Apartments That Approve With Bad Credit Or Broken Lease in Virginia Beach

Virginia Beach is a large vibrant city in the historic state of Virginia. This city which played such a pivotal role in the foundation of the United States and also formed a central part in the Confederate States in rich in not only history but also in culture. There are numerous individuals and families that continue to move here to settle and this definitely places a demand on the city’s apartments, rental and town homes.

Usually to rent an apartment in Virginia Beach involves good credit, a sound rental history and background as well. Unfortunately, there are many nice people who would want to lease housing in this city but their record is plagued with less-than-perfect credit and other rental maladies such as a broken lease.

If this is you, the obvious question comes to mind; are there any apartments in the city of Virginia Beach where one can be approved if they have a tarnished credit or a broken lease? The question is yes, but you have to be tactful.

The name given to apartments which are willing to work with people with previous broken leases or credit blemishes is „second chance Virginia Beach apartments“, and sometimes, these can be hard to find simply due to their reluctance to advertise in the mainstream media. There are however, a few places where one can start looking:

  • Lynnwood
  • Croatan Beach
  • Lynnhaven
  • King’s Grant

The difficulty sometimes in locating these types of apartments arises from the fact that few if any at all engage in any kind of advertising. This is usually because working with people who possess problematic credit is done on a case by case basis. The apartments also do not want any negative publicity which might drive their rates down or cause existing tenants to decline to renew their leases. If you are looking for a second chance rental apartment within the Virginia Beach area, there are a few tactics you can employ. One is to see an apartment locator. Sometimes these too may draw a blank but it is worth trying.

Another option is to use the Internet. Instead of spending money on gasoline driving around from apartment to apartment, you might want to plug in a term like „broken lease apartments in Virginia Beach“ in Google and see what comes up. It may not be an exact science but this is a good starting point and can save you hours and money.

You can also network and ask around. Friends, co-workers, family and even neighbors can be an excellent source of information on where to rent if your credit is not what it should be or if your rental history is less than satisfactory.

One crucial point to note though is that even if you do indeed locate these types of rental properties within Virginia Beach, you must meet the minimum criteria that they ask for. One is that you must be prepared to furnish proof of income. Others may also ask that you pass a background check

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Jimmy Jamm

Real Estate Appraisal – Bring Back the Cost Approach

In the last few years there has been a trend toward a complete discounting of the Cost Approach to value in residential appraisal. For owner occupied homes, the sole technique is now the Sales Comparison Analysis, which involves selecting and comparing individual property sales to a subject property.

Many lenders and government agencies no longer require the Cost Approach technique, even on new or nearly new construction, and appraisers are often instructed to omit it completely, or not to place any reliance on the results. When a lender does require that the Cost Approach be completed, it seems that this is only so that a proper amount of homeowner insurance can be determined. This is, of course, something critically important to the lender as well as the homeowner, but should not be the only criteria for the use of a cost-depreciation analysis.

Years ago a Cost Approach was always required for an appraisal report. The basis of this approach was the Principle of Substitution, which holds that a prudent buyer will not pay more for a home than the cost to acquire an equally desirable substitute home. Accordingly, the reproduction or replacement cost new of a home set the upper possible limit on value, particularly for an existing preowned home. So this analysis served not only as an additional means of estimating value, but also as a governor on runaway home prices.

The cost approach also served an important function as an educational tool for appraisers. To perform this approach, an appraiser had to have at least a minimal working knowledge of residential construction and to carefully observe the quality and condition of the various components of the home. Cost data services, which still exist today, provide continuously updated information on the various costs of construction involved in a home and some are quite accurate.

One service publishes a manual with a wealth of good data and information, complete with descriptions and photographs that illustrate the differences in quality and appearance for different types of homes, which is a great way for new or inexperienced appraisers to familiarize themselves with these features. In recent times I have come across reports by relatively new appraisers where no cost approach was done and it was painfully obvious that the appraiser knew very little about construction or how to evaluate the differences between their subject and the comparable sales they used in the Sales Comparison Analysis. I suspect we have a new generation of appraisers out there who have this deficiency and that’s a bad sign for the future. The best appraisers know something about construction and can immediately spot differences among homes as to their quality level. This ability is also critical for the appraisal reviewer.

