Hendersonville TN Real Estate News

 

There are many great things about living in Hendersonville TN.  The climate is great, the people are friendly, and home values remain strong.  Hendersonville is located in Middle Tennessee….a few miles northeast of Nashville. 

 

There’s always something to do….not only does Hendersonville have numerous festivals throughout the year – but it’s just minutes from all the entertainment in Nashville. 

 

Old Hickory Lake is one of Hendersonville’s main attractions.  It’s one of the few lakes in Tennessee that offer lakefront living with many private boat docks.  The lake is on the Cumberland River with 22,500 acres of water and 440 miles of shoreline.  TVA controls the water level…and you can actually travel the river all the way to the Gulf of Mexico.

 

Although it’s not the county seat…Hendersonville is the largest city in Sumner County, which is one of the fastest growing counties in the State of Tennessee.  Actually, the population has grown 13% since 2000.  Many people live in Hendersonville but work in the Nashville area…and commute time is approximately 20 minutes.

 

The closest major airport is Nashville International, which is usually a 20-25 minute drive.

 

Most homes in the Hendersonville TN Real Estate area are owner occupied…with a median home value of approximately $250,000.00.  A large percentage of the population has a high school diploma….and many have a bachelor’s or associates degree.

 

Hendersonville typically ranks very low in crime statistics.  An occasional tornado is about the only natural disaster risk that we have.  We are below average on all other weather related risks. 

 

Although Hendersonville is a very family oriented community…many households are without children. 

 

Come to visit anytime…we love our visitors!

When purchasing a property in Morocco, it is suggested that you enlist the help of an independent lawyer or someone with in depth knowledge of the Moroccan mortgage system, regardless of who will be the notary. It is important to have the assistance of someone with local customs and language knowledge as well as an understanding of the property purchasing process.
Since Morocco was previously a French colony and still maintains close relations with France today, it is perhaps unsurprising that when purchasing a Moroccan property the process is very similar to buying in France.
Fifteen years is a typical mortgage term. This can be extended to 25 years, but it will be accompanied by a much higher interest rate. Although whole mortgage interest-only plans are not available, you’ll only pay interest for the first six months of your loan. Since the application process is such a burden in Morocco, and bank staffs are so inexperienced, arranging a mortgage with professional help is strongly advised.
A preliminary contract is drawn up as soon as you have made an offer and the homeowner accepts it. This type of contract is called “Compris de Vente” and it is the custom to make a down payment of ten percent at this time. A full refund of this deposit is available if the appropriate clauses were drafted into the Compromis de Vente at the time the agreement is signed. A contract will usually include a clause that the purchase will be conditional on obtaining a mortgage; this makes it necessary for you to include an “escape” clause in the event that a mortgage can not be obtained.
Negotiating a Moroccan mortgage is tedious and frustrating, and while an agreement might be arrived at, the mortgage may be issued only once the contract is signed. Thus, again it is extremely important that your Compromis de Vente includes the so-called escape clause.
Once the Compromis de Vente is signed and the searches will take place. If these are satisfactory, then the notary will complete the document by signing it. It is recommended that 5% of the overall purchase price be reserved to ensure any incidental costs and additional fees that may be incurred will be covered. In addition a mortgage tax of 10% is charged monthly for the duration of the mortgage.
Moroccan practice dictates that a notary will act on behalf of both the homeowner and the new buyer, so it is recommended you use a lawyer as the notary. So, be sure the paperwork concerning title deeds and mortgages are properly checked in order to protect you. It is also important to verify that the lawyer has looked into what projects will occur in the region, as the bank may not take such action, ultimately lessening the property value or your ability to sell it.

There are many reasons why the Whiterocks Luxury Apartment Development is a must for Experienced and First Time Property Investors. Right now North Cyprus Property is the worlds most exciting and emerging property market in the world. House prices in North Cyprus are half the price of those in the South. On the 3rd September 2008 reunification talks started between the 2 current presidents. The last time talks began in 2004 property prices saw a massive leap. Unfortunately the talks failed essentially because neither of the presidents liked each other or really wanted to unify. Property prices still benefited though. This time round both presidents speak on a daily basis, and meet on a weekly basis. Essentially everything is in place to make this happen within the next year. Currently building developments are continuing in North Cyprus at an unprecedented rate in order to beat the rush. The Whiterocks are an exclusive luxury resort surrounded by protected land.The investment is perfect for first time investors since they can get started with as little as £1500 deposit with the 35% of the remaining mortgage to be paid within the first 45 days and the Development company can help with raising this 35%. The remaining mortgage does not need to be paid until completion and this is where the Developers have really pulled the stops out. To further sweeten the deal and make this a complete no brainer for investors the developers have partnered with the worlds largest holiday rental company to help rent out the property whilst it is vacant. With only a 65% rental occupancy the investor will still make more on the rental value than the cost of the mortgage. At his point it is worth mentioning that the rental and exchange company is none other than RCI, better known for timeshare. However! This is not timeshare, this is purely optional. The investor owns the property outright and can sell it whenever they want. The investor also can sort out their own local rental agents if they so wish. If they do however use RCI to rent out their property when they are not using it then they will also benefit from RCI worldwide luxury holiday resort network. The investor will automatically be awarded 100,000 points that in essence will cover the cost of a stay in a luxury resort of the same standard in Hawaii. These points are awarded every year until the owner sells and can be used even before the property has been built. This is the first time that RCI have ever worked with a developer in this way. To top things all off each investor also gets to chose their interior design package that has been completed to the highest spec. This really is an unprecedented property investment proposal where all potential risks have been minimised to make this a real no brainer for First Timers and Experience Property Investors alike. All further details and financial specifics can be found on the website www.WhiterocksBafra.com .

