Dallas Appraiser L.L.C. wants your help and commentary on our Real Estate Blog
Bathroom Design Strategies That Increase The Value Of Your Home
by Dallas Appraiser L.L.C. on 11/30/14
Title:
Bathroom Design Strategies That Increase The Value Of Your Home
Word Count:
833
Summary:
After tallying up the results from its recent bathroom survey, Plumbworld.co.uk, the largest independent online retailer of bathroom and plumbing products, has flushed away myth from truth to reveal what really makes a splash in the bathroom.
keywords: #Real_estate_appraiser, #Dallas, #Tarrant, #Johnson, #Dallas, #home_appraiser, #home_appraisal, #Property_appraiser, #home_value, #real_estate_appraisal, #Appraisal, #Appraiser, #Home_size, #casa, #Arlington_Tx, #Mansfield_Tx, #foreclosure, #property, #Home, #House, #Real_Estate, #Measure, #house_size, #DFW, #square_footage #what_is_my_house_size, #house_list_price, #decide_list_price, #value, #For_sale_By_Owner
Article Body:
When it comes to adding value to your property, the experts in real estate will agree that to capitalize in the bathroom and kitchen almost certainly guarantees profitable returns.
If you're considering making your home appealing to potential buyers, then one of the first places to start is in the bathroom. With countless accessories and appliances on the market, making a decision that will ultimately allow you to reap the rewards is daunting.
When it comes to bathroom design, what is it that most people really want? Would choosing a spacious whirlpool bath above a traditional bath be financially beneficial in the long haul?
Wouldn't designing your bathroom be a much easier task if you were armed with a guideline of what tickled the fancy of potential homebuyers? If you're going to design your bathroom get it right the first time round to avoid flushing away hard-earned pounds.
Hello simplicity
From as far back as the 1960s much focus was placed on bold color in the bathroom. Patterned wall tiles of nautical creatures and over-the-top colors were the trend, along with plastic. Plastic bathroom dÈcor was the craze, from bold orange, olive green, mustard yellow and chocolate brown colored toothbrush, soap and towel holders, to thick patterned plastic shower curtains that screamed colors of the boldest nature.
As the times moved on, the 1970s and early 1980s became a period when gold bathroom fixings and furnishing, such as taps, towel rails and toilet roll holders, were considered very stylish. These ostentatious gold trimmed features were all the rage, and bathroom dÈcor was 'loud'. Added to this were those once delightful bathroom suites in colors avocado, coral pink, and chocolate brown. Bathroom color has changed dramatically over the past decade, and shades have become more neutral, sometimes with a hint of color that adds a complementary vigor to the overall scheme.
Of the many hundreds of people who took part in Plumbworld's recent bathroom survey, an overwhelming 82 per cent said they ‘hated’ the once glorified avocado and coral pink bathroom suites, colors remnant of 1970s and 1980s, which are typically characterized as being dark and dull.
According to the survey, chrome bathroom taps were much preferred to gold.
So, when designing and decorating your bathroom keep those dark colors at bay, consider white suites, and opt for chrome fixings and furnishings instead of flashy gold.
Shower power
When planning the design of your bathroom, one of the most important aspects to consider is placing a shower. Some bathrooms don't have adequate space to include a shower cubicle, so assess your options. Consider installing a shower over the bath if space is limited.
The survey showed that 94 per cent of its participants believed that a shower in a bathroom was very important, and 81 per cent said they preferred a separate shower enclosure in a large bathroom. Almost 65 per cent said their ideal would be a power shower, while 27 per cent preferred mixer showers, and only 12 per cent opted for electric showers.
If you have chosen a shower over the bath, then think about placing a fixed glass screen instead of a shower curtain. It may cost a few extra pounds, but more than half of the survey's contributors preferred a fixed glass screen to a shower curtain.
Choosing your bath tub
Contrary to common belief, adding a whirlpool bath to increase property value doesn't always do the trick. So if you're contemplating selling your property, try to avoid purchasing a whirlpool bath in the hopes of gaining additional profit.
The survey revealed that close to 53 per cent of its participants were not phased by them, while only a small 38 per cent of participants ‘loved’ them. Surprisingly, 62 per cent said they had ‘no strong view’ towards corner baths either, which means the traditional rectangular baths still hold clout against their spruced up counter parts.
