Pony Of Prey Blog

When electricity prices were low, it was often difficult to justify the upfront expense of cash required to install solar panels, solar water heaters and similar equipment. The reason was simple to understand - it would simply take too long to recoup the cost of the equipment in the form of lower energy bills.

The recent rise in energy prices changes this dynamic quite a bit, however. As energy prices continue to go up, the amount of time required to recoup the upfront cost goes down. In addition, a number of state and local tax incentives make it even easier for homeowners to go solar and save money right away.

Solar power has already proven itself and its ability to lower energy costs substantially, and more and more homeowners are taking a serious look at converting their residences to solar power. The costs of installing solar panels is still high, with a typical two kilowatt installation of solar panels from OVR Solar costing at least £10,000 / ($20, 000) in most cases, but special tax incentives and long term energy savings can help homeowners recoup those upfront costs faster than ever before.

Encouragement for our governments is now forthcoming. This tax savings can help eligible homeowners recoup some of the costs of installing solar panels and solar water heating systems up front, in addition to the energy savings they will enjoy down the road.

Many states also provide special tax incentives for homeowners who install eligible solar panel and solar water heating systems. The specifics of these tax rebates and tax incentives vary from state to state, but many states provide at least some level of tax relief for homeowners who install and use energy efficient systems.

Breakeven point for your outlay may seem far away at todays prices - but what about at tomorrows?. However, as the prices for heating oil, gas and other forms of traditional energy continue to soar, so will demand for alternatives

On Line Mortgage Quotes

The mortgage industry is a very competitive one, so if you are on the market for a mortgage, or refinancing your existing one, you may want to consider getting a few quotes on line.

By obtaining a few quotes on line, you are in no way committing yourself to anything.

Due to the competitive nature of the mortgage industry, it really wouldn’t hurt to post an on line application at a secure sight, and allow for four or five loan officers or brokers to compete for your business.

Obtaining an on line quote is very simple, not to mention, very safe. When going through this simple process, you are asked for very limited information. At least enough for a loan officer to get a general idea of what you are looking for.

One of the many benefits of obtaining on line mortgage quotes is the fact that you barely have to do anything except point and click. Once this is accomplished, you will receive anywhere between three and five phone calls, usually within forty-eight hours from loan officers who are interested in doing business with you.

Another benefit of having four or five loan officers assess your situation is that you will have the option of choosing the best rate and loan program to meet your needs and your budget.

When shopping for on line mortgage quotes, most loan officers understand that you are shopping around and speaking with other mortgage companies.

The last thing a loan officer wants is for you to take your business to their competitor. This puts them in a situation to find you the best rate and program available.

Shopping for an on line mortgage quote is definitely worth a try, and costs absolutely nothing. Remember you are not committed to anything, so why not give it a shot? Good luck.

Jennifer Hershey has more than twenty years of experience in the Mortgage Industry as a loan officer. She is the owner of www.explainingmortgages.com/, a mortgage resource site devoted to making mortgage terms and products easy to understand.

If you own a home you have probably asked yourself, “How do I find the right mortgage company?” Whether it is a mortgage refinancing, second mortgage or home purchase loan you are seeking, the choices are numerous. Do you go to a bank, mortgage broker or mortgage banker? Do you ask a friend, look in the phone book, or shop online? Regardless of your answers to these questions, here are a few important tips you need to know when shopping for a mortgage refinancing, second mortgage or home purchase loan:

1. Understand Financial Markets - You do not need a degree in Economics or Finance to shop for a mortgage, but before you start shopping find out the yield on the 10 Year Treasury Bond. (One source for this is Yahoo Finance) You do not need to understand what the number means, just use it as a benchmark for whether rates are moving up or down. Here is an example of why this is important. You have talked to 3 or 4 companies and determined that you are going with Company B. On Monday, Company B quotes your mortgage refinancing rate at 6.00%. On Tuesday you meet with Company B to sign the initial disclosures and the loan officer tells you that rates went up and your rate is now 6.125%. However, you checked the 10 year bond yield and on Tuesday it 4.45%, the same as Monday. The loan officer is probably trying to make extra money on your loan. Ask him to show you the difference in rates from one day to the next or take your business to a credible company.

