Commercial Property Management

Lease Option – The New Road to Home Ownership

homesforsalecharlotte — Thu, 26 Feb 2009 09:33:38 +0000

For many a beautiful family a large yard in a good neighborhood and home ownership are still part of the American Dream. Its time for this to stop being a dream and become reality. With lending institutions tightening there lending requirements it all but seems impossible for the dream of many to become reality. But there are choices options and other avenues for a person to pursue. That option being Lease Optioning a home. What is Lease Option? A lease option provides a way for many people to become home owners in todays market. A lease option allows a person to obtain there piece of the American Dream without having to qualify for traditional lending up front. Heres how it works. You find a real estate investor with a home to sell that fits your needs and criteria. Once you have viewed the property and agreed to terms on the home you would then pay an option fee. This option fee is paid because you are asking the seller to take his/her home off the market to sell so that you may lease the property until you can get enough money for a down payment or work out whatever credit issues you may have prior to purchasing. Your lease term is agreed upon by you and the seller. The other terms should be established at this time such as monthly lease payments purchase price extensions penalties and any other issues you or the seller may have.

Renting Apartment to a Tenant With Eviction History

homesforsalecharlotte — Thu, 26 Feb 2009 09:32:13 +0000

While ordering background check on a prospective tenant an average landlord would normally focus on the subjects criminal and credit history check. But wouldnt it make sense to add some emphasis to locating possible eviction history of your subject? Especially considering that some jurisdictions prohibit discrimination based on criminal history or conviction of certain types of crimes. If you so far have failed to include screening your potential tenants against existing databases of evictions into the list of prerent checks to be done this is the sort of the omission that should be corrected further on. The very first thing you are advised to do during the interview with the applicant is to ask a question whether your potential tenant has had any evictions in the past. If in the process of background check that can follow it comes up that the subject lied to you that taken alone may form substantial grounds for legally refusing to let such tenant in. But what if your applicant honestly responds he or she does have eviction history and that they are on the record but you still dont like them and wouldnt like to get into landlordtenant relationship with them? This is the very instance you should be ready to produce your leasing policy.

Why a Periodic Tenancy May Be Right For Your Rental Property

homesforsalecharlotte — Thu, 26 Feb 2009 09:30:05 +0000

Choosing between a periodic tenancy and fixed term tenancy is one crucial decision that you will have to make as a landlord. Find out if a periodic lease is right for your rental property today. So How does a Periodic Tenancy Work? A periodic lease does not have a fixed starting or ending date. Instead your tenancy will be renewed on a weekly monthly or yearly basis. Week to week and month to month tenancies are common for residential rental property while year to year tenancy are usually favoured by commercial landlords who need longer term tenants. What are the Advantages of Having a Periodic Tenancy? The single best thing of choosing a periodic lease is that you can end it quite quickly and easily. If you have a week to week or month to month tenancy you can end your lease simply by giving your tenant a written notice to quit 30 to 60 days in advance. Compare this to a fixed term tenancy where you can remove your tenant only if he agrees to it. Unless he causes trouble and gives you a reason to evict him you will be stuck with him until the end of the rental period. In generally its also easier to raise your rents when you have a periodic lease. All you have to do is to give your tenant a written notice of rent increase 30 to 60 days in advance. They can either choose to accept your new rent or move out.

Steps to the Home Buying Process – Getting Pre-Approved

homesforsalecharlotte — Thu, 26 Feb 2009 09:28:47 +0000

Getting PreApproved for a Mortgage PREAPPROVED vs PREQUALIFIED: What is the difference and which is better? PreQualified When a borrower is prequalified it means they have spoken with a loan officer. Based on the information given the loan officer has told them how much they are qualified to buy. Some information may have been verified but not always. In fact the buyers may not have even filled out a loan application. PreApproved When a borrower is preapproved it means they have completed almost all of the loan process. Income assets and liabilities have been checked and verified. The loan package has been reviewed and approved by an underwriter. With a true preapproval the only items missing from the loan package are the appraisal a fully executed purchase and sale agreement and title work. Which Is Better PreQualified or PreApproved? Sellers prefer preapproved buyers. It gives them a comfort level that if they accept your offer you have already been preapproved for the loan. Many buyers get prequalified when making an application for preapproval. What Information will you need? Get Your Financing Ducks In A Row Start a file now with these items originals whenever possible. Credit report banks run their own copy but you need to get your ownto verify that its squeaky clean and fix it if its not.

Loan Modification Assistance

homesforsalecharlotte — Thu, 26 Feb 2009 09:26:43 +0000

In our current mortgage climate having good information on how to get valuable mortgage help is the key in staying ahead and staying in your home. Currently there are many homeowners all across the country that are have a hard time paying for there mortgages. We went through the whole mortgage meltdown when subprime lenders had taken advantage of borrowers with credit problems. This caused a backlash of homeowners to go into foreclosure or to have serious problems with keeping their payment up. Many cant afford to make there home payment in these tough economic times and having to deal with the subprime meltdown it become a mounting set of problems for individual to keep with their payments. So many are trying very hard to stay in their homes but just cant see to afford to do it. There are many mortgage companies out there offering help with these mortgages and many still believe that we have have not bottomed out with our mortgage problems. Our company specializes in assisting home owners in trouble of loosing their property. We offer help with loan modifications for just about any mortgage loan Fannie Mae and Freddie Mac home savers advantage loan help and stream line modification help. These are the most common loan help programs out there right now and we specialize in helping homeowners with these loans. Mortgage brokers are experts in the field of mortgage loans. Mortgage brokers work with home buyers to find the right mortgage loan much in the same way as real estate brokers help you find the right house.

