Analysts across the board agree that the dismal downward spiral of the United States housing market finally reached bottom in early 2012. Since then, average home prices have risen nearly 8 percent, according to Forbes Magazine. While the housing market has irrevocably changed since the recession, the general consensus is that it’s now turned a corner and the path to a full recovery is ahead. But some economic researchers have concerns about the recovery and whether it’s built to last. To accurately forecast the future of the market, it’s important to take a look at the factors influencing the boom. Is 2013 the right time to buy? Are prices going to climb higher or is the housing market still in jeopardy?

1. A Boom Generated by Investors

The low interest rates and rock-bottom prices generated by the recession made the housing market prime territory for investors looking to buy rental property or foreclosure homes they can fix up and sell. The recession has even led to inexperienced investors taking the plunge for the first time, similar to what happens in a stock market bubble. When a growing demand drives up the prices, the boom can’t last, especially because there may not be as many renters to fill these rental properties as investors hoped for. It’s inevitable that prices in hot markets will slow, and investors could see less of a return. That’s not necessarily a cause for panic, because smart investors will focus on the areas where people are renting and properties where long-term value will increase. But it still means the country has to focus on helping renters become buyers again.

2. Is the Economy Strong Enough?

These days, concern for the housing market is more and more linked to concern about the influences of the economy in general. Housing has proven it can rebound strongly, but job numbers and spending cuts threaten to drag it down. The sequestration could hit homeowners hard, and job numbers have not yet recovered in the same way that housing prices have. The good news is that mortgage rates remain low, about 3.5 percent for now, so it’s still a good time to buy a home if you can afford to. There are still many great deals to be had, especially in the most thriving areas of the country. And if the slowing rate of price increases does level off, it could be a good thing. Research firm Clear Capital expects only around 2 percent in price growth this year, so homeowners are less likely to get outbid by investors or find themselves overwhelmed by their mortgage payments.

3. Buying a Home in 2013

Yes, there are risks and disadvantages the housing market must overcome, but for many, 2013 is becoming an ideal time to purchase their first home. The Wall Street Journal reports that the number of homes for sale fell to a 13-year low in January 2013, leading to a very normal and healthy level of competition in the real estate market. And yet prices remain at 30 percent below their peak. The reason there are so few houses is because many homeowners are still underwater and owe more than their home is worth, plus the banks are taking longer to foreclose than in the past. When these houses finally do reach the market, competition will die down while prices stay low, which is what analysts are afraid of. But for now, buyers can take advantage of the renewed frenzy by learning to compete.

The changing face of the housing market should end up benefiting buyers, whether the recovery continues smoothly or hits a few bumps along the way. Buying property should always be treated as an investment, and if you invest wisely now, you could come out a winner once the economy finally makes it up the mountain.

Writer Robin Knight is an avid blogger and writer. Interested in investing in Florida real estate? Look into homes for sale in orlando.

Author information

melanie

Guest post outlining some of the considerations when hiring an experienced conveyancer in the UK.

Do you know what conveyancing is? If you’ve ever bought or sold a property or piece of land, then you should do. Conveyancing refers to the process by which documents pertaining to the sale of property are exchanged. It covers all the legal aspects of exchanging such documents, from their drafting to the time they are signed and handed over. As such, it’s an important part of any property sale, and one which any potential or current homeowner should be aware of.

Despite this process being an integral part of any property sale, many people don’t fully understand what conveyancing entails. So here’s a comprehensive breakdown of the conveyancing process, which should help you when you next decide to buy or sell a property.

After the Offer of Purchase

Conveyancing begins as soon as an offer of purchase has been accepted. At this point, or even sooner, you should get in touch with, and hire the services of, an experienced conveyancer of the sort provided by Conveyancing Direct. Your conveyancer will immediately get to work by sending agreement letters to all parties, inspecting the property to determine if any specialist reports are required, and making sure that all relevant documents are completed and handed over to their client’s solicitor.

Preparing the Contracts

After the deeds have been applied for, your conveyancer will help to prepare all of the necessary contracts and other paperwork which will be required to support the exchange of property. If, at this point, any queries are raised by either the buyer, seller, or their solicitors, your conveyancer will assist to ensure these queries are resolved. Once they are prepared, the contracts will need to be reviewed by both parties’ solicitors.