Bathroom flooring
Try to avoid the urge to place carpets on the bathroom floor, according to the survey it is not too favored. The survey showed that the preferred floor covering was tiles, with 75 per cent saying they ‘loved’ a tiled bathroom floor. Popular vinyl flooring has not yet lost its place in the bathroom, with more than 61 per cent saying they didn't have any strong likes or dislikes towards it.
When choosing your bathroom flooring, tiles is the favored option, but if the budget is tight, then vinyl flooring won't let you down.
Apart from the flooring, make sure your windows look appealing. When it comes to dressing your bathroom windows, steer clear of those bathroom nets and fabric curtains. The survey showed that 94 per cent said they favored blinds in the bathroom to curtains.
Keep it clean
If you are planning to put your home on the market, inspect your bathroom for those small generally unnoticed flaws, like mould on the silicone sealant around the bath, and even on your shower curtain if you have one. Potential homebuyers may notice these small faults, which could send then running!
Beginners Guide to Flipping Houses
by Dallas Appraiser L.L.C. on 11/30/14
Beginners Guide to Flipping Houses
keywords: #Real_estate_appraiser, #Dallas, #Tarrant, #Johnson, #Dallas, #home_appraiser, #home_appraisal, #Property_appraiser, #home_value, #real_estate_appraisal, #Appraisal, #Appraiser, #Home_size, #casa, #Arlington_Tx, #Mansfield_Tx, #foreclosure, #property, #Home, #House, #Real_Estate, #Measure, #house_size, #DFW, #square_footage #what_is_my_house_size, #house_list_price, #decide_list_price, #value, #For_sale_By_Owner
Flipping houses is becoming big business in the world of real estate investment. Unfortunately it takes all kinds of 'flippers' to make the world go around and some of them aren't nearly as conscientious as others. If you are going to get into the business of flipping houses and want to make a living, and build a good reputation, for producing quality results you need to see to a few details throughout the process.
1) Do what needs to be done. Don't cut corners and create situations that will put the family that purchases your home in personal or financial risk. You want to create a safe home for the family or person that ultimately makes the purchase. You do not accomplish this by taking shortcuts and using shoddy workmanship.
2) Avoid spending money that doesn't need to be spent. By this I mean don't spend money creating more work. Many people do this by deciding to tackle additions, rip out walls, or changing floor plans. These kinds of changes are best left to the buyer unless they will significantly improve the asking price you can bring in on the house. Otherwise spend the bulk of your money in kitchens and baths where they are best known for bringing in bigger profits.
3) If it ain't broke don't fix it. There is a lot of wisdom in this age-old saying. There is no reason to go in and fix something that doesn't need to be fixed unless doing so will improve the value of the house to its buyers.
4) Always work within a budget. Most people set a budget when planning to flip houses but very few manage to work within that budget. This is the difference in making the profits you anticipated and putting the entire project at risk.
5) Create a home that the buyer will want to live in not the home that you will want to live in. You should never flip a house or design a flip according to your tastes; it is a recipe for disasters in more ways than one. First of all, it is unlikely that buyers will be able to afford it. Second, it sets you up for hurt feelings if a potential buyer rejects any small details. Third, it often raises the price you must seek for the property in order to cover the increased costs of decorating and designing according to your taste. Finally, it often leads to unnecessary expenses, which defeats the purpose of a quick flip type of project.
6) Time is money. Remember this in all things. The more time it takes to do the flip the more money it's going to cost and the less money you are going to make. Plan small changes that have a big impact and can be done quickly to get the most out of your flip.
7) Never attempt a champagne flip unless you have a champagne budget to back it up. Just as flipping above the market is an unwise move it is equally unwise to flip a property beneath your target market as well. Do not attempt to flip a house in an upscale neighborhood if you can't manage the upscale building supplies and appliances that will be needed in order to make it a success.
While these aren't guarantees for success they are solid advice that will minimize the risks you face when flipping properties.
Tips for a Smooth House Purchase this #Thanksgiving
by Dallas Appraiser L.L.C. on 11/27/14
Tips for a Smooth House Purchase
keywords: #Real_estate_appraiser, #Dallas, #Tarrant, #Johnson, #Dallas, #home_appraiser, #home_appraisal, #Property_appraiser, #home_value, #real_estate_appraisal, #Appraisal, #Appraiser, #Home_size, #casa, #Arlington_Tx, #Mansfield_Tx, #foreclosure, #property, #Home, #House, #Real_Estate, #Measure, #house_size, #DFW, #square_footage #what_is_my_house_size, #house_list_price, #decide_list_price, #value, #For_sale_By_Owner
Making the decision to buy your own home
can be one of the most stressful but rewarding choices of all. If you’re a
first time buyer, the entire process can seem very intimidating. A few common
sense tips can help you ease your way through it much easier.