2. Be Careful What You Ask For - Simply calling a mortgage company and stating, “I do not want to pay points” does not guarantee you are getting the best deal on your second mortgage, mortgage refinancing or home purchase loan. A better statement would be, “Please disclose all closing costs and prepaids with your quote.” Points are only one of many potential costs on a loan. Advising that you will not pay points still leaves the door open for numerous costs. You need to know all the fees ranging from appraisal, lender, broker and title / attorney fees. The prepaids will always be the same regardless of the company you choose, but you still need to know what each company is allowing for prepaids. By gathering all of the information, you can now do a fair comparison of your mortgage quotes.

3. Not For Profit - Regardless of any claims for a “No Closing Cost” mortgage refinancing, remember that all mortgage companies are in business to make a profit. There is definitely a difference in what two companies can charge for the same loan, but no company is doing it for free. There truly are “No Closing Cost” second mortgages and mortgage refinancings, but your rate has been increased to subsidize the costs. This can be a good loan in certain situations but not others. If you are working with a mortgage professional they will be able to tell you financially which option is best.

As you work to integrate these guides into your shopping process, remember that the lowest cost mortgage company is not always the best. You want a mortgage professional that is knowledgeable, committed to your situation and that will be there to answer questions long after your closing. Ultimately using these guides will help you become a smarter shopper.

Chris France is a professional mortgage planner with over 10 years lending and banking experience. His programs assist clients with increasing cash flow, reducing liabilities and building equity by integrating a client’s mortgage decision with their overall financial plan. He is a manager with CFIC Home Mortgage providing both purchase and refinance transactions. Chris holds a B.S. in Finance and is Fair Credit Reporting Act certified. Click here for more information on Mortgage Refinancing and second Mortgage Solutions. For questions or comments, please contact Chris France at christopher.france@branch.cfic.comm or http://www.americanmortgagefundingcorp.com or 1-800-943-9472.

If you are looking to purchase a home or refinance the one you are currently living in, but believe this may not be a possibility for you because you have bad credit, think again.

Just because you have bad credit does not mean you will not be able to receive a mortgage. In fact there are many lenders out there across the United States that are know as wholesale lenders that specialize in lending money to people with bad credit.

The names of these wholesale lenders may not ring familiar to you because they are not the typical lending institutions you see on the street corners of your town, otherwise know as banks.

The first thing you will need to do is locate a few of these wholesale lenders and shop around for a deal you believe to be fair. If you do not have success finding these lenders on your own, you may want to consider using a broker and have them shop around for you.

A broker is not a lender. What they do is assess your situation, than shop around for a lender that deals with bad credit mortgages.

Brokers have access to hundreds of lenders across the country and they can usually find one that has a program that may fit your needs.

Using a broker may not be such a bad idea, they are usually very experienced in their field and will not only find a bad credit mortgage lender for you, they will also council and educate you along the way.

Keep in mind, just because your credit may be less than perfect, does not mean that you are at the mercy of the mortgage companies, you are not.

Mortgage companies are very competitive, especially among the wholesale lenders, so be sure to shop around. Don’t limit yourself to contacting only one broker, say no more than four. Allow for each to assess your situation, than base your consideration of which one you will use on the rate and program that they offer you. Good luck.

Jennifer Hershey has more than twenty years of experience in the Mortgage Industry as a loan officer. She is the owner of www.explainingmortgages.com/, a mortgage resource site devoted to making mortgage terms and products easy to understand.

West Virginia is nicknamed the “mountain state” for good reason. Situated in the Appalachians, the West Virginia real estate market has peeks and valleys as well.

