==============================================
The Harris Team – Weekly Real Estate Update July 26, 2006
==============================================
So summer is officially here, that’s for sure. 30-degree weather tends to slow everything down, including real estate markets. Recently I’ve had a lot of questions from people about the market, and the view from the trenches is still very good. As far as buying is concerned, there seems to be less competition and less overpaying, so you’ll have more time to not only view the place, but even to negotiate the price down! (gasp!). Sellers should expect to take a little bit longer, since the open house is now competing with the day at the beach.
If you’re thinking of selling right now, download 27 Quick & Easy Fix Ups to Sell Your Home Fast and for Top Dollar for some timely information.
Enjoy the sun!
D'Arcy R. Harris
Listing Coordinator, the Harris Team
Tel: (604) 771 1637
Fax: (604) 488 0885
Sutton Group - Westcoast Realty
darcy@darcyharris.com
http://www.vancouverrealestateinfo.ca/
P.S: Sign up for a home evaluation, with absolutely no obligation!
P.P.S: I supply this information to you free of charge and without obligation in the hope that when you do decide to buy or sell your home, you’ll call the Harris Team to help make it a reality.
==============================================
Success Story:
==============================================
Congratulations to L., a woman who has dreamed of owning her own condo for almost a year, and is finally on her way to making that dream a reality. What took her so long? She was afraid to call a mortgage broker or her bank about getting pre-approved for a mortgage. She assumed she had 'bad credit' and would be turned down. After putting it off for months and months, she consulted with me, made the call, and was approved for $400,000! Needless to say, she is thrilled. I've set her up on the VIP Buyer Program and she is now well on her way to home ownership. Fear and nervousness about facing one's finances is very common, but in my experience, most people are surprised by how big a mortgage they can afford. Contact me today at kendall@kendallharris.net and let's talk about taking those first steps towards owning your own home.
Stop paying your landlord's mortgage -- believe me, it's alot more fun to pay your own!
==============================================
Latest Stats: Median Home Prices, Greater Vancouver
==============================================
Median Sale Prices of Houses in the GVRD, 2004-2005
http://www.gvrd.bc.ca/growth/keyfacts/median-H.htm
Median Sale Prices of Condominiums in the GVRD, 2004-2005
http://www.gvrd.bc.ca/growth/keyfacts/median-C.htm
For more stats, Click Here
==============================================
From the News:
==============================================
The sun's shining on real estate
"June 2005 saw the highest monthly unit sales total ever recorded in B.C., which is important to remember when making a comparison," said BCREA president Kelly Lerigny, in a statement. Click here to read it all.
Buyer beware in real estate
Kinch says potential buyers are too often focused on buying quickly instead of doing more research, "There's this pending sense of 'If I don't get in now, prices are going to keep rising and I'd better get in now.' People are hearing stories of all their friends who have made so much money in real estate and they're jumping on the bandwagon and I think these are the individuals that are becoming the most vulnerable." Click here to read it all.
(This is why you need a buyer agent!)
===============================================
Weekly Real Estate Listings
==============================================
These are ALL the current listing out right now; in fact, some of them are so new they’re not even posted on Realtylink ors MLS.ca. Want to get them before they’re even in the newsletter? Sign up for the VIP Buyers Program.
If they don’t load, cut and paste the links into your browser. If you want more information about the listings, reply with the MLS number and your availability and I’ll set up a showing.
Vancouver Lofts:
http://mlslink.mlxchange.com/Pub/EmailView.asp?r=428549884&s=BRC&t=BRC
Investment and Revenue Properties:
http://mlslink.mlxchange.com/Pub/EmailView.asp?r=1949708391&s=BRC&t=BRC
Vancouver House Foreclosures:
http://mlslink.mlxchange.com/Pub/EmailView.asp?r=1818222773&s=BRC&t=BRC
Vancouver Apartment Foreclosures:
http://mlslink.mlxchange.com/Pub/EmailView.asp?r=1849503420&s=BRC&t=BRC
Are you calling the listing agent directly? You should be working with a Buyer Specialist; we’ll do all the work and won’t charge you a nickel. Simply reply to this email and we’ll contact you within 24 hours!
I could also have them emailed to you ASAP rather than weekly, sign up for the VIP Buyers Program to learn more about our personalized services.
