Many times I go to do a home to complete an inspection for a potential buyer, only to find the home not ready for an inspection. The home not being prepared then makes the buyer suspicious that there are areas that the inspector could not access causing them to back out of the deal. Completing a few routine maintenance items and having the home prepared for the inspection will avoid those long lists of misc. defects on a home inspection report that can scare a potential buyer.

Here are some tips to get your home ready for a home inspection.

1. Make sure the electric is on in the home and to all circuits. A home inspector will not flip breakers “on” or “off” during an inspection.
2. Make sure the gas or fuel is on to all the appliances and that all pilot lights are lit. Inspectors will not light pilot lights or turn on valves.
3. Make sure water is on and functional to all fixtures. Inspectors will not turn any valves to get water to any fixture.
4. If there are any light bulbs burned out, replace them.
5. Clear out stored items under the sinks.
6. If the attic access is located in a closet or other area where your personal effects are in the way, remove all of your personal items from under the access hole and remove any shelving that may be in the way of getting a ladder to the attic. Inspectors will not move any personal items or shelving to access an attic.
7. Grab a screwdriver and check all doors and windows for loose hardware, and make sure they all open/close properly.
8. Clean off the roof and/or gutters from debris, etc.
9. Check for any minor leaks under sinks or drains under the floor in the basement, etc., and have them repaired prior to the inspection.
10. Have your heating and A/C equipment serviced and have record of the last servicing available for proof.

Taking care of these items will not only reduce the laundry list of defects found on a home inspection report, but it will also help secure the deal to sell your home.

Here are a few sources to locate a home inspector in your area.
In Wisconsin:
http://wisconsin-home-inspectors.com
National
http://findaninspector.us
http://homeinspections-usa.com

Kevin McMahon is a licensed professional Wisconsin Home Inspector and owner of ABC Home Inspection, LLC located in Stevens Point, WI. You can visit his website at certified-inspector.com . This article may be reproduced only in its entirety. All references to links or other resources must be included.

When you buy a home, you need to be aware of the various things that can limit your control over the property. This is as true for finished lots and single family homes as it is for townhouses, condos, and apartments. It’s a good idea to understand these limitations before you buy, so that you can decide whether you’re willing to live with them or not. After you buy, it’s too late; you’re stuck.

Zoning

In most jurisdictions, zoning limits how a piece of property can be used. There are many variations of residential zoning. In some, no business activity is permitted. Some allow business activity but no signs. In some, no commercial vehicles can be parked regularly.

Some residential zones permit only a single dwelling per quarter acre, per acre or per ten acres. Most limit the owner’s ability to subdivide land. Some allow only single family dwellings while others allow high rise apartments. Still others allow apartments, but limit the height of apartment buildings. Many do not allow mobile homes.

Some jurisdictions have “overlay districts” in addition to zoning. These are common in areas with many older buildings and a community desire to preserve them. Additions to homes of this type are obviously restricted, but restrictions regarding the location, style, height, and even whether they’re allowed at all or not, also applies to fences, sheds, walks, gates, and similar ancillary structures.

Fredericksburg, Virginia has a forty block “historic district.” Residents of this area must follow normal zoning rules. However, they must also submit an application to the Architectural Review Board for any changes to the visible exterior of their homes. This can be a surprise for some new homeowners in the area.

You can find detailed information about zoning, overlay districts and the like fairly easily. Simply visit the courthouse for the county in which the property is located or ask your real estate professionals for assistance.

Raynor James is with www.fsboamerica.org – providing homes for sale by owner, “FSBO”, properties. Are you thinking, “Should I sell my home?” Visit www.fsboamerica.org/seller.cfm to sell your home sale for free for one month.

If you have recently purchased some real estate for investment purposes, you are in good company. Recent reports suggest that as many as 25% of these purchases are made by those who plan on using the property for investment purposes only. If you hope to “flip” the property there are 4 things you must be aware of that can put a crimp on your profits.

1. Property Taxes. Keep the property for a few years and you may experience a surge in property taxes especially if your taxes are reevaluated during that time. Some hot real estate markets have seen taxes nearly double in just 5 or 6 years.

2. Renovation Expenses. You may have purchased a “fixer upper” at a bargain rate. Once your project is complete will you be able to recover the expenses and make a profit especially if the value of your renovated property is above those in your neighborhood? In addition, can you withstand a correction in real estate values?

3. Insurance and Mortgage Costs. You will pay more for homeowners insurance if you do not occupy the residence and you have tenants. If you are financing the property you know that your mortgage rate is higher as well.

4. Rental Pressures. A market saturated with rentals will mean that the rents you can charge will be less than what you had hoped to receive. In some markets you are required to get special licensing in order to be a landlord. In other markets the legal rights of tenants mean you could have a lengthy and expensive battle in ridding yourself of a bad tenant. Will the lower income levels coupled with the added expenses drag your investment down?

