Mom of Two asked:


My real estate agent works with the construction company that built our home. We are doing a rent to own deal. We have learned that our real estate agent is very undependable. She hardly answers her phone and if we leave a message she doesn’t respond back. Is there a way we could change realtors?

Phyllis

bf asked:


Basically how to find what real estate company owns by its name or real estate license?
Check if company owns homes, houses or just pieces of land.

Theresa

D-5 asked:


I want to become a real estate agent. I know it is a bad economy but people still need house. What are some good states in need of people needing houses and what does it take to be a real estate agent. Thanks.

Carol

Umokay asked:


Can you simply go to one of those week-long real estate schools like residential real estate licensing? And what are the qualities that help a person succeed in commercial real estate sales? Is this a young person’s game? Can you start and succeed at middle age? Would like to bank 70k-100k? Is this reasonable?

Joyce

Artist at Heart asked:


We are just beginning the home buying process. We have no home to sell (first time buyers) and were thinking of getting a real estate agent. However, I know we would have to sign one of those exclusivity contracts and, if we buy a foreclosed upon home, their comission would have to come from somewhere (us?).

If we are even considering buying a foreclosure, should we sign up with a real estate agent?

Chris

Arash Kardanpoor asked:


According to WikiPedia, Real Estate is:

Real estate is a legal term (in some jurisdictions, notably in the USA, United Kingdom, Canada, and Australia) that encompasses land along with anything permanently affixed to the land, such as buildings, specifically property that is fixed in location Real estate law is the body of regulations and legal codes which pertain to such matters under a particular jurisdiction. Real estate is often considered synonymous with real property (also sometimes called realty), in contrast with personal property (also sometimes called chattel or personality under chattel law or personal property law).

However, in some situations the term “real estate” refers to the land and fixtures together, as distinguished from “real property,” referring to ownership rights of the land itself. [clarification needed]

The terms real estate and real property are used primarily in common law, while civil law jurisdictions refer instead to immovable property.

How to Find a Real Estate Agent in a Tight Market:

Step1

Most articles in step one is going to tell you to get a referral. That’s nice if you happen to be moving somewhere that you know someone, but in a lot of situations, this simply isn’t the case. The main two pitfalls with referrals are:

Step2

Go to the web. It is very important in the internet age that your real estate agent be web savvy, so the web will be your first stop in researching a good agent. All of the major real estate companies allow you to search online for real estate agents.

Step3

Once you find the agents on the web, you will be bombarded with a plethora of acronyms like GRI, ABR, and NAR. Here is a quick guide to sorting them out and what will be most useful to you.

And … These are some suggestion steps for you

Real Estate Agent?! Who is this? What it do?

Again according to WikiPedia: Real estate broker or Real estate is:

A real estate broker is a term in the United States and Canada which describes a party who acts as an intermediary between sellers and buyers of real estate (or real property as it is known elsewhere) and attempts to find sellers who wish to sell and buyers who wish to buy. In the United States, the relationship was originally established by reference to the English common law of agency with the broker having a fiduciary relationship with his clients.

Estate agent is the term used in the United Kingdom to describe a person or organization whose business is to market real estate on behalf of clients, but there are significant differences between the actions and liabilities of brokers and estate agents in each country. Beyond the US, other countries take markedly different approaches to the marketing and selling of real property.

In the US, real estate brokers and their salespersons (commonly called “real estate agents” or, in some states, “brokers”) assist sellers in marketing their property and selling it for the highest possible price under the best terms. When acting as a Buyer’s agent with a signed agreement (or, in many cases, verbal agreement, although a broker may not be legally entitled to his commission unless the agreement is in writing), they assist buyers by helping them purchase property for the lowest possible price under the best terms. Without a signed agreement, brokers may assist buyers in the acquisition of property but still represent the seller and the seller’s interests.

In most jurisdictions in the United States, a person is required to have a license in order to receive remuneration for services rendered as a real estate broker. Unlicensed activity is illegal, but buyers and sellers acting as principals in the sale or purchase of real estate are not required to be licensed. In some states, lawyers are allowed to handle real estate sales for compensation without being licensed as brokers or agents.

