Owner Financed Homes – More Common Than Ever

With the recent downturn in the economy, it has become a need for home sellers to find alternative ways to sell there home. Owner financing, also known as seller financing or owner-will-carry is the newest trend in selling homes. The basics of owner financing are simple at the core, the seller essentially acts as a bank for the buyer for a given amount of time.

The bonuses are two fold; one the seller opens up the property to a large number of buyers that cannot get conventional financing, typically these are buyers that have credit challenges such as a previous foreclosure or they are paid through self employment. Due to the recent changes in lending guidelines, someone who would easily qualify for a home 3 years ago can no longer qualify even if they have perfect credit.

There is a well know article on the internet stating that these types of transactions are rare, and incredibly hard to come by. This article is of course from 2002. These types of transactions are very common as of 2010. In the past, most home owners who would be willing to sell a home on through owner financing would ask for almost 50% or more of the homes value as a down payment. This was to compensate for the fact that they expected the home owners to make payments over a 30 year term. This is just ridiculous by the standards of today.

Almost 90% of all owner financing transactions occur now because of investment decisions made in the past by house flippers or people expecting the value on their primary home to increase. This has caused a large amount of homes to come onto the market that are nearly paid off, but are no longer wanted due to taxes on the property or an inability to find a renter. Although money may still be owed on the property, the down payment will more than payoff the underlying mortgage.

So what are the terms? This is a question that I get asked on a daily basis from buyers looking to purchase owner finance homes. Of course each home seller is different, but the typical terms are 10% down payment, a 5 year contract with a full payoff expected at the end of the contract and monthly payments on the home amortized over 30 years. Standard practice is to have all payments made through a third party escrow service. The escrow service ensures that all payments are made on the buyers behalf.

It’s a shame that there is so much false information about owner financing on the internet. Most of this information is out dated and paints a very bleak picture about the rarity of owner financed homes. The truth is the modern real estate market has changed and most working realtors like myself that have changed with the market are doing just fine. Almost all currently working real estate agents have worked with an owner financed transaction. They are an excellent alternative to buy and sell a home without the need for bank approval.

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What It Means To Buy Owner Financing Homes

These days, with the overabundance of existing homes already on the market for more than 90 days, conventional methods are simply not working like they used to. Add into the mix the ridiculous numbers of foreclosed homes and you wind up with a stagnant housing market. Even with sterling credit, you will jump through hoops trying to get financing to purchase a home and still wind up unapproved. The solution many are turning to is purchasing owner financing homes. This is one area that could use a change, as the average fair market value for a home today is over one million, but even with being listed at half that value, are still not selling.

You have to look for those that are listed as home for sale owner financing, or for sale by owner, in the local newspapers and websites. This is the best way to find owner financing homes. If you talk to a real estate agent, they may not know of any, and just approaching a seller to ask if they can finance the sale for you will probably not work out. That said, before you start your search, it may be a good idea to learn how it works, and the benefits that comes with owner financing.

What is Owner Financing?

Whenever a home for sale carries that added term “owner financing”, it means that the purchase price, minus the down payment, will be part of a financial contract that exists solely between the seller and the buyer. The buyer negotiates with the seller a purchase contract that is binding, and allows for a payment plan over time that is put towards the final purchase of the home.

Just like bank loans, the seller and buyer agree to an acceptable interest rate, monthly payment amount, and term of loan. In most cases, these are also called rent to own, with option to buy deals, where a portion of the monthly rent is put towards either the purchase price or the down payment, depending upon the buyer and seller’s financial position. A security instrument will be created, listing all details of the sale agreement, and will be filed with the court as would any other real estate transaction, for the protection of both parties.

Types of Owner Financing

In the case of owner financing homes, the seller will often carry the mortgage for the entire purchase price, less the down payment. This is known as an all-inclusive mortgage. When a buyer cannot get a mortgage loan on their own, this is often the best way for them to purchase a home, and the resulting loan is often in the seller’s name, rather than the buyer’s. All payments are made to the seller, who then uses them to repay the loan.

Lease purchase agreements are another way to handle this kind of real estate sale. This means that the seller is giving the buyer an equitable title, and is leasing the property to the buyer. The negotiated lease payments or a portion of each payment is put towards the purchase price, less interest, until the balance is paid, and the buyer receives full and clear title to the property.

Benefits of Owner Financing

For the buyer, there are obvious benefits to this kind of purchase agreement, especially if their credit rating is not the best. The loan can also be tailored through negotiating with the seller to an affordable and reasonable monthly payment, down payment and interest rate that you know you can afford. You also get possession of the property faster, and you probably will not have to pay any extra fees or closing costs.