And please remember, I supply this information to you free of charge and without obligation with the hope that when you do decide to buy or sell your home, you’ll call me to help make it a reality.
==============================================
Insider Secrets Revealed:
==============================================
Is there anything specific you’d like to see in the newsletter? Let me know by replying to this email!
Each month, I publish a series of articles of interest to homeowners – money saving tips, household safety checklists, home improvement advice, real estate insider secrets, and much more that DOESN’T fit in this newsletter: Click Here.
Would you like to have access to all the new listings that match your home buying criteria, including area, price range and style of home, emailed to you directly? Tired of leafing through hundreds of listings to find what you’re looking for? This is a free service and will allow you to view only the homes that you're interested in seeing. Become a Vancouver Real Estate VIP Buyer and beat other buyers to all the hot new listings.
Wondering what your home is worth? Probably more than you think! Find out with an Over the Phone Market Evaluation.
I’ve put up all the past newsletters on a blog! So if your dog eats your email, you can always check it out by Clicking Here.
If you are receiving this newsletter from someone else and would like to sign up to receive it directly, please Click Here.
==============================================
Community Corner: Breast in Show
==============================================
A group of Vancouver men are raising money for "The Weekend to End Breast Cancer," a 60 kilometer walk happening August 18-20. The all male team, creatively named "Breast in Show," has a goal of $10,000 for the cause.
They are looking for additional team members and are accepting online donations through their Web site at www.breastinshow.ca.
The Weekly Real Estate Update goes out to over 2500 people a week, and would be a great place to get some attention for your community event. So feel free to email me and I’ll put it here free of charge. Just another way of thanking you for your business…
==============================================
Contact Info:
==============================================
If we do all this for free, imagine what we do when we’re working together!
I invite you to forward this newsletter on to your friends and family.
If you are receiving this newsletter from someone else and would like to sign up to receive it directly, please Click Here.
Comments and suggestions are always welcome, thanks for reading!
D'Arcy R. Harris
Listing Coordinator, the Harris Team
Tel: (604) 771 1637
Fax: (604) 488 0885
Sutton Group - Westcoast Realty
==============================================
Quick Over-the-Net Home Evaluation
Become a VIP Buyer and Beat Other Buyers to all the New Listings
Access Vancouver Real Estate Information
==============================================
Find a Local Realtor
Thursday, July 27, 2006
Thursday, July 20, 2006
The Harris Team Weekly Real Estate Update July 15, 2006
==============================================
The Harris Team – Weekly Real Estate Update July 15, 2006
==============================================
Part of my job is to make sure you’re comfortable writing an offer. The only way to accomplish that is by you becoming an educated consumer. One way to improve your knowledge is to drive around the areas you like and do open houses. Regardless of whether a home is in your price range, it’s always a good idea to view it. The idea is that eventually you’ll be at a point where you can walk in the door and know right away whether the home is over-valued, under priced or just right. Isn’t that my job you may ask? Yes it is, but the fact is that most people will take the advice of their agent only if they agree with the advice, so get out there this weekend and look at some listings!! (that’s the only reason Realtors know property values, we look at lots of property!)
To make it easier, here’s a site with all the open houses in the entire city. Just be sure to call the Harris Team should you find one you like.
We represent the buyer; we work for you...
D'Arcy R. Harris
Listing Coordinator, the Harris Team
Tel: (604) 771 1637
Fax: (604) 488 0885
Sutton Group - Westcoast Realty
darcy@darcyharris.com
www.VancouverRealEstateInfo.ca
P.S: If you’re thinking of selling you can sign up for a comparative analysis of your homes value, with absolutely no obligation!
==============================================
Success Stories
==============================================
Congratulations to T. who bought an apartment in North Van for his daughter. Negotiations were tough and drawn out (one of the pluses for buyers in this market is you can actually take a breath every once in a while!) but eventually they all came together. Contact Buyer Specialist Grady Harris to get you on the road to home ownership.
Also, a quick congrats to the fast-moving and effervescent C., who told me she wanted to wait 9 months before buying but couldn’t resist writing an offer on a small 2 bedroom apartment only 2 blocks to the beach in Kits. With a long closing date, this fits the bill for her schedule without having to look at property for 9 months (phew!) Decisiveness is a virtue in this business!
