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The Foreclosure Investor’s Cheat Sheet: 100 Useful Web Resources

Posted in Features on May 13, 2008

There seems to be no end to the number of foreclosure opportunities for investors these days. In keeping with this trend, a number of Web sites have been created to serve the foreclosure investor. To that end, we’ve listed 100 sites below, from tutorials to databases to articles and blogs. Although some sites are more useful than others, we’ve tried to avoid sites that offer no value to the investor whatsoever. These include databases listings without a clue as to who offers these databases and Web sites that offer advice without credentials. With that said, we may have missed a site or two that may truly be useful. If you know of a site that provides value to the foreclosure investor, let us know through your comments.

The list below is in no particular order, but each link is listed alphabetically under the provided categories. While the sites are numbered, the numbering does not indicate that we favor one site over another or that they are listed in order of value.

Tutorials

Few deep tutorials on how to purchase foreclosed property as an investment exist online. However, the basics are all anyone needs to hunt for further information. Remember that each state carries specific laws that relate to purchasing foreclosures, so be sure to check with local resources before you make a decision to invest in a foreclosure.

1. About Buying HUD Homes: Straight from the U.S. Department of Housing and Urban Development (HUD) to you - a guide on how to buy a 1 to 4 unit residential property acquired by HUD as a result of a foreclosure action on an FHA-insured mortgage.
2. Buy Bank Homes: BuyBankHomes (BBH) and Real Estate Fortune, LLC have teamed up to offer BBH members the training and resources they need to have a competitive edge in today’s fast paced real estate market. This company provides distance coaching using the phone and Internet, and they offer a premier 90-Day Challenge Training live three times per year. They also offer a special “One-on-One Personal Mentorship Program.” You choose the training program that is the best fit for you.
3. Buying a Home in Foreclosure - The Basics: Foreclosure City offers a down-to-earth tutorial tht leads into more advanced topics and articles, including their Foreclosure Buying Toolkit.
4. Home Buying Institute: This site offers great advice for first-time home buyers, and this linked portion provides basics on how to purchase foreclosures.
5. Free Foreclosure Tutorial: This document, among others listed on this page, are free to download and read.
6. Foreclosure Free Research: A list of Q&A about foreclosure investment properties. If you can get past the Q&A on how to use this site, the questions are appropriate and the answers are short and sweet.
7. Foreclosure University: Although you’ll pay to take this course, the Web site is filled with plenty of free information, including individual state foreclosure laws, foreclosure listings for each state, free reports and articles and a glossary of foreclosure-related terms.
8. MSN Guide: This article explains the safest way to purchase foreclosures.
9. Realty Store Foreclosure Tutorial: The purpose of this tutorial is to provide an overview of the foreclosure process and to help you get started in achieving your real estate dreams.
10. Realty Trac Foreclosure Tutorial: This tutorial explains the do’s and don’ts when considering a foreclosure list.
11. Ways to Buy Foreclosed Property: U.S. News offers information about three keys ways to purchase foreclosed property.

Articles

Sometimes the investor can find further information about how to invest in foreclosures by reading recent articles about this topic. The following articles were chosen because of their relevance in content and to current market conditions, as each one was written since January 2007.

12. As foreclosures widen, a neighborhood erodes: This article that ran in the Boston Globe offers one perspective about what happens in neighborhoods where foreclosures have run rampant. This is just one perspective to keep in mind when investing in foreclosure properties.
13. AOL Foreclosure Topics: AOL has a new beta real estate section, and this article is just one of a developing course of articles provided by this site. Look in the right column of this linked article to find more information about foreclosure.
14. Before you Attend a Foreclosure Investment Workshop: Foreclosure workshops are springing up all over the country, and this article can help you save time and money if you plan to attend one of these events.
15. Buying Bank Owned Properties (REO): REO (Real Estate Owned) si a property that goes back to the mortgage company after an unsuccessful foreclosure auction. Walt Harvey, a Realtor located in Hawaii, offers his advice about this type of investment possibility.
16. Discounted Homes, Going, Going…: This piece on auctions covers more of the discount prices one might expect when attending one of these events.
17. Foreclosure Articles: This list at Ezine provides the investor with a plethora of articles abotu foreclosure investment possibilities written by a number of experts in real estate and in foreclosure properties.
18. Foreclosures hit some cities harder than others: This MSNBC article explains why some areas seem to be floating through this mortgage meltdown and why others are hit hard by foreclosures. The article may give you a clue as to where to look for your foreclosure investment opportunity.
19. Foreclosure Investment Nightmare: This article provides one example of why it’s important to talk with an independent, licensed real estate agent before investing in any foreclosure property or program.
20. Foreclosures slam doors on pets, too: Make sure the dog or cat doesn’t come with the property unless you want a foreclosed pet as well as a foreclosure investment.
21. Foreclosures up 75% in 2007: This article by CNN Money states that total foreclosure filings soared 97% in December 2007 alone compared with December of 2006. You’ll also learn about the states that have the least foreclosure filings from this article.
22. House Auctions and Foreclosure Sales: Not all auctions are intended solely for foreclosure properties. This article provides some insight into why auctions are used to sell homes.
23. How Foreclosures Work: Elizabeth Weintraub, who has more than 600 hours of real estate education, offers advice for the first-time foreclosure buyer.
24. Investing in Preforeclosures: Bankrate.com provides a concise article that explains preforeclosures as investment opportunities.
25. Notes from a Foreclosure Auction: A great article about an auction for foreclosures in Chicago provides readers with some sense of what to expect when attending these events.
26. Preforeclosure Flipping - the Key to Real Estate Riches: Some advice from Real Estate ABC on how to attempt a preforeclosure investment.
27. Real Estate Exchanging - an option to pre-foreclosure: The desire for new home ownership has, in the past few years, brought new problems into the real estate industry. It has also brought some solutions. Read this article about making an exchange as an option for foreclosure for the seller.
28. Real Estate Investment Articles: This list of articles focuses solely on foreclosure properties, and they’re written by a number of different authors.
29. Tips from a Foreclosure Investor: According to Ralph Roberts, author of “Foreclosure Investing For Dummies,” the best prospect for a foreclosure investor is “someone with a secure job, solid cash flow and lots of cash on hand — someone who wants to make some money on the side.” This and more in this interview in the Washington Post.

Websites

The following links will take you to all-inclusive sites that focus entirely on foreclosure investment opportunities, or to investment sites that have reserved entire sections for foreclosures. Some sites may carry blogs, discussion boards, tutorials and more.

30. All Foreclosure Information: When this site says, “All,” it means all. You can find tutorials, information about preforeclosures, foreclosures, auctions, listings and more at this site.
31. Bank and Government Foreclosures: This site focuses on bank-owned and government properties. They offer tutorials, listings, articles and more that focus on foreclosures, no matter the source.
32. Bigger Pockets Foreclosures: This link will take you to just one article about foreclosures at Bigger Pockets. Search through the menu at left on this page for more foreclosure information. The forums on this site also carry foreclosure-specific topics.
33. Foreclosure Connections: With over a decade of practical experience in the foreclosure real estate industry, ForeclosureConnections.com draws on contacts in all areas of the industry to provide our members with listings from all kinds of diverse sources, including mortgage brokers, lending banks, county and state registrars, and government agencies like HUD and FHA. But ForeclosureConnections.com is more than just another listings service, as this site provides news, market updates, detailed articles, tips and advice on investing in foreclosure property.
34. Foreclosure Data Online: Search through articles, foreclosure listings by state, tutorials, a blog and more at this site.
35. Foreclosure Databank: ForeclosureDataBank.com was established in 1998 as a one-stop source for information on regional foreclosure markets and listings for buyers interested in purchasing foreclosure homes for investment or as primary residences. Although the focus is on listings, this site provides users with tutorials, tools, a discussion board, news and more to help stay on top of the foreclosure investment market.
36. Foreclosure Fetcher: Unlike other foreclosure database sites, this site is upfront about their seven-day free trial. So users know on the front end that the service will cost some money. This site also is a bit more comprehensive, adding tutorials, foreclosure tools such as a home value checker and a mortgage calculator, and a blog.
37. Foreclosure Store: Although the services here are free, the user must register first to gain access to user guides, listings, training, and foreclosure investment tools. Information about listings are available to members only.
38. Foreclosure.com: This site is more for experienced investors. You can find listings for anything other than auctions, but you’ll discover few articles and no tutorials here.
39. Foreclosures.com: Learn how to invest in foreclosures through the kearning tools and expert help provided at this site. This site also carries foreclosure listings.
40. Government Repo Homes: This site offers more than listings by state, it also offers articles, news, resources and data for investors who want to pursue homes that have been repossessed by the government.
41. National Foreclosures: For nearly fifteen years this company has provided asset managers and private money lenders with a turnkey service for quick property disposal. They offer services such as property valuation, rehabilitation and security, marketing preparation for re-entry into the resale marketplace by our network of pre-screened local Bank REO Specialists and more. This site also offers an affiliate program.
42. RealtyTrac Foreclosures: RealtyTrac has a foreclosure niche that’s difficult to beat. They offer listings, tutorials, and users can chat with a customer service representative. This site is geared toward all levels of investors.
43. The Realty Store: The RealtyStore provides foreclosure information for all types of users. Their listings are similar to RealtyTrac, but you must register to peruse their offerings. On the plus side, this site contains some useful tutorials, but it’s fairly difficult to navigate through the site.
44. USHud.com: Although this site bills itself as “America’s only free foreclosure resource,” this tag already is out of date. But, this site is unique in that it focuses solely on HUD foreclosures. Users can pre-qualify, use email alerts, and search through a database designed to offer buyers HUD opportunities.
45. Yahoo! Foreclosures: Yahoo! offers a foreclosure section in their real estate guide, where users can find articles, tutorials, market trends and listings.

