How Do I Find a Reputable Real Estate Agent?

One of the most important things to do when purchasing a home is to find a great real estate agent to make the process flow smoothly and effectively. A question many people ponder is how to find a good real estate agent. The best agent may not necessarily work at one of the top ten agencies in the area. The agent who will work best for you would be an experienced agent who will listen to your needs, act in a professional and ethical manner and knows the market in your area.

1.)Word-of-Mouth or Referral

Most real estate professionals attract a sizable amount of business because of a satisfied client who recommends them to a friend, family member or neighbour. When you are thinking of purchasing a home, it is a good idea to ask those around you who they have used and ask them to elaborate on their specific experience with the real estate agent in question. Successful real estate agents strive to make customer satisfaction their number one priority and will do everything they can to facilitate a good experience for a customer. Try to find an agent that has a proven track record and reputation for delivering quality service, customer satisfaction, and have experience in the neighbourhoods that you are looking in.

2.) Do an Online Search For Real Estate Agents

There are many online resources available when searching for a real estate agent referral, but this by no means ensures quality. The agents referred online may have paid a fee to the website owner to be listed in the directory. Performing a Google search of the top agents in your area and then reviewing their websites will give you a good list of agents to interview. Agents who have experience in the field will tell you, but a newer agent will more than likely have the extra time to spend working with you. Review any customer testimonials or feedback about an agent you may be interested in retaining.

3.) Visit Open Houses in the Area

You should visit some area open houses where you can actually meet with a potential agent in a non-threatening manner. Here you can see how they work, collect business cards, formulate an opinion and talk with them on a personal basis. If you are thinking about selling a home, pay close attention to how the agent presents the home. Make sure the agent is polite, informative, approachable and professional. Does the agent promote the home by handing out professional looking feature sheets or other related materials? Is the agent trying to play up the features that make the home more enticing? Or is the agent in the corner, back turned and uninvolved in the whole scenario?

4.) Pay Attention to Real Estate Signs

Carefully monitor the real estate signs in your neighbourhood. Observe how long from the day they go up until the home is actually sold. An agent who has a high sales turnover might be a better choice than an agent who has lots of for sale signs but few sold signs. An agent who gets results is what you want.

5.) Why Agents Use Printed Advertising

There are two main reasons real estate agents use printed advertisement. First is to advertise and sell a specific piece of realty. Secondly, advertising is used to promote the agent handling the transaction. By checking the local Sunday real estate ads in your neighbourhood and then checking the agents website, you can find the agents who may specialize in your particular neighbourhood. Contact the agent and inquire about their expertise and ask any other relative questions you may have.

6.) Seeking Recommendations from Other Realty Professionals

Ask around and seek out other real estate agents for a referral. Most agents are happy to refer a buyer or seller to another associate, if the service you require is not a specialty they can provide. Some agents only specialize in resale property, while others work predominantly with the sale of new homes. Other agents work exclusively with commercial or investment properties. Mortgage brokers are a great resource for agent referrals; many brokers have first-hand knowledge and can point you in the direction of a top-quality real estate agent and remember professionals tend to refer like-minded peers. There is also typically a referral fee involved for the referring professional so be careful that they refer you to the best Agent not the one that pays the highest referral fee.

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Makler Heidelberg

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Things to Keep In Mind When Buying Luxury Home

Buying a luxury home is like dream come true if the buyer has the right budget to make the investment. Not only it promises a great future investment but if it is being purchased by an end user then it turns out to be a delightful experience. Buyers who are interested in such properties must know how to select the right kind of luxury home as there are certain tips and tricks that help in the rightful selection. Not every luxury home that is on sale is the right kind. The know-how of the whole buying process helps a home buyer to strike a good deal. This article details the factors that one must keep in mind when buying a luxury property or home.

1. Know the search process

Luxury properties have a niche market and they may not target just everyone looking to buy a home. It is therefore important to know that not every luxury home available for sale will be listed online. The website of the seller or realtor usually contains the first-hand information related to such properties. Other than online, real estate brokers or consultants who specialize in selling luxury homes know the offerings inside out which is helpful for a buyer to make a wise selection.

