How to inspect foreclosure or REO property

When you purchase a foreclosure or REO property, the seller usually sell the property as-it-is. So, it is important to inspect the property before making an offer for foreclosure or REO property. Otherwise, you may be in for a shock.

Instructions

Step 1

First, as whether the seller or the bank has done any inspection for the foreclosure or REO property. In many cases, they actually have hire the professional inspector to check out the property and used it to determine the property value. If you ask the seller's real estate agent, they will be willing to share with you such inspection report.

Step 2

Then, hire your own professional inspector for the foreclosure or REO property. You can actually hire the same inspector that the seller use. In such case, you actually asking for a re-inspection, which can be obtained by significant discount. Make sure that you have inspector for roof, inspector for pluming, and inspector for general property condition. The reason for professional inspector is to check for places below the surface where you can not see.

Step 3

After the inspection, use the result as a bargaining tool to get price concessions from the seller. You should list the prices to fix all the problem in order to get the property up to the code, and deduct that from the estimated value. Given enough reason, the seller would be more willing to work with you on the price.

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Colorado Springs is a great place to call home. With the Colorado Springs real estate market slowly picking up pace, there are some fantastic homes for sale in Colorado Springs. For those of you looking to relocate to Colorado Springs can hire the services of a reputed Colorado Springs REALTOR to help you find a home that suits your style and budget. If you have any questions about Colorado Springs commercial real estate please contact Mike Stuard.

 

 

Multiple Listing Service

A Multiple Listing Service (MLS) (also Multiple Listing System or Multiple Listings Service) is a suite of services that

1. enables brokers to establish contractual offers of compensation (among brokers);


2. facilitates cooperation with other broker participants;


3. accumulates and disseminates information to enable appraisals;


4. is a facility for the orderly correlation and dissemination of listing information to better serve broker's clients, customers and the public.

A multiple listing service's database and software is used by real estate brokers in real estate (or aircraft broker in other industries for example), representing sellers under a listing contract to widely share information about properties with other brokers who may represent potential buyers or wish to cooperate with a seller's broker in finding a buyer for the property or asset. The listing data stored in a multiple listing service's database is the proprietary information of the broker who has obtained a listing agreement with a property's seller.

There is no single authoritative "MLS", and no universal data format. However, in real estate there is a data standard - Real Estate Transaction Standard - that is being deployed among many MLS's in North America. The many local and private databases—some of which are controlled by single associations of realtors or groupings of associations (which represent all brokers within a given community or geographical area) or by real estate brokers—are collectively referred to as the MLS because of their data sharing or reciprocal access agreements.

Seen most widely in the US and Canada but spreading to other countries in a variety of forms, the MLS combines the listings of all available properties that are represented by brokers who are both members of that MLS system and of NAR or CREA, (the National Association of Realtors in the US or the Canadian Real Estate Association).

The primary purpose of the MLS is to provide a facility to publish a "unilateral offer of compensation" by a listing broker, to other broker participants in that MLS. In other words, the commission rate that is offered by the listing broker is published within the MLS to other cooperating brokers. This offer of compensation is considered a contractual obligation, however it can be negotiated between the listing broker and the broker representing the buyer. Since the commission for a transaction as well as the property features are contained in the MLS system, it is in the best interests of the broker participants (and thereby the public) to maintain accurate and timely data.

The additional benefit of the MLS system is that an MLS subscriber may search the MLS system and retrieve information about all homes for sale by all participating brokers. MLS systems contain hundreds of fields of information about the features of a property. These fields are determined by real estate professionals who are knowledgeable and experienced in that local marketplace. Whereas public real estate websites contain only a small subset of property data.

In North America, the MLS systems are governed by private entities, and the rules are set by those entities with no state or federal oversight, beyond any individual state rules regarding real estate. MLS systems set their own rules for membership, access, and sharing of information, but are subject to nationwide rules laid down by NAR or CREA. An MLS may be owned and operated by a real estate company, a county or regional real estate board of realtors or association of realtors, or by a trade association. Membership of the MLS is generally considered to be essential to the practice of real estate brokerage.

Limitations of access to the MLS

Most MLS systems restrict membership and access to real estate brokers (and their agents) who are appropriately licensed by the state (or province); are members of a local board or association of realtors; and are members of the trade association (e.g., NAR or CREA). However, access is becoming more open as internet sites offer the public the ability to view portions of MLS listings (see below).