For the seller, the owner financing homes program means that you will be able to command the full market price for your home, and you will not have to pay the full taxes on the sale that year. With an installment plan in place, you only have to pay taxes on the income from that sale collected that year, not the full amount all at once. You can offer the buyer a lower interest rate than any lender, making the sale even more attractive and it will most likely spend less time on the market than it would through an agency.

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Features of an Effective Real Estate Website

With the growing competition in the real estate industry, it is imperative to do something extra so that you get an edge over others. A real estate website will certainly help you to get the desired benefits. For this, it is better to hire a professional website designing company that will provide you with an advanced yet impressive realtor website.

With the advancement in technology, use of the Internet has increased. Apart from being an entertainment and information source, it is widely used as a marketing and promotional tool by almost every businesses organization today. Moreover, it has become one of the best platforms to mark your presence in any business. In fact, the real estate industry also uses the Internet as an effective marketing tool to appeal their future clients. As a real estate agent, you can take the help of the Internet to make yourself visible to your prospective clients, and a real estate website will certainly be the best option.

If you want to stay ahead in the real estate business it is necessary to create an attractive website that can influence people. Your website must be capable enough to draw the attention of your potential clients and they must find it useful. It is advisable to get your website designed by a professional designing company that will design a content rich website, which will satisfy the clients’ objectives.

A reliable and skilled website designing company will equip your real estate website with all the latest tools and features to make it powerful and help you to sustain in the business. It will strive to design such a website that will be advanced and user-friendly. The professionals will provide features to add, edit and even remove numerous listings to your website, upload photographs for listings and provide virtual tours.

You can even publish or edit multiple web pages to your website in just few simple steps. In addition to this, a professional service provider will design a website that will have clients’ testimonials served in past, personal greeting on its home page, free articles, blogs and other informational materials. Moreover, the website developer will focus on the lead generation and client management areas of your website.

The lead generation area of a website deals with the contact form, property request form, relocation request form and home value finder request form as well. The professionals provide the lead generators on every listing page to make it easy for the clients to contact you. In fact, they provide your website with a chat feature that allows the clients to have an open discussion with your executives.

Contrary to lead generation, the client management system is present at the back-end of your real estate website that provides a complete contact database to manage leads. The system also helps you to create reminders, notes and follow-ups with your clients. Moreover, newsletters also help you to keep in touch with the clients that are not visiting your real estate website.

MLS/IDX is an essential feature of a technologically advanced realtor website. It allows the users to search through the listings provided in your website. It also helps you to turn on/off MLS (Multiple Listing Service) lead capture, associate your website with other public MLS and even search through your MLS without any charges.

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Top 10 Real Estate Websites in India

Real Estate in India is in great demand as the population of India is increasing rapidly. There is a high demand for real estate especially for the residential sector. The commercial sector demand is lesser as compared to the residential sector. The rate of the residential sector is growing with each passing day and one can notice a property price fluctuation almost every day.

The property rates are not only increasing in the prime locations of India but also in other areas because of the high demand. Moderately salaried people and even people having low incomes have started moving from their towns or cities. They are relocating themselves in other areas away from the prime locations because of these high rates. Being aware of this huge demand in the property market, property builders are also demanding high rates for good projects at great locations with well designed features and specifications.

The market is therefore very vibrant and all professionals related to this industry especially the property agents are utilising this opportunity to make money by selling builder units. They apply different marketing strategies like publishing advertisements in news paper, property websites, marketing through outdoor hoardings, email campaigns and many more. Among the above mentioned strategies digital websites are a lot in demand due to their cost-effectiveness and high reach. The following are top 10 websites in India which are helping to sell real estate, market property services and also providing complete knowledge, information on properties, builder projects and other property related topics.

Magicbricksdotcom

Magicbricksdotcom is an online public portal developed by Times Business Solutions launched in August 2006. It has emerged as India’s No. 1 Property Portal in terms of getting unique visitors as compared to other property websites. This is the place where you can enlist your property or enlist your requirement as a property owner, developer or as an agent in any location across India. It is an ideal platform for property seekers and sellers.

99acresdotcom

99acresdotcom is yet another an online platform in India developed by the Naukri Group. It can be called as No. 2 property portal in terms of visitors. This portal is dedicated to meet every aspect of the property consumer’s needs in the industry.