First off, go visit your local library and
borrow a few books on basic real estate principals. Make a sincere attempt at
learning the jargon associated with the real estate process, so once you’re
sitting in a meeting with a seller, a real estate agent and a bank officer,
you’ll have a better idea of what everyone is talking about.
Second, know what the difference is between
“pre-qualified not pre-approved”, “pre-qualified” and “pre-approved”. Sound
confusing? It can be. It all relates to how serious of a buyer you are. If
you’re “pre-approved not pre-approved” it simply means that you have given a
letter to a potential seller that you can afford their property. It’s nice, but
it doesn’t mean much. If you’re “pre-qualified” it means that you have a letter
from a mortgage broker saying what he thinks you can afford. This is better
than not having a letter, but you can do better still. If you’re “pre-approved”
it means that you not only have a letter from a broker, but everything in the
letter was shown to be true by a lender and most of the work for a loan has
already been done. You’ll have a MUCH better chance of getting the house you
want if you’re “pre-approved” than if you are only on one of the other stages.
Choose the right lender. One of the phrases
you’re bound to get sick of hearing when you’re thinking about buying a home
is, “do the research!!” This can’t be emphasized enough since banks offer
different rates across the board. The more banks you visit, the better the
chances are of you getting a better deal.
Make sure that you plan for possible delays
in processing. Any business that deals in red tape is going to have problems
getting things done on time. Real estate purchases are no different, so make
sure you factor these likely problems into your plans.
While none of these tips are fool proof,
they can help you through a very stressful time. No doubt you will still have
times where you feel like putting your fist through a wall, but a little common
sense goes a long way when dealing with real estate, and the more you know, the
better off you’ll be.
Tips For Property Sellers
by Dallas Appraiser L.L.C. on 11/27/14
Title:
Tips For Property Sellers
Word Count:
422
Summary:
For the last five years, you could pretty much list a property on the market in any condition and have it sell. That is no longer the case, which means you need some tips.
keywords: #Real_estate_appraiser, #Dallas, #Tarrant, #Johnson, #Dallas, #home_appraiser, #home_appraisal, #Property_appraiser, #home_value, #real_estate_appraisal, #Appraisal, #Appraiser, #Home_size, #casa, #Arlington_Tx, #Mansfield_Tx, #foreclosure, #property, #Home, #House, #Real_Estate, #Measure, #house_size, #DFW, #square_footage #what_is_my_house_size, #house_list_price, #decide_list_price, #value, #For_sale_By_Owner
Article Body:
For the last five years, you could pretty much list a property on the market in any condition and have it sell. That is no longer the case, which means you need some tips.
Tips For Property Sellers
In recent years, selling a property was a breeze. As long as the structure was in any kind of decent shape, you could expect offers to rain down when it hit the market. Sometimes, you would close the sale before the property ever hit the market! To say it was a sellers market is a slight understatement.
As was inevitable, the real estate market has cooled off a bit. From a historical perspective, it is still red hot although not as hot as the last few years. As a seller, this means you need to start focusing on the fundamentals of selling your property. The following tips should get you focused.
Purchasing a property is an emotional decision. To this end, you need to position yours to captivate potential buyers. In this case, this means giving it a makeover. For instance, you should:
1. Cut back the forest known as your yard.
2. If your landscaping isnít that great, spend the money on new plants to make it look appealing. The buyer has to see themselves living in the property, so make it a paradise.
3. Clean the roof and fix any loose shingles, etc. Buyers and appraisers always look at roofs closely.
4. Clean up any paint issues on the interior of the property including behind doors, in closets and so on. This may sound odd, but buyers will look in every little cranny.
5. Clean up any paint issues on the exterior of the property. Obvious spots include the sides of the home and behind any plants that sit up against the wall.
6. Clean your driveway and garage floor. Nasty oil spots take away from the appearance of your gem. A super clean driveway and garage floor is a sign of a seller that has made a major effort to maintain the property, a factor buyers will view very favorably.
7. Finally, list it for sale on the Internet. A vast majority of buyers now surf the web looking for their dream residence. If your property isnít listed, they will not see it.
At the end of the day, all of the above boils down to one real theme. What would you look for if you were out shopping for a property? Make a list and then analyze your property with an eye towards those items.