Real Estate Investment:

Real Estate Investment is now treated as a major case of capital budgeting by using state-of-the-art investment analysis which incorporates the future stream of income it may generate and the associated risk adjustments. It has been the highlight of the investment literature since the 1970’s when investment theorists extended techniques such as probability, time value of money and utility into its analysis.

Real estate is basically defined as immovable property such as land and everything permanently attached to it like buildings. Real property as opposed to personal or movable property is characterized by the right to transfer the title to the land whereas title to personal property can be retained. The investment in real estate essentially depends on the risks associated with it, that is to say, even if the venture succeeds when the future stream of income will accrue to the investor and the alternative investment opportunities. Real estate investment can be attractive if viewed as a business opportunity; it can generate rental income, using it as collateral to secure a loan for a business venture, to offset otherwise taxable income through cash savings on tax-deductible interest rate losses, or simply from the profits garnered from its resale. Notable, in this context is the gains reaped by real estate speculators who trade in real estate futures (by buying and selling purchase options).

A.K



Jessie

Robert Shumake asked:


Investing in income property can be a great way to increase your capital. But for many people, investing in real estate, especially commercial and industrial real estate is just out of reach from the financial point of view. But what if you could join forces with other small investors and large investments in commercial real estate in the group? With Real Estate Investment Trust, you can do it!

REIT means Real Estate Investment Trust, and is sometimes referred to as "real estate holdings." Real estate investment trust is a companie that owns and manages a portfolio of real estate and mortgages. Anyone can buy shares of the REIT. Real estate investment trust offers the benefits of real estate without the headaches or expense of the landlord. Said another way the investor has the benefits of real estate ownership with no management role in the toilets and tenants.

Real Estate Investment Trust of certain types offers great benefits of liquidity and diversity. In contrast to the actual ownership of real estate, these measures can be quickly and easily sold. And because you invest in a portfolio of real estate, rather than one building, it comes with less financial risk.

Real Estate Investment Trust was created in the sixties when Congress decided that small investors should also be able to invest in large-scale, income-generating properties. It was found to be the best way to make it a model of investment in other sectors - the purchase of shares.

The company must distribute at least ninety percent of their taxable income to shareholders each year as a Real Estate Investment Trust. Most Real Estate Investment Trust pays out one hundred percent of their taxable income in dividend distributions. To maintain its status as a pass-through entity, Real Estate Investment Trust dividends are paid to shareholders annually.

From 1880 to the 1930’s, a similar provision in place, which allows investors to avoid double taxation - paying taxes as private and business - were convinced, because they do not pay income tax if the income is distributed to beneficiaries. It was abolished in the nineteen thirties, when the passive investments are taxed at the corporate level, as well as part of the profit tax. Real estate investment trust supporters were not able to change the law to overturn the decision within thirty years. Due to high demand for real estate funds, President Eisenhower signed the nineteen sixty Real Estate Investment Trust as a REIT tax pass-through entities.

The company must comply with all other requirements to qualify as a real estate investment trust and to win passage of a person. They should:

1. Be structured as corporation, business trust, or similar association

2. Be managed by a board of directors or trustees

3. Offer fully transferable stock shares

4. Have at least one hundred shareholders

5. Pay dividends of at least ninety percent of the REIT’s taxable income

6. Have no more than fifty percent of its shares held by five or fewer individuals during the last half of each taxable year

7. Hold at least seventy five percent of total investment assets in real estate

8. Have no more than twenty percent of its assets consist of stocks in taxable real estate investment trust subsidiaries

9. Derive at least seventy five percent of gross income from rents or mortgage interest

At least ninety five percent of a real estate investment trust gross income must come from financial investments (in other words, it must pass the ninety five-percent income test). These include rents, dividends, interest and capital gains. In addition, at least seventy five percent of its income must come from certain real estate sources (the seventy five percent income test), including rents from real property, gains from the sale or other disposition of real property, and income and gain derived from foreclosure of property.

