There are many options to consider during times of financial crisis. Many people go for loans. That is a common thing. However, at times when the need is of a large amount of cash and that too at short notice, you may have to go for other options. One among the many ways, a good one is to make a quick sale of your house.

This ensures that you sell your house so that you get all the cash you can, out of the property value. Selling your house is a way of liquefication of your assets. This helps you to get the cash which you are then free to spend in the things which are urgent and are priorities, such as paying your debts off to avoid house repossession, or meeting an emergency such as that of medical need or for legal proceeding such as divorce.

Renovation is one of the judicious way of quietly improving upon the value of your property. It does not cost you much to give a face lift to your house, and when the face of your house is really lifted, it looks toward sky-high prices, even upon a quick sale. Just a little care makes it work. interior decoration and some improvement on the outside, and your house is as good as new. And back to its former glory or even better. It may cost you a little but to your house, it does a fantastic value-addition. And when anyone looks upon the house as a whole, it appears much better with just a little renovation here and there.

Kitchen and bathroom are two places to start from. Since the visitors generally get a chance to see these two rooms, as they are visited more frequently, it is a good idea to make these two representative rooms of the house as nice as possible. And then what have you: Some good kitchen ware and bathroom ware, some plumber job. A good-looking house can ensure a quick sale of your house and you get the quick cash you need so desperately.

The author is a real estate specialist and through his writing has given guidance to many people who are in search of buying or selling property. He is currently associated with VIP Services, the UK’s Leading real estate Specialist. VIP Services delicately focuses on helping people selling or buying houses within a short span of time and that too in cash,. For more information on about vip-service please visit quick sale

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In a recent article I discussed your need to find and keep great contractors. But most landlords only rely on professional contractors for some maintenance and repair tasks. The reason, of course, is price. Why pay a contractor big money to do a job you could do yourself, or find an inexpensive handyman to take care of, or even leave to the tenants?

You must weigh at least three factors in deciding who will do a job. Those factors are cost, reliability, and quality. If you’re thinking about taking on the job yourself, consider time and something I’ll call “the fun factor” as well. The fun factor is the enjoyment you may get out of doing handyman jobs. In my next article, I’ll help you figure out where you should take these projects on.

Here’s how the different candidates to do work, other than yourself, typically grade on the performance factors:

Contractors Score: Worst in Cost, Best in Reliability and Best in Quality. Handymen Score: Medium in Cost, Medium in Reliability and Medium in Quality. Tenants Score: Best in Cost, Worst in Reliability and Worst in Quality.

Of course the actual results depend on your actual contractors, handymen, and tenants. For contractors in particular, however, quality and reliability should be absolutes. If your contractor isn’t the best in those areas, replace him.

Now it’s time to think about where you want the best quality. It is an absolute must on any jobs that directly affect the safety of the building, as well as any jobs that, if not done perfectly, may result in a more serious expense later. Keeping that in mind, you certainly want a real licensed plumber, electrician and HVAC contractor for all significant projects in those areas. Be very hesitant to employ a handyman here, and never use a tenant for such jobs (unless, of course, the tenant is a licensed professional contractor).

A significant job is one where there is potential for major damage if the job is not done right. For electrical jobs, you probably don’t need a pro to replace outlets or switches, install overhead lights, or replace circuit breakers. For plumbing jobs, you don’t need a pro to unclog most drains or replace washers in faucets, toilet parts, or showerheads. For HVAC, you don’t need a pro to replace filters, thermostats or zone valves, or purge forced water heating circuits. You can probably think of other similar projects.

You should also think about insurability when considering a contractor. Your property insurance will not cover damage caused by bad repair work, unless the repair is done by a licensed contractor.

A licensed contractor is often your best bet in emergency situations. This is because such a contractor is usually on call 24/7, has replacement parts in inventory, and has more than one pro on staff.

If your buildings are in a snowy part of the country, you also need a very good snowplow operator. Use one who has been in business for several years, lives locally, and will get the job done by the time you set.

Use your handyman for light carpentry jobs, painting, and the small electrical, plumbing and HVAC jobs where you don’t need a professional. A handyman can often also take on bigger jobs such as siding, building stairs or decks, or replacing windows. Many people who hire themselves out as handymen are actually licensed general contractors.

You’re much better off with a handyman who does have a contractor’s license, along with workers comp and liability insurance. This person will consider himself a professional and will probably be much more reliable as a result. However, you might have a hard time finding a handyman of this caliber.

A handyman who doesn’t have those credentials may still do very good work, and will probably charge less. However, he is much more likely to want payment in cash, to not be available when you really need him, or even to skip town with your money. You can avoid these problems by paying only a small part up front, by scheduling him in advance (‘I’ll see you at 9 a.m. Wednesday”), and by checking frequently to make sure the job is done.

How will you find a good handyman? Start by checking with the other members of your local landlords association, making sure that their criteria for a good handyman matches yours. If that doesn’t work out, check the Yellow Pages; then the classifieds in you local paper; then signs posted on community bulletin boards. A contractor hired off a bulletin board is much less likely to be reliable than one recommended by another landlord.

