Oregon Coast View Property - Less Stress

Oregon Coast View Property

Here is an example of Oregon Coast View Condo that is for sale.

Ok, let's say you have located a seller who is highly motivated to sell a particular property.

Using your "Check List for Leads" form, you ask the seller focused, specific questions about the most essential criteria of the deal. After questions are answered, you see the following scenario.

3 Bedroom 2.5 Bath
After Repair Value $260,000
Purchase Price: $195,000
(6.5% int, 30 yr fixed - price is sellers payoff on existing loan)
Repairs Zero – Seller had it fixed up already.
Existing Mortgage Payment: $1232.53 (existing payment P&I)
Taxes $2500
Insurance $900
PITI $1515.86 (your actual cost per month with Principal, Interest, Taxes and Insurance)

Keep property location in mind, when thinking of your exit strategy. If property is on astreet that is predominantly rental, it may not be wise to plan to retail the property to anowner occupant. When you have a deadline such as a balloon or a note that will haveto be paid off at some future point, like in 24 months, your exit strategy must be realistic.The seller is motivated and said that he would consider any offer that would get thesepayments off his back. He has a dead beat tenant in another property and can't make two payments.In this case, as with many "subject-to" offers, we are only offering the payoff, which is $195K.

The potential advantage of making an offer "subject-to" the existing mortgage is financial. You will not have to qualify for a new loan. You will save thousands in loan origination fees, points, etc. that you could have to pay in conjunction with a new loan. This improves your potential profit margin.

We decide we are willing to offer the seller his payoff, if he is willing to agree to sell,subject-to his existing loan. If the seller is truly motivated, the fact that you can close a "subject-to" very quickly can be a big selling point.

In our example, the seller agrees to the "subject-to" arrangement, but saysthat he wants this loan off his credit within 24 months. At that point, the buyer must cash the seller out by getting new financing or selling the property.

Some sellers will be smart enough to ask for "perks", like a cash down payment. Other sellers will be too motivated or won't think to ask for anything down. You have to go with the flow of each deal.

When we write a "subject-to" offer, we want to be as specific about our agreement and terms as possible.

The contract form that I use for writing offers has plenty of space on page one, near the blank where you enter the purchase price.

The form used is not important. To be binding, any offer to purchase real estate must be in writing. But there is no standard form. Contracts range from the generic variety that you can buy at the office supply store, to the official forms approved for use by sales agents in your state.

The form that licensed sales agents use, has a "stipulations" section. You can put the terms of your offer in the stipulations section of your contract, or on page one if space permits. It does not matter, as long as the correct terms are spelled out somewhere. The seller could decide to counter-offer, mark out your stipulations, change them, or add new ones.

Below are some clauses that I would write into this offer:

Purchase Price: $195,000 "Subject-to existing mortgage of $195,000, with payments of $1232.53 per month, principal and interest. Buyer agrees to pay off existing mortgage anytime in a period not to exceed 24 months from date of closing of this agreement."(these are the basic terms of our agreement)

"Buyer to purchase adequate insurance protection valued at or above the purchase price of property."

(you want to have insurance anyway, but I like to put this in to make the seller feel more comfortable)

You want to be clear about any and all terms of your agreement with seller. It may be very simple, as in the example above, or there could be other terms that you and the seller will negotiate and agree to.

When negotiating, you will not always be able to discuss terms with a seller prior to making an offer that is "subject-to" their existing mortgage. But, if the seller is not willing to discuss the situation and is not forthcoming with information, then chances are you are talking to the wrong seller. Those who are truly motivated, or have a problem they need to solve, will usually be willing to get into a meaningful discussion of the details. If a seller is difficult to deal with, chances are they are not that motivated.

I don't waste a lot of time in such cases. I explain to sellers that I need certain information in order to determine if there is a way that I can help them. Otherwise, I move on.

Your most likely source for creative deals are those who really need to achieve a specific, sometimes urgent objective, like getting out of debt, or avoiding foreclosure. But there are many reasons for doing a creative deal.

There is nothing really complicated about writing "subject-to" offers. You just need to be clear. It is essential that the language is not confusing. Your objective in writing the offer is to dictate the terms of the existing mortgage. In so doing, you are stating how much you are willing to pay, and how you intend to pay it, and when. Think of the "who", "what", "when", "where", guide to writing, when documenting the offer.