==============================================
From the News:
==============================================
Real estate agent to pay in leaky condo case Vancouver --
A real estate agent who promised not to sell her client a leaky condo now has to pay the woman almost $20,000 for doing just that. Former Vancouver-Kingsway MP Simma Holt purchased a condo in Port Moody after assurances from her agent, Ada Van Leeuwen, that she wouldn't sell her a leaky condo. Ms. Holt went on a holiday after the purchase and returned to a water damage bill of almost $15,000. Read More (good for her!) Condos sell like crazy Edmonton --
Statistics show Vancouver is at the top of the heap where residential real estate goes for 214% of the Edmonton price. Fort McMurray is second at 191%, Toronto at 154%, Calgary at 148%, Durham region at 112%, Ottawa at 109%, Hamilton at 108% and Kitchener-Waterloo at 105% of Edmonton prices. Read More
==============================================
Latest Stats: Who’s buying where?
==============================================
Bright spots in Greater Vancouver in June 2006 compared to June 2005:
APARTMENTS:
North Vancouver up 23.1% ................................(117 units sold, up from 95)
Maple Ridge/Pitt Meadows up 131.5% ...............(44 units sold, up from 19)
ATTACHED:
Port Moody/Belcarra up 48.3% ............................(43 units sold, up from 29)
Richmond up 23.9% ............................................(202 units sold, up from 163)
Squamish up 73.3% .............................................(26 units sold, up from 15)
DETACHED:
Maple Ridge/Pitt Meadows up 4.1%......................(201 units sold, up from 193)
Squamish up 36.4% ...............................................(30 units sold, up from 22)
West Vancouver/Howe Sound up 12.3%............... (73 units sold, up from 65)
===============================================
Weekly Real Estate Listings
==============================================
These are all the current listing out right now; in fact, some of them are so new they’re not even posted on Realtylink ors MLS.ca. Want to get them before they’re even in the newsletter? Sign up for the VIP Buyers Program. If they don’t load, cut and paste the links into your browser. If you want more information about the listings, email me with the MLS number and I’ll send you more info.
Vancouver Lofts:
http://mlslink.mlxchange.com/Pub/EmailView.asp?r=1498245815&s=BRC&t=BRC
Investment and Revenue Properties:
http://mlslink.mlxchange.com/Pub/EmailView.asp?r=1195657735&s=BRC&t=BRC
Vancouver House Foreclosures:
http://mlslink.mlxchange.com/Pub/EmailView.asp?r=1017411226&s=BRC&t=BRC
Vancouver Apartment Foreclosures:
http://mlslink.mlxchange.com/Pub/EmailView.asp?r=1897801804&s=BRC&t=BRC
Are you calling the listing agent directly? You should be working with a Buyer Specialist; we’ll do all the work and won’t charge you a nickel. Simply reply to this email and we’ll contact you within 24 hours!
I could also have them emailed to you ASAP rather than weekly, sign up for the VIP Buyers Program to learn more about our personalized services.
And please remember, I supply this information to you free of charge and without obligation with the hope that when you do decide to buy or sell your home, you’ll call me to help make it a reality.
==============================================
Insider Secrets Revealed:
==============================================
Is there anything specific you’d like to see in the newsletter? Let me know by replying to this email!
Each month, I publish a series of articles of interest to homeowners – money saving tips, household safety checklists, home improvement advice, real estate insider secrets, and much more that DOESN’T fit in this newsletter: Click Here.
Would you like to have access to all the new listings that match your home buying criteria, including area, price range and style of home, emailed to you directly? Tired of leafing through hundreds of listings to find what you’re looking for? This is a free service and will allow you to view only the homes that you're interested in seeing. Become a Vancouver Real Estate VIP Buyer and beat other buyers to all the hot new listings.
Wondering what your home is worth? Probably more than you think! Find out with an Over the Phone Market Evaluation.
I’ve put up all the past newsletters on a blog! So if your dog eats your email, you can always check it out by Clicking Here.
If you are receiving this newsletter from someone else and would like to sign up to receive it directly, please Click Here.
