Real Estate and Property Blog

If my realtor is not allowing other realtors to show my house, is their anything I can do legally? (My house is currently in contingent status). My realtor was previously my employer and it recently ended on bad terms.

Thanks!

If the house is in contingent status, there are few realtors who want to show your house. Your realtor can't prevent others from showing your house without violating the agreement you have with him/her. If the realtor is the managing broker, this is a tough situation and you may need an attorney if you really believe the contract that is currently working won't go through. If the realtor isn't the managing broker, then contact that broker.

This is a question regarding asset protection.

A house is owned by 3 parties - myself, my wife, and LLC (me and my wife owns 100% of LLC).
LLC owns the equity portion of the house (20%).
Me, my wife hold the title and mortgage.
We enter all the contracts under the name of LLC.

The rental property is managed by other property management company. The legal contract is under LLC name.

If we were to get sued by tenant, will they just go after the LLC since it is the
party who enter the legal contract? Or they could come after us since we hold the title? How does it work?

You really should consult an expert lawyer in LLC, for in your situation the LLC offers you no protection since you and your wife are personally on the title, the tenant/ any plaintiff injured on the land can always sue the landowner which is you and your wife and bypass the LLC

Until you resolved this issue I would look to make sure you have enough insurance under an umbrella policy to cover you if some one is injured on the property

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Just like anything in life, you get more by knowing more. Knowledge is power in every industry, especially in real estate investing. Knowing the right people will always give you success. Another avenue of success is by having a knowledge of the process and selecting the right option for you.

BROKER VS. THE BANK

Typically, a mortgage broker offers more types of financing than traditional banks. While the bank can only offer loan programs from their institution, the mortgage broker represents a number of banks and other lenders, which results in more financing options for the borrower. Even though brokers have more options to meet your needs, we recommend that you start looking for financing at the bank first. While their options are more limited, if they have an option that meets your needs you will save money because banks can offer financing with cheaper initializing costs than the broker.

This may sound funny, but you need to make sure your loan officer qualifies for your business. The fact is all loan officers are not created equal. You need to make sure that your loan officer is very experienced and up-to-date on the different types of financing programs available. Their loan market is always innovating and developing new financing options. It is absolutely essential that your loan officer is aware of these options. Call around and ask lots of questions when interviewing potential loan officers, for there are far too many who aren’t qualified to serve you. If one indicates that they are unable to provide you the type of financing that you’re looking for, simply take your business elsewhere.

MORTGAGES AND TRUST DEEDS

A mortgage is a voluntary lien on a piece of real estate. In other words, when a person borrows money to buy a property, the borrower gives the lender the right to take that property if the borrower fails to repay the loan. The real estate acts as collateral for the debt. However, the specific rights the mortgagor (borrower) gives the mortgagee (lender) vary from state to state.

What most people refer to as a mortgage is really a trust deed or a deed of trust. Sometimes, lenders prefer to use a trust deed rather than a mortgage. A trust deed conveys naked title or bare legal title (title without the right of possession) as security for the loan to a third party, called the trustee. The trustee holds the bare title on behalf of the lender, who is known as the beneficiary. The beneficiary is the holder of the note. The conveyance establishes the actions that the trustee may take if the borrower (or trustor) defaults under any of the deed of trust terms.

It is the details in real estate investing that can make you or break you. As you can imagine, unplanned repairs can put a serious dent in any profit that you were planning to make from a deal. The failure to notice a crack it the foundation can leave you financially devastated when major repairs need to be done before you can sell your investment. And if you have a knack for noticing details that others do not, you could find profitable properties that other investors pass over.

The key to noticing the small details of any real estate investing opportunity is to slow down, be observant, and ask questions. Do not accept any investment opportunity if you are not well versed in every detail of the agreement and know all there is to know about the property itself. Granted, gathering and studying the necessary information might take up some of your time, but it is time well spent as the time spent researching a property directly corresponds to the amount of money you will have in your pocket after the investment has been sold.