Auctions

Are auctions the right place to find a foreclosure investment? Some investment coaches say yes, others say, “stay away.” Learn more about auction procedures through these sites, many of which are offered by businesses that sell foreclosed homes under the auctioneer’s hammer.

46. Express Auction: This link takes you to the Express Auction calendar, where users can find information on upcoming foreclosure auction properties.
47. Foreclosures Auctions: This site has put together information on grants, foreclosure, auction and tax lien information from around the Internet. They go beyond auctions to provide news and resources centered on bank-owned, government, foreclosure properties and other real estate tools.
48. GovernmentAuctions.org: This is a membership Web site that helps users find and attend government auctions and foreclosures of every type. GovernmentAuctions.org is a division of Cyweb Holdings Inc., a closely held corporation headquartered in New York, U.S.A.
49. Government Real Estate Sales: Buy real estate the government has seized or doesn’t need. Commercial buildings, investment properties, land, multifamily, single family homes, condominiums, mobile homes, farms, ranches and more.
50. IRS Auction: Under authority of the Internal Revenue Code, the property described on this site has been seized or acquired for nonpayment of internal revenue taxes and is offered for sale by bid. If you can’t find the property you want, you can shop for jewelry, restaurant contents and more instead.
51. Modesto Real Estate Auctions: The Modesto real estate foreclosures provide investors with foreclosed home and property options throughout the U.S. They also educate investors regarding the forclosure property along with a strategic investment time frame and exit strategy.
52. Property Trac: This company strives to be the premier center for buyers, sellers and investors who want to maximize their return on real estate and properties in foreclosure. Get your answers through their informative resources, learn about how the aucton process works and more, even if you don’t use their services (they focus on the New York metro area).
53. REDC Auction Calendar: Real Estate Disposition Corporation (REDC) traces its inception back to 1990. At that time, REDC embarked on a course that established a dominant position in the marketplace for the company, by selling over one million dollars of real estate assets using the auction marketing process. Use their auction calendar to discover when and where this company holds its auctions.
54. Williams and Williams: This company is one of the few auction houses that accept online bids. Look for online auctions by zip code or place auction alerts by registering on the site. They also provide tutorials for the auction process.

Listings

The following sites contain databases filled with information about foreclosures, preforeclosures, HUD foreclosures and government and bank-owned properties. Some sites offer free registration, but check closely to understand that “free” often means a seven-day free trial. Other listings, like the Home Sales HUD listed below, offer much more information - truly for free.

55. 4Viv: The purpose of this Web site is to provide access to the most informative, free foreclosure listings and resources on the Internet. You will find links and valuable information related to government, HUD, VA, and Bank/REO properties and much more.
56. Email Foreclosures: This site provides a service where they find foreclosure listings and deliver them to your email inbox as soon as they receive them. The listings are formulated by user criteria, so you only receive the information you request. Plus, this services will email you only if new or changed listings meeting your criteria become available. This service is “free for homebuyers.”
57. Foreclosure I: This site contains “the largest, most accurate, and comprehensive database of foreclosure, pre-foreclosure and tax lien listings in the US.” You have access to listings 24/7, and you can tap into a personalized listings update service based upon your request.
58. Foreclosure Data: This site belongs to National Foreclosure Data Company founded in 1998. With over 2.3 Million users and growing, this site offers specialized investment tools to help analyze data, detailed data on property listings, 24-hour customer support and more.
59. Foreclosure Deals: ForeclosureDeals.com is a leading online foreclosure listings service, founded in 1998. Working closely with banks, court houses, government agencies and local brokers, this site provides up-to-date information on foreclosure homes, pre-foreclosures, foreclosures and auctions throughout the day.
60. Foreclosure Free Search: Once again, another site that offers free research, but the user must register to learn details about a property, and the offer is for a seven-day free trial.
61. Foreclosure Investor’s Report: The Foreclosure Investors Report (FIR) supplies qualified investors with advanced information about upcoming foreclosure sales by offering its members accurate, current data on loans that are in foreclosure. While this company’s listings currently include only Arkansas and Tennessee foreclosures, they plan to expand to other states very soon.
62. Foreclosure Listings: This site makes it easy to find foreclosure homes and bank foreclosures for great prices. By compiling research gathered on real estate markets in every state, ForeclosureListings.com has created a comprehensive, searchable database of foreclosure listings and made it available to members for a fee. Members also receive 24-hour customer support and information geared to every level of real estate experience.
63. Foreclosure Listings Nationwide: You must register with a credit card to gain access to listings provided by this service. Unlike straight database services, this site also offers a blog, short tutorials and more. But, it is basically a listing service.
64. Foreclosure Warehouse: ForeclosureWarehouse.com was created to help investors with providing a convenient, online foreclosure resource that combines the latest information with top-notch personal service. You have access to listings 24 hours a day, 7 days a week, and the site provides 24/7 costumer service.
65. Foreclosures 4 Investors: This mission of Foreclosures-4-Investors is to become the largest investment property wholesaler in the nation. This site focuses on both residential and commercial properties, and you can find useful resources here such as documents for the buyer, newsletter, tutorials and more.
66. ForeclosureNet: Use this site’s seven-day free trial to find bank foreclosures and government foreclosed homes that include single family homes, condos, town homes, multi-family unites, rental and income properties, office buildings, agricultural properties and more.
67. Free Foreclosure Listings: No registraton required to search through this database, which includes foreclosure and preforeclosure listings for all fifty states, including bank and government-owned properties. Choose from HUD, single family homes, town homes, rental and income properties.
68. Free Home Mortgage Foreclosure Listings: This site, like so many others that have popped up on the Web over the past few months, offers a database organized by state. While they offer searches for free, it’s a ruse for a seven-day free trial and users cannot delve into the details of an offering without registration.
69. Home Sales HUD: Unlike other listing sites, the investor can find actual images and information about HUD homes for sale here without a fee. These previously owned homes are for sale by public auction or other method depending on the property. An investor in a HUD home may need to find a real estate sales professional in your area who is authorized to show and sell HUD homes (most are).
70. House Repos: Like many of the foreclosure listings on this page, this site holds a database of house repossessions that users can gain access to for a fee. This site also provides a blog that focuses on foreclosures.
71. MSN Foreclosure Listings: MSN offers a foreclosure database, along with laws pertaining to foreclosures by state and a short tutorial on how to purchase foreclosures.
72. Preforeclosure Alert: Preforeclosurealerts.com offers investors the opportunity to find distressed properties before they hit the market. You must register first, then you begin to receive emails when the site lists new preforeclosure offerings.
73. Preforeclosure.com: This site contains more than 1.2 million foreclosure, preforeclosure, bankruptcy, FSBO and tax lien listings across the United States. They obtain their listings through hundreds of leading foreclosing lenders and government agencies, as well as an extensive network of corporate sellers, directly.

Blogs

Despite the wealth of real estate blogs, few blogs focus solely on the foreclosure market from the investor’s perspective. Some foreclosure focus is found in real estate investment blogs instead. If you have a favorite blogger who writes about real estate investment, search through that person’s blog to discover if he or she has focused on foreclosures within recent months. Also, be sure to check out the blogs that are included in the foreclosure Web sites noted above.