I have also done "subject-to" deals with sellers who were not in financial trouble, but just the opposite. There are sellers who will consider "subject-to" offers because of the tax benefits for them. I have had sellers who did not want to collect a large chunk of cash all at once. Or, a seller who does not want to collect the funds in a particular tax year. "Subject-to" offers can be used to address many different kinds of issues.

We tend to associate creative financing with desperation. And in many cases, sellers are desperate. But in some cases, a "subject-to" deal is merely the most beneficial means to an end for both parties.

Every situation and offer are different.Writing creative offers is a skill that you will develop with time and experience.***

NOTE: This article is intended only for general information purposes, and should not be construed as legal advice.If you need help filling out a real contract, please see your favorite real estate attorney first!

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Reinventing Real Estate, Part 1: Online and Empowered Consumers Are Taking Charge and Paying Less

For decades, the real estate world turned in a predictable manner. The roles of buyers, sellers and real estate professionals were fairly well defined and transactions followed a predictable path of yard signs, newspaper ads, open houses and miles of paperwork.

One example is the Oregon Coast House with View For Sale.

Recently, online and empowered consumers have changed the game. Real estate professionals now face issues similar to the ones that have transformed the retail, personal finance and travel planning industries. As technology advances and new business models evolve, the real estate industry has begun to transform itself from providing traditional, carefully controlled “agent-centric” transactions to new “consumer-centric” practices. The following is a look at some of the recent industry trends and how buyers, sellers and investors can expect to benefit. The “Five Ds” that are driving change in real estate are:

1. Disruption – Over the past 10 years, the Internet has matured into a powerful platform for delivering real estate information, forever changing the interaction between buyers, sellers and real estate professionals.

2. Displacement – The popularity and acceptance of self-service and consumer-direct business models is being felt by real estate professionals, who are striving to develop attractive new offerings for Web-savvy consumers.

3. Demanding consumers – You now have more real estate knowledge, tools and resources at your fingertips than ever before. More savvy consumers tend to be more independent and demanding.

4. Downward pressure - Traditional real estate commissions of 5-6 percent of a property’s sales price are facing downward pressure.

5. Developing alternatives – The real estate industry is transforming itself to provide targeted services and exciting new options that add value for consumers. Disruption

“We are going to see our industry go through dramatic transformation via the Internet and consolidation of agents and companies.” – eRealty Times Columnist Dirk Zeller

Some industry observers have adopted Harvard Business School professor Clayton Christensen’s term “disruptive technology” to explain recent developments in real estate. Though it’s easy to point to the World Wide Web and advancing technology as the main changes in real estate, that’s only part of what’s shaking things up. Essentially, the real cause of disruption is not just technology, but technology-enabled real estate consumers.

Web-enabled consumers

According to the National Association of Realtors (NAR), more than 72 percent of homebuyers now begin their home search online. The popularity of online real estate ads surpassed newspaper property listings back in 2001, and the gap is widening. Less than one percent of buyers first learned about the home they purchased on the Internet in 1995, while in 2004, that number passed 20 percent.

According to a California Association of Realtors (CAR) survey, 97 percent of respondents said the Web helped them understand the buying process better and 100 percent said using the Web helped them understand home values better. Web-enabled homebuyers like you are taking a more active role in researching homes and neighborhoods. You also now spend less time with real estate professionals once you have completed your research. Internet homebuyers also used the Web effectively to filter out properties that did not interest them, visiting 6.1 homes on average versus 15.4 for traditional buyers.

Today, you can view photos and detailed information for hundreds of properties in the time it used to take to visit a single one. And the Web provides much more opportunity than simply moving print listings online. The growing availability of residential high-speed Internet connections has boosted the popularity of virtual tours and interactive maps, providing consumers with powerful and flexible visual search tools.

In addition to making home searches easier, automated valuation model (AVM) software is making a big impact in how properties are evaluated. AVMs, which generate valuation estimates by analyzing and comparing property information data, are becoming increasingly sophisticated and accurate. While not considered a substitute for human appraisals, AVMs are gaining popularity because they are inexpensive, easy to use and produce valuation estimates in minutes. Now AVMs, used extensively in electronic mortgage approval processing during the recent refinancing boom, are becoming available on real-estate Websites aimed at consumers. This is a significant development for independent sellers, who often find it challenging to price their properties correctly when selling on their own.