Of course, you can limit your risks [and costs] by doing the majority of the upgrades yourself, appealing excessive property tax increases, and finding for yourself a trusted and dependable tenant. It isn’t easy flipping a home, but with a lot of pluck and determination it can result in strong profits for you.

Copyright 2005 — Matthew Keegan is the owner of a successful article writing, web design, and marketing business based in North Carolina, USA. He manages several sites including the Corporate Flight Attendant Community and the Aviation Employment Board. Please visit The Article Writer to review selections from his portfolio.

The tremendous growth of the mortgage net branch business has opened up a plethora of opportunities for small-time and amateur mortgage professionals. Huge mortgage companies that wish to expand on a nationwide scale often offer franchises to small mortgage companies within the desired localities. These give rise to the mortgage originator and mortgage net branch relationship.

There are several small-time mortgage companies that are good, but do not have wide exposure due to their various constraints. Such companies take up offers from larger companies to become their net branches. Mortgage originator companies are on the lookout for potential net branches in order to expand their businesses. Consequently, there are several advertisements by large companies inviting small companies to become their net branches.

Mortgage originators set up some guidelines to select their net branches. The net branch must be licensed to perform mortgage business in their area. They must have two or three years of experience in the mortgage industry, and must be adept with procedures such as originating, processing, undertaking and risk analysis of mortgages. It is an added advantage if the prospective net branch has its own goodwill within the market. Besides these, it pays to have superior communication skills and desirable personalities. Originators perform background checks on their candidates, and also require one or two esteemed references. The entire selection process of a net branch is performed under the rules of the Housing and Urban Development (HUD) code, and candidates may also have to appear for a written examination on the subject of mortgages.

There is an overabundance of opportunities for companies wishing to jump into the mortgage net branching bandwagon today. Almost all top-notch mortgage companies are inviting net branches, even offering up to 90% of the commission on each loan they can close. Most of the advertising for net branches is done online, given its worldwide reach.

Notwithstanding the fact that they will lose their own identities and become part of a huge conglomerate, small companies are lapping up net branching offers. The reason for this is that they get nationwide exposure, and can conduct business without having to bother about state licenses.

It is very important to understand the difference between a conventional mortgage and equitable mortgage. From the point of view of transfer of title to the mortgaged property, mortgages are divided into two categories: legal mortgage and equitable mortgage.

In case of a legal mortgage, the mortgagor transfers legal title to the mortgaged property in favor of the mortgagee by a deed. In a legal mortgage, the transfer of a legal title to the mortgage involves expenses in the form of stamp duty and registration charges. On the other hand, in case of an equitable mortgage, the mortgagor transfers the documents of title to the mortgagee for the purpose of creating an equitable interest of the mortgagee in the property.

This means that legal title to the property is not passed on to the mortgagee, but the mortgagor undertakes, through a Memorandum of Deposit, to execute a legal mortgage in case he fails to pay the mortgage money. The mortgagee is thus empowered to apply to the court to convert the equitable mortgage into a legal mortgage if the mortgagor fails to pay the mortgage money on the specified date.

It is worth mentioning that a mortgage by deposit of title deeds requires three ingredients, which are very pivotal. Firstly, it includes the existence of a debt in the present or future. Secondly, the deposit of the title deeds. And finally, an intention that the title deed should be the security for the debt. The intention is indeed the essence of the transaction. An agreement of sale by itself does not create any interest in the property. Hence, such an agreement is not deemed as Document of Title to property. For equitable mortgages, the deeds deposited must relate to the property or as material evidence of the title, and must have been deposited with the intention of creating a security thereof.

It’s getting to the time of year when the old problem crops up again. “A” level results are expected soon and students will be on the lookout for affordable accommodation.

Whilst for some lucky students, residency “in hall” may be an option; there is a huge demand for bed-sits, shared apartments or houses. It’s a worrying time for parents and some of the accommodation, particularly in the big University towns, leaves a lot to be desired. Of particular concern are the big, multi storey, buildings occupied by several unrelated tenants and converted into individual self-contained units. Some of these are owned and operated by unscrupulous landlords whose only intention is to pack as many students into as small a place as possible, offering little in the way of comfort or even safety.

New rules are about to alter all that. They will undoubtedly cause problems for the landlords mentioned above, but should help those wanting to join the buy to let market by making these properties more interesting to mortgage lenders, who will see the attraction of well thought out and managed conversion schemes.

