Sometimes a house may just need a fresh coat of paint inside and out and maybe a new roof. This can be done for a few thousand dollars if you do the work yourself. The cost of repairing a home also depends on where you are located. Building material as well as other things such as food, clothing, and other items cost more in California than they do in Oklahoma so you need to know how much your materials are going to cost to determine if the house is worth the price and labor combined to fix it up. You want to know that you can still make a profit on it when it sells. It is also better to sell it as quickly as possible because the longer it takes to sell the more likely there will be other repairs to make eventually.

The good thing about buying a fixer-upper is the fact that you can fix it up anyway you like. Paint it green or purple, and while it might not be a good idea, the choice is still yours. The thing is that is you are going to resell it you should paint it a color that is popular and one that will draw attention and not look just like the neighbor's house. In the past it was reported that yellow homes sold quicker than any other color. That may be because yellow gets attention and still has a soft homey feeling to it. A soft yellow with a white trim is one great combination.

Incomplete properties tend to be much cheaper so you can afford to put a little in them and also decorate it to suit your taste. If you are going to live in the home you will want to make sure you like what you see because you are going to be there a while. You want something you are going to feel comfortable with.

Take care of your home and it will take care of you. Do the yearly maintenance on it to prevent major repair bills.

Money in Real Estate:

There is money to be made from real estate if you are aware of the tips and tricks of the trade. Do your homework, research and learn all you can BEFORE you attempt to start your journey into real estate investing/selling. Learn from the mistakes of others and you will save a lot of time and headaches. Be prepared because once you have made that bid for a property, the wheels start turning and you have to be ready so you do not lose out to someone else. The secret in buying properties is in the timing and in taking the right steps at the right time.

You can search on the internet for distressed or property that is being foreclosed upon. Some of the properties on the internet are outdated however and may not be available anymore. You can work with your local realtor and it would be a good idea to do so. The realtor can do all of the closing for you when the time comes and can give you a lot of valuable information that can be helpful to you. Realtors also have access to the most recent listings and can help you locate them, so you will be saving a lot of valuable time.

It is a good idea to get a pre-approved loan so when the time comes, you will be ready to close as soon as possible. To get a loan approval may take a week or as much as 3 or 4 weeks. Since timing is important, it is best to make sure the money is available when you need it. Pre-qualification is a very important factor to consider.

When you are ready to begin your first attempt to purchase a distressed or foreclosure property, you need to find out the value of the property to determine if there is actually money to be made on it. The value, condition, and mortgage still owed on it are factors to consider. Also the insurance, taxes, and closing costs should be added in. You may find that it is not the bargain you first thought it to be after all. It also depends on whether you can do the repairs yourself or if you will need to get a contractor to do the repairs. This can run into a considerable amount of money very quickly. Due diligence is a must so you do not end up in a deal you will regret.

Foreclosure properties can also be found in your area by going to your local recorder's office. These are usually found in the county courthouse. Make copies of all of the properties being foreclosed on. These are updated regularly so you can check back often for new listings. You can find information on the internet about comparable priced properties in the area where the property you are considering.

Yes, there is money in real estate and the secret is finding it and making the right decision and bid at the right time on the right piece of property. A quick sale is important too unless you are buying the property to live in.

More often, real estate agents are also referred to as property “salesmen”. However, compared to the work of typical door to door salesmen or street peddlers, the job of a real estate agent is a little bit more complicated. The product that they offer is not some tiny package which can be placed in a box or delivered by mail. They are not selling consumables, such as food products and drinks which can be easily sold with little sales or marketing skills. The product that real estate agents sell demands more commitment from a customer. For example, buying a house is not an easy decision. Before a prospective customer can make a decision to buy a house, he or she must be fully aware of the features, advantages and disadvantages of the house. He must be fully convinced that he is making the right choice in picking that house, or else the time and money he intends to spend will all be wasted. It is therefore the real estate agent’s role to guide the prospective buyer into making the right choice and eventually reach a firm buying decision.