The MLS goes public

“In real estate, MLS data sits at the apex of the change, specifically the MLS information that is pushed to the Internet every minute of the day.” – Bradley Inman, Publisher of Inman News

Once an exclusive tool for real estate professionals, the multiple listing service (MLS) has in recent years become a very public platform for real estate listings. The MLS is the nation’s most comprehensive database of properties for sale – four out of five homes sold in the United States are listed on the MLS. MLS properties are available to agents and brokers worldwide, and are now accessible via consumer Web sites such as Realtor.com, WSJ.com, Excite, Netscape, AOL and MSN. MLS listings also appear on local, regional and national brokerage Websites through Internet Data Exchange (IDX) agreements that allow participating Realtors to share listings and display them to consumers. Even though only licensed realtors can list property on the MLS, the system has begun to figure prominently for the $110 billion independent seller (for-sale-by-owner or FSBO) market. About 13 percent of real estate sales are now FSBO, conducted without a broker’s assistance.

Type “flat fee MLS” into any major search engine, and you’ll see dozens of real estate professionals willing to list your property in the MLS for a fee. If you are willing to pay a commission of 2-3 percent, you can attract the attention of thousands of agents who will show your property to prospective buyers. You can then reduce the cost of the sale to about half a traditional 5-6 percent sales commission, plus the cost of the MLS listing. If you find an independent buyer working without an agent, you could make a sale with no commission at all and pay only an MLS listing flat fee. Displacement

Currently, about 2.4 million real estate licensees operate nationally, according to the Association of Real Estate License Law officials. The NAR has more than one million members, up from about 760,000 members five years ago. Many real estate professionals and industry observers expect a significant decline in this number because some tasks traditionally performed by agents and brokers can now be done more quickly and easily by Web-enabled consumers.

“Historically the fundamental driver of the real estate industry was the control of information. The real estate agent and the real estate office were the only sources of comprehensive information on which properties were for sale and those who might be interested in buying them. With this control revenues were practically guaranteed.

Moreover, because this exclusive control was akin to a monopoly by virtue of the multiple listing service (MLS) any firm of any size could serve the customer equally well. As a result, the number of real estate companies grew without regard to market efficiencies.

Simply put, the traditional model is too inflexible. Consumers are seriously questioning the value of a real estate agent. They frequently feel that many of the traditional tasks undertaken by the agents are now either no longer required or can be done by the consumer themselves.”

– Swanepoel & Tuccillo, Real Estate Confronts Profitability

The quotes above, from a popular report on emerging real estate business models and dwindling profit margins, highlight a number of issues traditional real estate professionals are now facing. And if the real estate industry has grown historically without regard to market efficiencies, the issue has only been compounded since 2001, as new agents signed on in droves, lured by low interest rates and skyrocketing home prices in many areas. It’s likely that the number of traditional real estate agents will decline, while new types of real estate jobs will be created to deliver value to Web-savvy customers.

NEXT in Part 2 of 2: - Demanding Consumers, Downward Pressure and Developing Alternatives

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How Can the Kids Help Around the House?

How Can the Kids Help Around the House?

We learned this trick while working at our Oregon Beach View House For Sale. When my husband was in college, a number of his fellow students were bringing their dirty laundry home, and Mom was coming once a month to clean their room. This wasn't because they were lazy, but they simply didn't know how to do the laundry or house cleaning!

Don't let your children become like those students... Apart from the fact that teaching your children house and other chores prepare them for life on their own, they're also chores that you don't need to do! I know, I know, it takes time to teach them how to do it, and there will be quite a few times when you will need to finish the job behind them, but once they know, you will never need to do it again until they leave... And, at least until they reach eight or so, they will be proud to be entrusted with "big people" tasks.

So, what tasks can be safely delegated to your children? It depends on their age, but there are things they can do as early as 2 years old. Below is a list of tasks by age group:

Toddlers: Can dust with an electromagnetic cloth or baby wipe; Spray and scrub the sink and bathtub with water and a sponge; pick up toys or other floor clutter and put them in baskets or bins - if the baskets are labeled with pictures, they can even put the right toys in the right container! At this point, anything you give them to do except putting the toys away will be more to give them something to do while you are cleaning, but they will try to do their best if you take the time to teach them, and it will seem natural to them when they graduate to more complex tasks.