At the beginning of this year it was announced that from 5th April 2006 it will be necessary for such properties to be licensed before occupation. This should greatly improve the standard of accommodation. There will be an inspection, concentrating on room sizes, arrangement of accommodation and safety aspects and fire regulations. It will also be necessary for the landlord to produce evidence of acceptable plans regarding the future management and maintenance of the property. The Local Authority will issue the licenses at a cost of around £100 per individual tenant for a five year licence. There will be a fine of up to £20,000 for non compliance. The Licence is to be known as a Licence for Multiple Occupation. It will apply to property that is on at least three floors and is let to several unrelated tenants.

Go to http://www.propertylicensing.gov.uk for more information.

There is another regulation concerning Health and Safety. This is called the Housing Health and Safety Rating System. If a tenant is worried that the condition of the accommodation may be affecting their health in some way, they will be able to ask for an inspection to be carried out. Inspectors will be able to demand repairs and to apply fines to landlords of £5,000.

The last regulation is regarding the deposit lodged with the landlord when taking out a tenancy. This deposit is normally refunded, provided the property is vacated in a fair condition at the end of the tenancy. Evidence has shown that some landlords refused carry out these refunds giving various dubious reasons for refusal. This, hopefully, is to be resolved by the Tenancy Deposit Scheme, which comes into force in October of this year. It is an amendment to the Housing Act of 2004.

It’s proposed that:

An independent, neutral, scheme administrator is appointed.

The deposit is held by the administrator.

At the end of the tenancy, the tenant and landlord have to agree that either the whole or part of the deposit is repayable and inform the administrator of this.

The scheme administrator must pay the sum/s within ten days, as in the terms of the agreement.

If it has not been possible to come to an agreement and it is necessary for the tenant or landlord to obtain a final court order to decide the proportion of each person’s share of the money, then the administrator will immediately make such a payment.

If an administrator refunds a deposit, interest must be added. The rate has yet to be decided and will be specified by the Government. Additional interest to this will be held by the scheme administrator and used to provide funding for the Tenancy Deposit Scheme.

The costs of these improvements will obviously be reflected in the rental prices, however the tighter regulations will be reassuring for investors (and those worried parents!).

Today, there are many competitors in the mortgage business, and predictably there are also so many offers for the borrowers. To woe the borrowers there are many loan programs available in the market. But what the borrower has to keep in mind is that he should never fall into these loan traps, and the important thing to note is the loan rate.

If you have bad credit, you may expect a higher interest rate. So it is better to compare offers from many lenders to secure a better rate. A better offer can be from the flexible mortgage lenders. These mortgages can include interest-only mortgage loans, balloon-payment mortgage loans, as well as mortgages for long periods and mortgages with low interest rates.

The interest payments on a mortgage depend upon many factors like the rate on which the loan is obtained, the number of years of the mortgage loan, the down payment, and the amount financed. Even a slight difference in the interest rates can save you a lot of your hard-earned money. So it is important to get the right and relevant information.

There are different sources to get this vital information. The most important among them are the mortgage websites and the local newspapers. You can check the rates with your bank; mortgage rates fluctuate frequently according to the market trends and never remain unchanged for long periods.

It is better to check for online assistance, as there are plenty of online mortgage brokers. Here, you can check your credit score and get advice on the interest rates and terms of the mortgage loan.

Second Mortgage Loans provides detailed information on Second Mortgage Loans, Second Mortgage Loans After Bankruptcy, Second Home Equity Mortgage Loans, Second Mortgage Loan Rates and more. Second Mortgage Loans is affiliated with Florida Mortgage Loan Calculators.

Home mortgage refinance loans are loans that are obtained by exchanging the existing loan for another. This is ideal when the interest rates on current mortgages are lower. Home mortgage refinance loans are an effective way to decrease the debt on existing home mortgages. They are ideal if the rate on the previous mortgage is higher than the rate on the refinanced mortgage. Refinancing when the interest rates are lower would help to decrease any kind of debt burden, whether it is a credit card debt or a debt on the same house. It is the best way to convert from a high-interest loan to a low-interest loan. With increasing real estate prices, home mortgage loans and home refinance mortgage loans are being increasingly considered by professionals as well as people who have been planning to buy a house.

There are several advantages from refinancing: it can lower monthly payments; it can convert an adjustable-rate mortgage into a fixed-rate mortgage or a long-term mortgage in to a short-term mortgage; it can help to consolidate the debt; and it can generate some extra cash, which can be used for home improvement that can increase the value of the home.

There are certain aspects to be considered about refinancing home mortgages: the price of the home may actually come down, instead of going up, thus making repayment difficult; there could be additional costs of refinancing; you may have to move out of the house sooner than expected, etc. Refinance costs include application costs, appraisal costs and legal fees. But with increasing competition, most lenders are offering low-cost and no-cost refinance options for home mortgages. However, the waiver of these costs may mean accepting a slightly higher rate.