The Cost Approach is not without its weaknesses. The primary weakness is in the estimate of depreciation, be it physical, functional or external in nature. These things are difficult to estimate, but again, the appraiser who learns how to do this becomes more knowledgeable and competent, both in the Cost and Sales Comparison methods. Another weakness is in estimating the land value. Actual sales are often not available as a means to determine what buyers are paying for a similar lot and so market abstraction (also called extraction) is used to estimate the ratio of land value to dwelling value from market sales of already built homes. Improperly done, this technique is subject to serious errors. The general rule for the Cost Approach is that it is most accurate when the dwelling is not very old and sales of nearby similar lots are available.

I am of the opinion that the majority of foreclosures involve relatively new homes and that this is where the largest amount of lending losses occur. At least, that’s how it is in my local market which has always had a lot of new construction. There are many reasons for foreclosures, but certainly one is upgrades.

Builders typically offer various home models at „base“ prices and offer upgrades for both the home and the lot. Buyers can choose from a wide variety of options to enhance the home and can choose lots that are different in size or that have more trees or other desirable aspects. This is great for the buyer but can become a nightmare for the lender when a foreclosure happens because so many of those nice upgrades do not hold their value in subsequent foreclosure sales, and often do not hold their value as the distressed homeowner desperately tries to sell the home to avoid foreclosure.

The homeowner finds out they are „upside down“ meaning the home cannot be sold for as much as the mortgage amount, especially when the initial down payment was very low or when financing costs were included (rolled into) the mortgage, necessitating an increase in the sale price. Another problem is inflated upgrade cost where some builders mark up the prices of upgrades well beyond normal prices that consumers pay at retail stores, even with installation added on. This is similar to what many service contractors (plumbers, car mechanics, etc.) do because they want to make a profit on the „parts“ as well as the labor. The problem comes when the markup is excessive.

There is little an appraiser can do about upgrades when it can be shown that buyers often do select upgrades with their new home purchase. In the absence of current resales or foreclosures to compare with, it is not possible to estimate the resale value of upgrades, and values are estimated as of a given date, not the future.

The Cost Approach long served as a reasonable basis for making adjustments to market sales in the Sales Comparison Analysis for individual items. If a home needed a new roof, the appraiser had a handy source for determining the cost for this. Likewise for appliances, HVAC equipment, a garage and the like. Removing the Cost Approach and the good data that comes with it forces too many appraisers to have to guess at these kinds of adjustments and the results can vary wildly from one appraiser to the next.

Long ago homes were valued only by a Cost Approach. The Sales Comparison Analysis (formerly known as the Market Approach) came later. I don’t believe it is a coincidence that foreclosure rates and personal bankruptcies caused by unaffordable mortgage amounts and runaway home prices seem to have increased so much in recent years while the use of the Cost Approach has declined at the same time. Not do I believe it is a coincidence that the decrease in emphasis on cost minus depreciation began about the same time as tremendous inflows of capital into the marketplace encouraged every sort of easy money credit scheme that allowed so many people to buy homes they couldn’t actually afford and that has severely damaged not only the US economy, but the entire world. Mountains of money to lend tend to push caution to the side.

I believe that the Sales Comparison Analysis is surely a good valuation technique, but its down side is that there are too many clever ways for market participants to smuggle hidden costs, fees and even fraud into sales contracts, which make their way silently into market data services and onto appraisal reports. The same can be true for unhidden costs like seller paid loan discount fees and other monies paid toward buyer closing costs. At a minimum, an accurate Cost Approach serves as a useful check on the results of even the most thorough and detailed Sales Comparison Analysis where the appraiser is carefully searching for and analyzing such things. Undesirable things can and do happen in real estate and some can slip past even the best Sales Comparison Analysis because they happen quietly and incrementally.

An example of this is what I call closing cost price compounding. A real estate agent provides a seller a pricing analysis where the agent has found 20 recent sales of similar homes in the area and averaged the prices to arrive at a figure he or she believes is correct for the home. The home is then marketed at that price. Along comes a buyer (perhaps from a higher cost market) who lacks cash, needs some assistance with his closing costs, and makes an offer at or very near the asking price. The seller counters with an offer in which he adds the amount of assistance the buyer asked for to the price.