For the reasons mentioned above, the real estate agent should be highly trained, knowledgeable about what he sells, updated about the developments within his industry, and most importantly, should be skilled at face to face selling. This aspect of face to face selling is very essential because to be able to sell high priced items such as houses, lands and properties, a greater amount of buyer-agent rapport is necessary. While retail sales can be very impersonal, real estate sales is a lot more different. One sales transaction may take one week, one month or even one whole year, depending on the nature of the real estate property being sold. This would mean that it is normal for any real estate agent to meet the same prospect over and over again before they both reach a buying agreement. It is thus important to develop a friendly, positive relationship with the customer.

The real estate agent must be an aggressive salesperson and he must be flexible to different kinds of buyers. He must be able to talk on the same level with his prospects, instead of acting servile and inferior. There are many sales jobs that literally demote people from salespeople to mere order takers. In real estate, agents are not just order takers. They initiate the sale, meaning, they ask questions that probe and uncover the buyer’s needs. After discovering those hidden needs, the real estate agent puts himself or herself in a commanding position by giving the customer various options to choose from. He or she may also recommend options that best fit the client’s needs.

Perhaps the most difficult and exhausting job of a real estate agent is prospecting for new customers. Prospecting is simply the process of finding new prospects for the business. Without prospects, even the most skillful real estate agent will not make a single sale. While the company often provides good advertising to gather prospects, it is still the real estate agent’s responsibility to generate leads on his own. He must be familiar with various lead generation methods and be able to develop a huge list of potential customers. At times, a real estate agent may also opt to do his or her own advertising campaign.

There are a variety of available prospecting methods and strategies to choose from. According to Tom Hopkins, a great real estate salesman, there are two basic categories – referral and non-referral prospecting.

Referral prospecting is a very effective method because it allows the real estate agent to get referrals from his existing buyer’s list. The referrals are already qualified buyers because they belong to the same income bracket as the existing customer. Each time the agent makes a successful sale, he asks for referrals from the happy satisfied customer. The customer then gladly gives the names of some of his friends or relatives who might also be interested in buying a similar property that he has bought. He may even introduce the real estate agent to the referral. Most veteran real estate agents don’t do prospecting anymore because they have already built a huge referral base.

For starting or rookie real estate agents, there is no substitute to non-referral prospecting. This is the act or process of finding and approaching prospects that are not referred to the real estate agent. In this prospecting approach, the chances of making a sale are lower and the risks of rejection are higher. The real estate agent will have to deal with total strangers, which is the main reason for the high probability of failure.

One example of a non-referral prospecting method is “cold calling”. In this prospecting method, the real estate agent either acquires or buys a list of prospects and starts calling them one by one. This method is sometimes called “cherry picking” (Good, 1986), because it requires an agent to make a lot of calls before generating a single prospect. To be able to do an effective cold calling campaign, the agent must be determined, aggressive, has good phone skills, not a quitter and he must have a good list of qualified prospects. For example, calling a list of people who are looking for a house is much more effective than simply calling people from the yellow pages or the national street directory.

Another prospecting method that real estate agents often use is the “ten foot rule”. This means that the agent finds ways to talk to any person who comes within ten feet of him. With the use of personalized calling cards and leaflets, the agent initiates conversations with the strangers that he meets everyday. To enhance the agent’s chances of meeting someone who is qualified to buy a house or property, he makes himself available in places where his ideal customers will likely be found. Attending conventions, social events and joining clubs or organizations are all useful to the real estate agent because it gives him an opportunity to meet different kinds of social contacts who might someday become buyers, or may at least give a referral or two. In Tom Hopkins’ book entitled How to Master the Art of Selling, he said that to be able to constantly generate prospects on a regular basis, a good salesperson should be able to “talk to ten people belly to belly everyday”. (Hopkins, 1982)

There are hundreds of other prospecting methods. Modern technology has given the 21st century real estate agent a great variety of prospecting options. The internet and other such means can all be useful for anyone who is trying to generate new leads for real estate.