A person selling his/her own property - acting as a For Sale By Owner (or FSBO) - cannot generally put a listing for the home directly into the MLS. An example of an exception to this general practice is the MLS for Spain, [AMLASpain], where FSBO listing are allowed.) Similarly, a properly licensed broker who chooses to neither join the trade association nor operate a business within the association's rules, cannot join the MLS.

However, there are brokers and many online services which offer FSBO sellers the option of listing their property in their local MLS database by paying a flat fee or another non-traditional compensation method.

MLS Systems in North America

Canada

In Canada, MLS is a cooperative system for the 82,000+ members of the Canadian Real Estate Association (CREA), working through Canada's 99 real estate boards and 11 provincial/territorial associations.

The Real Estate Board of Greater Vancouver (REBGV) claims to have pioneered the first MLS in Canada.

A publicly accessible website (at realtor.ca, formerly mls.ca) allows consumers to search an aggregated subset of each participating board's MLS database of active listings, providing limited details and directing consumers to contact a Realtor for more information.

United States

The largest MLS in the United States is currently the Washington, DC region's Metropolitan Regional Information Systems, Inc (MRIS) covering Washington DC, most of Maryland (including the Chesapeake Bay counties) and suburban Virginia counties, and parts of West Virginia and Pennsylvania. As of late May 2008, it has about 55,600 active members, according to the public access sections of its website, although numbers vary according to when accessed.

New York City

Although the other boroughs and Long Island have a well accepted MLS, MLS has never taken hold in Manhattan. A small group of brokers formed the Manhattan Association of Realtors and operate MLSManhattan.com. MLSManhattan has a small fraction of the total active inventory in Manhattan. The Bronx Manhattan North MLS also offers coverage in Northern Manhattan. It too has failed to acquire widespread adoption by brokers.

The prevalent database is operated by the Real Estate Board of New York (REBNY), a non-Realtor entity that suceded from the National Association of Realtors in the 1980s. REBNY operates a database called RLS which stands for REBNY Listing Service. A predecessor of RLS was marketed as R.O.L.E.X (REBNY Online Listing Exchange), before Rolex Watches claimed trademark infringement.

Unlike MLS, RLS does not have under contract, sold or days on market data, nor does it have rental listings. RLS is more of a Gateway of Active listings. There is no single database. The RLS gateway is populated by several private databases that include Online Residential (OLR) and Realplus a proprietary database exclusive to a few large Manhattan Brokers. These databases exchange data continually effectively creating several separate systems with essentially similar data. Another vendor, Klickads, Inc D/B/A Brokers NYC, owned by Lala Wang sued in 2007 to be included in the list of firms permitted to participate in the Gateway.

Policies on sharing MLS data in the USA

The National Association of Realtors (NAR) has set policies that permit brokers to show limited MLS information on their websites under a system known as IDX or Internet Data Exchange. NAR has an ownership interest in Move Inc., the company which operates a website that has been given exclusive rights to display significant MLS information. The site is Realtor.com.

Using IDX search tools available on most real estate brokers' websites (as well as on many individual agents' sites), potential buyers may view properties available on the market, using search features such as location, type of property (single family, lease, vacant land, duplex), property features (number of bedrooms and bathrooms), and price ranges. In some instances photos can be viewed. Many allow for saving search criteria and for daily email updates of newly-available properties. However, if a potential buyer finds a property, he/she will still need to contact the listing agent (or their own agent) to view the house and make an offer.

The U.S. Department of Justice filed an antitrust lawsuit in September 2005 against the National Association of Realtors over NAR's policy which allowed brokers to restrict access to their MLS information from appearing on the websites of certain brokers which operate solely on the web. This policy applied to commercial entities which are also licensed brokerages, such as HomeGain, which solicit clients by internet advertising and then provide referrals to local agents in return for a fee of 25% to 35% of the commission.

The DOJ's antitrust claims also include NAR rules that exclude certain kinds of brokers from membership in MLSs. NAR has revised its policies on allowing access on web sites operated by member brokers and others to what might be considered as proprietary data.

The case was settled in May 2008, with NAR agreeing that Internet brokerages would be given access to all the same listings that traditional brokerages are.