Tips For The Unexpected Landlord
by Dallas Appraiser L.L.C. on 11/27/14
Title:
Tips For The Unexpected Landlord
Word Count:
430
Summary:
In the advent of the sub prime mortgage crisis many homeowners are opting to rent properties as opposed to trying to sell in this unstable and already saturated market. But, land lording involves some savvy, so listen up and heed some valuable advice, before diving into the world of renting and leasing your home.
keywords: #Real_estate_appraiser, #Dallas, #Tarrant, #Johnson, #Dallas, #home_appraiser, #home_appraisal, #Property_appraiser, #home_value, #real_estate_appraisal, #Appraisal, #Appraiser, #Home_size, #casa, #Arlington_Tx, #Mansfield_Tx, #foreclosure, #property, #Home, #House, #Real_Estate, #Measure, #house_size, #DFW, #square_footage #what_is_my_house_size, #house_list_price, #decide_list_price, #value, #For_sale_By_Owner
Article Body:
In the advent of the sub prime mortgage crisis many homeowners are opting to rent properties as opposed to trying to sell in this unstable and already saturated market. But, land lording involves some savvy, so listen up and heed some valuable advice, before diving into the world of renting and leasing your home.
Number one, take note that you're not the only one is this position, so don't immediately assume it'll be easy as pie and that you'll fetch a pretty penny in terms of your rental income. The reality is that in 2005 and 2006 when money flowed like Italian table wine, well everyone had the same idea to get rich fast through real estate. Today, these folks are your competitor landlords and it's dog eat dog out there. With all this competition, there's a lot on the market and rental prices are being driven steadily downward.
Because of this competitive market, if you want to ensure your place gets rented and stays rented for a while, then your going to have to price right- and in most cases this means under pricing your rental property. So keep a close eye on similar rentals in your area and be prepared to bite the bullet and offer yours at a bit less than everyone else's. You want to be the dog with the bone, right? So, jump through the right hoops Bo Bo...
Make sure you meet your prospective tenants and do a proper walk-though with them to take stock on the condition of the property and to go over the terms of the lease. Of course, you'll also want to check up on their credentials and credit history. Be absolutely thorough with this. Ask for references, both professional and personal and then call those references. You'll want to use your instinct as well- but some hard and fast research is necessary to ensure these new tenants will be good custodians of your property.
When contemplating the idea of renting you must understand that there are still costs associated with renting a property. In many cases you won't always be able to charge as much as your monthly mortgage payments, so be prepared for that shocker. Also factor in maintenance fees, insurance, the cost to make ready and to clean-up/repair when the tenant moves out. Likewise, if you use a rental agency this is another substantial cost to factor in. At the end of the day, you'll want to compare these costs with the cost of selling your home and decide whether or not it's actually worth it to rent.
Use Local Market Forecasts and Location Analysis to Secure Maximum Profits when Selling a Home
by Dallas Appraiser L.L.C. on 11/25/14
Title:
Use Local Market Forecasts and Location Analysis to Secure Maximum Profits when Selling a Home
Word Count:
489
Summary:
Secure maximum profits when selling your home with two amazing tools, a local market forecast and a location analysis....
keywords: #Real_estate_appraiser, #Dallas, #Tarrant, #Johnson, #Dallas, #home_appraiser, #home_appraisal, #Property_appraiser, #home_value, #real_estate_appraisal, #Appraisal, #Appraiser, #Home_size, #casa, #Arlington_Tx, #Mansfield_Tx, #foreclosure, #property, #Home, #House, #Real_Estate, #Measure, #house_size, #DFW, #square_footage #what_is_my_house_size, #house_list_price, #decide_list_price, #value, #For_sale_By_Owner
Article Body:
Before listing a home for sale in the marketplace, you can discover the home's true value by obtaining a location analysis and local market forecast. A home's value can be much greater or less than the perceived value based on its location and other factors. It's a good idea to find out the home's true value beforehand so you'll get the best possible price for your real estate.
Local Market Forecast Explained
A local market forecast bases a home's value on changing local conditions, in the past and the projected future. There are many factors that are considered in a local market forecast. Some of these include local economy, employment levels and job growth, business development in the area, regional politics, schools, and many other factors. A local market forecast also includes price estimates in which pricing for single-family residences, townhouses, and condos are combined in a median price for the local area.
No matter where you live in the United States, you can now obtain a local market forecast online for most cities. This allows you to protect your real estate investment by asking a realistic price when selling.
