Mississauga Real Estate | Buying a Home in Mississauga

One person's misfortune can sometimes turn into another's blessing. This is frequently the case with foreclosure properties. While no one is exactly happy to hear of someone else losing their home, it can turn into a great opportunity for the next homebuyer if they go about it the right way. Many homeowners and real estate investors have found great deals going the foreclosed route. As long as you are aware of the risks and challenges that can come with the benefits of buying this type of property and understand that it will be a different process than a purchase under regular circumstances, then you may be ready to begin searching for foreclosed houses for sale.

Benefits of Buying a Foreclosure Property

Banks and other companies that take over the responsibility of a home in foreclosure are usually looking to have it taken off their hands in a quick sale. This will often cause them to price a property under what it is actually appraised for, opening up the range of potential buyers that it becomes appealing to. In turn, it's possible for buyers to find homes for sale in neighborhoods they never thought they would be able to afford and even get a house worth much more while staying in budget. Buyers will generally find they can get away with a lower down payment in a foreclosure situation and are able to move in soon after the deal is completed. Home values fluctuate all the time, and when purchasing at the low price foreclosures offer, this means there's a good chance to see a big profit as the market increases in value.

How to Find Foreclosure Houses For Sale

Foreclosures aren't listed the same way other houses for sale are, and it may take a little extra time, effort and research to find these bargain investments. One of the best things to do if you're serious about beating out the buyer competition is to build a relationship with a real estate agent experienced in foreclosures. No one will know the local market better and be able to get you in on a deal before it's snapped up by someone else. Agents also have good connections with banks and financial institutions, which help in the buying process. Going straight to major bank websites and searching their current listings is also an option. Government-owned listings, auction houses, asset management companies and information filed with your county offices are all ways to find possible foreclosure properties. If all else fails, you can pay a fee to sign up with an Internet foreclosure listing service as well.

Tips For Going Through a Foreclosure Purchasing Process

Foreclosure buyers should still be pre-approved for a loan before beginning their house hunt and then budget accordingly. Lower asking prices are great, but keep in mind you may be spending quite a bit in home repairs. Look at how long the house has been unoccupied and what conditions its surrounding property is in. Take into careful consideration the neighborhood it's in and other factors that will determine its resale value in the future. Be sure to insist on a home inspection before finalizing the deal.
Don't automatically turn up your nose at the possibility of purchasing a foreclosed property and exclude them while searching other houses for sale. You don't want to miss out on a great home owning opportunity.

Featured images:

•  License: Creative Commons image source 
•  License: Image author owned 

By Tiffany Olson
Tiffany Olson resides in Northern California and has a special interest in real estate. She has been greatly influenced by her aunt who has been in the real estate business for over 20 years. 

One of the most frustrating aspects of real estate, as well as other legal ventures, is the expectation that all those who are in any way participating in the exchange of real estate (including renters, owners, landlords, and tenants) are automatically savvy with the associated ‘lingo’. Common complaints of those buying or renting a home is the lack of understanding they initially carry into conversations and negotiations with lenders, agents, or other involved individuals.

The sheer length of an article or exposition laying out all real estate terms would be substantial; if such is needed, a real estate agent or property manager is most likely the better source, but listed below are four commonly misunderstood phrases that perhaps will shed light on some real estate questions or concerns:

Joint and Several Liability

This term comes into play when there is more than one individual on a tenancy agreement. Contracts must be drawn up in such a way that no grey area exists as to who is responsible and accountable for specified roles, particularly payment. When two or more tenants carry Joint and Several Liability, this translates to each individual on the contract being individually responsible for ALL the rent and other associated costs (including that of damages), not just what would compile their share. For instance, if four tenants had signed, if three of them for whatever reason fail to pay, the fourth tenant is responsible for the entire amount, not just 25%.

Forfeiture Clause

This entails a more aggressive grip of ownership and tenancy than per usual. Ordinarily, if a tenant failed to pay rent consistently, a landlord or agent cannot simply take ownership; they must comply with the standard obligations of serving notice and eventually obtaining a court order. However, with a Forfeiture Clause, if 14 days or more have elapsed since the tenant paid their overdue rent, the right is present to actually re-enter the property and take possession of it. This allows a landlord or agent to have more control over their properties, but is done at the expense of the tenant. This might make said tenant slightly less likely to sign the lease or contract.