Finding prospects is one exhausting job, but approaching and making the initial contact with them is another task! Once the real estate agent finds or meets a good prospect for real estate, he must smoothly guide the prospect to the realizing the possibility of buying property. Using many possible approaches, the agent finds ways to settle an appointment with the prospect with the intention of showing him a sales presentation. To be able to do this, the real estate agent must uncover a specific need of the buyer, or if the buyer is not aware of the need, the agent must make him aware of it. If this need is not present, it is the role and responsibility of the agent to create that need and convince the prospect that he needs to own a real estate property. Qualifying, or the art of finding specific information about the customer with the purpose of determining whether he is a qualified buyer or not, is very important. There is no use of selling to a person who is not qualified. Some factors to be considered during the qualifying stage are ability to pay, ability to make a decision, size of family, and compatibility of the need to the product or service being offered or sold. Finding this information and putting them into consideration are still part of the difficult task of a real estate agent.

It is also the role of a real estate agent to stimulate buying desire. This may be done by presenting what he is selling in such a way that it appeals to the needs and wants of the buyer. It is the responsibility of the agent to magnify the strengths and weaknesses of the property he is selling, and to minimize the problems and disadvantages in the eyes of the prospect. In some cases, the prospect may not know exactly what kind of house he wants or needs, or he may have trouble in making a decision. At any event that a prospect finds difficulty in choosing what’s best for himself, the real estate agent is in a position to recommend a house or property that best suit the needs, buying capability and preference of the buyer. To be able to do this, the agent must be extremely knowledgeable about the various options that he can provide to the customer.

Familiarity with basic laws, policies and rules that apply to real estate will also be helpful to a real estate agent. However, he is not required to be an expert at these laws, policies and regulations. His main expertise should be the ability to close sales. In many real estate companies, the total revenue heavily depends upon the monthly sales turnover generated by real estate agents in the field. Simply put, applying mastery of the sales process is one of the greatest and most important roles of real estate salesmen.

Within this beginning series of articles relative to land ownership, we (once again) give definitive guidance as to the meaning of land ownership and all that it entails.

Relative to common law, land includes any soil, even soil immersed in water. Therefore, dry land and bodies of water such as lakes would fit under this classification.

When we refer to plots of land, under common law, the reference is made that such land stretches to supposed infinity upwards; and to the earth's center downward.

Buildings as well as other type structures and plants growing on the land pass with it. Additionally, produce on the land becomes the owners by accession.

There are exceptions to what an owner is entitled to after acquiring a piece of land. For instance, objects merely resting on the property are not those of the owner. However, should an object become firmly fixed to the land or becomes part of something else that is firmly fixed on the property then those objects form part of the real estate and are thus referred to as fixtures.

In certain scenarios, individuals entitled to the rights of the land for a pre-designated period of time, in example lessees (or tenants for life), may remove, upon giving up the land, any fixtures, they, themselves have established on “said” land.

Additionally, in other circumstances, persons involved in such an arrangement may garner remuneration from the freeholder for improvements he or she has made on the land.

A precise term as to the formerly mentioned improvements is: betterment.

Works that increase the property's value off or outside the property such as a publicly-traveled road may also be referred to as: betterment.

Some laws (sometimes) insist that the landowner make contribution(s) to the cost involved in betterment works.

Another example, similar to the circumstances mentioned above, would be the setup of a chain length fence between two properties by two separate land owners. In this case, both might agree to split the cost of such a fixture 50/50 since the fence would set right on the property line; one side of the fence facing an owner's property and the same holding true for the other (owner.)

From an agricultural perspective, crops produced on an annual basis by a farmer are considered “emblements” and pose an exception to the law wherein crops pass with conveyance of land.

In the circumstance previously mentioned, the crops are considered personal property and in effect may pass separately from the land itself, upon the owner's passing.

