DC Fawcett Reviews Protocol On Apartment Hunting

Searching for the right apartment that suits all your needs is both interesting and tiring. Whenever you visit a house, so many questions run on your mind but you will not be satisfied unless you find a “home” for yourself.So here are the few criteria’s that the investors must keep in mind when you hunt for your apartment as told by DC Fawcett Reviews .

  • Neighborhood and location

Neighborhood plays a major role, as one would like to have all the basic facilities like school, supermarket nearby your home. Keep in mind that commutation should be easier as travelling far everyday without any transport facility to your work place is not a good idea.  Choose a location that is safe and pleasant, talk with the people who have already moved in to get to know more about the location, landlord and the neighborhood.

  • Home inspection

Home inspection is an important aspect to be practiced by the buyer before moving into an apartment to look for the flooring, ceiling, closet and cupboard are in perfect condition as well as ensure that the apartment has all the safety concerns. Enquire about having a pet is allowed or not before moving in.

  • Budget

After the inspection, if you feel it is the right apartment, then it is the right time to think about the budget. It is good when it fits into budget if all utilities are provided with the rental payment. Spending for utilities separately other than your rent which will exceed your budget is not a good option and you need to think twice before investing on it.

  • Legal agreements

If you find any clause in the agreement misleading or ambiguous, make sure you clear with the seller before you sign the agreement.

  • Moving cost

Allocate some amount exclusively for moving cost and unexpected expenses that may arise while shifting to a new apartment.

  • Online search

It is better to reject few apartments online itself that is not suiting your needs, so that you can save time as it is time consuming to visit every apartment you come across in the site.

  • Maintaining information

In case you have visited many apartments, you may feel confused about the details, terms etc, it is good if you maintain all information in a notebook or spreadsheet.

  • Real estate agent

In case you hire a reliable real estate agent, he would have access to all the rental apartments and can take you for home inspection as most of the landlords are busy. If you are on your own, you need to contact the seller every time to fix up appointment every time.

During apartment hunting, there are many scams that you may encounter,

  • Rental scam: This is a common scam  that you may face during an apartment hunting, the scammer  pretend to be a landlord and collect all the rent, fees,security deposit from you and disappear. Do not send any cash without meeting the landlord.

DC Fawcett virtual real estate investing club has blogs about the apartment hunting which would help the investors to know more about the scams.

DC-Fawcett-Real-Estate-views-on-mortgage-payments-and-foreclosure

DC Fawcett Real Estate views on mortgage payments and foreclosure

What is a mortgage transaction?

A mortgage transaction occurs when one is unable to pay the entire amount while buying a house and requires a loan to make the rest of the payment. DC Fawcett A mortgage is a legal document where the property is held for security. Borrower and lender are the two persons involved in the transaction.

A legal agreement is signed between the lender and borrower stating that he/she is in debt and responsible to pay the amount within the stipulated time. Failing to do so, the lender gets the property until the borrower pays the rest of the amount. The legal agreement is called promissory note.

What is a foreclosure?

Foreclosure is a legal process where one loses his/her home due to nonpayment of mortgages. It is applicable when the borrower does not pay his installment for 3 months. It is valid up to 10 years of time period which makes the condition worse for the future lenders to select him/her as the borrower. It is a seriously depressing issue when one loses his/her home through this process, thus steps must be taken to prevent it from happening. If needed, the support can be taken from reliable agencies to solve the issue.

Causes of foreclosure:

*financial crisis

*loss of job

*medical expenses

Procedure of foreclosure:

The lender should send a prior notice (i.e. 30 days before) to the borrower stating that the payment should be made immediately which is due; else the property will be transferred in the lender’s name.

There are two types of foreclosure namely judicial and non judicial

  • Judicial foreclosure is entirely supervised by court; they send a legal notice to the borrower that payment has to be made else the property will be sold in auction for the highest bidder after the auction.

  • Non judicial foreclosure which does not involve supervision of court, the foreclosing party specifies the amount due and sends a notice to the borrower.

Deficiency judgement

This situation occurs when the amount to be paid to the lender is more than the property value. But the borrower is free from his debt once he pays the difference amount only.

Types of Foreclosure scams:

Consultant companies are usually involved in these scams. The ways in which fraudulent scams may occur are

*via internet or telephone

*loan transaction

*lender scam

 

Dc Fawcett has stated his reviews on how to overcome when there is a shortage of mortgage payments. They are

*Modify the existing loan, in addition to that there must be a certain proof that the borrower is undergoing financial crisis and own a proper household name.

*Forbearance

*Selling the property

*Giving out for rental purpose where the amount is equal to mortgage payment

Conclusion:

DC Fawcett has presented several ways on how to overcome mortgage issues and foreclosure. His virtual real estate investing  club  contains blogs where investors from anywhere in the world can submit their trades before investing his/her capital which would also help other traders from different backgrounds to know the ongoing real estate scenario better.

DC Fawcett -Benefits and drawbacks of using Reverse Mortgage

DC Fawcett Real Estate – Benefits and drawbacks of using Reverse Mortgage

Reverse mortgage is applicable to senior citizens who are 62 years or above to avail loan without selling the house and retains the property ownership. This method helps the old people to stay in their home after the retirement and bank pays the monthly mortgage to the lender DC Fawcett .

Once the borrower relocates or passes away or when entire property is sold out; the amount has to be settled to the lender. Reverse mortgage is the last solution during the mortgage crisis where borrower is free from mortgage interest and loan amount.

It is applicable when the borrower earns minimum income and all financial expenses have to be dealt preventing from foreclosure. The method is used to fund the senior citizens who want to increase their income as their house is considered to be their largest asset after retirement. The 3 qualifying factors to avail loan are age of the citizen, value of the property and interest rate.

Dc Fawcett Reviews states the advantages and drawbacks of using reverse mortgage

Pros:

  • Disbursement option (i.e. you can either take checks every month or take a lump sum from the bank

  • Senior Citizens continue to live in the same home and entitled to have property ownership

  • The reverse mortgage funds can be used to pay the existing mortgage loans

  • Heirs of the senior citizens are not legally answerable if the loan amount due exceeds the property value and can avail home equity after paying reverse mortgage loans.

  • Tax free revenues and low interest rates

Cons:

  • Taking a lump sum to cash out is not a good idea as it results in annuity.

  • Not suitable if there are younger members in a family /joint family system

  • Value of the property may decrease

  • Insurance premiums like FHA and other fees are quite expensive.

  • Decrease in equity resulting in less amount left for heirs of the senior citizen

  • Should reside in the same house until all property taxes and insurance premiums are paid, else it results in foreclosure.

Reverse Mortgage scam is usually in form of misleading information like economic stimulus notice, government lending division, FHA house benefit program which falsely state that the heirs of the senior citizens will continue to inherit the house.

Dc Fawcett has given his solutions to on-going complaints received from the investors regarding reverse mortgage. They are

  • The lender is entitled to take the property ownership which is absolutely not true, the ownership remains with the borrower.
  • The loan may exceed the property value is also false; the reverse mortgage scheme ensures that the heirs will not have more loan value at time of maturity.
  • It may lead to eviction is not true, the time of leaving the home is absolutely borrower’s choice.

CONCLUSION:

Dc Fawcett has thrown light on myths, benefits and drawbacks of using reverse mortgage. To master the art of virtual real estate wholesaling, the interested investors can join DC Fawcett Virtual Real Estate investing club to know more about reverse mortgage.