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Real Estate

Who Can Help Me Get a Loan Modification for Real Estate Really

This also puts a lot of people, right in the middle of the bull’s eye of people who say they can help with modification and want to charge you a big upfront fee for doing so, and when you give them your money, you are told one thing and then you find yourself waiting and waiting and waiting. 30 days turn into 60 days.

Then it is for 5 or 6 months and what is happening. Then you start calling other people or companies to help after you can’t get a hold of the people who took your money and said they were going to help.

Or, you call the bank directly and try to deal with them. Some people are very fortunate and can get someone to talk to that speaks English, and can help. Part of the problem with dealing with the bank for real estate loans directly is, besides the fact that they are simply imploded, is that they are going to ask you about your financials, and you will give those answers to questions over the phone.

Here is half of the problem. A great number of people will answer everything the bank asks, and then get a typical response from the bank that you do not qualify for a loan modification.

Here is part of a bigger problem; they may qualify for a modification. The bank is not your uncle; they are not going to be sympathetic or empathetic. They have minimally paid people, taking information that will have a direct effect on your ability to save your house or get a payment adjustment that you will be able to live with.

This is from an article in the Washington Post, written by Renee Merle, December 17th, about Bank of America, and its inability to get loan modifications done promptly.

“The bank has come under criticism for lagging behind competitors in signing up borrowers to the program, known as Making Home Affordable. By November, Bank of America had registered only 15 percent, or about 160,000 customers, of the more than 1 million delinquent borrowers who are potentially eligible, according to Treasury Department data. That is a far smaller percentage than competitors such as J.P. Morgan Chase and Citigroup.

Only about 340,000 of the 1 million delinquent borrowers identified by Treasury are likely to survive the qualification process, Jack Schacht, Bank of America’s credit loss mitigation strategies executive, said on a conference call with reporters. Many of the remaining distressed borrowers have abandoned their home or rented it to tenants, making them ineligible, he said. Others are unemployed and can’t afford even lowered payments, he said.”

Doing simple math, does that mean that only one-third of homeowners will qualify? Does that mean the odds are against homeowners that much? What about self-employed, unemployed, second homes, etc.

It is not just Bank of America, all of the banks want to have a cookie-cutter approach to qualifying a home-owner for a loan modification, and unfortunately, that is not the way to make things work for people. To make things even worse, people who are charging people also want to have a cookie-cutter approach when working with the bank.

What is the solution?

How can people get the help that is needed and how do you know who can help. Taking a financial analysis approach is key. Putting all the cards on the table, and then sorting out the hand that you want to show the bank, is basically what needs to be done. There is more than one program available to homeowners.

The truth is that each case is different, and circumstances need to be evaluated, analyzed, and hard questions need to be asked. As I mentioned the bank is not your uncle, they are not your friend or a trusted confidant. They are a business, they have shareholders and to you, Mr. or Ms. Homeowner, you are nothing more than a loan number and either fall under the category of Performing Asset or Non-Performing Asset.

This means that if you are making your payments on time as agreed, you are a Performing Asset. If you have fallen on difficult times and have gotten behind in payments by a full 30 days, (not just 15 days and now are paying the bank’s junk fees, known as late payments), now you are a Non-Performing asset. This triggers off a series of reports and now you have fallen in a different category. The bank now sees that they may have a situation, and believe it, they have many situations.

Try calling the bank and asking for assistance on a loan modification and not being at least 30 days late, they will make you feel foolish, and worse will in some cases, tell you to call them back when you are 90 days late. Does this sound like who you want to help you? Sure they cost is free when dealing with the bank you, or is it? The truth is it can cost you a lot more, like your house.

So what is that worth to you? What does it cost to have someone help get a homeowner qualified or at least look and run the numbers and analyze the situation to see what potential program may work for you?

It is a complete package that needs to be looked at, not just your interest rate. Some people’s unsecured debt, (credit card debt) needs to be addressed to show the bank intent on the homeowner’s part to take control of the situation and be financially prudent.

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Real Estate

An Overview of Real Estate Management

Buying, selling and maintaining the property is a full-time business that requires complete investment in terms of both time and money. Whether it is buying a new property, selling it or even expanding possibilities on an existing one, time constraints often lead to many mistakes being committed and problems being created. Precisely for the reasons mentioned, as well as to ensure easy handlings of property are real estate management companies created.

Real estate management encompasses everything related to property, including purchasing, selling, handling, supervising, monitoring and, of course, repair and maintenance. If you are already an owner, then such companies can help you to maintain your property, lease it to tenants or even sell it at a profitable price. Similarly, if you are looking for a good property, then real estate management companies help you find a good property within your budget.

The term real estate management can be divided into various subcategories which include appraisal, development, property management, brokerage, and relocation. Property is broadly defined as both land and any permanent structure that is built on it. An appraisal is where the company evaluates the property and decides on its actual value depending on its potential.

A good appraiser will help you identify the best use for the property that will ensure higher profits. Similarly, real estate management includes both land-based and building-oriented development. Land-based development includes building roads and creating utility connections on the land, while building-oriented development includes building structures on the land and developing the property in such a way that it can be sold or leased out as separate units.