This article was written by Robert Shumake, CEO of Inheritance Capital Group, LLC and founder of http://reitbuyer.com/ an online service for people who wish to invest in real estate without the headaches and liability exposure that go with being a landlord. Visit Robert’s website to learn more about Real Estate Investment Trust.



Clinton

Real Estate Advisor asked:


Below is general discussion of various factors impacting property taxes in San Diego, California. The reader should consult their tax advisor for definitive guidance about property tax issues and not rely soley on the informaton below.

Property tax rates are capped in California due to the passage of Proposition 13 in 1978 (”Prop 13″). Prop 13 was a ballot measure approved by the voters of California to limit property tax increases. The legislation also mandated that any future increases in property tax rates have the support of two-thirds of the Legislature for approval. This provision dramatically limited the ability of the legislature to increase taxes.

The property tax rate in California is 1% of the assessed value of real estate, plus any bonds, fees and special charges. Properties can only be reassessed when there is a change in ownership or when new construction is completed. Unless one of these reassessment conditions exists, Prop 13 allows for annual increases of up to 2% of a property’s value.

The passage of Prop 13 dramatically limited the legislatures ability to increase taxes. Despite this, municipalities desired a mechanism to subsidize the building of infrastructure for new developments, so in 1982, the Capital Facilities Act was passed. The act is better known by its legislative authors, Senator Henry Mello and Assemblyman Mike Roos (i.e. Mell-Roos Assessment).

According to the San Diego County Assessor, “Mello-Roos districts are established by local governments at the request of a developer to finance specific public facilities and services such as schools, roads and libraries. Mello-Roos districts were authorized by state law in 1982. This law allows any public agency to establish a Mello-Roos district, which then can issue the necessary tax-exempt bonds and impose fees to pay off these bonds.” Communities or districts that impose a Mello-Roos fee are distributed throughout the County but are most common is large new subdivisions.

In addition to the 1% tax rate allowed by Prop 13, Mello-Roos fees are a separate charge on the property tax bill. The duration of Mello-Roos fees are linked to the amount of time needed to pay off the bond, which is typically 20-25 years. Mello-Roos fees range from $174 to over $3000 annually, and the average fee for San Diego communities was $1,488 in 2006.

To get a general idea about the amount of property taxes you would owe annually on a property, multiply the purchase price of the property by 1.2%. For example, if you purchased a $400,000 home, your annual tax due would be around $4,800, plus special assessments (if applicable), and Mello-Roos fees (if applicable).

Consumers should be aware that tax rates for a particular area can increase as news bonds are added or decrease if bonds are paid off. In addition, Special Asssessments (if any) for new infrastructure can also impact tax rates.

When considering the purchase of real estate, single-family homes, condominiums or townhomes in San Diego (particularly in newer communities), propspective buyers should find out if the property has Mello-Ross or other Special Assessment fees, how long these fees will continue, and if the fees increase annually.

Over 1 million tax bills are sent out every year in San Diego County by the County Tax Collector. The tax period in San Diego covers the period from July 1st to June 30th. The amount owed is based on the assessed value of the property as of January 1st. The tax bill is mailed out in September or early October, and is due in two equal installments; first payment is due December 10th and the second payment is due April 10th. State law does not allow for extensions to pay the tax bill and late payments are subject to a penalty of 18% APR. For those wishing to pay by credit card, the Discover Card is the only option at this time.

For more information about property tax issues in San Diego or to obtain a definative answer to your property tax questions, contact the San Diego County Assessor or your tax professional.



Monica

puppychow asked:


I am selling some real estate and now need to stop the sale. As the seller can I stop the sale? We are in the option period right now.
Thank you for the answers - not what I wanted to hear… when I say option period, the buyer is still deciding if they want to back out or not. I extended the option period for them to think it over some more but now I want to cancel.

Tracy

eldhose98 asked:


I am planning to buy a home around $700K in New York City. I’m wondering if I will save any money by becoming a licensed real estate agent/broker (I realize I have to take the test and pass) and then purchasing the home for myself. I would think that by doing this, I would save the broker commission that I would otherwise be paying another real estate agent/broker. Is this a valid assumption? Please provide any information about this. Thanks a lot.

Albert