West Virginia

West Virginia is somewhat of a misunderstood state when it comes to national recognition. Occasionally shown in a negative light, the state is actually a tremendous location for outdoor enthusiasts. Rock climbing, hiking, fishing, camping and rafting are available in practically every part of the state. Throw in numerous historical sites from the Civil War and West Virginia just might be considered a hidden gem.

Morgantown

Morgantown is the “college town” of West Virginia. Home to the West Virginia University, the town is invigorated by the student population of roughly 20,000. With a vibrant art and cultural characteristic, you might be surprised to learn Morgantown has been rated as high as the 3rd best small city in which to live in the United States.

Charleston

Charleston is the biggest city and capital of West Virginia. Charleston is no great shakes, but it is centrally located in the state, which makes the great outdoors readily available in practically every direction.

West Virginia Real Estate

West Virginia real estate prices are extremely reasonable throughout the state. The average price of a single family home in Charleston, for instance, is approximately $180,000. The average home price drops to $140,000 for single family homes in Morgantown. It’s pretty hard to find prices this low in the rest of the country, particularly for a town rated the 3rd best in the United States. For the last 12 months, West Virginia real estate has appreciated at a rate of a little over 9 percent.

Overall, West Virginia is jumping back onto the national scene because of low real estate prices. Real estate in Morgantown, in particular, may be a very good investment.

Raynor James is with www.fsboamerica.org - providing FSBO homes for sale by owner. Visit www.fsboamerica.org/buyer.cfm to see homes for sale by owner.

Buying Off plan - Get rich quick no risk or Fools Gold?

It seems to be the hot topic - many agents in the area are pushing off plan as the investment vehicle for get rich quick. Is buying off plan the key to quick money or can it leave you with egg on your face and no dinero?.

The basics

Buying off plan means buying a property before construction starts. The developers need to finance the project and typically use bank mortgages to finance the project. Increasingly however they sell an amount of the properties off plan to investors who hope to increase their investment many fold.

They put down an initial deposit of say 30% and if the property increases in value by say 20% in the time it takes to build then because you are staking a smaller amount your money grows faster. The purchaser then sells on their contract before completion, and the new purchaser pays all IVA and taxes paid to date, so in effect the only taxes you pay are capital gains tax.

Sounds perfect - where do I get in?

Before we go rushing in to buy off plan lets look at it a little closely.

What has happened recently is that many amateur investors rush in without doing their homework and buy off plan, fuelled in part by the many agents out there who are pushing off plan developments as THE way to make money.

The developers are aware that investors are buying and therefore price accordingly. We often receive calls from developers offering new developments to off plan investors, buy 99% we refuse as they don’t offer any sort of real investment. An off plan development should be under priced by 10-20% compared to other constructions nearing completion, or indeed complete. It stands to reason that if you are effectively funding the project you should gain something out of it.

However very rarely these days to developers offer any sort of discount at all of buying off plan. There argument is that the market is moving so fast that in two years time it will be worth much more.

Add to this that if a development is being sold to off plan investors - what happens nearer the time of completion. Yes everyone wants to cash in their chips before going to the notary and having to pay purchase taxes. So guess what lots of property go on the market at the same time - over priced of course because they were told that it would be easy to sell at a much higher price. Lots of product in a flat market means prices drop and the price you expect isn’t going to be achieved.

The Risks

1. Prices may not rise as expected

2. You will need to finance the property if you cannot sell it - can you afford another mortgage payment?

3. Too many investors (more than 15%) means more people selling at the same time - less likelihood of selling at a good price

4. Too much construction in the same area

5. Poor location

Off plan investing is a serious business. There is money to be made at it but you have to follow guidelines. The art of selling a property is to buy the property less than market value, but many investors have lost money by buying without thought so how do you avoid becoming one of them
.
Here are a few simple rules to lessen the risk

1. Make sure that the price you are buying at is genuinely below market value - at least 10% but better 20%. You will be told time and again that the value will increase. That may be the case but unless you are clairvoyant how can you possibly predict what will happen in 2 years time. Did you envisage Sept 11th or March 13th?

