5 Important Questions to Ask When Interviewing a Mortgage Broker

You have decided to use the service of a mortgage broker, but you do not know how to find the right professional for you. You should look for a service provider with a licence, considerable experience, excellent achievement record and solid reputation. In order to ensure that the professional is as good in real life as on paper, you should conduct an interview. The broker should be more than happy to answer your questions. You just need to ensure that you will ask the right ones.

1. Which type of home loan is the best?

A good mortgage broker will never give you a straightforward answer to this question. They will explain the current trends and ask you more about your current financial situation and future plans in order to suggest a particular type of product. If the professional is really committed to working with you, they may give you an overview of the different types of loans and their pros and cons.

2. How should I prepare for borrowing?

The good broker is a financial advisor as well. The professional should ask you about your savings, income and future plans to suggest a strategy. The more questions the specialist asks you the better. They should give you some general advice as well.

3. What are my chances of getting approved?

Again, the mortgage broker should obtain some information about your income, spending, current debt and credit history to come up with an answer. If you have any specific issues such as bad credit, you should ask directly how the specialist will be able to help you out. It is best if the professional has solid contacts in the industry and works with specialised lenders as well. You would want them to negotiate on your behalf if you cannot qualify directly for a conventional loan.

4. How will lender and third party fees work out?

The specialist should be able to explain what fees you will owe. They should explain how they will secure competitive fees for you as well. It is best if the broker can guarantee that the fees which you initially agree on will remain the same at closing.

5. Could you explain the process and how we will go through it?

The broker should not use too much jargon which may be confusing for you. They should explain things simply and ensure that you understand everything. They should be able to answer any questions for clarification. A good professional will explain how you will communicate as well. The more updates you will get the better.

Evaluate the mortgage broker carefully based on their answers.

How Does Rent to Buy Property Work for Me?

Rent to Buy is simply a way to buy or sell something, except that the transaction does not take place immediately. The buyer and seller basically agree to the possibility of a sale sometime in the future, usually in a few years' time, and draw up a contract agreement. In the meantime, the Rent to Buyer lives in the property, and pays rent to the Rent to Seller, which also contributes to reducing their house deposit when they go to purchase the home in the future.

This agreement drawn up for a Rent to Buy property through Homes with Options has positives for both the Buyer and Seller, and the flexibility of each individual contract means it can cater to both sets of needs.

Buyers

For Rent to Buyers, one of the main benefits is the ability to live in your ideal property sooner than you thought. This allows you to begin any desired work or home improvements to the house, and begin creating your ultimate home before you've technically purchased it. It means you don't have to wait and rent somewhere else while you're saving up for a deposit, and if you have found your dream house you can secure it already, even before you can fully afford to.

Rent to Buy also means that you aren't throwing away your rent money into a property that you have no investment or future potential in. When you are contributing rent in this scheme, you are contributing towards your future home and your deposit, making it far more of an investment.

It works for you when you aren't fully able to afford a mortgage or house deposit immediately, but also when your credit score is bad or in need of improvement. Rent to Buy offers you a few years to improve your credit score, allowing you to wait until you are completely financially ready before purchasing the home.

Another benefit is that you have the ability to lock in a purchase price at the time of the contract being drawn up, in case home prices rise over the next few years. This means that both Buyer and Seller know what the ultimate price of the property will be, and that price doesn't change at any time throughout the contract.

You can opt out of the contract and finally purchasing the Rent to Buy property at any time, although bear in mind that you would have to compromise whatever money you have already contributed to the home. However, ultimately, the benefits and positives of Rent to Buy from the Buyer's perspective greatly outweigh any potential negatives.

Sellers

One of the most important benefits for the Seller is that you have a greater opportunity to sell your property. If you are finding difficulty in gaining interest for your house or losing any potential sales, then Rent to Sell could be for you. If your property has been empty for a while and you are having trouble paying for the mortgage, then we can set you up with a Buyer who can live in your home and cover your mortgage payments for this property.

Another benefit is that you would have peace of mind that the Buyer tenants were taking care of the home, and it would be a different situation to having regular renters. You wouldn't have to act as a landlord to deal with them or the property, as all of the home improvements would be down to the Rent to Buyer, as part of the agreed terms to eventually purchasing the house.

If you were to Rent to Sell your home, you could also be certain of a fixed price for the property, and wouldn't have to settle for less than you believe the house is worth. At the beginning of the contract, a price would be decided and that wouldn't change. Even if the house price drops over the next few years, you would still have the top fixed price that had been decided at the start.

