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    <channel>
        <title>The Logan Real Estate Water Cooler</title>
        <link>http://www.lisaudy.com/blog/</link>
        <description>Logan Utah Real Estate Statistics And News For Home Buyers &amp; Sellers. The Logan Real Estate Water Cooler: Learn About Cache Counties Real Estate Market!</description>
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            <guid>http://www.lisaudy.com/blog/is-real-estate-changing-in-cache-valley.html</guid>
            <link>http://www.lisaudy.com/blog/is-real-estate-changing-in-cache-valley.html</link>
            <author>lisa@lisa4u.com (Lisa Thompson)</author>
            <title>Is Real Estate Changing in Cache Valley??</title>
            <description> <![CDATA[ 



This last month has been very busy!!! I have had several phone calls from buyers on homes that I have accepted offers on.  But most importantly I have put offers on homes for buyers that we have had to compete with other offers.  Meaning Multiple Offers!!  


I have not had to deal with a mulitiple offer in over 2 years.  Because of experience we were able to put both under contract and closed one last week and the latest this coming week!!  Cache VAlley inventory is down, compared to 2 years ago, over 200 homes which is significant, and creating a little bit of distress with the current buyers.  


I believe the market in Cache Valley is stabilizing and is still a great time to buy or sell and re-purchase!!  


Remember if you sell in this down market you are also re-purchasing in the same market!!  GREAT TIME TO MOVE UP!!!  
 ]]> </description>
            <pubDate>Tue, 14 Feb 2012 22:11:34 -0600</pubDate>
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            <guid>http://www.lisaudy.com/blog/for-sale-by-owner-do-you-really-want-to-go-that-route.html</guid>
            <link>http://www.lisaudy.com/blog/for-sale-by-owner-do-you-really-want-to-go-that-route.html</link>
            <author>Lisa@LisaUdy.com (Lisa Udy)</author>
            <title>For Sale by Owner:  Do You Really Want to Go That Route?</title>
            <description> <![CDATA[ 
In today’s
economy, making more money is on the minds of everyone in the country.  This is especially true for those who decide
to sell their homes as “for sale by owner,” commonly called FSBO, rather than
list it through a reputable real estate agent. 



With the idea that you can save money or even reap a larger profit, many
home owners have elected to go the route of selling their homes by
themselves.  But is this a good
idea?  


Factors for Consideration


Competition is tough on the real
estate market today especially when competing with distressed homes that are
listed at below market prices.  There are
many advantages to listing your home with a real estate company.  Before you stick the sign in your yard, take
the following factors into consideration. 


Multiple Listing Service (MLS). 
First and foremost, when working with an agent, your home will be placed
on the Multiple Listing Service (MLS) in your state.  That means it goes to every licensed agent in
your state as well as every major website that links to that MLS.  Putting your home on several FSBO websites
pales in comparison to having it listed on the area MLS.


Pricing and Knowing the
Market. 
Another
advantage that real estate agents have over homeowners is their knowledge of
the market and where to price the property. 
Because most homes for sale are listed through real estate companies, as
well as those that recently sold, agents have access to comparable properties
which is an essential piece of the puzzle when setting the price.  


Many homeowners who want to sell their homes
on their own tend to set the price too high because of improvements made or
because they want a significant profit out of the sale.  A reputable and knowledgeable agent can give
you the guidance and understanding to price it at a sellable level.  On the other end of the spectrum, if they
believe that the timing of listing your home is off and you have the ability to
stay in the home, they will usually go so far as to tell you to hold off until
the market improves.  


Marketing Your
Property.  In addition to your MLS listing, many agents
feature their listings on Facebook Fan pages, Twitter, their real estate
company’s website and, if they have one (which most do), their own
website.  Agents sometimes add a second
listing of the property to real estate-oriented websites like Realtor.com with their personal information on that listing.  


Open houses are also good marketing tools for
agents.  While this may or may not be a
true blue benefit for using an agent, it does help keep the property top of
mind with other agents by showcasing the open house on the MLS which in turn keeps
it at the top of the list.


