Consider Foreclosures to Save
August 8, 2011
Thinking of buying that first home? Buying a home is a life changing experience and can be a little stressful to say the least. But if you’re looking to save some money, consider purchasing a foreclosed home.
New homes are almost always overpriced, so by purchasing a used home you’re getting a huge discount right away. Lists of foreclosed properties usually exist on a county’s website. Foreclosures happen in every neighborhood, so no matter your price range there will likely be something available for you. You will also learn that banks don’t want foreclosed properties on their books, particularly right now. So even if you offer a little less than what’s being asked you will probably get a good chance at getting the property.
Once you have your property picked out there are a couple of precautionary steps that you want to take to insure the home will be livable again. Be sure to read our next blog to find out about those.
Use Tech for a Great Open House
July 5, 2011
Trying to sell your home? With the great summer weather here a lot of realtors are having open houses this summer. But the realtors are the experts, what if you’re trying to have an open house on your own? Here’s a great tip to help your open house become a success.
Use technology to your advantage. There are several real estate sites that many prospective home buyers will begin their searches with such as Realtor.com. You can put pictures of your home on these sites for buyers to see. Make sure that your pictures are of good quality. Prospective buyers want to get a real sense of the home and the more high quality pictures you have the better your home will look. Also make sure that there are large quantities of pictures of all areas of the home. Buyers want to see more than the nice fireplace in the living room. By making sure that you have a lot of pictures of all areas of the house, it also shows prospective buyers that you don’t have anything to hide.
So make sure to use technology to your advantage when having an open house, it might turn your open house into a sold house.
Divorce & Its Effects on Credit
May 27, 2011
With all of the emotional strain of divorce, the last thing on a person’s mind is often his or her credit score. However, divorce can actually affect one’s credit. If you are going through divorce, it is important to address your credit right away. Taking apart two people’s bank accounts and dividing property affects the finances and credit history of both parties involved. To preserve your credit score, it is important to stay calm, consult a credit counselor, and find a lawyer before and after the separation and divorce. The following includes some basic information about how divorce can impact one’s credit.
Shared Debt & Finances
During marriage, bills are either divided between the couple, or finances are merged into one bank account. When accounts are merged, divorce could mean that the partner who earns less is saddled with debts he or she cannot manage when accounts are separated again. Additionally, if one person has accumulated debt during the marriage, the other partner could also end up responsible for it. This is why it is important to sever all accounts as soon as possible. This means dissolving all joint accounts and dividing possessions.
Track Possessions and Property
The parties involved should make a list of all joint possessions as well as individual possessions. This will make it easier to divide items during a divorce. Some separations are easy and amicable while others are emotionally charged. Knowing exactly what is at stake will help with the process. After all, one should check to see if his or her car is in the name of their soon-to-be-ex spouse’s name. A person could lose their car just because he or she didn’t check the title or auto loan terms. The same goes for mortgages, credit cards, etc.
Consider the House
Property can be a touchy issue during divorce. Often times, one of the spouses will live in the home after the divorce. However, moving from a two-person living situation to one person in a home can make it difficult to manage the house and deal with associated bills. As a result, many people ruin their credit because the house goes into foreclosure. In this situation it is recommended to sell the home and divide the profits. This way no one person is responsible for the mortgage and associated bills.
Documentation Is Important
No matter how amicable the divorce is, people should document every agreement. This means documenting any agreement about dividing money, accounts, and even minor things like furniture. This could protect an individual later on if creditors come calling.
Home Ownership Still Declining
May 18, 2011
Seeing a lot of for sale signs around has become fairly common lately. There are more homes on the market now than buyers, and it has been that way for some time. And although there are a lot of predictions about what will happen next, no one quite predicted this.
There are many new predictions about what will happen next, but the fact is no one really knows. And because of what is going on with the housing market, prices for homes and interest rates for loans are lower than they’ve been in decades. To learn more about the current housing market check out the following article from Bloomberg Businessweek about the decline of homeownership in America by Kathleen M. Howley.
http://realestate.yahoo.com/promo/home-ownership-declining-despite-cheapest-prices-in-40-years.html
Check Rental Rates for Savings
April 25, 2011
Renting an apartment is an affordable housing option that a lot of Americans are reconsidering these days in an effort to save money. If you already rent an apartment, there may be some significant savings you could be realizing just by doing a little comparison shopping.
Due to the tough economy, rental rates have dropped in a lot of neighborhoods across America. Some rates have dropped significantly for several reasons. Some are rental homes that homeowners are unable to sell without realizing huge losses. Other neighborhoods are almost vacant with foreclosures, and the remaining homeowners and landlords are desperate for tenants. There are also available apartments that landlords were just unable to rent due to not being able to find worthy tenants.
Because of these reasons, it’s a good idea to see if the rent you’re paying is fair compared to comparable apartments in your neighborhood. You can use resources like Craigslist (www.craigslist.org) to see what rent amounts are for similar apartments in your area. If you find that you’re paying more than the fair market value for rent, show your landlord and ask him/her to reduce your rent. If the answer is no, then move to a cheaper place, you may have already found one in your searching.
By comparing rents in your area you may be able to find some extra money in your monthly budget.
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