How a Location Analysis Works
A location analysis reveals how well your home for sale fares in its location. Homes may be located on a busy highway, a country road, or on a quiet suburban cul-de-sac. The home might be near a railroad track, factory, or near a company that releases certain chemicals into the air. It might be near a regular farm or turkey farms that cause unpleasant smells in the air. There are many factors to consider about a home's location before determining its actual market value.
A location analysis looks at where your home is located and analyzes it according to other homes located in similar areas. For instance, if your home is located near a chemical plant, you can compare the market value to other homes in similar neighborhoods near chemical plants. The value of the home might be less even if it's larger in size and better kept than other homes on neighboring streets.
Location matters greatly. Cities where the general value of real estate is going up will often contain neighborhoods where the value of homes is going down. There are hundreds of variables considered in a location analysis to come to an accurate and fair selling price when selling your home.
Other things that are considered in a real estate analysis include city and neighborhood population, sales trends, average household income, property vacancies, recent sales, and many other factors.
Obtaining a location analysis is easy online for many neighborhoods across the United States. It helps you analyze the past, present, and future of real estate in your area with the click of a mouse. Whether you're a real estate agent or the home's owner, you can be sure that your home is not overpriced or under priced using these two helpful tools.
What really happened in 2007-2008 and how could some of the precursors be identified before the fall in REAL ESTATE VALUES?
by Dallas Appraiser L.L.C. on 11/25/14
Title:
What really happened in 2007-2008 and how could some of the precursors be identified before the fall in REAL ESTATE VALUES?
Word Count:
504
Summary:
A market price of any product is determined by several factors. In real estate industry, the price of a house is always vulnerable to faltering financial conditions of the market.
keywords: #Real_estate_appraiser, #Dallas, #Tarrant, #Johnson, #Dallas, #home_appraiser, #home_appraisal, #Property_appraiser, #home_value, #real_estate_appraisal, #Appraisal, #Appraiser, #Home_size, #casa, #Arlington_Tx, #Mansfield_Tx, #foreclosure, #property, #Home, #House, #Real_Estate, #Measure, #house_size, #DFW, #square_footage #what_is_my_house_size, #house_list_price, #decide_list_price, #value, #For_sale_By_Owner
Article Body:
A market price of any product is determined by several factors. In real estate industry, the price of a house is always vulnerable to faltering financial conditions of the market. The housing sale is the most influencing factor in determining its price. In recent times, the wavering housing sale is being expected to leave a deep trace in housing price.
The recently published House Price Index report of Office of Federal Housing Enterprise Oversight (OFHEO), declares that there is price appreciation of 0.5% higher than the fourth quarter of the last year. This is recorded to be the lowest rate since 1998. The price appreciation comparison of this first quarter report of 2007 with the previous two-quarters' reports of 2006 shows poor record by 1.3%. Though at the beginning of 2007, the price was higher than the previous year by 4.3%, yet this comes out to be the lowest yearly comparison record since third quarter of 1997.
This appreciation record of HPI, when fed up with the information on home purchase and refinance, was turned out to be only 3% on quarter comparison between 2006 and 2007. The overall housing prices have arisen at the beginning of 2007, but it was the lowest rate in 10 years. The growth rate of the housing prices in the last year was faster than other non-housing materials and services by almost 3 points.
The existing home sales were down 2.6% in April, where new home sales jumped up several points. Prices rose slowly after May-June and inventories on the other hand decreased slightly. The national median existing home price was up by 0.3% from the last year. This was accompanied by the backlog clearance of unsold homes by 4.2% from previous months. Though the industry faced a slower sales rate, yet the inventory stayed on at 8.8 monthly supplies.
The threat of rising foreclosure, the bad market for the subprime borrowers, the declining rate of home sales and mixed information to the buyers became the reasons for the more decline in housing sales. In June 2007, there was a falling of housing inventory. It was supported by a noticeable rise of housing prices. This became the first instance in the last 11 months when the median home price grew higher than the previous year's.
The single-family home sales were fallen in June by 3.5% from May. This was also 12.1% lower than the 5.70 million-units level in the same time of the last year. On the other hand, the median of existing single-family home price was up 0.1% from 2006. Likewise, while the existing condominium and co-op sales were declined by 6.3%, the median sales price was up 2.6% from the previous year.
According to the National Association of Realtors, the housing price will be increased in the next year. This will be as a result of and accompanied by the rising of the real estate sales to almost 6.4 million in the next year. This year, it is estimated to be 6.1 million. While in the previous year, it was 6.5 million. Existing home prices are supposed to rise by 1.8% after this year's 1.4% fall. Also the new-home prices are presumed to gain 2.2% after this year's 2.6% fall.