Showings Your Home. 
One thing that rings true for every home for sale is that potential
buyers want to see the inside of the home. 
When a home owner decides to list a home as FSBO, setting appointments to
see the home can be tricky and very inconvenient because of conflicting schedules
with potential buyers.  


Listing your home
with a real estate agent makes it much easier for everyone as it is not
necessary for you to be
home as well as much better for a potential buyer.  Add to that the fact that most potential
buyers use real estate agents who rarely, if ever, show a FSBO home because
they cannot guarantee the buyer that every step is taken and form is filled out
to ensure a legal transaction.


Make the Decision


Selling your
home through an agent is such a wise decision. 
Some food for thought to consider is that 80% of all FSBO homes end up
being listed with an agent.   With all of
the obstacles that occur when trying to sell your home, make it easier on
yourself by listing your home with a real estate company.  You will be so glad you did it.


About the Author: Paula Henry and her team of Indianapolis real estate agents welcome you
to learn more about living in Metro Indianapolis. Visit her website for more information about
Indianapolis neighborhoods and Homes for Sale
Indianapolis.
 ]]> </description>
            <pubDate>Wed, 01 Feb 2012 11:46:37 -0600</pubDate>
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            <guid>http://www.lisaudy.com/blog/what-are-the-advantages-of-getting-pre-qualified.html</guid>
            <link>http://www.lisaudy.com/blog/what-are-the-advantages-of-getting-pre-qualified.html</link>
            <author>Lisa@LisaUdy.com (Lisa Udy)</author>
            <title>What are the advantages of getting pre-qualified?</title>
            <description> <![CDATA[ 
Now that you have decided to purchase a Indian Harbour beach real estate there are some
distinct advantages to getting pre-qualified for a loan. This one simple step
can save you a lot of headache through out the home purchasing process. 


The first reason the get pre-qualified is you will know what
you monthly mortgage payment will be in advance. Your loan officer can give you
an estimate of you payment on any amount. 


They can also help you understand the
difference in payment between $200,000 purchase price, and a $210,000 purchase
price. This information can be very valuable to you while negotiating. It can
also make sure you stay within your comfort zone when it comes to the amount of
your final monthly payment. 


The second reason to get pre-qualified is you will know what
your budget is before you start looking at homes. It is a good idea to know you
price limits before you ever look at any homes. There is nothing worse than finding
the perfect home, and then finding out you cannot afford it. This can also make
finding a home, once you know you budget, harder because you are comparing them
to homes in a higher price range. 


The third reason to get pre-qualified with a mortgage lender
is you will be able to pick the best loan package for your financial needs. By
getting pre-qualified you can make an educated choice with out feeling any
pressure. You are more likely to choose a loan you are uncomfortable with if
you just need to get financing so you don’t loose your dream home. When you are
pre-qualified you will be able know all the terms of the loan up front. 


The fourth reason to get pre-qualified is to be taken
seriously when making an offer. Foreclosed on and short sale properties will
not even look at an offer with out some kind of pre-qualification statement
from a loan officer. They will not mess around with someone who may or may not
be able to get a loan for the property. 


A pre-qualification letter will also
let any sellers know that you are serious about purchasing their home. It will
let them know that you are actually capable of getting a loan, and not just
wasting their time. A pre-qualification letter is also very helpful when
negotiating with the seller. Your offer will look a lot better than an offer
with out a pre-qualification letter. 


The last reason to go and get pre-qualified with a mortgage
lender is peace of mind. Nothing is worse than finding your dream home, and
then having to worry about whether or not you can afford it. 


If you have been
through the process of getting pre-qualified, by a reputable lender in your area,
when you find the perfect home you already know you can afford it. There is no
worrying about the down payment, your monthly mortgage payment, taxes,
insurance, and closing costs. Because you have already done your homework, and
know what you can afford, the peace of mind is priceless.