Need specialist advice for property in America? View the PropertyIndex site to find lots of properties!

Regardless the fact that the Property Index online service is actually a fairly young enterprise, (they were set up in March 2007), they have quick established their expertise. Actually, they are a unbelievably easy enterprise fully concentrated on offering advice to essentially anyone who is aiming to rent property in a globalized world. They assure they will be of help to you to laser target bang-on what you require swiftly plus, naturally, straightforwardly. Real estate can easily be purchased across the world now, one of the hippest areas being real estate available in the U.S.A. It’s quite easy to write a list of the terrific property you can purchase in the U.S.A., one explanation for picking real estate here being real estate on the market and the opportunity of living surrounded by this enthusiastic and vibrant people.

It’s one of the truly trendy regions now, and in view of the scenic beauty and the agreeable climate surrounding you here, how can you be wrong… Real estate in the U.S.A. is very rich in history, culture and art, this part of the world has always been home to many indigenous civilizations. Some 20 years ago you’d find just a dribble of Britons keen on property in the U.S.A. Just ask everyone who has chosen to move to the U.S.A. and they will tell you the same thing. Lots of people would label it a simple vogue and others label it a as something approaching a fixation! Buyers that will transfer to this area extend from yuppie couples keen on a bit of a new challenge to the older generation meaning to enjoy themselves and unwind.

Bear in mind, though, that you might encounter some predicaments when buying property overseas — there’ll be dozens of varied, not entirely logical, actions whether devising a plan, surveying or purchasing. If you only miss one minor step this will generate sizable predicaments not to forget, critically, a financial hammering. As you will probably have anticipated with this fashionable area, property may well be extremely dear in this area and that’s plainly owing to the expanding demand. Notwithstanding the customer doubtlessly is spoiled in such a part of the world so wonderful in terms of cheery view. It’s doubtlessly got the whole shebang a customer could crave, etc.

If you are looking to buy property abroad try Property Index, specialists in overseas property.

Regardless the fact that PropertyIndex.com may be considered a recent company, doing business only since March 2007, they have quickly established expert status. In point of fact a very down to earth company devoted to offering instruction to any person meaning to buy, sell, rent etc. real estate across the world. They affirm to lend you a hand to discover exactly what’s required very quickly plus, of course, sans pain. Real property can be bought wherever you want in our times, one of the really elite areas being properties for sale in Spain. It’s easy as one-two-three to list some of the ripping property available in Spain, the rationale for picking realty here is property you can purchase and the ripping option of spending your life with such a enthusiastic and lively populace.

It’s one of the most fashionable regions in our times, and considering the overall attractiveness and wonderful sunshine surrounding you, how could you be wrong! Real property in Spain is very rich in history and culture, this country has long been home to numerous sophisticated civilizations. Only 25 years ago you’d find just a trickle of UK citizens keen on property in Spain. Just ask any person who has chosen to relocate to Spain and they’ll be sure to substantiate this. Most people would are viewing it as a mere fad and others are viewing it as a that’s nearly an addiction… People set on moving to this place may range from newly weds in search of a challenge to the retired who want to chill out.

There could well be obstacles when looking to purchase property abroad — you can find there are 100s of procedures to follow be it when planning, touring or buying. If you miss out on but a single procedure that is liable to well kick up great obstacles plus, of course, even more importantly, a failed investment. Obviously, as is to be assumed with this well-liked place, property may well be unbelievably high-priced in this region which is, of course, unquestionably owing to the top demand. Despite this the property buyer presently is somewhat spoilt in such a place characterized by wonderful land and beaming view. It’s patently got all anyone could yearn for, and lots more.