Real estate management also includes the actual maintenance and upkeep of the property and the structure on it. Brokerage is another very important part of property management and it deals with the actual buying and selling of property. A good real estate company will help identify the best deals for buyers and help sell the property at great rates for those selling properties. Finally, real estate management services also include relocating to other places or countries.

Given the wide range of activities performed by a real estate management company, it is definitely in your best interest to hire one to manage your property. The main advantage of hiring such a company is that you are relieved of the responsibility of managing your property and can utilize that time to do other things.

Secondly, on-site and off-site property management requires a lot of input from the owner or landlord, but, by hiring a real estate management company to oversee your property, the entire maintenance and management routine is taken over by experts who manage your property to produce maximum returns.

Thirdly, if you are planning to invest in some new property, then such companies can help you identify the best property based on your requirements. If you have already identified one, the competent professionals working in such companies can help you in appraising the property for possible risk factors.

Finally, a good real estate management company will help you with all the legalities involved in buying, selling and maintaining the property. Most people are unaware of the legalities and think it to be unnecessary; when in reality they are important for the profitable maintenance of the property. This can be avoided by hiring a good property management company.

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Real Estate

The Lost Opportunities in Real Estate

The real estate market in the United States has come a long way in the last few years. Just a few years ago to be precise, the residential housing market was single-handedly driving the economic growth engine.

To the extent, the industry experts valued the US residential market at upwards of USD 20 million. Millions of homeowners got into a cycle where they would mortgage their existing homes to finance purchases of household durables or even another house.

Things came to such a point wherein the economy was no longer able to sustain the astronomical price levels at which houses were being bought and sold. The result was the bursting of the so-called housing bubble, a real estate phenomenon in which homeowners were unable to repay their mortgages and the entire market crashed.

Circa, the residential real estate market in the United States has hit a slump. Compared to the housing boom that the early 2000 era witnessed, most mortgage owners are struggling to pay their debts today.  There are a whole lot of people who are ending up with foreclosures of their mortgages.

As a result of this, lending institutions have to auction off the properties of those who are defaulting on their mortgage payments.  On one hand, people are losing the rights to their homes while on the other hand, it is opening up opportunities for others to buy homes at low rates.

Several factors are contributing to this slump in real estate growth in the residential sector. Some of the large lending institutions have filed for bankruptcy thus sinking with them billions of dollars’ worth of mortgage-backed securities.

This has had a ripple effect on the financial and banking sector in general since most of them have reduced exposure to the retail sector. Added to this, the employment levels have also fallen since people have lesser disposable income owing to the general economic slump brought about by the falling real estate markets.

In the backdrop of all these changes, several trends have started emerging in the US residential real estate market. A large number of people who had bought homes are desperate to sell-off. As a result, the typical real estate market that has always been a buyers’ market is now a sellers’ market. People are looking to get a decent value for their properties which, in most cases, is not happening due to lack of adequate demand. This has hurt real estate agents as well.

Those who represent clients willing to sell their properties are earning lesser commissions than those representing clients buying houses. This is because those buying houses are far less in number and the real estate market is willing to pay a premium to help them buy a house.

The good side of all these developments is the change in the affordability of houses in locations that have been traditionally considered the stronghold of the rich. As a result, the real estate market is slowing offering affordable housing in better living places, throughout the United States.

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Real Estate

The Understanding of Real Estate Management

In real estate management, estate agents play quite a crucial role between two parties. They are the consultants who provide the information required by you for any type of property that you are looking for.

Realty agents are the intermediaries and the consultants who handle the delicate issues all through the levels of real estate management. It is a fact that real estate management is really difficult to understand and interpret the requirements of somebody who wants to sell their property and the one who is planning to buy it.

Understanding what the consumers want requires tactics, good experience, and knowledge, which a consultant can easily do. Giving consultations for property purchases or sales is a difficult yet important activity, which you should not take lightly and of course, this fact goes for both the parties.

Making mediation in the realty market is an indispensable moment to insist on the rights and requirements of both parties. Indeed it happens that these days the society believes in a competition where the stronger one bullies and the weaker face it.

This is why mediation plays a big role in protecting the rights of the buyers as well as sellers. Real estate management has got quite different trends and if you are a part of this realty market then you will also need to have a grasp over the market in the form of knowledge and information.

Real estate management also focuses on how to deal with consumers and therefore consumer relationship management techniques are also important for you. The environment of any place represents how a market would do in a certain place, but these real estate management techniques also define things like

 How to deal with all types of consumers, whether it is a buyer or a seller
what information to give to the consumers so that they get attracted to the property you are going to show them
How to make profits without making any loss to the consumers

These are the reasons why real estate management service involves certain levels of planning and implementing proper strategies for managing an important resource, i.e., property.

Transparency and professionalism are no doubt very important while providing these services, but the whole aim of the real estate management consultants remains to get both the parties at the level of negotiation and creating a deal out of them.

If you are also into this business of real estate management, you should go with the fact that the brick provides shelter for good and bad times, and you have to make out good for yourself while your consumers are also satisfied with the deal.