But what if this type of assistance turns out to be normal for the area and is already reflected in the selling prices of those 20 homes used to set the asking price to begin with? The new sale closes at the upwardly adjusted price and is then used as a „comp“ by other agents and by appraisers and the process continues with every repeat occurrence of the needy buyer, causing home prices to rise, affordability to lessen, creating more needy buyers, and setting in motion a snowball effect where prices to rise eventually to the point that they exceed even cost new. This is not unlike interest compounding on your savings account. Over time your balance goes up faster and faster. Combine this with other inflationary market tendencies and you get a nasty bubble that will some day burst to the peril of us all…again.

Obviously, this could be avoided by competent sales agents who understand that those 20 sales already included heavy seller costs and inform their clients of this, but many do not and there is a built in incentive to push prices as high as possible among people working on commission. An accurate Cost Approach would tend to catch this anomaly immediately or at least decrease its effects down the line in future sales because when home prices begin to exceed what it would cost to build an equally desirable substitute home brand new, the competent appraiser knows that something is wrong and that they need to dig deeper into the market data.

A Cost Approach is also a great lie detector for fraudulent appraisals. If an appraiser included a Cost Approach and is using a known cost source or manual that others can subscribe or view, then the estimated costs shown in the appraisal can be reproduced from that same source by someone reviewing the report. So if the appraiser has fudged on cost, that can be detected simply by examining the cost source and parameters the appraiser had described. Moreover, even if the appraiser showed the correct costs, the fraudulently inflated appraisal will exhibit inflated land value in the Cost Approach with little or no support as to where the land value estimate comes from or why it is so high. In fraudulent appraisals, the Cost Approach is „plugged in“ with numbers to match the Sales Comparison Analysis. That’s because an honest Cost Approach would have indicated a significantly lower value for the home.

There are other examples of how the Cost Approach could eliminate or reduce runaway home prices, and even detect fraud. I believe it is a foolish mistake to take away or encourage the disuse of any type of analysis or tool from appraisers that has a basis in market data. An analyst in any field of study should be willing and enabled to use as many ways as possible of looking at a problem. Focusing on just one method encourages tunnel vision. I say bring back the Cost Approach and let appraisers decide how useful or accurate it is on a case by case basis. It is not the end-all be-all solution but it is a valuable and worthwhile tool.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Harry E Davis

Low Inventory And Low Interest Rates: The Keys To Rising Home Prices!

After, over 15 years, as a Real Estate Licensed Salesperson, in the State of New York, I have come to strongly, believe, the two major factors (and keys) to the historic, rising home prices, are the extremely – low, inventory, and historically – low, mortgage rates! In the past year, in most areas of this nation, house prices, have risen, at, never – before, seen, percentages, etc! Simultaneously, there is also, an extremely – low inventory, of house, available, for sale, on the market. The combination of, the impacts, regarding, supply and demand, and, the affordability, created, by these mortgage interest rates, are the two major factors, in terms of rising costs, of purchasing houses. With that in mind, this article will attempt to, briefly, consider, examine, review, and discuss, these two keys/ factors, and what they indicate, etc.

1. Low Inventory: A number of factors, probably, have contributed to the extended, current period, of extremely – low inventory, of houses, for sale, in many regions/ areas/ localities. Some of these causes, include: the stresses, and uncertainties, stemming from this horrific pandemic; buyer – interest, because the crisis, has also, increased, the desire, for many, to relocate; and, lack of certainty, by homeowners, on what to do, if they sold. The economic laws of supply and demand, teach us, when there is limited supply (as there is, today), demand outweighs, it, causing, often, price increases! This creates, what is referred to, as, a Sellers Market (more buyers than sellers, and demand, creating an advantage to the seller).

2. Low mortgage interest rates: Few remember, mortgage interest rates, at the low – level, we see, today! Because of this, buyers are able to buy, more home, for their dollars. Since, most people, buy a house, taking advantage of a mortgage, in order to fund, their purchase, it is often, the most important, relevant factor, in whether, or not, one can afford a specific property! In that regard, it’s essential to remember, and appreciate, a 1% difference, on, for example, a $200, 000 house (which, at 20% down, requires, a $160, 000 mortgage), comes to, about $100 per month, difference/ savings. In many regions, the average mortgage is far higher, meaning a $400, 000 home (with $320,000 mortgage), sees a $200 monthly difference, and $600, 000 one, would create a $300 savings, at the lower rate. While, this lets more people, afford houses, it also has the result of creating, added demand, and rising prices!