While most multi family properties are designed to allow the peaceful coexistence of many families within their separate units, some apartments and houses give you the feeling that you’re actually living in one big family. Things like sharing one washer and dryer between five families means you never know whose underwear you’ll have to fish out of the washer before you start your own laundry. And a shared water heater means that now there’s an incentive to early morning classes. Catching the ‘Cosby Show’ every night at seven through your living room wall keeps you conveniently updated on the latest goings-on in the Huxtable home.

While living in multi family housing may not be an ideal situation for some tenants, it can be a way to wealth for the person collecting the rent. My own landlord, also currently a college student, manages several properties for his wealthy, out-of-state family, collecting a handsome property manager’s fee in the process. Sure he had to evict the people upstairs, replace the roof, renovate the unit next door, and perform other sundry tasks, but at the end of the month, he’s got another $2500 in the bank.

One time while he was fixing a clogged drain at our place I asked him how his family got to be so successful in the multi family investment property business. He told me that his family hadn’t always been the housing barons they are today; after scraping together everything they had, even borrowing from extended family, they still had to take out a substantial loan from a local bank. With this they bought their first multi family property-an old duplex three blocks from the university. Although the location was great, being as close to campus as it was, the purchase had depleted the family’s financial resources to the point were they had to move into the property while renting out the other half. From this experience, my landlord’s family gained some useful insight into multi family apartment financing.

Several weeks later I had the opportunity to speak with my landlord’s father, the owner of the property my wife and I were currently living in. While enquiring about his investment property business I learned a little about multi family investment property financing. According to him, most lenders will only provide financing for multi family dwellings of five units or more, with a minimum loan amount of $500,000. Apparently it isn’t worth a lender’s time to finance smaller investments.

Most multi family or apartment loans have a thirty-year term with interest rates ranging from 4.7% to 6.625% for loans up to $3 million. I learned that most of the time these “smaller loans” carry a little higher interest than loans exceeding $3 million and are termed as ‘recourse’ loans; in other words, if you default on the loan the lender may take ‘recourse’ by seizing your private assets. Loans in excess of $3 million are termed as ‘non-recourse’, meaning private assets are protected in the event of a borrower default. In addition, most lenders offer basic options like fixed and adjustable rate loans.

In the final analysis, the key to the success of this family in the multi family investment property market wasn’t the way they quickly handled tenant complaints or provided decent amenities; these things merely kept them in business. The reason for their success was a thorough understanding of investment property financing gained from years of research, experience, and trial and error.

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Cameron Brown is an internet marketer specializingranking automation. For information on multi family financing, visit Security National Capital .

Owning home during the last three years has been like fall into a gold mine. Values have just gone up, up and away.

If you are a homeowner you just can’t stop smiling. The size of your home’s equity may be matched only by the latest Power Ball total. But what about the first time home buyer or those who have a burning need for more space - the move up buyer?

Wages gains have not matched the increased real estate prices and that is putting new buyers in a tight spot. The law of market forces indicates that with fewer people able to buy a home there will be less demand and home prices will begin coming down, right? Wrong!

The building industry and booming home equity growth are about the only things driving the fragile U.S. economy. The government must keep the housing market healthy or risk being booted out of office. Bush is keeping the ball rolling just as Clinton did before him. Keep the voters passive in their snug new homes.

Enter the 40 year mortgage.

An ad in the financial section of a major city’s newspaper shouts “Ask About Our 40 Year SmartChoice Mortgage!” The advertisement goes on to say you have your choice of an adjustable rate of 1%, or a fixed rate of 1.75% for 5 years.

Look what that means. You can stroll in and borrow $400,000 for a monthly payment of just $1,012 with zero closing costs! Hurray, everyone can again afford to buy a home. Yeow, this ad even says they will loan you 107% of your new home’s value.

Shouldn’t we get a little nervous when we see that kind of ad? Won’t the 40 year loan allow people who really can’t afford a home to shoulder that financial burden? And if we may be a real estate bubble as some claim, doesn’t this make buying highly leveraged real estate down right dangerous?

Until now forty-year mortgages have been rare because lenders couldn’t sell the darn things to investors through the government-sponsored enterprises Fannie Mae and Freddie Mac. Those 40 year loans had to be held by the lenders, tying up their money for a long time. Now that’s changed.

Both Fannie and Freddie are passing out cash for those babies like they are running their own money printing presses. Wait a minute, the government IS running the presses. Some would say, just like Parker Brothers prints Monopoly money.

It’s easy to see that the primary advantage of a 40-year fixed-rate mortgage is to make monthly loan payments more affordable and avoid the risk of an adjustable rate mortgage. The 40-year fixed rate also appeals to buyers with small down payments.

Now stop and look at the numbers. You will see that the difference in payments may not be that significant. Take a $200,000 mortgage financed for 30 years at a fixed rate of 5.75%. It would have a monthly payment of $1,167.15. Stretching the loan term by an additional 10 years (40-year mortgage) only reduces the monthly payment by a little over $100 to $1,065.78.

