If you are planning to install new energy-efficient windows in your home there are three factors to keep in mind: frame, glass and installation.
First, the frame can be constructed out of a variety of materials, including aluminum, vinyl and wood. Aluminum is not a practical choice in most areas because the metal conducts temperature and can fluctuate between hot or cold, however, because of its durability, aluminum may be the best option in coastal areas or rainy climates. Vinyl is inexpensive and practical, but may be limited in choice of color. Wood-framed windows are the most insulative, but they require more upkeep than aluminum or vinyl.
When it comes to glass, the most often-selected option is an argon-filled, double-paned window with Low-E glass. To understand a window's performance, check its energy-efficiency label. The "R" value is the measure of how well it prevents heat from passing through; it ranges from 2.4 to 4.5, and the higher the better. Conversely, the "U" value measures how much heat actually passes through and this number should be low.
Finally, if your windows are not properly installed, they will not perform effectively so be sure to hire a reputable professional. Broadwater Properties in Wheeling WV can provide you with a list of reputable window installation companies in the Tri-state area, just give us a call or visit us online at http://www.travisbroadwater.com.
Friday, June 25, 2010
Sunday, June 20, 2010
Is Buying a Short Sale Right for You?
Is Buying a Short Sale Right for You?
A short sale is a pre-foreclosure property owned by the current owner that may or may not be in default, but needs to sell their property as a result of financial problems. The sale must be approved by the seller’s lender first because the lender has to write off the difference between the sale proceeds and what the seller owes on their mortgage. Because of declining home values, many homeowners are upside down on their mortgages. Short sales save the lender, seller and buyer money. The lender does not have to institute foreclosure proceedings. The seller does not have to go through the costs of a formal foreclosure process. The buyer gets to purchase a discounted property at or below market prices.
Short Sale vs. REO
So is a short sale right for every buyer? If you have the time and patience then the answer is yes. However, if you sold your home and must move into another one right away or are participating in a 1031 tax exchange, then a short sale is not the right investment for you. First of all, short sales take at least 3-6 months if not longer to get approved. There is no guarantee that the seller’s lender will even accept your offer. They may counter or not respond at all if the seller has assets and does not qualify for a short sale. Most of the time, buyers get tired of waiting and cancel after a few months. This can work to the benefit of the next buyer though if the lender has pre-approved the short sale based upon the first buyer’s offer. A pre-approved short sale can close quickly. So if you find a pre-approved short sale, you can expect it to close within 30-60 days. A pre-approved short sale improves your odds because you already know the price the bank wants, and the bank wants to close quickly and get their money. If you have cash, you have a much better chance of getting your short sale approved as well.
REO’s (real estate owned) properties are also good investment choices. They are already owned by the bank, and close quickly. You don’t need cash to purchase an REO, although it gives you an advantage. REO’s are also sold at discounted prices like short sales. However, the advantage of buying a short sale over an REO is there are fewer buyers interested in short sales because they take longer, and there is uncertainty as to whether or not they will get approved. Both are good investment opportunities though.
A short sale is a pre-foreclosure property owned by the current owner that may or may not be in default, but needs to sell their property as a result of financial problems. The sale must be approved by the seller’s lender first because the lender has to write off the difference between the sale proceeds and what the seller owes on their mortgage. Because of declining home values, many homeowners are upside down on their mortgages. Short sales save the lender, seller and buyer money. The lender does not have to institute foreclosure proceedings. The seller does not have to go through the costs of a formal foreclosure process. The buyer gets to purchase a discounted property at or below market prices.
Short Sale vs. REO
So is a short sale right for every buyer? If you have the time and patience then the answer is yes. However, if you sold your home and must move into another one right away or are participating in a 1031 tax exchange, then a short sale is not the right investment for you. First of all, short sales take at least 3-6 months if not longer to get approved. There is no guarantee that the seller’s lender will even accept your offer. They may counter or not respond at all if the seller has assets and does not qualify for a short sale. Most of the time, buyers get tired of waiting and cancel after a few months. This can work to the benefit of the next buyer though if the lender has pre-approved the short sale based upon the first buyer’s offer. A pre-approved short sale can close quickly. So if you find a pre-approved short sale, you can expect it to close within 30-60 days. A pre-approved short sale improves your odds because you already know the price the bank wants, and the bank wants to close quickly and get their money. If you have cash, you have a much better chance of getting your short sale approved as well.
REO’s (real estate owned) properties are also good investment choices. They are already owned by the bank, and close quickly. You don’t need cash to purchase an REO, although it gives you an advantage. REO’s are also sold at discounted prices like short sales. However, the advantage of buying a short sale over an REO is there are fewer buyers interested in short sales because they take longer, and there is uncertainty as to whether or not they will get approved. Both are good investment opportunities though.
Wednesday, June 16, 2010
Should You Buy Now!?
Should You Buy Now?
Even though the federal tax credits have expired, it is still wiser to buy now than rent. You get a tax write off and build appreciation instead of throwing money away each month. Home prices are so affordable today it is a good time to take advantage of the buyer’s market conditions with low interest rates and an abundance of properties to select from. Buyers can find great deals on distressed short sales, foreclosure auction properties and REO’s (real estate owned), including single-family homes, multi-family dwellings, townhouse, condos and commercial apartment buildings in all areas and price ranges.
If a large down payment is preventing you from buying, you can purchase an owner occupied property (single-family home -4 units) with an FHA loan that only requires a minimum of a 3.5% down payment. However, if you are going for traditional financing or buying non-owner occupied investment property, then you will need at least a 20% -30% down payment and good credit. If you have less than perfect credit, you may want to investigate seller financing or a rent to own program.
So the first decision you need to make is what type of property you want to buy and how you intend on using it. Intended uses including:
· Residing in the property
· Renting it out
· Holding on to it
· Flipping it
· Lease optioning
Be sure to line up your financing right away so you are ready to make an offer when you find the right opportunity.
Timing is everything in buying and selling real estate, and right now is a great time to buy, especially foreclosure real estate. Foreclosures are sold at discounted prices, and you get a property with built in equity. One thing for certain is real estate appreciates over time. With affordable prices, all time low interest rates and abundant inventory, there is no reason not to buy.
Travis Broadwater
Broadwater Properties
Even though the federal tax credits have expired, it is still wiser to buy now than rent. You get a tax write off and build appreciation instead of throwing money away each month. Home prices are so affordable today it is a good time to take advantage of the buyer’s market conditions with low interest rates and an abundance of properties to select from. Buyers can find great deals on distressed short sales, foreclosure auction properties and REO’s (real estate owned), including single-family homes, multi-family dwellings, townhouse, condos and commercial apartment buildings in all areas and price ranges.
If a large down payment is preventing you from buying, you can purchase an owner occupied property (single-family home -4 units) with an FHA loan that only requires a minimum of a 3.5% down payment. However, if you are going for traditional financing or buying non-owner occupied investment property, then you will need at least a 20% -30% down payment and good credit. If you have less than perfect credit, you may want to investigate seller financing or a rent to own program.
So the first decision you need to make is what type of property you want to buy and how you intend on using it. Intended uses including:
· Residing in the property
· Renting it out
· Holding on to it
· Flipping it
· Lease optioning
Be sure to line up your financing right away so you are ready to make an offer when you find the right opportunity.
Timing is everything in buying and selling real estate, and right now is a great time to buy, especially foreclosure real estate. Foreclosures are sold at discounted prices, and you get a property with built in equity. One thing for certain is real estate appreciates over time. With affordable prices, all time low interest rates and abundant inventory, there is no reason not to buy.
Travis Broadwater
Broadwater Properties
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