more than what a home is really worth.

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Unlike a house, when you buy a condo, you only buy the space inside your house. The borders of your space are set by the walls, ceiling, and floors instead of brick walls and sidewalks. The remaining common area space such as stairwells, swimming pools, sidewalks, or gardens are owned and managed by the community. Some benefits of condo life include:

1) Lower Cost – The sales price of a condo tends to be lower than purchasing a house. In large metropolitan or desirable resort areas, you may find the price trend to be opposite. Since community funds cover the costs to maintain the landscaping, roofing, and insurance, your monthly upkeep costs are typically less.

2) Get To Know Your Neighbors Better – A community of condo’s with common recreation areas and planned activities gives you greater opportunity to get acquainted with your neighbors.

3) Low Maintenance – If you’d rather spend your time enjoying other activities, a condo would be a good option since the community covers the expenses to upkeep the common areas. You also get the benefits of enjoying a pool or gym without the upkeep.

Now, let’s check out the negative features of condo life:

4) Rules Galore – As a condo owner, you’ll be bound to follow a master deed or Declaration of Covenants, Conditions, and Restrictions (CC&R’s). This document governs the community association and all condo owners. Basically your rights to common space and how you can use your condo are limited by this document.

5) Lower Resale – As you compare properties, you’ll find condos don’t appreciate as fast as a house, so the resale value will be lower.

6) You’ll Have To Settle For Less Privacy – The fact you have to share common areas, walls and ceilings should clue you in to the fact you’ll have less privacy as a condo owner. Another disadvantage is the loss of backyard space. A condo typically has very limited yard space for children or pets.

7) Required Fees – Once you purchase your condo, you’ll become liable to cover your share of the association dues on a pre-determined schedule. You’re still liable for the fee regardless if you use any of the community facilities such as the swimming pool or recreation center.

Depending on the community association, you may be required to pay special assessments to cover major repairs it’s budget can’t cover. If the occupancy level is low in your building, these special assessments can be expensive.

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Shopping for a house can be a complicated process and necessitates the use of a seasoned agent to aid you in understanding what you need to accomplish. He or she must present your buyer interests in matters such as ironing out the deal with the seller, lining up the most suited home loan, completing all forms, and clearing the home inspection so it doesn’t disclose any outstanding problems.

An adept real estate agent functions as your team captain, he or she watches out for your best concerns whilst organizing other participants and projects. Your real estate agent should:

1) Advise On A Neighbourhood – Your agent should be intimate with the area to propose feasible neighborhoods that fit your desires. Optimally he or she should domicile in or close to the city you are considering and be competent enough to give you an expert viewpoint of the residential area you’re interested in.

2) Helps You Gauge Market Value – A good Realtor will put together a competitive market analysis (CMA) to estimate the value of the house you’re interested in. The CMA consists of data from comparable properties that sold in the last six months.

3) Lines Up A Property To Fit Your Lifestyle – A good Realtor will discover homes that accommodate your standards and presents them to you as quickly as they hit the market. Any respectable real estate agent recognizes this chore can occupy to a twelvemonth and won’t force you into purchasing a home that doesn’t accommodate your lifestyle.

4) Walks Through Properties With You – Your agent should take you around personally to look at homes. Their experienced eyes can possibly help you determine if a house suits your needs and if there are potential problems such as a leaky roof or old plumbing.

5) Drafts The Offer And Irons Outs The Deal – Your Realtor will assist you in drafting an offer that contains your offer price and conditions. In addition, he or she will talk over all lawfully mandated disclosures concerning your potential home.

6) Prepares You For The Entire Procedure – When you’ve picked out which Realtor to use, he or she needs to be able-bodied enough to discuss the sequence of events required to find your property, including composing the offer, applying for funding, opening up escrow with a respectable office, finding out if title is clear, acquiring an insurance policy, getting rid of contingencies, and finalizing the transaction.

7) Organizes The Entire Procedure – Once your offer is accepted, your real estate agent will assist you through the steps expected to nail down the transaction. He or she will book property inspections, line up funding and obtain the necessary insurance policies. Nearly of these jobs will be addressed by your real estate agent or assigned to the suitable professional person. A professional real estate agent will be in attendance for significant events such as the appraisal, inspections, the last walk-through, and the conclusion of escrow. He or she will also represent your homebuying concerns in areas like talking terms with the seller, determining the most acceptable loan deal, filling out required paperwork, and establishing the home inspection discloses no significant flaws.