What is Pre-Construction Real Estate Investing?
by Dallas Appraiser L.L.C. on 11/25/14
What is Pre-Construction Real Estate Investing?
keywords: #Real_estate_appraiser, #Dallas, #Tarrant, #Johnson, #Dallas, #home_appraiser, #home_appraisal, #Property_appraiser, #home_value, #real_estate_appraisal, #Appraisal, #Appraiser, #Home_size, #casa, #Arlington_Tx, #Mansfield_Tx, #foreclosure, #property, #Home, #House, #Real_Estate, #Measure, #house_size, #DFW, #square_footage #what_is_my_house_size, #house_list_price, #decide_list_price, #value, #For_sale_By_Owner
The idea of pre-construction investments when it comes to real estate is actually quite a clever way in which many have made millions. The theory is simple really. Invest in a property before when it is in the planning stage. Those who will be building these buildings need money and investors in order to do get the building off the ground. By investing (in many cases basically purchasing options to purchase) in the units, typically condo units in high demand areas, before the ground is broken investors often have the option of investing for pennies on the expected dollar once the building is complete and can re-sell the property at full market value once the building is complete pocketing the difference in the original investment and the asking price.
This is a win-win situation for many builders or 'owners' of the property in questions because 'pre-selling' the units allows lending agents to have confidence in the viability of the project as a money earner by selling many of the units sight unseen. The benefit to investors is that they are able to purchase at a much lower price pre-construction than afterwards and can sell afterwards at the full market value (or above in some high demand and under saturated areas for real estate).
This style of investing is not nearly as glamorous to some as flipping houses. There are no beast to beauty renovations. There are, however, some things that should be kept in mind while making this type of transaction.
First of all, no real estate venture is ever guaranteed to turn a profit no matter what the glossy little brochures tell you. With the current trends in property sales, this is typically not the best environment for pre-construction investing though these things tend to change on a regular basis and that market could be looking up again in the very near future.
Second, networking is more often than not the best way to break into this particular business. There are all kinds of fly by night would be real estate investors. The ones that manage to last are those that network with other real estate agents as well as those who have specific interests and experience with pre-construction investments. Join local groups in addition to online groups that deal specifically with this sort of investment in order to get more information more quickly. The costs involved might appear daunting at first but they are far less than the costs of getting in over your head by not having a grasp of even the most basic 'ins' and 'outs' of pre-construction real estate investing.
Third, develop a close-knit relationship with a realtor that specializes in this particular type of real estate investing. This could prove to be the most beneficial thing you will ever do in order to insure future success. Be developing the right relationship with the right realtor you can get information on new properties before they make it to the public sector. This puts you in the rare and wonderful position of beating the competition to the punch. This gives you a much better shot at receiving the rock bottom prices that are often missed by waiting too long to make the purchase.
Fourth, be prepared to hold onto the property for a little while if you need to do so. The problem with pre-construction investing is that there are no guarantees that when the time comes you will have been able to 'seal the deal'. Things come up even when you have a buyer that is willing and eager to make the purchase. In other words, there are times when you will need to hold onto the property for a short while and sometimes as a long-term investment. Some options in the case of long-term holds would include renting the property out to vacationers if it is in a high demand tourist area. You can use your realtor to help with that. This allows the property to be earning some income until the sale can be made. Others decided to hold onto the property as a personal vacation home for themselves, friends, and family. In the end, the important thing is that there is a "Plan B" for the property should the deal fall through and you are left paying the monthly note.
Pre-construction real estate investing may not have the 'name in lights' appeal that other types of investing carry but it does provide a viable investment style that has the potential to bring in significant profits. The name of the game when it comes to investing is profits so keep this in mind when considering your investment options. This is one of the forms of investing that requires (in most cases) the least amount of capital up front.