Another benefit for Renting to Sell is that you can opt out at any point throughout the contract. However, bear in mind that you would potentially lose your right to keep any of the money the Renter has put towards the property deposit.

Preventing Damp and Mould in 5 Steps

When you want to prevent dampness and mould growth from occurring in your property, a good place to start is to understand condensation. This is when moisture becomes trapped in the air, then hits a cold surface such a window and becomes water again. Believe it or not, we can create over a litre of water per day just by our breathing as a result of condensation.

Some other causes of condensation is the excess moisture caused by leaking pipes, rain seeping through the roof or getting in through window sills. Common household occurrences like the moisture created from cooking, taking hot showers, doing the laundry can all build up and create a breeding ground for mould.

When there is mould in your property, you have potential health risks that can be quite serious. It can cause problems for those with respiratory problems creating infections and it is especially hazardous for the elderly, babies, and pregnant women.

Let's take a look at the five steps to free your property of dampness and mould, and learn what to do to prevent it from being a problem in the future.

1. Get rid of existing mould in the property

In order to kill and get rid of mould, you need to thoroughly clean all the walls, ceilings, hard floors and window frames with a fungicidal wash. Then you can paint the walls with a fungicidal paint. A nice natural cleaner is undiluted white vinegar that will also kill the bacteria that forms the mould. Remember, to carefully dry the washed areas. Try to dry clean carpets rather than a wet shampoo method.

2. Eliminate excess moisture

The most common household areas that cause excess air moisture are the bathrooms and kitchen. Inform your tenants to turn on the bathroom fan when taking a shower, close the door and open the window for a bit after they've finished. In the kitchen, cover pots that have boiling liquids. Again, have them turn on the fans and open the window or door a bit. When weather permits, dry clothes outdoors if they can, or put them in the bathroom with the door closed and window open. If there is a dryer available, be sure it is vented to the outside.

3. Have proper insulation

Another very effective way of preventing condensation is having your walls properly insulated. This is a problem of many of the older properties. The areas you want to consider are cavity insulation, draught proofing windows, external doors, and insulating the loft or cellar. Also, do some research to discover government grants that may cover your costs for things like secondary glazing and insulation work.

4. Increase ventilation

Ventilation is the best way to remove excess moisture from your property, so work with your tenants to ventilate at all times. Open the windows in the kitchen and bathroom and close the doors to limit moisture from spreading to other parts of the house. Ventilate cupboards and wardrobes, and ensure your chimneys are not blocked. During the cold months, it can be tough to let in the cold air for a bit, but know that you are also removing the moist air.

5. Heat your property

During the cold weather, another way to ward off condensation is to keep the property comfortably warm, especially when no one is home. Remember, condensation is caused by cold surfaces so even just a bit of heat that runs regularly is effective along with the other warming methods of insulation and draught proofing.

Avoiding damp and mould in your property is really about having a balanced combination of proper heating, insulation and ventilation. Once you have this managed, condensation should not be a problem to you.

What Is Kerb Appeal and How Can I Achieve It?

Kerb appeal is quite simply a measure of how appealing your property is from the outside. People say you shouldn't judge a book by its cover, but that's exactly what potential home buyers do each time they look into an estate agent's window, pick up a property sales brochure or go to view a house for sale. Kerb appeal can be crucial when trying to sell your home; get it right and you will probably attract more viewings, but if you get it wrong then many potential buyers will simply drive by and decide not to view inside.

On average potential house buyers need no more than eight seconds to decide whether or not they like a property. In some cases it can take even less time than that; the over-grown jungle of a front garden, peeling paintwork and an assortment of litter piled against a shabby front door with a cracked window are all examples of defects that will send buyers running for the hills before even stepping inside your property.

Improving the kerb appeal of a house is unlikely to add much to its value, but it can help to get buyers through the door to help you sell it at the right price.
Before viewing inside buyers will want to feel that the house has been well maintained. Any indication that they will need to spend time or money on immediate home improvements will put them in a negative frame of mind before they've stepped over the threshold. This could set them thinking about reducing any offer or, at worst, put them off all together.

Here are a few tricks of the trade that will help to improve your property's kerb appeal:

1. Clean and paint your front door. It may sound rather obvious, but this is something buyers are going to study closely while they are waiting to be let in to view. Additionally ensure your door furniture is clean and functional and the door knocker or bell works properly. The house number or name should be clearly visible and securely fastened.

