Archives: October 2014
For those of you that don’t understand what a hard money loan is, here is a little more information on them.
Although hard money loans for real estate have been around for quite some time, many people still do not fully understand what they are. In fact, many have the wrong idea about the loans. This is probably why many people will refer to the lenders as loan sharks. The truth is that these are special kinds of loans advanced by private individuals or small firms. The lender will advance the money for real estate purposes such as renovations or repairs. He will base the loan mainly on the value of the property and not so much on the creditworthiness of the borrower.
One of the main advantages that drive individuals to seeking hard money loans is the quick processing. Applying and processing a real estate loan through the normal channels such as banks or any other financial institution takes a considerable amount of time. As a matter of fact, the loan seeker or applicant may have to wait for weeks to know whether the loan was approved or not. However, the time period is much shorter when using hard money providers. This is mainly because they focus more on the current value of the property. Many will also have the latest information on the prevailing prices in the market.
The loan is collateral-based. This means that the main determining factor is the value of the property. In fact, some lenders may overlook a person’s creditworthiness if the property has a good value. Knowing this, many prospective borrowers including those with a not-so-good v credit repayment history will try to improve the property prior to talking to a provider. A well-kept property that is located in a good or prime location will be more appealing. Since the value of the property is key, the requirements from the borrower will be fewer. This is one explanation why many individuals seek them as a last-resort.
Many people are usually tasked in finding the right lender. They will be overwhelmed by the large number of potential lenders. Some will lack the necessary knowledge on how to go about the whole process of borrowing. Finding a good lender requires some research and time. The prospective money seeker should also consider some aspects. These include; the money lender’s reputation, his experience, the terms and conditions and much more. Getting the right hard money loans for real estate will only be a matter of time as long as the individual exercises due diligence and also follows the right approach.
Here is a video that will also explain a little more about what a hard money loan is and how it works –
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In the current declining real estate market, you can always sell your house quickly by reducing its price. However, there are other ways to improve the attractiveness of your home to enable it attract the best possible price within a very short time. Here are some proven tips to sell your house fast to investors.
If you want to sell your Florida house now without having to do anything then follow these links – Sell House Fast Tampa, How To Sell Your House Wesley Chapel, Sell My House Brandon They are one of Florida’s best Real Estate Investment companies…. But, if you have some time you can try the tips below –
Differentiate Your House
If you want to sell your house quickly, then you have to make it stand out from the rest. This can be done through the following improvements:
Pressure wash the driveway – You probably haven’t noticed it yet, but a lot of dirt gradually accumulates on your driveway over the years. This can be very unsightly since it’s what people see first when they come to your home. First impressions are everything, so make your home more inviting to potential buyers by pressure washing your driveway, to reflect the quality of life inside.
Landscaping – Landscaping is another important thing you can do to improve the value of your property. Take a few days off and turn your boring lawn into a beautiful artwork by planting some flowers or grass.
Painting – Apply fresh paint to your windows, doors, trims and even walls if needed. It helps to give your home a new look, making it more attractive to real estate investors.
Update Door Knobs – Potential buyers will notice small things, like outdated door knobs while they’re inspecting your home. So, if the knobs are still in good condition, just clean them to make them more appealing, but if they’re outdated, replace them.
Clean Everything – Thoroughly clean all windows and doors both inside and out to give a better outside view and lighting. Also clean other parts of the house, including bathrooms, kitchen sink, and bedrooms to make it more presentable.
Make sure that any improvements you do are practical, and appeal to a wider audience. Also, the colors and designs you use should compliment your home and its amenities.
Clean the Clutter
Clean all the clutter from your home before selling it to real estate investors. Getting rid of junk not only makes the rooms look bigger and cleaner, but also brings out the overall beauty of your property.
Set The Right Price
You can spend a lot of money in improving and marketing your property, but if the price is wrong, it may not sell. It’s therefore important that you do a thorough research to help you set the right price. You can start by searching online for the prices of local properties with the same features as yours. Don’t be afraid to contact local real estate agents to help you calculate the right price.
Implement the above tips to enable you sell your house fast to investors.
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