Many investors think that real estate listings will not help them find properties. They think that if people have distressed homes they will not have time to wait around for an agent. Investors spend a lot of time and money using alternative methods to find deals. These ways include 800 numbers, bandit signs and stalking down deserted properties.

Any way that works for you to locate investment properties should not be overlooked. However, real estate listings often hold more promise than you might think. There are certain things that you can determine from a real estate listing. These things might help you decide whether a listing is a good potential investment.

You should not neglect to use free sources of leads. Use real estate listings to locate great investment properties. You should watch for these types of flags:

* Look for houses that have been listed for a long time - If a house has been listed for a long time, the owners may be getting nervous. They might not realize that there are options outside of a realtor. Your contacting them could actually be a life preserver.

* • A house that has recently had the price lowered - Motivated sellers often are compelled to drop their asking prices. After all, if you had all the time in the world you would wait for your asking price. The owner may need out if they have just dropped the price.

* A FSBO sign is a good sign - It is possible that FSBO owners are getting overwhelmed. They may just be happy to be out of the situation that they were in. Because they are not paying an agent, they may also be willing to take a lower offer.

* A good sign is when a property offers owner financing - This type of risky financing is always more perilous than bank loans. It frequently involves working with buyers who do not have the credit to get bank loans. A property owner who will take this risk is often a motivated seller.

As you can see, the real estate listings are a great source of leads. Pick up your local real estate listings and start spotting potential deals.

The recent RE/MAX report indicates that the current Canadian market with recreational property has been taken over by Generation X, which replaced the previous main buying force formed by the baby boomer generation growing older.

Who are the people in Generation X?

Over the years, social scientists have developed the practice of giving fancy names to the generations of the 20th century.  The members of a particular generation have been influenced by all the various political and cultural aspects of their time period which gives us the dating.  Whereas baby boomers (those born in the period of mid 40’s late 50’s) were the most active buying force until just a few years ago, most of them have entered or are just about to enter retirement. 

At the same time, the children of baby boomers named as Generation X, now in their 30’s or 40’s, have finally got the financial ability to buy recreational property at almost any price.
The change is mostly noticeable when you compare the first half of 2009 statistics to the 2008 results.  The trend moving towards recreational property buyers in their 30′s was observed by 74 percent of markets in this year’s surveys. The recreational properties sold varied from waterfront cottages to resort condos.  It is a significant change, compared to the 40 percent in 2008.  From January till April 2009, the amount of sold recreational properties declined – at least two thirds of all surveyed markets reported such trend.  But now, since the start of the new cottage season, a lot of major centers are now reporting an intensive buyer activity.

The most important points of the report:

Supply is sufficient in most markets, but heated activity in the lower-end has resulted in tight inventory levels for entry-level product in 18 per cent of markets.  Older cottage owners, many of whom own their properties outright, are selling to younger purchasers with families.  Numerous cottages in Canada are owned by Americans, who are presently taking advantage of the stronger dollar to cash out of the market.  There are some exceptions of course, but we can say that American buyers have mostly disappeared. Many buyers who were planning to buy a recreational property in the second half of 2008 rather delayed the purchase to 2009. This is a market factor known as pent-up demand. Older Canadians continue to seek secondary homes in warmer parts of the U.S. such as Florida, Arizona, California, and Nevada. Purchasers from the X Generation are now mostly ready to spend their hard-earned dollars on holiday properties. But at the end of the whole transaction, they want to be sure they’ve gotten the best possible result out of it.

Now that home prices have leveled in many parts of the country, many first time homebuyers are looking for creative ways to move into the home of their dreams.   FHA, the Federal Housing Administration, is making it easier for many to purchase with low down payment requirements.This allowed many first time homebuyers to take advantage of the ,000 tax credit that expires at the end of the year.How does FHA make home buying so attractive?

For starters, you can finance a new home with very little down.   3.5% of the purchase price to be exact.WIth a FHA loan, you can get into your new home with just 3.5% down compared to at least 10% with a conventional loan.5% down, and it doesn’t even have to be your own money.The money can be given to home buyers by a family member.    Conventional loans for years have been the staple for purchasing new homes.80/20 financing and 100% loans were common for first time homebuyers.   Now, expect to pay anywhere from 10 to 20 percent down to get a conventional loan, and above 80% is going to require Private Mortgage Insurance.