Should there be a sale, they will be auctioned and/or sold with the soil unless there is a specific exclusion.

Particular terms have a known meaning when we are referring to land transferred.

In example, “Farm” includes the farmhouse and the land; “Water” means the owner has the right to the water and fishing; but not to any of the subsoil beneath the water.

“Pool” is inclusive of the water as well as its bed. Owners, who have land bordered by a river, acquire, in addition, alluvion due to the water's recession.

In conclusion, transfer of land from one person to the next rests in the definition of English common law as it concerns the United States and Great Britain.

Mortgages

It is going to be an interesting year ahead. Mortgages are going to be more difficult to get as there simply won't be the money around to lend. The banks will only lend to people who:

1. Have a good credit record
2. Have a substantial deposit or equity
3. Have a proven track record in investing in property

This is because the banks are risk adverse and see these types of people listed above as low risk prospects.

However, there are still lenders out there who are willing to help people that do not fall into the category above so all hope is not lost.

Opportunity

To be perfectly honest, I see the current state of affairs as a huge opportunity. There are greater investment opportunities available now than ever because there are fewer investors and even less first time buyers.

Professional Investors

The negative press have done the professional investors a huge favour by scaring off the competition. These people are still buying properties and they do not care if the house prices are going up or down. It is heavily in their favour now to buy at cheaper prices. They know it is a buyers market because they are the only buyers and also the way to make money is to see through all the commotion, which always confuses the market. They tend to go against events, follow basic principles, and then watch everything turn around.

Rental Income

I asked if they could still make money by renting these properties and the answer a friend of mine gave me was a big "Yes" because nothing else has changed and people continue to need rental property. They are more likely to need the properties now as there will be far less on offer. The investors know that a rental yield of 10% on any property is profitable.

The house price crash or credit crunch will make a number of people a lot of money.

Buying property is usually a good investment. The important thing to remember however is to buy in the correct area and at the right price. For example if you purchase a property with the view to renting it, the relevance of location can not be stressed enough and being situated close to a tube, preferably within walking distance usually will result in not having too much difficulty in renting the property.

There is of course the issue of achieving a sufficient rental income to cover the costs of mortgage re payments and also service charges on certain properties. Property prices usually increase around £10,000 per year, therefore purchasing a property with just a return of mortgage re payments will also achieve a profit.

Usually investors begin with one property and once purchased will immediately endeavour to apply for a second mortgage on the property to enable them to use the funds as a deposit to purchase a separate property. It sounds simple and indeed it is.

The positive side to buying property has to be that your investment grows with every month that goes by. The negatives are possible problems that you may have with tenants, however there is an insurance that can be taken out that will protect you from tenants that do not pay their rent. The insurance will cover any missed payments and will also cover court costs if this course of action needed to be taken.

It is a well known fact that most people find dealing with Estate Agents an un-pleasant experience, but this too can be avoided by releasing your property to a local borough that will take responsibility of renting the property and will offer a guaranteed rent. A contract for an optional rental period of between 1 and five years is signed by both landlord and local borough and will include a section that informs the landlord that it will return the property in the order in which it was given.

Not all Estate Agents however are untrustworthy. Once you have found an agent that has dealt with the sale, purchase or rental of your property satisfactorily it is crucial to retain the services of that agent. As it is the case when choosing a builder, the sensible thing is to choose one that comes recommended, it is also the case that a recommended Estate Agent is usually the safest bet.

Our Property is a very informative site that obtains prices achieved for properties sold in the previous two years and up to the present time of any given area. Having this information will equip you with relevant knowledge when choosing to purchase a property. Information by this web site is obtained from Land Registry.

All in all property investors are mainly wealthy people and as their investment grows without any effort from themselves, I personally can not think of a better way to achieve wealth.