Receiving and Signing the Contracts

Once the contracts have been sent to the solicitors, both buyer and seller will need to sign the contracts and return them. Your conveyancer will at this point be working hard to ensure that all documents are signed and returned by a pre-agreed date, and that all agreements have been met well in advance of the completion date.

Exchanging the Contracts

The exchange of contracts will mark the completion of the property transfer. As such, this is a vital point in the property selling process, and one which will need to be handled with care. Your conveyancer will collate all of the figures, prepare a completion statement and forward this to all parties to be signed off on. The deposit will be transferred and funds applied for from the buyer’s lender, and the balance of the property will finally be paid off in full. Your conveyancer will remain at your side during this time, to make sure that all parties are happy with the agreements and transfers.

The Importance of Finding a Great Conveyancer

As you can see from above, the role of a conveyancer in the property transfer process is a vital and active one. This is why finding a great conveyancer is a must; to ensure that the sale goes off without a hitch and that all legal aspects of transferring contracts and property deeds are adhered to.

Author information

PropertyBlawg

Property Law Blogger at PropertyBlawg

Property Blawg is a guest property law blog covering property law in the UK and beyond. Register and submit posts for free. Powered by YouBlawg.

TwitterFacebookGoogle+LinkedIn

(U. S. Property Law and generally) Distressed homeowners facing foreclosure should be aware that there is a way to stop foreclosure, restructure debt, and regain control of your finances. No, it is not a get-rich-quick scheme, it is called reorganizational bankruptcy. More commonly known as Chapter 13 bankruptcy, this type of legal filing allows home owners to save their homes, even if the foreclosure process has been started. Following are several reasons for taking this path, and also some differences in the 2 major types of bankruptcy:

• Chapter 13 bankruptcy will allow the distressed home owner to stop foreclosure on their home. Through the approval of the Court, the home owner can salvage their mortgage by entering into a Court approved debt repayment plan.
• One of the best benefits of using Chapter 13 bankruptcy to save a home is that the home owner, at the same time, can have many of their unsecured debts forgiven by the Court. The Court will review a repayment plan that places the most essential bills first on the repayment list. This will include mortgage payments, tax obligations, child or spousal support, student loans, and a single car payment for a non-luxury automobile
• After all the necessities are met, the Court will then allow the unsecured and non-essential debts to be paid. If there is not enough income to cover these debts, the court will dissolve them to allow the home owner to keep their property.
• Additionally, Chapter 13 bankruptcy will also allow the home owner to incorporate any past due payments of their mortgage into their repayment plan. This satisfies the lender and allows the home owner to remain in their home during the repayment period.
• The applicant must commit to a repayment plan that spans 18 to 60 months. During this period the petitioner must make all payments to the Court to have distributed to their creditors. Once this repayment plan is satisfied, the home owner will be discharged from their obligations to the Court and will have a home that is current and free from the foreclosure process.

How a Chapter 13 Differs from a Chapter 7  

Chapter 13 bankruptcy should not be confused with Chapter 7 cases, or absolute bankruptcy. Chapter 7 bankruptcy consists of the petitioner asking for total debt forgiveness. During this process, all assets must be sold to satisfy creditors. This includes any home, car or personal belonging that has any value.

Chapter 7 will not restructure any debt, including debts that cannot be claimed, such as back tax debts and student loans. A person should only opt for this type of bankruptcy protection as a final option.

Home owners may find themselves facing foreclosure for a variety of reasons. Life can place someone is a bad situation regardless of planning or desire. These distressed home owners, however, do not have to face losing their home. They can file for Chapter 13 bankruptcy protection and save their home, restructure their debts, and regain control of their finances.

Author Catherine Stephens is a small business consultant and offers this article for using bankruptcy as an alternative to foreclosure. DebtPayPro offers highly specialized bankruptcy case management software to help manage the intensive workflow and document tracking that is inherent in this field. Its unique CRM platform manages the whole process from beginning to end, providing a smoother servicing experience.

Author information

MollyH

The Family Pool and Neighborhood Kids – What are My Liabilities?

Most people, in their younger years, dreamed of growing up to own a home with a swimming pool. Luckily, with several types of pools, both above and in-ground, now on the market, having a pool is more financially feasible than ever. Unfortunately, having this nice little status symbol can create a few liability risks, especially when it comes to children. This is why it’s important to understand pool safety and how to implement it.