There’s more: Some of benefit of those lower monthly payments is offset by the higher interest rate that comes with the 40-year loan. Rates on a 40-year fixed are often one quarter to one half of a percentage point higher than a traditional 30-year fixed-rate mortgage. Loans with longer terms carry higher rates because of the added time frame where a default may occur and because lenders require compensation when their money is locked up for the longer time.

One of the benefits of the recent increase in homes values is that homeowners turned much of their equity into cash through refinancing. Homeowners spend that cash and that money keeps our economy going. With 40-year loans real estate equity grows at a snail’s pace a home’s value appreciates at a normal rate of 3% to 5% yearly. For the first-time home buyer who plans to eventually move up to a larger home, this slow pace of equity accumulation is a liability.

Now add zero closing costs to the mix. In most areas, closing would run about $2,000 in fees to refinance a $200,000 mortgage. Appraisal - $300. Settlement Fee - $300. County recording fees - $400. Underwriting fee - $300. Processing fee - $200. Title Insurance - $750. The list goes on.

Without zero closing cost programs, the home buyer would have to wait until interest rates reached a level low enough to justify the closing costs. Remember that closing costs must be low enough to allow the buyer will recoup those costs in a reasonable period of time. If he plans on being in the home for five years and it takes seven years to recapture the closing costs it’s a bad deal. We must admit homeowners don’t see to be very concerned about such things.

No body gets something for nothing, especially with mortgage lenders. A zero cost loan program is financed by a loan with a slightly higher interest rate. You can juggle the numbers all you want, but the borrower always pays and the lender always earns.

The 40-year mortgage will allow our economy to keep rumbling along this bumpy road for at least a short trip. Let’s hope we don’t wind up at a dead end.

Author Mark Walters recommends that you learn to Consolidate Credit Card Debt,Here.

Every business has it’s jargon and residential real estate is no exception. Mark Nash author of 1001 Tips for Buying and Selling a Home shares commonly used terms with home buyers and sellers.

1031 exchange or Starker exchange: The delayed exchange of properties that qualifies for tax purposes as a tax-deferred exchange.

1099: The statement of income reported to the IRS for an independent contractor.

A/I: A contract that is pending with attorney and inspection contingencies.

Accompanied showings: Those showings where the listing agent must accompany an agent and his or her clients when viewing a listing.

Addendum: An addition to; a document.

Adjustable rate mortgage (ARM): A type of mortgage loan whose interest rate is tied to an economic index, which fluctuates with the market. Typical ARM periods are one, three, five, and seven years.

Agent: The licensed real estate salesperson or broker who represents buyers or sellers.

Annual percentage rate (APR): The total costs (interest rate, closing costs, fees, and so on) that are part of a borrower’s loan, expressed as a percentage rate of interest. The total costs are amortized over the term of the loan.

Application fees: Fees that mortgage companies charge buyers at the time of written application for a loan; for example, fees for running credit reports of borrowers, property appraisal fees, and lender-specific fees.

Appointments: Those times or time periods an agent shows properties to clients.

Appraisal: A document of opinion of property value at a specific point in time.

Appraised price (AP): The price the third-party relocation company offers (under most contracts) the seller for his or her property. Generally, the average of two or more independent appraisals.

“As-is”: A contract or offer clause stating that the seller will not repair or correct any problems with the property. Also used in listings and marketing materials.

Assumable mortgage: One in which the buyer agrees to fulfill the obligations of the existing loan agreement that the seller made with the lender. When assuming a mortgage, a buyer becomes personally liable for the payment of principal and interest. The original mortgagor should receive a written release from the liability when the buyer assumes the original mortgage.

Back on market (BOM): When a property or listing is placed back on the market after being removed from the market recently.

Back-up agent: A licensed agent who works with clients when their agent is unavailable.

Balloon mortgage: A type of mortgage that is generally paid over a short period of time, but is amortized over a longer period of time. The borrower typically pays a combination of principal and interest. At the end of the loan term, the entire unpaid balance must be repaid.

Back-up offer: When an offer is accepted contingent on the fall through or voiding of an accepted first offer on a property.

Bill of sale: Transfers title to personal property in a transaction.

Board of REALTORS® (local): An association of REALTORS® in a specific geographic area.

Broker: A state licensed individual who acts as the agent for the seller or buyer.

Broker of record: The person registered with his or her state licensing authority as the managing broker of a specific real estate sales office.

Broker’s market analysis (BMA): The real estate broker’s opinion of the expected final net sale price, determined after acquisition of the property by the third-party company.

Broker’s tour: A preset time and day when real estate sales agents can view listings by multiple brokerages in the market.

Buyer: The purchaser of a property.

Buyer agency: A real estate broker retained by the buyer who has a fiduciary duty to the buyer.

