Why Sell and Rent Back Home is a Good Idea

There are so many ideas that you would come across when you are trying to find a way of dealing with the debt and financial issues that you would be facing. However, you would need to examine the advantages that would come with any option that you are thinking of taking beforehand.

We would try to examine some of the reasons why you would just need to find someone to sell your home to and request to remain in the home just as a tenant, when the problems you are facing touch on the home mortgage.

Sell and rent back home enables release of equity

Once you are in so many debts, you would need something that would help you release the equity so that you are able to pay off some if not all of these debts. Also, when you have the equity released, you would be able to settle your divorce is at all you were in the process of getting one and all these would be done when you have to remain in the home.

Sell and rent back home allows you to resolve pressing issues

What other issue would be more pressing than finances? By the way, financial issues are the roots of other problems that people have. When you sell your home, you would have some cash because you would sell to those who offer quickest services. This would allow you to pay off the mortgage, settle other small unsecured debts and live your life in the same home as normal.

When you sell and rent back home, you escape pending eviction

When you are evicted from your home, you would feel small and worthless. This can affects a number of aspects of your life. However, you can be smart and escape all these by simply accepting your situation and selling the home, renting it back and if possible, buy it back when your situation gets better.

Sell and rent back home when there is no other way

Of course, it is normal to get into a situation when you have no other way out. You would be happy when you can at least avoid taking in more debts and you try and clear what is pending. Sell that home; be inside it as a tenant and soon, you will be able to reorganize your life for better.

Sell and rent back home has best timescales

When you are desperate, you would need money like yesterday. You would want a solution that is real time and that would help you have peace soonest possible. You can choose to have such a solution by finding a buyer who would buy your home in the timescale that you would stipulate.

Sell and rent back home can help you have back home

Since you would still maintain your stay in your home though as a tenant, you would realize that what you need to do is probably to work harder and later or discuss with the buyer on the option of having his sell back the home to you. It is actually possible at no extra cost.

Sell and rent back home is a quick property sale scheme

You do not have to be in a fix to sell your home. Maybe you have realized that you need to relocate or you just don't want to have the home any more as an owner. You however may have not cleared the mortgage. This scheme would help you sell the home in the quickest time possible.

So, if you think that you need to take the sell and rent back home scheme, you would have to find just the right place to take the service from.

By Albert Disuja

Learn About a Scheme That Cannot Fail

Who does not fear failing? Certainly, we all would want to be part of success. After staying in a home for a couple of years, you would not wish to get into something that would frustrate you even when your circumstances are really difficult. You would need to learn about a scheme that would work for you.

In deed, there is a scheme that would help you have a smooth selling of the home and yet you would still be able to stay in the home that has always been yours. The only difference would remain on the ownership status.

Learn about sell and rent back with no fees

You can get all the information about the scheme without investing anything. You would have all that you need to know about and probably you would realize that it is the right one for you with a lot of ease.

Find out how sell and rent back is quick sale

You will realize as you try to get more details about the scheme that it can help you convert your home into cash in just a couple of hours. Yes, this can be done in as less as even 24 hours.

Know the sell and rent back evaluation

The evaluation for the market value of the home you wish to sell would be done by the agents of the place where you wish to sell to. This would be based on the algorithm that depends on the location of your home, the area where it is at and the facilities that it has. The later is where additions like swimming pool would be considered.

Consider sell and rent back for all circumstances

You need to understand that you can actually sell your home for all the reasons that can usually make you fail to make payments for the mortgage. The idea is that you never just lose the home. You would be able to maintain touch with it when you are allowed to stay in it still as a tenant.

Learn the truth about sell and rent back

There is a percentage that the agency would take from the value after the selling process is complete. You can be sure that it is not a very big amount compared to the damaged and loss it would save you from when you let it be repossessed.

Find out how sell and rent back operates

You have to see that you have a discussion with one of the experts from the agency so that the air is clear about what is possible and what is not when you want to sell your home. These professionals know what it takes and they would be more than glad to help you get the best.

it is not to late to learn about sell and rent back

So, you can be sure that it is never too late to sell your home and still stay inside it as a tenant. No matter how close the deadline for repossession would have been, you would find that you will be able to work a way out.

Basically, everyone who owns a home and is not able to complete the payment for whatever reason is eligible to request for the sell and rent back scheme. The more information you have, the better it will be for you.

By Albert Disuja

Why Renting Out a Home in South Florida is a Lot Harder in Today's Market

I thought I was ready for any challenge that my Port St. Lucie Florida rental home would throw at me after I bought it in 2005. But I was really unprepared for how difficult it was going to be to find a new renter when my current tenant asked to move out in August, 2008 - just as the financial crisis was just starting to get worse.