Pool Accident Statistics

Recent statistics related to swimming pool accidents show just how big of a danger pools pose to children. In the United States, 30 percent of all unintentional deaths that occur to children between the ages of 1 and 4 are due to drowning. Of these deaths, the majority occur in residential swimming pools.

An even scarier statistic is the fact that 77 percent of children who drown are only missing for 5 minutes or less before the accident is discovered. Sadly it only takes a moment of inattention for a tragedy to happen. It’s also important to realize that these accidents don’t only occur with in-ground pools. Portable pools account for 11 percent of all private pool drownings.

Pool Safety Tips

You can avoid having a tragedy occur in your home’s swimming pool by just paying heed to these simple measures. Do them and save a life.

1. Block it: Pool fencing can greatly reduce a child’s chance of drowning in your pool.

2. Supervise it: All children—yours and visiting children—should always be supervised by a responsible adult who can swim. Don’t let an unguarded moment result in a tragedy at your home.

3. Cover it: Invest in a sturdy pool cover that encompasses your entire pool. No area should be partially open.

4. Bar it: It might be difficult, but just say “No!” to children who cannot swim.  Never allow children who cannot swim near your swimming pool.

Where Liability Lies

If you’re a homeowner and you’ve decided to install a pool, make sure your homeowner’s insurance will cover you in the event of an accident.  The insurance industry calls swimming pools “attractive nuisances.” This is a clever way of acknowledging that the mere existence of a pool will draw children like a magnet.

Any homeowner who has an attractive nuisance, such as a pool, must take steps to dissuade children from accessing the area. If they don’t, they will likely be held liable if a child is injured or worse in or around their pool. According to a personal injury attorney Atlanta residents trust, “The liable party must pay damages for injuries arising out of her tortious conduct, including the plaintiff’s medical bills, lost wages, and other economic damage.”

Investing in child-proof fencing and a sturdy pool cover, mandating strict supervision at a child’s pool party, and learning to administer CPR can minimize liability, and prevent tragedies from happening altogether. Clearly preventing a calamity is preferable to reacting to one.

A private swimming pool can be a luxury you and your neighbors can enjoy all summer long. Just be sure to invest the time and money in the proper installation of safety equipment and insurance coverage to ensure that a good time is had by all.

Author and amateur swimmer LaGeris Underwood Bell offers this article to private swimming pool aficionados who want to play it safe. A personal injury attorney Atlanta residents and homeowners can depend upon should the need arise can be found at the law offices of Stokes & Kopitsky, P.A.. They have a proven track record of assisting personal injury victims by helping them recover damages for medical expenses, lost income, and disability benefits.

Photo credit: http://www.flickr.com/photos/sackerman519/6614513501/

Author information

LAGERIS BELL

Enforcement notices are issued for a variety of reasons in the UK – and for almost any scale of development from small domestic to large corporate schemes. As the name suggests, they are forceful actions taken upon an individual or company for anything ranging from breaches in planning permission to carrying out work without prior notification.

Enforcement notices aim to take the most appropriate course of action with regards to resolving disputes or breaches of legislation. They aim to control development – with an emphasis on maintaining a planning balance within the locality in question. As defined in the Town and Country Act 1990, a lack of planning control is defined as:

‘The carrying out of a development without the required planning permission, or failing to comply with any condition or limitation subject to which planning permission has been granted’.

With a lack of planning control within a region, enforcement notices can be introduced for a number of reasons relating to change of use, unlawful development, unauthorised works to existing buildings or even the demolition of certain structures. By UK law, anyone can make a complaint about planning permission and raise an objection – however often it is required that those who submit an objection need to reveal their identities in order for the notice to be fully investigated.

Investigating an objection before issuing an enforcement notice is a complex process, however there are some simple things to remember when it comes to what is and what isn’t taken into consideration. Personal objections to individual characters are not accepted, and there are set and defined ideas as to how harmful certain planning applications are to the local community – what one person feels is not necessarily representative of community feeling…planning decisions will be made on the basis of how it affects the locality as a whole.