2. The approach to your front door - whether it is a path, driveway or lawn - should be kept free from litter, rubbish, clutter, children's toys and vast collections of ornaments or gnomes. If possible conceal your rubbish bin, place it behind a fence or at the rear of your property; or put it in the garage during viewings if you have one. If you must have bins on show, make sure they are clean and the lids are on.

3. You should re-lay any uneven paving slabs or flagstones and regularly mow the lawn and remove weeds from paths, driveways and borders. Consider using a pressure washer to remove any grime from pavers and replace any patches of missing gravel.

4. Clean your windows and make sure the frames are in good condition - remember peeling or dirty paintwork indicates a lack of maintenance. Rotten window frames are to be avoided at all costs so repair and/or replace where necessary. If you are installing new ones ensure that they comply with any restrictions (such as planning permission or covenants) and that they are in keeping with the design of the rest of the house. Finally, it's a good idea to check that all blinds and curtain positions match when seen from outside.

5. Ensure your guttering is in good working order. Clear any blockages and check for leaks. Similarly you should address any issues with the roof, soffits or fascia boards.

6. A little greenery, no matter how small the space, will inject personality and colour into the property to create a welcoming feel. If you don't have a garden then try a hanging basket or window box filled with draping ivy, or place planters or topiary balls either side of the front door.

7. Freshen up a tired facade by re-pointing anywhere the brickwork needs it. If your house is rendered or the brickwork painted then it's always worth considering a re-paint. Paint colours should be in keeping with the period of the house and neighbourhood. If you live in a listed or conservation area check with your council if there are any restrictions on the colours you can use. Finally, if there is no restriction, then go for a neutral colour rather than choosing a crazy colour that most buyers would want to change.

8. An exterior light at the front is practical and can create a welcoming atmosphere - especially during the dark winter months. Additional garden lighting will enable you to show off your outside space during evening viewings.

9. If the unkempt garden next door is putting off buyers, rather than suffer in silence, why not simply offer to clear away any rubbish yourself. Next time you're mowing your lawn offer to mow theirs as well. Half an hour spent on a few gardening chores at the neighbour's house could make all the difference when the next buyer arrives to view your home.

Creating great kerb appeal doesn't necessarily have to cost a fortune, it's just a simple case of sending out positive signals that put the buyer in the right frame of mind before they've even entered your home. A house where the front garden is well-tended, the windows sparkling, the frames in good condition and the front door clean and tidy with polished door furniture will always make your property appear more inviting to a buyer.

How Important Is a Good Property Sales Brochure?

When selling a house, the printed property sales brochure should be fundamental to your property marketing strategy. Alas, all too often many vendors do not think of the brochure as a 'pro-active sales tool' and they simply regard it as nothing more than a point of reference for prospective buyers, giving them room dimensions and an idea of what the property looks like along with the estate agent's details on should they wish to make an offer. Many vendors do not realise how, with just a little effort, their humble printed property details can become a highly effective promotional aid that actively entices buyers.

Many people selling houses in the UK go down the traditional route of simply listing their property with a local estate agent. They then leave all of the marketing and promotion in the hands of the professionals - after all that's the agent's job isn't it? However the quality of sales particulars produced by estate agents varies widely, so it is in the vendor's interests to ensure that the printed details given to prospective buyers are as effective as possible.

In most cases the estate agent's fee will probably include some local advertising, listings on property websites or a photograph and summary details of your property in their shop window. Most estate agents will also produce a printed description of your property to give out to prospective purchasers. This will very often be in a pre-formatted standard template design.

A typical house buyer may cast their eye over hundreds of properties when searching for their next home, it is therefore important that your house stands out from the crowd. To have any chance of being noticed among the dozens of other similar properties for sale in your area or buyer's price range, it is imperative that your property looks as appealing as possible when prospective buyers first see it on-line or in the estate agents window.

Capture the imagination:

Estate agents in the UK are of course legally bound by certain rules regarding the descriptive content within a property sales brochure, but it is the photographic content that usually lets the side down. You only have one chance to make a first impression, so ensure the photographs of your property are the best they can be. If your leading photograph is an exterior shot of the whole house then simple things like ensuring the frontage is tidy will make a world of difference to the overall impression, also try to take the photograph on a sunny day. If your house has a driveway or garage then leave the car off the parking space while the photograph is being taken, this will draw the buyer's attention to the fact there is parking available rather than to what kind of car you drive. Additionally buyers will not be attracted by interior shots of kitchens with washing-up on show or scruffy laundry-strewn bathrooms - remember you're selling a lifestyle - and they will not be enticed by photographs of houses taken at night with only pitch darkness visible through the windows.

