Kentucky Realestate Blog

How to Buy Single-Family Homes to Rent

kentuckyestate — Fri, 05 Jun 2009 02:19:40 +0000

There are many ways that you can buy foreclosures to invest in a long term rental situation. The different ways that you can do this are by contacting homeowners that are currently in the process of foreclosing, attending an auction, and buying from the banks.

When you contact homeowners during the foreclosure process you may find that some of the people actually want to save their houses. The best people to contact are those that have already received the intent to sell notice and those that have their house on the market for sale. You may see that the house is already listed as a short sale. This is a good way to purchase a house because it means that not only is the house listed at 80% of what the person owes on the mortgage but the bank will be willing to take off an additional 10% to 20%. You might be able to take over the person’s payments on the mortgage also.

An auction is another way that you can purchase foreclosures to turn into rental properties. The foreclosure auctions usually take place on the weekends or a weekday at the local courthouse. Some states will hold the auctions at the house that is in foreclosure. The process is not the same in every state so you should research the process in the state of the house that you are looking to purchase if you would like to buy a house at an auction.

When houses don’t sell at the auctions they move into the possession of a bank. If you want to invest in rental properties then you can talk to some of the banks and see if they have single-family homes that you can purchase. Banks are very happy to get rid of foreclosures and they will work with you to find the houses that you are looking for. Always negotiate with the bank so you can come to the lowest price possible for purchase.

There are many ways that you can purchase homes as investment rental properties. These ways include directly from the borrowers that are in the foreclosure process, the banks, and by attending an auction.

A Realtor’s Guide To Personal Safety

kentuckyestate — Wed, 13 May 2009 08:08:56 +0000

A major concern for realtors is personal safety. Many times the realtor is working alone in showing a property, having an open house, or manning the model house in a new subdivision. Some personal safety issues should include:

On the first meeting of a client, have them meet you at the office. Get as much personal information as possible. A copy of the driver’s license is a good start not only for safety, but also for the client database.

If you have a strange feeling about the client, don’t show property by yourself. Ask a co-worker to go with you; at worst you might have to split the commission. If you are manning an open house and you feel that you might be in danger, leave the property and call for help.

As you are showing the property, always have the client lead you; this allows the property to present itself and keeps the client where you can see them. Make sure they sign-in on the registry and if the office does not have the information on the client, get the information to them. Your office will know you are with a client at this time.

Keep your keys and cell phone close and easy to access. If need be, keys can be effective weapon of surprise. If you have a handbag, keep it with you at all times or locked in the trunk of your car. Know the property, not only do you look more professional, but safer; your client does not know all of the exits as well as you should.

Take a few self defense classes, as a few minutes head start out of the property means the difference in a safe escape and being trapped. Take the first chance for escape and don’t try to talk your way out; keep your advantage. The more time you spend in a dangerous situation means a diminished chance of a safe exit.

Let the client see that you have contacted your office and the office knows who you are with. It is also a good idea to have a secret code for trouble such as “Pick up dog food” when you don’t have a dog. It is also a good idea to set your phone to vibrate as your client will not know if you are calling or if you are receiving a phone call.

Make sure your office has your schedule for the day and that you check in on each appointment. If you are hosting an open house, make sure you have a registry book for clients to sign in. See if you can also include the client’s car description. Tell the client it is just in case they get a parking ticket and you want to document the reason for parking there or some other reason.

Many of these points may already in practice for the profession. Look to these procedures as also a safety concern. These safety tips should become second nature with little thought to be truly effective.

Foreclosure House: An Introduction

kentuckyestate — Thu, 07 May 2009 08:57:37 +0000

A foreclosure house is one for which the owner has legally lost property rights over due to failure to repay mortgage debt when the property has been used as a deed of trust to acquire the loan. Thus the house becomes property of the court and is subjected to a forced sale by means of an auction. The auction is announced and advertised at the courthouse and in leading newspapers. Anybody interested in bargaining for this piece of property can attend the auction including the financing company on whose name the borrowed money is indebted to. The financer also has the option of using the note stating the pending payment to bid for the foreclosure property.

A type of foreclosure called foreclosure by power of sale is one in which, the power to auction off the mortgaged property is solely in the hands of the financer and is free of judicial supervision or intervention. The financer may also grant the mortgagor extra time to repay the borrowed cash by modifying the mortgage statement legally. The borrower will have to repay the debt within the grace time including extra expenses and interest.

The mortgager also has the option of signing the foreclosure house off to the financer to avoid going through a foreclosure. This may also provide the mortgagor an opportunity to purchase a house after a period of a few years provided his credit has been flawless. Such a purchase will however include a high rate of interest to be paid.