==============================================
Community Corner: Gallery YOYO
==============================================
Gallery YOYO will be showing two extraordinary emerging artists over the summer period. It will be opening the YOYO summer season on July 20 with the oil paintings of emerging artist David Hucal. David’s work is both chilling and complex. He is interested in the void between the individual and the psychological space they inhabit. His tense mysterious and dream like forms reveal and subtly and suggest an altered reality. The implicit narrative is constructed from snippets leaving the viewer to puzzle out the relationship between what is hidden and what is shown. For more information: http://www.galleryyoyo.ca The Weekly Real Estate Update goes out to over 2500 people a week, and would be a great place to get some attention for your community event. So feel free to email me and I’ll put it here free of charge. Just another way of thanking you for your business…
==============================================
Contact Info:
==============================================
If we do all this for free, think how I'll be when we’re working together!
I invite you to forward this newsletter on to your friends and family.
If you are receiving this newsletter from someone else and would like to sign up to receive it directly, please Click Here.
Comments and suggestions are always welcome, thanks for reading!
D'Arcy R. Harris
Listing Coordinator, the Harris Team
Tel: (604) 771 1637
Fax: (604) 488 0885
Sutton Group - Westcoast Realty
www.VancouverRealEstateInfo.ca
www.RealEstateAreaExperts.com
==============================================
Quick Over-the-Net Home Evaluation
Become a VIP Buyer and Beat Other Buyers to all the New Listings
Access Vancouver Real Estate Information
==============================================
The Harris Team – Weekly Real Estate Update July 15, 2006
==============================================
Part of my job is to make sure you’re comfortable writing an offer. The only way to accomplish that is by you becoming an educated consumer. One way to improve your knowledge is to drive around the areas you like and do open houses. Regardless of whether a home is in your price range, it’s always a good idea to view it. The idea is that eventually you’ll be at a point where you can walk in the door and know right away whether the home is over-valued, under priced or just right. Isn’t that my job you may ask? Yes it is, but the fact is that most people will take the advice of their agent only if they agree with the advice, so get out there this weekend and look at some listings!! (that’s the only reason Realtors know property values, we look at lots of property!)
To make it easier, here’s a site with all the open houses in the entire city. Just be sure to call the Harris Team should you find one you like.
We represent the buyer; we work for you...
D'Arcy R. Harris
Listing Coordinator, the Harris Team
Tel: (604) 771 1637
Fax: (604) 488 0885
Sutton Group - Westcoast Realty
darcy@darcyharris.com
www.VancouverRealEstateInfo.ca
P.S: If you’re thinking of selling you can sign up for a comparative analysis of your homes value, with absolutely no obligation!
==============================================
Success Stories
==============================================
Congratulations to T. who bought an apartment in North Van for his daughter. Negotiations were tough and drawn out (one of the pluses for buyers in this market is you can actually take a breath every once in a while!) but eventually they all came together. Contact Buyer Specialist Grady Harris to get you on the road to home ownership.
Also, a quick congrats to the fast-moving and effervescent C., who told me she wanted to wait 9 months before buying but couldn’t resist writing an offer on a small 2 bedroom apartment only 2 blocks to the beach in Kits. With a long closing date, this fits the bill for her schedule without having to look at property for 9 months (phew!) Decisiveness is a virtue in this business!
==============================================
From the News:
==============================================
Real estate agent to pay in leaky condo case Vancouver --
A real estate agent who promised not to sell her client a leaky condo now has to pay the woman almost $20,000 for doing just that. Former Vancouver-Kingsway MP Simma Holt purchased a condo in Port Moody after assurances from her agent, Ada Van Leeuwen, that she wouldn't sell her a leaky condo. Ms. Holt went on a holiday after the purchase and returned to a water damage bill of almost $15,000. Read More (good for her!) Condos sell like crazy Edmonton --
Statistics show Vancouver is at the top of the heap where residential real estate goes for 214% of the Edmonton price. Fort McMurray is second at 191%, Toronto at 154%, Calgary at 148%, Durham region at 112%, Ottawa at 109%, Hamilton at 108% and Kitchener-Waterloo at 105% of Edmonton prices. Read More
==============================================
Latest Stats: Who’s buying where?