To avoid such mistakes ensure your house is clean, tidy and well lit before the photographer arrives. If your estate agent visits at night time to list your property, ask him to come back during the day to take the photographs. You wouldn't expect your estate agent to bring along 'David Bailey' to take photographs of your home, but if you feel your agent isn't a good photographer and hasn't captured the best possible image of your house, then find someone who is proficient and supply the photographs yourself.

One of the most common photographic errors is not keeping the printed details up-to-date; for example still using a photograph taken in winter with snow on the ground to sell a house in the middle of the summer. Perhaps the worst offence is an out-of-date photograph that shows flags in neighbouring windows taken during major sporting events - especially if the football word cup finished over a year ago! These kind of errors effectively 'date' your house and you could be giving buyers the impression that there must be something wrong with it to have been on the market for such a long time.

Retain the interest:

Once your beautifully presented property sales brochure has caught the buyer's eye, it should then entice them to come and view your property. Apart from containing an accurate description (fixtures and fittings, room sizes, floorplan, tenure etc), your sales brochure gives you an ideal opportunity to tell prospective buyers all about your property's unique benefits over other houses they may have viewed. You do not need to write a lengthy essay, but a few carefully chosen points in an opening paragraph that outlines your property's attributes can quickly give the buyer a 'feel' for how your house could become their next dream home.

A small section on local amenities, highlighting local schools, shops and entertainment facilities can also go a long way to enticing a buyer to view your house.

In summary then, a well-designed sales brochure should firstly promote your property and attract the right buyers to view your house by capturing their imagination. Secondly it should be a tangible piece of informative literature that retains the buyers' interest by answering many of their questions; highlighting the unique benefits of the property to make it stand out against the competition. Finally it should be kept up-to-date and underpin your whole marketing and sales campaign and complement any other marketing activities (such as advertisements or websites promoting your house for sale) by carrying the same sales message and clear, quality images.

Points to Consider When Buying a Repossessed Property

Repossessed properties usually offer good value for money; they normally require a certain amount of refurbishment (which can reduce the asking price) and most lenders in repossession will want to achieve a quick sale. However, there are a few issues buyers need to be aware of when delving into the repossession market.

The main issue when buying a repossessed home is lack of information about the property. Remember, you will not be dealing with the owner/occupier; instead the sale will have been forced by an organisation where the homeowner has used the property as collateral and defaulted on a loan or mortgage secured on it. The seller (or lender in possession) will usually be a bank or building society. They will want to dispose of the property as quickly and as cheaply as possible, but they will also have a duty to the repossessed homeowner to achieve the best sale price and mitigate their losses.

These circumstances can create a few difficulties for the buyer:

• As the seller will not have occupied the property they will have no personal knowledge of it, in some cases they may not even have the original deeds. Consequentially the seller's solicitor will be unable to answer many enquiries that are normally raised during a house purchase. You will therefore need to make your own enquiries to satisfy yourself (and your mortgage provider) that there are no legal problems with the property.


• It is highly likely that a strict and short deadline for completion will be imposed - sometimes as little as 14 days - so you will need to ensure your finances are in place.


• The seller will want to keep their legal costs to a minimum and limit their liability after completion of the sale. The seller may not have any paperwork relating to legal issues such as planning permissions, building control or NHBC certificates, therefore you will need to be prepared to do most of the legwork to obtain copies and cover any associated costs yourself. You can buy indemnity insurance to cover certain things (such as lack of planning permission), but these policies very often require answers to questions that only the homeowner would know. In that case you would need to obtain a bespoke policy which would be more expensive.


• You will need to rely on your own investigations for many other things, especially information about any issues with the neighbours, such as access or boundary disputes.

Firstly you should thoroughly inspect the condition of the property yourself and then get a structural survey. Repossessed properties are 'sold as seen' and the onus is on the buyer to ensure everything is in working order. The seller will usually state that it has no knowledge about the condition of fixtures, fittings or appliances, so it is very important for you to establish they are in good working order before you commit to an exchange of contracts; otherwise you'll need to factor the cost of replacements into your renovation budget.

