You’ve probably heard about land trusts and how they can benefit you as an investor, but do you know the reasons why? Below are some of the top questions and answers pertaining to land trusts that will help you when deciding whether or not this option is right for you. Read through them carefully before making any big decisions.

The question that should definitely be answered here is what is a land trust? A land trust is a simple document detailing an agreement between the trustee and beneficiary that is designed to keep the land owner’s name off public records. This is so the public cannot access information about the identity of the owner. A tax I.D. number is not given to the land trust itself, but instead is provided to the “beneficial interest”. The “beneficial interest” could be a person or entity. This keeps just anyone who is simply curious from seeing exactly what you, the investor, actually own.

Question #2, why would you want a land trust? This is a great question to answer if you really aren’t concerned with who knows what types of property you own and how much. Still, there are times when people wish to gain access to information for reasons other than simple curiosity or to find a particular piece of property. Let’s face it, anyone wishing to buy a property from you will have most likely seen the signs or ads and know how to contact you directly concerning the possible sale. Other people, such as those wishing to delve deep into the personal information of others can conduct simple Internet searches to find out just how many properties you own and their exact locations. These aren’t necessarily people who have a vested interest in doing business with you the investor. This does not mean those searching for the information have any intent to do harm, but it does mean your privacy is compromised. Just think of the vast amount of information available via the Internet on people now as it is. It isn’t that you don’t want people to know about your properties. You do want them to if they are looking for one to buy. If not, you may wish to keep the rest of your personal and public life as out of reach as possible. This may be especially relevant with all the concerns about identity theft and other issues that can compromise one’s privacy and quality of life. Simply put, owning a land trust just keeps less information  available to the public and you safer as a result.

Finally, can you own several land trusts? The answer to this question is yes. You can own several properties without making your name public on them. Taxes are still reported, but this is done by the beneficiary of the agreement. Many investors choose this method to maintain some anonymity and still sell properties.

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Selling your home can be one of the biggest decisions you make.  Knowing what it takes to properly list your home will help you successfully sell your home.  Ensuring that your home is desirable and appealing is the best way to ensure that your home sells and gets the price you were asking.  Buyers are more likely to purchase a home that appears to be well-taken care of rather than a home that appears to need some work.  We’re going to offer you some helpful tips for making your home more appealing to buyers.

If you’re like many of us and are on a budget, you will need to make small improvements that will enhance the appeal of your home.  These improvements don’t need to be large; they can be as easy as painting the exterior of your home or some of the larger interior rooms of your home.  Fresh paint makes your home look cleaner and shows that you have taken the time to care for your home.  If it is within your budget, you may also want to consider painting as many rooms as you can.  Fresh paint can go a long way in attracting buyers.

Before listing your home you should also clean it from top to bottom.  Nothing turns a buyer off more than an unappealing odor or having to walk through piles of clutter to view the home.  This will also provide you with the chance to go through all of your belongings and clear out anything that you no longer use or need.  Not only will this make your home less cluttered, you will also end up with less to move.  Presenting buyers with a freshly cleaned and well-smelling home can go a long way in influencing their decision to buy or not.  During the cleaning process if you happen to notice any gaps or cracks in walls or windows you should repair them.  This will give buyers fewer things to focus on that wrong than what is right with the home.

Prospective buyers also base their decision on how well take care of the yard is.  If they are presented with a lot of overgrown trees or bushes that they will need to take care of once they purchase the home they may decide it is not worth all of the extra work.  By spending a weekend working on the yard, you can help alleviate any problem areas.  Be sure to properly trim any overhanging trees and bushes.  This will provide your home with a manicured look that many buyers find appealing.

Selling your home right now is not impossible, with a little work and attention to detail you can ensure that your home is one of many that realtors are happy to show to prospective buyers.  If you take the time to remedy any problems before any potential buyers visit your home you are more likely to be successful when selling your home.

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Once a buyer and seller have reached an agreement but prior to escrow a preliminary title report should be reviewed.  It’s not a very exciting document to read, but it is something that you should give your full attention to because it can be one of the most important documents a buyer will receive.  There are three key areas that a buyer needs to pay close attention to when reading a preliminary title report.

The first thing in your title report that you should pay particularly close attention to is the legal description.  The legal description is a description of where exactly the property is located and the boundaries of the property.  If you have purchased a condo the legal description of the unit should the property’s interest in any common areas and any exclusive or non-exclusive easements.  It should also provide you details about parking or any storage space that is included in the property. 

The next important part of a title report is the section that pertains to property taxes.  Property taxes are commonly referred to on a title report as the primary lien.  If the previous owner owes any outstanding property taxes it cannot be transferred to a new owner until the outstanding taxes have been paid either to the city or county where the home is located.  It is also required that any outstanding tax balance be paid before any other debt holder on the property receives their payment.  In order to ensure that the transfer of property goes smoothly, you should ensure that according to the title report all taxes have been paid on the property.