==============================================
Bright spots in Greater Vancouver in June 2006 compared to June 2005:
APARTMENTS:
North Vancouver up 23.1% ................................(117 units sold, up from 95)
Maple Ridge/Pitt Meadows up 131.5% ...............(44 units sold, up from 19)
ATTACHED:
Port Moody/Belcarra up 48.3% ............................(43 units sold, up from 29)
Richmond up 23.9% ............................................(202 units sold, up from 163)
Squamish up 73.3% .............................................(26 units sold, up from 15)
DETACHED:
Maple Ridge/Pitt Meadows up 4.1%......................(201 units sold, up from 193)
Squamish up 36.4% ...............................................(30 units sold, up from 22)
West Vancouver/Howe Sound up 12.3%............... (73 units sold, up from 65)
===============================================
Weekly Real Estate Listings
==============================================
These are all the current listing out right now; in fact, some of them are so new they’re not even posted on Realtylink ors MLS.ca. Want to get them before they’re even in the newsletter? Sign up for the VIP Buyers Program. If they don’t load, cut and paste the links into your browser. If you want more information about the listings, email me with the MLS number and I’ll send you more info.
Vancouver Lofts:
http://mlslink.mlxchange.com/Pub/EmailView.asp?r=1498245815&s=BRC&t=BRC
Investment and Revenue Properties:
http://mlslink.mlxchange.com/Pub/EmailView.asp?r=1195657735&s=BRC&t=BRC
Vancouver House Foreclosures:
http://mlslink.mlxchange.com/Pub/EmailView.asp?r=1017411226&s=BRC&t=BRC
Vancouver Apartment Foreclosures:
http://mlslink.mlxchange.com/Pub/EmailView.asp?r=1897801804&s=BRC&t=BRC
Are you calling the listing agent directly? You should be working with a Buyer Specialist; we’ll do all the work and won’t charge you a nickel. Simply reply to this email and we’ll contact you within 24 hours!
I could also have them emailed to you ASAP rather than weekly, sign up for the VIP Buyers Program to learn more about our personalized services.
And please remember, I supply this information to you free of charge and without obligation with the hope that when you do decide to buy or sell your home, you’ll call me to help make it a reality.
==============================================
Insider Secrets Revealed:
==============================================
Is there anything specific you’d like to see in the newsletter? Let me know by replying to this email!
Each month, I publish a series of articles of interest to homeowners – money saving tips, household safety checklists, home improvement advice, real estate insider secrets, and much more that DOESN’T fit in this newsletter: Click Here.
Would you like to have access to all the new listings that match your home buying criteria, including area, price range and style of home, emailed to you directly? Tired of leafing through hundreds of listings to find what you’re looking for? This is a free service and will allow you to view only the homes that you're interested in seeing. Become a Vancouver Real Estate VIP Buyer and beat other buyers to all the hot new listings.
Wondering what your home is worth? Probably more than you think! Find out with an Over the Phone Market Evaluation.
I’ve put up all the past newsletters on a blog! So if your dog eats your email, you can always check it out by Clicking Here.
If you are receiving this newsletter from someone else and would like to sign up to receive it directly, please Click Here.
==============================================
Community Corner: Gallery YOYO
==============================================
Gallery YOYO will be showing two extraordinary emerging artists over the summer period. It will be opening the YOYO summer season on July 20 with the oil paintings of emerging artist David Hucal. David’s work is both chilling and complex. He is interested in the void between the individual and the psychological space they inhabit. His tense mysterious and dream like forms reveal and subtly and suggest an altered reality. The implicit narrative is constructed from snippets leaving the viewer to puzzle out the relationship between what is hidden and what is shown. For more information: http://www.galleryyoyo.ca The Weekly Real Estate Update goes out to over 2500 people a week, and would be a great place to get some attention for your community event. So feel free to email me and I’ll put it here free of charge. Just another way of thanking you for your business…
==============================================
Contact Info:
==============================================
If we do all this for free, think how I'll be when we’re working together!
I invite you to forward this newsletter on to your friends and family.
If you are receiving this newsletter from someone else and would like to sign up to receive it directly, please Click Here.
Comments and suggestions are always welcome, thanks for reading!