Buyer agent: The agent who shows the buyer’s property, negotiates the contract or offer for the buyer, and works with the buyer to close the transaction.

Carrying costs: Cost incurred to maintain a property (taxes, interest, insurance, utilities, and so on).

Closing: The end of a transaction process where the deed is delivered, documents are signed, and funds are dispersed.

CLUE (Comprehensive Loss Underwriting Exchange): The insurance industry’s national database that assigns individuals a risk score. CLUE also has an electronic file of a properties insurance history. These files are accessible by insurance companies nationally. These files could impact the ability to sell property as they might contain information that a prospective buyer might find objectionable, and in some cases not even insurable.

Commission: The compensation paid to the listing brokerage by the seller for selling the property. A buyer may also be required to pay a commission to his or her agent.

Commission split: The percentage split of commission compen-sation between the real estate sales brokerage and the real estate sales agent or broker.

Competitive Market Analysis (CMA): The analysis used to provide market information to the seller and assist the real estate broker in securing the listing.

Condominium association: An association of all owners in a condominium.

Condominium budget: A financial forecast and report of a condominium association’s expenses and savings.

Condominium by-laws: Rules passed by the condominium association used in administration of the condominium property.

Condominium declarations: A document that legally establishes a condominium.

Condominium right of first refusal: A person or an association that has the first opportunity to purchase condominium real estate when it becomes available or the right to meet any other offer.

Condominium rules and regulation: Rules of a condominium association by which owners agree to abide.

Contingency: A provision in a contract requiring certain acts to be completed before the contract is binding.

Continue to show: When a property is under contract with contingencies, but the seller requests that the property continue to be shown to prospective buyers until contingencies are released.

Contract for deed: A sales contract in which the buyer takes possession of the property but the seller holds title until the loan is paid. Also known as an installment sale contract.

Conventional mortgage: A type of mortgage that has certain limitations placed on it to meet secondary market guidelines. Mortgage companies, banks, and savings and loans underwrite conventional mortgages.

Cooperating commission: A commission offered to the buyer’s agent brokerage for bringing a buyer to the selling brokerage’s listing.

Cooperative (Co-op): Where the shareholders of the corporation are the inhabitants of the building. Each shareholder has the right to lease a specific unit. The difference between a co-op and a condo is in a co-op, one owns shares in a corporation; in a condo one owns the unit fee simple.

Counteroffer: The response to an offer or a bid by the seller or buyer after the original offer or bid.

Credit report: Includes all of the history for a borrower’s credit accounts, outstanding debts, and payment timelines on past or current debts.

Credit score: A score assigned to a borrower’s credit report based on information contained therein.

Curb appeal: The visual impact a property projects from the street.

Days on market: The number of days a property has been on the market.

Decree: A judgment of the court that sets out the agreements and rights of the parties.

Disclosures: Federal, state, county, and local requirements of disclosure that the seller provides and the buyer acknowledges.

Divorce: The legal separation of a husband and wife effected by a court decree that totally dissolves the marriage relationship.

DOM: Days on market.

Down payment: The amount of cash put toward a purchase by the borrower.

Drive-by: When a buyer or seller agent or broker drives by a property listing or potential listing.

Dual agent: A state-licensed individual who represents the seller and the buyer in a single transaction.

Earnest money deposit: The money given to the seller at the time the offer is made as a sign of the buyer’s good faith.

Escrow account for real estate taxes and insurance: An account into which borrowers pay monthly prorations for real estate taxes and property insurance.

Exclusions: Fixtures or personal property that are excluded from the contract or offer to purchase.

Expired (listing): A property listing that has expired per the terms of the listing agreement.

Fax rider: A document that treats facsimile transmission as the same legal effect as the original document.

Feedback: The real estate sales agent and/or his or her client’s reaction to a listing or property. Requested by the listing agent.

Fee simple: A form of property ownership where the owner has the right to use and dispose of property at will.

FHA (Federal Housing Administration) Loan Guarantee: A guarantee by the FHA that a percentage of a loan will be underwritten by a mortgage company or banker.

Fixture: Personal property that has become part of the property through permanent attachment.

Flat fee: A predetermined amount of compensation received or paid for a specific service in a real estate transaction.

For sale by owner (FSBO): A property that is for sale by the owner of the property.

Gift letter: A letter to a lender stating that a gift of cash has been made to the buyer(s) and that the person gifting the cash to the buyer is not expecting the gift to be repaid. The exact wording of the gift letter should be requested of the lender.

Good faith estimate: Under the Real Estate Settlement Procedures Act, within three days of an application submission, lenders are required to provide in writing to potential borrowers a good faith estimate of closing costs.

Gross sale price: The sale price before any concessions.

Hazard insurance: Insurance that covers losses to real estate from damages that might affect its value.

