Ten Tips For Buying Property in the South West

Ten Tips For Buying Property in the South West

They’re the regions with the highest differential between average income and property prices and no fewer than three of the nation’s top coastal property hotspots can be found here. It’s also officially the fourth safest place to live in the UK. Place names here conjure up idyllic scenes of soft rolling countryside and secluded rocky coves. It’s no wonder Devon and Cornwall are considered two of the country’s most desirable regions in which to live.

So in an area of such obvious affluence, are there really any bargains to be had and how can they be found? Whether you’re looking for a second home or an investment property, or you’re lucky enough to be moving to the area permanently, the surprising news is that there are plenty of interesting properties across the South-West that are even within reach of cash-strapped first time buyers.

Serious property hunting needs to be thorough and although online searches may be a good starting point, they won’t give you the full picture. So start by visiting estate agents who can share local knowledge. Consulting a selection of agents in different areas will allow you to compare and contrast, helping you to build informed opinions as to the most suitable localities and what type of property to choose.

The local press is another good source of information and The Western Morning news, Plymouth’s Evening Herald, The Exeter Express and Echo, The Cornish Guardian and the Cornish Times all report on issues relating to the housing market. Local journalists who construct these features have contacts in all areas of the market, including auctioneers, developers and agents. If there’s no limit to your budget, Devon Life and Cornwall Today magazines also showcase the best in premium properties and by taking out a monthly subscription you’ll see the area’s most incredible homes whilst getting a feel for the local community.

There is always the danger that you can end up paying over the odds for a property, so be sure to keep abreast of real selling prices. A number of websites provide prices of individual properties that have sold recently. Thousands more repossessed, fire-damaged homes and renovation projects are also sold each year at auction, so it’s wise to attend these regularly to find out what people are really prepared to pay and work out your bargaining position.

Avoid the temptation to dive in blindly however and bid on a property without prior research. You could find that the property is located in a flood or landslide hotspot. Few of us can forget the devastation of the floods in Boscastle in 2004 and an increasing number of homes are being threatened by rising tides and coastal erosion in areas such as Dawlish Warren and Slapton.

If you’ve narrowed your search down to a specific area, why not try before you buy and book a short break in the region through one of the many companies that specialise in holiday cottage rentals? Whether you plan to buy a character cottage, a barn conversion or a park home, you’re likely to find a similar property from their portfolio. This will not only give you a chance to get to know the area and its amenities, but also speak with local residents as to what it’s like to actually live there.

Open House Tips And Advice

Open House Tips And Advice

Open houses, or “Opens”, are extremely popular in the real estate community. The reason is that many cities are small and walk-able, so open houses will generate a great deal of foot traffic. Every Sunday morning, almost religiously, the signs go up with arrows, and sometimes balloons, directing would be home buyers to the opens all over town. Several prominent and tenured real estate agents claim to “have built their entire business” with this practice. These agents are proponents of open houses because they see them as a major source of exposure for a listing and because they allow potential buyers and neighbors easy access to the home. Over the years I’ve attended opens as a listing agent, a buyer’s agent and a buyer; here are some tips I’ve picked up along the way.

Open House Tips

If you are going to host an open house at your home here are a few words of advice:

Advertise everywhere. This includes Facebook, Craiglist, Newspapers, blogs and websites. Open houses listed on the MLS will syndicate out to Trulia, Zilliow and most other large real estate search engines. This is the best type of advertising for an open house.

Use at least two signs. One on each corner with arrows pointing towards the property. Make the property easy to find.

Make sure the property is in pristine condition! That means it is clean, smells great, looks great and has lots of light.

Provide color promotional flyers with lots of pictures of the property and monthly payment estimates from a mortgage broker. Also provide the seller’s disclosure, upgrade lists and any other documents with relevant information about the home.

Place a sign in sheet and require visitors to provide name, email and phone numbers.

Offering food, snacks or drinks is optional but not really a common practice.

If possible, try to schedule the open when you will not be competing with other prominent Sunday events like religious ceremonies, parades, athletic events or anything else that will hurt traffic.

Open houses have a proven track record of success in the real estate community. These tips and advice won’t guarantee that your home will sell for the price you want but they will give you the best and highest quality exposure for your property. Follow this advice and you’ll be certain to put yourself in a great position to sell the home!