This guest blog was written by Mitch Ribak a Melbourne Beach FL real estate agent. 
 ]]> </description>
            <pubDate>Sat, 28 Jan 2012 00:33:42 -0600</pubDate>
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            <guid>http://www.lisaudy.com/blog/dos-and-donts-for-restoring-a-fixer-upper.html</guid>
            <link>http://www.lisaudy.com/blog/dos-and-donts-for-restoring-a-fixer-upper.html</link>
            <author>Lisa@LisaUdy.com (Lisa Udy)</author>
            <title>Dos and Don’ts for Restoring a Fixer-Upper</title>
            <description> <![CDATA[ 
Buying a fixer-upper is a great opportunity for you to enjoy
traditional architecture at an affordable price. 


Many buy these houses because
they're willing to devote their time and talents to renovation and repair.
Preserve the character of your fixer-upper, while creating a comfortable home,
with these quick tips:




Original Construction 




As much as possible, keep the original construction
intact, and reuse as many of the original materials as you can. These are often
well-designed and solid, built to withstand the test of time, and they maintain
the intended look and feel of the design. Recycling will also provide you with
significant savings, as new materials are costly enough, but custom materials
are extremely expensive. Don’t throw away anything that you have removed until
the project is complete, and you are certain the materials cannot be reused. 




Purchasing Materials




When buying new materials for your fixer-upper, choose
those that match the original for projects that will be visible, such as
moldings, flooring, and similar. However, when the end result will be hidden
from view, feel free to select the most serviceable for greatest durability,
such as new insulation, new nails, new plasterboard, and new roofing materials.





The Exterior




Botched remodeling might have detracted from your
home’s appearance, but problem areas can easily be replaced with more
traditional substitutes. On the exterior, the most frequently found materials
that need discarding include vinyl, aluminum, asbestos cement, and asphalt
siding. Bear in mind that in some cases, such as with asbestos, you will have
to hire a professional to dispose of it properly. Indoors, it is dated
appliances, unsuitable carpeting, linoleum flooring, and similar, but you will
find that you can quickly and easily pull these up and toss them out. 




Research Your Project




Research, research, and more research will ensure that
you make choices that are consistent with your homes architecture. Speak with
neighbors who have similar homes, check with interior designers and architects,
and make use of the extensive resources available on the internet for home
renovations. Your local library or historical society will have collections of
photos that give you a sense of how your neighborhood looked when it was built,
and many can connect you with specialists for your individual needs. 




Modern Technology




While bringing your fixer-upper back to its original
glory will result in a stunning home, remember that some modern conveniences
are nice. Your appliances can be tastefully downplayed to retain the period
feel of your kitchen, and your bathroom can include today’s comforts while
keeping a traditional look. Many designers are committed to keeping
old-fashioned tastes without sacrificing the improved functionality of current
technology. Browse through your options until you come upon fittings that
balance style with practicality. 


Renovate Your Fixer-Upper Now


Updates and changes that attempt to make your home look
older than it really is – or newer – are doomed to failure. You chose to buy
this house because you fell in love with its potential, but that is truly its
potential for returning to its original state, not transforming into an
entirely new structure. Enjoy the process of bringing your fixer-upper back to
its roots, as you will get as much satisfaction from doing the work as you will
from the end result. 

Guest blog written bu Jolenta Averll the broker of Lake and City Homes Realty in Madison, WI. Fore more information about Jolenta you can visit her Madison News blog or follow her on Facebook at Lake and City Homes Realty. ]]> </description>
            <pubDate>Tue, 17 Jan 2012 16:34:50 -0600</pubDate>
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            <guid>http://www.lisaudy.com/blog/deciphering-what-your-lender-says.html</guid>
            <link>http://www.lisaudy.com/blog/deciphering-what-your-lender-says.html</link>
            <author>Lisa@LisaUdy.com (Lisa Udy)</author>
            <title>Deciphering What Your Lender Says</title>
            <description> <![CDATA[ 
Does your mortgage lender sound like he’s speaking a foreign
language? Getting a mortgage can be difficult, especially since there is a lot
of paperwork involved.  