2. Do your homework. Will the property be easy to sell afterwards. Find out what people are buying in the area and why. Adosados/Terraced houses, and town houses are difficult to resell because they are in vogue or out of vogue - apartments and villas are easier. The Spanish love apartments so you have a ready market for good quality apartments. They just don’t like buying something that they cant see (or generally so)

3. Research who will be likely to buy the property afterwards

4. Is the location prime. If not forget about it - you will have difficulty selling later unless the price is very much below market value.

5. Are there many other investors buying here. If so be wary because they will all be selling at the same time.

6. Do not become emotionally attached. Do your figures. Will it stack up on paper. Will you make a profit when you come to sell. If not walk away. People who are emotionally attached to a property make incorrect decisions. Remember it doesn’t matter if you want the building sky blue pink - the potential buyers are the ones you should be worried about. What do they want.

7. Is it close to amenities? If not your market will be reduced

8. Are there many new buildings around or being planned. How many of them do you think will be selling at the same time as you.

9. Do not sign for anything on site (this is an emotional purchase see point 6). In a flat market as today there will always be units available - no matter what the agent tells you. Always think about it and do your sums. If it all stacks up buy it, if not - don’t.

So how do you make money from off plan?

Generally if you are buying off plan you are too late. Once the first few units have been sold the prices will rise. The best time to buy into a development is when the land is being bought. But this is more difficult because you need to be close to developers or land purchasers- how do you find when land is being bought. It comes down to homework and this is my little secret, but there are plots around being bought now that will make very attractive investments.

In fact one I know of will hopefully have apartments for sale at half the value of surrounding property. Now that’s what I call a sound investment because you can make a profit and sell it on at below market value - so you will win., the buyer will win and the developer will win.

So when it comes to investing off plan the main point is do your homework. There are very few real bargains about these days but a little digging will soon turn up a gem because most people don’t bother looking hard enough. If you want any advice of course you are welcome to drop me an email

Vince Barnes is the owner of http://www.SpanishProperty-Direct.co.uk - a website aimed at informing buyers about the process of buying in Spain and keeping up to date with news and regulations affecting the Spanish Property Market. He has also just published the book - “The Insiders Secret Guide To Buying A Property In Spain - The Book Estate Agents Don’t Want You To Read” - available at http://www.spanishproperty-direct.co.uk/book.htm

Securing the right home mortgage is the most important thing for you to do when considering this large purchase. You should carefully find the right choice for you after comparing all of your options. Yet, when it comes down to it, it can seem like a very difficult thing to actually do. The fact is that many individuals do not know what the right way to get their loan is. Often, they think that their local banker is the only choice, when in fact this is likely to be the most expensive and non-forgiving of all financial lenders for loans on a house. Instead, turn your attention to the web.

Online, you will find a wider range of financial options to carefully consider. For one, you are likely to get a better amount of options in financing such as lower interest rates, better terms and even low cost or no cost on loan fees. These things really can add up to save you money. There is enough competition online that lenders are looking for you, trying to lure you in with these things. But, you are a smart buyer and you know that there is a lot to think about in the home mortgage .

For one, you will want to use a tool called the loan calculator to help you to compare the loans that are available. This tool will allow you to easily look at how much one loan will cost as compared to another one. It will tell you the total cost of the loan as well as the monthly payment. Compare various rates, terms, loan types, virtually anything that is being offered to you. These are free tools, offered on many of the financial expert’s websites and they are easy to use. They come with no obligation to work with that lender either. In fact, you will not supply it with any information about you specifically. This can help you to find the best home mortgage out there fast.

You can even get a free, no obligation online loan quote. By simply putting in your information, it will produce for you a quote. This is usually more accurate as it will figure in the cost of your credit as well as the cost of your specific loan needs. Then, you can take this quote and compare it to other quotes that are available to find the best rate for your needs. A home mortgage quote like this should never cost you a thing and it should come with no obligation either.