The final area that should get thoroughly read is the section referring to mortgage liens.  Information regarding mortgage liens can typically be found under the property tax section.  Lien holders are commonly listed according to how much money is still owed.  When the sale of a house closes all of the liens on the property must be paid in the order in which they appear on the title report.  If the home was a short sale, there will not be enough money to satisfy all of the outstanding debt which will leave one or more lien holders shorted.  For a short sale to close, the lenders who will be shorted must agree to the lesser amount that they will receive.

As the buyer of a home it is important that you thoroughly read the preliminary title report.  In order for the closing to progress problem free it is important to discover any potential problems before it is too late.  If you do not understand a section of the title report, you should ask your real estate agent for help or consult a real estate attorney.  

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Whether you own a family home or you are a real estate investor, making the decision to rebuild or remodel can be a difficult one. When you have a property that needs a lot of work it becomes necessary to make a decision. Do you knock it down and rebuild from scratch or remodel the entire home to make it suitable for living or resale? Regardless of how you may have come into such a property, there are many things to consider carefully before making this decision.

The key is to choose the option that is going to give you the most return on your money, and that is going to make the most financial sense overall. You also want to consider the needs of your family if it is a family home. Consider the property value without the house on it. Is it worth it to rebuild completely? Consider also the cost of remodeling. Would it be that much more expensive to start from scratch?

There are some other things to consider as well. How much remodeling needs to be done? If walls need to be removed or repaired, plumbing needs to be completely redone, or floors are uneven, it may make sense to start over and rebuild. If the foundation is going to need to be repaired in addition to other major remodeling, you definitely want to consider rebuilding. It costs a lot of money to repair a foundation, if it can be repaired at all. If you want the home to last many years to come, this is an important consideration.

In general, if the remodeling is going to cost nearly as much as rebuilding from scratch, you may be better off doing just that. However, at the same time you do not want to jump to that conclusion. If a home is livable but needs some tender loving care, it may make more sense to remodel one room at a time than to boot yourself out of your own home in order to rebuild. It is easier to live without one room than an entire house. In addition, if something needs to be remodeled that requires you to leave the home, you may do so for a few weeks rather than several months.

Overall, you want to do what makes sense for you and your family if you are looking at a family home. If you are a real estate investor, you want to go for the decision that makes the most financial sense. If you can resell or rent for a higher price by rebuilding, then it makes sense to take that route. However, if the housing market only supports so much value, it would then make more sense to take the less expensive route of remodeling.

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Making that first real estate purchase may seem like a far off dream, especially if you are a young, newlywed couple or a recent graduate. However, it is possible for most people. Unless you are blessed with a large amount of ready cash, the process begins with saving.

You will need to gather the money for a down payment, loan processing fees and hiring your own house inspector. Smart budgeting can make it possible for you can come up with enough money to accomplish all this. Here are a few keys to success in making it work.

1. Determine your baseline.

You cannot understand how to manage your budget until you know what you are currently doing. Start by charting your current year’s spending. Go through your records and sort out what you spent on housing, groceries, utilities, clothing, work-related expenses, insurance, recreation and any other categories where you spend your money. Make your chart clear and understandable so you can refer to it later.

2. Identify the easiest areas where you can cut the fat from your current spending.

Possible examples might be groceries, recreation and clothing expenditures. Put these at the top of your list of costs to cut.

3. Plan specific ways to cut the most easily lowered costs.

Think about how you can lower each of the most flexible bills you have identified. Can you clip coupons or shop the sales to cut down on grocery costs? Can you buy less expensive clothing or make more classic and versatile clothing purchases that will not go out of style quickly? Can you eat out less often, or take fewer or less extravagant vacations? Make your plans realistic so you can stick to them.

4. Research ways you can possibly lower the less flexible expenses.

Shop around for less expensive insurance that will give you equivalent coverage. Look at ways to cut work-related expenses like transportation. Medical expenses are also difficult to manage at times, so if you can live a healthy lifestyle you may be money ahead.

5. Take on your utility bills.

Consider how you might lower your utility bills. Many communities offer a service where they evaluate your home for energy efficiency and give you tips on how to lower your bills. Take them up on the service. Turn down the furnace, turn up the AC and stop all your water leaks. Your utility bills will likely go down considerably.

When you have evaluated your situation fully, put your plan into place. If there is any waste in your budget at all, you can root it out. With a newer, leaner money plan, you can save the money for your first home quickly, easily and fairly painlessly.

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Choosing the right realtor to work with you while you are buying or selling a home is an important step.  It is important that you choose someone who knows what you are looking for and who can get you the best deal for your home.  We are going to offer you some important tips for choosing a realtor who is right for you.