D'Arcy R. Harris
Listing Coordinator, the Harris Team
Tel: (604) 771 1637
Fax: (604) 488 0885
Sutton Group - Westcoast Realty
www.VancouverRealEstateInfo.ca
www.RealEstateAreaExperts.com
==============================================
Quick Over-the-Net Home Evaluation
Become a VIP Buyer and Beat Other Buyers to all the New Listings
Access Vancouver Real Estate Information
==============================================
Tuesday, July 18, 2006
Real Estate Glossary
Amortization - The number of years it takes to repay the entire amount of a mortgage.
Appraisal - An estimate of a property's market value, used by lenders in determining the amount of the mortgage.
Appreciation - The increase of a property's value over time.
Assessment - The value of a property, set by the local municipality, for the purposes of calculating property tax.
Assumable Mortgage - A mortgage held on a property by the seller that can be taken over by the buyer, who then accepts responsibility for making the mortgage payments.
Blended Mortgage - A combination of two mortgages, one with a higher interest rate than the other, to create a new mortgage with an interest rate somewhere between that two original rates.
Buy-Down - When the seller reduces the interest rate on a mortgage by paying the difference between the reduced rate and market rate directly to the lender, or to the purchaser, in one lump sum or monthly installments.
Closed Mortgage - A mortgage that cannot be prepaid, renegotiated or refinanced during its term.
Closing - The real estate transaction's completion, when the parties involved agree that all legal and financial obligations have been met, and the deed to the property is transferred from the seller to the buyer.
Closing Costs - Expenses in addition to the purchase price for buying and selling a property.
Common Elements - The portions of a condominium development owned in common (shared) by the unit owners.
Condominium - Shared ownership in property. Owners have title (ownership) to individual units and a proportionate share in the common elements.
Conventional Mortgage - A first mortgage issued for up to 75% of the property's appraised value or purchase price, whichever is lower.
Counter Offer - One party's written response to the other party's offer during negotiation of a real estate purchase between buyer and seller.
Debt to Service Ratio - The percentage of a borrower's gross income that can be used for housing costs, including mortgage payment and taxes (and condominium fees, when applicable).
Down Payment - The difference between a property's purchase price and the amount financed.
Easement - A legal right to use or cross (right-of-way) another person's land for limited purposed. A common example is a utility company's right to run wires or lay pipe across a property.
Encroachment - An intrusion onto an adjoining property. A neighbour's fence, storage shed, or overhanging roof line that partially (or even fully) intrude onto your property are examples of encroachments.
Equity - The difference between a property's purchase price and the amount financed.
Estoppel Certificate - A written statement of a condominium unit's current financial and legal status.
First Mortgage - The first security registered on a property. Additional mortgages secured against the property are "secondary" to the first mortgage.
Foreclosure - A legal process by which the lender takes possession and ownership of a property when the borrower doesn't meet ("defaults on") the mortgage obligations.
High Ratio Mortgage - A mortgage for more than 75% of a property's appraised value or purchase price.
Interest - The cost of borrowing money.
Joint Tenancy - A form of ownership in which two or more individuals (often spouses) have an equal share in the ownership of a property. In the event of one owner's death, his or her share is automatically transferred to the surviving owner(s), apart from the deceased's will.
Lien - Any legal claim against a property, filed to ensure payment of a debt
Listing Agreement - The contract between the listing broker and an owner, authorizing the REALTOR to facilitate the sale or lease of a property.
Listing Broker - The REALTOR/Real Estate Company who signs a contract with an owner to sell the property.
Maintenance Fee - A monthly fee paid by condominium owners for maintaining the development's common area.
Mortgage - A contract between a borrower and a lender. The borrower pledges a property as security to guarantee repayment of the mortgage debt.
Mortgage Broker - A licensed individual who, for a fee, brings together a borrower in search of a mortgage and a lender willing to issue that mortgage.
Mortgagee - The mortgage funds lender.
Mortgage Insurance - Government or private backed insurance protecting the lender against the borrower's default on high-ratio (and other types of) mortgages.
Mortgage Life Insurance - Insurance that pays off the mortgage debt, should the insured borrower die.
Mortgage Payment - The regular installments made towards paying back the principal and interest on a mortgage.
Mortgage Term - The length of time a lender will loan mortgage funds to a borrower. Most mortgage terms run from six months to five years, after which the borrower can either repay the balance (remaining principal) of the mortgage, or renegotiate the mortgage for another term.