Indiapropertydotcom

Indiapropertydotcom as the name implies is a property portal for properties across India founded by Consim Info Pvt Ltd. Being the first online property portal to launch the concept of “Virtual Property Fairs” in India, it is one of the largest online service provider for property agents, property developers as well as for seekers and sellers.

Commonfloordotcom

Commonfloordotcom was founded in 2007 by IT professionals as a property portal with a difference. It is India’s first property portal dedicated to apartments and gated communities. Commonfloordotcom offers superb and easy tools to manage buy, sell, rent apartments in a given locality.

HDFCReddotcom

HDFCReddotcom is an online real estate destination founded by HDFC Limited which India’s leading mortgage lender. HDFC RED is a property digital information hub where you can find all information on new builder projects and other real estate investment options. It is like a digital bridge between home buyers and developers across India.

Groffrdotcom

Groffrdotcom is actually a name derived from Group Offer. It is an online property group booking digital hub based in India. It offers discounted group booking facilities on new projects by real estate developers across India. Apart from properties Groffr also offers discounted deals in automobiles and electronics.

Stampdutyregistrationdotcom

Stampdutyregistrationdotcom is India’s top real estate website for property related professionals. It enlists all types of professionals like property advocates, home loan agents, real estate agents, architects, interior designers, property valuers, real estate developers and so on. It is an ideal online platform for property professionals to highlight their businesses and services as per their business locations and attract a lot relevant customers. This portal also has a separate property section to find homes and other commercial properties.

Readyreckonerdotin

Readyreckonerdotin is an online hub for property related information, mortgage related information and ready reckoner values for properties across India. It provides users sample legal documents like sale agreement, rental agreement and an online ready reckoner calculator to calculate the property stamp duty values.

Igotmydealdotcom

Igotmydealdotcom is a complete property solutions portal. It offers a range of services which includes discounted property group bookings, distress properties for sale, new real estate projects’ information, property investment options, hotels for sale, preleased properties, luxury homes, bulk property bookings for investors, etc.

Allcheckdealsdotcom

Allcheckdealsdotcom is an online property broking portal by Info Edge (India) Ltd. It covers all India real estate projects and provides property deal options in residential projects and also in commercial projects.

These are some of the top real estate websites in India which offer real estate services right from property information, selection, site visits, bookings, documentations, home loans and after sales service.

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101 Tips for Effective Real Estate Website

1. Never use pronouns like we and us in your website, instead, write a name.

2. Make your visitor comfortable by encouraging his/her confidence in your
website and remove every uncertainty you can.

3. Your website should focus on lead capture rather than drawing useless
traffic.

4. Offer listings or virtual tour of your website to your visitors.

5. Do not burden your website with too much stuff.

6. You cannot control visitor’s action but try to move them along a preferred
path.

7. Avoid spelling mistakes and other grammatical mistakes in your website
content.

8. Compare your website with the competitor’s website but do not copy.

9. Include a ‘Resource’ section for your website.

10. Add excellent quality articles to your website in order to improve real
estate marketing. Adding articles to your website will make it search engine
friendly.

11. Improve the keywords on your home page and every other page by following SEO
guidelines.

12. Add useful content in order to attract leads from your website.

13. Try to offer online support using online forms and emails.

14. Publish your press releases.

15. Submit your articles to other article directories.

16. Create a blog for your website and write on it regularly.

17. Add a forum to your website or add link of your website to other forums

18. Add your website to major and minor search engines, so that any person can
see your website.

19. Try to expand your website by adding more of quality content that is not
only appealing but attractive enough to catch visitors to your website.

20. Increase your knowledge of internet technology and the tools you can use to
promote your website.

21. Share your website link with other websites and vice-versa, irrespective of
their page rank.

22. Eliminate all points of attrition present in your website.

23. Use RSS Feeds on your website to provide visitors with fresh news every time
they visit your website.

24. Never relocate your blog once it has been there for a long time.

25. Promote your blog by listing the same in blog directories

26. In order to capture maximum leads from your website, use both online and
offline marketing tools on your website.

27. Get your website address printed on your business card or every postcard you
send.

28. Try to add keywords in hyperlinks as search engines do read the text within
hyperlinks.

29. Offer an eye catching report about real estate on your website and offer
them to the visitors for free.

30. Offer tips for first time home buyers and other relevant information in your
blog

31. Allow users to choose the option of contacting them by phone or not.

32. If you are losing visitors to your website then add more valuable and useful
content.

33. Use pay per click advertising method for your website. Go for Google AdWords.

34. Work in partnership with other website owners and try to overcome your
weaknesses.

35. Never use same real estate strategies on your website as found on others.
Use new strategies of real estate that could not be found on any other website,
as this will help the visitor to remember your website.