Why you should sell your home for cash

kentuckyestate — Wed, 29 Apr 2009 07:58:23 +0000

Who wants to go through the hassle of putting your home up for sale, letting all kinds of people look at it, and then finding out that the one buyer you managed to get after months of looking can’t get financed?! It’s enough to send people away crying and vowing to never, ever try to sell a home again. You can avoid all of that though, by selling your home for cash. There are many different kinds of real estate investors and companies out there who would be willing to buy your home. You just have to get in contact with them – and you have to be realistic. You probably aren’t going to be offered what you would get from a buyer who was financing, and you’ll have to take just a bit less for your house. However, selling it fast can make it worth your while, especially if you need to sell it because of a foreclosure, a bankruptcy, a divorce, a sudden move, or for any other reason. Companies buy houses for cash all the time, and they can often get you your money in as little as a week or two. That’s a lot better than waiting for months for someone to buy your house.

If you do decide to sell your home for cash, try to make it look as nice as possible, but don’t go overboard and spend a lot of money fixing it up. People who buy houses for cash aren’t interested in living in them, so they aren’t looking at it the same way another buyer would. They’re looking for resale value or rental income potential, and you should keep that in mind when you clean and prepare your home for them to come take a look. A lot of them will make you a cash offer right then and you can get your home sold quickly and without all the hassle you’d have to go through otherwise.

What Can You Do With a Home Mortgage Calculator?

kentuckyestate — Wed, 01 Apr 2009 06:42:13 +0000

If you are thinking of getting a mortgage, you must have the ability to choose the right option for you. There are various calculations associated with mortgage borrowing, Home investments which must be done in order to strike the most appropriate deal. For this, you need to have a home mortgage calculator. This will help you in doing a number of complex applications. This has become a popular tool and you can easily use it for serving your financial management.

Uses of Mortgage Calculator

A Home Mortgage Calculator can help you in deciding the interest rate on available mortgage deals. You can also use these tools to calculate the number of installments required to repay the mortgage amount. Also, you will be able to decide the sum required to pay with each installment. Without using these tools, you may find it difficult to carry out all these calculations and in the end, choose the most profitable mortgage deal offered to you.

Apart from this, a home mortgage calculator can help you in various situations like debt consolidation, refinancing and also, during the process of buying and selling Real Estate Investment Property.

Benefits of Mortgage Calculator

A home mortgage calculator is beneficial in a number of ways:

It is easy to access, as you can find a number of websites offering different types of mortgage calculators on internet.
It is easy to use these tools, as even a novice mortgage borrower can calculate various options using them.
It is the most appropriate tool to compare two offers on the basis of repayment amounts and interest rates carried by each one of them.
You can calculate mortgage repayments by taking into consideration different numbers of years. For instance, you can use a 30 year mortgage calculator or a 15 year mortgage calculator to facilitate your knowledge.

However, it is recommended not to solely depend upon the calculations offered by these online tools. You can use more than one calculator to compare the results offered by each of them. Also, you must confirm the calculations with a mortgage expert to make the best decision.

You can ease the process of Home Investments with these dependable tools called mortgage calculators. You can find a number of websites such as callowayinvestments.com offering home mortgage calculator, but it is important to choose the right type of calculator, which can be easily trusted.

About Kentucky State

kentuckyestate — Tue, 10 Mar 2009 08:55:27 +0000

If it’s some Southern hospitality you’re after, Kentucky should be your first stop. At Churchill Downs in Louisville you can take in one of the most famous events in horseracing – The Kentucky Derby. On the first Saturday in May each year, thousands of well-dressed people converge on the racetrack to celebrate in style. The traditional drink of the event, Mint Julep (consisting of bourbon, mint and sugar syrup) is served throughout the day in souvenir glasses with all of the previous derby winners names printed on the glass. Typically, over 80,000 mint juleps are served throughout the day.

One of Kentucky’s most popular exports is bourbon. 95% of the world’s supply of bourbon comes directly from the distilleries of Kentucky – Jim Beam, Wild Turkey, Buffalo Trace and Four Roses are all produced in the distilleries. Fine bourbons from the state are as synonymous to Kentucky as wine is to California’s Napa Valley.

It has often been said that the past is a window to the future, and Kentucky’s rich cultural roots continue to grow and flourish in the emergance of strong multiculturalism. Kentucky is home to the Jewish Heritage Festival and Asian Institute in Louisville as well as the Festival Latino in Lexington.

While in Kentucky, experience traditional Scottish and English folk ballads sung in Appalachia and the Mantle Rock Native American Education and Cultural Center in Marion. Kentuckians support and embrace their multicultural heritage.