74. Ask Paul Wells: This blog is well worth the time for any foreclosure investor to peruse. More of a question and answer forum, Wells asks for questions about foreclosure investing and answers the questions in this blog format. Serious well of information.
75. Commonsense Real Estate: Anthony, the author of this blog, wrote “Real Estate Investing Made Simple: A commonsense approach to building wealth,” and he was a contributing writer to Donald Trump’s book, “The Best Real Estate Advice I Ever Received.” Lately, Anthony has been focusing on real estate investments in the foreclosure market in his blog.
76. Distressed Property Blog: This blog provides investors with practical tips, strategies and level headed warnings to help you succeed in developing a portfolio of foreclosures.
77. Finding Foreclosures: This is an interesting blog about foreclosures offered by two experts who have written a book about finding foreclosures across the U.S.
78. Flipping Homes 2.0: If nothing else, you can be amused by the humorous approach the writers take to this blog. Although the focus is on flipping, the latest craze is about flipping short sales homes. This blog tackles this topic full on, with notes like, “Ohio: Hired 1,000+ attorneys to work with borrowers to block foreclosures (FREE OF CHARGE TO THE HOMEOWNER!)” [emphasis from the blog] - this is a true roadblock for the eager snapper-upper!
79. Foreclosure Deals: This is more of a newsfeed than a blog, but the posts are frequent and the news is relevant to foreclosure investors.
80. Foreclosure Nation: This blog is more of a news service for the foreclosure investor who wants to keep tabs on U.S. foreclosure trends.
81. Foreclosure Pulse: This is a RealtyTrac blog, so the information provided here will be the most focused on the foreclosure investment market.
82. Foreclosures Daily: This is Mike Kane’s personal blog, and his idea of getting personal is to focus on foreclosure news nationwide. Unlike some blog newsfeeds, Kane does get personal, adding some opinion to national foreclosure topics.
83. Gammon and Associates: This blog provides another idea for foreclosure investors, as it’s written from the perspective of a corporate attorney. While some posts have no relevance to foreclosures, others hone in on this topic with stunning clarity. Worth a look to learn more from the legal angle.
84. Got Foreclosure!: This blog offers information on topics ranging from foreclosure strategies and deals to news, trends, foreclosure lists, and investment education in this active foreclosure market.
85. Real Estate and Investment Blog: Susan Reagor is an Associate Broker with Elite Realty in Mesa Arizona. Lately, Reagor has focused on the foreclosure investment side of real estate in her blog.
86. Real Estate Investing and Foreclosure News: This blog, perhaps, is the most relevant blog for foreclosures in this list. The authors post news and trends and offer information about the foreclosure investment market.
87. Real Estate Investing Training: Monique Fell, a real estate investment broker, recently has focused on foreclosures and has offered free information on how to invest in this market.
88. Simon Volkov: More of an article list than a blog, this tool can help the investor learn more about the foreclosure market. The articles are updated regularly, and are written by a professional private investor.
89. Tax Loopholes - Foreclosures: Although this blog focuses on tax loopholes, the foreclosure market has become a target for writers here. The perspective is toward the foreclosure investor.
90. The Foreclosure Report: This is one of Ben Jones’ blogs. If you’re not familiar with the name, he also writes for the Housing Bubble blog. The Foreclosure Report focuses more on foreclosure news from the perspective that might be of interest to the investor.
91. The Foreclosures Information Blog: John Nazareno has spent two decades in California’s Bay area, and he knows that region like the back of his hand. Although his Web site focuses on California foreclosures, his blog carries topics of nationwide appeal with a focus on foreclosure investments.

Forums

The forums that focus on foreclosure seem fairly few and far between and mostly inactive. Perhaps this is because foreclosures are happening quickly, and investors are busy buying rather than talking up the topics on the Internet. With that said, the following list contains the most active or interesting foreclosure forums on the Web.

92. All-Foreclosures: This forum is part of the All Foreclosure Information site.
93. Expert Law Forums: This forum provides a different insight into foreclosure investments. Learn more about the legal angles for this type of investment opportunity. The forum presents both sides of the foreclosure process, from buyers and sellers.
94. Foreclosure Forum: This forum also presents buyers and sellers, and the user may need to scroll through various questions to find any relevant information.
95. REI Club Forums: This forum belongs to the REI Club, but it’s free to browse through the various topics and threads. Both buyers and sellers pose questions here, and some even have posted investment opportunities for buyers.
96. Easy HUD Foreclosure Forum: There are four threads here focused on short sales, short sale flips, foreclosure course reviews, and a thread about how to use the Easy HUD site.
97. BK Forum: This forum, perhaps, is the most interesting forum on foreclosure topics. While the majority of questions and topics posed on this forum are from the seller’s perspectives, an investor could learn much from the questions and answers posed on this forum.
98. Foreclosure and Short Sale Questions: This forum is part of the “Wanna Network?” site. The topics situated here are specific to foreclosures, and many are relevant to investor-side questions and answers.
99. Get Real REI: This is probably the most active foreclosure forum found on the Web. Although the answers to topics posed aren’t frequent, the topics and threads have received plenty of views.
100. Foreclosure Real Estate Forum: This is an interesting layout for a forum. There are plenty of topic threads and questions with few answers. However, the investor may find something here of interest.

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101 Tips & Resources for the Upside-Down Homeowner

Posted in Features on April 24, 2008

Are you upside down in your home ownership? If you are, then you know that you can’t borrow from your home equity for emergencies because you don’t have equity to borrow against. You may not be able sell your home unless you come up with the money to cover the shortfall between your home’s value and your loan. In this case, either your house has lost value, or the loan balance has risen, or both.

Sitting upside down with a home ownership is stressful, but there are plenty of tips and remedies for this situation. No matter if you decide to sell, walk away or sit it out, the following list contains ideas that may help you financially and emotionally as you go through this trying time.

The list below is in no particular order. While the sites are numbered, the numbering does not indicate that we favor one site over another or that they are listed in order of value.

Get Ready to Sell

Unless you’re ready to ride out a volatile housing market, then you’re ready to sell your home. In this case, preparation for selling a home is similar to any other home sale, but the tips below are provided with empty pockets in mind.

1. Limit emotional involvement: This house may have seen births, deaths, marriages and more. But, now it’s a product that must be sold. If you can’t step away from emotional perspectives, bring in a friend who can provide an unbiased perspective about what needs to be done to this “product” to make it more attractive to buyers.
2. Curb appeal: Potential buyers won’t take a house seriously unless its exterior is enticing. Sometimes a little elbow grease is all that’s needed to polish up that front door, to clean the windows and gutters and to mow the lawn.
3. Small stuff counts outside: New house numbers or potted plants go a long way to create an inexpensive and attractive facade. You might even borrow the potted plants.
4. Small stuff counts inside: No need to replace expensive items. You might be amazed at how quickly a kitchen can change simply by replacing doorknobs on cabinets or by painting those cabinets.
5. Less can be more: Sometimes the elimination of shrubs, plants, and the addition of mulch can open up a yard and make it more appealing. Once again, this effort just takes a work on your part.
6. Remove furniture: Sell it, give it away or store it. Home buyers often like to envision their furniture in a new home without the obstacles of your living arrangements.
7. Paint the interior smartly: If you’re painting for resale, many parents will appreciate an easy clean-up paint with a satin finish. This paint also does well if you plan to rent the house instead of selling. See if you can find what interior decorator Jeanette Fisher calls oops! paint, or paint that has been rejected by potential buyers to save a few dollars on this renovation.
8. Hold a yard sale: If your neighborhood is conducive to yard sales, use this opportunity to clear out the house, make money, and to tell people the home is for sale.
9. Use consignment shops: Or, thrift shops or second-hand to sell items you don’t need.
10. Go secondhand: Nothing can beat a dishwasher, stove, sink, pot rack, pantry door, and four cabinet units used for $435. Just ask Frugal Babe about that deal.
11. Spruce up the siding [PDF]: Siding replacement hangs in right up there with kitchen and bath remodeling for home sale ROI (return on investment). If all you need is new siding to make your home stand out for sale, then go for it. Otherwise, just spend the money on a power wash to make that home seem like new.
12. Don’t overspend: Don’t run up those credit cards to overspend on a home to make it the best in the neighborhood. Buyers will not overspend on you, so why should you overspend on them?
13. Be frugal: You can have every thing you need to fix up that home for sale if you’re frugal. If frugality is a new lifestyle for you, check out frugal Web sites such as this one to learn how to ready your home for sale for mere pennies.

FSBO in a Down Market

The ability to sell your home without the expertise of a Realtor is the goal for many homeowners. Here are a few tips for the FSBO (fizber) homeowner that can help to sell that home in a down market.