2. Do not make the decision based on photos

Photos of luxury homes available online or shared by the realtor might not do justice to the property or may give a false picture of the current condition of the property. Thus it is important to see such properties in person. Also, a good amount of money is involved; homebuyers must ensure that they are being offered a value for money home deal.

3. Get assistance from a local expert

A good real estate agent can solve a whole lot of things for you in your pursuit of buying a luxury home. His/her awareness of the property, location and investment trends is useful for any buyer.

4. A second opinion is important

In case you decide to make a visit to a luxury home that you feel interested in buying, take along a friend or family member whose opinion really matters to you. Sometimes, it is better to understand the pros and cons of a property from other’s perspective. Maybe they will take a note of what you will miss and it eventually helps you in making a more informed decision.

5. Try to negotiate

There is always a chance to negotiate the price with seller even if it falls in the luxury category. For obvious, people buying luxury homes have a good budget but still, it must be kept in mind that little savings at the time of deal are going to help you in future.

6. A Future Perspective

Does the luxury property that you have decided to invest in comes with advantages that you will be able to reap in future? Is it going to be a home that will in increasing its value over a period of time? What kind of infrastructure is planned around its vicinity? Some questions like these must have positive answers for them to make it an ideal investment.

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4 Tips to Help You Buy Furniture for Your Home

If you are looking to buy home furniture, you may want to look for the best quality pieces at a fair price. Getting the best furniture is a must if you want to get the most out of your investment. Basically, buying furniture for your home depends largely on your personal preferences. Therefore, it’s important that you inspect the quality first. Let’s take a look at a few tips that can help you make the purchase more easily.

As said earlier, you should consider the style of your interior design. The sofas, chairs and tables can have a great impact on your home interior. Without further ado, let’s take a look at a few helpful tips so you can go for the best products. Read on to know more.

1. Metal or Wood

First of all, you should decide between metal or wood. As far as wood is concerned, it features a classic appearance and provides a warm feeling for your home. From the suitability point of view, wood is a suitable choice for beds, sofas and cabinets.

The beauty of wood is that it comes in a lot of types and shades based on your personal preferences. Metal, on the other hand, is known for its shiny look and durability. Metal materials, such as copper and steel can make your home appear much stylish and beautiful. Aside from this, if you want to enjoy industrial look, metal can be a better choice.

2. Colors and Fabric

Colors and fabric are also important factors to consider when making this purchase. You should go for the right colors based on your desired style. Soft fabrics, such as linen is great if you want to achieve a minimalist look.

For industrial look, experts suggest that leather is a much better alternative. As far as opting for colors and fabrics are concerned, you may want to take into account the interior design of your house.

3. Lifestyle

Your lifestyle is another important factor to consider when opting for the right home furniture. For instance, if you like to read in your living room, you can place a reading chair there. Apart from this, you can also go for a multipurpose unit, such as a sofa bed. This will allow you to take a nap and lounge without leaving your living room.

4. Consider the Construction

The furniture construction also has a great impact on the quality. Make sure that the articles you buy are of high quality. Low quality units don’t stand the test of time.

You should take a closer look at the joints of each unit to avoid damage. Besides, you can inspect the glue used in the furniture material. The furniture articles should be made to stand the test of time.

In short, if you want to buy furniture for your home, we suggest that you consider these factors first. Ignore these tips/factors and you may end up buying the wrong type of furniture or articles that won’t even last more than a few years.

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Tips To Find the Best Homes For Sale

Are you on the verge of buying a new home in the city? It can be a thrilling episode altogether if you’re planning to change the neighborhood or moving to a new city. The townhouses stand to be a favorable choice for most property buyers interested to move to cities. The traditional narrow and terraced houses with more than two to three floors are good choices for families looking forward to budget homes. Again, investors consider buying such properties for their future benefits. But, if you and your family are excited to get a new residence in the town, few suggestions might help you.