You will have
lots of documents to read and then sign, and if you are like the average
homebuyer, you will run into a lot of different terms that you may not have
heard before. 


 Instead of just nodding
your head and signing on the dotted line, it is important that you gain a
better understanding of what your lender is saying (and what you are signing),
or you may end up making costly mistakes on the biggest purchase of your
life.  


Don’t get your pen out just yet!  You need to learn some of the basic mortgage
language and gain some general knowledge about terms like jumbo loans and fixed
rate mortgages before you make anything official.  


Some common terms to know when you are buying a home
include:




Loan origination fees.  Loan application processing fees are
sometimes also referred to as points and are equal to one percent of your loan
amount.  It is important to note that
these points are not the same as mortgage points, described below. 


Mortgage points. 
Mortgage points are advance interest or fees that are paid in before the
loan closes.  By taking points, the borrower
enjoys lower interest rates for a particular part of the loan, or sometimes
even for the life of the entire loan. 
Mortgage points are also referred to as discount points, and are based
on one percent of the loan amount.  On a
$300K mortgage, one point costs $3K.


Jumbo loan. 
A jumbo loan is called so because it is bigger than current limits that
are backed by Freddie Mac and Fannie Mae. 
Jumbo loans are risky loans in your lenders eyes, and they typically
have a higher rate of interest than other loans.  


Interest-only mortgage. This type of mortgage
allows the buyer to pay only the interest on the mortgage during the initial loan
period.  After that time, which is
usually a year or less, payment is also made toward the principal, and thus,
makes the minimum payment amount go up.  


Lock-in period. 
The period of time during which a buyer cannot pay off their home loan
sooner than stated without incurring penalties. 
This ensures the lender that they will make a certain amount on the
loan.  This term can also refer to locked
in rates, where the bank agrees to write the loan at a particular rate of
interest for a specific time period ranging from thirty days to ninety
days.  


Mortgage insurance.  Mortgage insurance protects the bank in the
event that the borrower should default on the mortgage loan.  This insurance is usually obtained through
the FHA, although it can also be obtained through a private insurance
issuer.  For homeowners who borrow more
than 80% of the market value on their homes, mortgage insurance is usually a
requirement.  If you need to purchase
private mortgage insurance, which is also known as PMI, you can cancel it once
you have paid the loan down to where you have twenty percent equity in the home.  




These are just some of the terms that you may hear your
lender or real estate agent throwing around at you.  Now that you are armed with the information
above, you can decipher the jargon and understand what your lender is really
saying. 

This guest blog was supplied by Vickie Nagy a Real Estate San Ramon CA agent. If you're interested in buying a luxury estate in California, you can see some fantastic homes in Danville, CA on Vickie's site. You may also enjoy viewing real estate in Dublin, CA for more options. ]]> </description>
            <pubDate>Tue, 10 Jan 2012 15:05:57 -0600</pubDate>
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            <guid>http://www.lisaudy.com/blog/the-devils-in-the-definitions-when-it-comes-to-real-estate-law.html</guid>
            <link>http://www.lisaudy.com/blog/the-devils-in-the-definitions-when-it-comes-to-real-estate-law.html</link>
            <author>Lisa@LisaUdy.com (Lisa Udy)</author>
            <title>The Devil’s in the Definitions When It Comes To Real Estate Law</title>
            <description> <![CDATA[ 
The
devil’s in the details, or so they say, and when it comes to zoning and land
use regulations, the place to watch out for the devil is in the Definitions.


Each
town or county sets its own land use definitions, so that’s where you’d go to
find out what you’re up against. 


Let’s
say, for instance, you want to divide your house up so your mother-in-law can
move into her own space. Does that classify as just creating an “in-law
apartment”, or are you turning your “single-family house” into a “multi-family
dwelling”? 


Or
if you want to set up an antique shop in your garage, is that a “retail use” or
just a “home occupation” or an “accessory use”? 


Definitions
of terms like “residential” and “single-family home” are pretty standard
throughout the land, but if you’re thinking of deviating even slightly from a
purely single-family residential use, you need to check your local zoning
standards before you delve too deeply into the project.


