I Bought A Home, Can I Break My Lease?

I Bought A Home, Can I Break My Lease?

Q:
Are there laws that allows me to break a lease because I’ve purchased my first home?
–Ben, Memphis, TN


A:
Absolutely not! A lease is a binding contract between two parties that provides for a certain amount of money (rent) to be paid over a certain amount of time. Unless your particular lease has provisions that cover the scenario you’ve describe (it’s likely that it does not), you are liable for rent payments for the term of your lease.
Check with your landlord. He may be able to work out some accommodation with you that would allow for you to get an early termination of your lease obligation.

Lee Dworshak is a Realtor® with Keller Williams LA Harbor Realty in Rancho Palos Verdes, CA.



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Repaint Your House Now Using these 3 Ideas

Repaint Your House Now Using these 3 Ideas

Repaint Your House Now Using these 3 Ideas

Choosing outside house colors can be tricky. It often takes years of expertise to know what colours and materials will combine well. and choosing the incorrect color paint or material can be an extraordinarily expensive blunder.


You will take in your walls & either must allow the colour for several years or spend lots of cash to fix them. These are three tips that can help you make the right choices.


Selecting the appropriate Paint colors


The most frequent mistake in picking exterior home color is that the color is too light. The sunlight will wash out colours outside, so selecting a light color will end up appearing white. Whenever choosing colours, do not forget that they frequently really should be more gray or brown than you consider.


For example, a gray with a trace of green in it will seem greener than you may expect if painted on the entire property. When you choose a colour & can say ‘yes that’s green’, you have likely selected too ‘green of a green’.


Colors For Your Windows


If you are deciding on improved windows & you must paint your home a dark color, consider choosing a window that is cream or almond color. A bright white window on a notably dark house colour will frequently have too much contrast.


Never Forget Your Roof


When the roof of a home is noticeable, it would be a notably interesting component. Deciding on the erroneous color roof is a very costly error so it’s important to appreciate some broad rules.
Take in what shade the home is going to be painted (or else if it’s brick or stone, consider the general shade of the surface). If the apartment is being given brighter colours, perhaps a brown roof will likely be the correct choice.


If the house will probably be cooler, colours (like grays, blues or greens), then a dark gray roof. If you have got to choose on a roof colour to begin with, one of the most characteristic & adaptable decisions is a dark gray color.


If you’re installing a metal roof, think about colors besides the conventional green, which works very well on buildings with log siding, but not too much else. Again, pick a colour which will enable you some flexibility in color choices.




Article Source: SuperPublisher.com

Three Things Not To Do Before Your Short Sale Is Approved And Closed

Three Things Not To Do Before Your Short Sale Is Approved And Closed

A short sale can be a long and sometimes confusing process and as the seller it can be hard to know what to do while you are waiting to close the deal. Realtor® Minna Reid of North Windham, Connecticut reports that she has seen an increasing trend toward investors scrutinizing her clients financial and credit information when making approval decisions on short sales and asking for seller contributions much more often than before. She has some key advice for those looking to have a short sale approved:

Some of my clients are really in tough shape financially and have already ruined their credit, spent whatever savings they had, and are facing foreclosure. Those short sales for the most part are still very easily approved.

This problem would apply much more to those short sellers who have good income, credit, assets, and who have not yet or have just defaulted on their mortgage payments. There’s been a great increase in the past year or two in this more “strategic” short seller and they are exactly who the investors are trying to crack down on and get contributions from in order to approve short sales.

If the above description applies to you, you can pretty much expect that you will be asked to contribute in the form of a cash contribution or promissory note in order to close. However there are a few things you can do to decrease the odds of being asked to contribute, or to reduce the size of the requested contribution. During the approval process and prior to it, do not:

Make large purchases or open lines of credit – buying a new car at this time or going on a lavish vacation will be noticed by the investor and won’t make them sympathetic to your situation.

Accumulate or transfer large sums of cash – this will almost always raise an eyebrow and you will be forced to explain the circumstances.

Start paying off other debt – if you’re paying off your credit cards while not paying your mortgages, be prepared to explain this one to the investor, and again – don’t expect this to work in your favor.

Keep in mind – if you’re flashing money in their face while asking them to forgive your debts, they’ll come looking for their piece as well.

Click here to read more blog posts by Minna Reid.

Top 5 Signs Of A Bad Real Estate Agent - Investopedia.com

Top 5 Signs Of A Bad Real Estate Agent - Investopedia.com

If your home is listed for sale and it just won't sell, it may not be your real estate agent's fault -

1. Lack of Communication
   If you haven't heard from your real estate agent in a few weeks, it's time to find a new one. Even if no one has called for a showing of your home, or your agent hasn't found any homes that meet your requirements as a buyer, he or she should be touching base with you regularly to keep you up to date on the work that has been done on your behalf. After all, there's no doubt you're thinking about your home transaction almost daily - as an agent acting on your behalf, shouldn't your real estate agent be keeping you in mind?
   
