Digg it UP - Real Estate

People on Benefits No Longer Eligible for an IVA
The BBC has reported that people on UK state benefits will no longer be given an option of taking out an IVA to help pay off their debts.In an IVA or Individual Voluntary Arrangement people negotiate a repayment plan with their creditors with an Insolvency Practitioner acting on their behalf. Up to 75% of their debt is written off and interest on debt is frozen. The advantage of an IVA over bankruptcy is that insolvent individuals have more control of their finances, so that they have a better chance of keeping their family home and car for example.Some debt charities reported that many people on a low income were struggling to keep up with repayments and were facing bankruptcy as a result. It was claimed that many IVAs were being mis-sold to people who would have been better to seek bankruptcy as a first option.According to the BBC, the companies representing the creditors are uneasy with the fact that too many of the IVA plans for people on benefits are failing early on.Debt advice groups have also spoken against selling IVA plans to people on benefits. They point out that if the IVA does fail early on, much of the money paid into the fund we will be swallowed up in administration costs, leaving them no better off in terms of their levels of debt.Some argue that not all people on benefits should be excluded from taking out an IVA though. People on non means tested benefits sometimes have substantial incomes and could well manage to keep up IVA repayments. People on incapacity benefit or disability living allowance may well be suited to taking out an IVA for example.

er agency: A real estate broker retained by the buyer who has a fiduciary duty to the buyer.

Buyer agent: The agent who shows the buyer’s property, negotiates the contract or offer for the buyer, and works with the buyer to close the transaction.

Carrying costs: Cost incurred to maintain a property (taxes, interest, insurance, utilities, and so on).

Closing: The end of a transaction process where the deed is delivered, documents are signed, and funds are dispersed.

CLUE (Comprehensive Loss Underwriting Exchange): The insurance industry’s national database that assigns individuals a risk score. CLUE also has an electronic file of a properties insurance history. These files are accessible by insurance companies nationally. These files could impact the ability to sell property as they might contain information that a prospective buyer might find objectionable, and in some cases not even insurable.

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Establishing Credit - What You Need To Know Part 1
Establishing credit is one of the most important things you can do in order to add stability to your financial record and dramatically increase your ability to borrow necessary funds in order to purchase a new home, new car or even pay for college expenses. Unfortunately credit has two sides to it that consumers can exploit. The good side is very valuable and prevents consumers from having to save for many years in order to afford the finer things in life. The bad or dark side of credit can lead to individuals amassing large amounts of debt they eventually find themselves unable to repay. With this in mind one of the best investments anyone can give himself or herself is the financial knowledge necessary to handle and ultimately use credit wisely.Before you can begin to establish your credit record you will need to find a lender that will loan you the necessary funds in order to start your credit history. The rates that lenders charge varies depending on the consumer they are loaning funds to but they all look at various types of information in order to initially determine the credit risk or liability an individual may present when looking to obtain funds. This information will include a consumer’s ability to take on additional debt, which is easily obtained based on current expenses (such as rent, food, utilities…etc) subtracted from current income. The result is the amount of additional expense that a consumer can comfortably handle without problems of repayment. Lenders like consumers that own assets such as stocks, bonds, insurance, bank accounts, rental homes and cars. A lender may view these assets as collateral against any amount borrowed.Perhaps you already have a small amount of credit history already on record, if so this can help in the loan approval process. If a consumer has already borrowed money before and paid that loan back in full without any types of problems or late payments then a credit history has already been started. Additionally if that same individual has or uses a credit card wisely it can also help in projecting an image of being creditworthy. A lender can use this information to determine the amount of debt a consumer may already have, how many credit cards they have, and whether they make payments on time, which helps the lender make a determination if that consumer can be trusted to handle the repayment responsibility of additional credit.If a consumer already has some amount of credit history built it then it becomes easier to qualify for additional credit in order to increase and improve their current credit history. Unfortunately f

Every business has it's jargon and residential real estate is no exception. Mark Nash author of 1001 Tips for Buying and Selling a Home shares commonly used terms with home buyers and sellers.

1031 exchange or Starker exchange: The delayed exchange of properties that qualifies for tax purposes as a tax-deferred exchange.

1099: The statement of income reported to the IRS for an independent contractor.

A/I: A contract that is pending with attorney and inspection contingencies.

Accompanied showings: Those showings where the listing agent must accompany an agent and his or her clients when viewing a listing.

Addendum: An addition to; a document.

Adjustable rate mortgage (ARM): A type of mortgage loan whose interest rate is tied to an economic index, which fluctuates with the market. Typical ARM periods are one, three, five, and seven years.