When, you better understand, the relationship between these two factors, and the housing market, you become, better prepared, to proceed, wisely, using the best approach, and making the finest decisions, for you. Will you be a more aware, wiser, potential home buyer?

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Richard Brody

Important Things to Know in the Real Estate Law

Real Estate is anything related to the construction and development of land and buildings either commercial or residential. This seems to be a very simple concept, but there are many legal disciplines included. Real Estate Law governs who may use an own the land or buildings.

Some terms to note in the Real Estate Law:

• The title is the official legal term which describes the owner of the property

• The mortgage is lending money at interest in exchange of title on the debtor’s property. After the successful completion of the debt payment, the conveyance of the title becomes void.

• Foreclosure is the term used if the lender takes control of the house or any property used for mortgage if the debtor fails to pay back the amount

• The official meeting for transferring the ownership of the land or property is termed as closing

• Escrow is the term used for money or property withheld with the third party for safekeeping

• Real Estate Agent is the person licensed for negotiating and conducting real estate transactions

The much awaited regulation in the realty sector has been announced by the Government of India last year, which is the introduction of the RERA Act (Real Estate Regulatory Act). Under the act the home builders have to deposit about 70% of the amount in the Escrow account. This will ensure the buyers that the amount is not diverted to some other projects.

Benefits of the RERA Act:

• As mentioned earlier, the builder will divert 70% of the amount taken from the buyers to Escrow account and this will ensure the buyers that their amount is only being used for this project and safe as well without being transferred to other projects.

• With the introduction of this new act the buyers doesn’t have to pay for the area over the carpet area. It is one of the important things to remember.

• All the clearances both from the buyer and the builder should need to be made before selling. The builder needs to disclose the information regarding the apartment.

The builders are allowed to sell the property only after getting proper clearances

RERA, is the central law, but as Real Estate is subjected to state, the state governments have a major role in implementing this act. However the various other related practice area to the Real Estate law include Tax Law, Landlord Tenant Law, Accidents and Injuries, Estate Planning, Insurance Law.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Aman Tumukur Khanna

A List Of Property Definitions

There are numerous types of property on the market that are being advertised at any given time. Some of these names for different properties may be confusing, so it is vital that you know what to expect, here are the names of the property types and their definition.

Terraced Housing:

Terraced Housing is an old fashioned property set up where more than two (usually three or four) houses are joined together. To avoid using the phrase terraced, estate agents will now use the phrase link. A terraced house, or a mid link house is one of the properties which is between others.

An end of terrace, or end of link house is the property which is the last one in the row of houses.

Town House

Usually, the term Town House is used to describe a standard two story terraced house which is more modern. Some Estate Agents will also use this term to describe newer properties that have three or more floors.

Semi-detached House

A semi-detached house or property is used to describe of pair of houses which are usually attached in the middle. Semi-detached properties tend to offer their owners front and back gardens, with many also offering drive way space in more rural areas.

Detached House

A detached property is a solo property with it’s own land which is not adjoined by or to another property in any way. This type of property is usually more sought after by families who want extra privacy.

Bungalows

A Bungalow is a single story property which can be terraced, semi-detached or detached. Bungalows are often considered to be smaller properties, which usually have two bedrooms. Big loft spaces are commonly found in bungalows, which allow their owners to convert a second story living space if desired. Bungalow’s tend to maintain their value and can be more expensive compared to properties of similar size.

Flats

Flats essentially come in two forms. The first where an existing house has been split (usually into two separate dwellings). The second is a block of flats where there could be many separate flats in one building.

There is some terminology that you need to be aware of, a communal entrance is a main entrance that allows its residents to access their properties. Communal gardens is a shared garden, which you usually are required to pay a maintenance charge. Flats are often referred to as apartments, particularly in newly built developments.

There are also variations of apartments that you need to be aware of, here are the more commonly found variants.

