For the Smart Money Cookie

On June 1 st 2007, the law concerning the buying and selling of houses changes. From that date onwards everyone who wants to sell a house has firstly to prepare a Home Information Pack (HIP).

And if you don’t? You’re in the frame for a £200 fine! It’s also probable that estate agents will also insist on you having the Pack ready by the time they put your home on the market. Certainly, buyers’ solicitors won’t do a thing until you provide the Pack. All in all, you don’t have an option - you’ll have to go along with the law.

So what has to go in the Pack?

The Government has yet to confirm the final details but at the moment, it proposes that your Pack must include the following information:

Search results from H.M. Land Registry

Replies to anticipated initial enquiries - these are the currently raised by the buyer’s solicitor

Copies of any planning, listed building and building regulations consents and approvals. If you don’t have these, you’ll need copies from your Local Planning Authority

And for new properties, copies of building warranties, electrical test certificates, and any other warranties or guarantees attaching to the property.

A draft sale contract

It is also proposed that the Pack should contain two items currently obtained by the buyer:

A professional independent survey of the property called a Home Condition Report. This is expected to be mid-level survey like the current Homebuyer Survey and will offer far more information than a lender’s valuation report - but the Government has yet to announce the details. However, it seems likely that the Report will have to comment on the property’s state of repair, it’s energy conservation efficiency, the number and type of rooms and parking arrangements. Both buyers and sellers will have a legal right to rely on this Report and there’ll be no need for buyers to obtain their own reports or surveys. We expect lenders to make their own valuations as they do now, but they’ll want to maximise the use of the new Home Condition Report to improve their valuations and cut costs to consumers.

Replies to searches made of the Local Authority

In addition, if the property is leasehold:

A copy of the lease

The most recent service charge accounts and receipts

Details of the building’s insurance and receipts for the premiums paid.

And finally, any regulations made by the management company or landlord

And how much is all this going to cost? The Government believes that t he Pack is likely to cost sellers around £825 including VAT. But they claim these are not additional costs.

The Government make the following points:

The HIP transfers responsibility for obtaining local searches and a home condition report from the buyer to the seller. But since most sellers are also buyers, the costs will usually be balanced out by corresponding savings and benefits. We agree.

The Government also say that most sellers won’t have to pay up front for the pack. We very much doubt that. Someone is going to have to pay and we doubt whether solicitors or estate agents will pay upfront on behalf of the seller. The seller is going to have to fork out as soon as the property is put up for sale. Some commentators predict that this will act as a brake on properties coming to the market. We think that it will dissuade all but the committed sellers - those simply wanting to test the market will probably back off. In practice this will be a good thing, but we agree that it will reduce the amount of property on the market.

The Government believes that market forces will keep down the prices for preparing Home Condition Reports and Home Information Packs. We aren’t so confident about this. It very much depends on how estate agents and solicitors adapt the pricing within their fee structures. Expect some very creative pricing, especially from estate agents! It’s certainly going to pay you to shop around for a good deal.

Every year around 30% of agreed house sales fall through. The cost? At least £350 million each year! It’s the Government’s hope that the Home Information Packs will greatly the numbers falling through and avoid much of these wasted costs. We won’t argue against that but the National Association of Estate Agents disagree with us.

They think the new Packs will simply shift the existing problems from the middle of the selling process to the beginning. Other commentators believe that HIPs will do nothing to reduce gazumping or indeed, the tricks employed by some of the less reputable estate agents.

Our general view is that if the packs help to identify problems before everyone starts incurring cost and instructing solicitors, then surely that’s for the better? We say better to have problems out in the open at the start than stumble upon them half way through the selling process.

We just hope that all these changes in the buying and selling houses don’t result in a bureaucratic nightmare. Over 7,500 inspectors will be needed to carry out the new Home Condition Reports and getting them all trained, qualified and registered in time may yet prove to be that fly in the ointment!

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Types of waterfront property:

Waterfront homes don’t just have a view of the water; they are right next to it. There are several types of waterfront homes, located along the coastline with a view of the ocean. And, there are waterfront homes dotting lakes, reservoirs, rivers, gulfs, ponds, and streams in thousands of places between the coasts.

Whichever body of water suits you best probably depends on what you would like to be doing while you’re at your home on the water. No matter which type you choose, there are things that the different waterfronts have in common if you are planning on buying.

Extra costs for a second home:

A second home can be costly, and comes with some expenses that you may not consider.