Homeowner’s insurance: Coverage that includes personal liability and theft insurance in addition to hazard insurance.

HUD/RESPA (Housing and Urban Development/Real Estate Settlement Procedures Act): A document and statement that details all of the monies paid out and received at a real estate property closing.

Hybrid adjustable rate: Offers a fixed rate the first 5 years and then adjusts annually for the next 25 years.

IDX (Internet Data Exchange): Allows real estate brokers to advertise each other’s listings posted to listing databases such as the multiple listing service.

Inclusions: Fixtures or personal property that are included in a contract or offer to purchase.

Independent contractor: A real estate sales agent who conducts real estate business through a broker. This agent does not receive salary or benefits from the broker.

Inspection rider: Rider to purchase agreement between third party relocation company and buyer of transferee’s property stating that property is being sold “as is.” All inspection reports conducted by the third party company are disclosed to the buyer and it is the buyer’s duty to do his/her own inspections and tests.

Installment land contract: A contract in which the buyer takes possession of the property while the seller retains the title to the property until the loan is paid.

Interest rate float: The borrower decides to delay locking their interest rate on their loan. They can float their rate in expectation of the rate moving down. At the end of the float period they must lock a rate.

Interest rate lock: When the borrower and lender agree to lock a rate on loan. Can have terms and conditions attached to the lock.

List date: Actual date the property was listed with the current broker.

List price: The price of a property through a listing agreement.

Listing: Brokers written agreement to represent a seller and their property. Agents refer to their inventory of agreements with sellers as listings.

Listing agent: The real estate sales agent that is representing the sellers and their property, through a listing agreement.

Listing agreement: A document that establishes the real estate agent’s agreement with the sellers to represent their property in the market.

Listing appointment: The time when a real estate sales agent meets with potential clients selling a property to secure a listing agreement.

Listing exclusion: A clause included in the listing agreement when the seller (transferee) lists his or her property with a broker.

Loan: An amount of money that is lent to a borrower who agrees to repay the amount plus interest.

Loan application: A document that buyers who are requesting a loan fill out and submit to their lender.

Loan closing costs: The costs a lender charges to close a borrower’s loan. These costs vary from lender to lender and from market to market.

Loan commitment: A written document telling the borrowers that the mortgage company has agreed to lend them a specific amount of money at a specific interest rate for a specific period of time. The loan commitment may also contain conditions upon which the loan commitment is based.

Loan package: The group of mortgage documents that the borrower’s lender sends to the closing or escrow.

Loan processor: An administrative individual who is assigned to check, verify, and assemble all of the documents and the buyer’s funds and the borrower’s loan for closing.

Loan underwriter: One who underwrites a loan for another. Some lenders have investors underwrite a buyer’s loan.

Lockbox: A tool that allows secure storage of property keys on the premises for agent use. A combo uses a rotating dial to gain access with a combination; a Supra® (electronic lockbox or ELB) features a keypad.

Managing broker: A person licensed by the state as a broker who is also the broker of record for a real estate sales office. This person manages the daily operations of a real estate sales office.

Marketing period: The period of time in which the transferee may market his or her property (typically 45, 60, or 90 days), as directed by the third-party company’s contract with the employer.

Mortgage banker: One who lends the bank’s funds to borrowers and brings lenders and borrowers together.

Mortgage broker: A business that or an individual who unites lenders and borrowers and processes mortgage applications.

Mortgage loan servicing company: A company that collects monthly mortgage payments from borrowers.

Multiple listing service (MLS): A service that compiles available properties for sale by member brokers.

Multiple offers: More than one buyers broker present an offer on one property where the offers are negotiated at the same time.

National Association of REALTORS® (NAR): A national association comprised of real estate sales agents.

Net sales price: Gross sales price less concessions to the buyers.

Off market: A property listing that has been removed from the sale inventory in a market. A property can be temporarily or permanently off market.

Offer to purchase: When a buyer proposes certain terms and presents these terms to the seller.

Office tour/caravan: A walking or driving tour by a real estate sales office of listings represented by agents in the office. Usually held on a set day and time.

Parcel identification number (PIN): A taxing authority’s tracking number for a property.

Pending: A real estate contract that has been accepted on a property but the transaction has not closed.

Personal assistant: A real estate sales agent administrative assistant.

Planned unit development (PUD): Mixed-use development that sets aside areas for residential use, commercial use, and public areas such as schools, parks, and so on.

Preapproval: A higher level of buyer/borrower prequalification required by a mortgage lender. Some preapprovals have conditions the borrower must meet.

Prepaid interest: Funds paid by the borrower at closing based on the number of days left in the month of closing.

Prepayment penalty: A fine imposed on the borrower by the lender when the loan is paid off before it comes due.