Make your priority list

If you have a family with you, then you guys should sit along and discuss the priorities based on which choose the townhouse. For instance- a single person’s apartment differs from that of a family. If you are a family person with one or more kids, you need sufficient space for the children. You’ve to think about the future when your kids will grow up and will seek individual rooms. If you have are intending to buy this property as your permanent address, you have to consider the future. Moreover, you need some extra space, if you’ve pets along with you.

Stick to the additional features

Along with the spacious rooms and the living area for the family, you might have the interest in some special and additional features. It might include the number of balconies, how the rooms are faced, whether the rooms are receiving ample light and air and so on. If you have kids, you need to buy an airy home that receives ample sunlight and fresh air. You can also have a preference of choosing a sea facing or a riverside property so that you can enjoy the view from your townhouse.

Location matters

The location has a very important role to play when you are looking for the house. You gave to stick to the priorities and the location that might also include the priority list when you are about to choose a new residence. Make sure the area has easy access to the marketplaces, gas stations, medical stores, hospitals etc.

Take the help of a reliable real estate agent to find the best homes for sale in your preferred location. Make sure, the professional has the reputation of having the most updated property listing in the area. Besides, the agents help throughout the whole process of selecting and buying the house.

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What Different Options Are Available When You Need To Sell Your House?

When you need to sell your house, things can get quite emotional.

On one hand, you want to get the best possible price and terms. On the other hand, you have a timeline that might keep you up at night wondering how you are going to pull it off.

In a perfect world, you would be able to call your friendly real estate agent… have them list it on the MLS… stage the property for showings… and wait for the best offer.

For most folks, though, it’s not so simple.

Maybe you don’t have the equity necessary to pay commissions and fees. And you certainly don’t have an extra $10,000 to $20,000 lying around to bring to the closing table… just to sell your home.

Or, you might not be able to sit around and wait 3 to 6 months of open houses and showings until the perfect buyer appears, with cash in hand, to pay you full retail for your house. It could be a job transfer, an illness, or any of life’s other unexpected surprises.

In these situations the best thing you can do is hope and pray, or, attack the problem a bit more creatively.

There is one option available that most people overlook when trying to sell their property. One that can help you sell the house fast, get full price, and provide you instant (or close to it) mortgage payment relief. And that solution is selling with a lease option.

A lease option (or rent to own) is when you sell your property to a qualified tenant/buyer using a lease with an option to buy. The lease sets up a predetermined term, which can be anywhere from 6 months to 10 years (depending on what price you need to get to pay off your current mortgage) and an option that sets the purchase price and closing terms.

When selling this way, you get full retail price for your property, which is perfect if you don’t have much equity or if your mortgage is higher than the current market price of the home, and you don’t have to pay any fees or commissions, since you are selling privately and not through an agent or broker.

Now, you might be thinking, but I don’t want to rent my house, I just want to sell it.

And that is a completely valid statement. This isn’t the best solution. Far from it. However, it can be the solution that gets your out from under your payments and lets you move quickly, while getting full price when the tenant/buyer cashes you out.

The tenant/buyer is a different type of buyer. Not just a serial renter, jumping from rental to rental, but a real buyer who actually wants to purchase your property, but needs more time to get their mortgage approved. Since the real estate crash, mortgage lending has gotten to be pain in the you-know-what. Hardworking families, with stable jobs and sufficient incomes, are having trouble getting through all the loops the lenders have created before they will cut a check… causing them to need more time to save up more down payment and fix any little glitches on their credit. They are working with mortgage brokers monthly to get their paperwork on board so that their loan closes.

And this market is huge. Not many people right now can by a house with cash, and those who can will rarely pay full retail price. After all, they have a big negotiating advantage. So they will wait and make multiple low ball offers until they can find a seller desperate enough to sell for pennies on the dollar. However, if you are open to selling creatively, then you have access this untapped market of actual buyers (not some hedge fund or other foreign investment trust looking to boost up their bottom line) that just want a beautiful home to live in with their families. And you can have a win-win situation in selling your house and helping these hardworking families at the same time.

