Hendersonville TN Real Estate may become more valuable

The Hendersonville TN Real Estate market may soon get a real boost with a new marina development project. The U.S. Army Corps of Engineers is currently considering plans for a new marina to be built near Douglas Bend Road, which is between Gallatin and Hendersonville Tennessee.

The new marina would be part of the Foxland at Fairvue community. It will feature a floating restaurant and 205 boat slips. The plan would also include a boardwalk on the water’s edge and swimming pool.

The Gallatin Municipal-Regional Planning Commission on the first reading approved the project. Further project enhancements may also include almost 100 town homes and 300 lakefront condominiums as part of this development.

The U.S. Army Corps of Engineers have accepted bids for several new marinas at potential sites across Old Hickory Lake. Most local marinas are near full capacity and some have waiting lists for boat slips. Preliminary bid selections will be made this month with final selections made by February 2009.

The possible addition of the new marina is considered an obvious economic boom to Sumner County and Hendersonville/Gallatin in particular. It will be interesting to see the growth of Hendersonville TN Real Estate since the lake is the areas main attraction.

The Property Index site has a vast range of property for sale in Spain, view the range online.

Though the Property Index must be rated a rather young bureau, they were incorporated in March 2007, they have quickly gained in reputation. In point of fact a incredibly unpretentious bureau entirely focused on offering guidance to everyone intending to let, sell, rent or buy property in a global environment. Their avowal is to assist you pinpoint exactly what’s called for swiftly and, further, without hassle. Property is being offered in most parts of the world at the moment, one of the high-class areas being properties available in Spain. It should really be easy as one-two-three to specify the sensational properties available in Spain, the argument for picking property here is the houses and apartments on the market and the fun option of spending your life between such a great populace.

It’s one of the most trendy areas at the moment, and in view of the lovely landscape and the agreeable climate surrounding you, how could you conceivably say no! Property in Spain is steeped in history, this area of the world is and has always been home to more than a few sophisticated nations. Around twenty years ago there was very few of Britishers keen on properties in Spain. Just ask any person who has moved to Spain and they are certain to back it up. Many people would prefer to see it as a plain vogue and others prefer to see it as a more or less an infatuation… People who move to this area will range from young well to do couples keen on a bit of a new challenge to retirees who intend to enjoy themselves and rest.

There may be hitches when attempting to buy properties in a foreign market; you’ll want to cope with dozens of actions to care about whether plotting, paying a visit or purchasing. If you only miss one minor procedure that is sure to definitely generate sweeping hitches and, more importantly, a financial hammering. Obviously, as is to be presumed with this sought after destination, properties might well be unbelievably high priced in this area and that’s solely caused by the high demand. However, buyers doubtlessly are spoilt in a destination determined by merry topography and panorama. It can boast everything any of us could possibly yearn for and then some.

NEWS RELEASE FOR IMMEDIATE RELEASE

Contact: Phil Kraus - Maus Warwick Matthews & Co. Office: (910)
791-0400 Cell: (910) 262-8900 pkraus@InvestWithPartners.com

InvestWithPartners.com Expanding Real Estate Opportunities to
Average Investors - Commercial real estate partnerships no
longer just for the elite few -

October 19, 2005 (WILMINGTON, NC)…Phil Kraus, a commercial
real estate broker with Maus Warwick Matthews & Co. in
Wilmington, recently launched InvestWithPartners.com, a Web site
designed to help average investors pool resources to purchase
properties with significant income potential.

The combination of low interest rates and the consistent growth
performance makes real estate an appealing portfolio
consideration for those wary about gambling too much on the
peaks and valleys of the stock market. Many traditional real
estate partnerships require large contributions from investors.
However, Kraus is expanding partnership opportunities to include
investments starting at just $10,000, although some of his
partners choose to contribute $50,000, $100,000 or more.

“The boom in residential construction during the last few years
has resulted in a huge need for new commercial developments to
serve those communities,” said Kraus. “Investing in real estate
typically is an insider’s game for those with an expert
understanding of the market as well as the time and money to
manage those investments. InvestWithPartners.com evens out the
playing field to benefit investors at every level.”