These days, the Internet has become a great medium to give us full information on the subject but as a consumer, we should not just blindly believe in the data given on the network. Thorough research work needs to be done for real estate management concerns, and other terms and conditions should also be seen fully so that you do not land into troubles of any kind.

However, each of the properties you see on the Internet also has a detailed sheet along. To make sure that everything is to pay a visit to this place for exact confirmation.

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Real Estate

The Real Estate in Zurich for Your Future

Living in Zurich: quality of life and high living costs

Zurich – the capital of the canton of Zurich, political municipality, the economic, scientific and social center of Switzerland, and above all one of the cities, it is said, with the world’s best quality of life – and the most expensive cost of living.

Zurich is home to around 394,000 people, which corresponds to a population density of around 4,300 inhabitants per square kilometer. The original community of Zurich only included the area of ​​today’s old town (today’s district 1). After surrounding villages were also settled, the city of Zurich is now made up of twelve city districts, each comprising two to four quarters.

For many years, around 120,000 people have changed their living quarters in the city of Zurich each year, i.e. they either move to the city new or move within the city of Zurich.

Despite the comparatively high cost of living, the Swiss banking city is in greater demand than ever – a rich cultural offer, high security, lively districts, and idyllic surroundings make Zurich a sought-after city for those looking for accommodation.

Zurich and apartments in Zurich are particularly attractive to people from abroad thanks to low taxes throughout Switzerland and the metropolitan character of the city. 

Looking for an apartment: Zurich, rental prices and lack of housing

The supply of living space, like in many other large cities, is a long-running political issue in Zurich. Living in Zurich focuses primarily on the core city itself since centrality plays an important role for many apartment seekers.

Accordingly, the greatest heterogeneity in terms of purchasing power can be found in the core city: Switzerland, and above all the Zurich core city, attracts many millionaires, so that individual residents of Zurich have almost unlimited budgets for living, while others, such as young families, students or older people, only very limited.

Due to the high demand, the vacancy rate in Zurich is traditionally low compared to the rest of Switzerland and internationally. At this low level, there are also significant fluctuations compared to the previous year. The number of empty apartments in Zurich was 18 vacant apartments and only 0.01%. In 1997 there were 1070 vacant apartments in Zurich at a rate of 0.55%. In 2008, there were 57 vacant properties in the city at 0.03%.

Rent index Zurich: Rising rental prices and the business with luxury apartments

Contrary to popular belief, the rent level in the city of Zurich is not relevantly higher than in the surrounding area, despite the high demand: Figures from the Swiss Labor Force Survey (SAKE 2005) show that the average rent for a 4-room apartment in the city of Zurich is CHF 1,700 inch Incidental costs differ only marginally from the canton’s average rent of CHF 1,650.

Generally speaking, however, there is an almost uninterrupted increase in rental prices. Rents are currently around 12% higher than in 2000. Adjusted for inflation (8%), there has been a real price increase of around 4% since then. This shows a significant increase in rents in Zurich. It should be noted, however, that rental prices across Switzerland have also risen practically in the same ratio.

Good news for everyone who is currently looking for an apartment in Zurich or the rest of Switzerland: prices on the Swiss housing market rose more slowly in 2013 than in previous years. The average growth was 1.1 percent; prices had risen by 3.7 percent.

Nevertheless, average tenants cannot breathe a sigh of relief, because the reason for the price decline is in the luxury segment, where the prices for single-family houses and apartments in Zurich have fallen.

Demand for the medium and low sectors has traditionally been high. But even if, as the Handelszeitung reports, luxury apartments are now empty for the first time: The many premium real estate agents in Zurich, of which Engel and Volker’s is certainly the best known, will continue to do good to very good business in the future

Zurich rent index: huge differences between the individual city districts

If the average rents in Zurich are only marginally higher than in the rest of Switzerland, there are still significant differences in the different parts of Zurich. A free apartment directly in Zurich city center costs exactly twice as much as a comparable apartment in Schwamendingen. As the Niue Zurich Zeitung reports, a 100 square meter apartment with 4.5 rooms in Stadtkreis 1 costs an average of 4,400 francs, in Schwamendingen 2,200.

Apartments in Zurich and the demographic change

If finding a flat in Zurich is generally not easy, it is particularly difficult for single-person flat seekers. They hardly play a role in residential construction projects. Many residential construction projects commissioned by the city of Zurich categorically exclude small apartments.

This excludes an entire age group. In the urban settlement on Rautistrasse in Altstetten, for example, there are only apartments with 3½ to 5½ rooms. Individuals are not permitted for such apartments due to occupancy regulations, the focus is on families. Older people, in particular, can hardly afford an apartment on the free market in the city of Zurich.

This is especially a problem when you look at demographic change and its effects: According to the Federal Statistical Office, around a quarter of the population of Zurich will be over 65 in the next 20 years. The need for smaller 1 to 2-room apartments is constantly increasing. The range of 2,000 urban 1 to 2-room apartments is also very differently distributed: in district 4 there are over 600 such small apartments, in district 7 there are none.

Progressive housing construction that incorporates demographic changes into its planning is therefore required here as an answer to social changes.