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How to Probate a Will – 13 Tips on Selling Inherited Property

Selling inherited property & how to probate a will can be a pain, if you are not familiar with the steps involved in the probate process can be a pain that you do not wish to keep can be a pain if you do not understand the probate process or how to probate a will.

What Is Probate

Probate is the practice of transferring legal title to estate from someone who has passed away to that individual’s heirs or beneficiaries. The steps are managed by the legal system and can consist of paying taxes or debts that are outstanding, confirming the assets, determining if the will is valid, and settling conflicts about who will be receiving and disputes over who’s inheriting and allocating the possessions.

The official term for this course of action is testate proceedings. Take the probate process as guidelines of the proper reassignment of a dwelling.

How To Probate A Will In 7 Easy Steps

1) You’ll have to locate the will. You may find this to be a simple task or extremely difficult. The will can be any where as in folder in the bureau, a desk drawer, security box at the bank, attorney’s file in his office, secret wall home safe, a close old friends house.

2) If you are not sure if there is property involved you must find out if the person who died owned real property which is anything that is part of the ground like a house or even the land. Anything else is that is not real property is just personal property.

3) Investigate where your state probates wills. This will differ from state to state but some states have probate courts while others don’t. If you find out there’s a probate court, pay them a visit for more info. A certain percentage of states use the Circuit Court.

4) Research thoroughly the assets by the deceased individual. Immediately make arrangement to get all mail forwarded to your home so you can find out about any mortgage loans outstanding, personal vehicle payments, retirement updates and other crucial paper work. Have the mail redirected to your house so you are alerted to mortgages, car payments, retirement updates, and other important documents.

5) If the deceased individual did not specify an executor to his attorney, request the appointment of administrator. The individual who has legal responsibility to the deceased assets is the executor or administrator.

6) Call the Probate Court or Circuit Court & make an appointment in the correct location. Make sure you get together everything you have to bring the court, take the assets list and estimated values, the will and deceased death.

7) Research where to get free legal advice like from clerk at the courthouse, or a probate attorney for fee

Alerting creditors and the public

In some states, they require the personal representative to place a death notice in the newspapers. This announcement notifies the public of the decreased probated property. It gives the opportunity for others such as creditors who are interested in your estate to submit a claim. As a result, the nature of this real estate transaction becomes public record for anyone to research.

Taking Inventorying of the property

There must be a real and personal inventory taken of the property so the value can be estimated. This is required for the following reasons:

* To cover debts and distributions to beneficiaries: the residence didn’t meet the monetary obligation of the creditors and the property goes to the beneficiaries, an abatement statute occur. This means that one or more beneficiaries can get limited financial gain or none at all

* To guarantee that all property is accounted for. The personal representative is responsible for gathering and inventory the property’s assets to ensure that it’s available for dispensing at the final stages of the probate process. If the property is misplaced or not in the ownership status of the deceased at the time of their death, a redemption statute can occur. This statute can decide if assets or cash can substitute missing property belonging to the beneficiary.

How To Probate A Will

Depending in what state you live in, the process is similar, however call the probate court and start there to get familiar with your own state rules and steps to follow to be sure you are following their rules. Before this process begins, the death certificate for the deceased must be obtained. There are time restrictions on procedures which is a challenge for those with demanding lives.

If the paperwork is submitted late, there are penalties causing delays. There’s a particular order of precedence when giving the letters of administration which is as follows: the surviving spouse, children, grandchildren, father or mother of the deceased, brother or sisters and the rest who qualify.

The petitions have to be updated particularly on who’s allowed to make them in order to obtain appointment for administration. Anyone who’s attracted in the property of an individual without a valid will (intestate) or of a person claiming to be departed may petition to the court. To begin the probate proceedings, the required documentation is a must.