Why Entrepreneurs Fail
by Dallas Appraiser L.L.C. on 11/25/14
Title:
Why Entrepreneurs Fail
Word Count:
860
Summary:
True entrepreneurs struggle with their business opportunities for a variety of reasons. Among the most obvious are a lack of capital, lack of understanding about marketing, and personnel issues. However, from my own entrepreneurial experience and knowledge of others, there are three major reasons individuals fail in entrepreneurial ventures.
keywords: #Real_estate_appraiser, #Dallas, #Tarrant, #Johnson, #Dallas, #home_appraiser, #home_appraisal, #Property_appraiser, #home_value, #real_estate_appraisal, #Appraisal, #Appraiser, #Home_size, #casa, #Arlington_Tx, #Mansfield_Tx, #foreclosure, #property, #Home, #House, #Real_Estate, #Measure, #house_size, #DFW, #square_footage #what_is_my_house_size, #Stage, #staging, #Refinance, #value, #For_sale_By_Owner
Article Body:
In my 25 + years working with professionals in Business Development, universally I've discovered that they have learned to think like entrepreneurs. This is what has allowed them to rise to the top of their profession. Each would tell you that along the way they have learned how to think differently.
True entrepreneurs struggle with their business opportunities for a variety of reasons. Among the most obvious are a lack of capital, lack of understanding about marketing, and personnel issues. However, from my own entrepreneurial experience and knowledge of others, there are three major reasons individuals fail in entrepreneurial ventures.
They tie the success of their business with their own self worth.
They neglect to set realistic goals and plans for themselves and their business.
They are not prepared to pay the price of success.
True entrepreneurs with the right thinking prevail over a period of time. They have learned to understand the axiom Roles, Goals, and Tolls.
Roles
Successful entrepreneurs, in contrast to those who struggle, have learned to separate their roles in life from their self worth or self-identity. They understand that role performance or failure with their own venture is not a judgment of them as an individual. People who tend to equate their self-worth to their composite role identity are inherently risk-adverse and look to maintain the status quo. Being able to differentiate these two identities allows them to be risk prone vs. risk adverse, a key ingredient to success as an entrepreneur. Individuals who have risked failure, experienced it, and learned from it, have not only learned how to differentiate their role identity from their self-identity, they have learned the lessons of risking and failing. They understand that early failure in ventures is a natural part of successful startups. They are able to embrace those experiences, learn from them quickly and move on. This is critical to success as an entrepreneur. They must be willing to face and deal with early failures in order to prevail over time.
Goals
Even though much is said and written about goals and plans being necessary for success as an entrepreneur, few people learn the mechanics of successful goal setting and planning. It’s not the plan but the planning that is important, and the goal setting process allows them to develop the confidence to take risks and fail. Successful entrepreneurs are not only goal driven and goal oriented; they have learned to execute the process of strategic and tactical goal setting and planning. Visualizing goals, writing them down and putting together a detailed plan for achievement provides the confidence and motivation to prevail. More than just business or operational plans, they have goals and plans for all the important roles in their life. They have learned early that if they are not working their own plan they are probably part of someone else’s goals or plans. They chart their own destiny, embrace risk-taking leadership positions, make adjustments as required and prevail over a course of time.
Tolls
Finally, entrepreneurs understand that there is a toll to pay. To be successful in any role in life you must be prepared to pay full price one time. There are really no overnight successes as an entrepreneur. In fact, I have heard it said that overnight success generally takes 15-20 years. One of the early tolls that entrepreneurs are quite often forced to face is the ‘re-making’ of themselves that can include growing beyond their current circle of contacts. Since most people tend to stay within their own psychological comfort zone, they begin to lose identity with the risk taker. They are comfortable with the type of person who is more like them. Quite often the entrepreneur moves on to a different circle of associates who understand the journey. Stepping out, being your own person and venturing into the risk prone unknown is lonely by itself. Consequently, there can be a newfound stress in old relationships. It’s been said before that pioneers get shot in the front and the back, and only through a process of differentiating role performance from self-worth, being risk prone, prevailing through adversity, sticking to your goals, and adjusting your plans will you be prepared to pay the daily toll.
An entrepreneur has much to learn in order to be successful, including the day-to-day mechanics of running a business, producing products, delivering services, making money and dealing with people. The biggest challenge of all is developing an understanding of themselves. They come to grips with what they want and what motivates them; this sustains their willingness to prevail over the long term against adversity. Successful entrepreneurs have learned to transform their thinking, allowing them to prevail where others fail along the way.
Bill Scheessele is the President, Founder and CEO of Mastering Business Development, Inc., a 25-year Business Development consulting and training company. MBDi consults with firms in the energy, nuclear, engineering, pharmaceutical, IT, and other highly technical service industries helping them build proactive Business Development teams. He can be reached at 704.553.0000 or [email protected].
Why Would a Lender Do a Short Sale?
by Dallas Appraiser L.L.C. on 11/25/14
Title:
Why Would a Lender Do a Short Sale?