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Buying an older home can be a rewarding experience. Not only do you get to enjoy the historical charm, you also save money as older homes typically cost less than newer ones. Before you decide to buy one, here are ten facts you need to know before making your final decision. First let’s examine the benefits:

1) Lower Price – As you search through listings of homes for sale, you’ll find older homes selling for less than newer ones. This feature makes it an attractive option for homebuyers on a tight budget. However, the opposite can be true in certain metropolitan areas where land costs are high.

2) Construction – You’ll find the workmanship and construction materials used in older homes to be higher in quality. Most older homes feature thicker beams, solid fixtures, heavy wood doors, and thicker walls.

3) Established Community – It’s easier to experience the ambiance of the neighborhood by walking down the streets of an established neighborhood. With new homes, you only have architectural drawings and empty dirt lots to look at.

4) Mature Landscaping – Unlike a newer community, older neighborhoods feature mature landscaping with mature trees and flowers.

5) Character – Older historical homes feature more detailed architectural styling with detailed crown molding, custom built-in cabinetry, and rich hardwood floors. You won’t get these details in a newer home unless you’re willing to spend extra money to add these features.

Now that we’ve gone over the advantages, let’s go over the disadvantages of owning an older home:

6) Improvement Costs – The appliances and fixtures in an older home have endured years of use and will require money to replace and upgrade. The water heater, light fixtures, and faucet handles will need to be replaced.

7) Energy Efficiency – Older Homes are constructed of less energy efficient materials so you’ll spend more on energy costs to keep your home warm in the winter and cool during the summer.
Decor – Unless you happen to have the same unique taste as the previous owner, you’ll probably need to invest a good amount of sweat and energy into switching the decor to your particular taste.

9) Less Ergonomic Floor plan – Floor plans in an older home were designed with a different lifestyle in mind. Smaller rooms and a less ergonomic layout may make it difficult for you to install a wide screen TV or design a functional home office.

10) Expect A Lower Resale Value When It’s Time To Sell – For the same reason why you were able to afford your home in the first place, older homes tend to have a lower resale value compared to a similar sized newer home.

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categories: buying, building, condominiums, FSBO, foreclosures, homes, investing, moving, relocating, selling, Real Estate, Finance, Credit

New home planned communities or developments are sprouting up all over the U.S. Statistics show that up to 1.6 million new homes are being constructed each year. If you’re a homebuyer searching for a new home, there’s nothing like the anticipation of moving into a brand new home tailored just for you. In spite of the positive features offered by a new home, there are negative features you should be aware of. First let’s go over the positive features:

1) You’ll Be The First Owner – There’s nothing like the feeling of moving into a brand new home designed just for you. You can expect everything to be immaculately clean.

2) It’s Customized For You – While a semi-custom home gives you greater customization, you can still customize a tract home’s paint colors, flooring, and fixtures. You can also choose from several floor plans to suit your needs.

3) Designed For Today’s Lifestyle – Homebuilders have designed today’s new homes to fit today’s lifestyle. Convenient 3 car garages, smooth flowing floor plans and cable or high speed date lines make newer homes very appealing to today’s homebuyer. New homes also feature energy saving appliances designed to save you money in the years ahead.

4) Green Friendly – New homes are built with energy efficient construction materials designed to save you money on your electric and gas bills. These materials also reduce our consumption of earth’s natural resources.

5) Community Planning – New homes tend to be built in master planned communities which feature convenient facilities such as swimming pools and community centers. These developments usually have homeowner rules and regulations you need to abide by.

Now let’s go over the disadvantages to buying a new home:

6) Higher Price – As you research market pricing, you’ll find new homes selling for more. Don’t let this fact deter you from buying one because when it comes time to sell, you’ll reap the profits from a higher resale value. Some new home builders also feature great financing options to help move their inventory of new homes.

7) Less Protection – Instead of having a Realtor represent your interests and advise you during the homebuying process, you’ll have to deal with the developer’s salesperson.
Break In Period – As the first owner, you get to be the first one to test out the features of your home. It’s not uncommon to discover flaws or defects in materials or workmanship when you first live in the property.

9) Postponed Finish Date – While a builder has the best intentions of completing a new home by the deadline, it’s not uncommon for the completion date to be pushed farther out. Unfortunately builders seldom pay you for the delay.

10) Regulations – Planned new home developments require all homeowners to follow their written guidelines and regulations on what you can and can’t do to your property. Unfortunately, unless you’re will to consider the option of relocating, you’re stuck having to live by these rules.

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