One of the first instances of any real estate investing venture where your eye for detail will be needed is during the initial walk through of the property. This happens before any agreement has been made and is meant to give you an idea of what kind of condition the property is in. Be sure to inspect all of the major mechanics of the property such as plumbing, heating, electrical, etc. You should look for any flaws in the structural integrity of the home and make note of any repairs that need to be done. Even though you are not an expert in these areas, you will be surprised by what you can learn about a property if you pay attention.

If you have any questions about issues that arise during the walk through, you should consult a professional to evaluate the property. This is because seemingly small problems, such as cracked drywall, may not be purely cosmetic but may point to a major structural issue that will cost a great deal of money to fix.

Another area where attention to detail is vital in real estate investing involves paperwork and the legal mumbo jumbo that makes up every real estate transfer. Be sure to read all paperwork thoroughly and ask questions if you are having trouble understanding a particular clause.

The bottom line is to not be afraid to inspect and ask questions. Never make a deal based on the seeming honesty and upfront attitude of the seller. Dig deep; find the hidden details of the property. After all, it is going to be your money on the line and your potential profit that will be lost if the investment fails.

No one knows better about ones property as one personally does and so presenting before its traits, laying down the salient features and setting up a tag to its worth is all that boils down to the essentials of selling your home; conducive to your expectations and according to your personal convenience (by and large) and the buyers (to some extent).

Selling home as is without any real estate agent sure creates ripples in mind in the very first place but is not as difficult as it seems. There are a few points to be noted in order to push the deal forward. Good advertising plays the most important role in promoting the deal. Serving the purpose by word-of-mouth (through family members, relatives, friends, colleagues, neighbors etc.) abets building the base for the same. And you know how anything triggered by chain-reaction of discussions among peoples relations spreads the news in the broadest possible way as one can imagine!

Internet is one such mode of marketing that can make life easy for almost any and every little thing on earth needless to mention the number of audience that it draws outnumbers any other media advertisement. So putting up an ad about your home on a good real estate web site would help get many people to come across your proposal. And while many may not actually hit upon the idea, you may get a good number of serious buyers.

To start with, you ought to get the home mended, if need be. Property in good condition always attracts buyers while no matter how great the former is if it is not presentable, you may lose out on a great deal. It is also advised to learn the cost of homes in and around your location to help you decide on the price. Real estate magazines and sites can help you with this.

After deciding on the worth of your home (well-presentable home) you can move further by upholding your deal. Advertise as much as possible. You can even place an ad in the newspaper with brief description of the location and cost of home along with your contact number. You can make use of Internet for putting up your proposal on a popular real estate site.

Even placing a hoarding in front of your home is a reasonably good start. You can get it signed as HOME FOR SALE. It is always good to be educated about anything you deal with. In this case, you are selling your home (without any real estate agent), so you need to prepare yourself in advance for the possible questions that may be put up by buyers. One general question (and most common) is the know-how about home loans. You need to develop contact with home loan providers and brokers, know which banks offer loans at reasonable interest rate and how much the buyer would have to chip in on his/her own.

Legal points need to be considered seriously too. If in doubt you can contact property lawyers to get the intricacies involved in home contracts. These are some of the basic questions of buyers who would seriously consider the idea of buying your home. To avoid any problem you should get to know the identity of buyer well. Learn if possible, about his/her previous property transactions and gauge for yourself if the person you are settling the deal with is reliable enough.

Would you buy a car because your friend liked it? Would you ask a car salesman which vehicle is best for you? The answer to both questions is probably not.

How many people would move to a locale because their friends liked it? Lots. How many people would ask a real estate agent which locale is best for them? Plenty.

Why is that? It’s because people are only now becoming aware of the resources available to help them find the best place to live. In the past, we didn’t have any alternative to seeking the advice of people we know or had met and then guessing about whether a locale was really right for us.

Imagine: you’re moving to a new area. There are dozens, perhaps hundreds of locales around the area. During your relocation, you ask friends and colleagues who live in that area where you should look for a new home. You might get suggestions like: “look here, it has good schools”, or “I live in X and I really like it”, or “try Y, there are a lot of transplants there”.

Not being satisfied, you get in touch with a real estate agent or relocation service and ask them to help you find the best place to live. They start asking you a lot of questions about what you like or don’t like in a locale. Then you go out and drive around. You’re still not sure. It’s not that you’re indecisive; it’s that you don’t have the right information to make the decision.