Word Count:
837
Summary:
There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale."
keywords: #Real_estate_appraiser, #Dallas, #Tarrant, #Johnson, #Dallas, #home_appraiser, #home_appraisal, #Property_appraiser, #home_value, #real_estate_appraisal, #Appraisal, #Appraiser, #Home_size, #casa, #Arlington_Tx, #Mansfield_Tx, #foreclosure, #property, #Home, #House, #Real_Estate, #Measure, #house_size, #DFW, #square_footage #what_is_my_house_size, #Stage, #staging, #Refinance, #value, #For_sale_By_Owner
Article Body:
There are many ways to lose a home but signing away ownership in a manner that destroys credit, embarrasses the family and strips an owner of dignity is one of the hardest. For owners who can no longer afford to keep mortgage payments current, there are alternatives to bankruptcy or foreclosure proceedings. One of those options is called a "short sale."
When lenders agree to do a short sale in real estate, it means the lender is accepting less than the total amount due. Not all lenders will accept short sales or discounted payoffs, especially if it would make more financial sense to foreclose; moreover, not all sellers nor all properties qualify for short sales.
If you are considering buying a short sale
<a href=îhttp://www.realestateforeclosuresinvesting.comî>short sale</a>
,there could be drawbacks. For your protection, I suggest that all borrowers:
* Obtain legal advice from a competent real estate lawyer
* Call an accountant or bookkeeper to discuss short sale tax ramifications
As a real estate agent, I am not licensed as a lawyer nor a CPA and cannot advise on those consequences. Except for certain conditions pursuant to the Mortgage Forgiveness Debt Relief Act of 2007, be aware the I.R.S. will consider debt forgiveness as income, and there is no guarantee that a lender who accepts a short sale will not legally pursue a borrower for the difference between the amount owed and the amount paid. In some states, this amount is known as a deficiency. A lawyer can determine whether your loan qualifies for a deficiency judgment or claim.
Although all lenders have varying requirements and may demand that a borrower submit a wide array of documentation, the following steps will give you a pretty good idea of what to expect.
Call the Lender
You may need to make a half dozen phone calls before you find the person responsible for handling short sales. You do not want to talk to the "real estate short sale" or "work out" department, you want the supervisor's name, the name of the individual capable of making a decision.
Submit Letter of Authorization
Lenders typically do not want to disclose any of your personal information without written authorization to do so. If you are working with a real estate agent, closing agent, title company or lawyer, you will receive better cooperation if you write a letter to the lender giving the lender permission to talk with those specific interested parties about your loan. The letter should include the following:
* Property Address
* Loan Reference Number
* Your Name
* The Date
* Your Agent's Name & Contact Information
Preliminary Net Sheet
This is an estimated closing statement that shows the sales price you expect to receive and all the costs of sale, unpaid loan balances, outstanding payments due and late fees, including real estate commissions, if any. Your closing agent or lawyer should be able to prepare this for you, if you do not know how to calculate any of these fees. If the bottom line shows cash to the seller, you will probably not need a short sale.
Hardship Letter
The sadder, the better. This statement of facts describes how you got into this financial bind and makes a plea to the lender to accept less than full payment. Lenders are not inhumane and can understand if you lost your job, were hospitalized or a truck ran over your entire family, but lenders are not particularly empathetic to situations involving dishonesty or criminal behavior.
Proof of Income and Assets
It is best to be truthful and honest about your financial situation and disclose assets. Lenders will want to know if you have savings accounts, money market accounts, stocks or bonds, negotiable instruments, cash or other real estate or anything of tangible value. Lenders are not in the charity business and often require assurance that the debtor cannot pay back any of the debt that it is forgiving.
Copies of Bank Statements
If your bank statements reflect unaccountable deposits, large cash withdrawals or an unusual number of checks, it's probably a good idea to explain each of those line items to the lender. In addition, the lender might want you to account for each and every deposit so it can determine whether deposits will continue.
Comparative Market Analysis
Sometimes markets decline and property values fall. If this is part of the reason that you cannot sell your home for enough to pay off the lender, this fact should be substantiated for the lender through a comparative market analysis (CMA). Your real estate agent can prepare a CMA for you, which will show prices of similar homes:
*Active on the market
*Pending sales
*Solds from the past six months.
Purchase Agreement & Listing Agreement
When you reach an agreement to sell with a prospective purchaser, the lender will want a copy of the offer, along with a copy of your listing agreement. Be prepared for the lender to renegotiate commissions and to refuse to allow payment of certain items such as home protection plans or termite inspections.