Using his expertise as a commercial real estate broker, Kraus
identifies prospective properties and recruits partners to
essentially buy shares of ownership in these private properties.
Kraus handles the details associated with establishing and
managing the partnerships as well as the marketing and sale of
investment properties, so very little time or effort is required
by investors. Many of the properties are divided and sold in
smaller pieces, rented or redeveloped and sold with the goal of
making a healthy profit for the partners. And unlike many real
estate brokers, Kraus invests his own funds right along with
other investors.

“I only ask people to invest in properties if I believe very
strongly in them,” said Kraus. “Investors know that I am sincere
because I put my money where my mouth is - that is a true
partnership.”

RECENT PARTNERSHIP EXAMPLES 1. One of Kraus’s partnerships
purchased property that now is the site for the Wilmington
Executive Center near the University of North Carolina at
Wilmington. The partnership purchased the land for $1.8 million
and sold the property 18 months later for a 50 percent profit.

2. Kraus created another partnership to buy land in the Pine
Valley Shopping center for $4.4 million. Since that time, the
property has appreciated 50 percent and continues to realize an
8.8 percent cash return per year for investors.

More examples are highlighted on the Web site.

ABOUT PHIL KRAUS, SIOR Phil Kraus received his real estate
brokers license in 1978 and has managed land and income property
investments in Alaska, Virginia, South Carolina, and North
Carolina. After leading his own real estate operation for
several years, Phil joined Maus Warwick Matthews & Co. in 1993.
Since 1995, he has closed more than $97 million worth of
properties, with nearly another $11 million slated for 2005
alone.

Phil is one of only a handful of real estate professionals
certified with the prestigious SIOR designation by the Society
of Industrial and Office Realtors. He also is a member of the
North Carolina Association of Realtors, and the Wilmington Board
of Realtors. Prior, Kraus Phil served in the United States Navy
as a sonar technician aboard two nuclear submarines.

ARTICLES OFFERING MORE INFO ABOUT REAL ESTATE PARTNERSHIPS 1.
“The Private Investment Pool - Commercial real estate pros help
today’s investors dive into this growing market” - Commercial
Investment Real Estate magazine
http://www.ciremagazine.com/article.php?article_id=789

2. “Get Rich Without Leaving Home - A limited partnership lets
you be a real estate mogul and keep your day job. But do it
right” - MONEY magazine
http://money.cnn.com/2005/06/16/real_estate/real_estate_partnersh
ips_0507/

3. “Partnerships? Who me? Yes, you. They can be very profitable”
- Real Estate Investing Club Web site
http://www.reiclub.com/articles/partnerships-real-estate-investin
g

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There are many types of businesses for sale, and there are many ways to find these businesses. You can look on the Internet or search in the newspaper. You can also purchase a franchise. Once you have found and compared businesses, and are ready to make a purchase, there are a few things you should do before signing on the dotted line.

Finding businesses via the Internet:
Many web sites act as a go-between for people selling and buying businesses. Once you find one of these sites, follow a few easy steps to find a business that is right for you.

1. What type of business are you interested in? Businesses are broken down into many categories, including auto dealerships, grocery stores, social services, museums, printing, and even leather products. Of course there are many more to choose from.
2. What location are you looking in? Web sites break down businesses into states, cities, or regions.
3. After you have selected a type of business and a location, a list of businesses for sale in the area will come up. Here you will be able to see the name of the business, the asking price, and sometimes other information (including the amount the business has been making annually, and the address at which the business is located).
4. Many times you can click on the business for even more information. Sometimes the cost will be broken down into real estate value, product being sold with the business, etc. You may also be able to find out the age of the business, and whether or not the previous owner will provide training.
5. Last of all, you will be given a contact name and information to find out more information and begin the process of purchasing the business.

Finding businesses for sale on the Internet might not be for you. If that is the case, you can look through the newspaper for business buying opportunities.

Finding a business in the newspaper:

The newspaper will often list the businesses that are for sale. If you do not subscribe to the newspaper, you may find the information you want on the newspaper’s web site (if they have one).

While looking on the Internet, or in the newspaper, you may come across franchise opportunities. Owning a franchise is somewhat different from owning your own business.

Franchises:
Franchises are another way to purchase businesses for sale. Franchises are national or regional chains that sell you one or more of their businesses. You are buying the business name and system, in essence, but there is more to it than that. You must continue to meet requirements set by the business owner. There are restrictions with franchises that you will not have with your own business.