FHA also allows first time home buyers the opportunity to purchase when conventional lenders issue a denial.FHA loans are insured by the government, and the credit requirements are more relaxed than conventional loans.Most lenders will require a 680 Fico score to qualify for a conventional loan.    For a FHA purchase, the minimum credit score required by most lenders is 620.   Although some lenders will work with scores down to 580, expect your lender to require a middle score of 620 before you are issued a pre-appvoal letter.

FHA is a very strong option for purchases.   Although 3.3.5% down payment is required, however, 100% of this down payment can be gifted to the home buyer.   What this means is that you can have your down payment gifted from a family member, and walk into your home without having to put any of your own money down.   

Up to 6% of the purchase price can be in the form a seller concession.   Conventional loans limit the seller credit to 3%, while you can go as high as 6% through FHA.The concession can cover prepaid items, closing costs such as lender fees and points.The 2-1 buydown is a great way for first time homebuyers to take advantage of the seller concession.   By taking advantage of this concession, buyers can get an interest rate 2% below market in the first year, and 1% below market the second.   

You can also expect the appraisal process to be a little smoother with FHA compared to a conventional appraisal.    With a conventional loan, lenders are required to order an appraisal through a panel, a process known as the Home Valuation Code of Conduct.

FHA has been around since 1934, and now represents almost 50% of the purchase market.FHA is growing in popularity among first time home buyers.    To find out more about how to qualify for an FHA home loan, visit http://www.timmarose.com

Even after your bid for the house you decided to buy has been accepted by the seller, there’s plenty left to do before you can rightfully move in. {In the following article, an experienced real estate agent will identify the most important details of the process.}

After your offer has been accepted, the next thing to do is to meet with your solicitor and have her/him explain you all your responsibilities following from the contract. Your solicitor should help you to understand all the costs related to the closing procedures, including Land Transfer Tax, disbursements and legal fees.

UTILITIES

The attorney will also send letters to all the concerned municipal or regional utility departments, in order to verify there are no arrears or outstanding charges for gas, water or hydro expenses. The utility departments will also be informed if the equipment on the property is rented or owned, and also about the scheduled closing date, the name of the new owner and the seller’s attorney. These letters also demand details as to the type of billing and if the billing is metered.

TAXES

Taxes is another important topic. You will need to provide a Tax Certificate, which will verify the amount of the current year’s taxes and any arrears and outstanding charges for the current year and any preceding years.

BUILDING & ZONING

A letter is sent by your lawyer to the Building and Zoning Department along with a copy of the survey for the property to discover the full particulars of zoning by-laws and restrictions relating to the distance from the street and side and rear lines, type of construction, lot areas and building areas, lot frontage and depth requirements and permitted uses.

TITLE & EXECUTION SEARCH

A Search of title to the property is initiated in the appropriate division of the Land Registry Office to find out whether or not the seller is the owner of the property, whether or not he has the right to convey the property, and that the property is not subject to any encumbrances, encroachments, easements, liens, agreements or mortgages that were not disclosed in the Agreement or Purchase and Sale. Also an execution search is completed in the appropriate Sheriff’s Office to ensure that there are no executions against the vendor or prior owners of the property that would affect your title.

FINANCING

In the meantime, while your attorney is busy completing all the initial searches, you should arrange all the necessary financing details. You should have decided, prior to signing the Agreement of Purchase and Sale, the amount of financing you will qualify for and the amount you will need to complete the business. On the day of closing, you might not know of all the costs related to mortgage financing. Your legal adviser will tell you more about these costs when you get the Mortgage Commitment Letter from your chosen financial institution.

BEFORE THE DAY OF CLOSING

You will be invited to attend at your solicitor’s office a few days prior to closing to sign all necessary documents and to provide your solicitor with the balance of closing funds by way of certified cheque.

CLOSING DAY

Yours and the vendor’s lawyers will meet at the appropriate Land Registry Office at a time convenient to both of them. They should subsearch the title and complete the final execution searches. They will exchange documents, keys and cheques and your attorney will ensure all the necessary documents are registered. As soon as this has been completed, you can get the keys and the seller will get the money.