Agent: The licensed real estate salesperson or broker who represents buyers or sellers.

Annual percentage rate (APR): The total costs (interest rate, closing costs, fees, and so on) that are part of a borrower’s loan, expressed as a percentage rate of interest. The total costs are amortized over the term of the loan.

Application fees: Fees that mortgage companies charge buyers at the time of written application for a loan; for example, fees for running credit reports of borrowers, property appraisal fees, and lender-specific fees.

Appointments: Those times or time periods an agent shows properties to clients.

Appraisal: A document of opinion of property value at a specific point in time.

Appraised price (AP): The price the third-party relocation company offers (under most contracts) the seller for his or her property. Generally, the average of two or more independent appraisals.

“As-is”: A contract or offer clause stating that the seller will not repair or correct any problems with the property. Also used in listings and marketing materials.

Assumable mortgage: One in which the buyer agrees to fulfill the obligations of the existing loan agreement that the seller made with the lender. When assuming a mortgage, a buyer becomes personally liable for the payment of principal and interest. The original mortgagor should receive a written release from the liability when the buyer assumes the original mortgage.

Back on market (BOM): When a property or listing is placed back on the market after being removed from the market recently.

Back-up agent: A licensed agent who works with clients when their agent is unavailable.

Balloon mortgage: A type of mortgage that is generally paid over a short period of time, but is amortized over a longer period of time. The borrower typically pays a combination of principal and interest. At the end of the loan term, the entire unpaid balance must be repaid.

Back-up offer: When an offer is accepted contingent on the fall through or voiding of an accepted first offer on a property.

Bill of sale: Transfers title to personal property in a transaction.

Board of REALTORS® (local): An association of REALTORS® in a specific geographic area.

Broker: A state licensed individual who acts as the agent for the seller or buyer.

Broker of record: The person registered with his or her state licensing authority as the managing broker of a specific real estate sales office.

Broker’s market analysis (BMA): The real estate broker’s opinion of the expected final net sale price, determined after acquisition of the property by the third-party company.

Broker’s tour: A preset time and day when real estate sales agents can view listings by multiple brokerages in the market.

Buyer: The purchaser of a property.

Buyer agency: A real estate broker retained by the buyer who has a fiduciary duty to the buyer.

Buyer agent: The agent who shows the buyer’s property, negotiates the contract or offer for the buyer, and works with the buyer to close the transaction.

Carrying costs: Cost incurred to maintain a property (taxes, interest, insurance, utilities, and so on).

Closing: The end of a transaction process where the deed is delivered, documents are signed, and funds are dispersed.

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Time Management Is About Managing Self
"You will never find time for anything. If you want time, you must make it."-Charles BixtonTime management is not much about managing time but managing oneself. The usual compliant we hear from every one is “No time”. Time is fixed for every one; 24 hrs a day, 52 weeks an year. It is up to the individual how effectively and efficiently he or she manages and uses the time. Plan your time well, and then you will have ample time to do your activities.Characteristics of Time ♣ It is a valuable and scarce resource ♣ It cannot be accumulated like money ♣ Once lost is lost for ever ♣ It cannot be stretchedThere are 3 P’s of time management which needs to be taken care of:1. Planning – must Planning is deciding in advance what to do, when to do and how to do for any activity. For e.g. Consider that you need to submit a sales report to your superior or to your management team. First you need to plan out the outline / content of the report, decide when to do and plan how to go about of doing it.2. Prioritizing – vital The next step is prioritizing the activities. Categorize your activities in to Important and Urgent, Important but not Urgent, Urgent but not Important, Not Urgent and Not Important and act accordingly.3. Procrastination – avoid Procrastinating is most common among the individuals. There are certain activities which can wait and certain activities which need to be taken care of today itself.Most of us will delay Important but Not Urgent activities till it becomes Important and Urgent and end up with lack of time. For Eg. Assume the same example of preparing a Sales Report, given a time of ten days. Now it is an Important but Not Urgent activity. You will postpone it till the deadline and will start working on it a day before the deadline and it becomes an Important and Urgent activity. Then you will not be able to put in quality time to that activity and end up with somehow managing to get the report ready. And at last end up with not meeting your superior’s expectations from you.Don’t postpone your activities to tomorrow. Tomorrow never comes. Do it right now.Time WastersOne must know the time wasters and the way to tackle those activities. Many of us hesitate to take certain actions when it is required because of lack of assertiveness. Let us look in to few time wasters which need to be taken care of to manage our time well.♣ Inability to say “No” One should learn to say “NO”. If

er who represents buyers or sellers.