Origin of the MLS

According to the National Association of REALTORS:

"In the late 1800s, real estate brokers regularly gathered at the offices of their local associations to share information about properties they were trying to sell. They agreed to compensate other brokers who helped sell those properties, and the first MLS was born, based on a fundamental principal that's unique to organized real estate: Help me sell my inventory and I'll help you sell yours."

Alternatives and changes to the MLS system

Up until 1968 almost all brokers involved in transactions represented the seller, either as the seller's agent or as the sub-agent of the listing broker. The seller paid the listing broker who, in turn, was responsible for compensating the broker working with the buyer. The MLS was intended to be a simple system that benefited everyone, including both the buyers and sellers.

The 2005 Justice Department antitrust lawsuit against the National Association of Realtors threatens the exclusivity MLS services in the US. If this case undermines MLS exclusivity, open internet MLS systems may begin to thrive, perhaps combined with Web 2.0 technologies such as social networking, allowing buyers and sellers to interact without the need for an agent.

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Colorado Springs real estate market has some of the finest real estate properties for sale. Thousands of people from all over the country come looking for homes for sale in Colorado Springs. They even hire the services of the local Colorado Springs REALTOR to help them find a dream home that suits their style ad budget. It's not just the the homes that are popular here, if you are interested in Colorado Springs commercial real estate you may contact Mike Stuard for the various options available in the market.

 

Real estate in Colorado Springs

The history of Colorado Springs real estate development began in the mid-nineteenth century when the early gold rush miners paved the way for cities and population booms. The mid-twentieth century saw a revitalized boom from declining growth following World War II with the beginning of the Korean War due to a massive increase in military expansion, as well as the scenic views of the picturesque landscape which many people flocked to see. Today, residents or those who have vacation homes in Colorado Springs, Colorado are attracted to the land because of the serene and peaceful surroundings of national historic parks and landmarks, and the beautiful mountains which can be seen from the many parts of the city.

Early Development

The early aspects of commercial development in Colorado Springs, Colorado occurred mostly because of the gold rush in the early-to-mid nineteenth century in the United States. This led to the influx of thousands miners who entered various mining districts mostly within the 2nd half of the nineteenth century, and even into the early twentieth-century. The first mining district in Colorado was The Gregory Mining District, founded in 1859 by the Scottish southerner and pioneer miner John H. Gregory (born December 27, 1820 – missing 1863). These times were very prosperous for both the mines and the government. (The Cresson Mine, located about 72 km (45 road. miles) southwest of Colorado Springs in the Cripple Creek Mining District, remains the state’s largest gold-producing mine today.)

Decline in Colorado’s Gold Rush

The decades before World War II saw a decline in the flow of gold and silver, which took with it both population and interest in commercial development in Colorado Springs. Once was a time when gold mining was prosperous in Pike’s Peak (located a few miles northeast of the Cripple Creek Mining District) who’s nearest city is Colorado Springs. Despite the decline in gold mining, an increase in tourism began, due to the breathe-taking scenery of Colorado Springs, which became a recuperation spot for tuberculosis patients.

Post World War II Era and the Korean War Real Estate

The United States Army established Camp Carson in 1942 to train and house military troops at this new base in preparation for the World War II. The Carson base was eventually increased in size, which enlarged the city boundaries of Colorado Springs since the base was situated near its border. This expansion provided the city with enormous industrial growth. While post World War II displayed a decline in the Camp’s base to only 600 soldiers, the commencement of the Korean War reactivated it, as well as military enlistment in other parts of Colorado Springs. Furthermore, The United States Air Defense Command relocated to Colorado Springs and opened Ent Air Force Base (which was closed in the mid 1970’s and later converted into the United States Olympic Training Center).

In 1954, Colorado Springs became home to the Air Force's military academy. This and other military expansion led to significant enlargements of city limits and produced a boom in new industries and increased revenues. In fact, military expansion is continuing the growth of Colorado Springs today.

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There are some fantastic properties to choose from in the Colorado Springs real estate market. Thousands of people come looking for homes for sale in Colorado Springs. If you too are looking to buy a property here, you must hire the services of a reputed Colorado Springs REALTOR who will help you find your dream home to suit your style ad budget. And if you are interested in Colorado Springs commercial real estate you need to talk to Mike Stuard for the various options available in the market.