Travel costs:

How far away is the second home? Is it close enough to drive to, or are you going to want to purchase airplane tickets every time that you want to go to your waterfront property? Travel costs can add up.

Maintenance costs:

Since you aren’t going to be at the home all year round, you will have to pay someone to keep up the yard while you aren’t there. You will also have one more house to fix things in when they fall apart.

Insurance:

You will probably want your second home to be insured. If you are planning on having people rent out your ocean front property, your insurance will be more than normal. Some ways to cut costs of insurance are to insure your home and your waterfront home with the same company. An alarm system, gated community, or other safety features will help lower the cost of insurance.

Taxes, taxes, taxes:

Taxes for a second home can be confusing. Least confusing, perhaps, is the property tax you will be paying on the second home. Then there is income tax if you rent out the home. This tax depends on how many days you are living in the home each year, and how many days you are renting out the home each year. Finding a good accountant may be the best idea.

Buying a waterfront home:

Many waterfront homes are sold by the owner. You may be able to get a better buy, but be sure to include a professional opinion in the process.

Unless you have had experience living on, or buying waterfront property, you may want to consider using a local real estate agent or realtor. They have been in the market, and should know how to get you the best deal.

Whether you are looking for a view of the ocean, or a lake with a good fishing hole, it is easy to find out prices of comparable real estate. You can do this by going to a local realtor, or looking in real estate magazines, or real estate Internet sites.

Before you start looking, it is a good idea to find out how much you will be able to spend. (including travel, maintenance, insurance, and taxes.) Get pre-approved, and have fun deciding which view is the best.

Inside Wayzata Real Estate is a network entirely devoted to real estate information. The entire Inside Real Estate network has more than 100,000 pages of real estate for cities allover the United States. Inside Real Estate covers several topics from the basic “how to’s” of real estate to city-specific real estate information.

Only in recent years have people from outside Greece been
purchasing property here and in general the Greek people are
fairly new to the concept of selling property at all! In
previous generations houses were usually kept within the family
and if the family couldn’t maintain their properties they often
became ruins. This was accentuated by both rural depopulation
and the world Diaspora of the Greek people and although this
situation has provided an opportunity to purchase some wonderful
pieces of property today it has also left us with a situation
where people are often not versed in the trading and pricing of
houses and land . Therefore to keep an even view of the market
in Skopelos we don’t always publish prices on the website but
ask you to contact us directly. To give an overview of the price
range ,however, is useful to those who are looking for property
in Skopelos and we can say that a house in Skopelos Town can be
as little as E40,000, an average of E150,000 for something that
can be lived in straight away, or up to E300,000 for something
special (and big) and of course as nearly all properties on the
island are fairly unique any variation of the above can occur
and there very special residences which appear vary rarely which
fetch prices up to 900,000! Similarly land for building varies
greatly by location ,aspect ,view and amenities and can be from
E40,000 - E100,000 for a plot for one house on average and then
for larger plots any multiples of the above. In fact the best
way is to consult us to discuss your budget parameters and we
can advise on what you may achieve ,what properties we have that
may be suitable and even use our local contacts to seek out new
properties that would be contenders for your dream house in
Skopelos

Have you ever wondered why that beautiful and well-kept house at the corner is still up for sale after almost six months? You’ve been there, asked around (no murders there), found the price reasonable, and yet … they have not received an offer to sell. You look around, and you notice nothing.

A house, no matter how beautiful or how ideal it is, will definitely not sell if it is not properly advertised. If you are selling your home through an Agent, the Agency will handle most (if not all) of the advertising and marketing needed to sell your home. If you are doing everything by yourself, you have to make sure that no stone is left unturned. This doesn’t mean that you have to spend an entire fortune on advertising alone; you just have to know which advertising methods will bring the maximum media mileage for your property at a cost that is agreeable to you.

The easiest and most economical way of advertising your house is to put up a “For Sale” sign in your yard and putting up posters in areas that generate a high volume of foot traffic (supermarkets, post office, etc). However, even if you put several posters in several key places, you will most likely, not reach the right market. Mind you, there is a chance that you will, but it will be very small.

Putting up an on-line ad is another fast, easy and fairly economical way of marketing your home. For a small amount, your home and some photos can be uploaded onto the World Wide Web for a specific amount of time for everyone to see. Unfortunately, since it is available on the net, you are most likely to attract a wide range of people. It may take time before you can sift through all the inquiries your ad has generated.