I thought I was up to the task when my tenants asked if they could terminate their lease in August of 2008 on my Port St. Lucie rental home. After all, I'd always been able to find new tenants before without the help or expense of a realtor. Worst case I thought I would miss out on two months rent. I couldn't have been more wrong about that.

I was determined to stay positive and to get this home back on the South Florida rental market as soon as possible. Before I met the tenants on August 29th for the handover, I had already purchased two on line advertisements, priced the monthly rent at the average of my competition, and the calls were already starting to come in.

My spirits were even higher when I saw that the tenants were leaving the property in excellent condition. It was extremely helpful that I have the best girlfriend on the planet who was able to re-paint this home from top to bottom in only 3 days. We were already showing the home to prospective new tenants within two days of taking it over.

My confidence in my own ability to rent this home quickly, faded almost immediately. The South Florida real estate market was already in turmoil suffering from both low home prices and low rents. That was made significantly worse in the fall of 2008 as many financial institutions teetered on the brink of collapse. Although the calls continued to come in from prospective tenants, weeks quickly stretched into months.

There is a happy ending to this story but it is not a quick one. The home finally rented to a great family who started a new lease on February 1, 2009 - It took me five solid months of marketing this home on a daily basis to find a new tenant for this home. Those five months without a tenant cost me thousands of dollars in lost rent and in extra utility bills.

As a Florida landlord who continually wants to do things better, I pay very close attention to the marketing methods I use and how effective they are. But instead of talking about what forms of rental advertising work the best, I'd like to share with you statistics that I collected over these five months of trying to rent the home - data that shows just how miserable the South Florida real estate market really is.

A total of 106 leads were received either by phone or through email where a prospective tenant expressed interest in renting the home. That's about one lead per day for 3 out of every 4 days. Out of those 106 leads, 59 of them vaporized for no apparent reason, so let's focus on the remaining 47.

About 36% of the remaining prospects didn't want to pay the two months of security deposit I was asking for. Many stated that they had not been required to pay any security where they were currently renting. This was very predominant in St. Lucie County. Tenants from the southern counties of Dade and Broward were comfortable with the two months required security as were those who called in from other states outside of Florida - especially the Northeast. Knowledgeable Florida landlords know that having at least two months of security deposit on hand is a good idea - especially since it is still possible to lose more than that if a tenant is able to delay the eviction process.

A staggering 23% stated that either their own home was in foreclosure, going to short sale, or that they were renting a home that was being foreclosed on. An additional 17% reported either filing for bankruptcy, losing their job, or both. These numbers are shocking and highlight that we are in the worst economy that any of us will ever see in our lifetime. This also led me to question whether the foreclosure rate on homes is a lot higher than the 1% to 2% range that I read about in the Florida media.

The information reported is also not very flattering when it comes to how Florida landlords are treating their tenants as the economy gets worse. About 8% reported that their current landlord was not making necessary repairs on the homes they were renting and several homes were no longer safe to live in due to the presence of mold.

Last but not least, for you big government types out there, I want you to know that two callers asked me to falsify the actual amount of rent that I was charging so that both the tenant and I could overcharge the federal government for Section 8 housing. It is a felony to do this. Those were short conversations that ended with me hanging up.

Here is the most shocking information about the poor condition of today's Florida real estate market. Out of those 106 phone calls or emails that came in over the five months, only 13 turned into actual showings. Those are terrible numbers - less than an average of three showings per month. And this means that you should expect that only 1 out of every 10 people that you speak with will want to come see the home in person for a showing.

Last but not least, the competition I faced when trying to rent this home was significant. At any given point of time over the five month period there were at least 100 similar homes competing with me on the Florida MLS and there were another 100 homes competing with me through either newspaper advertising or online.

Now that you know all the facts about the current South Florida real estate rental market be very careful if you are thinking about sticking your toe into these turbulent waters. The crisis in the Florida real estate market is far from over.

By Michael Letcher

How Can I Find the Value of a House?

Many people often wonder how to find the value of a house. This could be for their house, if they are looking to buy, or even in some cases looking to maybe refinance their home. Whichever the case, the value of a home depends on a few factors.

The main factor of a home value is the local area. Real estate, in general, flows from high to low constantly. Often times, it will just stay at a constant rate. The local area surrounding your home is a big determiner when finding the value of a home. For instance, you can ask yourself these questions:

1. Are real estate sales active in my general area?
2. What amenities or features are around this area of the home?
3. Are there schools located nearby?
4. Where is the closest police station or fire station?
5. Is the home located on or near water?

Although these are not the only factors that might increase a home's value, they are some of the most common that people looking to buy would indeed look for. The same could be true if the roles were reversed. If the home is in a bad neighborhood, the value of the home would decrease.