Sell Your Home Faster with a Pre-Listing Home Inspection

The reports abound about a slow down in the real estate market. Homes are sitting on the market for longer periods of time, and sellers are finding that buyers are more concerned with the condition of the home. With more homes on the market to choose from, buyers can afford to walk away from a deal, if the conditions of the home are not to their satisfaction.

How well do you know YOUR home?

• Why wait for a buyer's Home Inspector to uncover hidden problems, after you have already accepted an offer that could end up costing you thousands in a lower negotiated selling price?


• A Professional Seller's Pre-Listing Home Inspection can help you identify critical areas of concern up-front.


• You decide whether to perform repairs or disclose during initial negotiations.

Pre-listing Home Inspection Benefits

There are many benefits to having your home inspected before listing. With a pre-listing inspection your home could sell faster and for more money without any renegotiations because results of the inspection will be presented ahead of time. Your potential buyer will be reassured about the condition of the home from the detailed inspection report. A pre-inspected listing will also give you the ability to fix any problems and deal with any issues ahead of time, so there won't be any surprises.

1. Home could sell faster!


2. Home could sell for more money!


3. No more buyers walking away bec away because they don't have time for an inspection.


4. No more parade of inspectors through your home before a multiple-offer situation.


5. You choose the inspector based on reputation and credentials.


6. You resolve any differences of opinion before the house goes on the market.


7. You fix any problems you like or recognize the problem and reflect it in the purchase price - take it off the table as a negotiating tool against you.


8. Inspection Report can be made available as an HTML web page link, to be included on your listing agent's web site. That way, prospective buyer's can see the report in advance.

Many inspectors will come back to re-inspect fixes

If you fix or improve areas noted in the report, many home inspectors will return to the home, to update the report to reflect the current status. This can be a big selling advantage, in particular in a slower market, where buyers are more concerned with condition and value.

As real estate market conditions continue to soften, you need every advantage possible to help your home sell. Don't wait with your fingers crossed, hoping the buyer's home inspector doesn't find any problems. Consider a pre-listing home inspection to put you in the driver's seat and to present your home in the proper light.

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Buying a Colorado Springs real estate could be one of the most important decisions of your life. Owing to the popularity of the area, many home seekers come looking for great homes for sale in Colorado Springs. If you too are looking to buy a home here, you may want to hire the professional services of a Colorado Springs REALTOR who will help you find a home that suits your style and budget. If you are looking at Colorado Springs from buiness point of view and wish to invest in a Colorado Springs commercial real estate then you may contact Mike Stuard for more details.

 

How an Agent Can Be of Help in Commercial Real Estate

For purchasing commercial real estate in a smart way, the help of a real estate agent is indispensable. Engaging a real estate agent is a suitable method to purchase a commercial real estate because there is high probability that you might lose thousands of dollars if you commit awful blunders or fail to benefit from potent investment opportunities in commercial real estate. This is the reason why locating and employing a commercial real estate agent has to be your priority – it could make or mar your commercial real estate project.

Advantages of employing commercial real estate agents

Expert commercial real estate brokers or agents offer you the accessibility to the most dependable details about the commercial real estate market. They offer you data regarding the current sales prices, comparative labor and tax expenses and vacancy rates and absorption rates to assist you in taking knowledgeable decisions.

These commercial real estate agents and brokers have a lot of experience and they are able to help you understand the current market trends of leasing and the present statistics. In addition, they would render you a clear-cut competitive breakdown of various commercial real estate that is appropriate for your budget and utility. They would offer you comprehensive details about the commercial real estate industry such that you become able to predict chances, acquire a competitive benefit, as well as utilize the most favorable real estate strategy.

When you are considering about constructing commercial real estate, it is better that you seek the help of a commercial real estate agent. He would help you ascertain the most appropriate site utilizing precise local market information and a fair idea about the economic developments which influence the commercial real estate market. These real estate agents have been particularly groomed to manage very big deals – amounting to millions of dollars. Their aim is to search for investments that would not merely grow in terms of value, but also offer the investor a positive cash flow.

You should not attempt to make investments in commercial real estate without taking the advices of a commercial real estate agent. He would have the correct education to pass on useful consultation, research and business deal guidance to you in order to ensure fluent functioning of your commercial real estate project.

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If you are considering buying a Colorado Springs commercial real estate, you should contact Mike Stuard for his expert advice in finding you the right property. Not just the commercial properties but the Colorado Springs real estate market has soem great homes. Many people come lookign for homes for sale in Colorado Springs. If you too are looking for your dream home here you may hire the services of a reputed Colorado Springs REALTOR who will help you find the home that suits you inevery respect.