14. Learn how to sell your home: Even if you end up with a real estate agent in the end, learning how the home sale process works can only help you understand the process and save money in the long run.
15. You might not have a choice: If you’re upside-down in your home and you need to sell, you may need to forgo a real estate agent. No equity means no 5-7 percent commission for a broker.
16. Build commission into sale price: Money that would otherwise be paid to a real estate agent can be built into the asking price, offering the home seller greater flexibility for bidding. In many markets, this can mean the difference between a property sitting on a market and being sold.
17. Be prepared legally: You’ll need appropriate paperwork for FSBO transactions. Either consult a real estate attorney or look through FSBO sites on the Internet to learn what you need and why you need it. Realize that many forms are state specific.
18. Go about FSBO safely: Often the real estate agent provides a buffer zone between seller and buyer. This article provides some great advice on how to sell your home safely on your own.
19. No foreclosures in neighborhood?: You might want to tout the fact that there are no foreclosures in your neighborhood. People want to avoid “suburban slums,” the moniker that now tags many foreclosure neighborhoods.
20. Learn about MLS: The MLS (Multiple Listing Service) is the primary data system that most real estate agents use to market and sell property. 75% of all properties sold across the nation are sold through the MLS. The two tips below show how you can gain access to this powerful selling tool.
21. Join FSBO Web sites: Sites such as this one and others linked here can help you gain a footing in your home sale, especially for Multiple Listing Service (MLS), tips, and FSBO education.
22. Go MLS all the way: You can bypass joining FSBO sites and on-site advertising fees by going straight MLS. This service still costs, but you can avoid paying a listing commission in many cases. The site linked here provides just one example of how you can go about this process, and this site provides yet another alternative. Weigh all options before spending money, and read all material to familiarize yourself with the process.
23. Research your options: Use the Web 2.0 real estate sites listed here to discover your home’s approximate worth and other scenarios before you make a move. You may discover options that will help you sell your home faster and with less cost.

Dealing with Realtors

Sure, you may have dealt with a Realtor or two when you purchased your home, but times may not have been what they are now. A rough market can change attitudes and your risks.

24. Learn about the ins and outs: Although this Wired article is dated 2005, the information contained in its perspective is just as relevant in 2008. In a down market, you can assure yourself that agents will want to push harder and faster to get your house sold so they can make that commission. While this may be what you want, a little less ‘fear factor’ could help you realize patience and more money down the road.
25. Cut paperwork expense: Even if you decide to use a real estate agent to sell your home, you might find you can cut down on the paperwork fees by doing some legwork yourself. Learn more about what you can do to cut those costs online.
26. Learn about buyer, seller, and duel agents: The duel agent may save you money (see directly below), and a seller - only agent will try to get you the best price. Either way, be sure to know who your agent really represents.
27. Send potential buyers to your (duel) agent: As a buyer, the ability to use the seller’s agent may benefit all concerned, since the buyer eliminates one agent’s commission at no cost to you. That’s a hefty incentive to buy your home.
28. Beware discount brokers: Not that discount brokers are “bad” - it’s just that they may not share your incentive to sell your home.
29. Consult a Realtor for a remodel: If you can stay put and improve your home for sale down the road, include a Realtor in your plans. Often, Realtors can provide great advice on what to remodel and how far to go for your neighborhood, saving you plenty of money in the long run (see “Weather It Out” and “Invest in Your Home” categories listed below).
30. You don’t need a Realtor for auction: If you want to try to sell your home quickly, you don’t need a Realtor to put it up for auction. You have options as well, such as refusing a bid or setting a reserve.
31. Maybe you need an agent: If you’re so stressed out that you can’t handle calls, set appointments to see your home or show your home. This blog entry, not written by a Realtor, can provide you with several reasons to use a Realtor.

Refinancing

A home loan refinance is a new loan obtained through your lender or a new lender to pay off existing loan. If you’re upside-down, however, your best recourse is to try to change the terms of your mortgage.

32. Be a Vanilla Borrower: If see personal financial troubles looming on the horizon, but if you currently have good credit, good income, low debt, and strong assets, then refinance now if you need it. You’re what is known as a “vanilla borrower,” and you may have an easier time refinancing now than later.
33. Refinance for a lower interest rate: Take advantage of lower interest rates for refinancing, but only if it makes sense in the long run. The trick is to know how long you intend to stay in your home.
34. Research your options: Refinancing involves many of the same steps as the original mortgage financing, along with expenses for an inspection and an appraisal. Crunch numbers to see if refinancing makes sense for you.
35. Then again, banks are skittish: Mortgage rates are rising, despite federal cuts on interest rates. Rising mortgage rates tend to keep buyers away, and it makes it more difficult for homeowners to refinance.
36. Forget the Cash Out refinancing option: If you’re upside-down in your home, this option isn’t available. Without appreciation and with debt on mortgage, you’ll see more debt instead of money in your pocket.
37. Don’t call a national lending assocation: Outside some of the problems listed here at Consumer Affairs, these companies can assign your input to mortgage companies around the nation, and many of those companies will take that information and query your credit report to qualify you for business. This mass attack on your credit report translates to a lower rating for all the queries. Instead, look to your previous lender or find someone through a friend who has had similar experiences and leave your credit report alone.
38. Another reasong to stay with your existing lender: If your credit rating has slipped, a previous good credit rating is known to this lender. They may be willing to cut some fees to help you refinance with them.
39. Beware of other options: On the other hand, be leery of options that provide seeming relief, as they have negative as well as positive sides to each issue. In this case, a government-backed guarantee to lenders who are willing to refinance upside-down homeowners might be fraught with problems.
40. The critical factor for refinancing is the appraisal: Learn how the appraisal can make or break a refinancing deal.
41. Get a fixed rate mortgage: If you have an ARM (Adjustable Rate Mortgage), then you know you don’t want to go there again. Instead, refinance to go after a fixed rate mortgage, one that won’t change on you no matter how long you own your home.
42. Trust your gut instincts: If, as this blogger says, you find no light in the eyes of your lender or any other person you deal with, perhaps you should wait before you make another financial decision.

Avoiding Foreclosure

Foreclosure is a black hole that keeps on draining you long after you’ve lost the house. No matter how bleak things may seem, there are many ways to avoid foreclosure and to save your credit rating:

43. Don’t live beyond your means: A story at Dr. Housing Bubble shows how easily and quickly a well-off couple can face foreclosure, thanks to overspending - even on a $130,000 gross budget.
44. Contact your lender immediately: Contact your lender before you hit the figurative brick wall. Your lender might have solutions for you that are specific to your state or region, and that lender would rather help you out than see you walk away.
45. Don’t ignore correspondence: Although you might think it’s all bad news, your lender and others may be trying to help you. Open and respond to all correspondence.
46. Learn about foreclosure laws: Foreclosure laws vary from state to state. This is your resource to learn more about your local laws.
47. Know your rights: You have rights as a homeowner. Read your mortgage and seek counseling. These rights vary state by state and new legislation may alter what you know already.
48. Seek independent counseling: The U.S. Department of Housing and Urban Development (HUD) keeps a state-by-state list of certified housing counselors on its Web site.
49. Learn about mortgage fraud: Although it may be a bit late to learn if you’ve been duped, you may have recourse or assistance available to you. Look through blogs or news services like this one to learn more about mortgage fraud and cases in your area.
50. Talk with a lawyer: Many lawyers will offer a free initial counsel to hear you out. These lawyers can help you make informed decisions, especially if you’ve been wronged in your mortgage setup.
51. Try a short sale: A short sale is a process by which you can sell your home for less money than you owe on it. Although still not a common way to avoid foreclosure, the short sale can work if the mortgage company is willing and your buyer is committed. Just know that the short sale may result in a 1099 that shows the debt forgiveness (this would translate to taxable income for you).
52. Learn about loss mitigation programs: Several programs exist that can help you forestall foreclosure. Some programs may require that you qualify with various standards, but the options do exist to help you keep your home and your credit rating.
53. Avoid foreclosure rescue scams: Various scams, including equity skimming, phony counseling agencies and more are there to take your house and the rest of your money. Use government agencies, legitimate banks and other companies to learn what you can do to protect your assets.
54. Learn about Hope Now: If your lender won’t talk to you because you’re upside down, read more about Hope Now to discover other options. This program was instituted by the Bush administration in 2007 to help homeowners avoid foreclosure.
55. Don’t move: In order to qualify for assistance, homeowners often are required to be living in their home.
56. It’s illegal in California: Do not let anyone charge you an upfront fee for foreclosure advice and assistance. Instead, seek counseling and talk with your lender.