36. Design your website for your visitors and not for the competitors.

37. Research the top keywords for your website and dedicate one separate page
for each of the top keywords.

38. Add a sitemap file to your website in order to get listed in search engines.

39. Provide easy navigation to the visitors.

40. Add an html sitemap for your visitors to read and follow the links present
within your website.

41. Use imagination while framing new real estate marketing strategies.

42. Never repeat your real estate strategy.

43. Adopt modern ways of communication in your website.

44. Visitors who sign up on your website must be sent a professional and
enthusiastic message.

45. Provide a clean and simple home page to the visitors.

46. Offer direction to visitors even though they will make their own move.

47. Be interactive with your website visitors.

48. While linking to other websites try to capture the links wisely.

49. Add another website along with your first website, in order to attract other
visitors. Sometimes, the visitors who aren’t satisfied with your first website
may become a lead on your second website.

50. Clean up the unnecessary posts from your blog regularly

51. Ban users from blogs that are real estate agents and are trying to take up
your business.

52. Never post your email address directly on your website otherwise you will be
spammed daily with tons of junk email.

53. Provide your visitors with a free real estate book that should title
something like, “XX Secrets to real estate marketing” or “Make money with real
estate”.

54. Improve your website’s credibility by making it more attractive and
inviting.

55. Use every weapon you have got to beat your competitors.

56. Use all the latest technologies on your website but in a wise manner.

57. Add your blog to real estate encyclopedia like Inman Wiki.

58. Improve your website presence by adding your website in each and every
search engine.

59. Check your website statistics and analyze the weak points.

60. Track your website’s visibility using Google Analytics.

61. Spread your website link through emails, blogs, posts, forums, etc.

62. Foremost objective of your website should be lead generation.

63. Provide your visitors the option to create and add pages of their choice.

64. Provide promotional tips to your visitors for free.

65. Make your website Google friendly.

66. Target negative keywords also for your real estate website.

67. While adding articles go for quality and not quantity.

68. Make your website load faster.

69. Reduce the size of images you use on your website.

70. Add Google ads on your website in order to generate revenue.

71. Choose a domain service that offers uninterrupted service with 24 hrs.
Uptime.

72. Provide your visitors a free eBook when they contact you using the contact
form.

73. For a real estate to be effective, answer your customers within the least
possible time and not more than 24 hrs.

74. Provide other valuable downloads to your members.

75. Put pictures of the property you are selling on your website.

76. Point links that are useful to your visitors.

77. Don’t make your website page too lengthy. It should not me more than 1000
words.

78. Provide specific information to the visitor instead of useless and lengthy
content.

79. Include meta tags in your website

80. Target a specific market first instead of targeting the entire country at
once.

81. Be patient while promoting your website as the effects are seen in long
term.

82. Use MLS feeds

83. Provide a Google map of the area or the property you are selling.

84. Allow multiple listing enquiries.

85. Update your website content on a weekly basis.

86. Allow the users to see the listing in one click instead of following a long
path to see a particular listing.

87. Add Google feedback to your website.

88. Add a mortgage calculator to your website.

89. Add testimonials from your past clients so that visitors can learn about
your credibility.

90. Do not use pre-designed templates or frame-based sites as they hurt you on
the search engine rankings.

91. Let the user know about your background by creating an about us or about me
page.

92. Try not to use Flash technology on your website as it also hurts the search
engine rankings.

93. Arrange home buying seminars on your website.

94. Make sure you retain ownership of your website; a lot of web design
companies will own the site even after payment.

95. Do not overwhelm your potential clients with useless cookie cutter articles
provided by a lot of web design companies; instead try giving them useful
content yourself.

96. Gain control on the content of your website. Ask your web designer to give
you the ability to easily edit and add content to the site yourself.

97. Do not use pop-ups to annoy to potential client on your site.

98. Always post your website link within the signature of blogs and message
boards.

99. Make sure your website appears on all resolutions without having to scroll
horizontally.

100. Check the site in multiple browsers to ensure browser compatibility.

101. Finally, post your links in any relevant online resource but make sure not
to spam. This will not only help you in your rankings but also build your online
credibility.

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How to Choose Effective Real Estate Websites

Online transactions are really taking over. These days, almost all important transactions can be done online. You may bank through the Internet or even shop for whatever item you need. The real estate industry is never to be left out. You would find that almost all real estate companies and agents that matter can be found and located online.