Access and Inspection

Agents and landlords have the responsibility to carry out inspections on a home; this is a critical role they play legally in the real estate exchange. Because that is part of their right, they are legally given Access and Inspection to houses they steward over, but in order to protect the tenants, a bare minimum of 24 hours must be given to carry out the inspection. Mutual consent must be present, typically at a date and time agreeable to both parties.

Quiet Enjoyment

Very simply put, the right to Quiet Enjoyment connotes that those individuals specifically named on the tenancy agreement have full rights and access to live in a property, at least for a specific amount of time, with zero interference. An agent, landlord, or other person acting on their behalf cannot enter during these periods unless specifically allowed. Be aware that these terms are critical components of housing contracts, and need to be discussed before signing on the dotted line.

Written by Clif, freelance writer for RPM East Valley

Due to the current market trends in real estate, residential realtors and commercial real estate brokers are seeing more business in recent months. When things are hot and the trend is up it is not unheard of for multiple buyers to make offers on a single commercial property. So, what happens when a Buyer makes multiple offers and offers that are in alignment with the listing agreement, as well as offers that are above what the listed sales price is?

Commercial real estate brokers have a listing agreement in place that technically allows them to market a seller’s property. However, the listing agreement is not really an offer from the seller to sell their commercial property to a specific buyer. A seller is not bound within a listing agreement to sell their commercial space. A seller is not bound within a listing agreement to accept any offer from any potential buyer, either. This means that the first offer in and first offer out on a commercial property listing do not always apply.

An offer from a buyer that is ready and able to perform and make a purchase may entitle the commercial real estate broker to a commission on the sale. However, would a seller be liable for more than one commission if multiple offers are received by more than one able and willing buyer? In other words, if a seller receives ten different offers on a commercial property and the seller accepts one of them, are they liable for the other nine offers? Within the context of an open listing the seller is not liable for more than one commission on any given sale. An owner in an open listing (non exclusive) has a right to authorize more than one broker in which each broker is independent of the other, in which the seller is not liable to more than one commission when the consummation of the sale is made with one of the brokers.

A commercial real estate broker must prove in this type of agreement that they were the “procuring cause” of the transaction occurring and the commercial real estate property being sold. An open listing agreement is not usually in the best interest of a commercial real estate broker, although it may be of interest to the seller. Most commercial real estate brokers will not take an open listing. Open listings can often lead to issues popping up with marketing the property. Commercial brokers may run into problems with open listings where they end up having to double up their efforts, as well as having to prove they were the procuring cause of the sale of the property. Also, an open listing does release the seller for paying more than one commission if they pay the broker that is not the procuring cause of the sale.

The favored listing agreement is a win-win agreement that is in place that protects both the real estate broker and the seller. This listing would be an “exclusive agency“ listing agreement.

Mike Henry has been involved in the real estate industry in some fashion for over thirty years. He ocassionally blogs online about the current state of the industry, primarily in the southwest. For more information about commercial real estate, please visit http://austin-office.com.

Short of finding a good rental home to pursue, the most important decision a home-renter will likely make is selecting a good property manager. Like an employee, it is absolutely worth the time to thoroughly investigate and interview. In fact, it may be helpful to consider a property manager or property management company as just that, an employee.

These are the individuals that will be stewards for something very expensive, very worthwhile, and very versatile.  A plethora of legal considerations, property codes, and Home Owners Association criteria need to be considered, to the degree that anyone who works full-time and rents/owns property needs to hire someone to proactively care for these assets.

When employment superiors and administrators go into an interview, they are almost always equipped with specific, well-thought questions and scenarios in order to test the readiness and capability of a potential candidate. Going along with this metaphor, here are questions an employer (home renter) should ask when potentially hiring an employee (property manager):

How much do you need to be paid, and is that price warranted?
Both individual managers and property management companies tend to utilize a monthly fee for their services. To give a ballpark estimate of how much they should be charging, percentages typically range from 5% to approximately 20%. It goes without saying that frugality is important, but also remember that you get what you pay for. Using a median amount between the two extremes is a good starting point.

Are you skilled and experienced at the tasks needed for this arrangement?
Maintenance, repairs, and yard work are some of the ‘bread and butter’ tasks associated with property management. It is important to know if a maintenance crew is directly employed, or if they contract that work out to some kind of handyman or other service. Significant ramifications exist within this distinction: How much do they cost? Are they equipped to handle everything involved with your land or home? What happens if or when they’re not? In addition, you need to know how hands-on you want to be in regards to more expensive work, and enquire as to their willingness to keep you in the proper loop.