Mortgagor - The borrower
Multiple Listing Service (MLS®) - A national system for relaying listing information to REALTORS and buyers about properties for sale.
Open Mortgage - A mortgage that can be prepaid or renegotiated at any time and in any amount without penalty.
Portability - A mortgage feature that allows borrowers to take their mortgage with them without penalty, when they sell their present home and buy another one.
Possession Date - The date on which the title and keys to the property are transferred from the seller to the buyer, and the money is paid.
Prepayment Privilege - A mortgage feature that allows the borrower to prepay a portion or all of the principal balance with or without penalty. This privilege is frequently restricted to specific amounts and times.
Principal - The mortgage amount initially borrowed, or the portion still owing on the mortgage. Interest is calculated on the principal amount.
Rate (Interest) - The return the lender receives for advancing the mortgage funds required by the borrower to purchase a property.
REALTORS - Real Estate Professionals who are members of a local real estate board and the Canadian Real Estate Association. Only these professionals can call themselves REALTORS.
Refinancing - The process of obtaining a new mortgage, usually at a lower interest rate, to replace the existing mortgage .
Reserve Fund - The portion of a condominium maintenance fee that is set aside to cover major repair and replacement costs.
Second Mortgage - A second financing arrangement, in addition to the first mortgage, also secured by the property. Second mortgages are usually issued at a higher interest rate and for a shorter term than the first mortgage.
Secondary Financing - Second, third, fourth, etc. mortgages, secured by a property "behind" the first mortgage.
Selling Broker - The REALTOR who actually finds the buyer.
Term - See Mortgage Term.
Title - The legal evidence of ownership of a property.
Title Search - A detailed examination of the ownership documents to ensure there are no liens or other encumbrances on the property, and no questions regarding the seller's ownership claim.
Unit - Term used to describe the individual home or apartment held by the owner within a condominium development.
Variable Rate Mortgage - A mortgage for which payments are fixed, but whose interest rate changes in relationship to fluctuating market interest rates. If market rates go up, a larger portion of the payment goes to interest. If rates go down, a large portion of the payment is applied to the principal.
Vendor Take Back Mortgage - When sellers use their equity in a property to provide some or all of the mortgage financing in order to sell the property.
Zoning Regulations - Strict guidelines set and enforced by municipal governments regulating how a property may or may not be used.
Monday, July 10, 2006
SHACKYACK.COM
What is ShackYack.com?
ShackYack.com is a website that allows homebuyers to find, at a glance, properties for sale in the greater Los Angeles area. It then allows them to comment on that house or the area. It makes home-hunting seem more like shopping, or a dating site even. I’ve tried to make it fun.
What makes this site different from all the other real estate sites popping up?
As a realtor, I found that homebuyers looked for houses in very basic ways – they knew their maximum price, and they knew what part of town they wanted. Everything else was pretty soft. So I created a map that loads all the results of a basic search instantly. Users can adjust price sliders and change the type of property they want. Furthermore, what they see is not just dots on a map: the darker icons are more expensive, the lighter ones cheaper, and each type of property looks different. So a user looking for a house or a duplex in Hollywood can see them at a glance. Then the best part. Homebuyers can do online what they’ve been doing privately for years: comment on the house itself, the realtor, the location, anything. We’re the first, and user feedback in real estate is here to stay.
Are these Multiple Listing Service (MLS) listings?
The results are actual, updated listings from the Los Angeles, Valley, Pasadena, and Glendale MLS systems. It's the same informaiton that I use as a realtor - I'm just making it available to the public in a new format.
Who are you?
I’m a Los Angeles realtor. I am 30 years old and have been in the business for 5 years. Last year my team and I sold over 100 houses. I have appeared as the Los Angeles real estate expert on HGTV’s “National Open House” and “My House is Worth What?”. I received lots of press a few years back for listing a home for $1.
What prompted you to create this site?
For all the hype about online home search, the reality for homebuyers is much different. Try to find a home online and you will get incomplete inventory (trulia.com), awkward interfaces (homepages.com), outdated data (realtor.com), or be forced to give up your personal information so a salesperson can contact you (homegain.com et al). Furthermore, most search interfaces are stuck in 1998 – drop down menus specifying all kinds of irrelevant data like maximum bathrooms, search buttons, and results stacked in order of price or days on market. The worse part is searching by area: zip codes or city names are very limiting, especially in metro areas like Los Angeles.