Understanding real estate can seem daunting but is really pretty simple if you read and follow this advice from Philadelphia Real estate agent Frank L. DeFazio. Frank has extensive background in all types of Center City Real Estate transactions.

Low-Down on Home Mortgages

Low-Down on Home Mortgages

The credit crunch made a huge impact on the real estate market. Amongst many economic challenges, people were also facing immense difficulties in obtaining home loans due to banks enforcing stringent policies and regulations. Despite these challenges, to many, buying a house is a lifetime dream.

A few decades ago, home buyers were required to make a down payment of up to 20% on average. But today despite tough economic conditions, first-time home buyers have better alternatives with programs like the FHA and VA loans that offer low/no down payments.

Types of Low/No Down Payment Loan Programs

A huge segment of the real estate market constitutes first-time home buyers. But, most of them are not aware of the different financing options available to them. Here are some types of loans that are most suitable for first-time buyers looking for a low/no down payment option:

FHA (Federal Housing Authority) Loans: This is one of the best and most popular loan programs for first-time buyers. Since this program requires a down payment of just 3.5%, it is most suitable for moderate income groups. Also a minimal credit score is sufficient to opt for this program. In this loan program, the terms range from 10 to 30 years, and monthly payments are determined based on what the home buyer can afford.

FHA HUD (Federal Housing Authority – Housing and Urban Development) Loans: These loans have been designed for home buyers opting for foreclosures and REO properties which may require repairs or refurbishing. This loan program offers down payment options as low as $100 for those buying bank owned houses or houses that come up for foreclosure. Closing cost assistance up to $2,500 is also offered in this program. The terms range from 10 to 30 years.

USDA (United States Department of Agriculture) Loans: To be eligible for this loan, the household income of the applicant must meet certain guidelines. Also, this program is applicable only if the property is located in an eligible rural area as defined by the USDA. This loan program requires no down payment and no monthly fee for mortgage insurance. While the interest rate is one percent higher than the prevailing rate, in certain areas this program offers 102% financing if eligibility criteria are met.

VA (Veterans’ Affairs) Loans: These loans are exclusively designed for military veterans or their surviving spouses. Under this program, eligible areas are designated by the VA, which are generally small towns or rural areas not near metropolitan areas or commuting areas of large cities. This loan requires no down payment and offers 102.15% financing to eligible applicants. The interest rate on these loans is usually 1% less than the prevailing market rate, and the terms range between 10 and 30 years. The monthly payment on this loan is determined based on affordability. While applicants are required to pay a funding fee of 0-3.15% on their loan at closing, this fee can also be financed.

VA Disability Loan: Another category of VA loan, this program offers disabled veterans discharged from service due to medical reasons are a loan with no down payment. There is no funding fee for this program. However, the interest rates are 2% more than the prevailing market rate.

With so many financing options available, first-time buyers can find one that suits them best. If you are a first-time home buyer, you might want to consider buying REO properties, also known as bank owned properties. These properties are often priced below market value and coupled with low down home mortgages, you might just find the home you are looking for.

Consider An FHA Loan Today

Consider An FHA Loan Today

Many of us take long-term home mortgages as a given today; however, it wasn’t normally that way. Years ago it was pretty probable that if people financed a home, the individual took out their money using a five-year “term” home mortgage loan — and even after that you needed 50 % down payment. Once the 5 years was over, the person proceeded to go and take out a replacement mortgage. At the completion of that particular time frame, you needed to pay the total amount that was due.

But term homeowner loans have got a huge built-in obstacle: They may not be often offered to everyone; particularly if people don’t have a job or if their home values decline. In order to benefit potential homeowners, in 1934, the recently formed Federal Housing Administration (FHA) started offering long-term mortgage loans insured through the federal government. The result was that lots of people could easily get long-term home loans with hardly any down payment.