Placing an advertisement in a newspaper or a magazine that specifically dedicated to homes may be old fashioned, but it still is still one of the most effective ways of marketing your home. You have the option of putting a photo and you can lure buyers in by writing an interesting description about your home its features and amenities.

You are not limited to just one form of advertising method. You can use just one kind, or all three. It really depends on you and your budget. In addition to the marketing effort, you should also prepare a Fact Sheet about your home. The fact sheet should contain all the pertinent details about your home. Don’t just put the number of rooms and toilets in your abode; make sure that you include the year the home was built, and the year when the last renovation was made.

LegalHomeForms.com provides Real Estate Legal Forms and Home Sale Contract Packages.

If you have a home loan, perhaps you have considered refinancing your
loan. Homeowners may refinance their home loan to cash-out and pay
outstanding credit card balances and consumer loans. In addition,
refinancing a home loan is ideal if you have two mortgages. Combining a first and
second mortgage into a new loan is a great way to consolidate debt.

Why Get a Second Home Mortgage?

Many homeowners obtain a second mortgage. The reasons vary. Some may
get a second mortgage to eliminate credit card debt, whereas others may
borrow money to complete home improvements. If you get a second
mortgage, the funds are secured by your home’s equity. In addition, a second
mortgage is a separate loan amount. Because these loan amounts are
smaller, the monthly payments are lower than first mortgages. However, the
interest rates on second mortgages tend to be higher.

Nevertheless, the interest rates on second mortgages are considerably
less than credit cards. Plus, the loan terms are fixed, which allows you
to pay the balance within a few years. If you are hoping to eliminate
debt, and simplify your finances, consolidating your first and second
mortgage is the perfect solution.

Mortgage Loan Refinancing

Refinancing your first and second mortgage into a single loan is ideal
if you have a higher interest rate on both loans. For example,
homeowners with less than perfect credit may receive an initial home loan with
a higher percentage. Moreover, their second mortgage may also carry a
higher interest rate. If you are in this situation, try and improve your
credit rating, and then apply for a new mortgage. This way, you
increase your chances of being able to consolidate your first and second
mortgage at a lower fixed rate.

In some instances, homeowners obtain a first and second mortgage with
an adjustable rate. This is beneficial in the beginning because the
rates are low. However, as market trends shift, the interest rate on both
loans may increase, which will increase the monthly payments. This is
dangerous. If a homeowner is unable to pay either mortgage, the lender
may foreclose. Thus, it is wise to refinance both mortgages into a single
loan before interest rates increase.

See my recommended
Home Mortgage Refinance Lenders for the lowest rates
online.

Carrie Reeder is the owner of ABC Loan Guide.

Overview
Consists of obtaining a loan from a new lender to pay your existing lender existing lender. There are also many services that will work with you to help with your situation. These companies are able to tailor a plan specific to your needs. Should be possible to refinance your property as long as either your credit is in reasonably good shape or you have some equity in your property. In fact, an entire industry of lenders caters to property owners in foreclosure.

A property that is already in foreclosure may at first seem a difficult task. Granted, foreclosure may make it more difficult to obtain a loan and may require you to aggressively shop around. You’ll want a loan to either pay off your foreclosing lender entirely or bring your foreclosing loan current.

Even if you are just one payment behind, you should do something rather than wait until you are even more behind. This may sound like common sense but many people fail to do something, and just pretend like nothing it wrong. Seeking help before you are 90 days or more behind on your payments can greatly increase your chances of success.

Decide What Type of Refinancing to Seek
-There are four different options for refinancing your property: conventional refinancing, home equity loans, hard money loans and loans from family and friends.

Apply for Loans
-Most banks and lending institutions will require that you meet and fill out their loan applications. In contrast, a hard money lender has an “application” that consists of a series of questions asked over the telephone.

Compare Different Lenders
-Every lender provides different kinds of loans, terms and services. To ensure that you make a wise consumer decision, check out and compare several different lenders.

Summary
Lenders offer a wide variety of interest rates, terms, costs, conveniences and services. Unfortunately, most borrowers don’t spend the time necessary to shop different lenders. The tendency is to borrow from an institution that is conveniently locate. Important: Since getting a quick response is so important, you might want to submit to a number of sites and let competition bring out the best solution for your situation. Avoid the anxiety and aggravation of a delay in getting the loan approved. Before signing your application, ask for a commitment that addresses specifics about the kind of loan, term, interest rate, prepayment penalties and points.

John Appleseed writes for foreclosurerefinance.com which offers resources and strategies for bad credit stop foreclosure loans.