A misplaced or damaged will is allowed to probate if it’s proven that same will was not cancelled, the implementation of it is verified by the court, and its‘ requirements are confirmed by two trustworthy witnesses.

13 Steps To Selling Inherited Property

1. The initial step is to have the property in your name.

2. If the home is in the trust, the trustee must be contacted to transfer the title.

3. If the property isn’t in the trust, a visit to probate court is required to have this done.

4. Depending on the state, land must be sent through probate.

5. Probate Letters or Letters of Administration are needed in order for the property to be in someone’s name.

6. If a home is going through probate, it takes a few months unless someone challenges it.

7. The court’s approval is required to transfer the title from the deceased to the heir.

8. The home must be appraised and inspected professionals to assess its‘ value before being sold. You have to think of selling a home as if you’re going to a job interview, appearance is key.

9. The interior and exterior of the home has to be modified such as painting, upgrading the kitchen and bath which are the two focal points of the sale.

10. Hire a real estate representative to promote your home in newspapers, websites, and other outlets.

11. Buyers are visual so by taking photos highlighting the inside and outside of your home is ideal. Once a buyer is located and the offer is presented, review it with your realtor before making any final decisions.

12. When the final offer is accepted, the buyer will conduct their own inspection and appraisal. The buyer may request to have other things fixed.

13. The last step is to sign the titles, escrow documents, and wait for the closing date.

Insider Secret Owner Financing Strategies That Will Sell Your House Fast

If you do not know anything about seller financing, you are missing out on a very powerful tool that can help sell your fast super fast.

4 Ways You Benefit With Owner Financing

You and the buyer are in control and can set your own terms for the sale

You cut out the banks and realtors and save money on the fees

You can sell the house very fast if you decide to use this strategy

You’re the bank – sell it to buyers whom have the money and great work history but banks rejected them for a home loan

Warning:

If you do not research these insider secret owner financing strategies – and you’re interested in selling your inherited property, these insider strategies can definitely help you sell fast if you run into a problem and can t sell your house!!!

„If you wish to avoid a costly mistake, not get caught without a backup plan in case you can t sell your house, educate your self about these owner financing insider secrets… the experts don’t want you to know about!“

Taxes On Inherited Property

There may be a deduction of federal, state and/or local taxes from the estate depending on the state. In addition there’s the inheritance tax and estate tax which have different definitions. Inheritance taxes placed when there’s a transfer of possessions received before it’s given out.

The amount depends on the affiliation between the deceased and the offspring. Estate taxis applicable on how much the property is worth when the individual passes. Some states may have one, one of the other or both.

In the case of the sold inherited home, there’s a possibility of paying a capital gains tax on the differentiation between the remaining from the sale and the basis. The basis is the purchase price plus upgrades minus depreciation. Presently, the federal capital-gains tax is 15%.

The handling of the estate is a complex state of affairs. It’s important to have a lawyer manage this matter to ensure the property is distributed without any hindrance. Understanding all the rules and regulations independently can be overwhelming to someone who’s inheriting property from a loved one who passed away.

How to probate a will & selling inherited property does not have to be difficult, the information you have just read should help you get through the probate process easier and less confusion. Just make sure you look into what the probate procedures and rules are for your given state.

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Makler Heidelberg

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Selling a Home? Home Staging Tips to Help Your Artwork Sell Your Home

Home staging can turn a white elephant house into a hot property, but you have to recognize a few key concepts. One important mistake many home sellers make is forgetting that staging is not the same as interior decorating. When you stage to sell, you think of prospective buyers, not your own individual taste.

The challenge can be especially great when it comes to putting art on walls. Choosing art that you love to live with will be quite different from choosing art to sell a home.

Many home sellers just leave their own art work on the walls. If you have been living with the house awhile, you could be making a major mistake. Art that works for you personally probably won’t help sell the house.

Inappropriate or offensive – One stager who walked into a house and was confronted by a gigantic painting of the seller’s naked little boy, in ALL his glory. That’s a little extreme but prospective buyers can be sensitive.