Once you have reported an objection to planning permission, it is likely that you’ll receive a confirmation of receipt from your local council. Within a certain time frame (usually within a month) the offending party will be asked to amend their development – either by filing retrospective planning permission or ceasing their unauthorised work.

If you are the one being authorised an enforcement notice, you will normally be given details of the breach, the reason for the complaint and what needs to be done to comply with the council’s request. You will also be given a time-frame in which to carry out the rules of the notice.

Although thousands of enforcement notices are issued by local councils in the UK every year, they are still seen a last resort if the offending party has not carried out preliminary requests from the authorities. KSLaw are a solicitors in Kent who deal with a variety of issues surrounding enforcement notices, and will be able to give you their expert and professional advice on your planning issue.

Author information

JacobLittleDigirank

Twitter

If you are currently in the market to purchase a new home, it is important that you make sure that you educate yourself about the entire process. After all, unless you have a firm understanding of how real estate works, it is very likely that you will end up spending more than necessary. Fortunately, there have been millions of real estate purchases made in the past, and you have the option of learning exactly what to look for by discussing previous experiences with other home buyers.

Important Steps to Take before You Make an Offer

1. Consult With Your Real Estate Agent – If you are looking for a home without a Realtor, you should definitely find one immediately. Even though it is possible to locate homes on your own using the Internet, you will not have access to all of the available options in your target market, and you will also lose the legal advantage that accompanies working with a real estate agent. After all, they will have a firm understanding of exactly what the contract should say, and they can also help you negotiate terms. Without a Realtor, you are probably going to end up spending more money.

2. Seek the Advice of an Attorney – When legal issues come up that your agent can’t handle, you are going to need the help of an experienced attorney. Experienced Realtors are fully capable of handling negotiations and standard contracts but there are some legal issues they are not qualified to handle. In the current real estate market, many properties have tenants, foreclosure issues, and other potential legal problems that should be addressed by a qualified legal professional.

3. Carefully Review the Market – Regardless of how much money you have available, it is important to do an analysis of the local market to ensure that you are not going to overpay for the home. For example, if you are relocating to the Washington DC are and are looking at Alexandria real estate where comparable properties typically sells for $400,000, it does not make any sense to offer $450,000.

4. Get Pre-Approval for a Mortgage – Many sellers will not even accept your bid without mortgage pre-approval. Therefore, you should always take the time to get pre-approved for a mortgage before you move forward with your intentions to locate and purchase a home. Another perk of getting approved in advance is that you will have a much better idea how much money you will be able to spend.

5. Observe the Neighborhood – Everyone has an ideal scenario for the neighborhood that they will live in. Although your neighbors are free to sell their home at any time, it is still important to make sure that you like the current makeup of the neighborhood. In other words, if you want to live in an active community that participates in neighborhood watches and hosts an annual block-wide garage sale, you will need to do some research before you make an offer.

6. Find out the History of the Home – If it has been sitting on the market for a long time or has had any serious issues in the past, you should consider either skipping it or reducing your offer.

The process of buying a home can take a long time, but it does not need to be stressful. By working with an experienced real estate professional and utilizing the tips listed above, you can easily get the best possible deal in your price range.

Legal researcher Shelby Warden has been involved in hundreds of real estate transactions and shares this information to help those who are contemplating a new real estate purchase. Just outside of DC, the Alexandria real estate market continues to flourish, ranking among the most expensive in the country. Movoto uses insider real estate statistics to recruit the most active and experienced agents in the area for their clients.

Author information

ShelbyW

You’re tired of renting and desire a home to call your own. Luckily, it’s a buyer’s market; renters are itching to cross the thresholds of their newly-purchased homes while prices remain reasonable. However, just because a home’s price tag is economical, it does not mean it’s realistic to assume there’s nothing more to mind.

New owners, those without prior experience or people to guide them along in an efficient manner, beware. Recognize other concerns related to purchasing a new home as well as associated legal parameters.

Title Insurance

Title insurance, and associated fees, may seem like more costs atop an accumulating pile. Paying associated fees to purchasing purchase a home is to be expected, but what is not so apparent is the legal implications of the insurance. What do you know about the previous owner and all money matters associated to the property dating back to its commercial estate?