If you are buying a repossessed house with a mortgage it is imperative that you do all you can to minimise delays by securing an 'in principal' offer from your mortgage lender before you make an offer on the property.

Once your offer on a repossessed property is accepted, the seller will impose a deadline requiring exchange of contracts to take place within a certain time frame - this is typically 28 days if buying with a mortgage, or 14 days if buying with cash.

The seller's estate agent will advertise the offer they have received in the form of a public notice, advising if anyone wants to make a higher offer then they should do so before exchange of contracts. Contracts cannot usually be exchanged until at least 7 days after the notice is first published.

The possibility of being gazumped at the last minute is a very real risk when buying from a lender in possession. One of the pitfalls of buying a repossessed property in the UK is that someone else could make a higher offer at any time before the exchange of contracts. The seller is obliged to get the best price and must therefore consider any offers received right up to the day of exchange. If a new offer is accepted by the seller, your purchase could fall through, but you would still be liable for any legal and professional fees incurred at that stage.

If your purchase proceeds to an exchange of contracts, then the seller will require a deposit payment from you (usually 10%). Provided you complete within their time frame (usually 10 days) the property will become yours. If however, you cannot complete on time, it is highly likely that the seller will withdraw from the sale, the property will be re-marketed and you will lose your deposit.

You will become responsible for the property between exchange and completion, so you will need to purchase house buildings and contents insurance immediately after exchange of contracts. It is therefore always wise to insist that exchange and completion takes place simultaneously; otherwise you will be insuring a property that you cannot access immediately.

The seller is responsible for any arrears of service charges and ground rent which are outstanding at the time of completion. In the case of where the amounts are unknown, it is usual for the seller's solicitor to retain a portion of the sale proceeds to cover this liability. This is called a 'retention'. A lender in repossession however, will not hold a retention because it will want to finalise and close the mortgage account as soon as the sale has completed. The contract will usually be drawn so as to indemnify the lender in possession against any arrears that they were not aware of at the time of completion; so it is vital to get your solicitor to check the position before completion, and to pass any arrears details onto the seller's solicitors.

In a normal house sale the seller would repay all mortgages on the property and their solicitor would transfer the property using form TR1. A lender in possession however will use form TR2 (transfer under power of sale). This operates jointly as a transfer and as a discharge document. This means that any subsequent charges or bankruptcy restrictions registered after the lender's charge will be removed from the title by the Land Registry when the transfer is registered, otherwise this would have to be done using separate discharge documents.

You should always seek legal advice when buying a repossessed property as, if there is more than one charge on the property (and you fail to obtain a discharge document for an interest which is not covered by the TR2), you may be bound by it which can be extremely expensive. The lenders in possession do not generally provide the transfer on completion but usually send it on within 10 days of completion.

There are many things to consider when buying a repossessed property, compared to a normal house purchase. However, if you are able to get your finances in place quickly, are willing to keep chasing solicitors to keep things moving, can work within the seller's strict timescales and do lots of research yourself, then you may be able to bag yourself a property bargain.

Flipping Commercial Real Estate

Home-themed TV shows make it sound easy: buy a house, update it, quickly resell it, and bank the profit. But look behind the scenes of flipping commercial real estate and you may discover that this simple process requires (some) money, careful budgeting, strategic planning, and a certain amount of luck and skill.

Flipping basics

Flipping commercial real estate means investing in a residential or commercial property, updating that property (somewhat), and selling it. You should aim to make a net profit of 10% - that is, selling it for a price 10% to 25% higher than the original purchase price, including all related expenses. Flip + Sell + Reinvest.

Where and how to start

The process of flipping a house can seem pretty basic but there are important steps to take at each point of that process:

• Education: Education is your first property flipping step. Use the Internet, library, community college and seminars to learn all you can about property flipping and buying properties with little-to-no money down.
• Target property: Determine what type of first property you want to flip. Are you interested in homes that are new construction, fixer-uppers,or commercial properties? Focus your studies to that property choice.
• Credit: Check your credit score through the three free services. You need to know where you stand credit-wise before you begin applying for mortgage loans.
• Not having a budget may be your first step toward failure. Your property choice will influence the amount of loan you may qualify for. How much of a cash down payment will you make?

How much will it take to get the house up to code, habitable, and sufficiently presentable? Budget for repairs and materials, contractor services, permits and inspections. One blogger suggests planning to add 20% to your estimate for the final cost of a fixer-upper.