• Research – Doing some research prior to choosing a realtor can go a long way in ensuring that you choose the right one for you.  You may want to drive through an area you are interested in to determine if there one realty company that is more dominate than others.  You should also find out how fast the houses listed by these companies stay on the market.  If they are moving relatively fast, then you can assume that the company is reliable and knows how to successfully sell a home.  You may also want to visit some open houses and get a feel for the realtors who are running them.  You can tell a lot about a realtor from visiting an open house.
• Read Reviews – There is hardly a realtor doing business today that doesn’t have a website.  On many of these company websites or other realty websites you will be able to read reviews of customers who have personally worked with that realtor.  By reading these reviews you will be able to determine quite a lot.  If the realtor has nothing but positive reviews you know that they were greatly liked by all of their customers.  If you find a realtor with quite a number of negative reviews you will probably want to steer clear of them.
• Meet With More Than One Realtor – Buying or selling a home is one of the biggest decisions you can make which is why it is important to take the time to interview multiple realtors.  You should look for a realtor who has a great deal of knowledge about your area who also is experienced in the buying and selling process.  Choosing a realtor who is knowledgeable about everything involved in the process will also be of great importance.  The more they know about the process the better prepared they will be to help you.
• Ask Questions – Don’t ever feel intimidated by a realtor.  Always ask questions about their experience, how many homes they have sold, how they plan on searching for homes, how many homes can you expect to see per outing and how do they handle multiple offers.  These are all important things that you need to know before choosing a realtor to work with you.

Buying or selling a home is huge step, it is important that you take the time to choose the realtor that will help you to the best of their abilities.  Choosing the wrong realtor can make the entire process stressful and unpleasant.  You are going to be spending a lot of time with your realtor, so choose someone that you feel comfortable working with.

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Deciding to sell your home is one of the biggest decisions you can make.  Many buyers today are looking for homes that are move in ready.  If your home is need of some repairs, you may want to make then to ensure that your home doesn’t sit on the market for months.  The more appealing your home is to potential buyers the faster you will be able to sell it.  Below are some helpful tips that can help you sell your home quickly.

• Hire An Inspector – Hiring an inspector to perform a pre-sale inspection will show you any problem areas that can stop a sale down the road.  The inspector will provide you with a list of problems that you may want to fix before listing your home.  The inspection will also alert you to problems that a buyer’s inspector may find later, it is better to be proactive and take care of the problems now rather than later when it may cost you a sale.
• Get Estimates – If your inspection shows some problems that may be above your skill level to repair you should get estimates from contractors who can properly fix the problems.  If you decide to list your home for sale without making the repairs, the estimates you obtained can help the buyer determine if it is in their budget to make them in addition to purchasing your home.  During this time you should also locate instruction manuals, warranties and guarantees for any appliances that you are including in the sale as well as air conditioning units and furnaces.
• Fix The Minor Stuff – If your home is need of some minor repairs that will likely improve the chances of it selling you should make them.  It is recommended that you take care of as many minor problems as you can.  These can include fixing loose drain pipes, torn screens, doors that stick and leaky faucets. 
• Remove The Clutter – You should remove all of the clutter that is commonly found on countertops and tables.  You should also empty your closets of items that are not currently in use.  By providing buyers with a clutter free home it will be easier for them to imagine their belongings in the home.
• Clean The House – While this may seem like a natural thing to do when selling your home you would be surprised by how many people don’t do it.  Presenting a clean house will make a strong first impression that you have taken good care of your home.  This should include washing the windows, shampooing carpets and drapes, cleaning the light fixtures and baseboards.  You should also clean the floors well and go over all of the appliances. 

Buyers like to look at homes that are appealing; by performing some of these steps you will greatly increase the odds of your home selling quickly.

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Getting approved for a mortgage has become increasingly difficult in recent years due to the state of the real estate market.  It is estimated that lending standards will continue to remain strict in 2012, while the process of getting approved for a loan may be difficult it is not impossible for you to obtain a mortgage at an acceptable rate.  If you are prepared and know what lenders are looking for you will have no trouble acquiring a loan.