Once you have found your potential business:
Once you found a business you are interested in, make sure you have the land and the building appraised. You should also have the building and the land inspected. Once you have done this, write out a detailed contract in order to avoid future problems.

Inside Seattle Real Estate is a network entirely devoted to real estate information. The entire Inside Real Estate network has more than 100,000 pages of real estate for cities allover the United States. Inside Real Estate covers several topics from the basic “how to’s” of real estate to city-specific real estate information.

The winter season gives real estate agent/brokers a chance to sit back and evaluate the previous season-Yes? No! These days, the chance to sit back is merely a dream. Agents and Brokers must build their business with new market niches in order to stay on top of their field.

Yes, the “bubble” has burst. Burst into a finely tuned, quickly burning engine that has grown to a new level of expertise and profits!! Real estate marketing IS changing, and the newer, inexperienced, hungry agent/broker is finding a level playing field on the new path of real estate.

Recently, the trade is encouraged by the fact that this year, unseasonably warm temperatures found across the nation are fueling not just tourism. The warm temperatures are attracting ready and willing buyers, matched with sellers willing to turn some profit. Mountains in Colorado, beaches in California, the list goes on and on regarding the traditional tourist locations visited by prospective real estate buyers.

Secondary purchase markets have reached new heights as our “baby boomer” population retires into the most healthy, active retirement demographic documented. People are skiing, surfing, hiking, biking and partying into their 70’s and 80’s like never before. This demographic has the characteristics of an elevated lifestyle, higher purchasing power and savvy investment experience. Best of all, this demographic continuously proves that it wants to own real estate.

Where are the sales happening besides the high profile tourist places? They are happening wherever there is leisure. Mountain cabins are found not just in Colorado. Towns, Cities, and States are marketing themselves based on biking trails, the ever expanding “wine country”, hot air balloon territory, Spa capitals, and quiet home towns that include a café and newspaper. These are the tip of the iceberg in “leisure” locations.

Each client in this market is looking for something specific and requires an agent/broker that can not only understand those requirements, but market to them.

As real estate progresses into this decade, there are many changes to keep in mind. The clients are more educated in the real estate purchasing process. They are more developed in the home improvement process (thank you reality TV). Agents and Brokers need to continuously find their niches of clients, and market directly to them.

Check out www.realestateproguides.com for helpful information. The general population is segmented and divided into smaller specific lifestyles and needs. In order to provide these segments with real estate services, the market must know that the agent/broker has specialized in their specific needs.

Specialize, Specialize, Specialize is the new mantra of the real estate agent/broker in 2006.

If you’re thinking of doing some renovations before you put your house on the market it helps to know what buyers are looking for in a new home. One good way to get an idea of the features that buyers want in a house is to take a look at the best home plans selling in each of the major categories of house plans. Whether your home is country, Victorian, Mediterranean, Ranch or Cape Cod, by studying the best home plan selling in your category, you can strategically emphasize the features that buyers want and sell your home faster.

The best home plan selling in the Victorian style, for instance, features gingerbread woodwork and scrollwork and lots and lots of windows. If you’re planning to renovate a Victorian home to be more appealing, then, you might choose a paint scheme that plays up the delightful gingerbread detailing by painting it in a contrasting color to the main house.

Ranch homes feature efficient use of interior space. The best home plan selling in the ranch design features a dramatic entryway and clean contemporary design with few interior walls. Make your ranch home more appealing to buyers by making the most of those interior spaces with wide sweeps of clean white or neutral colors, or emphasize the entry hall with a mirror or fresh arrangement chosen especially to accent the space.

All of the suggestions above are drawn from the concept of ’staging’ - a selling tool that is being used by more and more realtors. The basic idea behind staging is to use principles of psychology to make prospective buyers feel good in your house. The principle is sound - people want to buy a house that makes them feel good. By using color, space and decorating touches, you can set up your house to induce positive feelings in anyone that walks through the front door of the house for sale.

When you fine tune the principles of staging to suit particular house styles and emphasize the features that attract buyers to that style, you’re taking a step further into staging your home for sale. By taking the time to study the best home plan selling in the style of your home, you can pinpoint the features that buyers like about that style - and make your house stand out from the crowd.