Your budget should also include the property price and the closing costs, any HOA fees, realtor and legal fees, inspection fees, mortgage, insurance, taxes, etc.

What to fix?

A new construction flip should require very little in repairs or updates. Fixer-uppers are different. You are not selling the fixer-upper "as is"; you are planning to rehabilitate it for better value.

• Structural: Budget for issues such as plumbing, electrical updates, and structural restoration.
• Best updates: Buyers want decent bathrooms and kitchens free of plumbing and mold problems. Don't kit your fixer-upper with a chef's kitchen and master suite spa. Do the important basics and make both areas look fresh and clean - and safe!
• Curb appeal: The exterior may require some refreshing to both the structure and the landscape. Again, do the important safety and refresh basics.

Continue your education

Learn with each step and each property flip. With a solid knowledge base and flip plan, you may find yourself becoming an experienced and skillful commercial real estate flipper sooner than you think. Remember - your success is in flipping that first property for a profit, reinvesting, and repeating the process. Best wishes for your success.

Pitfalls to Avoid When Choosing a Neighbourhood

Buying a house brings in the feeling of excitement and home ownership is one of the efficient ways to ensure financial stability. As it might be one of the biggest investments people ever make in their lifetime, it is necessary to contemplate every aspect of the process of purchasing a home. The location and neighborhood of the property you are considering of buying plays a major role in influencing the success of the investment. Therefore, it is vital to inspect your area and locality at first place before closing the deal.

Unfortunately, some people are so fascinated by the idea of owning a home that they neglect this important aspect and end up making some common mistakes when choosing their neighborhood. Below mentioned are some of the pitfalls and make sure to avoid them while selecting your locality.

Failing to look around the area properly
A well build road where your future property lies does not make the entire neighborhood. Ensure to explore around. Do not get attracted by the place at first glimpse. Every area has its own set of advantages and disadvantages. Do not just consider the advantages; rather ensure to look for the disadvantages as well. Identify how far you would have to travel from your future home to reach school, workplace, hospitals, ATMs or grocery store. This will help you decide whether it is viable to put your money into that real estate or not. It is certainly not wise to invest in a residence that offers more shortcomings than the benefits.

Not paying attention to people who will live next to you
Know about your neighbors. Gather more information than just knowing their names and nature of jobs. It would be better to look for a locality with kids living close by if you have children. On the contrary, if you have aged people residing with you, opting for a peaceful area would be a sensible choice. People who fail to consider who all would be living around them usually are not able to make out of their investment. Since you would have to stay in that place for many years to come, make sure to know who your neighbors are.

Taking the transport, water and electricity for granted
Many people often make the mistake of taking it lightly with the transport. Imagine that your car breaks down all of a sudden and you have to reach your workplace as soon as possible. But then, you have to spend about half an hour to reach the nearest taxi stand or bus stop. Assuming that the transport would not be much a hassle can lead into horrible consequences. Make sure that the area you are considering of living in provides sufficient transport facility for hassle-free travelling.

While some localities are well-developed, offering civic provisions, others fail to provide even the basic amenities like regular electricity and water supply. Never assume the availability of electricity and water as finding an alternative later when you begin to reside in your house is hard.

You property is your valuable asset, so consider these points to ensure you invest in a right option that offers you true benefits of home ownership.

No Money Down - You Can Still Finance a Commercial Property

So you want to buy a commercial property with no or little money down? This might seems to be an impossible task however it is the other way around. With careful property selection and a bit of creative thinking, you can easily own a property that you might have an eye on.

Commercial property, alternatively called as income or investment property can help an individual to earn profit from rental income or capital gain. Commercial property can be in the form of warehouse, undeveloped land, office building, apartment building or rental residential home. Some of the financing options that can help you to make a purchase with almost no down payments are:

Bank
The traditional way of securing finances, banks can finance your purchase up to certain limit. For example, they may agree to finance the property up to 90% of the total price. An individual can get a second loan to pay for the difference. If you have good credit score and can pay high rate of interest, this might be the best option for you.

The borrower would have to pay the monthly installments depending upon the rate of interest and the principle amount. Another option is the Note. This is an agreement between the borrower and the bank in which the individual has agreed to pay back the loan amount in specified amount of time. This financing option can be used to make easy down payment.