Duplex Apartment

A Duplex Apartment is an apartment which has more than one floor, usually two. These can be found in converted houses or apartment blocks. Usually these types of flats are found towards the top of the buildings if they are in a block.

Penthouse Apartment

A penthouse apartment is a more luxurious and bigger apartment which is located on the top floor of the building.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Jonathan Walker

The Importance of Fair and Reasonable Price in a Real Estate Contract

The price of the property is equally important for the buyers and the sellers. The buyer pays this to the seller and the seller accepts this from the buyer to transfer the ownership of the home to the buyer. To sell fast and make the real estate contract successful, a property should be fairly and reasonably priced.

What is the importance of fair and reasonable price?

The properties which are reasonably priced sell faster than the overpriced or underpriced properties. The overpriced properties do not sell fast because these properties do not get the buyers easily. The underpriced properties also do not get the buyers easily because the price of the properties is lower or much lower than the market rate so the buyers may think of the dispute related problems in these properties. The price is the single factor that could bring new buyers if it is according to their expectations or take away the interested buyers if it is more than their expectations.

How to set the price that is fair and reasonable to both parties?

Setting the price is an important part for any seller. The sellers should set the price in such a manner that is good not only for them but also attract the buyers to take interest in the offer. The sellers should take some important steps in setting the price.

Research the market

The first step in setting the price is to research the local market. In most cases, a local buyer may be interested in buying a property so the price must be fixed after researching the local market. If you are a seller and you want to price your home then you should know the price of those properties in your area which are similar to the property that you own. You can do this by visiting other sellers or talking to the real estate agents. The meeting with a real estate agent can give you an idea of pricing in the local market.

Understand the need of the buyers

A seller can think of increasing the prices if the buyer requires a home urgently. If the buyer is willing to buy the home of the seller then the seller can raise the price of his property.

Follow these steps carefully and make the deal interesting for the buyers and you will see that many buyers will be interested to buy your house.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Nitesh Pandey

How to Sell Your House to a We Buy Houses Real Estate Investor – Can They Really Solve My Problems?

So you need to sell your house but you are on short time constraints. By you being stuck in a bad economy and Realtors selling houses slower than ever how in the world are you going to be able to sell an unwanted house? Well welcome to the New Year ladies and gentleman. In the new decade you have several options selling your house. Now you can sell your house to your local We Buy Houses Real Estate Investor that will put cash in your pocket within 30 days.

Selling your house to a We Buy Houses Investor is a fast, hassle free, straight forward, no strings attached a way to sell your house in any market. Selling to a We Buy Houses Real Estate Investor can be the answer to all of your real estate problems. It does not matter if you live in Baltimore, Virginia, Prince Georges County, Washington DC, Florida, California or surrounding areas. We Buy Houses Real Estate Investors can buy your house in any area/any condition. You will literally get a offer within 24 hours.

When you sell your house to a We Buy Houses Real Estate Investor you will benefit because…

1. You can sell your house usually within 30 days

2. You sign a short, no hassle, straight to the point contract and as soon as you sign that contract you will find yourself at the closing table collecting your check in no time.

3. You can sell your house in its as-is condition. We Buy Houses Investors love to do the dirty work. They deal with houses filled with trash, cracked windows, damaged roofs, fire damaged, inherited houses, any situation, they know what its like to be in a messy situation! A+ Neighborhood Homebuyers is a full service real estate investment company based in Baltimore, MD that buys five to ten houses a month. They have helped homeowners in Washington DC, PG County, Baltimore County, Baltimore City, Woodlawn, Randallstown, Owings Mills, Fort Washington, District Heights, Northern Virginia,Toledo, Ohio, and Harrisburg, PA.

4. You can sometimes avoid unwanted fees. Liens, property taxes and code violations are no problem for We Buy Houses Real Estate Investors. They successfully buy houses and usually pay all the unwanted fees at settlement to put more money in your pocket at settlement. We Buy Houses Investors mission is to help you put your problems behind you they will do anything in their power to make the process easier for you. It does not matter if you live in Maryland, Virginia or Washington DC, in most situations they will pay off any unwanted or hidden fees that were placed on your house.