   
2. Lack of Leadership
   If your real estate agent agrees with you on every point, this is the sign of someone who's eager to please - not someone who's committed to doing the best possible job at representing your interests in the real estate market. When it comes to pricing a home for sale, insist that your agent produce the research that was used to arrive at that price. An agent who asks you what you think your home is worth and lists it for that price is a sign of trouble.
   
   Your real estate agent is supposed to be an expert, so look for one who can take the lead and provide you with well-reasoned advice. That said, your agent should also be acting on your behalf, and must take your final word in the end. (For related reading, check out 10 Tips For Getting A Fair Price On A Home.)
   
   
3. Unused Resources
   Many real estate agents will use all of the tools at their disposal to market your home to the public and help you find a new one that meets your needs. Some, however, will do next to nothing and rely on other real estate agents to market your home to their clients. Expect your real estate agent to take good photos and descriptions of your home if it's for sale, and list it anywhere that may draw more interest to it, including putting the listing onto real estate websites, into local newspapers and even distributing flyers to homes in the area. Sure, your home might sell without this extra effort, but is that really the kind of person to whom you want to pay a commission?
   
   In Pictures: Financing For First-Time Homebuyers
   
   
4. Too Much Pressure
   While you should seek out a real estate agent who is knowledgeable enough to have an educated opinion and confident enough to (respectfully) voice it, if you feel your agent pushing you in any particular direction, this should send up a red flag. Particularly when you're buying a home, there is no real reason why an agent should want you to buy any particular home over another. If you get the feeling this isn't the case, you could be being steered toward homes listed by your agent or your agent's brokerage, which can produce additional commissions for your agent. (Learn more in Finding A Good Real Estate Agent.)
   
   Most state laws force real estate agents to reveal this conflict of interest to buyers, but if you feel your agent isn't being entirely open, beware. Your real estate agent's job is to act in your best interest and ensure that you're happy with the outcome of your real estate transaction. If you think your agent is preoccupied with his or her own interests, it's time to find another one.
   
   
5. Lack of Follow-Up
   Whether you're buying or selling, many real estate agents think their job ends on the home's possession date. This is the day upon which the transaction is considered complete, and the real estate agent is paid. An agent who calls beyond this date to address any follow-up questions you might have and ensure that you're happy with his or her work is going above and beyond what is required and showing a commitment to customer service. After all, at this point your agent's commission check has already been signed, so this level of care is a great sign of an agent who is willing to do what it takes to make you happy and keep yourbusiness in the future.

The Bottom Line
As in every line of work, there are great real estate agents and there are terrible ones. However, in a tough real estate market like this one, you might have to gauge their performance on more than just a speedy transaction, which for home sellers, may be all but impossible. (For more tips, check out Do You Need A Real Estate Agent?)

Find out what happened in financial news this week with Water Cooler Finance: Mergers, Hostile Bids And SEC Probes.

Finding And Being The Best Real Estate Partner

Finding And Being The Best Real Estate Partner

Having a hard time finding a good, reliable partner. Well look no further, here are a few tips and pointers to figuring out if you have a good partner or not.

1. Communication

If you have a partner make sure he or she can speak clearly enough so that you can understand them, and the same goes for you. Not knowing what your partner is saying or what you are saying half the time is not a good way to do business with each other or other people, and can lead to miss information that could be vital to your business. Another thing with communication is make sure that you or your partner knows what is going on. Don't make decisions without each other because someone may have a different outlook on the situation that could help the deal or plan go much smoother than what you might have thought to be a good idea.

So make sure you can understand each other and make every move with your partner so they know what is going on.

2. Work Ethic

Are you the kind of person that will work around the clock making sure that things get done and everything is in order? If so, that is great, because in order to make things happen whether it is a purchase or a sale or negotiating you have to stay on top of things so they can get done. Your partner should have the same or close to the same work habits you do. That way you can be an unbeatable team that will take on any thing and grow successful.

So make sure your partner is just as willing as you are to put in time and effort to find the deals, potential buyers, help make the sale, or what ever else, because nobody wants a lazy partner just collecting checks and not helping in getting them.

3. Knowledge

Knowing what you are doing will only make things easier for you. If your partner knows nothing then they need to get with the program and learn a few things before they try to jump head first into something that could hurt the company or the partnership or both. Now I know there are new people out there getting their feet wet, trying to learn the tricks of the trade but, that is what they have you for or the other way around. Ask the other person "what do I do" if you don't know what to do, and make sure that the other person asks you as well if they don't know what they are doing. That way either one of you can see that the other want to learn and be ready in case this problem ever comes up again.

So if you know what you are doing and the other person does not, try to teach them and if it is the other way around, try to learn from them that way you both can be on the same page.

Over Look

All 3 of these things will tie into each other, from wanting to learn more to become a better partner, to updating your partner on information that could help your partnership, to trying to find out information that will lead to the big a pay off. If you and your partner show all 3 of these to the fullest, you all will no doubt come out on top every time, but if you don't, things can be very difficult. From seeing this myself it made things hard for my father to get things done, when he was with a partner did not care what would happen as long as he gets paid, or always disagreeing even when he know he was wrong. My father was the only one in the partnerships doing all the work. So if you had enough of your partner you might just have to let then go. You shouldn't have anyone slowing you down and don't you slow anyone else down from getting on the road to success and happiness.