 

How Can I Deal With A Bad Credit Home Refinance

The credit score that goes along with you is there for life in our current economic system, for better or worse. This means that if you make mistakes earlier on in life, such as buying things you cannot afford and missing payments, having too many credit cards and several other ways to get bad credit, it will affect you forever. Granted through making better decisions later on in life, such as paying on time, selecting cost effective goods and things to stay within your means, you can get your credit score to go up. This can be crucial when getting a loan or refinancing your home.

When you get a bad credit home refinance, you are attempting to restructure your mortgage for better rates, but you are doing so with a handicap. It can be difficult to negotiate on your own terms when you already have a poor credit score stacked up against you. Why should a financial institution take your word on something that could be a risky venture for themselves?

However, you should not despair entirely. You can still get a better deal on a bad credit home refinance than you are currently getting in your mortgage. This is especially true when your credit was even worse when you initially locked into your mortgage. This way, even though your credit is still bad, it looks significantly better and that positive upward trend will definitely be a positive in the eyes of the lender you are dealing with.

Refinancing your home is supposed to give you a better deal or allow you to pay off your home faster than you had originally planned. In no way would you want to refinance into a mortgage that is well below the means you can afford, as you will end up paying significantly more through increased interest rates.

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Buying a Colorado Springs real estate property can be one of the most important decisions of your life. Owing to the popularity of Colorado Springs, more and more people are come looking for homes for sale in Colorado Springs. If you too are interested in buying your dream home here, you may hire the services of a reputed and well established Colorado Springs REALTOR who will guide you through the process of buying a home. If you have any questions about Colorado Springs commercial real estate please contact Mike Stuard.

 

How To Invest In Property Without A Large Upfront Investment

Many people realize the benefits of property investment. You will own a piece of land that allows you to see a return on your investment. Property or real estate is safe, too. Property is valuable, and often sees a fast turnaround on return. It is also something substantial to own and care for. While these benefits are great, there are many more reasons to invest in property to build wealth. Yet, in the most traditional way of investing, you will need a large upfront investment or down payment. For those that wish to avoid having to pay this type of monetary risk, why not consider a type of investing that allows you to put up much less? Property options allow you to do that.

Why Not Invest Your Cash?

When you are considering how you will build wealth, you have to weigh all sides of the coin, so to speak. For example, you need to consider how much you should put down on the purchase of a piece of property and how much cash you should keep available to you. When purchasing real estate traditionally, you may be tempted to put a large monetary investment into the property. After all, you do not want a high mortgage payment or cost with your investment. On the other hand, you may want to consider how much you should put in. In comparison to what you have available to your needs, having cash in the bank can be more important. Most investors will caution about putting too much of your cash into a mortgage. Therefore, you will want a type of real estate investment that allows you to invest without a lot of up front deposit.

Property Options

One type of property investment that will allow you to do this is the property option. With this option, you are not outright purchasing any piece of real estate. Instead, you are purchasing the right to buy the property at a later time. On the agreement, these terms are outlined specifically. Nevertheless, during this time you can still profit from owning the property. When the property increases in value, you still have the ability to profit from this. Ultimately, a property option allows you to gain a return on your investment without the large upfront investment that can be so worrisome.

Can You Do It?

Many people today do not invest in real estate because they are too concerned with the risks involved. Others believe they have to have a degree in real estate to actually invest in it. You do not have to have a lot of money, nor a lot of education in property investments to take advantage of property options. You can build wealth easily, with a low investment, and build your wealth quickly. If you have the desire to do this, you can use property investments to make it happen.

The key to being successful when investing in property is to know the best way to make the deal by putting as little on the table as you need to. While just a decade ago, many people did not realize the potential in purchasing property options; today it is one of the best moves that can be made. Some of the most well known investors use this tool to allow them to find success. You can too.

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Colorado Springs real estate is the most sought after property these days. More and more people are looking for homes for sale in Colorado Springs. If you tooare looking for your dream home, you may hire the services of a reputed Colorado Springs REALTOR who will help you find one that suits you in every way. If you have any questions about Colorado Springs commercial real estate please contact Mike Stuard.