I have personally just been let down by my buyer who put in an offer on one of my properties over 2 months ago. It was a sale that should have been all tied up within 6 weeks due to the buyer being a first timer and the house being empty. I accepted the offer at the beginning of February and here we are 2 months on and the buyer has struggled to get a mortgage and has been let down by more than 1 lender. The position this now puts me in is a bad one because now my property is worth less and than it was at the end of January 08 and it has cost me solicitors fees plus 2 monthly mortgage payments. Where is the security for Sellers? There is none!

In Scotland they have a Bidding system and the buyer is locked in early and deposits change hands at an early stage but here in England the sale has to go weeks down the line with nothing firm or contractually binding until Exchange of Contracts when the deposit monies transfer across. I think it's about time out whole house purchasing system in England is reviewed to protect the seller more and also the buyer.

The buyer's in this country are also put in the position where the seller could leave the house on the market and decide to take a higher offer after they might have already accepted one from another buyer. This gets buyers into bidding wars and in some cases people end up paying more than a house is worth.

Isn't it about time we fought to get our property market back on track? To allow Sellers to feel more security when they receive and accept an offer? And, to give buyers the opportunity to buy a house at its true value? In today's market we are desperate for some change for the better and a review of the buying and selling process is well overdue.

Hence Banks and other lenders wind up with a huge portfolio of unsellable properties. The properties are costing the lender a great deal of money to simply manage. Hence that property which would have sold for perhaps one hundred and fifty has cost and is costing the lender sums so that to 'break even' it would have to sell for six hundred thousand dollars. This is the root cause of the melt down in the housing market; fantasy financing. It happens periodically. It is predicable.

It happens when people can purchase a home, and seeing values increase decide to speculate, purchase other properties using their home as security. Those who get in early

and get out, make money. Those who get in late, lose everything. Wise advisors will always say something to the nature; "Whatever you are going to purchase, have twice as much money as the purchase price."

Always buy less than you can afford. In this way, you are sure to own what you buy.

Never take a loan with a "variable" interest rate. Always know exactly how much you will be paying for the length of the loan. If not, don't borrow, or don't borrow under that scheme. If you have X dollars in the bank you can use as security for a loan, and wish to use that loan to purchase a home, all you stand to lose is the money in the bank, not the home.

Never mortgage the house you live in to buy another premises. The house the Bank took, which is valued, on paper, at five hundred thousand dollars, will eventually sell for one hundred thousand dollars in a "fire sale".

The purchaser will get a "super bargain". As property begins to appreciate, the owners might sell it for three hundred thousand dollars.

And then another "boom" will begin.

Agents, as you know, work on a commission per sale or per listing base, so for this reason you must always be aware that they may have their own interests in play here.
Listings are when they successfully persuade someone to give them a property to sell. This is great for the agent as it means more people will come into their store to hopefully either buy the property or list another property with them. Listings are excuses for real estate companies to promote their own company.

There are a few things you should know when deciding on what real estate agent should sell your home.

Never ever pay for advertising costs. Most agents will make you sign a contract before anything happens, and on that contract will be costs associated with marketing, signboards, adverts, you name it! A commission is what you pay to fund their costs and also their effort and time in finding you a buyer (and hopefully for their great level of care) so make sure you don't pay "extras" for any services they offer you. Great real estate agents will not charge anything upfront and you may need to pay a small fee besides the commission only AFTER the property has sold at the price you wanted.

Don't let them over price your home to get you interested. If they value your home way above what you expected-don't be fooled! Get your own evaluation done so you can tell the agents what your house is valued at and what you want it to be listed at. The reason for this is simple; they will quote you a high price at the start and make you interested in them, so you will list with their company. Then when your house isn't selling they will drop the price right down and claim the market values changed. If you have a stable price the whole way through (a price that is reasonable) your house will sell and it won't be left sitting on the market for months.

Houses on the market for months at a time attract bad reputations, the reason is people think there's something wrong with the house, they wonder why the price is dropping and no one is buying, avoid this at all costs, even if it means taking your house of the market for a few months.
Don't be fooled by auctions! If you have ever used eBay to sell odd things around the house you will know all about bidding. It takes 2 people interested in something to make the price rise, so, if only one person is interested then naturally the price will be low when the item is sold.