And
if you’re in the process of buying a house that you intend to convert to a
mixed use, make sure your purchase and sale agreement includes language that
gives you time to complete your research. This can be addressed as a contract
contingency, in much the same way as a building inspection or water test. 


The
starting point for your research is the local zoning ordinance or land use
code, paying particular attention to the “Definitions” section. 


And
if the definitions are not decisively clear, make an appointment with the local
code enforcement officer, whose job it is to resolve ambiguities and issue
rulings on grey areas in the definitions. 


How
the code enforcement officer categorizes your plans for an antique shop or an
in-law apartment could become a total deal-killer in one town, and not be a
problem in another. 


If
the creation of your mother-in-law’s space is ruled to be a conversion to a
multi-family dwelling, for instance, then that could be prohibited altogether
in that neighborhood, or it might require special conditions that you don’t
have the money or space to provide, like additional parking spaces, a fire
escape, or a sprinkler system. 


But
if the town allows the apartment as an “in-law apartment”, the conversion might
require nothing more than picking up a permit and paying a $50 fee. 


Likewise
with the antique shop. One town might classify it as “retail” and require
off-street parking and rigorous construction and fire safety standards. While
the next town might classify it as a “home occupation”, requiring only minimal
red tape.


As
with all due diligence, it’s best to get your questions answered before you
make the final commitment to buy the place, don’t you think? 


Article provided by Mitch Ribak a Melbourne Florida real estate agent. You can learn more about Mitch by visitin his Merritt Island real estate website.
 ]]> </description>
            <pubDate>Tue, 27 Dec 2011 05:28:11 -0600</pubDate>
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            <guid>http://www.lisaudy.com/blog/less-can-be-more-in-a-fixer-upper.html</guid>
            <link>http://www.lisaudy.com/blog/less-can-be-more-in-a-fixer-upper.html</link>
            <author>Lisa@LisaUdy.com (Lisa Udy)</author>
            <title>Less Can Be More in a Fixer-Upper</title>
            <description> <![CDATA[ 
When
it comes to fixing up a fixer-upper, remember the maxim “less is more.” 


All
too often I see a perfectly good old house being renovated to death by
over-zealous owners who were brainwashed into the mindset that brand new
sheetrock is better than hand-mixed horsehair plaster and that wall-to-wall
carpet is better than tongue-and-groove maple flooring. 


As a rule of thumb, the quality of materials and
workmanship in years past was far superior to what you’ll pay an arm and a leg
for today, so why not use that as the starting point, rather than tearing it
all out and starting from scratch? 


So
if you’re thinking of buying a fixer-upper, try to surround yourself with
people who understand the “less is more” concept. 


You
don’t want a buyer’s agent, for instance, who specializes in new construction.
They’ll look at the fixer-upper and just tell you to “gut it”, which isn’t
always right. 


“This needs a lot of work!” 


You
don’t want to seek advice from friends or relatives whose knee-jerk advice is
going to be “Ooh, this needs a lot of work!” Fixer-uppers are daunting enough
without adding a chorus of discouragement from this crowd. 


And
you certainly don’t want a building inspector who doesn’t grasp that a 12-inch
beam with an inch of rot still has 11 inches of good wood left. Especially in
situations where new construction would only call for a 10-inch beam, which,
after you allow for planning, is only 9-1/4” anyway.   


Divide and Conquer 


When you evaluate your dream home fixer-upper, you can
streamline your process of elimination by dividing things into these three
compartments: 


Health and safety concerns:



If the wiring is all knob-and-tube and the plumbing is all lead pipe, these are
areas where “less is more” does not apply. These kinds of things will need to
be fixed, so you have to either ask the seller to fix them or bring in the
appropriate professionals to tell you what it will cost. 


These issues may also
affect your ability to obtain a mortgage and/or homeowners’ insurance, so take
them seriously and realize that they could be deal-killers.