Brian Shelton makes it easy to sell your house fast. To claim your free report entitled “How To Sell Your House In 7 Days or Less”, visit =>http://www.HouseSoldIn7Days.com/

By IndiaRealEstate

* The income from various sources like Salaries, Income from
House Property, Profits and Gains of Business or Profession,
Capital earnings and Income from Other Sources are originally
ascertained and then amassed as entire income which is subject
to tax at specified rates.

* The basis for reckoning is the “Annual Value”, that is, the
inherent capacity of the property to earn income. The legal
owner of the house property is taxed on the income determined in
terms of its Annual Value.

* Annual Value is the sum for which the property might
convincingly be expected to be let out. Realistic rent could be
the bona fide rent paid by the tenant, or annual rate able worth
as fixed by the municipality, or rent for similar property in
the neighborhood, etc whichever is higher.

* When a house is self-occupied and no other benefit there from
is derived by owner, the Annual Value is taken as nil. However,
when a person is in occupation of more than one house for his
own residential purposes, only one house according to his option
would be treated as self-occupied. All other houses shall be
considered as let-out and income thereon shall be taxable.

* Very frequently individuals to possess a house property,
let’s say, in Chennai and work at another place where they live
in a rental lodging. In such a case, the Annual Value of his own
property will be treated as nil, on condition that the house is
not in point of fact let out and no other advantage thereby is
derived by the owner.

In case of possession: If the house property has been built
after 1st April, 1999 after taking a loan for the purpose and
such acquisition or construction is finished within 3 years from
the end of the financial year in which Capital was borrowed,
interest payable on loan taken for this purpose is permissible
up to Rs 1,50,000 in a single fiscal year.

In case of Rented premises: The following deductions are
tolerable: 1. Municipal Taxes paid: 2. Standard deduction @ 30%
of Net Annual Value (i.e. Annual Value minus Municipal tax)
allowed on notional basis, whether incurred or not. 3. Interest:
Where capital is taken on loan and the property in question is
being acquired or constructed or repaired or rebuilt with such
borrowed funds, interest payable is allowed. There is no cap on
the deduction for interest as in the case of self occupied
property as stated above.

* It might occur that money is borrowed earlier and acquisition
or construction may commence later in any subsequent year. In
such cases, interest paid/payable prior to the ultimate
completion of building or possession of the property will be
aggregated and permissible in equal installments for five
successive financial years opening with the year in which the
acquisition or construction is completed. This facility is,
though, not allowed for repairs, renewal or reconstruction of
the subject property

. * The subsequent expenses are additionally eligible for
subtraction from overall taxable returns under section 80C as
proposed in Finance Bill 2005, up to a maximum of Rs 1, 00,000
per annum.

A reimbursement of the principal sum taken on loan by the
assessee from: i. The Central Government or any State
Government, or ii. Any bank, or iii. The Life Insurance
Corporation of India, or iv. The National Housing Bank v. Any
public company duly recognized by the concerned authorities
carrying on the business of providing long-term finance for
construction or purchase of houses in India for residential
purpose, or vi. Any co-operative society occupied with the
business of financing the construction of house or vii. The
assessee’s employer, where such employer is a public company or
public sector company, or a university established by law or a
college affiliated to such university or local authority or
co-operative society. b. stamp duty, registration fee and other
expenses for the purpose of transfer of such house property to
the assessee.

* With reference to self-occupied property as the annual value
is taken as nil, deduction allowed on interest on borrowed
capital upto a maximum of Rs 1,50,000 will be the loss under the
head “Income” from house property. Regarding let out property,
there are no restrictions on deducting the full interest payable
on borrowed capital and so there can be loss under this head if
net income from house property before adjusting interest is
lower than interest payable on loan, taken for such house
property. Further, loss from one house property can be set-off
against income from any other house property.This loss can
additionally be set off alongside proceeds under any other head
such as salaries, etc. in the same year. Moreover, wherever the
loss cannot be fully attuned against other heads of income in
the same year, then the balance loss can be carried forward and
set-off in subsequent years, subject to a limit of 8 years.
Nevertheless, such loss can be set off only beside income from
house property.