Title insurance ensures the new owner is free of financial responsibilities and liens associated with previous owners or events aligned with the property. Title insurance coverage encompasses proper representation and impending expenses required to settle an open issue. The title insurance is a one-time fee, designating a clear transfer from prior to new owner. Liens must be recorded in public records; so, its best practice to research your property’s history before purchase.

Appraisal

An appraisal is like getting a bunch of artists in a room and having them weigh the aesthetic value of a work, using a 1-10 rating system; it’s not entirely objective. Therefore, ensure your lender is charging you, the buyer, for only one appraisal. Furthermore, ensure that the appraisal properly reflects the actual value of the home, rather than the price the lender desires.

In worst case scenarios, buyers are charged for multiple appraisals and settle on a much higher price than a home is actually worth on the turnaround market. Legally guard yourself from worst-case scenarios by hiring legal counsel or someone who can clearly demonstrate the appraisal properly reflects the home’s value.

Truth-in-Lending Disclosure

Centuries ago, seamen used the stars to guide vessels through the waters; the truth-in-lending disclosure is similar; it guides buyers through agreed terms of the home’s mortgage. The document describes the exact amount of the loaned monies, the APR, the number of expected payments and the rate of each, the terms of the loan (fixed/variable), and other pertinent information.

This document is incredibly important and should be read by legal counsel. The property for sale is associated to a number of agreements and fixed or changing rates; it is best for new owners to allow counselors illuminate financial realities and to-be legally-binding contracts once signed.

Loan Application

Errors on a grocery list are excusable; getting grapes rather than grain isn’t a huge mistake. However, errors on a loan application can spell disaster. Sometimes, to-be owners don’t see the final version of the application until the day of close. Amid excitement and cumbersome paper demands, errors on an application may be overlooked, later influencing a legally-binding agreement.

It’s advised to have counsel present during the day of close, or ensure your lawyer reviews the terms of the application in its final version.

Author information

Tom Schooley

Tom Schooley has extensive experience as a property consultant. His articles mainly appear on real estate and property blogs.

Transferring title of property from a decedent to an heir is a legal process called probate.  If you want to begin the probate procedures, the heir must file probate pleadings with the appropriate court.  Follow these steps to file probate in the state of Florida.

• Send in the will and certificate of death to the clerk of courts.  Ensure that it is the original will and not a copy.  The death certificate should be a certified copy as well.
• Figure out the value of the probate estate.  Calculate the market value of the property, which is the amount of money that a buyer would pay and a seller would accept.
• The primary residence is exempted from the value of the probate estate, along with any jointly held property.  Jointly held property will just pass onto the surviving owner.
• Beneficiaries that pay on death are also exempt from the probate value of the estate.  Life insurance and retirement accounts which pay a beneficiary at the death of the title holder are exempt as well.
• Choose what type of administration you will need to probate.  There are three types of administration in Florida: formal, summary, and disposition without administration.
  • Formal administration involves the courts and requires that a licensed Florida attorney represent you, as the court will be monitoring the probate procedure.
  • Summary administration occurs when the value of the estate is less than $75,000.  The debts must be paid and any creditors have to be consulted.
  • Disposition without administration occurs when the value of property is less than $6,000.
• The person that steps forward to file probate with the courts should also be the representative of the estate as well.
• If there is a will, the personal representative or executor is probably chosen already.
• In the absence of a will, or if the named executor is not willing to probate, a representative should be chosen.  Usually a surviving spouse has the right to serve.
• In situations where there is no spouse or the spouse doesn’t want to be the executor, a party should be chosen and voted on by the heirs.  This chosen person should be a citizen of Florida.
• Should there be a disagreement or no consensus as to who the executor should be, the court will appoint someone after a hearing.
• You should file the probate at the deceased’s county or the county where the property is in.
• Prepare and file pleadings with the court.  Your Florida probate lawyer will be able to prepare the necessary fillings and keep you notified.
• If you do not have an attorney, you will need to check the County Clerk’s Office website to get the proper forms, instructions and other information.
• Make additional copies of all documents before filing.
• Once you have filed, contact all parties.

Filing Probate in Florida

Filing probate can be a time consuming process, so be prepared for paper work and waiting.  If your paperwork and pleadings are in order, the executor is arranged, and the estate value has been ascertained, you will be set.