Online real estate businesses may flourish. The competition for such is also intensifying. You would find that amid the influx of such sites, in the end, you would have a difficult time choosing the Website to choose and trust. There are many real estate Websites but not all of them can be useful and effective to you. It is important to at least gain insights as to how property Websites can be chosen and picked.

First of all, a good real estate Website is offering good and practical services to the online users. There are too many of such sites in the Internet, but as a mentioned, not all are useful and functional. Good real estate sites are always updated and are integrated with the latest news and developments in the market. There are sites that offer tickers and quotes to give buyers and investors a rundown of what to expect in the market.

Good real estate Websites are of course outlined strategically and comfortably. Simplicity is a virtue. Studies show that most real estate investors prefer the simple, yet effective layouts. Troublesome and too tight layouts of online sites make such Websites ineffective and less interesting. Just like in newspapers, if information are too packed and arranged without effective layouting and strategy, the data would render futile.

Effective real estate Websites have search functions. Search engines are useful to online users. That is why most online sites are running their own search functions. The search service could cover contents within the Website or could even extend to the coverage of the whole world wide web. Many users find such services useful because searching within the site is made much faster.

Real estate Websites are produced and run by the most trusted and reliable property firms. If a real estate company is not reliable and trustworthy enough, clients naturally and logically should not risk their capital and investments. Online sites made by good real estate firms are also comparatively better and more useful in general.

Lastly, real estate Websites should be sincere and truthful. Some Websites are only effective in misleading clients and boasting of hoax accomplishments. If there are telephone numbers of addresses provided, take time to personally check out locations and actual assets of the Websites. Doing so would help you endure that the Website is really trustworthy, truthful and reliable. Lies should never ever be tolerated.

As you search across the Internet for real estate Websites, always be sure to stay focused. There are just too many sites out there. But you would determine and deal with the bests if you would only be patient and resourceful in your search endeavor.

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5 Steps to an Extremely Profitable Real Estate Website

Real estate websites are popping up all over the internet so when will you get on the boat? I hope before it’s too late. CNN and CNBC talk about the Real Estate market in a recession every day and how it probably won’t come out for another year or so. There is no better day than today to get off your butt and create a profitable real estate site for your business. Whether you are an agent, realtor, broker or landlord, you need to have a site for your business in order to compete and succeed. Below you will find five steps to a profitable real estate website.

If you have any questions, please feel free to ask by following the link to my website in the author resource box at the bottom of this article.

1. Real Estate Website Design: The design of your real estate website should be simple, straight forward and logical. You will basically want to spoon feed information to your visitors. You will have less than 10 seconds to capture your visitor’s attention and keep them from clicking that nasty back button. If you don’t do this, your visitors will quickly realize that your site isn’t worth their time and they will click off of it just as quickly as they clicked on to it. So, how do you do this? I suggest starting with a blank slate. Either hire a professional website designer & developer to do the project for you (PLEASE DO NOT OUTSOURCE YOUR PROJECT OUT OF THE COUNTRY) or take on the project yourself. It might be a cost efficient way to produce your website, but you are hurting American jobs in the long run – one of the reasons why real estate in America is in a recession. Real estate web design is not a complicated task because it is basic and straight forward. I recommend using a site design that is professional, modern, clean, organized and classy. These are qualities that the average house buyer would probably like to see in their new home, so why not have them in your website? A good website design will consist of intuitive navigation, organized content/copy and use of professional images of happy people smiling.

2. Real Estate Domain Names: Choosing a domain name may be one of the easiest tasks and it may be one of your most difficult tasks at the same time. Consider hiring a professional website design company such as MJM Design in Cleveland, Ohio (Google MJM Design Cleveland) to pick out a quality domain name for your real estate website. Choosing a catchy domain name will help draw in visitors and we all know it, it’s a fundamental truth, the more visitors the more business you will bring in. It’s like fishing, if there’s no fish why put your hook in the water in the first place? Real estate domain names are sometimes hard to get because they are registered already. If you realize that the domain name that you absolutely must have is already registered, you can try contacting the owner of the domain name. How you ask? Well you would use a service called WhoIs which tells you the name, address, phone number and sometimes even the email address of the website owner. Otherwise, you might try GoDaddy’s Back Order service where GoDaddy will wait until the domain name is about to expire then try to register it immediately. This is most likely only effective if the domain name is about to expire which WhoIs will also tell you the date to.

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