We Buy Houses Investors are the right people to call if you just want to get rid of your Maryland, DC or Virginia House. If they agree on a price you will be at the closing table collecting your check before you can even blink your eyes. This is a straight to the point solution that many homeowners and investors have been using for years when they simply don’t want to deal with their property anymore. Selling your property to a Web Buy Houses Real Estate Investor is a great alternative for you then letting your house sit on the market and drain your time and money.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Marcel Umphery

Fashion Do’s and Don’ts When House Hunting

Mark Nash author of 1001 Tips for Buying and Selling a Home offers homebuyers fashion home runs and strikeouts when shopping for a home. It might not be obvious that what you wear when house hunting can impact what you pay for a home. Years of showing homes and introducing prospective buyers to home sellers, the way buyers project themselves fashion-wise makes a big impression.

First impressions by real estate agents and home sellers are all they have when assessing potential buyers. If you appear well-groomed, under-stated and wear home price-range-appropriate clothes you could pay less than the tattooed, big-hair, over-jeweled and torn-blue jean buyer your in competition with in multiple-offers for the same home. Buying a home is a business transaction, think business wear when shopping for a home.

Women

-Pants are fine, but make sure they’re not low riders.

-Ditch the tee shirts, tank and tube tops. House hunting is not a vacation.

-Skirts are great. Minis send the wrong message.

-Wear comfortable but presentable shoes. You will be doing a lot of walking, climbing up stairs and in and out of transportation.

-Forget high-heels. Spiked heels on shoes can easily dent bamboo and other softer wood floors. Plus if you got into the yard to take a look at the roof you might end up aerating the lawn.

-Leave the animal prints for when you’re out to a nightclub. Busy or fussy fashion looks can be distracting and not on everyone’s top ten fashion list.

-Simple jewelry and limited amounts accent your business perspective. Omit the“ bling“ otherwise you might end up paying more for a home, because the sellers think you can afford it.

-Simplify make-up, hair and manicure styles to appeal to the majority of people. You’re not going to get a better deal because the sellers love your fabulous acrylic nails.

-No fur coats, ever. It’s a political and extravagant statement that could cost you a home or an additional $10,000.

-No low cut or revealing looks. Very rarely do homebuyers get a discount for sex.

Men

-Verify shoe soles aren’t caked with mud before you enter any open house. Many a homebuyer never made it to the kitchen after walking across freshly cleaned carpet with dirty shoes.

-No jogging, gym-wear, bike shorts or swimsuits. Unless, you’re testing the workout facilities in a condominium building on your second visit.

-Business-casual pants are best, but if you must wear jeans, make sure they’re clean and not ripped.

-Open collar shirts work fine, but realty agents and home sellers don’t need to see your buffed or not so buffed chest or four gold chains.

-Think twice about sporting more than one earring. If we were all the same life would be boring.

-Omit muscle and tee shirts and no underwear elastic waistbands displayed please. You might turn Ms. home seller on, but Mr. home seller might not appreciate it.

-Limit tattoo exposure, they’re the rage, but not for everyone. Ditto the ladies on this one.

-Wear simple patterned shirts with matching plain pants. Remember that red denotes power.

-Don’t over-dress to impress. Leave the cuff links and French cuffed shirts at home.

Both

-Coffee „go-cups“ aren’t a fashion accessory. Coffee is easily spilled on carpets when walking up stairs or opening closets and cabinets when touring properties.

-Baseball caps are for bad hair days. Plus they send the wrong negotiating message when purchasing the largest asset you’ll own.

-Wet umbrellas should be parked outside the front door, not on hardwood floors or entry tables and chairs.

-Wear slip on shoes when touring open houses. You might be asked to remove your shoes out of cultural respect to the owner, inclement weather or newly installed floor coverings.

-If you don’t want to take off your shoes buy and carry blue disposable surgical booties-or ask your agent for a pair.

-You must wear socks or stockings. No sandals, period. If you are asked to remove your shoes, owners don’t necessarily want your bare feet on their floors.

-Cell phones. If you need to make or receive a call go to a place where you won’t disturb others at the open house. Never negotiate a home purchase contract on a different property contract while your viewing a home.

-Carry bicycle and motorcycle helmets with you. Ask before your park them on any surface.

-Shorts are okay if they are close to knee length. No torn or overly tight styles.