Author information

Jessica Velasco

Jessica Velasco works for a Clearwater probate attorney at Smitherman Law, 600 Bypass Dr #106, Clearwater, FL 33764, 727-466-1456 http://theclearwaterattorney.com

(Guest post from the US) Selling a home is a big deal. Huge. Sellers are usually assumed to be the ones taking huge risks on the purchase, but they actually take a fair amount of risk in selling. Not all buyers are what they appear to be. Sometimes, a buyer will make unreasonable demands or will demand something that they don’t actually need. This causes you to drop the price lower than what you had hoped for which can impact your financial plans after the sale. Here’s how to protect yourself from a bad home sale:

Get Pre-Approval From The Buyer

Don’t take the buyer’s word for it that he’s going to buy. Ask for proof of pre-approval. Many buyers still don’t get it. They need to be approved by a bank before they can buy a home. What usually happens is that they receive a pre-qualification for a loan and think that they have a guaranteed loan offer.

You want to know exactly what the buyer has. A pre-approval means the bank is ready to loan money to the buyer. A pre-qualification simply means that the bank has done a cursory review of the borrower’s finances and discusses financial goals with the borrower. A simple analysis of the borrower’s income and debts, as well as assets, is done. No formal loan application is filled out though – which means there’s no actual loan guarantee or commitment on the part of the bank.

Where the problems comes in is if you agree to sell the home to the buyer without a pre-approval or some kind of loan commitment from the bank. Signing a contract with the buyer without funds means that you must turn away other buyers – buyers with money.

Don’t Ignore The First Offer

Real estate agents have seen it time and time again: sellers turn away the first buyer in the hopes that future offers will be better. It’s a pipe dream. Usually, the first offer is the best one you’re going to get, and there’s a very good reason for that. The first buyer tends to be the most motivated. When you list your home, especially if you promote it in the local paper or through a real estate agent who does any kind of advertising, it gets seen by a fair number of people.

A lot of folks will just sit on the listing and think about it. They may be casually shopping for a home or they may have other homes that they’re more interested in. The one who makes the first offer on your home probably has it at the top of his list of preferred homes (hence the reason he’s contacting you before anyone else). Don’t make the mistake of passing up the offer, hoping that the grass might be greener on the other side of the fence. It’s usually not.

Don’t Agree To Unreasonable Buyer Credits

Sometimes, buyers will make a contingent offer or they will ask for credits after a home inspection. They want a fence painted, or wallpaper taken down, or something fixed before they agree to buy your home. Maybe there’s something legitimately wrong with the house – like a failing HVAC unit. Before offering buyer credits, consider the real cost of fixing any legitimate problems. Then, weigh this carefully against the offer they are making.

If the credit equals more than a 6 to 9 percent discount in the price of your home, and there’s nothing seriously wrong with the house, you’ve suddenly become the victim of a low-baller of the worst kind. If you can fix a finicky furnace, or leaky pipes, or a porch with some dry rot for a few hundred dollars (or even a few thousand dollars), it might make sense compared to a credit of $1,000, $5,000, $10,000 or more on the home.

Author information

sarah.gregory

Sarah Gregory is a real estate consultant with a penchant for private sales. Her articles mainly appear on home owner blogs where she enjoys sharing her insights.

The government are changing the bill for extending permitted development rights as many Tories voted against the plans. The bill to make it easier for people to add extensions to their home has caused controversy so is being revised.

The Secretary of State for Communities and Local Government, Eric Pickles is looking to extend permitted development rights. If the bill is passed then terraced and semi-detached houses will be aloud to extend up to six metres and detached houses eight metres without planning permission.

There are arguments against this bill as it will take away neighbours rights to object if the extension is intrusive for them as well as the potential to turn gardens into concrete.

The bill was shown in the House of Lords and it was agreed that there would be an amendments allowing councils to opt out of the policy.

But on April 16^th Eric Pickles requested to overturn the amendment as he said, “would introduce a wholly new principle, allowing local planning authorities to view the changes as completely optional, which would constitute a significant extension of state power over private property rights.”

After the bill was passed Mr Pickles announced a revised approach, which is in the hands of the Lords to make a decision, and this comes after the realisation that there may be many neighbour disputes if the bill is aloud to go ahead.

Leanne is a digital marketer researching conveyancing solicitors Kent and property law.

Author information

Leannereflect