What’s more, the real estate agent may steer you to locales they know well and where they have a lot of experience. It’s not because they are unethical; we all tend to gravitate to that with which we are most familiar. But is that the best thing for you? No.

Choosing a locale and buying a home is one of the biggest decisions in your life. That’s a lot of pressure. Add to it the stress and uncertainty of moving and you are really in a difficult spot.

But there is an easy way out. Do your homework first before contacting a real estate agent or relocation service. Get unbiased advice–use the Internet for research, the same way you would if you were buying a car.

There are many web sites that offer “relocation advice”. Be careful which ones you use. Some are affiliated with relocation services and serve to generate sales leads on potential clients. Many are affiliated with real estate companies. Did you know that real estate salespeople are limited by the US Fair Housing Act in what they can tell you about a locale? It’s not that you aren’t allowed to know (the information is available through the Census bureau), it’s just that they cannot be the ones to tell you.

So look for independent, unbiased, unaffiliated, unrestricted advice to inform your decision. How can you tell? To be sure, review the legal disclosures on the web site to determine if it’s affiliated with a real estate or relocation company.

Reorder your search process. Start by determining which locations are best for you. There are several web sites that provide independent recommendations. They range from asking a few simple questions to having you completely lengthy questionnaires. Pick one that makes it easy for you to get what you need without overwhelming you.

Once you’ve done that, or if you already have a few places in mind, get reports on those areas so you can compare and contrast each locale. Look at housing, school, and demographic data to validate which locales are most appealing.

Now you are ready to contact a real estate agent or relocation specialist. Use the information you have to interview them. Make sure they know the locales you’re interested in and have experience there. If they don’t, find someone who does. This is a very important decision. Make sure any professionals with whom you’re working are properly qualified to help you.
Once you’ve settled on a locale, get in depth information on the place. In addition to being a home, your residence is a huge investment. Would you invest $250,000 in the stock market without knowing a lot about the companies in which you were investing? No. Then, do the same with the investment in your home. Review real estate, school, demographic, and cultural facts for the locale to make a fully informed decision.

Does that make it a sure thing that you will make the best decision? No, but it does maximize the possibility of being happy with your decision. Knowledge is power. Use the web to put yourself in the power position when you move.

The following article presents the very latest information on Domain Names. If you have a particular interest in Domain Names, then this informative article is required reading.

See how much you can learn about Domain Names when you take a little time to read a well-researched article? Don’t miss out on the rest of this great information.

Everyone should have Amy Schrier’s problem.

For six months, she resisted selling the domain name Blue.com for $200,000. Using a formula she devised to fetch the highest market value for cheap domain names, Schrier eventually convinced a private party that Blue.com was worth $500,000. Since the name was sold in March, its site now includes links to sexual material and airfare ads.

“The market will really explode when people realize they are sitting on premium real estate,” says Schrier, 37, an entrepreneur in New York who bought Blue.com for $65,000 in 2002.

Dan Taylor, 54, an industrial designer in Toronto, stumbled onto his domain riches. In the 1990s, he bought Realtone.com with the intent of developing online content for skin care products. As Taylor’s luck would have it, that was before ringtones became available on cell phones. When Universal Entertainment in Germany came calling for the domain name last year, Taylor sold it for an undisclosed amount.

So now you know a little bit about Domain Names. Even if you don’t know everything, you’ve done something worthwhile: you’ve expanded your knowledge.

Have you ever wondered what exactly is up with Domain Names? This informative report can give you an insight into everything you’ve ever wanted to know about Domain Names.

The information about Domain Names presented here will do one of two things: either it will reinforce what you know about Domain Names or it will teach you something new. Both are good outcomes.

Schrier and Taylor are among an estimated 1,000 to 2,000 individuals who make a living buying and selling cheap domain names, though about half prefer to remain anonymous to avoid competition, says Ron Jackson, editor and publisher of Domain Name Journal.

‘A long-term investment’ Most domainers buy and own names. They “park” on sites, where they develop content in the form of Web links and ads, to generate income and increase the value of their virtual real estate.