The primary reason to hire a tenant is cost. However, you should not hire tenants to do anything but the most basic jobs. Use tenants only for routine tasks like lawnmowing. Of course you can make an exception if you have a tenant who is a skilled handyman or professional contractor. In that case, however, the tenant will want to be paid his standard rates.

If you do hire a tenant, make sure it is someone who has lived in your building for many months, if not years, and who has proven to be reliable as a tenant. Don’t ever allow a tenant to “work off” unpaid rent – the job probably won’t be done well and the tenant will still expect credit.

The other danger in hiring a tenant to do work is that problems with one relationship may affect the other. For example, suppose you hire a tenant to plow and he does a bad job. Now you’ve got a problem with your tenant and a problem with your snowplower. You may have to replace both.

For that reason, if you do hire a tenant, try to keep the two relationships as separate as possible. Write up a separate agreement that spells out what the tenant has to do and how much he’ll be paid. Rather than accept a lower rent, insist on full rent payments and pay separately for the work the tenant does.

If you do use a tenant or handyman to do projects, set an ironclad rule that he or she can never enter another tenant’s unit to do work – even if the tenant is there – without you also being there. This will help protect you from liability.

Brendan O’Brien is the founder and president of property Master Web™ property management software Our landlord software runs from any Internet-connected computer, includes FREE customer support and training, full accounting and reports, and property evaluation tools, and works with your other programs to help you manage anywhere from 1 to 100,000 rental units. Visit www.pcpropertymaster.com

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Cleaning Your Unit for Vacancy

This is always an area of contention between landlords and tenants. Getting the whole security deposit back is a goal for both owners and tenants. If there are no problems then the landlord can rent quickly and without labor cost or management time. We like nothing better! That is why a tenant moving in should fill out the move in inspection report. Its also a good idea to take a digital photo of any damage and burn a CD for the owner or manager to file. It will save time and problems at the move out. Landlords should take the position that tenants own the dirt and damage unless it can be proven that the unit was like that at the move in.

1. All pins, nails, and screws used to hang pictures should be removed, patched and sanded smooth.

2. Be sure to dust and wash dirt and Scuff marks of the Ceiling molding, wall molding, window molding, baseboards, and windowsills

3. Blinds should be wiped clean of dirt and dust.

4. If washing the windows inside and out was a condition to move-in, you must wash them again before your move.

5. Bathroom walls and ceilings must be free of mold and mildew. A product called TSP can help.

6. Kitchen walls can also be cleaned with TSP, or other similar cleaner, to remove grease and grime.

7. All sinks, toilets, bathtubs and showers should be scrubbed clean. There should be no soap scum or hair left behind.

8. The inside of the stove and broiler should sparkle.

9. The inside and outside of the refrigerator and freezer should be washed. If you have a freezer that frosts up, it must be defrosted and cleaned.

10. Cabinets and drawers should be emptied and the shelves wiped clean.

11. Closets should be completely empty. That includes hangers and gift-wrap. Be sure to dust any closet shelving.

12. All non-carpeted floors should be scrubbed clean - even the corners. Murphy’s Oil Soap works wonders on hardwood floors.

13. Carpets should be vacuumed and any stains cleaned up. Remember to take special care to vacuum up dirt and dust bunnies along the walls and in corners.

14. Decks must be completely cleaned and all drains free of debris

15. Garages must be cleared of all personal property and broom swept. Oil stains should be cleaned up. Use professional products to remove oil residue on garage floors.

16. If you have a yard or garden and the property does not have a gardener then you are responsible for the maintenance. Make sure the grounds are free of debris. If you have been piling up clippings or dead foliage during your tenancy it is your responsibility to remove it, otherwise you will be charged the hauling fees.

17. Do not leave all the trash cans full and a pile of things to be thrown away,have the garbage service pick up or take it to the dump. Trash and personal belongings left behind will be disposed of at your expense.

18. Replace all the light bulbs

Tenants With Pets

1. Animal smells and soils must be removed from carpets. If you believe normal vacuuming or spot cleaning is not enough please give the office a call and we can recommend low cost carpet cleaners that specialize in neutralizing odors and removing pet stains.

2. Remember to remove any pet feces from the yard, garden or surrounding grounds.

3. Fleas are a very big issue for tenants with pets. Fleas live only a small portion of their lives on animals. We recommend a good vacuuming and flea bombing.If you had pets and incoming tenants complain of fleas, you are responsible and will be charged for de-fleaing the unit.