Prequalification: The mortgage company tells a buyer in advance of the formal mortgage application, how much money the borrower can afford to borrow. Some prequalifications have conditions that the borrower must meet.

Preview appointment: When a buyer’s agent views a property alone to see if it meets his or her buyer’s needs.

Pricing: When the potential seller’s agent goes to the potential listing property to view it for marketing and pricing purposes.

Principal: The amount of money a buyer borrows.

Principal, interest, taxes, and insurance (PITI): The four parts that make up a borrower’s monthly mortgage payment. Private mortgage insurance (PMI): A special insurance paid by a borrower in monthly installments, typically of loans of more than 80 percent of the value of the property.

Professional designation: Additional nonlicensed real estate education completed by a real estate professional.

Professional regulation: A state licensing authority that oversees and disciplines licensees.

Promissory note: A promise-to-pay document used with a contract or an offer to purchase.

R & I: Estimated and actual repair and improvement costs.

Real estate agent: An individual who is licensed by the state and who acts on behalf of his or her client, the buyer or seller. The real estate agent who does not have a broker’s license must work for a licensed broker.

Real estate contract: A binding agreement between buyer and seller. It consists of an offer and an acceptance as well as consideration (i.e., money).

REALTOR®: A registered trademark of the National Association of REALTORS® that can be used only by its members.

Release deed: A written document stating that a seller or buyer has satisfied his or her obligation on a debt. This document is usually recorded.

Relist: Property that was listed with another broker but relisted with a current broker.

Rider: A separate document that is attached to a document in some way. This is done so that an entire document does not need to be rewritten.

Salaried agent: A real estate sales agent or broker who receives all or part of his or her compensation in real estate sales in the form of a salary.

Sale price: The price paid for a listing or property.

Seller (owner): The owner of a property who has signed a listing agreement or a potential listing agreement.

Showing: When a listing is shown to prospective buyers or the buyer’s agent (preview).

Special assessment: A special and additional charge to a unit in a condominium or cooperative. Also a special real estate tax for improvements that benefit a property.

State Association of REALTORS®: An association of REALTORS® in a specific state.

Supra®: An electronic lockbox (ELB) that holds keys to a property. The user must have a Supra keypad to use the lockbox.

Temporarily off market (TOM): A listed property that is taken off the market due to illness, travel, needed repairs, and so on.

Temporary housing: Housing a transferee occupies until permanent housing is selected or becomes available.

Transaction: The real estate process from offer to closing or escrow.

Transaction management fee (TMF): A fee charged by listing brokers to the seller as part of the listing agreement.

Transaction sides: The two sides of a transaction, sellers and buyers. The term used to record the number of transactions in which a real estate sales agent or broker was involved during a specific period.

24-hour notice: Allowed by law, tenants must be informed of showing 24 hours before you arrive.

Under contract: A property that has an accepted real estate contract between seller and buyer.

VA (Veterans Administration) Loan Guarantee: A guarantee on a mortgage amount backed by the Department of Veterans Affairs.

Virtual tour: An Internet web/cd-rom-based video presentation of a property.

VOW’s (Virtual Office web sites): An Internet based real estate brokerage business model that works with real estate consumers in same way as a brick and mortar real estate brokerage.

W-2: The Internal Revenue form issued by employer to employee to reflect compensation and deductions to compensation.

W-9: The Internal Revenue form requesting taxpayer identification number and certification.

Walk-through: A showing before closing or escrow that permits the buyers one final tour of the property they are purchasing.

Will: A document by which a person disposes of his or her property after death.

Mark Nash’s fourth real estate book, “1001 Tips for Buying and Selling a Home” (2005), and working as a real estate broker in Chicago are the foundation for his consumer-centric real estate perspective which has been featured on ABC-TV, CBS The Early Show, Bloomberg TV, CNN-TV, Chicago Sun Times & Tribune, Fidelity Investor’s Weekly, Dow Jones Market Watch, HGTVpro.com, MSNBC.com, The New York Times, Realty Times, Universal Press Syndicate and USA Today.

Even if you’ve decided to go the FSBO route, you can use some tried and true realtor techniques to help your house sell blazingly fast.

Fact: Houses that sell within the first two weeks they’re listed usually fetch their asking price. It’s simple human nature. Newer listings get the most attention, both from buyers and realtors. Once a house has been on the market more than a couple of weeks, realtors and buyers alike will start wondering what’s wrong with it. Most often, the only thing ‘wrong’ with the house is that it’s priced outside the neighborhood limits.

A good realtor can help you avoid that mistake, but it’s only one of the tricks and techniques that a realtor will use to help your house sell fast. Many of the techniques that professional real estate agents use are available to anyone. If you’re looking for help to sell your house fast, here are a handful of tips that professional real estate agents use to get a sale moving in high gear.