Owners, investors and partners
A motivated seller might be willing to finance your purchase. In this is your situation, you can avoid various financing hurdles such as closing costs, loan applications and banks. You would also be able to negotiate on the terms and conditions of the interest rates to secure a favorable deal. Moreover this option helps a person to make a purchase without putting any money down.

Consider making an investment with partner or partners. This process might require more paperwork, closing costs and less amount of money as the profit but it can benefit you, if you do not have money to make the down payment.

A large number of investors are also present who might be looking for opportunities to finance a deal. Investors are usually attracted to commercial property investments if they offer them good return on investment. If you want to meet potential investors, consider advertising in the newspaper or meet them through investment clubs.

Turn key properties
The turn key investment helps a person to buy rental property which would be managed by turn-key provider. This is sometimes known as passive income which helps a person to earn monthly income on his property.

Master lease agreement
An old form of financing, master lease can also be described as the lease to buy option. The master lease agreement enables a person to buy the property with little down payment. In this option the buyer has the right to own, operate and maintain the property.

These were some of the option to avail financing if you have no money down. So the next time you want to invest in a property but do not have enough funds choose one of the above option and make a purchase.

Four Things to Examine Before Investing in a Used Home

If you are planning to buy a house, you would like to invest in a new home however if your financial condition does not allow you to buy a house of your choice, you may like to settle for a less expensive and second hand house. Sometimes, a used home may prove beneficial for the new home owner as it helps him to save upon his money while securing a property. So if you too are looking forward to buy a new house, there are 4 essential points that should be kept in mind before signing the deal.

Fixtures and fittings are important
Fixtures need to be checked thoroughly before you plan to say a yes. Kitchen, bathroom and window fixtures and fittings plays an important role in our everyday life and thus it is important that they be present in good condition. Check all the taps present in the bathroom and kitchen to see whether they work properly or not.

Windows should be open and closed to make sure that they function properly. Electric fittings in the house can be checked by switching on lights and fans in each room. The electric wiring should be maintained well and the place should have good earthing system.

Next comes the flooring
Flooring in used house can sometime becomes a headache for the new owner, if it is ignored beyond limits. Different types of material may be used to floor the house which range from hardwood floors to Italian marble floors and from polished look to matte finished look.

The new homeowner is required to inspect the floor thoroughly to check for any kind of maintenance work. Certain ways can be adopted to maintain hardwood floors, tiled floors and marble floors. It often becomes difficult to maintain the hardwood floors therefore before making the purchase; keep the maintenance factor in mind.

The paint matter
Another aspect which requires your attention would be the condition of the paint on the walls. The wall paint may appear alright while buying but it may crack or peel later on. Therefore do not forget to ask the seller about the paint which has been used on the walls. Do not hesitate to ask him whether you are required to repaint the place in the near future or not.

Adequate space
Know your requirements before you plan to do the house hunting. Too much or too little space can be sometimes seen as a bad option, therefore look for a house that exactly meets your conditions. Think about the number of people that would be living in that house and also see whether the house can accommodate unexpected guests or not.

When it comes to home buying process, never rush into things and make sure to keep your options open to strike a good deal. A used home can sometime meet your requirements in less amount of money when compared to a new house. So plan well for your future and have knowledge of the amount of money that can be spared to buy a house.

Are You Selling A Home? Read This First

There are many standards which you must live up to when attempting to sell your property on the real estate market. If you are not meeting these standards fully, your property will not appeal to a broad range of buyers. Follow these tips and learn what you can do to appeal to more buyers in the market.

When people are selling their home they don't always think of the little things. Potential buyers want to be able to picture their own things and family in the home. Or maybe they want to daydream about what they would do to the home. So try to help that vision out by putting some of your things in storage. Also painting your walls white will help them to imagine their own colors.

Before you put your house on the market to sell, make sure to replace your linoleum floors. These floors are incredibly outdated and other options, such as tile and hardwood floors, give your home a clean and well-maintained appearance. Your home will sell faster if viewers have a favorable impression from the moment they walk through the door.

To persuade a serious, qualified buyer who is on the verge of accepting your offer to take the plunge, let them literally sleep on it and get the dotted line singed! If a prospect is obviously wanting your home but just having cold feet, let them spend a night in it and chances are good their mind will be made up before morning, in favor of buying!

Be flexible when it comes to showing your home, especially in the fall. Many buyers are just as busy with the kids' schedules and are on as tight of a schedule as you are. You may have to open your home to anyone that is interested during the weekends or the evenings to allow anyone interested to see it.

