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When purchasing your first condo it is a good idea to know the inner workings of a condo building.

What is common property? Hallways, elevators, facilities like pools or gyms, parking and all other areas used by everyone can typically be classified as common property. Depending on the building internal components such as pipes and plumping may be considered common as well as windows and outside doors. When buying a condo make sure to check what considered yours or the building responsibility. Common property is maintained by the condo board and is paid for with condo fees.

Condo Fees: Condo fees include the maintenance of the building and common areas as well as a reserve fund (used for large upgrades or repairs, such as new roof, elevators etc.). Most condo fees will also go to pay all or at least a large majority of utilities (heat, water, power). Each building may work differently; however, most condo fees are based on the square footage of the unit.

Condo Levies: Condo levy can strike fear in the hearts of condo owners. A levy is a mandatory charge of x amount of dollars to every owner in a building and is done when major repairs or renovations must take place (or a voted upon) that cost more that the reserve fund can handle.

Condo Boards: A condo board is a group of owners that act on behalf of the building at large to manage the state of the building as well as finances, future projects and concerns of other owners. Structured as a corporation there is a president, vice president, secretary etc.

Before you renovate: Before under taking any renovation that may involve, pipes, taking down walls, or electrical, it is imperative that you a) have a contractor that known’s what walls are load baring, and b) that you gain permission from the condo board before starting any work.

Your Pet: Be aware of the buildings rules surrounding pets. Many condo buildings in Alberta do not allow pets and have been backed legally. Take a look at the buildings policies to be safe.

Condos Edmonton is Edmonton Alberta’s top real estate website. Bringing you the latest listings, excellent articles, news and advice with top Realtor Darlene Strang.

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Moving is a challenge even when you are just moving a few blocks. But relocating to a new city is one of the top five major life stresses and can be very nerve-racking, especially if you’re unfamiliar with the area.

Home buyers moving to a new area have the difficult, but critical decision as to what neighborhood will be right for their family. It is easy enough to research local school data and home value information, but it is much more difficult to get a flavor for the local retail an restaurant culture and to spot out nearby parks and recreation facilities.

To reduce the risk of making the wrong choice when moving to an unfamiliar city, many people like Jesse Singh, an executive at HOV Services, are opting to rent their home instead of buying it. Jesse, along with his wife and their two young children, have moved three times in the past five years ” most recently from to Atlanta to Denver.

Jesse, who is starting a new division of HOV Services with his wife in Denver didn’t want to be in a situation where they couldnt sell if they had to move again soon. Additionally, since they had only really seen the airport, hotels and office space in Denver, they didnt feel familiar enough with the area to commit to a home purchase. My company, Denver Rent a Home, which is staffed with Colorado natives familiar with the area, was able to provide them with a home under a Lease with an option to buy, which is ideal in their situation; they can take time to get a feel for the area without having the financial burden of a mortgage should they chose to move within the city or relocate again.

Another couple and client of Denver Rent a Home recently moved to Denver for a business opportunity and chose to lease vs. buy in part because they couldn’t sell their property in Scottsdale, AZ. They are leasing their property in Scottsdale and leasing a property here, which they felt made a lot more sense for them. As the parents of two young girls they also felt they wanted to get a good feel for living in an area as a family prior to committing to a home purchase.

Lease with purchase options are increasingly popular with my clients, especially those moving from another city or state. It feels so good to be able to find great properties for families so they can integrate into a community quickly without the relocation risks folks have had to bear in the past.

If you think a lease with option to buy might work for you, make sure to find a local representative who knows the area well and is able to find great properties willing to negotiate under the lease option scenario. That local representative will save you endless amounts of time and money you would otherwise spend on the phone and online researching, as well as help minimize the risk of having to move again to find an appropriate home.

Technorati Tags: buy vs. rent, buying home, Home Purchase, home relocation, lease option, lease purchase, relocation, relocation services, rent to own, rent vs. buy, rental, renting home, renting vs. buying home

I recently saw a report on MSNBC that more than half of potential homebuyers say theyre still not ready to enter the housing market, according to a poll conducted by Realtor.com. Fear of job loss is the number one reason. Other worries include fear of not selling their current home and that home prices will keep falling.

In my day to day business I am seeing that while more restrictive lending is stopping some would be purchasers from moving forward, even those who are highly qualified to purchase a new home are not rushing to snap up the deals and feel that values will continue to drop. They are unwilling to take on a large financial risk in the current economic environment even though foreclosed properties are providing great deals to those who can buy. Furthermore, many concerned customers feel that purchasing foreclosed properties is much more confusing and complicated than a standard sale.

Realtor.com also reported that the poll found that most Americans are cynical regarding the success of the Governments plan to cure the foreclosure crisis. While about 27% of those polled did feel the plan was working, the remaining people did not believe it was working, or didnt know if it was working.

What does all this really mean, though? What I am seeing is that at least in the short-term, renting continues to grow as an attractive option for both many homeowners and potential homebuyers.

Home rental instead of purchasing allows someone relocating to a new area to get to know the market and test out their different options, and also gives those customers needing to upgrade an ability to do that without having to qualify for a complicated mortgage program. Home owners are also finding rental over selling attractive, as it allows the real estate market to rebound and their property values to increase. In my opinion, until Americans become convinced that the market is changing for the better, renting will become the preferred option for many who would otherwise have purchased a home.

Technorati Tags: buy vs. rent, buying home, Home Purchase, home relocation, lease option, lease purchase, relocation, relocation services, rent to own, rent vs. buy, rental, renting home, renting vs. buying home

Buying and selling real estate can be as difficult or as easy as you make it. I am here to help you make it much, much easier by using the techniques of owner financing. I want to show you the secrets of how mega-millionaires of real estate empires complete deal, after deal, after deal. In fact the bigger the deal the more likely you are to use owner financing. Owner financing is commonly used and accepted on larger deals and with wealthier sellers and buyers.