After seeing what was out there I decided to create one that I would use myself, and ShackYack.com is just that.
Is this a site that lets people buy houses as well as look at them?
No. It’s a shopping and community site for real estate. If users want to buy, that’s where we come in. We fully expect ShackYack.com to become the most used real estate portal in Los Angeles. People love to talk about real estate, and this is the only place they can do that.
How do you think Realtors will respond to public comments on their houses?
Realtors can be a traditional bunch. When I listed a house for $1 a few years ago, I got so many confused called (“I don’t get it”) and not a few offers for $1. So I anticipate some chaos at first. In the end, I figure it will be like amazon.com – for the most part, public comments are accurate. There are a lot of amateurs in this business, and some biting public comments could be just the right medicine (“Left four messages for agent and have yet to hear back.”). The professional realtors, the ones committed to customer service, whose MLS remarks are accurate and free of typos, who actually market their properties, who do a great job…they’ll love it as much as the buyers.
FOR MORE INFORMATION: SHACKYACK.COM
ShackYack.com is a website that allows homebuyers to find, at a glance, properties for sale in the greater Los Angeles area. It then allows them to comment on that house or the area. It makes home-hunting seem more like shopping, or a dating site even. I’ve tried to make it fun.
What makes this site different from all the other real estate sites popping up?
As a realtor, I found that homebuyers looked for houses in very basic ways – they knew their maximum price, and they knew what part of town they wanted. Everything else was pretty soft. So I created a map that loads all the results of a basic search instantly. Users can adjust price sliders and change the type of property they want. Furthermore, what they see is not just dots on a map: the darker icons are more expensive, the lighter ones cheaper, and each type of property looks different. So a user looking for a house or a duplex in Hollywood can see them at a glance. Then the best part. Homebuyers can do online what they’ve been doing privately for years: comment on the house itself, the realtor, the location, anything. We’re the first, and user feedback in real estate is here to stay.
Are these Multiple Listing Service (MLS) listings?
The results are actual, updated listings from the Los Angeles, Valley, Pasadena, and Glendale MLS systems. It's the same informaiton that I use as a realtor - I'm just making it available to the public in a new format.
Who are you?
I’m a Los Angeles realtor. I am 30 years old and have been in the business for 5 years. Last year my team and I sold over 100 houses. I have appeared as the Los Angeles real estate expert on HGTV’s “National Open House” and “My House is Worth What?”. I received lots of press a few years back for listing a home for $1.
What prompted you to create this site?
For all the hype about online home search, the reality for homebuyers is much different. Try to find a home online and you will get incomplete inventory (trulia.com), awkward interfaces (homepages.com), outdated data (realtor.com), or be forced to give up your personal information so a salesperson can contact you (homegain.com et al). Furthermore, most search interfaces are stuck in 1998 – drop down menus specifying all kinds of irrelevant data like maximum bathrooms, search buttons, and results stacked in order of price or days on market. The worse part is searching by area: zip codes or city names are very limiting, especially in metro areas like Los Angeles.
After seeing what was out there I decided to create one that I would use myself, and ShackYack.com is just that.
Is this a site that lets people buy houses as well as look at them?
No. It’s a shopping and community site for real estate. If users want to buy, that’s where we come in. We fully expect ShackYack.com to become the most used real estate portal in Los Angeles. People love to talk about real estate, and this is the only place they can do that.
How do you think Realtors will respond to public comments on their houses?
Realtors can be a traditional bunch. When I listed a house for $1 a few years ago, I got so many confused called (“I don’t get it”) and not a few offers for $1. So I anticipate some chaos at first. In the end, I figure it will be like amazon.com – for the most part, public comments are accurate. There are a lot of amateurs in this business, and some biting public comments could be just the right medicine (“Left four messages for agent and have yet to hear back.”). The professional realtors, the ones committed to customer service, whose MLS remarks are accurate and free of typos, who actually market their properties, who do a great job…they’ll love it as much as the buyers.
FOR MORE INFORMATION: SHACKYACK.COM
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