Real Estate Auction Action - Buying A Home At Auction
by: Jakob Jelling
Due in part to the popularity of the U. S. Department of Housing and
Urban Development (HUD)'s home auction program, more potential homebuyers
than ever are buying homes at auction. Homes for auction aren't limited
to just HUD, however. Many government entities auction homes for payment
of back taxes, and some homeowners even auction their homes on eBay.com!
Homebuyers considering buying a home at auction should take some steps
in advance to help them with their bid price, and even whether to bid
at all on a specific home. There will always be a degree of risk when
buying a home this way, but with a little diligence, potential homebuyers
could save a lot of money buying in this manner.
Before the auction, you should have your financing arranged, and have
enough cash on hand or in your bank account to cover a deposit on your
purchase. You need to check the features, location, condition, and ownership
history first. Afterwards, be sure to learn what the property is worth
by looking at sales of comparable properties in the same area. Compare
homes with the same number of rooms is possible, but be sure to allow
for price differences due to pools, decks, carpeting, window treatments,
etc.
At the auction itself, resist the temptation to get into a personal bidding
war, just "to beat out the other guy". Have a set price limit
and stick to it. Other houses will come along, and you don't have to win
the first auction that comes your way.
You should know that the price of a home at auction is typically the
loan balance (if foreclosed), plus any back taxes owed, plus legal fees
and other expenses in foreclosing the property. This will typically be
the opening bid amount, and the price will go up from there. Even so,
it's possible to get a great deal in an auctioned house, with a little
research and planning first.
Also, know that you probably won't be able to get an inspection, and
are buying the home "as is". If you can't do any needed repair
work yourself, or can't hire it done within your budget, you may not end
up getting such a bargain in the end.
Real Estate Internet Marketing
Real Estate Internet Marketing Is The Way To Go
Tim Somers
Real estate Internet marketing is a booming business, along
with all other forms of Internet businesses. Now, it seems that very little
can’t be sold over the Internet. An estimated 20 million people shop online
for things as diverse as airline tickets to vacation homes. Research firms
estimate that online shopping exceeded $200 billion in 2003. They predict
that the number of online shoppers could double in the coming years. With
such huge numbers, it only makes sense to consider real estate Internet marketing.
Real estate Internet marketing makes perfect sense to the savvy real estate
agent. A web site can promote not only the properties that you currently have,
but also the services that you render. With a site of your own, you can not
only sell your properties to local clients, often times, people considering
a move from another state can view your offerings on online and have a good
knowledge of the market before they step foot into it.
Real estate Internet marketing can open doors for you to make money off associated
services as well. On your website, you can seek affiliate programs with any
number of businesses that serve the real estate industry. By providing links
to other sites, you can receive extra money that you normally wouldn’t without
a website. Some of the affiliate programs you may wish to check out are with
banks, title companies, and home evaluation services.
There are a number of companies that can help you will your real estate Internet
marketing. Some real estate agencies offer their agents web pages on their
larger websites. This would give you the opportunity to be on the Internet
without significant investment. There you can post your credentials, recent
sales, and awards you may have won in sales contests. Every good real estate
agent now must realize the importance of real estate Internet marketing.
First-Time Home Buyers Can Save For That Downpayment Faster
by: News Canada
(NC)-For many first-time homebuyers, the thought of saving
a substantial amount of money for a downpayment can seem overwhelming. But
there are several ways to make a downpayment a lot easier and have you into
your new home faster than you'd ever imagined. So, here are a few tips on
how to get your downpayment together: >
Invest in yourself first.
No doubt you think that paying your monthly bills is an
important financial commitment. And like many people, you may also consider
savings or investments to be purely optional. However, if you can commit
yourself to paying everyone else, you can make the same commitment to yourself.
Set up a savings or investment plan and start making payments to it, just
as you do for your other creditors.
Re-organize your finances and you may find the money you
need.
Often, finding extra money for savings is as easy as reorganizing
your budget. Managing your money a little differently, perhaps by consolidating
your debts, can sometimes free up the extra money you need.
Consider tapping into your RRSPs.
RRSPs are a good way to secure your financial future while
enjoying tax benefits today. Certain buyers may qualify for the government-approved
CIBC RRSP Home Buyers Plan that allows you to use your RRSP savings toward
the purchase of a home. If eligible, you and your spouse may withdraw up
to $20,000 each from funds that have been in your RRSPs for at least 90
days. The funds aren't taxed as long as you repay the total amount to your
RRSP over the next 15 years. Your payments don't have to start until the
second year after the initial withdrawal.
Use GICS to help you save.
GICs offer you competitive rates of return and offer a
safe, secure way to grow your savings. For flexibility, you can choose from
a variety of terms. Choose non-cashable GICs and you won't be tempted to
dip into your savings.
Mutual funds.
Saving for a home doesn't mean you have to put your retirement
planning on hold. Lower-risk savings mutual funds are great for achieving
short term goals like saving for a downpayment, while other funds can offer
higher returns for a longer-term investment.
For more information on home buying, mortgages or these
unique government approved programs, contact CIBC at 1 800 465-2422 or visit
their web site at www.cibc.com.
About The Author
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