Owner Financing is a great way to raise private capital for your deals. Not only does my method of owner financing teach you to raise capital, it also teaches you how to use this same capital over and over again in the future on many more deals!

A big concern for buyers is, What if I cant sell the property after I buy it? This issue can be handled with owner financing. When you offer the right kind of owner financing to buyers you create your own market niche. Imagine what kind of interest there would get in your properties if they came with their own financing that partially anyone could qualify for. Your phone would ring off the hook with interested parties, creating more and more cash flow.

Owner Financing has the power to revolutionize the real estate world by freeing both buyers and sellers. When you completely understand owner financing, I hope you will choose to yield the sword of freedom within the investing arena.

The key is to understand the value of owner financing for both parties. And believe me, there are some incredible benefits. Once you believe owner financing is the tool that sets investors free then all you have to do is learn the different terms which can be negotiated and how they all fit together for each transaction.

Technorati Tags: buying a home, buying a house, creative investing, financing without banks, financing without using a bank, Home Purchase, no credit, nothing down, real estate, real estate investing, seller financing

A co-worker told me that her son purchased a home and he got back money in the end on a home purchase that he put no money down on how is that?

There are a couple ways that might work but let me elaborate on two of them. BTW, I am a Mortgage Broker at Countrywide Home Loans.

#1 If the person purchases a house using their credit in a no-income verification loan, and the house has alot of equity in it, it is possible to both purchase the house and take cash out of the equity during the purchase.

Equity is the Appraised Value of the house minus the Mortgage balance.

#2 If a person buys a house for $300,000 but takes out a mortgage for $400,000, they would get a net amount of $100,000 back during the purchase. Of course they still eventually have to pay the bank back $400,000 + Interest.

How long can you wait before buying a home after foreclosure? Your home buying questions answered.

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I'm looking to purchase a log home for 85K. The cost to build will total 75K. so that means i need 160K for a loan amount. I already have a finished value of 240K. Can anyone help me find a lender that will do this loan for me? I already have 4500 in escrow deposit. Thanks!

there is one company i know of that does this specifically. they are called 'your log home lender' and specialize in loans for log homes – and they do so in new hampshire as well

check out their listing here: http://loghome.com/marketplace/m_services/4

here is a list of a few other companies who do it – but i'm not sure if it is their specialty specifically…does that make sense??

http://loghome.com/marketplace/m_services/

we need a home purchase loan with 100% financing for the amount of 63,000 with bad credit. can anyone tell me where to make our wish of owning our own home possible? we know if its gods will someone will help us. thank you and god bless. you may contact us via email at debramccarty@att.net

www.lendingtree.com

I'm thinking of purchasing a home at 135k, 6.375% rate, 30 yr fixed. The property taxes are about 4k per year. Anyone out there able to give me a rough estimate at what kind of montly note I'd be looking at including mortage, taxes and insurance?? Any info will be greatly appreciated, Thanks!

Check out the calculators on bankrate.com

I have had an inspection of the home about 4 weeks ago and that was where my concerns started. The home owners were home so I was not able to to tour the entire house with the inspector. The inspector noticed that the siding will need replacing in about 5 years. After walking throught today I noticed that there is a hole in one door (that was not noted on the inspection or by myself earlier) and that the siding is in bad shape (starting to rot and peel away in areas – much worse that I noticed before.) The siding is a type of board. The insurace company says a step has to be placed on the front of the house within 60days on the purchase for them to cover home owners insurance. Can I back out of the purchase for the items I noticed? And at what cost if any? I feel as if I was pressured by my agent to purchase thsi house for the price. I can afford it, but I feel like I could have offered less, but my agent told me that I should offer more "no one writes offers back and forth anymore
The inspection is past the point where amendments can be made (so I am told) since closing is in two days! I noticed these things as I walked through today. Eventhought the mortgage has been approved and everything is set for the closing can amendments be made yet? Or more negotiations? I was not aware that the insurance would not cover the house unles the step was paced in until today. The step is onl $300 but still, that money was not a planned investment at the moment. Thank you for your responses, they are very helpful.
The inspection went well, accoriding to the person who performed the inspection. But I felt rushed since the home owners were at the home. I noticed that the siding is in worse condition than (satisfactory) today. I wonder if there is another inspection that could be done for a second opinion? (The house has appraised at $1000 more than what we are paying. We did make an offer and then there was a counter offer but we were never informed that we could counter the counter offer (sounds funny but this is our first home purchase)

Check to see if you have an insurance contingency. In PA we have this in the agreement of sale. And, if checked, the buyer can back out if they are unable to obtain homeowners insurance. Plus, if you can not get the insurance, there is no way you will get the loan … in which case you should be able to back out if you had a mortgage contingency. Check your agreement and see if you have these.

Also, the house should be in the same condition it was in when you placed the offer. If there is a hole in a door that was not there before, they should fix it. I do not think this is something you can use to back out of the deal since it is a fairly easy fix.

Like someone else mentioned, you can always back out, but if there is no legal reason for it, you can lose your deposit money. Hopefully you also had something in your agreement that limits the seller to deposit money so they can not sue you.

If you do manage to get out of this, find another agent. Two of my last 3 deals were back and forth for about a week …. with many lines through crossed out and re-written … so we do go back and forth on offers. Why buy if you are not happy with the agreement? Not all agents are like the one you have, it is just unfortunate you had him or her for your first home buying experience.

Hope this helps, and good luck!