This goes for your home as well. Someone may be interested in your home so much they are prepared to pay say $600,000 for it, the other person interested may only be prepared to pay $450,000. So when the bidding reaches one persons maximum the bidding will end and the house will be sold. That means you could have gotten another $150,000 for your house had you just sold it without an auction. Keep these things in mind when dealing with agents, don't pay anything up front, don't sign contracts until you know everything and don't be persuaded into auctions because the agent wants a quick sale-and more commission for him.

Plan Ahead

Buying a house can be a very intimidating process, especially if you have never done it before. So the first thing you should do is start planning! The top questions to ask when planning include:

How much can I afford?

Before you pick up the newspaper and start looking at the property section, purchase a money magazine and start reading about the different mortgage products available. Talk to friends and financial advisors about what is the best type of loan for you. Once you have chosen a financial institution, you should then arrange an appointment to speak to a lending manager. Don't forget to get copies of your bank statements, payslips and other financial information ready for the meeting. With the guidance of the lending advisor, you can then decide how much you can safely borrow.

Where do I want to live?

Once you know how much you can borrow, you can then start to choose what houses to look at. Firstly make a list of all the suburbs you would consider looking in and look up houses in these areas on the internet. Once you have a few houses in mind, ring up the real estate agents and arrange a visit. Don't be pressured in to buying to quickly, it is often said that a good buyer will visit 10+ different houses before deciding on which one to buy.

Handy Hint: Grab a scrap book and cut and paste newspaper adverts of possible houses that you are interested in, alongside the date. After a couple of weeks you will be able to see if the local housing market is rising or falling in your house bracket.

What solicitor and inspection services will I use?

Now is also the time to talk to family and friends about a good solicitor, property lawyer of conveyancer to use. It is a good idea to ring around and ask for a flat fee price. My first lawyer wouldn't give me this and I got stung with all sorts of ridiculous fees from stamps, photocopying, stamps and petrol to deliver the mail to the letter box!

You will also need to decide what inspections services you will use and quotes to obtain:

• Building inspection. This inspection is carried out by a qualified builder to check the house is structurally sound.
• White ant inspection. This is carried out by a qualified pest controller to check for any evidence of termite damage.
• Property Survey. This carried out by a surveyor to check that the fences are correctly aligned and the size of all the buildings.
• Council Approvals Certificate. This is carried out by your local council to check that all building approvals have been obtained for the property.

So once you have decided on a property, it is time to make an Offer!

Making an Offer

Making and can be the most exciting part of buying a house, next to getting the keys and moving in. Once you are sure that that you like the property you just let the agent know how much you are willing to pay for it. If the owner accepts the offer, then the first stage of buying process is over, provided you don't get gazumped by a higher bidder. Once accepted, the real estate agent may then as for a holding deposit of around 10% and for the details of your conveyancer.

Financials.

Once an offer is accepted, you will then need to contact your lending manager to arrange to fill out a loan application. The lending manager should be able to help you through this process.

Conveyancing

The most painful part of buying a house is the conveyancing. All the excitement that you built up when you made an offer seems to get stretched out over 6-8 weeks, while the exchange of legal documents takes place.

Once an offer is accepted, you will need to make a meeting with your conveyancer. The role of the conveyancer is to handle all the legal matters associated with the property transaction. The conveyancer can also organise for

• The inspections to take place on the property
• All government fees and charges to be paid
• All government first home owner buyer incentives to be received
• All outstanding council, water and electricity rates to be paid

Handy Hint: In many countries there is a cooling off period, where you can legally back out of any offer you made to the owner. As compensation however, the owner can keep up to 2.5% of your deposit.

Once the conveyancing period is over, you can then pick the keys up from the real estate agent for your brand new home! Enjoy!