FHA Homeowner Loan Rewards FHA home mortgages have some pros over standard home loans. Considering that the United States government protects FHA mortgage loans, they often have more lenient qualification requirements, affordable down-payment requisites, and they usually can be assumable. They, in addition, offer home loans to those whose credit score might often disqualify these folks to get a regular mortgage. Also, the interest rate with an FHA mortgage is usually lower for anybody with less than perfect credit history than it will probably be through a conventional homeowner loan solution. The FHA additionally limits fees that can be charged to the customer. For instance, the mortgage origination rate can’t surpass 1% of the loan price.

For these reasons, FHA homeowner loans are very popular with first time consumers. In the event that you are getting turned down from other sorts of financial institutions because of a high debt to earnings percentage or if your credit is not good, you might think of trying to get an Federal Housing Administration home loan, where the requirements are generally missing or perhaps a great deal more versatile.

Specifics of FHA Lending Products FHA home loans do have their potential problems and they are not always for every individual. As an example, the FHA establishes home loan limits to ensure the program helps low to moderate-income families. You might find that with one of these mortgage caps that you have to have to apply for a conventional house loan to purchase your residence.

You should understand that the FHA on their own won’t loan you the funds to get a home and it is not going to set the interest percentage rates relating to the lending products. The FHA is actually covering the mortgage you’re getting. To the amazement of many, the FHA is not at all backed with your tax money. Actually, it is really funded by policy monthly payments. For those who opt for an FHA house loan, you will have to shell out the premiums the FHA levies in supplying the homeowner loan. This ordinarily ensues for your first five years with the loan or up until the debt ratio on your home is approximately seventy eight percent. Typically the numbers vary, so make sure you get an exact depiction if you’re planning on any FHA loan.

Tips to Get One The FHA provides you several kinds of mortgage loans; these include traditional fixed interest rate homeowner loans as well as variable rate financial loans. An item of note about a FHA variable rate home loan is they ensure that the rate of interest on your home loan is only going to change at the most by a couple of % points – no out of the blue shocks that could topple a person off balance economically.

The process of obtaining an FHA home loan is just like trying to get a typical home mortgage. You’ve got to show confirmed proof of your wages during the last 3 years – nonetheless what qualifies as income is relaxed slightly. Items like pensions, social security or alimony, and such count as a source of income using the FHA solution.

Call your local mortgage loan officer to learn more.

Buy Your Own Home With Bad Credit Home Refinance

Buy Your Own Home With Bad Credit Home Refinance

You can quickly apply for a poor credit score home refinance with a a poor credit score score history. The rate is quite less and you can afford it quickly.

Most of the financial institutes check the money score worthiness of people before providing any home loan. In such a condition, it is quite difficult to apply for a financial loan with a a poor credit score score worthiness. In case you have a dream to buy your own home, you need to maintain a healthy credit score worthiness in the financial market. If you aren’t having a favorable credit score score and still want to purchase a home, this would be the right option for you to apply for poor credit score Home Mortgage Refinance. It allows individuals to get a home mortgage loan in spite of having a weak credit score worthiness.

Many people consider it as the right choice in order to come out from the financial problems. The most important function of such Home mortgage is that you can increase the credit worthiness while paying the quantity borrowed. The rate associated with such home loan is quite affordable as when in comparison to other kinds of loans. So you can easily pay the quantity back without any problem. There are certain aspects which need to be taken into account while implementing for the home loan. These are described below.

Reputation of financial institute:It is always recommended to get the home loan from a excellent economical institution that has a healthy standing in the economical market. This would help you to get some top service quality as well as you can easily come out from the economical predicament condition. All financial loan companies don’t offer the home home loan with similar rate and for that reason it is a sensible idea to pick up the help of a excellent financial bank.

Interest rate:Amount of the bad credit home remortgage is one of the significant aspects which need to be taken into account while implementing for a financial mortgage. The best function of such personal mortgage is that it comes with smaller attention rate and a person with regular reasonable classification can easily manage it. It will be a better concept for you to make a evaluation with the attention rate before implementing for one. This can be the best place to check out online because this would provide the right versatility to choose the right cope.

Credit worthiness:In case you are having a bad credit rating, this becomes quite important for you to look forward for such an option which can allow you to increase the credit score. Poor credit home Mortgage refinance allows the borrowers to enhance their credit score health while repaying the amount borrowed. It is always advisable to maintain a favorable credit score score because this would help you to get the home loan without any problem.