How would you handle an extended vacancy? How about an unexpected eviction?
Good employees step up to the plate when bad things happen. To the degree to which they rise to the occasion says a lot. If a vacancy were to go longer than anticipated, you need to know if some type of fee or charge would be coming your way, and what that would be. Same thing with evictions: If that were to occur, what out-of-pocket money would you have to forfeit?

Do you have the accounting and monetary habits that gel with how I want to exchange funds with you?
With the usual primary motivator being profit, it is important to clearly lay out exactly how those profits will be collected, and how liabilities will be paid. Things as simple as the date each month you’ll receive payment, whether it will be via check or other money form, and if they have some reserves to survive temporary hardship are often overlooked, to the detriment of the rent. Advertising factors into this as well, in that if a vacancy is trying to be filled, money will be exchanged more frequently in order to find a renter.

Written by Clif, freelance writer for RPM East Valley.

Are you finding there is too much month left at the end of your paycheck? You may be overlooking a quick way to earn additional income -- have you ever considered renting out that spare room?
Here are five essential steps to help you make more money by making better use of something you may already have: Extra space.

Decide on Your Tennant

You might not want certain people to move into your home. Therefore, it makes sense to think about the sort of person that you do want.
For instance, do you want someone who smokes to share your home? How about a very social person who likes to entertain guests often? You must be careful here, since there may be non-discrimination laws to obey.
Knowing the type of person you desire, though, will help you take good notes during the interview, ask pertinent questions, and rule out those who don't meet the parameters you set. You don't have to say, "Sorry, I don't want someone who will be having frequent guests," (for instance). It is enough to say, "Thank you, I will be interviewing all week and making my selection on Saturday."
Think about the amount of access that you will give this person. Do you want them to just stay in their room, or will you give them access to the kitchen and or living room areas? It can have a huge bearing on the price charged, and the type of person that you can attract.

Clear out the Clutter

Now that you have decided on whom you want you need to think about clearing out some of the clutter.
While it would seem natural to you, your potential house guest probably won’t want to see lots of family photos in their new room. Taking these down and removing any other unwanted clutter will help to provide more space.

Paint it Bigger!

Giving the walls a fresh coat of paint will help to give this room a new feel, and can also help to make things look bigger. Remember, there is a direct correlation between space and rentable value.
Good use of lighter colors will help to give the impression of space. To find out more about this subject, read 5 Tips for Fooling the Eye and Making a Room Look Bigger, an article on the Freshhome website. You never know, it might help you to achieve more rental value from your room.

Larger Beds Sell Easier

Most people are used to sleeping in a double or sometimes larger bed. So, offering them a single bed probably won’t seem all that attractive.
Double beds are easy to find, and used ones can be quite reasonably priced. Be sure to get a quality mattress, though. Lie on it to make sure it is comfortable, and be sure to check for broken springs, inspect both sides for stains, and look carefully for signs of bug infestations.
Aside from a new bed, you should also look to provide new linen. Updating the sheets and comforter will make the room feel and smell really fresh.

Get it Advertised

The next step is to get some good photographs taken.
Taking some clear shots of the room can really help improve your rental chances. Remember, many home owners don’t even bother in this area. Without quality images you run the risk of the potential renter thinking that there is something wrong with your room.
Once the images are completed then set about advertising it. Choose a medium that corresponds with the type of people you want to attract. If you want students, make sure your room and its photos are up on the notice board in the local college or university.

Conclusion: Renting Your Spare Room

Renting your room isn’t always easy. But, by following the advice given above it should be easy to find the right person. Not only that, you should be able to get the best price for it.
The additional income raised will make your attention to detail worthwhile.

Featured images:

•  License: Creative Commons image source 

•  License: Creative Commons image source 

Prior to embarking on a career as a freelance writer, your author (Mike Jones) spent a number of years in the interior design industry. Much of the home furniture he purchased was supplied by www.furnishinghomes.co.uk, as Mike felt they had a wide ranging selection.

Some people think it is too risky still to go out and buy a home, but not everyone agrees.  There are some places that were either not hit too hard by the housing bubble, or were hit very hard, and now offer very inexpensive prices for some nice and spacious homes.  The economic picture is not the only one to consider when buying a home.  The schools, and surrounding area is important, as is the climate for some people.  Below is a list of the top 5 places to live based on these and other factors.