 

The Advantages Of Home Ownership

Owning a home was once the greatest symbol of the American Dream. And although the American Dream has changed a bit over time, home ownership remains an important part of what it means to be a successful American. But more than just the pride that you can take in having achieved this dream, home ownership gives you a number of other benefits that can ease your daily life and help you prepare for your future. While there are obvious financial benefits to owning your own home (as opposed to renting), there are also other advantages.

Here are some of the advantages of home ownership:

• Tax deductions. There are all sorts of tax deductions which are available to home owners that aren’t available for people who rent. This allows you to save money every single year that you’re a home owner. These deductions include mortgage interest and property tax deductions. There are also certain tax tricks in the future when you sell your home.


• The money that you spend on a home mortgage goes towards a home that can eventually be yours to sell, rent or will to your kids. The money that you spend on rent just disappears to your landlord’s bank account.


• The value of your home will almost undoubtedly increase. There area always ups and downs in the market, but home values across the nation have consistently risen. This means that you’ll be your home today and it will be worth more than you paid for it at some date in the future. And looked at from the other side, the home you’re renting will also be worth more, so your rent can go up in time.


• You can use your home for future loans. When you have some of your home paid off, you are able to access loan money against the value of the home. This allows you to get lower interest rates
  
  than you would receive from private loans (or credit cards) which are all that might be available to you as a renter. Even if you don’t get a loan against your home, home ownership improves your credit and makes it easier to get better rates on private loans.


• You own your home so you can make changes to it to really make it yours. When you rent, there are limitations on the changes that you can make at the home. Often, you can’t hang shelving or even paint the walls, so your home lacks personality. Home buyers don’t have these concerns.

Basically, if you think about all of the things that you dislike about renting a home (or apartment), you’ll find that they are problems that disappear when you buy your own home. With home ownership, you’re no longer throwing your money away to a landlord who controls everything about the home. You’re establishing good credit and making a lasting investment. And the truth is, there still is some value to the old American Dream and you can take pride in home ownership.

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There are a number of great homes for sale in Colorado Springs. If you are looking for your dream home in Colorado Springs, you may hire the services of a reputed Colorado Springs REALTOR who will help you find your dream Colorado Springs real estate property that suits your style and budget. If you are looking at Colorado Srings from business point of view and need information about Colorado Springs commercial real estate please contact Mike Stuard.

 

Preparing to Sell Your Home

You have worked hard to maintain your home and ensure that repairs were completed. It's not been that long since everything received a fresh coat of paint and everything else appears to be in good shape ... but is it, really?!

Use the checklist below to ensure that you are ready to sell your home
before it ever gets listed on the market.

• Pull out a tablet of paper and a pen. These will be your instruments to identify any repairs or improvements you may have missed.


• You are now going to take a slow and meticulous walkthrough of the exterior of your home, your yard and the exterior of your home.


• Start at the front door. Walk through each room noting chipped paint, dents in doors or walls, that small edge that keeps sagging on the top of the border in your bedroom. Move on to your garage, yard and the exterior of your home.


• Your goal is going to be to look at your home from a buyer's perspective, and to make your home stands out to buyers. You might want to ask a friend to do the walkthrough with you, so that you can get an objective opinion. Take the friend's comments to heart and include them in your list.


• Note that some of the biggest mistakes that sellers make are to leave clutter, evidence of pets in their homes, and smoke odor. Clutter makes rooms appear smaller and, in turn, makes your home appear smaller. Pet and smoke odor detract from the beauty of your home. All three are a big turnoff for potential buyers.


• Don't forget to note dirty windows, chipped paint on trim of doors and window sills, Fido's dirty dog house, dead spots in the yard, etc.


• Next, buy all the supplies necessary to make the repairs or changes that you've identified.


• Get the family involved and make it a weekend project. You could make memories. Everyone will remember how they got that house on so-and-so Street ready for sale.


• Set a date to complete all the repairs and improvements.


• Once all the repairs and improvements are completed, you're ready to find a real estate agent.


• Call up three real estate agencies and ask for their top sellers. Set up an appointment to Interview the top seller from each of the agencies. Ask them specifically what they will do for you - e.g., place ad in local newspaper, place tube in front yard with sales flyers, etc. Do not prompt the sales agents. Let them tell you, then pick the one you are most comfortable will work hard for you.