Out Going Tenants
Always notify the owner or manager in writing. Refer to the address and date and sign the letter. Keep a copy for your own records

1. Always keep a copy of the move in inspection report

2. Have a copy of the CD you burned to document move in conditions

3. Be sure the owner or management company has your new address to mail the security deposit

4. Know how any days the owner/manager can keep your deposit before returning it.

5. Keep all receipts for professional cleaning services or any materials you bought to repair of clean

Be Respectful and require the same

Howard Bell for yourpropertypath.com

www.yourpropertypath.com We believe that knowledge should be free and freely shared

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Not long ago, mortgage companies started to offer a smorgasbord of programs to make home ownership easily available to almost everyone. Some of the common terms we have become accustomed to hearing include:

• Low-Doc
• No-Doc
• Full-Doc
• 100% LTV
• Interest Only
• ARM
• Conforming
• Non-Conforming
  • Keep your credit score as high as possible. Check it often and take care of any discrepancies. This can mean a huge difference in your interest rate.
  • Maintain your employment. Lenders will want to see at least 2 years of steady employment history.
  • Save your down-payment money. Make steady deposits into your savings account because lenders will want to see the “paper trail”. And they want “seasoned” funds, which means that the money must be in the account for several months prior to loan application.
  • Don’t purchase a vehicle just prior to your loan application. This greatly reduces your income to debt ratio and could prevent you from purchasing your new home.
  • Plan carefully and try to obtain a fixed-rate mortgage. This will insure that your principal and interest will not increase at any time in the future.For more information, please contact me. I look forward to hearing from you soon!

The housing market has been red-hot for many months, but we are realizing that all these short-term “solutions” have become long-term “problems”. For instance, if a potential borrower had a decent credit score, they could obtain a “No-Doc” loan…which meant that they didn’t have to submit documentation proving employment, income or debts.

Not only that, but there were the “interest-only” loans, where people could qualify at a very low “teaser” rate…only to find themselves faced with the higher rate within just a few months.

And, can you even imagine giving someone a loan at 125% of the value of their home? It’s crazy! This is a recipe for bankruptcy if I ever saw one. Once they have used this money, it’s gone. And when they get into trouble, they can’t even sell the home without bringing a substantial amount of money to the closing table. Since most people don’t have a huge amount of cash laying around, they are a candidate for bankruptcy or foreclosure. These loans should never have been allowed in the first place.

Many mortgage companies offered “adjustable teaser rates” - which meant that the borrower started out with a low interest rate (perhaps for the first year or so)…then jumped to the higher rate, which meant that several times during the life of the loan, their mortgage payment would increase dramatically.

It’s so easy to buy a new home with low payments, and many borrowers just don’t realize what the higher payments will do to their budget. I wonder who was there to counsel these homebuyers? Who was there to remind them of what was going to happen in a few months? I consider it my obligation to discuss this with my homebuying clients to make sure they understand the ramifications of this type of financing. As an Exclusive Buyer’s Agent, part of my job is to counsel my clients in every aspect of their purchase.

Now, because of many of these loan programs, we are facing major foreclosures. Mortgage companies are folding and the entire industry is undergoing a major meltdown.

The bills are coming due! The delinquency rate on low-quality mortgages is at 13.8%, and the rate has doubled on medium-quality mortgages. Foreclosures are at an all-time high! Many areas of the country have real estate markets in the tank…and may take years to recover.

At least 82 high-risk lenders have re-organized or folded, resulting in huge loan losses. Many lenders are not closing on loans they have committed to. If you are in the process of purchasing a home, it would be to your benefit to check with other lenders in case your chosen lender cannot close on your loan. Many companies are simply cancelling loans and in many cases the homebuyer has to start over with a new lender. This can result in the homebuyer having to pay for another appraisal if the new lender won’t accept their current appraisal.

The Bottom Line! Basically, if you are purchasing a new home and have solid employment, a good FICO score and at least 5% of the purchase price as a down payment…you should be fine. But, at this time, borrowers will have to prove that they can afford the home. The days of lenders giving borrowers the benefit of the doubt seems to be over. Everything must be documented.

Until this meltdown settles, many of the loan programs that we have been accustomed to will no longer be there. Actually, this will mean that a bit of “common sense” has returned to the mortgage industry. Someone that can’t afford a particular home shouldn’t buy it in the first place. Borrowers will have to qualify at the normal rate instead of the “teaser” rate. The mortgage industry is simply coming down to earth.

But, on the flip side, potential homebuyers and investors will be able to purchase foreclosed properties at a substantial discount.

Remember, if you plan to purchase a home in the near future…follow these guidelines for a successful transaction:

Pam Rumley is a veteran real estate broker in Nashville Tennessee Real Estate. She is a true Exclusive Buyer’s Agent, which means that her office never takes listings. This fact assures that there is never a conflict of interest regarding your real estate transaction. You can be assured of receiving 100% of her attention and loyalty - 100% of the time!

For more information, visit her comprehensive website http://www.NashvilleRealEstateAuthority.com

Be sure to check out her “Real Estate University” section, where you will find more informative articles on a variety of topics concerning homebuying.

It’s easy to save hundreds of dollars by taking advantage of her “Bundle Package”. You can also choose your own closing gift from a large selection of high-end home decor items.

Contact Pam directly at pam@pamrumley.com - or 615-826-0305

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