Securing the loan that is ideal for your specific needs can be done much easier on the web. There are just that many more options out there for you to consider and to take in. In the long run, financing your purchase can be much more financially sound when you use the tools that are available to you on the web. Instead of dealing with face to face rejection and disappointment from your banker, just head onto the web to get the answers that you need about your home mortgage purchase.

Maksim Fisher is a freelance writer, specialising in finance subjects such as loans, banking, home mortgage, etc. He recommends use of a mortgage calculator for calculations at http://www.mortgagecalculatorplus.com.

Georgia Foreclosure Process This entry was posted on 02/22/2006
01:04 PM and is filed under foreclosure.

The overwhelming majority of all foreclosures in Georgia are
accomplished by the use of the power of sale. This is a
non-judicial sale, wherein the lender declares default, follows
the statutory notice and sells the property on the courthouse
steps.

Breach letter The first step in enforce default, the lender must
1) make a written demand upon the borrower (mortgagor) setting
forth a breach and accelerating the debt (declaring the entire
debt due and payable immediately).

Notice of Sale Letter

The Lender must serve a notice on the homeowner 15 days prior to
the date of the sale. A notice of sale must be served on the
original mortgagor or current owner (if his identity has been
made known to or acknowledged by the lender) by certified mail,
return receipt requested. The notice must be sent to the
borrowers last known address, which is the address listed on the
Deed to Secure Debt or an address the borrower has subsequently
designated with notice by certified mail to the lender. It is
generally a best practice to provide notice by regular and
certified mail to all known addresses for every borrower. The
notice must be postmarked and provided to the defaulting
borrower no later than 15 days prior to the date of proposed
sale.

NEWSPAPER PUBLICATION

Prior to the sale taking place the lender must have published
the scheduled foreclosure sale in the legal organ (newspaper)
for the county in which the real property collateral is located
for four (4) consecutive weeks immediately preceding the first
Tuesday of the month (sale day). The notice of sale must contain
the date, time and place of sale along with a description of the
property, the names of the mortgagee and mortgagor and a
reference to the power of sale provision.

Foreclosure Sale

The foreclosure always occur on the first Tuesday in every month
on the courthouse steps of the particular county. Exceptions are
made for certain legal holidays that may fall on the first
Tuesday. The sale must be conducted between 10:00 a.m. and 4:00
p.m.. Sales are generally conducted by the foreclosing attorney,
and the foreclosing attorney is permitted to credit bid at the
sale on the lender’s behalf.

Successful bidders are required to tender the full amount of
their bid in cash or certified funds immediately upon the
conclusion of the sale, except if foreclosing lender is the
successful bidder. Should a sale be postponed, terminated or
voided, the entire foreclosure process must be repeated. Once
the sale occurs, the foreclosing attorney prepares and issues to
the successful purchaser a Deed Under Power of Sale which gets
recorded in the land records of the particular county in which
the property is located. Once a sale is concluded on the
courthouse steps, there is no right to redeem given to the
defaulting borrower (mortgagor).

Motion To Confirm The Sale: The banks effort to make you pay a
deficiency judgment In situations where the foreclosure sale
does not produce enough cash to pay the loan balance in full
(after deducting expenses and accrued unpaid interest), the
lender may elect to obtain a personal judgment against the
borrower for the unpaid balance. This deficiency process in
Georgia is accomplished through confirmation of the foreclosure
sale. For the foreclosure sale to be confirmed an application
must be brought to the Superior Court in the county in which the
sale occurred within 30 days of the sale, otherwise the right to
pursue a deficiency is lost.