Avoiding Bankruptcy

When you try to avoid foreclosure, you try to save your credit rating as well as your house. Avoiding bankruptcy is a different animal altogether…

57. Don’t lose it all: If you don’t declare bankruptcy, then you can keep many things - like furniture, credit cards and more. If you decide to declare bankruptcy for debt relief and you own a home, other opportunities exist.
58. Think rationally: Both bankruptcy and foreclosure stay on your record for years. However, it’s easier to rebuild your credit when you still have credit cards in hand.
59. File Chapter 13: A debtor facing foreclosure can stop the foreclosure sale by filing Chapter 13, which is not bankruptcy, but a reorganization of debt.. The Chapter 13 plan permits the debtor to cure defaults on mortgage debts by repaying the arrears within a reasonable period of time.
60. Beware Chapter 13: While Chapter 13 remains the only option to stop a foreclosure, you might want to know that there is a likelihood that your payoff balance will go up and that you may have limited recourse to challenge these charges if you file.
61. Walk away: If you’re late on all your payments and if you have a non-recourse loan, then just walk away. You’ve already screwed your credit rating, and no one can “come after” you. Jim Cramer, for one, endorses this exit strategy.
62. Before you walk away: If your property is worth less than the total amount you owe on your mortgage loan, your lender could seek a deficiency judgment. If that happens, you not only lose your home; you also would owe your lender an additional debt with the difference in what you owe and the amount the house sale price. But - this may happen only if you refinanced your home and your loan is a recourse loan (and from what we learned, this action is rarely if ever taken).
63. Here, FICO! Credit scores are hurt much more by missing multiple payments - on credit cards, cars and so on - than by a single foreclosure.
64. Use an attorney: Beware of companies that make walking away from your home look like it’s a walk in the park. Foreclosure is a difficult decision, and one that needs common sense and localized legal advice.
65. Cash for Keys: Just like a home sale, you leave behind anything that’s attached to the house. But, if you feel like ripping out some plumbing on your way out the foreclosure door, try finding a local Cash for Keys program instead. Lenders and banks now pay homeowners hundreds or even thousands of dollars to put their anger in escrow and leave quietly.

Rent Your Home (or a portion of it)

If you can rent all or part of your home and see a way out of your tight financial situation, then why not? The list below links to information about landlord responsibilities and tax implications as well as tips on how to handle renters.

66. Rent your home: If you’re in a situation where you can find a cheap place to live (like moving in with a sibling or parents), then you might think about renting your home to make ends meet on those mortgage payments. Remember to charge enough to take care of any necessary repairs.
67. Rent a portion of your home: If you have a basement (or an attic or garage apartment) with an outside entrance, you might want to share your home with a renter. Learn about what you might need to make that basement rental-friendly.
68. Determine your capitalization rate: Is it worth it to rent or sell your home? Learn about your options through the Forbes capitalization calculator.
69. Learn how to handle renters: Learn ten great tips on how to handle renters before you rent.
70. Two years out of five: That’s the rule when it comes to the IRS determining whether you were a resident at your home. If you’ve lived there for two years, then you have three years to weather out the market by renting your home.
71. Personal residence tax exclusions: During those three years you can still receive the full benefit of the personal residence tax exclusion on a sale — $250,000 for a single owner and $500,000 on a joint return.
72. Military fares differently: The Military Family Tax Relief Act, signed into law on November 11, 2003, allows military member homeowners to suspend this five-year period for up to 10 years of extended duty overseas or at a domestic location that is more than 50 miles from the residence that’s being sold.
73. Learn how to become a landlord: If you’re thinking about renting all or part of your home, you might want to study some implications to being a landlord.
74. Landlords play by state rules: If you think you might want to rent your home, learn how to play by state rules. This link provides resources for Minnesota landlords, for example.
75. Rental depreciation benefits: Even if the rent covers 100% of your out of pocket expenses, you may be able to take deductions. The loss will come from the depreciation on the rented portion of the house.
76. Learn more about tax benefits: For taxpayers in general, rental losses are limited to $25,000 (filing as single or married filing jointly; it’s only $12,500 for married filing separately), regardless of the loss amount. But when your income is over $100,000, your deductible losses are reduced by $1 for every $2 of income. At $150,000, you are totally phased out of the rental loss deduction.
77. Be an active participant: You are apt to lose the right to that $25,000 loss when you turn your home over to a property manager to rent, manage and maintain.
78. Report your income: On the down side, rental income is considered just that - income. You must report this money on your tax return.

Weather it Out

If you still have a job and if you can make your mortgage payments, then why worry? Just keep an eye on the markets and your neighborhood to learn how the markets may affect you in the future…

79. Patience is a virtue: If you can sit out this current economic free fall, then do so. Otherwise, you may be lowballing a home that could be worth much more in a better market economy. After all, if Bernanke’s hands are tied, perhaps your hands are tied as well…
80. Don’t sweat the equity: As with a stock market portfolio, the value of your home will rise and fall with the markets. If you’re upside down now, that situation may change within months depending upon market movements. Sitting tight only means that you’re a long-term investor in your home and that you need to have faith in your choice.
81. Your neighbors may hurt you: Another reason to sit out the down market is to determine if your neighbors are foreclosing. If so, the market value on your home may have plumeted and it may be difficult to sell - at least for now.
82. Keep an eye on new legislation: Lawmakers want to help homeowners, as a bad housing market affects the entire country’s economy. Keep an eye on legislation such as this one in Michigan that can help you now or down the road.
83. Watch the stock market: Some good companies are taking a beating thanks to the housing slump. If you have the means, do some research and find stocks that will increase along with your house property as the country climbs out of this financial fiasco.
84. Pay on your principle: If you have extra cash, you might want to avoid a volatile stock market. Instead, pay more on your home’s principle to help bring your upside-down mortgage right-side up.
85. Reduce credit card debt: If the interest rate on your credit cards is more than your mortgage rate, then pay off those cards. This is one step in bankruptcy avoidance. Learn more from blogs like Blogging Away Debt.
86. Search for accurate pundits: While you’re twiddling your thumbs waiting for the housing slump to end, search for pundits (like Tamara J. Erickson) who predicted this situation over a year ago. Maybe these are the analysts you need to follow in the future…
87. Recession-proof your career: Why lose your job when your mortgage is upside down? Not a good idea, right? Learn how to make your career recession-proof. Maybe that will take your mind off your lack of equity.
88. 11 Recessions since WWII: It’s a cycle. If you can sit this one out, then position yourself for profit on the upswing.
89. Four years? Maybe five? Some pundits put recovery somewhere around 2011. Can you hold onto your property that long? If so, maybe you’ll need to do a little renovating to get your house up to speed…

Invest In Your Home

Many investors believe that the best place to put investment dollars these days is into a home, because that’s where they’re gambling the most equity will accrue even with this mortgage crises. If you’re in a position to weather out this financial storm, then think about what will make your home worth more down the road. Here are some suggestions:

90. Don’t expect refinancing for remodeling: You’ll need cash on hand or adequate credit for these projects, as it will be difficult to get a bank to offer refinancing for remodeling if you’re upside down in your home.
91. Look at ROI: If you have the cash or credit to spruce up your home, consider your return on investment before you lift a finger. Some projects are well worth the time and money spent. Other projects may be a waste.
92. Get a second opinion: Consider your region and even your neighborhood before you assess ROI. Plus, time makes a difference - don’t remodel a kitchen years before you sell it, otherwise it will appear dated.
93. Look around the country: A bathroom remodel might not bring as much money in New England as it would in Texas. Learn more about what improvements are bringing in more ROI at Remodeling Online.
94. Major kitchen remodeling isn’t necessary: Small fixes will do. But, if you plan on living in the home for four or five more years, perhaps that those green avacado appliances can go and you can enjoy the new appliances.
95. Bathrooms high on list: Next to the kitchen, bathrooms can add value to your home and will rate high on ROI. Fix current bathrooms or add one for more equity in your home.
96. Add a room: Sometimes you can add a room simply by adding a closet - that small effort may change the focus of the room and add value to your home.
97. Add a bedroom in the attic: Even if the housing market isn’t up, your thoughts don’t need to stay in the basement. If you can add a bedroom in your attic, you’re likely to recoup 82.7 percent of the estimated $35,000 cost of installation.
98. More isn’t better: Even if you don’t lift a finger for renovation (but you should for repairs), you’ll realize a profit later. Why? Because inflation will work its wily wonders, making your home more valuable down the road than it is today.
99. Think twice before you go top-dollar: Although you may love that granite countertop, think about your neighbors. Do they have granite counter tops? No? Then, perhaps the laminate they use in their homes is just as good for yours.
100. Do it yourself: You can save tons of money on remodeling projects if you take the time to do the work yourself. Save electric, plumbing, and major projects for the pros, however.
101. Do it for yourself: If you’re feeling down about the down market, a remodeling project may be what you need to feel good about your home and yourself again.