One tip to keep in mind when it comes to real estate is that when you are selling your house, you need to SELL your house. This is important because you can not rely on the house to sell itself just based on looks. You need to be an active participant in selling your house by pointing out all of the good features and benefits that apply directly to the buyer.

One way to increase profit on the property you're selling is to negotiate your broker's commission. Negotiating the commission can put more money in your pocket and a lower commission may give you room to price more aggressively. Always speak to your broker up front about this and make sure that both parties have an agreement in writing.

It's all about attracting buyers to your property in real estate. If you cannot do this fundamental thing, you will not be able to sell. The tips that you just read in the article above will help you to sell your property in any condition, but you must be willing to correctly implement them if you want results.

How To Buy A House With Debt?

There is no magic to purchase a house without any money. It doesn't matter what your credit score is. Though, nobody will care what your credit score is. You can either step into the house yourself or you can rent it out for a profit. The method is the same either way. This article comprise of some basic information on how to buy a house with debt.

The idea is simple; you just offer to take over the debt on the house. Generally, people don't like debt and are willing to give it away pretty freely. In this situation, the debt comes with a house. You will be out making offers on many houses. Your offer is simple as it allows taking over the mortgage on a house. You will make the payments, but the loan will still hold on the seller's name. You may have thought not everyone will allow you to take over the debt to their house. Only a certain part of the population will walk away from a house, and allow you to pay their mortgage.

Look For Motivated Sellers

First and foremost problem is that you need to locate someone who will let you take over the payments on their house. In the real estate world, we call these people "motivated sellers". Sometimes people will put themselves into trouble by taking home loan. They may have lost their job; it might be a divorce, or any financial draining situation in the family. Whatever may be the reason; these people need to move out of their house with the hope that someone will throw them a lifeline. They are going to lose their house, but what they want to preserve is their credit. For every foreclosure that you read about in the paper, there is a real family that was hoping for someone to come and take over their debt.

Put House On Lease

The method that you use to take over debt is usually referred to as a lease-option. It may have different name in your state, but the idea is the same. An attorney will be required to draw up that paperwork. Do not rush to download something from the internet. You will lament that move. The legal contract that you want will essentially spell out in legal terms, that you are leasing the house for a payment that is equal to the mortgage payment. The paperwork will also need to specify that you can buy the house at some future point for the balance of the mortgage at the time of closing. Then you can pay down the mortgage for as long as you wish, of you can receive a bank loan and pay off the mortgage. If you pay the mortgage down, you will ultimately pay off the note, and transfer title to your name.

How Does Green Deal Finance Work?

Via the Green Deal scheme run by the UK government, you can make your home more energy-efficient without paying a lot of money. Unlike other systems, it does not offer grants, but finance in the form of a loan. Still, this does not mean that it is financially burdening in any way. Find out more about Green Deal finance so that you can use it with confidence.

Scheme Basics

The scheme is designed to help you make home improvements which will contribute to energy efficiency. The list of eligible improvements includes wall and loft insulation, double-glazed windows, draught-proofing, underfloor heating, heating controls, boiler replacement and even solar panels. Other types of improvements may qualify as well. In order to make these improvements, you will receive a loan which is repaid under special terms and conditions.

Finance Eligibility and Amount

Any person owning or renting a property in England, Wales and Scotland can apply for Green Deal finance and qualify. There is no income assessment. You can qualify irrespective of the income which you earn. The finance is available from registered providers and lending criteria apply. The lender will take into account your credit score and history when determining your eligibility and the interest rate to be charged. Still, the requirements are lower so around 8 of every 10 applicants qualify.

The loan amount is based on the amount of money which you are expected to save on your energy bills. This will enable you to finance the most energy-efficient improvements which can be made. In general, you are free to make a personal financial contribution of any size. Similarly, you may use grants available from other schemes to pay for the improvements.

Repayment Term and Structure

Each Green Deal finance package has payments which are lower than or equal to the savings on your energy bills which you will generate as a result of the planned home improvements. In this way, you will incur no additional costs whatsoever. You will keep on paying the same bill or a slightly lower one. Once the loan is paid off, you will start generating major savings from the energy-efficient improvements.

The repayment term is typically between 10 and 25 years. You can select it in line with your financial plans. A longer term will result in smaller payments while a shorter one will help you to save on interest.

Finally, you should know that the Green Deal finance payments are automatically deducted from your energy bill. The loan stays with the property and does not go with you if you move to another house.