Individualistic – Religious icons, Asian art or an African mask collection…Buyers have strong feelings either way. You may get lucky and find a buyer who loves your collection. But buyers often have trouble erasing these images from their subconscious minds.

Bland and Ho Hum – Beige on beige? Art that could be viewed in a local motel? Even a new frame might make a picture stand out a little.

Walking a fine line on art can be tricky. I spend a lot of time with my clients going over these items. They’re often surprised how much difference the art work makes.

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Makler Heidelberg

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Selling Your House Fast to Cash Property Buyers

Are you looking for the ways to sell house fast? Going by traditional method of approaching a real estate agent and listing your property in the market may take several months to sell your property. Moreover, it also means additional costs. If you are looking for guaranteed sale of your house, there are number of companies who act as the cash house buyers and offer guaranteed home purchase schemes.

How Do these Cash House Buyers Work?

These cash house buyer companies buy houses and properties by making private deals. The biggest advantage of selling house to these companies is they pay cash quickly. Though several companies buy your property without inspecting it, a few other companies may pick and choose the houses they will buy. Most of the times, the cash house buyers offer a quick purchase to the house seller and they offer to complete the buying process in a week or so. In addition, some property buyers may offer sell and rent back scheme. In this scheme, the company purchases the house and allows the home owner to continue living in it as a tenant.

Main Advantages of Using Cash Property Buyers

Selling home in the open market can take longer which can be problem to many people who have immediate cash requirement. The most important advantage of selling home to a cash house buyer company is the speed. These companies apply a sympathetic approach to your requirement and push the house sale really quickly. The purchase is made on cash payment basis and there is no chain.

Several house buyer companies also offer good incentive as part of the cash house purchase deal. For instance, they may offer free legal fees involved in the process. In addition, the home sellers can also save more money as they do not have to pay for a Home Information pack. As this will be a private sale, they need not market their property in the open market. Sometimes, home sellers may opt to live back in their homes even after the sale as these companies may allow them to stay there for a period as the tenants.

Calling cash house buyers can be a good option if you want to sell house fast. There are no hassles involved in selling your house using cash house buyers.

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Why Each Home Owner Needs A Property Tax Doctor

Because each home owner who protest their assessments, with a knowledge of how the property tax assessment system works, often receive $500 to $1000 tax savings, if not more annually on their property tax bill. Simply stated the property tax bill is calculated by multiplying the homeowner’s assessment times the local property tax rate and subtracting any tax deductions for which the individual home owner is eligible.

The property tax doctor can show you how to lower your assessment and thereby reduced your property tax bill! The property tax doctor is a former tax assessor who knows first hand how difficult it is for the average person to penetrate the tax assessor’s bureaucratic jungle comprised of arcane terms and practices. No government document does this for the home owner.

Just like going to a medical doctor’s office the first thing that you need to do is to gather the necessary information with which to do the paperwork. The primary sources for that information is the homeowner’s property record card obtained at the assessor’s office and comparable home sales. Most homeowners armed with one or both of these information items get their assessment reduced the majority of the time without going beyond their local tax assessor’s office.

Just as you ask your medical doctor informed questions to get some pain relief, so also you must ask your tax assessor (with the help of the property tax doctor) some informed questions in order to win some property tax relief. The best advice the property tax doctor can offer is to go to your local tax assessor’s office and check your property record card for mistakes of fact! Clerical errors and plain mistakes do occur during the valuation process. Here is a partial list of common mistakes you should check up on.

1. The dimensions of your home or the dimensions of your land are wrong.

2. Failure to note depreciation on adverse-onsite conditions or no depreciation or minimal deprecation shown for an older home.

3. The dimensions of your land are wrong.

4. Check all computations, whether or not you understand where the factors came from.

5. Failure to note depreciating off-site influences — a factory or landfill producing toxic fumes.

6. The quality of improvements are wrong — you have a stone not a macadam driveway, or — you have the low priced whirlpool tub not the big name expensive whirlpool tub.