Structural: 


Signs of
structural problems are often readily visible, even to the untrained eye – a
sagging roofline, cracks in the foundation wall, uneven floors, and those
rotten beams we already talked about. More important than identifying
structural issues is determining how to resolve them. On the team of
professionals in my electronic Rolodex are a couple of guys who specialize in
jacking and sill replacement and the like. 


Where your typical contractor will
give you a $25,000 estimate to jack up the whole house and pour an entirely new
foundation, these guys will be quoting you $3,000 or $4,000 to dig a hole in
the ground, tear out the broken section of the foundation wall, and then
rebuild that section from the bottom up. Why replace the whole foundation, if
only an 8-foot section is suspect? Less is more, remember?


Cosmetic: 


This is where you
can make out like a bandit. Do you need to strip every room back to the studs,
or does the unevenness of the plaster walls already give the house more
character? Do you need to get the floors sanded and re-varnished to look all
new and shiny, or is that pattern of wear just a “patina” that makes the house
look more lived in and inviting?  


If
you’re buying an old house, it’s probably because you’re attracted to the
character of it, so don’t destroy that character by trying to create a new
house inside an old shell.  And
when the time comes to re-sell, make sure you pick a realtor who understands
what a gem you have. If a realtor comes to a listing appointment and says “Ooh,
this needs a lot of work,” end of interview, find someone else.


Article provided by Jolenta Averill: You can learn more about Jolenta by visiting her Madison real estate website where you can see all Madison Homes. You can learn more about the area by reading her Madison real estate blog.
 ]]> </description>
            <pubDate>Fri, 23 Dec 2011 14:46:36 -0600</pubDate>
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            <guid>http://www.lisaudy.com/blog/buying-distressed-property-what-you-need-to-know.html</guid>
            <link>http://www.lisaudy.com/blog/buying-distressed-property-what-you-need-to-know.html</link>
            <author>Lisa@LisaUdy.com (Lisa Udy)</author>
            <title>Buying Distressed Property: What You Need To Know</title>
            <description> <![CDATA[ 
Distressed properties (short sales, foreclosures, REOs) are abundant these
days.  They are “distressed” because many
times, the home sits empty with no attention to its maintenance.  For investors, the homes become a good
opportunity to invest in real estate at a lower cost than the neighborhood
might dictate.  


For home buyers,
foreclosures and short sales represent the chance to “move up” in their amount
of home at a great price.  


I showed a foreclosure property last week.  It was a true showplace or
at least it had been before the owners let it go.  I had the forethought to walk through the
home before my clients arrived.  As I
walked through, there were scratches on the hardwood floors and walls, wires
everywhere, broken doors and other issues. 
The problems were mostly cosmetic and could be fixed at a relatively
inexpensive cost.  


This grand home had
every amenity a true luxury home would have. 
High end appliances, a wine cellar, gorgeous hardwood floors throughout
the home, custom walk-in closets, a large outdoor living area, and large patios
across the back of the home with the most beautiful views were just some of
what I found.  Beyond all of that,
though, I saw the opportunity to easily bring this once gorgeous home back to
life.    


There are essential elements to consider when buying a distressed
property.  These tips can help
prospective buyers make sound decisions on their investments.  


Knowledge of the market: Potential
buyers must have knowledge of the real estate market. Homework and research a
neighborhood and market are essential to ensure that both are in a position to
appreciate.  Find out where the home was
priced when it sold in perfect condition. 
Compare it to similar properties in the neighborhood or on the
street.  Look at other homes in the
neighborhood that have recently sold to see where their price fell.  This gives a comparison to make sure this is a good investment.


Location of the property:  The area in which the home is located is an
important factor in the decision making process.  With the amount of foreclosures and homes
with severe negative equity, many larger homes in sought after neighborhoods
are in foreclosure or listed on the market as a short sale.  These homes give prospective buyers the
opportunity to walk into a home with equity (provided the home has only
cosmetic issues). 


Total Cost: The price of the distressed
property plus the costs of repairs is probably the most important element to
consider.  Most distressed properties are
sold in “as is” condition.  It is imperative
to make sure that the total cost of the home and the repairs is less than the
total value of the home once it is in mint condition.  Underlying problems get very costly and can
affect the potential profit before the deal is done. 