More important information regarding your home value can be in the actual home. Aspects of the home that can increase or decrease are as follows:

1. How many rooms?
2. How many Bathrooms?
3. Does it have a garage? How many car spots?
4. Does it have central Air conditioning/Heat?
5. Does it have a fireplace, pool, or lanai?
6. How many square feet is the home?
7. Does it reside on acres of land?

Again, these are just some questions to ask to increase/decrease the home value. Of course, homes with more land and square footage will tend to have a higher rate.

Other important factors that are out of the control of the actual buyer or seller are the interest rates on homes that are provided by the federal government. These are all factors that add into the home's value.

Other aspects that are looked at are the curb appeal of the home. A home that has good curb appeal often warrants a higher value. A home has good curb appeal when it is aesthetically pleasing to the eye from the road. In other words, lush vegetation and landscaping can cater to this feel.

A good rule of thumb to use is any time an owner puts money up to make a modification to the home; it will translate into the market value of the home. These are typically called "upgrades". Some upgrades, however, have greater bearing over others. For instance, a fence put up in a yard might have more weight than a spa or pool home. In retrospect, this all depends on who is looking to purchase the home and what their needs are. Combining all these factors is the most effective way to gain a home's value.

By Ryan Tollefsen

The Secrets of the Mysterious FHA 203(k) Rehabilitation Home Loan Unveiled

The FHA 203(k) Home Renovation Loan is perfect for HUD foreclosures, handy-man specials, or any home in need of repair. This is because it offers borrowers the ability to finance the cost of the rehabilitation of a property. And this loan can be used for either the borrower's current residence or a fixer-upper into which a borrower wishes to move. The eligible improvements allowed on FHA 203(k) loans are numerous, and many clients are pleasantly surprised at just how useful of a tool this loan can be. For instance, in addition to typical home improvement loan projects, the FHA 203(k) mortgage loan program can be used to convert a one-family dwelling to a two-, three-, or four-family dwelling.

The 203(k) Program is not offered directly by the FHA, meaning that one cannot apply directly to the government for the loan. Instead, it is offered to the public through FHA-approved lending institutions. It is to one of these institutions that a client applies. And it is one of these lending institutions that ultimately approves and funds the loan. The FHA sets the guidelines and insures the loans to facilitate liberal lending and help with the sale of these loans on the secondary market.

Originally utilized primarily for purchases, the FHA 203(k) loan program was created to help revitalize properties into which families could move and live. As time has passed, these loans have also been made available to existing homeowners seeking to refinance one to four family residences. These residences must be existing structures, at least 1 year old, and be used for residential purposes. This means that they must be owner-occupied. To lenders of traditional loans, these properties in need of repair are considered poor collateral on which they would prefer not to lend. To the FHA, which is committed to expanding home ownership through insurance and more liberal underwriting guidelines, such properties are not only acceptable but also desirable.

The standard FHA 203(k) loan includes purchases or refinances that involve more than $35,000 in repairs. It is available to augment an FHA Energy Efficient Mortgage (EEM), insure the mortgage on a single-family housing unit sold from the REO inventory of HUD, or to insure a mortgage that covers both repairs costs and the refinance of an existing mortgage. Once this $35,000 threshold is reached, it is necessary to involve both an appraiser and a consultant. The consultant prepares the work write-up and cost estimate. An architect, engineering or home inspection service then needs to inspect the property to ensure that:

1. There are no rodents, dry-rot, termites and other infestation;
2. There are no defects that will affect the health and safety of the occupants;
3. The existing structural, heating, plumbing, electrical and roofing systems are adequate; and
4. The completion of thermal protection upgrades (where necessary).

As such, on a standard FHA 203(k) loan, the process is often as follows:

• Contact lender for pre-approval
• Locate property & make offer
• Offer accepted
• Home inspection
• FHA 203K consultancy
• Architectural drawings
• Contractor bids & contractor selection
• Appraisal Loan submission & underwriting
• Underwriting conditions cleared
• Loan closing
• Repair begins Final inspection / Title Closeout

The easiest and quickest version of the program is the FHA 203K Streamline. This allows a home buyer or homeowner to finance up to $35,000 of home repairs in the purchase or refinance of a home. It does not involve HUD 203K Consultants or architects. This is because the Streamline is intended to facilitate uncomplicated rehabilitation or improvements to a home for which plans, consultants, engineers and/or architects are not required. The Streamlined (k) program includes discretionary improvements and/or the following:

• Repair/Replacement of roofs, gutters and downspouts
• Repair/Replacement/upgrade of existing HVAC systems
• Repair/Replacement/upgrade of plumbing and electrical systems
• Repair/Replacement of flooring
• Minor remodeling, such as kitchens, which does not involve structural repairs
• Painting, both exterior and interior
• Weatherization, including storm windows and doors, insulation, weather stripping, etc.