#5: Philadelphia, PA
Philly was one of the few cities on the east coast that did not boom like so many of the others did.  Because it didn’t boom, it didn’t bust as badly, either, making the home prices relatively stable compared to so many other places along that coast.  There is also a lot of history in Philadelphia, making it an interesting and intriguing place to live.  With a relatively big city nearby, and the 4-season climate of Pennsylvania, many people may find a home here to be better than just good.

#4: Atlanta, GA
Georgia has beautiful, warm weather most of the year, a sweet southern style, and continues to grow, as businesses are still moving into the city.  During the housing crisis, homes in Atlanta decreased by up to 22%, bringing the cost of a new home way down.  The homes are a really good buy right now, so the climate and the current cost of the home makes Atlanta a perfect #4 for our list.

#3: Austin, TX
Austin, Texas is another area where there is plenty of sunshine.  The people are bold and strong, and the energy market down there is one of the driving forces for the state.  No state tax is another really good reason to move to Texas.  In Austin, there are colleges, and college towns are always a sure bet for buyers.  The homes are inexpensive but nice and spacious, and there are some exceptional home builders in the area like Dunhill Homes.  College towns have a fun, unique feel to them that brings the community together, and offers a unique set of culture that other places do not.  Austin is another place that was not hit too hard by the housing crisis, so the buy is good, and stable.

#2: Phoenix, AZ
Phoenix, Arizona has a plethora of sunshine, but the heat there is dry, making it bearable, and actually pretty comfortable.  The desert scenery is breathtakingly beautiful, and the sunsets are amazing.  Phoenix was one of the hardest hit places by the housing bubble.  In July of 2010, 1 out of every 257 homes received a foreclosure letter.  This means that the home prices are incredibly low, and a terrific buy.

#1: Oklahoma City, OK
What??  Really??  I know what you are thinking, but bear with me a second.  Oklahoma City is the new best-kept secret.  It has a very strong job market, the price of homes are very low, but they are rising, so they are a good investment for those that decide to get in now.  The climate is warm, but not too warm.  The people there are very friendly and warm.  It is quickly becoming the new place to be.

Real Estate can be a very sound investment, and the long-term benefits are very attractive. However, you need to take steps to ensure that you get a sound investment rather than a money pit that is only going to be a nightmare. Here are some signs to watch for when you are searching for a good investment property.

Know the Area
Location is everything, and properties near good transportation links and attractions will fetch a higher rental amount than more isolated properties. Before making the investment, do some research on real estate sites to see how much rentals in an area are typically going for. Potential renters are future buyers are going to want shopping that is reasonably close, and they will be more attracted to properties that are near jobs and local attractions.

Overall Cost and Rate of Return
Your rate of return is determined by more than your purchase price. You also have to look at the repairs, renovations and upgrades the property needs. Every dollar you put into the property delays the time when you will start seeing a profit, but you may have to invest money to prepare the structure. If you are going to do the work yourself, then you should also take your labor into account. The best deal can wind up costing too much if it needs extensive repairs, has foundation damage or needs to be fully updated and remodeled. It’s also important to factor in the money that will be spent on future repairs and updates.

Local Vacancies
In addition to examining the building, you should examine the surrounding area for excessive vacancies and fresh listings. If other buildings in the area are not moving or renting, then the area could be on the decline and any property investment in that part of town is likely to prove troublesome. Look at the history of property values in that area. Buy in areas where values have risen or held steady, and avoid any areas where property values are gradually declining.

Quality of Construction
Don’t make the mistake of looking just at the paint and colors on a house. What you really care about is the quality of the construction. The foundation should be solid, and the construction materials used should be a higher quality. Look for a simple design and good floor plan that flows naturally from one area into the next. When a house is solidly designed and constructed, it will not require as many repairs over the coming years. The surrounding yard also matters. While you may not be too worried about the landscaping right now, you do want to make sure that the yard does not get too wet after the rain and that there are no other serious issues with the gardens.

Before making any investment, it’s wise to carefully examine the property. You are going to look at more than just the basic architecture and floorplan. Consider the quality of construction, potential problems with the yard and the repairs that need to be made. Location is everything, so pay careful attention to the surrounding areas, and take the time to research historical real estate information to see if property values are on the rise or are slowly falling.

Featured images:

•  Image by Smart Photo Stock

Lucy James writes for www.findamortgageonline.co.uk, a UK based whole of market online mortgage broker that can help you find the best mortgages around the world.