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Top 10 Ridiculous, Obnoxious, and Just Plain Ugly Celebrity Houses

Posted in Features on April 10, 2008

What type of house would you live in or build if you were a celebrity? Would you build a home that depicts your hobbies, or would you build a place that is so “you” or so overpriced that you couldn’t sell it no matter how hot the market? With those questions in mind, we sought the ten top most ridiculous, obnoxious, and just plain ugly celebrity pads around. Of course, beauty is in the eye of the beholder, so what we think is tacky might seem gorgeous and practical to another beholder…The list below is in no particular order. While the sites are numbered, the numbering does not indicate that we favor one site over another or that they are listed in order of value.

1. Britney Spears: According to public records, Spears purchased the Malibu, California house through her Love Shack Trust in October 2004 for $6,300,000. The 7,400 square foot home boasts a pool, a spa, tennis court and gym, a maid’s quarters, seven bedrooms and six and a half bathrooms. Spears put the home on the market in January 2007 for $13.5 million, but the price dropped in March to $11.8 million. The house, which is located in the exclusive gated Serra Retreat area where such stars as Mel Gibson live, may have priced itself out of the market for the moment. Additionally, rumor has it that the gated estate was too overly-customized to Mr. and Mrs. Spears’ tastes. According to the linked source, “A bar in every room was too over-the-top for the average potential buyer in that price range - not to mention the lavish poolside bar built over which once was the tennis court.” This past March, papers were served to Britney and she was almost evicted because she hadn’t paid the rent. It appears that Britney’s financial team screwed up, but that all payments now are current.
2. John Travolta: No, this isn’t an airline terminal. It’s the home of John Travolta and family, built specifically to house his Gulfstream and Boeing 707B. The home is located immediately off a main airstrip in Ocala, Florida, and it’s designed so his jets can taxi right up to two outbuildings connected to the main structure that’s shaped like a truncated air-control tower. Although the property came equipped with a 7,500-foot runway, Travolta extended the taxiway to reach the house. Actress Kelly Preston, Travolta’s wife, can tell when John’s home, as the planes are visible from the living area inside the home. If that’s not enough airline for you, wait until you see the mural in the dining area that was culled from a 1937 Fortune magazine ad. Diners can pretend they’re eating in the lobby of a 1930s Paris airport.
3. Michael Jackson: Michael Jackson’s Neverland Ranch served as the pop singer’s private amusement park and home when the facility opened in 1988, but it’s no longer in operation. This ridiculous property, which lies over 2,800 acres, contains a zoo, a theme park with Ferris wheel, merr-go-round, zipper, spider, sea dragon, wave swinger, super slide, dragon wagon kiddie roller coaster, and bumper cars. Named for Neverland, the fantastical island in the story of Peter Pan where children never grow up, the ranch is located near Los Olivos, California. As of March, 2008, the property remains in foreclosure proceedings, with a possible auction slated unless Jackson clears his debt. The auction may be forestalled by a loan extension offered by his loan holder Fortress Investments, according to Fox News.
4. Ira Rennert: Rennert, a publicity-shy billionaire founder of the Renco Group, is known more for his obnoxious New York Hamptons home than he is for anything else. This mansion is considered one of the largest occupied residential compounds in America, and - if put on the market - may be the valued as the most expensive home on earth. The home sits on 63 acres, and the buildings cover over 110,000 square feet including the 66,000 square foot main house. The main building contains a 91-foot long dining room, 29 bedrooms and 39 bathrooms. Fair Field, named after the adjoining Fairfield Pond, also contains a bowling alley, tennis and squash courts, and a $150,000 hot tub.
5. Candy Spelling: Producer Aaron Spelling tore down Bing Crosby’s old home to build this ridiculous 56,000-square-foot, 123-room Los Angeles, California estate. Unarguably the largest estate in California, this hotel-sized mansion sports a bowling alley and a single room devoted entirely to gift wrapping. While rumors ran rampant that Aaron’s widow, Candy, would sell the home in 2006 following Aaron’s death, Candy dispelled the rumors and continues to reside alone in the mansion. Candy Spelling is the mother of Tori and Randy Spelling, both actors. Candy and Tori have remained hot in celebrity mags, thanks to their feuds over Aaron’s inheritance, Tori’s portrayal of her mother in a VH1 sitcom, and other family feudal issues.
6. Will Smith: This is Will and Jada Smith’s ridiculously obnoxious mansion, located in California. Their estate is described as a Calabasas castle, as it has its own lake, basketball court, tennis court and a pair of private par threes in the backyard. The estate took over seven years to build at $20 million. Smith stated, “The problem is that you build your dream home, but then you’re seven years older so it’s the house you used to want real bad!” By 2004, when they had seven months until they could move in, Smith added, “We’ve got about seven more months (before we move in). Everybody is excited because we went (to the house) and we let the kids come in and they picked out their rooms. Some of them are not gonna live there because they’re gonna have their own home by the time we actually move in!” The Smith family was forced to leave this home in 2005 when a bush fire threatened to destroy it and several other houses in the same area.
7. Donald Trump: Donald Trump’s Palm Beach, Florida mansion was primed for the real estate market in 2006, and this 80,000-square-foot estate was priced at $125 million well before the housing meltdown. This obnoxious mansion, which resembles a civic center, totals 62,000 square feet, with nine bedrooms, a ballroom, media room, art gallery, beauty salon, and a 4,100-square-foot conservatory. Additionally, the 6.5-acre property with 475 feet of ocean frontage includes two guest houses, a pool, and parking for 40 cars. Trump purchased the estate for $41.35 million in a 2004 Florida bankruptcy-court auction. Trump renovated Maison de l’Amitié during his tenure, and during the sale it was listed as the most expensive home on the market anywhere in the U.S.
8. Saudi Prince Bandar bin Sultan bin Abdul Aziz: Shortly after His Royal Highness Prince Bandar bin Sultan bin Abdulaziz was appointed Secretary-General of the National Security Council by the Custodian of the Two Holy Mosques King Abdullah on October 16, 2005, he put his house in Aspen, Colorado up for sale. His reason for purchasing this home, which sits on 95 acres, includes his position as Ambassador of the Kingdom of Saudi Arabia to the United States of America from October 24, 1983 to September 8, 2005. However, it appears that His Highness rarely stayed at this U.S. palace. The main portion of the house, which is larger than the White House, includes 16 bathrooms, 15 bedrooms, stables, a tennis court, an indoor swimming pool, outdoor water features and a snowmelt driveway. The price? At the time, the asking price was $135 million, ten million more than what Trump asked for his Palm Beach estate. The Prince took the house off the market in November 2007 after a lack of offers.
9. Michael Vick: The former quarterback for the Atlanta Falcons is languishing in jail and no longer lives in this somewhat tacky Surrey County, Virginia home since he was convicted for dog fighting. The house includes 5 bedrooms, 5 bathrooms, a white brick exterior, hardwood floors, and a full basketball court in the backyard. Although the Surry County, Virginia Commissioner of the Revenue stated the dwelling itself is valued at $647,000, and the 15 acres of land upon which the home sits was valued at $100,000, it would be very spooky to live in a home where this celebrity buried dog carcasses. The home sits across the street from a Baptist Church and is surrounded by a large, white fence and was sold at auction in November 2007.
10. Martha Stewart: Would you pay $8.9 million for this house? That’s what Martha Stewart wants for her Westport, Connecticut home called “Turkey Hill.” The Georgian style house sports nine bedrooms, three baths, several outbuildings and “the nicest garden in town.” However, we feel that - given Martha’s gift for creativity - this house really is a turkey. At least it has plenty of room to roam on 4.03 acres. But, that wallpaper effect on the stairwell needs to go (follow the link to view the images).

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Top 10 Man-Made Island Paradises

Posted in Features on March 20, 2008

Have you ever fantasized about building an island paradise? Although many people dream about creating an island, few can dredge up the money or materials to realize those inspirations except in the most unusual circumstances. But, within the past century, developers have created habitable islands where individuals can live in communities or where they can visit for entertainment and relaxation. Investors now can own a piece of man-made island paradise, all shaped from dreams and blueprints or expanded upon with reclamation efforts. Although much of the world’s attention has been drawn to the creative island-building efforts located in Dubai, such as The Palm, the list below includes man-made island paradises located in the U.S., Japan, Spain, and other areas as well as the mideast. Some islands were built specifically for tourists, while others were created only for homeowners. Some blend both community life with tourism to offer a wide variety of possibilities for all concerned. Some islands have been inhabitated for decades while others recently have invited investors to the table for projects that will be finalized within the next decade.

The list below is in no particular order. While the sites are numbered, the numbering does not indicate that we favor one site over another or that they are listed in order of value.