“It’s a long-term investment, like owning a home,” says Lawrence Fischer, vice president of business development at SmartName.com, a company that owns and manages thousands of cheap domain names, including Stockquotes.com. “But if a major brokerage firm came along with a big offer, I would be willing to listen.”

Plenty have been willing to pay. Sales of 5,851 cheap domain names generated $29 million in 2005, compared with the sale of 3,813 names for $15 million in 2004, market researcher Zetetic says.

Venture-capital firms, too, are betting on cheap domain names.

Like a lottery ticket
“It’s like buying a lottery ticket, but the odds are better,” says Ken Carey, 50, a longtime autoworker in Grand Rapids, Mich., and part-time inventor who owns 200 cheap domain name. “All you gotta do is hit the right niche, and you’re well on your way to being a millionaire.”

When a technology is about to take off, if you buy a domain name that pertains to it, the more generic the name, the better its value.

Sometimes, the payoff is huge.
Sometimes, it lands the owner in legal hot water.

A surge in online ads and Web viewing have made cheap domain names a serious business proposition. Online ad revenue is expected to reach $13.6 billion in the U.S. this year, up 14 percent from last year, according to Jupiter Media. Overall, 153 million people in the U.S. use the Web, up 2.5 percent from a year ago, Nielsen//NetRatings says.

“Those who understand domains and what they represent, can and have done very well,” says Schwartz, 52, who sold Men.com for $1.3 million in late 2003, a huge profit from the $15,000 he paid for it in 1997. He bought Property.com for $750,000 last year.

And Schrier, who sold Blue.com for more than twice what she was originally offered, may soon offer advice. She intends to market her formula for getting the most value out of cheap domain names.

There’s no doubt that the topic of Domain Names can be fascinating. If you still have unanswered questions about Domain Names, you may find what you’re looking for in the next article.

Usually when a real estate deal is being made, there are many details in the contracts and many forms to sign. To the average person, none of these mean a thing. They look like a bunch of legal mumbo jumbo, and usually the buyer just signs them and agrees to everything. But if you are buying a house in Durham, North Carolina you should get the advice of a attorney in order to get the best information on the contract you are signing. In Durham, NC, attorneys will help you understand exactly what the documents cover. Thus, you will avoid signing a legally binding document which includes things to which you would never agree. Certain attorneys specialize in reading and advising on legal documents. A quick look in the Durham Yellow Pages will provide a thorough list of choices. Start by calling them one by one and ask their fee for a consultation. The best source for finding a good Durham North Carolina attorney will be your real estate agent. But unless you have a recommendation from a friend or acquaintance, you will have to talk to each one to decide which seems most competent to you. Jot down your impressions, making a list of the best ones, and then make your choice.

It’s time to set up a meeting with your lawyer as soon as you receive the contract for the property you might be purchasing. You will bring a copy of the contract and documents to the office of the Durham, North Carolina attorney, and he or she will go over the contract in detail. Ask lots of questions. It’s a good idea to read the documents before you get there, noting questionable aspects. Every time an important point comes up, make sure the attorney explains it to you so you fully understand every part of the contract. Once the two of you have reviewed every single aspect of the contract, then you will decide whether to sign it or not – it’s as simple as that.

Your Durham, North Carolina attorney might also request that the real estate agent involved in the deal be present when you review the contract. That way, if something doesn’t seem right, you can have the attorney change it on the spot, with the agreement of your agent. In this case, three heads are better than one, quickly working out any kinks in the deal and saving both time and money. Often, the mistakes made in a legal contract aren’t intentional or malicious, yet with your real estate agent and lawyer working together with you, you can ensure the best possible outcome.

People sometimes hesitate to seek out the advice a Durham NC attorney, or of an attorney anywhere, because of the cost involved. They can be pretty darned expensive. The cost can start high and increase with each modification to the contract. But when you consider the important investment you are making in the property, the price seems small to make sure every “i” is dotted and every “t” is crossed.

Whenever legal documents are involved in buying property in North Carolina, the best investment you will ever make is to enlist the services of a Durham attorney. When you have a legal expert who knows how to structure a deal to your maximum benefit, and who has a complete knowledge of the area, you will feel confident about the choice you have made, and the contract will be an ironclad guarantee of the best deal for you.