• The agent you choose will put together a comparative market analysis
  (CMA). This is a compilation of homes that sold in the area within the last 60-90 days that are comparable to your home's statistics - e.g., # of bedrooms/baths, size, similar amenities. Have your agent provide your copies.


• Work with your agent to sell your home at a competitive price. Keep in mind that if the value of your home exceeds $50k milestones by a couple of thousand, then fall behind the mark a bit. For example, your home's value ends up to be $205,000. You may want to consider $199,500 or $199,750, instead. Or, if the value is something like $375,000, you may want to list the price as $373,200, or in that ballpark. The goal is to make your home appear to be priced much less than it is.


• Finally, in the current competitive market, it's also a good idea to list your home's sale price at a few thousand less than it's actually worth. If you keep this and the previous bullet in mind, it would serve you well to price a $235,000 home at, let's say, $231,875. Your real estate agent can help you with all that.

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There are soem fantastic homes for sale in Colorado Springs. If you are looking to buy a Colorado Springs real estate property you may hire the services of a reputed Colorado Springs REALTOR to help you find a property that suits you in every way. If you have any questions about Colorado Springs commercial real estate please contact Mike Stuard.

 

+Serious Questions Answered On Real Estate Investing

Who regulates securities?

Each state regulates investments
offered to its citizens. The federal government, through the Securities & Exchange Commission (SEC), regulates offerings across state lines. This means that you'll have to look at the laws and regulations in your state when you're only working with private lenders in your state. If you're working with folks across state lines, you'll need to comply with the laws in each state you're working in and comply with the SEC's rules too.

What about advertising?

It's important to understand that each state sets its rules for advertising investment opportunities, which includes private lending. Every state has opportunities for you to advertise to bring in private lenders. There are strict regulations on this and you need to comply with the states rules.

What about advertising across state lines?

You would use a state exemption that allows you to advertise and only advertise to accredited investors. Accredited investors are defined elsewhere in this package of information. As a reminder, the Securities Act of 1933 has several definitions of accredited investors. The most important for your business are likely to be these two:

1. A natural person who has individual net worth, or joint net worth with the person's spouse, that exceeds $1 million at the time of the purchase;

2. A natural person with income
exceeding $200,000 in each of the two most recent years or joint income with a spouse exceeding $300,000 for those years and a reasonable expectation of the same income level in the current year.

So what sort of disclosure should I give my private lenders?

When you are reaching out to private lenders, whether it's just one or a large group, it's very important that you disclose the risks and benefits of the private lending opportunity you're offering them. There are several reasons you should do this. Some are for the benefit of your private lenders, who will want to know what your business is and how they can make money lending to you.

Securities laws work to protect private lenders, so you must disclose to them what the potential downsides are. These might include how long it will take to sell a property; mortgage rate changes, housing market pricing fluctuations, or the cost of rehabbing a property. There are others you'll want to mention.

Disclosure documents will also help you protect yourself and business against possible claims that you didn't describe the business properly. A strong disclosure document will help you protect your reputation and protect you against frivolous litigation. It will also help you comply with securities laws and regulations and, should you get a question from a regulator, help you demonstrate to them you are working to be in compliance.

Commissions- Can I pay them?

The bottom line on paying commissions is: don't. Unless you are using a proper registration or exemption and using a licensed or registered broker/dealer, almost every state prohibits paying commissions for the sale of securities.

Now, in Ohio, it is possible to pay someone to help you get potential private lenders to a luncheon, but only if you pay him or her whether or not these folks end up lending you money. That means that you can't pay them based on their success rate or anything that connects their compensation to getting private lenders. Other states won't even let you do that unless the people you're compensating are registered or licensed broker/dealers.

Public Offerings- What does that mean?

It's easiest to explain what it means by explaining what a public offering isn't.

Generally, any offering that is not exempt under the private offering exemption of the securities act of 1933 (Regulation D) is a public offering. This means that if you aren't using an exempt offering, as we talk about in the course materials, then you are getting involved in a public offering. Each and every state has its own definition of exempt offerings and these aren't considered to be public offerings.

Exempt offerings are what open the door for you to run your real estate investing business successfully and in compliance.

In Summary, remember securities laws and regulations offer you many opportunities to do your real estate investing business and stay in compliance. Yes, there's going to be some paperwork that goes with these laws and regulations. It's just part of doing business, and that's what Alan's course is all about, helping you get into business and do it the right way and successfully.

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