1. The World: One way to add land mass to a city is to add a series of world-class islands to that city’s coastline. Dubai developer, Nakheel, has added more than 1,500 km of beach front to the Dubai coastline with various island-building projects over the past decade. These islands include The Palm, The World and Dubai Waterfront, and they’re located off the Dubai city coastline, United Arab Emirates (UAE) in the eastern Arabian Peninsula. The World is the latest complete island paradise, with the last stone on the breakwater added on 10 January this year. Investors and developers can choose among 300 islands in the shape of the continents to create estate islands and residential and resort communities. All 300 islands are accessible only by marine or air transport, with world-class marinas to berth boats, yachts and cruise liners. Two mainland marinas will service The World, and 4 hub islands in The World will service the islands. Nakheel integrates a series of waterways, canals and lakes to enhance the overall design. Investors have the freedom to create their own personal vision on the islands for private or commercial use, whether it is for leisure, residential or tourist developments. The 300 islands will be offered for sale on a freehold basis to selected investors only. If The World doesn’t suit your taste, perhaps the next Nakheel project, The Universe, will be more your cup of tea.
2. Tokyo Disney Resort: Tokyo Disney Resort may or may not be the ideal paradise destination for adults, but adults with kids in tow might prefer this Japanese Disney destination over California’s Disneyland or the Magic Kingdom in Florida. Tokyo Disney Resort was the first Disney park to be built outside the U.S., and it will celebrate its 25th anniversary during 2008. The park was constructed by Walt Disney Imagineering in the same style as the U.S. parks. The Oriental Land Company purchased the theme license from the Walt Disney Company although it follows the Disney ideal. The island contains 115 acres, and it is located in Urayasu, Chiba, Japan, near Tokyo. The island resort contains five hotels within walking distance from seven themed areas within the park. If you don’t have children in tow when you visit Japan and you want to visit a man-made island, you can plan to fly through Chūbu Centrair International Airport, Kansai International Airport, Kobe Airport, or the new Kitakyushu Airport. All four Japanese airports are built upon artificial islands.
3. Eden Island: Imagine living on a private island, with secluded beaches, a world-class commercial precinct, international marina capable of handling super-yachts as well as a range of activities and leisure facilities for your exclusive use. You can find this paradise on Eden Island, located in the Seychelles archipelago nation. This archipelago is located in the Indian Ocean, some 930 miles east of mainland Africa, northeast of the island of Madagascar. Situated just off the coast of the main island of Mahé, Eden Island is a 99-acre residential marina development that sports a minimum of 480 luxury freehold apartments, mansions and private villas. Homes are spacious, with large verandas and high-pitched red roofs. They feature breathtaking views over mountains, ocean, forests and nearby islands like Cerf and Ste. Anne. Unlike Tokyo Disney resort, Eden island is for property owners only and these owners qualify for residency. Only property owners within the development have exclusive use of facilities such as private beaches, parks, private moorings, clubhouse facilities and much more.
4. Venetian Islands : You don’t need to leave the U.S. to find first-rate man-made island paradises. You can find several situated near Miami in the form of the Venetian Islands. Although this little piece of heaven isn’t for the hermit, it’s perfect for anyone who wants to own a piece of community real estate in the one- to five-million dollar range. The islands, originally built in the 1920s, are connected by the historic Venetian Causeway from the Miami mainland to Miami Beach. The islands did not exist when the Venetian Causeway was first envisioned. Beginning in 1922, the Biscayne Bay improvement Company sold lots for underwater plots with contracts specifying that the buyer would receive land on an island once it had been dredged, filled, and improved. Construction of the Venetian Islands proceeded quickly and work on the Venetian Causeway began in 1925, consisting of viaducts, fill, and drawbridges. The Venetian Causeway was listed in the National Register of Historic Places in 1989. Today, the this causeway is a popular stretch for joggers, bikers, dog walkers and sightseers.
5. Balboa Island: In 1908, Balboa Island near Newport Beach, California, was little more than a sandbar. Then, real estate promoter William Collins received permission from the Orange County Board of Supervisors to dredge the surrounding bay. He piled more sand on that little sandbar and built Balboa Island. Collins originally sold lots on the island for as little as $25. It’s a little late to purchase a lot on Balboa Island for that price, as some bay front lots now are appraised at over three million dollars. Despite this price increase, the island has retained its early twentieth-century charm. It is home to professionals, families, retirees, students and celebrities, but Balboa Island also entertains tourists and vacationers who return year after year to enjoy the scenery and activities. Local tradition has it that Balboa Island is where the frozen chocolate banana was first marketed, and tourists and residents alike count on stores to carry bags filled with salt water taffy and Balboa Bars (a brick of vanilla ice cream on a stick dipped in chocolate and rolled in chopped peanuts). Sounds as though a visit to this man-made paradise could sate your sweet tooth!
6. Sentosa Island: Singapore is no stranger to land reclamation, as they have constructed at least eight artificial islands over the years. The one that is most popular among tourists and residents who seek man-made island paradises is Sentosa Island. This 1,235-acre island was originally an island that has experienced man-made expansion. Complete with championship golf courses, spas, and world-class entertainment, the Sentosa HarbourFront contains over 20,000 square feet of retail space and attractions that run the gamut from adventure rides to historical exhibits amidst a retail environment. Located on the western tip of Sentosa island, Rasa Sentosa Resort is Singapore’s only beach front hotel. But, HarbourFront masterplans include a 10,000-strong residential community alongside this integrated family resort. Within the year, the Capella Singapore, developed by Millenia Hotel Pte Ltd (an associate company of local property conglomerate Pontiac Land Group), will open a six-star luxury resort that boasts 170 rooms and a number of private villas. Architectural genius Lord Norman Foster and legendary hotelier Robert Burns will see this multi-million dollar hotel project to fruition.
7. The Pearl-Qatar: Not to be outdone by its Dubai neighbor, Qatar is building a multi-billion dollar artificial island located less than one mile off the Doha coastline. The island will create almost 20 miles of new coastline, and it will provide 985 acres fronted by more than 12 miles of pristine beaches for over 40,000 residents in more than 15,000 dwellings within 12 precincts by 2010. The Pearl-Qatar is this country’s first international real estate venture. It represents the largest real estate development in the country and the first venture here to offer freehold and residential rights to international investors. Shaped like an exotic string of pearls, the Pearl-Qatar will allow room for800 guests among its 40,000 residents to enjoy three marinas, three 5 star hotels, plus almost half a million square feet of retail, dining and entertainment space.
8. Zoran Island: Mr Gulu Lalvani, developer of the Royal Phuket Marina in Phuket, Thailand, has his eye set on a new project - Zoran, a man-made island located off the Phuket shoreline. Lalvani told local press that Bill Gates and his 54-meter yacht.provided the inspiration for this island. Phuket lacks a marina that can handle superyachts, a significant failing in light of the increasing number of super-rich tourists such as Bill Gates coming to this area. An Australian consulting firm has been hired to survey the proposed project site, which Lalvani named after his youngest son. Plans are developing for a hotel, luxury villas and berths for superyachts. So, if you have a hankering for such a place, then keep an eye on this future project.
9. Sovereign Bay: If you’d prefer to live in Spain, then this proposed marina development, planned by Foster and Partners, might be your idea of luxury. This man-made island paradise is located on an existing area of reclaimed land to the east of the Rock of Gibraltar. The scheme includes a comprehensive environmental strategy, which capitalizes on the regional climate, location and orientation of the buildings, including using seawater from the surrounding Mediterranean Sea to cool the buildings. The new harbour is spacious enough to accommodate a boutique cruise liner terminal as well as a full marina for yachts. According to the Web site, the sweep of the marina arm will hold retail, cafe and restaurant life, terminating in a luxury residential development on the land-side. “The residential component will include a range of apartments with private swimming pools, terraces and sea views. Two beaches on each side of the development will be regenerated, with a spa and hotel located at the land-side gateway. The harbour will be connected to a series of landscaped public squares and plazas, with naturally-lit underground parking and direct pedestrian access, which will include a variety of leisure facilities, such as swimming pools and tennis courts, in addition to a full compliment of retail and designer outlets.” With those amenities, you’d never need to leave this island paradise!
10. Reef Island: You don’t need to wait until 2010 to invest in Reef Island. This man-made island paradise is gathering momentum as a flux of Bahraini and European investors have rushed to book up to over half the proposed housing units to date. Previously known as Lulu Island, this reclamation project is being built as a joint venture between the Bahrain government and the Bahrain-based Mouawad Group Real Estate Development Company off the coast of Al Manama, in the Kingdom of Bahrain. The development was designed by Australian-based Spowers and Pentago, and it is designed in the shape of the number nine. This freehold development project’s land reclamation is complete, and it covers an area of 6.23 million square feet. Construction has begun on approximately 1,200 condominiums, 65 villas and 49 beach fronted homes. Future plans include a 250-room five-star hotel, marina and yacht club, an aquarium, a well care center, a shopping mall, and a multi-function exhibition center.