So, whether it is to finance an impossible to pass-up foreclosure deal, the addition of a new deck, the replacement of a bathroom, saving the purchase of a home that the bank turned down due to property condition or making a change that turns an ordinary home into your dream home, the FHA 203(k) Loan can help.

By Steven Odierno

How to Guide For Finding a Home on MLS

MLS is the multiple listing service where you will find most Toronto homes that are for sale, in fact this is where you will find most of the homes for sale in Canada. MLS recently moved to a new site location realtor, with this move there was an increase in search options. There are now four different ways to search for properties on mls.ca, those include: mls number lookup, quick search, interactive map search, and advanced search. I would recommend the quick search option.

1. Enter the URL mls.ca or realator.ca into your browser

2. On the main page of mls.ca select Residential Properties

3. Type in the street, neighbourhood, City or MLS Zone of where you want to search. Try to be as specific as possible. If you know which part of the city you want to live in type it in i.e. Rosedale. If you have no clue than keep it general i.e. Toronto

4. Fill in the other drop downs that are applicable for your particular property search. If you are looking for a broad range of matches leave as many fields as possible blank. If you wish to narrow it down type in specifics (price range, detached house, minimum number of bedrooms etc.). Keep in mind if you are too general and there are more than 500 results than the system will require that you narrow it down.

5. Once property matches are generated you can either navigated through the results on the map or click on each individual listing on the right hand side organized from lowest to highest priced properties. If you do not like the map you can also click gallery view or thumb nail view in the upper right hand column. This will change the view so that the map does not dominate the page.

A few tips that I like to use include:

- Be sure to enter in a lowest price (this will eliminate getting matches on properties that are for lease etc..)
- Zoom in/out on the MLS map on the area you are searching, this will help you get to know the location you are looking in.
- If you find a property you like check out all the details (does it come with parking, what is the size of the lot etc...
- Contact your Toronto real estate agent with the mls number to get their opinion

One important note that I tell all of my clients is that the publicly available mls.ca is not necessarily up to date. Often Toronto real estate agents find that when they upload a new property it will take a couple of days for it to become available on the public mls.ca. It does however become immediately available on the mls.ca that is reserved for real estate agents.

To get the best of both worlds I register my clients to receive automated emails from the agent only mls.ca. This allows them to receive by email all of the properties that matches their search criteria as soon as they are loaded into the system. This is also something that I gladly provide any prospective clients regardless of whether they hire me or not. Please contact me to start to receive these automated emails.

Evan Sage is an award winning Toronto real estate agent who demonstrates a superior knowledge of Toronto real estate and by providing a wealth of free resources on his website evansage.com to educate buyers and sellers in Toronto. Evan is pleased to register clients to receive automated emails from the agent only mls.ca.

By Evan Sage

WaMu Mortgage Modification Help - DIY Tips & Guidance on WaMu Mortgage Approval Process

All WaMu existing customers who are on the peak of getting their loans foreclosed are going to get mortgaged modification assistance to avoid this situation and stay in their homes. The company has formed a separate unit with professional employees who are going to help the needy people in getting their loans modified.

Mortgage modification is not very difficult to obtain. All that you need to do is call up WaMu mortgage customer care department and tell them that you are interested in getting you mortgage modified. You will then be assisted with number of programs that they are offering and you can choose the one that suits best to your needs.

Here are some DIY tips that will help you to modify your mortgage smoothly:

• Do not talk to every person that calls you for mortgage modification. Contact and talk only to WaMu's official and tell them about your situation and your interest in keeping your home.

• Fill up the application form to process your file for modification. It is advised that you apply online because online applications get verified as soon as you submit your form. Always fill up the complete application and not even a single entry should be left blank.

• Gather all the documents required by the bank for getting your mortgage modification. You should never submit an incomplete file for processing. Make sure that all your tax returns, bank statements, utility bills, expense statements, card statements are provided in one single go.

• Any false information and manipulated document will give a rejection, and on that you will have to pay penalty too. WaMu can also file a case for forged documents if you are found guilty. So always provide genuine information.

• Do not take banks official calls lightly. If they are calling you always answer the call and give all the additional information required. You will delay your mortgage approval if you fail to receive the call and do not even call back.

• Keep a constant check for the status of your file. Don't hesitate in calling up WaMu for your approval and keep yourself updated.

To know more about Latest Loan Modification Programs and to check if you qualify. Click Here --> Quick Loan Rate Modification

Stay in Your Home and Save Your Credit. Get 100% Free Consultations on Best Loan Modification Programs.

By Sani Orman