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Joint Property Ownership

Real estate experts who have witnessed and analysed these situations liken the experience to couples who do not have a prenuptial agreement in place before marriage. The situation where everyone’s okay until some money is involved and everything changes. Co-ownership offers an excellent opportunity for people to dip their toes into the property market, as long as both parties understand the implications of the plethora of scenarios that may unfold and are ultimately on the same page.

ME Bank recently conducted a survey that showed joint property ownership is generally favoured by the younger generations of first-home buyers. According to the survey, a remarkable 12 percent of these buyers have made joint purchases with family members, another 14 percent with parents, and another 4 percent with friends.

General Manager Luke Easton of lending products at ME bank said the trend is growing, as more and more young people are looking at joint property ownership as an effective strategy to get into the property market.

Setting the Ground Rules

Real estate and property experts recommend that ground rules should be firmly set prior to making any big decision. This includes having an all-out discussion up

Professional About Property

Make sure the property inspection service has the right training and procedures in place to be in compliance with the standards in place by the law. They can change over time, and it is up to the entity to be able to stay on top of them. If they are a great service provider, they will continue to learn all they can about this type of industry.

They should be ethical in the services they provide. As a property inspection service, they should be unbiased and share detailed information on their findings. They should be independent from any type of lending company or real estate business out there. It is a good idea to learn what you can about them and how they started the business, when they started it, and overall reputation.

Contact the property inspection service to find out about what they can deliver to you. There may be specific types of services you are interested in for a given piece of property. Perhaps you are selling and you want to get insight about anything that may need to be modified before it will be pass an inspection when an offer is made.

Property Portal Offer

Our country is a “Smartphone market as more than 50% searches happen on the smartphone”. Property portals too have taken a cue and they are customizing the mobile sites after considering the requirements of mobile users. This has helped smalls tier 2 cities real estate market. Real estate in Raipur too has hugely benefited as people who do not know anything about the city can known easily search and refine properties according to their preference.

With property portal not only can one access the property rate in Raipur and prospects of flats for rent but they can also shortlist properties and contact the seller online. Prople can also look and searcj for properties are looking at the available facilities lie Schools, ATM, Health care centers, Malls, Train/Metro, Bus stations, entertainment centers, parks, etc. Easy user interface, minimum typing and easy swipes coupled with latest technology is revolutionizing the online real estate world and they way people do property transactions.

Information of Short Sales

Acceptance of Short Sale Offer

Many people believe that their short sale offer will be accepted only if the contract price is close to the outstanding balance of their mortgage. However, it is not true, the lenders have a good idea about the market value of your property and if you are offering anywhere near to that price then they will consider the offer.

Which is Better Foreclosure or Short Sale?

Many people feel that foreclosure is better than short sale as it will save time. While a short sale is a little harder it’s actually easier on you in terms of your credit report and you can live in the house while it’s ongoing.

Will be hit with Taxes

Many people keep themselves away from short sales fearing 1099C tax form as they feel it would be more burden on them. However, one should understand that if you have get approved for a short sale then it means there would be some amount that bank has forgiven and that amount is reported to the IRS on a 1099C. There are many exceptions to paying tax on this amount and so an accountant

Use Seller Financing

1. Minimal down-payment

Any other form of financing would require a percentage of the cost as a down payment. If the buyer can’t pay a large down payment, seller financing allows them to buy a house they otherwise couldn’t afford. The down-payment still does what it needs to do – it gives the seller some money upfront, and it ensures the agreement between the two parties.

2. Customizable monthly payments

Based on the down-payment, the buyer and seller can come to their own terms on the monthly payment. Since the seller is acting as the bank, the mortgage can be on terms the buyer and seller are okay with.

3. Purchase doesn’t affect your credit score

Whether the buyer plans to live in this house for decades or not, this deal will not affect later deals. Since there isn’t a bank involved in this process, the buyer and seller won’t be affected by it. So, as long as the deal goes okay, future purchases will not be based on this deal.

4. Flexibility in the purchase timeline

Since the bank is not involved, the buyer and seller have the freedom to

Luxurious Apartments

These days, our lives have become pretty hectic. Work has substantially consumed most of our time in a day. Maintaining anything vast is a major concern and most people shy away from such responsibility. Seemingly, the modern lifestyle is more into enjoying a versatile ambiance rather than a stand-out-from-the-rest culture.

This means, as opposed to earlier when people liked a serene surrounding with meadows and the sound of falls coming from far distant and beautiful lanes for little kids to enjoy cycling, and probably play hide and seek, we much prefer a house that offers us the connectivity to the modern lifestyle.

Furthermore, unlike the prominence of joint or big families before, now is the time for nuclear families. Most of us hardly live with our parents anymore hence, when we start a family of our own, it’s just you, your spouse and your children.

Call it trend or tendency; it has given rise to small families that are not so fond of spacious bungalows. This doesn’t mean however that these families in anyway want to compromise on luxury. We all love luxury and crave to enjoy every bit of it. The difference nowadays is

First Time Home Buyers

Finance :

The type of abode you would want to choose will depend on how secure and sound you are financially.

Premier step is to analyse your credits and bank accounts.

For example – you decide to buy a home which is priced at INR 80 lakhs. Let’s say the bank loan for the same will be INR 35 lakhs. On an average considering the EMI 1000 per lakh your EMI will be approximately INR 35,000 per month.

Now that you know your EMI, make a check list of your current expenses and then decide on whether it’s the right time to step out for hunting your residency.

Once you have your finances in place you can go the next step i.e.

 Type Of Home :

The type of home is typically the kind of configurations you are looking at i.e. 1 BHK flat, 2 BHK flat, 3 BHK flat and so on.

This choice will be dependent on 2 factors i.e. on your family size and your budgets. If you are a nuclear family 1 BHK flat would be an ideal choice to begin with.