William G. Cook

http://www.webuyhousesattlc.com/

Article Source: http://EzineArticles.com/?expert=Will_G_Cook

Article Source: http://EzineArticles.com/6324971

First Time Buyers - 10 Reasons to Use an Online Local Business Directory

First Time Buyers - 10 Reasons to Use an Online Local Business Directory

If you are buying or have recently bought your first property, there are a number of services you may require in your local area. When looking for these services, where better to begin than with an online local business directory? Here are 10 such services and how a directory can help.

1. Estate agents - If you're on the verge of buying your first property, it's important that you have a broad view of what is available throughout the village, town or city you have chosen. A directory will pull up every estate agent, as well as provide the contact information you'll need to find them.

2. Schools - If you have children, finding out the locations of the schools in the area you're looking. You may want to cross reference this with a list of the region's best performing schools, so you can choose your new home based on where your children can get the best education. A business directory can show the results on a map, so you can get an idea of what schools are close to the area you're searching in.

3. Mortgage advisors - You may wish to get some financial advice regarding your property purchase, especially as it can be very difficult for first time buyers to get onto the property ladder. A directory can provide contact information, as well as website details for each advisor, so you can choose the right one for you.

4. Property solicitors - Once you're purchase is progressing, you may want to get legal advice to make sure all the necessary aspects of the investment are addressed. It may be worth noting that property solicitors are also referred to as residential conveyancing experts.

5. Plumbers - Once you've moved into your new home, it could be beneficial to have the contact information of some trustworthy tradespeople in your area. By reading reviews that are provided on many online business directories, you can find out which ones are worth trying.

6. Window cleaners - If you're keen for your house to start off and remain looking its best, finding a local window cleaner will be of considerable benefit. By using a directory, you can gather a list of local firms to call up and try.

7. Train stations - If you're planning on commuting to work by train, having a mapped out view of where your local stations are could be important to your decision-making process.

8. Restaurants - Once you're in your new home, there are a few things that you're going to want, including where you can go for a meal. Knowing the local layout for restaurants and bars could be useful when it comes to enjoying your local surroundings.

9. Doctors and Dentists - Unless you're only moving round the corner, there's a fair chance you'll need to find a new doctor and dentist that are conveniently located. An online business directory can help you find the surgeries and practices near your home.

10. Supermarkets - Getting your weekly grocery shop done will mean knowing where your nearest stores are located. An only directory will let you search by category or, if you're loyal to one brand, by a specific supermarket's name.

Article Source: http://EzineArticles.com/?expert=Simon_S_Smith

Article Source: http://EzineArticles.com/6314250

Sell Your House Now or Rent It Until Market Improves?

Sell Your House Now or Rent It Until Market Improves?

by Bob Kelly, Guest Writer

There are times when talking to potential sellers a discussion arises about selling now vs. renting until the market recovers. Sellers today who are suffering from sticker shock about what comparable homes are selling for in their neighborhoods start to sing the well known song, “If I can’t get my price, I’ll rent it.” When that refrain surfaces I launch into my chorus of “Make sure you know what you are getting into.” All joking aside renting your property vs. selling it brings up issues that may not have been considered and should definitely be verified before making such a decision. The rules regarding tenant rights are different in every state and should be investigated with a real estate attorney before entering into any such agreement.

Here are some pitfalls to think about:

• When you rent your home you will be getting calls from the tenants when problems arise. Appliances break, vandalism happens, small things are not quite right or as expected by the tenant. Who will handle and overcome these objections? If you are moving out of the area, it certainly won’t be you. If it is you, are you equipped or interested in dealing with things whenever they happen? You can hire a management company that will intervene on your behalf and be a buffer between you and your tenant, but it will cost you a percentage of the monthly rent.

• A landlord in most states must set up an interest bearing escrow account solely for the purpose of holding the security deposit. You are not at liberty to use this money at any time. At the end of the lease term you must return the security deposit plus any accrued interest to the tenant.


• There will be an added cost to you to change your homeowner’s insurance from “owner occupied” to “investor” status. Check with your insurance company before making any decisions.


• In certain states is can take 60 days or longer to get an eviction for either delinquency or non-payment of rent. That is time that you will have to absorb the costs entirely for the property plus the attorney fees.


• In many states should a tenant declare bankruptcy they cannot be evicted until the bankruptcy is settled. This could take 3 years or more. You will be having someone living there rent free and perhaps not taking proper care of your investment.


• When you do decide to sell your property it is now an investment property instead of your primary dwelling and there may be higher fees to pay at the time of sale.

We all like to think on the bright side and rarely want to look at what could possibly go wrong. This is one of those cases where before making any kind of decision you need to consult with the experts in your state—a real estate attorney, your insurance company, and a realtor or management company. Also do the “what if” scenario on paper and determine how long you can absorb the extra costs should something go not quite as planned. You may find that the potential for loss far outweighs what you would be losing if you decide to sell at the current market value.

Click here to read more blog posts by Bob Kelly.

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