• Know Your Credit Score – Good credit is one of the most important things needed to acquire a mortgage.  Request copies of your credit report from the three credit reporting agencies.  If you notice any errors or outstanding balances you should take care of those items before applying for a home loan.
• Plan Ahead – Every mortgage lender requires certain documents when applying for a mortgage.  Gathering these documents now can help save you valuable time later.  You will need to have your last two pay stubs, w-2’s, income tax returns and bank statements.
• Create Your Budget – Don’t leave your budget up to your mortgage broker.  Although you may be approved for a high loan that doesn’t mean you need to buy a home at that price range.  You know better than anyone how much you can realistically afford. 
• Shop Around – When looking for a mortgage it is just as important to find the right loan as it is to find the right house.  You should take into consideration closing costs, points and the type of loan you are getting.  These are all important things to consider when choosing which bank to go with.
• Don’t Procrastinate – Once you have submitted your loan application to a lender you have a short amount of time to supply any other documents necessary to approve your loan.  If you take too long to hand over these documents you may end up blowing the deal.  Whenever a bank requests something from you supply it as soon as you can.
• Maintain Your Credit – Once you have been approved for a home loan you should still keep your credit rating at the same level.  To do this do not apply for any new credit cards or lines of credit, these can affect your credit and may cause the lender to change their mind about your loan.
• Consider Refinancing Without The Closing Costs – To save money when refinancing your home loan you should consider the option of refinancing without closing costs.  This will allow you save money on closing costs while adding a few extra dollars to your monthly payment.  This is a great option for those who may not be able to come up with money required at closing.

These are only a few steps you can take to help save money during the course of acquiring a home loan.  If you are considering applying for a home loan these are some of the most important things you can do to help improve your odds of being approved.

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Buying a home can be an expensive venture, and there is no doubt that anyone preparing to purchase their first home understands this fact. However, most first time home buyers are not aware of all of the up front costs of buying a home. They know there is a down payment and something called closing costs, but what those costs are and how much they might be are beyond them. In addition, there are other up front costs to buying a home that many first time home buyers are completely unaware of until they get involved in the process. It is important to understand all of the costs associated with this type of investment so you can be prepared and have enough funds on hand to cover all of the expenses.

Of course, the biggest up front cost you will have is your down payment. The down payment is usually a minimum of three to five percent. You can opt to make a larger down payment of ten or twenty percent to get a lower interest rate or better terms. So, if you are buying a home worth $200,000, your down payment will be around ten grand.

The next bit of costs that everyone seems to hear about but barely understand is closing costs. Closing costs are costs associated with getting the loan to buy the house. These fees vary depending on the lender and the terms of your loan. There is really no way to know exactly what fees will be associated with the closing costs until you are involved in the process. All of the closing costs will be disclosed to you before the finalization of the sale. Additionally, closing costs must be paid before the sale is final.

There are a few other fees that you should also be prepared for. You will have to get an appraisal, a home inspection, a credit check, and a title check. All of these services come with a fee. In addition, you have to get insurance on the home prior to the closing of the sale, which means more out of pocket funds.

Altogether, between these fees and the closing costs, the cost of buying a home can add up quickly and catch a new home buyer off guard. It is important to be prepared for all of these costs. To be prepared for closing costs and other fees, you should have about two to four percent of the purchase price of the house for closing costs and other up front costs. So if you are buying that $200,000 home, you will want at least four thousand dollars saved up for the other up front costs of the home purchase. 

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The android smart phone is ubiquitous. It seems everyone is upgrading their older model phones so they can carry the newest technology in their pocket. And people are getting smarter about how they use their smart phones. While games will always remain a hot product, eventually people have to get back to work and focus on the task at hand. And when that task includes buying a home, here are some suggestions for the top real-estate related apps.

Glossary Real Estate Terms: This application will be useful by anyone who is involved with a real estate transaction. It is a comprehensive dictionary of real estate terms that is easily accessible. (Cost: Free)

Housing Loan Calculator: Trying to figure out what payments on a mortgage will be is easier for people with this app. Users can check their estimated monthly mortgage rate at any point in the buying or negotiating process. Use this app to help you configure the cost of a home mortgage. (Cost: Free)

Realtor.com: With this app, users can quickly find available houses in their area. It is updated every 15 minutes if the user has an active data connection. Houses viewed on the app can be saved and viewed later on a computer. (Cost: Free)

Google Maps: A priceless app that does not cost a penny! For people who get lost easily this app can point you in the right direction quickly. The interface is simple to use, especially for users accustomed to using Google Maps online. (Cost: Free)

Craiglist: It might not seem an obvious app to be included on a real estate list, but since Craig’s List includes home listings, it is a perfect fit. Utilize this app for finding homes that are not on a real estate agents radar. And then, once the house has been bought, app users can search for appliances and furniture to fill the house. (Cost: Free)

Real Estate by Smarter Agent: At first glance this looks like just another app for finding homes for sale. However, this app is set apart by the ability to search for sold homes as well. It is helpful to know what the neighborhood’s average sold home price is before an offer is made. (Cost: Free)

USHud Property Search: A free listing of foreclosures that one can browse on the go. Sounds good! Find distressed or ROI properties that might be available for a quick sale or a short sale. (Cost: Free)

There are other free Android real estate apps available and just as consumer should be smart when they shop for a home, so should they be smart when they download apps. Always check the current ratings and optimizations for each app to be sure it will work with the intended phone.

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