7 Finished areas are listed incorrectly — basement is shown as finished and it is not.

8. The age of the home is listed incorrectly or the number of stories is wrong.

My father would not let the local tax assessor, who was also his best friend, go past the kitchen table at our farmhouse. My father was afraid he would see certain interior home improvements and he would increase our assessment. My father mistakenly believed that improvements he had made inside the farmhouse like a new bathroom sink, plaster repairs, wallpapering, new ceilings, new light fixtures would add to our assessed value. Likewise he put off making outside repairs until after the next revaluation because of fear of an increased assessment. Surprisingly, he was wrong. Outside repairs like roof replacement, repairing masonry, repair of porch, steps, stairs, etc. do not increase the homeowner’s assessment. Neither does replacing garage doors, or sheds, sidewalks, etc

Often establishing the proper combined property value for your home and the land under it is the key to your property tax appeal. To win your appeal the homeowner must establish his or her property’s value at a level lower than the one the assessor used.

To establish market value the homeowner can go to the web site http://www.zillow.com to get a rough estimate of the value of his home. The site uses some basic variables like square footage, number of baths, acreage and number of bedrooms to calculate a market value for the home based on a formula that is driven by other home sales in the neighborhood. Where zillow has the sales data this is a good first step to see if your home is assessed way too high.

In years after the revaluation year the homeowner should find out what the assessment to sales ratio for his or her taxing district is in New Jersey. This ratio is announced each year and is available from the local tax assessor’s office. It represents the average at which the assessed value for all properties that sold in the past year was compared to their sales value in the municipality. Why is it important? It may provides a key factor in proving that you have received an unequal assessment and are entitled to file a discrimination challenge to your property assessment to win a tax reduction.

An unequal assessment is one made at a higher proportion of market value than an average of the other parcels on the roll. A year or so after a revaluation housing inflation often makes the assessment your tax assessor placed on your home look low compared to sales prices of comparable sold homes in your neighborhood. But watch out!

A low assessment to sale ratio in a municipality can fool some taxpayers into thinking that they are being assessed below market value and are therefore getting a break. However, if all assessments are set below market value then the tax rate must be increased in order to collect the necessary amount of tax revenue. The same amount of tax is collected, but the taxpayers are fooled into thinking they’ve gotten a break and do not search for malassessments.

Now, do not forget that the assessment to sales ratio (or common level ratio) is a key factor in getting you property tax relief. Let me explain. An important test for fairness of your assessment is not just its relationship to market value. It is also whether or not it is fair in relation to assessments on other properties in your town. For example, if you have a home with a market value of $800,000, but it is assessed at $600,000, you may think you are getting off cheaply. However, if your neighbor’s house which is comparable to yours is assessed at only $200,000, you are paying three times as much real property tax as you should!

When your property is under appeal the County Board of Taxation can adjust your home’s value to the common level. The taxpayer should know the average ratio in the municipality where the property under appeal is located before filing a tax appeal. Remember the ratio changes annually on October 1, for use in the subsequent tax year. Also, remember this adjustment to the common level is not used in the year of revaluation or reassessment when all properties have been brought to 100% of market value.

Once the County Tax Board determines the true market value of a property they are required to automatically compare that true market value to its assessment value. If the ratio of the assessment to the true value exceeds the average ratio by 15%, then the assessment is automatically reduced to the common level. The homeowner gets his property tax relief. But watch out! If the assessment to true value ratio falls below the common level, the County Tax Board is obligated to increase the assessment to the common level. The homeowner would then get his property tax increased. If the assessment falls within the common level range no adjustment is made.

Each year on October 1 of the pre-tax year the assessor establishes a value for each of the properties in the municipality for the following tax year. The annual assessment value is considered tentative during the period of public inspection of the new tax list from January 1 to January 10th. The purposes of the inspection period is to enable the taxpayer to ascertain what assessments have been made against him or her and to confer informally with the assessor as to the correctness of the assessments.

