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Personal Branding Techniques for Real Estate Agents and Brokers By: Dan R. Vella: A key principle of marketing is to find something unique about what you offer as the basis of your sales message. Even... drastic changes. Coca Cola have had a consistent message for 50 years; the message evolves continuously and is not stag... "The Architect" Real Estate Development Design Professionals By: Colm Dillon: "The Architect" Real Estate Development Design ProfessionalsThose of you who are new to the real estate develo... . Selecting a site . Undertaking feasibility studies . Managing the building budget . Selecting and managing the projec... Understanding Real Estate Terminology By: W. Troy Swezey: Purchasing a home can be a complicated and confusing process, especially for first-time buyers. Throughout the proces... faith, to make the contract binding. Often, the earnest money is held in an escrow account. Escrow is the process by ... Finance Your Real Estate Investment Properties By: Peter Dobler: Copyright 2005 Peter Dobler Unlike traditional residential real estate mortgages, real estate investment financing is ... conditions. This could be tax reasons, time constraints, personal reasons and many more. As you can see this translates... A Singles Game of Real Estate By: Dan Auito: This discussion leans toward answering questions asked most often by our youthful men and women in there early twentie... new family residence. NOTE: Do not confuse homeowner’s insurance with private mortgage insurance. PMI protects the lend... Real Estate Closing Costs Exposed Mark WaltersClosing costs can come as a shock to anyone buying or selling real estate - especially to investors. Here's an explanation of the various expenses you must plan for: Down Payment Most lenders require a down payment of from zero to 20% for a normal home purchase. Lender's Loan Origination Fee Government regulations allow 1% origination fee on FHA or VA loans. Conventional loan fees can vary from 1 to 3 points or more. A point is 1% of the loan. Appraisal Fee About $300-$500. Non refundable. Credit Report $50-$60. Non refundable. Tax Service Fee In some areas a charge of approximately $75 by a tax service company to verify to lender that taxes are actually being paid. Assumption Fee Fee of approximately $250 up to 1% of the loan balance charged by existing lender for permission to assume existing loan. Pest Inspection Fee A fee of $100 - $175 is charged for inspecting property for wood destroying organisms (termites). Customary for the seller to pay. Optional Fees At buyer's option: property inspections that cover foundation, electrical, plumbing and overall construction at a cost of $300-$400. Roof inspections cost $75-$125. Geological reports about $100. Septic $200-$400. Radon $50-$100. Asbestos $75-$125. Title Insurance Cost determined by a rate chart and is based on the loan amount. City Transfer Tax Imposed within the corporate limits of some cities. The VA does not allow the veteran buyer to pay any portion of this cost. Miscellaneous Costs & Fees $150 should cover notary, recording documents, endorsements, etc. Hazard/Fire Insurance Reserve Two month's premium is usually collected for the impound account if required. Paid by buyer. Prepaid Interest Interest must be paid from close of escrow to 30 days prior to the first regular mortgage payment. Mortgage Insurance Required on all conventional loans greater than 80%. Cost ranges from about 1/2% to 1% per year. 14 months premium is collected in advance. For benefit of lender in case of default. Tax Impounds When new loan is going to have an impound account, lender will require from 2-10 months taxes be deposited in impound account. If taxes are prorated, buyer's total charge for taxes should equal about six month's taxes. Escrow Fee $750-$2500, depending on the sales price. Can be paid by buyer, seller or split. Everything is negotiable. We have listed examples for typical closing cost. Closing procedures and costs vary from area to area. Your real estate agent and loan agent can provide estimated closing costs. Don't neglect to add them to all the other costs of buying real estate when determining the affordability of a property. About the Author About The Mark Walters is an investor and author. You can find his published material at http://www.CashFlowInstitute.com http://cfiblog.blogspot.com/
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