If you follow these guidelines when making a decision to buy a distressed
property, you will probably have a good bargain on your hands that will yield a
profit or appreciate in value.  Distressed
property sales take time and patience but there can be a huge reward with distressed
property sales if you do your homework.


Article provided by Allison Klein: You can learn more about Allison by visiting her website where you can search Fort Collins homes for sale in some of the many Fort Collins neighborhoods including English Ranch homes for sale and Fossil Lake ranch homes in Fort Collins. 
 ]]> </description>
            <pubDate>Tue, 13 Dec 2011 16:18:52 -0600</pubDate>
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            <guid>http://www.lisaudy.com/blog/the-3-biggest-mistakes-in-property-investing.html</guid>
            <link>http://www.lisaudy.com/blog/the-3-biggest-mistakes-in-property-investing.html</link>
            <author>Lisa@LisaUdy.com (Lisa Udy)</author>
            <title>The 3 Biggest Mistakes In Property Investing</title>
            <description> <![CDATA[ 
These errors cause investors thousands of dollars and countless
hours of stress.


Error 1 is Price Shopping. 



Going with the cheapest solution to get and manage your property will
get you the cheapest result.  Value is
getting the most bang for your buck from your investment dollar.  Many investors start out planning to get a
large cash flow by acquiring the least expensive home the can find and by doing
the management themselves, part time. 



After about six months of trying to invent an accounting system using a generic
spreadsheet software, learning boiler zone valve repair at night after their
regular job, and discovering they are in sales and marketing, they start
shopping for someone to fill their vacancies and for goodness sake get that
problem tenant out before cash flow becomes a serious problem.  


Two or three frantic calls to companies found
on a quick internet search and they pick the cheapest.  It took five minutes to find a property
manager.  


Problem solved?  They’ve got a 30 year mortgage on a vacant
rental property and they just hired the property manager with the worst
occupancy rate and highest maintenance bills in the market.  A rental property is a business, not a
hobby.  Hope is not a business
strategy.  


Make sure you have a realistic
plan for selecting a property that meets your specific situation.  The cheapest fixer’ upper’ may be a great
choice for a general contractor with some spare time and spare cash.   


The more expensive duplex with established
tenants may fit better for someone with limited cash reserves.  Make sure you have a plan for marketing,
managing, and maintaining your business. 
If you’re an accountant you can save money doing your own books.  If you are handy with tools you can save on
repairs.  If you don’t work a lot of
overtime at your regular job you can handle routine administrative tasks. 


 Few people have the time and skills to do it
all.  Even fewer want to be on call 24/7.  Call and talk with an experienced property
manager for a commitment free personal assessment of the market as it relates
to your specific situation.


Error 2 is waiting. 
Waiting for lower interest rates. 
Waiting for prices to come down. 
Waiting for a larger down payment. 
Rental property is a long term investment.  Experienced investors value a rental property
based on how much rent it brings in compared to the cost of the mortgage,
maintenance, and management.  


The sale
price of the property is secondary.  If
you can make money on the property today, then why wait until tomorrow?  The next phase of waiting is waiting to run
your investment like a business.  Do not
simply throw money at a vacant rental’s mortgage month after month.  


Do not wait until the major repair to start
tracking (and budgeting) expenses.  Don’t
wait until you are behind on payments to ask for help.  Call us today.  We are happy to share and discuss our 6
pillars of tenant management with you.  (screening,
deposits, expectations, pay or vacate, late fee, collections).


Error 3 is not interviewing a property manager.  Property management is like weight loss in
that the concept is simple, but the practice requires dedication and
discipline.  If you want to lose weight
you just have to eat less and exercise more. 
Easy to say, sometimes more difficult to do than we like to admit.  


A good property manager is happy to share
“the secrets” of the business.  Even if
we never have you as a client, we benefit from an improved market.  If you are just starting to consider
purchasing an investment property, or managed several for years, invest in some
professional development. 