At this point your approach can be informal and will not require a formal, written appeal. Taxpayers have an opportunity only once each year to file a formal property tax appeal. Get your tax form for property tax appeal purposes from your County Board of Taxation web site. Generally, it must be received by the County Board of Taxation on or before April 1 of the tax year. If the taxpayer misses the deadline for filing a formal appeal the taxpayer must wait until the following year to make a challenge for any tax relief.

The Property Tax Doctor can help the average homeowner win his rightful property tax relief. Under the common level adjustment, described above, the New Jersey’s statutory standard for an acceptable property tax assessment margin of error in its calculation is 15%. In New Jersey where the average homeowner in 2006 paid about $5,000 per year in property taxes that amounts to an acceptable error of $750 in the propertytax bill. If we administered our Federal Tax bill with that 15% margin of error we would have a taxpayer revolt.

Gerald Dowgin © 2006

Immobilienmakler Heidelberg

Makler Heidelberg

Immobilienmakler Heidelberg
Der Immoblienmakler für Heidelberg Mannheim und Karlsruhe
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Are Zero-Day Inspections Deal Killers in REO Investing?

Usually a buyer of real estate had the seller give him an inspection period in which the buyer will have the property inspected by a professional to see if there is anything the buyer missed. These inspections are very inexpensive insurance for the buyer and should always be done when buying a personal residence. For investors, the inspections are equally important but often investors do these themselves.

An increasing trend in REO (bank-owned) properties is for the addendum that comes back from the asset manager or the realtor, to have a short inspection period. The usual inspection period for REO varies by the area of the country where the Reo is located. In some very distressed areas, it is not uncommon for 15 – 20 day inspection periods. In active markets, the inspection periods are usually 5 to 10 days.

The inspection period is very important to investors because this allows them to market the property to his buyers list and re-sell the property at a profit. If the only advertising medium that sold REOs was the MLS, many would go unsold as the average investor doesn’t have access to the MLS and the best buys are the REOs that are not sold in the first 30+ days on the market (DOMs). So investors put the properties under contract, provide proof of funds or letter of credit and make a deposit to the closing agent chosen by the asset manager or the realtor.

However, the REO brokers and agents may have trouble closing these deals because the investor put it under contract at too high a price. He now knows this because he can’t resell it to another investor who will rehab or keep it as a rental. Therefore, the investor uses the inspection period to get out of the contract and get his money back. This usually infuriates the realtors as they have to re-market the property all over again. If this happens too often the realtor will not only lose this listing but may lose the asset manager (bank) as a client.

A trend in REO contracting is happening that gives the buyer a zero day inspection. This means that as soon as the buyer signs the contract he can no longer get out by using the inspection period as a legal loophole. We are even seeing the realtors‘ addendums say zero day inspection while the asset managers‘ addendums allow 5 days. Obviously, this is a realtor lead movement because the outcome is detrimental to the final sale price of the property. These investors who are returning the properties are doing so because the price they paid was too high. The result is the asset manager has to drop his price to attract more buyers.

While a small group of investors are wholesalers who use the inspection period to abandon an offer, the vast majority of investors do not and these are the end-buyers who should be bidding on the properties. Because of this onerous requirement of zero-day inspection, the inexperienced investors are paying more money to the seasoned investors, often for the same properties. This profit differential could be going to the asset managers‘ accounts but they may not even know this anomaly is happening as their only input is the listing realtor.

In summary, in an attempt to have fewer failed deals, realtors have tightened the requirement of the inspection period and often the amount of the deposit. Most REO deposits are in the range of $500 to $1,000, but some realtors are requiring the greater of 10% or $5,000. The net result is fewer bidders willing to buy the properties and further price declines when the properties are finally sold.

Immobilienmakler Heidelberg

Makler Heidelberg

Immobilienmakler Heidelberg
Der Immoblienmakler für Heidelberg Mannheim und Karlsruhe
Wir verkaufen für Verkäufer zu 100% kostenfrei
Schnell, zuverlässig und kompetent

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