AFTER CLOSING

Now your attorney will provide you with a reporting letter that acknowledges your title and explains all the transaction details. When you move in to your new home check to see that all things in the Agreement of Purchase and Sale indicated as included in the purchase price are left on the property by the seller. If you believe something is absent, contact your legal adviser immediately.

Thinking about buying a new home? Don’t pass up a chance to save a lot of money. Everyone likes to compare the best value when shopping, and take advantage of specials in order to save money, why pay more when you buy a new home?

Home builders may offer what is called a broker co-op, which is a sales commission offered to a real estate agent as an incentive to show clients their new homes. The sales commission may range from 3% to 4% of the sales price.

Many real estate agents are now offering to share their commission with their home buyer clients. Before making an offer to buy a new home, a buyer can make an agreement with an agent to represent them, in exchange for a share of the commission paid by the home builder.

The amount of money that a home buyer can save, depends on the share of the real estate commission, which is negotiable with the agent, and the sales price of the home. For example, buying a new home with a sales price of $500,000, with a 1 1/2% share, would save the buyer $7,500.

The buyer can receive a check at the close of escrow, or the money may be applied to the down payment or closing costs, providing there are no restrictions from the mortgage lender, or state laws that regulate real estate transactions.

Most new home builders don’t usually advertise a broker co-op offering, so the buyer, or the buyer’s agent would have to ask. The home builder may have a requirement for the buyer’s agent to be with them when visiting the office, or signing paperwork to buy a new home, so be sure to clarify the rules. A little time spent on research could mean a lot of money saved on your real estate transaction.

Information on Ditech home loans, refinance loans, also, information on Brookfield new homes in San Diego

Solar heating for swimming pools has become a popular and less expensive way for people across the country to heat their swimming pools. Solar heating and solar power are currently used to heat and power homes and businesses across the country and now these natural resources are being used to heat swimming pools. Solar heating for swimming pools can be accomplished in more ways than one. If a person decides to heat their pool with solar power they can choose to use a solar panel power strip on top of the pool or on the roof of their home When the pool is not being used during the daytime a solar power panel strip can be placed on top of the pool to help heat the water underneath.

A house won’t even appear to have solar heating for pools panels on the rooftop because they blend in to look like a part of the roof itself. If someone is looking to add solar heating for swimming pools to their pool they can purchase solar panels that appear to be shingles or pieces of the roof itself. When performing solar heating for swimming pools pressure valves and a filter must also be bought to complete the process. The pipes used to filter heat from the panels to the pool for solar heating for swimming pools are attached to the side of the home out of the view of the public.

When performing solar heating for pools the energy is sent from a filter to a pump to the pool to heat the water. When deciding how to heat a swimming pool people should consider using solar heating for swimming pools because it is significantly less expensive than a typical heating system. It doesn’t cost much to maintain a solar heating system for a pool after the initial purchase occurs. A home with solar power systems has its value increase over the years.

What’s the value of a house? Of course prices change over time, but there should be a standard formula for determining the value of a home. Like anything else, it’s determined by the benefits its owner receives. The physical characteristic of the house aren’t the deciding factor in price, or homes in Georgia would command the same prices as homes in San Jose. To a large degree, it’s related to availability of jobs. People will move to where there are good paying jobs. Their income determines how much house they can afford. Even within a metropolitan area, homes with shorter commutes to employment centers command higher prices. So there should be a formula of what homes are worth in a given area. Economists have developed such a formula, and determined that prices do tend to move in the direction of the realistic value over time.

So we should be able to figure out the actual value and buy a home for that price? Right? Not exactly. In the short term prices fluctuate according to other factors, such as lending practices and consumer optimism.  A few years ago banks were making subprime loans left and right. If you could sign documents saying that you had the income to afford the teaser rate, you could buy a home. The increase in demand drove prices up above the realistic values. No one worried about what would happen when the rate increased. They assumed that prices would continue to rise and home loans would be available. But as we all know, artificially inflated prices can’t increase indefinitely. When mortgage payments on those subprime loans increased, it all started crashing down.