The best source for knowing about home mortgage refinance is the Internet. Most mortgage loan companies provide information through their websites, also. These sites are updated daily with the latest mortgage rates. Their sites also have easy-to-use home refinance mortgage calculators that give all information, including payments to be made each month and the tax advantages, with the single click of a button. Most of them also have financial advisors who would provide advice online, or over the phone.

Home Mortgages provides detailed information on Home Mortgages, Home Mortgage Rates, Home Equity Mortgages, Home Mortgage Refinance Loans and more. Home Mortgages is affiliated with Compare Home Mortgage Interest Rates.

If you have poor credit, you may think that you have no chance of getting approved for a mortgage loan. However, mortgages are easier to get approved for because they use your home as collateral to secure your loan. This makes your loan less of a risk to a lender. Additionally, there are measures you can take to improve your chances of getting approved for a home loan. This article discusses three ways you can increase your chances of approval:

Consider Your Finances before Applying

The amount of money you pay each year toward debts shouldn’t exceed 30% of your annual income. This includes your mortgage payment. Before applying for a mortgage loan, add up the total amount you pay toward your debts each year, including the amount you plan to pay on your mortgage. If this amount exceeds 30% of your annual income, you’ll need to take measures to lower your debt-to-income ratio. This means that you’ll either have to pay off some debts before applying for a mortgage, or you’ll have to reduce the amount you’ll borrow on your mortgage loan.

Make an Educated Down Payment

When lenders consider lending borrowers money for a home, they look at your LTV ratio. They do this by dividing the principal amount you want to borrow by the appraised value of your home. For example, if your home is worth $100,000, and you’re borrowing $90,000, your LTV would be 90%. Lenders use your LTV to determine the amount of risk they incur by lending to you. Lenders rarely decline loans with 80% LTV. So, if your home is appraised at $100,000, and you’ve offered $90,000 to the seller, you may choose to make a down payment of $10,000. This will set your LTV at 80% and improve your chances of getting approved. View our list of recommended online mortgage lenders at www.abcloanguide.com

Clean Up Your Credit in the Months before Applying

Obtain copies of your credit reports from the three main reporting agencies. Check each report for errors or inaccuracies. Keep in mind that it takes these companies up to 30 days to follow through on disputes. Make timely payments on your other credit accounts in the months prior to applying. Even a few months of timely payments will improve your chances of approval. Finally, avoid applying for other forms of credit. Inquiries on your credit report temporarily lower your credit score.

ABC Loan Guide provides a list of Bad Credit or Subprime Home Mortgage Loan Services. They also have information on how to Obtain a Free Credit Report Online.

If you are in the market for a new mortgage there are things you need to know before shopping for a lender. Mistakes made when applying for a mortgage can result in having to pay a higher interest rate, fees, or even having your application denied.

Credit Mistakes to Avoid

The biggest mistake you can make regarding your credit is misrepresenting your income and credit to a lender. You should be asking for no-obligation quotes when shopping for a mortgage to protect your credit from too many lender inquiries; if you misrepresent yourself you could lose the loan when the lender actually pulls your credit.

Bad Credit Mistakes

Having bad credit is punishment enough for any financial mistakes people make. It’s worse when lenders take advantage of your circumstances with outrageous fees, conditions, and interest rates. Don’t let a lender take advantage of you just because you have a poor credit rating. There are mortgage lenders genuinely concerned with helping people; you just have to find them.

Pushy Mortgage Brokers and Lenders

If you come in contact with mortgage brokers or lenders that seem like they are using pressure sales tactics, look elsewhere. The same is true of lenders or brokers that seem too eager or promise too much. If you let a broker push you into a loan that is not right for you it could cost you thousands of dollars. You may find yourself with unfavorable terms or a large balloon payment you have no way of making. If your lender or broker is promising you the moon and it seems too good to be true, run.

Do Your Homework and Shop Around

The best way to avoid mistakes with your mortgage is to do research. Research lenders, brokers, and their mortgage offers. Compare fees, conditions, and interest rates. Not all mortgage lenders are unscrupulous. This does not mean you neglect to do your homework and keep your guard up.
Unscrupulous mortgage brokers prey on homeowners that are not familiar with the mortgage process. The only way to avoid mortgage pitfalls is to educate your self.

Sign up for a free mortgage guidebook and learn everything you need to protect yourself from mortgage pitfalls and unscrupulous mortgage brokers and lenders.

To sign up for your free mortgage guidbook visit RefiAdvisor.com using the link below.

Albuquerque Mortgage Refinance

Louie Latour has twenty years of experience in the mortgage industry as a mortgage broker. He is the owner of Mortgages Refinance Advisor, a mortgage help site devoted to saving homeowners money with a free guidebook “Mortgage Refinance: What You Need to Know.”

Sign up for your free guide today at: http://www.refiadvisor.com