Article Provided By Aaron Seekford, an Arlington VA real estate agent. For more information about Aaron, you can visit his Arlington VA homes blog and while your there, you may want to check out the up and coming neighborhood of Ballston VA for a great place to find your own investment property.


 
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            <pubDate>Sun, 04 Dec 2011 14:16:42 -0600</pubDate>
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            <guid>http://www.lisaudy.com/blog/how-to-write-the-short-sale-hardship-letter.html</guid>
            <link>http://www.lisaudy.com/blog/how-to-write-the-short-sale-hardship-letter.html</link>
            <author>Lisa@LisaUdy.com (Lisa Udy)</author>
            <title>How to Write the Short Sale Hardship Letter</title>
            <description> <![CDATA[ 
First, if you’re currently
involved in a short sale, and your listing agent isn’t assisting you in writing
your short sale hardship letter, you need a new agent. This letter is critical
to persuading the lender to allow a short sale of your home. A seasoned short
sale professional understands this and offers advice on how to put together the
short sale hardship letter. 


If you thought you were down
in the dumps over the fact that your house is worth less than what you owe on
it, wait until you write your short sale hardship letter to the lender. Once
it’s finished, though, and on the desk of the loss mitigator at the bank, you
can breathe a sigh of relief, realizing you are one step closer to moving on
with your life.


A short sale hardship letter
is, simply, an explanation of why you need to sell the house (the
hardship).  There is a simple formula
that works with all the lenders.  It is 3
paragraphs long, starting with where you were financially and emotionally when
you purchased the home, what you have tried to do to keep your home, and where
you are now. 


Keep in mind while writing
the letter that the bank is only interested in numbers. Although your hardship
may be sad or compelling, the bottom line for the lender is dollars and sense,
not sympathy. So, while the letter shouldn’t be maudlin, it should express, in
very convincing terms, the hardship that brought you to this point. 


Now, what you consider a
hardship, the bank may not, so determine beforehand if what you are going
through is a legitimate reason for your lender to approve a short sale to avoid
having to take the house back in foreclosure. 


A few of the hardships
typically accepted include: 




A death or chronic illness of the
mortgagor or an immediate family member. 


Income
cutback, loss or job relocation


Incarceration
of the principle mortgager


Divorce


Military
transfer


Loss due to
natural disaster 




When you compose the letter, 


First, explain where you were
financially and the plans you had for the property when you purchased it. “We
had hoped to keep this home to retire in.“ “We had finally purchased our
vacation home that we had planned on our entire lives.“  


Secondly, explain how the
hardship has affected your ability to pay your mortgage, not how the hardship
came about. For instance, it is sufficient to state: “I was laid off from my
job on (date).” There is no need to explain the problems your employer was
having that led up to her need to lay you off. If you were fired, say that and
avoid explaining why you were fired. 


Lastly, describe how the
hardship has impacted your finances, and why a Short Sale is the ONLY option
left for you.   “My income has fallen x
dollars a month to z dollars a month.” Or “During the course of diagnoses and
treatment I have incurred x dollars in medical bills.” “Before my husband’s
death our mortgage payment was 36 percent of our household income. At this
point, the mortgage payment is 76 percent of my household’s income.” 


Proofread your letter to make
sure that it isn’t redundant and that it is compelling and persuasive. Ask your
real estate agent to read it as well and ask for suggestions on how to improve
it.  This is another reason to choose an
experienced Short Sale List Agent. 


Write your loan number at the
top right hand corner of your Hardship Letter and give it to your List
Agent.  Your Agent will include your
Letter in her Short Sale Pkg. for submission to the Lender upon execution of a
solid offer.


About The Author: Kimberley Kelly is a Palm Desert real estate agent servicing home buyers and sellers in the Palm Springs real estate market. For more information you can check out her website at http://kimberleyjoykelly.com/.
 ]]> </description>
            <pubDate>Tue, 18 Oct 2011 17:29:33 -0500</pubDate>
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