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Thread: Real Estate Tips

  1. #16
    Member nickelcityhomes's Avatar
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    Keep in mind, when an assessment value goes up, so does real estate investment.
    Was this an attempt at humor?
    Most of all I like bulldozers and dirt

  2. #17
    Member Sylvan's Avatar
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    Quote Originally Posted by nickelcityhomes View Post
    Was this an attempt at humor?
    I think shes new to America and NYS.

  3. #18
    Member zanna vaida's Avatar
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    Thumbs up Negotiations

    In business, inclusing real estate, you do not get what you deserve, you get what you negotiate.

    Areas of negotiations:
    • Deposit
    • Price
    • Financing
    • Concessions
    • Dates
    • Closing and possessions
    • Personal property inclusions/exclusion
    • Repairs

  4. #19
    Member Sylvan's Avatar
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    "Financing" is the major problem in this country.
    People are conditioned to live beyond their means.

  5. #20
    Member zanna vaida's Avatar
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    Thumbs up Be Aware: Offers

    Prospective buyers and sellers should be aware of the following regarding offers to purchase real property:


    > Purchase offers and acceptances involvecontract rights of the seller and buyer.

    > Verbal communications do not create an enforceable obligation on the part of the seller to sell or on the part of the buyer to buy.

    > Until all materials terms of an offer to purchase have been set forth in writing and signed by the proposed buyer, the offer to purchase is not binding on the buyer. Unless and until it is countersigned by the seller, the offer to purchase is not binding on either party.

    > A seller is not required to accept any offer, regardless of its items, including a "full price" offer.

  6. #21
    Member zanna vaida's Avatar
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    Thumbs up Offers: Continue

    • An offer to purhase, when signed by all parties, becomes a binding contractaccording to its terms, subject to any and all contingencies contained therein.
    • If contrat documents are not fully understood, consult an attorney before signing.
    • In the event another buyer wants to submot an offer to purchase, even though a written offer has been accepted, the listing agent is obligated to inform the seller of such offer.

  7. #22
    Member zanna vaida's Avatar
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    Thumbs up Homeownership

    Homes are not:
    • ATM's
    • A funding source for current spending
    • A substitute for savings
    • A source of overnight wealth

    Homes are a long term investment. Currently we have the highest affordability in 25 years.
    Last edited by zanna vaida; January 22nd, 2010 at 08:02 PM.

  8. #23
    Member zanna vaida's Avatar
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    Thumbs up FHA Toughens Down Payment Rules

    Borrowers with credit-rating scores below 580 will be required to put down at least 10 percent. Those with a credit score above 580 will be able to continue to put down only 3.5 percent. The changes are intended to shore up the agency's finances.

    The FHA also will increase its upfront mortgage insurance premium from 1.75 percent to 2.25 percent. The agency is expected to seek congressional approval to raise annual mortgage insurance premiums, paid by borrowers over the life of the loan, above the current 0.55 percent maximum.

    For more information on the FHA changes, inlcuding a summary of all changes, visit REALTOR.org.

    Source: Reuters News

  9. #24
    Member zanna vaida's Avatar
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    Thumbs up Tax Credits

    Still confused about home buying Tax Credits? Don't miss the historical opportunity to invest. Learn and help to spread the news. Click the following link:

    http://www.realtor.org/wps/wcm/conne...99ff205f470b6e

  10. #25
    Member zanna vaida's Avatar
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    Thumbs up Best offer?

    Sellers who get more than one offer should be aware that the highest offer isn’t necessarily the best offer.

    Going with the buyer who has enough cash to pay a large down payment and who won’t be scared away if the inspection uncovers some needed repairs is often the wise choice. A buyer who can close quickly can save a seller thousands.

  11. #26
    Member Sylvan's Avatar
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    What about land?

    Will a bank lend money to someone for purchasing just land?

    Or is someone better off just paying cash for land?

  12. #27
    Member zanna vaida's Avatar
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    Thumbs up Speed and cash

    Cash talks in any transaction. It speeds up the process.

  13. #28
    Member nickelcityhomes's Avatar
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    What about land?
    50-80% loan to value is the norm on recreational land. It may be less conservative if you are purchasing a building lot and intend to improve the parcel.
    Most of all I like bulldozers and dirt

  14. #29
    Member cookie's Avatar
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    Quote Originally Posted by zanna vaida View Post
    Sellers who get more than one offer should be aware that the highest offer isn’t necessarily the best offer.

    Going with the buyer who has enough cash to pay a large down payment and who won’t be scared away if the inspection uncovers some needed repairs is often the wise choice. A buyer who can close quickly can save a seller thousands.
    I think that depends on the nature and cost of the repairs and if/how it affects the appraisal?
    Just because someone has lots of cash doesn't mean they will be willing to spend $$ on repairs, unless they are in fact ending up with a good deal.

  15. #30
    Member Sylvan's Avatar
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    Quote Originally Posted by nickelcityhomes View Post
    50-80% loan to value is the norm on recreational land. It may be less conservative if you are purchasing a building lot and intend to improve the parcel.
    What determines recreational land?

    Curious because I want a very rural wooded lot, 50-100 acres, that could be considered a hunting camp. Electrical grid isnt absolutely necessary. But eventually I will be building a 100x300' barn approximately 40' at the peak.

    Any tips on loopholes to cut initial expenses?

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