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Top 50 Web 2.0 Real Estate Sites

Posted in Features on March 4, 2008

What do Web 2.0 and real estate have in common? Well, at the moment, you might say that commonality includes the various mashups of Google maps, where little colored balloons may indicate homes for sale or rent. Or, those balloons could point to rotten neighbors or even to homes you can rent for a month in an exotic location. But, that’s just the tip of the real estate Web 2.0 revolution. Ever since Dion Hinchcliffe tried to visualize Web 2.0 through mere words in 2005, the user experience has blossomed to include blogs, shared photos, video, social networking and more. A person who wants to purchase a home today can describe his or her desires in a few written words and have that home appear as if by magic through a widget that is tuned to keywords and locations. The buyer can view photos, floorplans, videos, three-dimensional tours, learn about the neighborhood, talk with residents who live in the area, and contact the seller directly. Almost every detail that goes into a home sale or purchase can be initialized and even finalized online by the buyer or seller.

This is the current state of the Web, where users generate and influence content. Granted, some of the sites listed below are more on the leading edge than others in what they offer (not all of the sites are pure Web 2.0 — many are Web 1.0 sites that are slowly evolving Web2 features). But, if the list below is any indication, then the buyer and seller have the advantage as transaparency becomes the norm.

The list below is separated into various categories that will guide you to sites that specialize in everything from real estate auction mashups to vacation home purchases and management. While the sites are numbered, the numbering does not indicate that we favor one site over another or that they are listed in order of value. They are listed alphabetically under each category.

Auctions

1. 2RealEstateAuctions: More of a directory to eBay listings than an actual real estate site, 2RealEstateAuctions provides a perfect example of a web 2.0 mashup. This particular mix is between Google Maps, eBay’s API, and U.S. Census data for housing & occupancy. The items you see listed on these pages are provided by eBay users, and you can sort by residential and commercial property, land for sale, and timeshares.
2. CondoBid: CondoBid provides users with the opportunity to join in on online bidding events for condominiums provided through motivated sellers worldwide. You’ll see agent fees, most of which are paid by the seller at closing. The “Buyer’s Premium” is what the buyer pays to purchase a discounted condo through CondoBid. All it doesn’t appear as if they many listings yet, their integration of clickable maps, and video makes them a web 2.0 real estate contender to watch out for.
3. RealtyBid: If your market is sluggish and you need to sell that real estate property, you may have a solution with RealtyBid.com. Thousands of residential homes and properties have already sold across the nation through this site’s easy-to-use online bidding platform. The site has attracted a growing contingent of real estate agents, and buyers have learned that this site is a great vehicle for purchasing residential, commercial and luxury properties and land at discounted prices. Although condominiums are listed here, you’ll find fewer listed here than you would through CondoBid, a sister site listed above. This site seems a logical platform for new developments, pre-foreclosures, and other real estate that suffers from sluggish market atmosphers. Fees include Buyer Agent Fee, transaction fee and deposit.
4. RealtyTrac: There are dozens of foreclosure sites on the Internet, but this site comes the closest to representing the Web 2.0. RealtyTrac is a search engine that allows agents and buyers to find foreclosure properties nationwide. The foreclosure process offers three bargain-buying opportunities, an the pre-foreclosure, public auction, and the purchase of bank-owned properties are represented by six different property statuses on RealtyTrac. Buyers must pay a fee, as with any other foreclosure site, to view all information about the foreclosed property.

For Sale by Owner

5. ChoiceA: Users are encouraged to list their property for sale for free, and you can then cross-post your ChoiceA listings to Craigslist or Backpage. Buyers can browse listings with new technologies including drag-n-drop favorites, endless scroll searches and compare listings with data, pictures or maps. ChoiceA provides free downloadable real estate transaction forms. This site went live in November 2007, so keep one eye on this site while browsing other FSBO sites. Keep the other eye on the blog, as you’ll understand the motivation behind the site and may champion their cause. Their very simple interface is refreshing.
6. Fizber: Home owners can place a listing with Fizber and they will add your listing to 70+ partner sites. This is a one-stop shop for yard signs, ad writing tips, home staging advice and more for the seller. For the buyer, Fizber provides city and school profiles, crime rate statistics, mortgage lenders and cost of living advice. The blog focuses on various areas throughout the country and the forum provides users with an outlet to learn and teach others how to buy and sell without a real estate agent. The tools include integration with Microsoft Virtual Earth maps (a hybrid of streets and aerial photography), photos, and a means to contact the seller directly. You can also use Webcam to sell your home’s features.
7. For Sale by Owner: Buy or sell a home online through this site that incorporates Google Maps. Otherwise, the site is very similar to the one previously mentioned. The huge difference is that this site has been around since 1999, whereas Fizber is newer (no specific date of development found). While Fizber seems more competitive with the incorporation of new ‘widgets’ and tools to help the independent buyer and seller with transactions, FSBO relies on their long-standing reputation with their standing as one of the top 5 real estate websites, and the fact that they offer a home selling guarantee. If you want to buy or sell through a for-sale-by-owner situation, check out both sites as they both carried different listings as of the writing of this article.
8. Owners.com: This site claims to be the largest FSBO marketplace for buyers and sellers. Founded in 1995, it is the oldest if not the largest FSBO site online. This privately held company has helped owners in all 50 states market over 1 million homes, accounting for more than $200 billion in home sales. The integration with Google Maps is a popup, so be sure to allow popups if you have them turned off while studying this site.

Potential Home Buyer

9. DotHomes: This search engine originated in the U.K., spread to South Africa, and now has made its debut in the U.S. Only agents can list, and agents must have a Web site so the search engine can crawl through it to pick up listings for free. Buyers simply type the description of the home of their dreams into the home page search box and await for the crystal ball to reveal their choices in brick and mortar realities. Instead of hitting an “I’m feeling lucky” button like a searcher would at Google, buyers can tap into the “I’m feeling wealthy” button at DotHomes to be surprised with the results (when you hit that button, the word “expensive” shows up in the search box). Once the homes come up on the page, you can map them via Google map, find the realtor and more.
10. HomeGain: Brokers and agents can sign up so that potential customers can find them through a localized search. Buyers and sellers can then compare agents to find one to work with in a given area. This site also offers home valuations, mortgage options, and a way to view MLS homes nationwide. MLS listings are through HomeGain, where a buyer can click on a state to find homes in the city or town desired; however, foreclosure listings lead to RealtyTrac and new construction leads to HomeScout.
11. Homethinking: Homethinking helps you find a real estate agent by showing you sales histories and reviews from clients. Homethinking is a real estate application with a difference. They take an Amazon/ eBay approach in that you can find agents and see “reviews” of that agent, as well a list and a map of what properties they are handling at present. Details of how many properties they have sold are also provided, including location, house details, and asking and final prices. A random query for Atlanta showed a list of agents for whom no reviews were present. However, Homethinking claims over 1.5 million listed agents and nearly 2.5 million transactions.
12. HomePages: This was one of the first professional sites - after HousingMaps - to use map mashups as the primary display and navigational vehicle for real estate listings. This site provides complete MLS data, and buyers and sellers can use agents to place or search through various neighborhoods for buy and sell opportunities. This site is an extension of HouseValues, a free home valuation service (not included in the list at the end of this article).
13. International Listings: This is the premier listing service for luxury homes worldwide. If you are shopping for luxury property, you can browse listings by location. If you are selling a property, you can submit a listing online. You can describe the property any way you want as a seller, as the site owners review the listing only to confirm that sellers have included essential information. Sellers also can include up to 12 interior and exterior photos of the property for sale. Buyers can find links to online auctions for exclusive properties as well.
14. Move.com: Launched in May 2006, Move.com is a comprehensive real estate search engine with exclusive access to REALTOR.com’s® listing content as well as new home and rental content from all over the Web. The “move” aspect covers a magazine-like addition to the site that provides articles and advice on everything from the actual moving process to renovation and beyond. The search and sort feature gives quick access to homes and rentals in your area, with a Microsoft Visual Earth map of the area.
15. MyRealPlace: MyRealPlace brings together buyers, sellers, and home owners with realtors, mortgage brokers, insurance brokers, home stagers, architects, legal services, moving services and contractors. In fact anything that consumers may need when buying, selling or owning a home. It’s a mashup that is under beta as well, as this site is pushing out new Web 2.0 technologies as we write th