A market correction was definitely in order, but as we often see, it went too far. The banks didn’t just stop lending to buyers who can’t afford the loans and go back to more traditional lending models. They made the requirements so stringent that even buyers who could qualify during ‘normal’ times couldn’t get a loan.  And a flood of foreclosures and distressed properties drove prices below their correct values.  Now no one wants to buy until they know that prices have bottomed out. But when will that be?

Historically, we know that the market will overcorrect. Just as optimism and easy lending drove prices too high, fear will drive prices too low. When will prices stop falling? A few savvy buyers will realize that the prices can’t go much lower, and they won’t be able to resist the bargains any longer.  If you can buy something for less than it’s worth, you come out ahead – even if someone else gets the same thing for a dollar less the next day. Once it starts, an avalanche of buyers will join in and prices will rise. Most of us won’t know that has happened until months after the fact.

Economists are starting to tell us that residential real estate is undervalued in many, but not all, cities. Which markets, you ask? The areas that soared far above their real values are now reduced to bargain prices. Global Insight reviewed Southern California real estate prices and determined that homes in LA are 6.4% undervalued, Orange County real estate is 10.9% undervalued, homes in Riverside-San Bernardino are 15.7% undervalued, and San Diego homes are 21.2% undervalued.

Does that mean you should rush out and buy a home in San Diego or Riverside?Well, it depends.Even within an area, the market is different depending on the segment. Currently there are still a lot of foreclosure properties on the market, mostly starter homes. At the same time, higher end homes are relatively scarce. If you’re looking for a condo, you might want to wait a little longer.  If you’re looking for a move up home, there are some great bargains.And now interest rates are phenominally low and there are great tax incentives available to first time buyers and new home buyers.

A recent change by many lenders has left quite a few veterans out in the cold when it comes to refinance options for their Texas VA home loan. I have been hearing that many people who tried to refinance their current VA loan with the VA streamline refinance program were told by their lender that they needed a minimum credit score of 620 in order to be eligible for the VA streamline refinance program because it was required by VA.

This is not true!

VA does not have a minimum credit score requirement.

What is true, however is that many lenders are now requiring that you have a minimum credit score of 620 in order to do a VA streamline. Many, but not all lenders require this — there are still lenders available who will help you with a VA streamline regardless of your credit score as long as you have made your last 12 months mortgage payments on time.

The VA streamline program is also sometimes referred to as the VA IRRRL program – and it was designed to help veterans lower their interest rates when lower rates are available without having to provide asset, income, or credit information. The VA streamline refinance is the absolute easiest way to lower your monthly payment if  you are currently in a VA loan.

There are two different programs that allow first time Texas home buyers to “monetize” the 8000 tax credit from the Federal Government. The first one is called the Texas 90-Day Down Payment Assistance Program and the other is called the Texas Mortgage Advantage Program.

Each of these programs are short term loan programs designed to help people take advantage and monetize the 8000 tax credit.

Highlights of the Texas Mortgage Advantage Program:

• The program is only available in conjunction with TDHCA’s existing Texas First Time Homebuyer or Texas Mortgage Credit (MCC) Programs.
• Eligible participants can get up to 5% of the amount of the first mortgage up to a maximum of $6,000 for down payment and/or closing costs.
• Home buyers must meet the Mortgage Credit Program or First Time Home buyer guidelines.
• The tax credit must be repaid to IRS if the borrower sells or moves from the home within three years.
• Any/all borrowers are required to complete a pre-purchase home buyer education course.
• Borrowers must be eligible to claim the federal first time home buyer tax credit.
• The Mortgage Advantage Program offers 0% interest for 120 days.
• Failure to repay the down payment assistance loan in full within 120 days will result in monthly payments of principal and interest for five (5) years with an interest rate of 7%. Using this scenario, a home buyer borrowing the maximum of $6,000 would have a second lien note of approximately $119 per month.

Both the Texas Down Payment Assistance Program and the Texas Mortgage Advantage programs are designed to help eligible first time home buyers in Texas “monetize” their 8000 tax credit – and as long as you are working with an FHA approved lender, your lender should be able to answer any questions you have about the programs.