-Dress for the season. Don’t wear shorts in snow or black wool in August, even if it is your best house-hunting outfit.

-Remove your sunglasses when inside buildings. People expect some eye contact.

-Go easy on the perfume. Many people have allergies to it today and they could be the owners of the house you fell in love with.

-Put cigarettes, cigars and pipes out of view. They’re not exactly a popular fashion or political statement in 2006.

Children

-Tops, pants, shoes and socks required.

-Diapers are not fashion.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Mark Nash

Buying Real Estate In Nicaragua

The first step to shopping for real estate in Nicaragua is to forget everything you know about the process back home… no matter where home may be.

Let me make one thing clear from the start. There are incredible bargains to be had buying property in Nicaragua. In fact, there is no other market in the Americas where insisting upon a 40% return on investment or better is reasonable. However, there are few similarities between the rules and regulations governing the real estate industries in North America or Europe, and Nicaragua. It’s because of this lack of similarities that foreign investors often get into trouble. There is a preconceived notion on the part of foreigners that the Nicaragua real estate industry is as carefully regulated as it is elsewhere, and it is this incorrect assumption that sets foreign investors up to be cheated. The only universal real estate investing rule that applies as equally in Nicaragua as it does anyway else is Caveat emptor, buyer beware.

Real Estate Brokers

Basically there’s no such thing in Nicaragua as a real estate brokerage that a Canadian, American or European would assume the term represents. There are real estate brokerage offices. Some even have familiar franchise names, but that’s where the similarity ends.

There is no mandated, formal training of real estate sales people, nor are there specific licensing requirements. Anyone can become a „realtor“ by paying for a merchant license or incorporating a Nicaraguan company. I’m not suggesting this means „all“ real estate sales people are incompetent or untrained… many are. In fact, there are a number of retired realtors who relocated to Nicaragua and maintain successful, upstanding businesses. However, there are many more who are not at all competent, and operate on the razor edge between honest business and outright fraud. Caveat emptor again!

There are no district or federal regulatory boards governing the real estate industry in place. Real estate sales are no more regulated than a vehicle sale transacted by a street vendor. Outright criminality is not ignored by authorities, but having the perpetrator jailed is unlikely to result in recovery of any money lost. The revenge should make a fleeced buyer feel better though. Nicaraguan jails exist to punish criminals, not rehabilitate, and they are Hell on Earth. Unfortunately though, most issues that can arise in a real estate transaction are considered civil matters by law enforcement and have to be treated as such. In short, whatever money you think you were cheated out of… consider it lost. Even with a judgement in the plaintiff’s favor, collecting money owed in a judgement rarely happens. So again, caveat emptor.

A serious shortcoming in the Nicaragua real estate market is that there is nothing similar to a Multi Listing Service (MLS). The lack of any form of MLS means there is no central registry of properties for sale, nor any information as to what a property sold for. The result is that it’s very difficult to decide what a house or commercial building in a particular neighbourhood is worth since there are no comparable property transactions to use as a guide. Appraisers base their appraisals on replacement cost mostly, and whatever else they provide is pure guess work. Ironically, banks require appraisals created by licensed Nicaraguan appraisers if mortgage funding is being requested.

There’s no such thing in Nicaragua as a listing similar to what most foreigners would understand the term to mean. Real estate shoppers will hear a realtor say that he or she has a listing, but it’s common to see two or more real estate signs on a single property. Likewise, the same property may appear on multiple real estate company websites and be advertised online by numerous different people. More confusing, the prices advertised may vary for the same house, sometimes by tens of thousands of dollars. Nicaraguans selling their homes rarely lock themselves into an agreement with one party wanting to sell their land, house or commercial building. If you want to sell something, the assumption is the more people trying to sell it the better. And by more people that can be realtors, the owner themselves, their family and friends, a neighbor, or a horse drawn carriage driver. This seems chaotic to a foreigner shopping for a retirement or vacation home, but it makes perfect sense to Nicaraguans. Without an MLS service that allows numerous realtors to show prospective buyers a listed property, letting everyone try to sell a property seems to be the best way to get exposure.