Preschoolers: Sweep with kid-size broom; spray and squeegee windows using lemon- or vinegar-water (inside windows only, please!); use a handheld vacuum; wipe sinks using baby wipes; empty a small trash basket into a bigger bag; scrub corners of kitchen chairs or other small spaces using a clean toothbrush or nail brush and a cup of water; make beds (preferably with a comforter, it's easier for them); fold towels; put clothes in drawers; hang clothes on hooks; put dirty clothes in hamper; help feed animals; wipe off baseboards, windowsills with small cloth or wearing old socks on their hands; help wipe up spills; dry unbreakable dishes; pick up litter in the yard.

Kindergartners: sweep small areas with a dustpan and broom; clean bathroom sinks; hang up the towel after a bath; store bath toys; help in the kitchen (stirring, tearing lettuce, etc. - no knife yet!); set the napkins and silverware on the table; clear dishes from the table (depends on your child, you know if they risk breaking them or not); help load the dishwasher; straighten plastic dishes in a cabinet; help straighten pots and pans; sort family members' clean laundry; dust furniture; strip linens from beds; straighten books on a bookshelf; put game and puzzle pieces in correct storage containers; use a lint remover to pick up pet hair on furniture; tidy up their room.

Younger Elementary School Kids: Make beds (any of them); take out garbage; sweep stairs and walks; clean the car and help wash it; vacuum their own room; sort and straighten toys; fold and put away laundry; empty the dishwasher; feed and care for pets; set and clean the table (but only with unbreakable dishes and cups at this point); sort clothes for washing.

Older Elementary School Kids: Clean bathroom mirrors; vacuum; clean toilets; clean countertops and the kitchen sink; mop small-area floors; use the washer and dryer; wash, dry and put away dishes; clean pet areas; clean cobwebs and dust in high places with a pole; sweep the garage; set and clean the table (by the end of elementary school, they usually are able to do it with regular dishes and glasses).

Teenagers: Can do everything you do, except for the most intensive jobs, or the ones using noxious products, such as deep-cleaning of the oven, or removing mold from the bathroom tiles.

So, when will you sit down and create a chore chart for your children? What chores will you assign to each, depending on their ages? What will you do with the time you are saving this way?

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Tucson Land for Sale - Investing in the Future

Tucson Land for Sale - Investing in the Future

Nearly everywhere you look on the outskirts of the metropolitan area, you will find Tucson land for sale. Whether you are considering building a home or a business, you will probably find a piece that is to your liking. There are commercially zoned lots, residential lots, manufactured home lots, and even horse properties. When looking for Tucson land for sale there are some things that you need to be aware of before you buy, so that you won’t end up making a costly mistake.

For those who prefer a cooler climate, there are discounts and bargains on Oregon Coast Properities For Sale.

Driving around the metro area you will find all different types of neighborhoods and developments with Tucson land for sale . There are luxury home communities in the mountains and foothills of the Catalinas, and Tucson Mountain Park, and family oriented communities like those in South Tucson and Oro Valley, and even some adult communities in the outer areas of the city. Manufactured homes are also becoming extremely popular as a way to use Tucson land for sale. Not only do these areas have land for sale for home builders, but for the shopping, entertainment, and recreation needs as well.

Newcomers to the area looking for Tucson land for sale for a home or a business need to be aware of certain features of the land in the Tucson area. As Tucson is a desert, the soil is sandy and may have to be treated if you want to landscape with grass. Many homes and businesses use desert landscaping to conserve water. However, when it rains, because of the sandy soil and poor drainage, washes that were dry for years can become flooded. Your Tucson land for sale should be carefully inspected for flooding danger.

You will also need to be aware of any easements, liens or deed restrictions on the Tucson land for sale you are considering purchasing. An easement is something on your property that is used by another individual or business. An example would be a neighbor’s driveway that goes through your property. A lien is the same as on a home or car. If there are outstanding judgments or debts on the home, they will need to be cleared up before you buy. A deed restriction is something that a seller stipulates. They say how the Tucson land for sale can and cannot be used.

When you are looking to purchase land for your home or business in Tucson, a realtor can help to guide you through the process to help you avoid any mistakes. Find a realtor that specializes in land buying and you can be more confident that the purchase you are making is a wise one and a good investment.

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