Considering Refinancing?

homesforsalecharlotte — Thu, 26 Feb 2009 09:24:29 +0000

You might want to think again. Lenders are charging your points for everything! Credit scores below 740 cash out over 60 of the value of your home if your home is in a declining market and on and on. These pricing issues can take you right out of the market. Here is what you need to make sure happens if your pricing your loan around. Make sure you make a decision on where youre going within 30 days of the first lender pulling your credit the reason for that is you typically have that time frame before your credit score will take another hit from more than one lender pulling it. Credit inquiries for a mortgage are one of the biggest hits your credit scores take and it takes typically 90 days for the score to come back up. Unfortunately today you almost cant get a real rate the lender will charge you without them knowing all the facts. Credit score a very good estimate of property value length of time in home and are youre doing a rate and term refinance or a cash out refinance. If your lender doesnt have all this information be prepared to get a rate other than the one quoted. A few other notes to be aware of are that most conventional loan lenders will not go over 85 of the current value of your home if you are doing a cash out refinance. If you are taking any money out to pay off any credit cards car loans second mortgages that were not used to buy the home your loan will be considered cash out. Hope this helps give you a little understanding. The mortgage market and its rules are changing all the time and if you know what your dealing with you will be better off.

Adjustable Rate Mortgage Information – Who Should Apply For an Adjustable Rate Mortgage

homesforsalecharlotte — Thu, 26 Feb 2009 09:22:50 +0000

With so much negative coverage in the news lately you maybe wondering to yourself why are adjustable rate mortgages bad loans to have. The truth is adjustable mortgages are not really bad loans if they are used in the right situation. Unfortunately over the last ten years they were not used correctly and as a result many people have lost their homes. Negatives Of The ARM Loan The ARM home loans biggest negative is that your interest rate is not fixed for a very long period of time giving the loan alot of instability. Typically the fixed rate period on adjustable mortgages lasts from two 25 years. After the initial fixed rate period expires your loans interest rate will change based on current economic conditions. Typically the rates and your payment amount will adjust upwards but occasionally if the market allows they will go down. The only way to avoid the interest rate adjusting is to refinance your loan. Who Should Use ARM Home Loans Typically these loans are great for people who are in a situation where they know they will need to refinance before the loan resets. Typically these are home owners who will be moving requiring cash for a large project or will be paying childrens college tuition. ARM home loans also works great for people who are just starting out in their careers and want a lower mortgage payment until they can get established earn more money and afford a slightly higher fixed rate mortgage payment. Just make sure that if you do take an adjustable rate mortgage that you always make your house payment on time and that you keep your credit scores high and debt load low.

Loan Modification – The Simple Guide

homesforsalecharlotte — Thu, 26 Feb 2009 09:21:05 +0000

Theres been a lot of talk lately and a heck of a lot of misinformation floating around about something called Loan Modification. Its not hard to see why. Thanks to a bunch of shall we say crooks in the mortgage industry and Im being kind somewhere close to 50 of all homeowners in the U.S. are facing some kind of financial difficulty at the moment. Normally that would be bad news. But heres the real irony of this whole situation and why it actually works in our favor for once. In normal times when there are just a handful of foreclosures every day banks can absorb that. They can just write those off and go on about their merry way making billions. But when times are bad or when times are REALLY bad like they are now not even the banks with their hoarded billions can ride it out. Let that sink in for a second. The banks can no longer afford to keep foreclosing on homes at the rate they are now. The simply CANT do it. Imagine that. They need to talk to us. They need to work with us. Theres that saying Im sure youre probably familiar with which is that the Chinese symbol for crisis is really a combination of two things the symbol for danger and the symbol for opportunity.

What Are Adjustable Rate Mortgages and Who Should Use Them

homesforsalecharlotte — Thu, 26 Feb 2009 09:19:52 +0000

During the last real estate boom a large number of home owners choose to use ARM loans to purchase or refinance their homes. At the time home values were going up the economy was great and nobody ever thought that adjustable rate mortgage loans would cause such a problem across the world. What Are Adjustable Rate mortgage Loans Adjustable mortgages are home loans that offer a low interest rate that is only fixed for a short period usually no more then five years. Once the initial fixed rate period expires your interest rate will be reset to a new rate. Often times this new rate will increase causing your mortgage payment to rise a significant amount. How Is My New Adjustable Interest Rate Determined Your new interest rate will be determined by adding your ARM loans margin to the index. The margin of your loan is listed in your paper work you received at the closing table and is normally located near the back. Also listed you will see when the loans is set to adjust and also your rate caps. These interest rate caps control how much your adjustable interest rate can change on each loan adjustment. They also limit the maximum interest rate you can pay.

Loan Modification – Dos and Donts For the Homeowner

homesforsalecharlotte — Thu, 26 Feb 2009 09:18:01 +0000

There really is no doubt that the economic recession has left a lot of homeowners in danger of a possible foreclosure. This is a stressful period for anyone and many turn to loan modification to help them recover their homes. However applying for a loan modification is a bit complicated for any novice homeowner. Here are some of the dos and donts to help you get started. DOS DO TELL YOUR SIGNIFICANT OTHER. Yes its a big blow to your selfesteem but it will work against you in the long run because you and your spouse are required to negotiate for the modification. Its better to work together in solving the crisis and learn from your mistakes. DO GET ORGANIZED. This means you get out of your chair and start being systematic. Pull out your utility bills two to three months of pay stubs and bank statements monthly expenses current mortgage statement and etc. These will help your lawyer and advisor in building your case. The quicker you do it the faster the negotiations begin. DO SEEK PROFESSIONAL REPRESENTATION. The truth is you can do away with it and negotiate with a lender directly. However a lawyer or loan modification expert can help you represent the case to your lender in such a way that your modified loans become realistic and payable. There are many cases where homeowners who speak for themselves overestimate what they can afford. Consequently they couldnt afford to pay their modified loans.