* Price your house right. The right price is within a few percentage points of recent sales of similar homes in your neighborhood.

* Keep your house clutter-free and spotless, inside and out.

* Schedule an Open House. Holding an open house on a weekend afternoon will get your house more exposure and help your house sell faster.

* Advertise your property for sale in multiple venues. Use newspaper, local real estate magazines, online home sale web sites and post printed brochures on supermarket bulletin boards. The more places you post your house, the better the chance that you’ll connect with a buyer.

* Keep fresh flowers around. It may seem like a silly psychological trick, but realtors all agree - fresh flowers on the living room or kitchen table help a house sell.

* Use Multiple Listing Service. Yes, you need to be a realtor to list a house on the MLS, but that doesn’t mean that you have to pay a commission. There are realtors who’ll accept a single, flat fee to list your house for you.

* Pre-inspect. By paying for the inspections that will need to be done when a buyer is ready to make an offer, you may save time on the sale. Remember, it can take as much as six weeks from offer to closing. Any time you save in there will help your house sell faster.

* Engage a good real estate lawyer to firm up the finishing and closing details. A lawyer will ensure that you don’t miss anything that may affect and slow totally derail the sale of your house.

* Organize all your papers and have them handy. Those include not only your deed and real estate surveys, but any warranties for home improvements, major appliances and home systems.

The more that you get done in advance of posting your listing, the more you’ll help your house sell fast.

Brian Shelton makes it easy to sell your house fast. To claim your free report entitled “How To Sell Your House In 7 Days or Less”, visit the
http://www.HouseSoldIn7Days.com/

So, your bank had just turned you down for a mortgage application. The same thing also happened, when you went to other banks in your area. How can those banking people be so blind? Don’t they see that you are a hard working person? That you intend to repay them every penny?

That blemish on your credit report was a mistake. A greedy landlord reported you as a no-pay to the credit bureau, when all you were trying to do was to collect the money for repairs, which the owner himself should have done in a first place. You should probably have taken him to a court, but who has time or money for lawyers?

Anyway, in today’s rising real estate market your new home should pay for itself in a very short time. Especially with the improvements you intend to do yourself. All you need is someone to lend you a mortgage, otherwise other buyers will snap this terrific opportunity.

You will prove to those bankers that they don’t understand a thing about you. If they will not give you the money, there are always alternative lenders. They advertise themselves as helping people, who had been turned down by the banks. They don’t care about credit reports. True, they charge higher interest, but they give you a chance to own property, and chance is everything you need.

Be careful, most of the alternative lenders are not in a charity business. The banks usually sell your mortgage on the secondary market to investment funds. They do it on the strength of your credit report. That is the reason they are so inflexible on this subject.

What will those alternative lenders do? Where they get the money to lend you? Some of them are predators. You might discover that they are in dire need to turn a quick profit of their own, since they themselves had borrowed the money. You might discover it sooner than you had anticipated.

First clue for future surprises might come at the closing. They suddenly hit you with a lot of additional costs. After all, they say, you are a bad credit risk, so we have to work harder for you. So what, you say, the banks can hit you with additional costs just as well.

Yes, but this time you already had agreed to pay higher interest rate together with a larger down payment. That already overstretched your financial resources to the limit, and those unexpected closing costs may just pull you over the brink. You have no more money left.

The lenders are unexpectedly nice about this matter. In exchange for some more contracts for you to sign, they provide you with an additional bridge loan. What you don’t realize at this moment - you might find yourself in a technical default even before you start your payments. And the pressure to pay already starts to build up.

Never mind, you say. The raising value of the house will pay for everything. All you need is to complete those repairs and put it back on the market. “Those lenders are not stupid”, - you say: “They should understand that as soon as I sell my house, I will be able to pay everything back. The market will continue to move up. The house will increase in price. I will have the profits.”

Has it ever occurred to you that your lenders might have similar plans about your house, only they see themselves as entitled to the profits from its sale? Remember those additional contracts you were forced to sign at the closing? They stated that if you miss even one payment, the whole balance of the loan becomes outstanding and due.

What does all that mean? That means that they are demanding the money that they know you don’t have. They also hit you with additional interest charges and attorney’s costs. As the costs are mounting daily, they offer you to assign your house to them. They say: “It will be easier for you if we will sell the house and refund to you your share later”.

If you still have a choice at this stage, realize that accepting this offer will be the worst mistake you can make. If they sell the house, they can present you with a list of “selling” expenses, over which you have no control. You might discover extensive “advertising” payments and “agents” commissions, which ate all your profits.

Be careful, when you decide to turn to alternative lenders. The banking industry is heavily regulated by law. Alternative lenders are not regulated at all. Some of them are decent people. However, the loan sharks, which are preying on people in need like you, too often present themselves as “alternative lenders”.

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