The Judge will generally examine how the sale was conducted to
determine whether the property was sold for its fair market
value. The lender must enter a minimum bid equal to at least the
fair market value of the property for the sale to be
confirmedhttp://frontgateconsulting.com/

Lately I have been thinking about the real estate business, and how it has changed so much over the past 10 years. Most of the techniques taught today were around 10 years ago. There were people doing assumptions, lease options, flipping, rehabs, etc., back then too. But what is really different today is the increase in the number of courses, infomercials and clubs that encourage people to become real estate investors. And those efforts are obviously working. The ranks of those who call themselves real estate investors have swollen dramatically during the past 10 years.

Most are attracted to the promise of quick profits from flipping or rehabbing. It is exciting to think about having the opportunity to make a 20K profit in just a few days time on a flip deal. I have seen it done. I personally participated in a deal that netted $25K in profit in only 3 days. On a number of occasions I have seen 10K profit deals put together in just a few days. It does happen. Guess what else happens? You get to pay a significant portion of those profits in taxes. Oh, and people forget to tell you that they can’t get the money together to buy your flip, so you show up at closing with a seller expecting to sell, and no buyer there to cash you out. Or, you luck out and get seller financing on that older house that has those hardwood floors everybody wants, lots of attic space for a new bedroom, a great lot, good location, everything you could ask for in a rehab, except one thing - an interested buyer.

It can get very scary when you can’t find a buyer for your flip or worse, no buyer for a retail you just spent $30K fixing up. When your buyer fails to show for closing and you are on the hook to buy a house you don’t really want to keep, it can make for some very anxious moments. The older I get, the more I like the idea of sleeping at night. Losing $20K on a deal is VERY scary, just like making $20K is fun. And you have to keep in mind that it can go both ways. You win some and you lose some. I have lost money on real estate deals and I have seen friends lose more than $25K on one deal. I would be willing to bet that there is not a full time investor that has never lost money on a deal at one time or another. That is OK when you are well financed and can weather such a set back. But the average investor who is just getting started cannot afford such loses. That’s why my thoughts and interest have returned to the old fashioned rental property business.

Let’s not be blind here, you can lose money on rental property too, but in my opinion the odds are much more in your favor when you are planning to buy and hold. You will still need operating capital. There will always be expenses you need to be able to cover, but by and large, over the years you hold a property, it will likely increase in market value and rental income, thereby yielding asset growth and increasing net cash flow. If you can make it through the lean start up years, you will likely find yourself “sitting pretty” 10 years down the road, if you apply a diligent program of buy and hold over a 10 year span.

Rental property has been around since the second house was built. It is a tried and true business model. But is has to be run like a business in order to avoid the burnout common to so many rental property owners. Most landlords are mom and pop operations, with no real business organization when it comes to managing properties and tenants. This lack of management skill causes many a landlord to eventually grow tired of the business, thereby becoming motivated sellers.

The best course that I have seen on the topic of rental property management was written by John Adams. It is not as much a course as it is a handbook. According to John it is a compilation of the management techniques and methods he has developed over the past 25 years. I like it because it is specifically tailored for the state of Georgia. Of course I have not seen everyone’s course, and I am sure there are others that are good. But I highly suggest you take in one of John’s very inexpensive seminars on long term real estate investing. You can check out his seminar schedule at www.money99.com
(he did not pay me to say this, in case you are wondering!)

Rental property is not the exciting “get-rich-quick” opportunity that flipping and rehabbing appear to be. But when managed professionally, it can be a more or less worry-free way to accumulate real estate wealth. There is risk in all of real estate investing. But the risks with some techniques are much higher and potentially much more difficult to deal with than rental property. Rental property doesn’t have the “James-Bond-like” excitement of quick cash deals, but you will probably sleep better at night than ole’ James does.

If you have questions or comments on this or any real estate related topic, you may contact Donna by email at assets20@hotmail.com.

Donna Robinson is a real estate investor, author, and consultant located in Atlanta Georgia. You may read more of her articles on her website at http://www.RealEstateInvestorHelp.com or you may contact her by email at drobinson@reihelp.com or call 404 542-9903.