Another misconception foreign purchasers have when buying real estate in Nicaragua is that the seller is paying the real estate agent. This is sometimes the case, but even when it is the buyer may be asked to pay the commission. Yes, this is legal in Nicaragua. In fact, not only could there be a commission paid by the seller and buyer, but the real estate agent may have added an amount to what the seller actually wants in his or her hand. This too is legal. The worst case scenario is that the seller wants US$50,000 for his or her home. The sellers offers anyone selling the home US$1000 or a percentage. The real estate selling agent advertises the home for US$59,900, allowing for negotiating room. A buyer settles on US$55,000 but is told that in Nicaraguan the buyer pays the commission. Not actually the truth, but common enough that people think it’s a rule. The requested commission can be anything up to as much as 10%, or it can be a flat fee. Once all is said and done and the buyer agrees to purchase the property for US$55,000. In a case such as this, the ‚agent‘ will insist on a nonrefundable US$5000 down payment. At closing the seller receives the US$50,000 that he or she wanted and the selling agent pockets the rest.

I know of a purchasers who handed a ‚realtor‘ US$65.000 to purchase a 3 acre farm with a small house on the property. The ‚realtor‘ then went to the owner of the property and paid him US$20,000 to buy the land. It gets worse… the ‚realtor‘ never bothered to make the title transfer until the buyer discovered he was not the owner when he tried to pay long overdue taxes. In the end the property was purchased by a developer for little more than the original US$65,000, but 8 years of appreciation later. In another case Europeans purchase a home and overpaid US$85,000. Of course basing their offer on the European real estate values they knew, it was assumed they were getting a bargain. The ‚realtor‘ pocketed the US$85,000 and a commission he charged the buy as well. Again, perfectly legal in Nicaragua… so caveat emptor.

The way to navigate through what foreigners view as market chaos is to use a knowledgeable real estate consultant to find a property you want, negotiate the price, terms and conditions, conduct the necessary due diligence, validate the title and survey, and so on. This is a fee based service but far less expensive than a percentage sales commission, and far, far less than a costly mistake would be. One such service is Nica Investments, a real estate consultancy that assists foreign investors purchasing real estate or businesses in Nicaragua.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Len Bowcott

Second Chance San Diego Apartments For People With Broken Leases, Bad Credit Or Felonies

San Diego is a major California attraction and destination boasting thousands of unique visitors each year. These are attracted to the city by the pleasant climate and flowing picturesque beaches. The city is also a major commercial and transit center that links Mexico with the rest of California and the US with billions of dollars in trade each year. The city also attracts a lot of settlers; people who move here in search of business, work and academic opportunities. This puts a definite demand on the city’s many apartments. Renting an apartment unit in San Diego is more or less like renting anywhere else in any major US city. The apartments conduct background checks that center on the applicant’s credit, rental and criminal history. Of particular importance are broken leases which apartments in San Diego deem to be very serious. Applicants with a prior broken agreement with a previous apartment will most likely receive an automatic denial.

Places to rent with a broken lease and bad credit

Apartments which approve applicants who have had previous issues with other apartments elsewhere are generally known as second chance apartments. These are units which may or may not be located in section 8 areas of the city and which are usually willing to lease to problem tenants. Here are some places where one can rent an apartment if they have rental problems:

  • Allied Gardens
  • Alta Vista
  • Pacific Highlands Ranch
  • Bay Terrace
  • Black Mountain Ranch
  • Downtown San Diego
  • Clairemont Mesa
  • Del Mar Heights

The above is not an exhaustive list. There are many more units that can give applicants a second chance despite of a tarnished history. The challenge is being able to locate them because most of them do not easily advertise.

Important info to consider

Even though there are such kinds of apartments willing to grant approval to problem tenants, these apartments will nevertheless demand that those tenants fulfill a few basic requirements. One of them is being on a job at least six months. Some apartments will ask for a hefty deposit depending on the individual leasing office. Others will ask for three months of rent in addition to the deposit. One must also earn at least three times the amount of the rent.

Looking for such apartments in this apart of California can pose a challenge because as we said, they rarely advertise. The main reason they prefer to stay quiet is because they do not want a mad rush especially by people with problematic credit and history since this drives rental prices down.

Immobilienmakler Heidelberg

Makler Heidelberg



Source by Jimmy Jamm

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