* Capital gain emanating from the transfer of a house property
is not liable for tax (on condition that the following
conditions are satisfied) :

A Capital gain arising from the transfer of a house property is
exempt from tax provided the following conditions are satisfied:
a. The house property is a residential house and is transferred
by an individual or a Hindu Undivided Family. b. The house
property whether self-occupied or let-out is a long-term capital
asset (i.e. it must be held for a period of more than 36 months
before sale or transfer). c. The assessee has purchased a
residential house within one year before or 2 years after the
transfer or has completed construction of a residential house
property within 3 years from date of transfer. d. If the
investment is not made before the due date for furnishing the
return of income of the relevant year, then the unutilized
amount of Capital Gain must be deposited in a special bank
account in accordance with the Capital Gains Account Scheme
1998. e. The new house should not be transferred within 3 years
of its purchase or construction. If the new house property is
transferred, within a period of 3 years from the date of its
purchase or construction, the amount of capital gains arising
from it, together with the amount of capital gains exempted
earlier, will be chargeable to tax in the year of sale of the
new house property. It may be noted that for computing long term
capital gain on the House Property, the assessee shall have the
benefit of cost indexation. Further, capital gains tax liability
arising on the transfer of any long-term capital asset i.e. an
asset held for more than 3 years (1 year in case of shares,
debentures, mutual fund and UTI units), can also be long term
capital assets other than a house property is invested in a
house property within the stipulated time. (as specified in
point c). However, if the assessee claims deduction under
section 80C in respect of repayment of loan, and if he transfers
the house property before the expiry of five year from the end
of the financial year in which possession of such property is
obtained then, the aggregate amount of the deduction of income
so allowed in respect of the previous year or years preceding
such previous year, shall be deemed to be the income of the
assessee of such previous year and shall be liable to tax in the
assessment year relevant to such previous year.

* One house or a part of a house belonging to an individual or
a Hindu Undivided Family is not chargeable to wealth tax.
However, do imbibe that the above note is in the character of a
broad instruction and you are, consequently, advised to seek
advice from your tax consultant/auditor for specific necessities
and their relevance to the particular state of affairs of your
case.

Courtesy: www.realestatencr.com

It seems that no matter where you go, a new business is going up. These new businesses require space, and that space is facilitated by qualified real estate agents. If you are ready to take the plunge and start your own business, or if your already existing business simply needs room to expand, you will want to explore your options in commercial property. This selection of real estate is sold especially to be used to conduct businesses. There are many categories of commercial property, including those used for retail, industry, hotel development, office space, and residential development. Whatever your business, there are endless options when it comes to choosing a piece of land to build on. However, there are a few things to keep in mind when searching for that perfect location.

Study Your Surroundings
This may seem like a no-brainer, but it is important to study the history of your selected site. Make sure you find a trusted and respected real estate agent who will be able to provide you with all the information you need about your selected property, whether it is about problems that past owners had, or conditions that are not up to standard and will need repair. Some pieces of commercial property are better suited for one activity and will not lend themselves well to others. Unless you have a specific plan in mind and marketing geniuses to help you, don’t try to turn an office building into a restaurant, and vice versa.

Be Accessible
Be sure your property is accessible to your expected public. Make certain that there is ample parking nearby, either in a lot or a garage if not along the street. Look at the entrances and exits to any already existing buildings on your property, and be sure that they are accessible to all people (unless you plan on restructuring or demolishing any existing buildings).

Be Safe
As always, prices vary greatly depending on the size of the property, the location, and the existence and condition of any buildings on the property. Expect this endeavor to be quite an investment, requiring into the millions of dollars in some cases, depending on the size and desirability of the property. With this in mind, seek out the services of a qualified realtor. He or she will be able to provide you with a great deal of information regarding your options and rights. This professional will also be able to direct you to opportunities in your area that you may not otherwise be aware of.

Keep in mind that the most important thing to remember when beginning this process is the purpose of your business. Be sure that the property you choose adequately reflects and will allow you to portray your business’ mission and goals. With the right resources, you will be ready to begin your search for that perfect piece of real estate. Explore all your options, and you are sure to find the commercial property that is right for you and your business.

Inside Hemet Real Estate is a network entirely devoted to real estate information. The entire Inside Real Estate network has more than 100,000 pages of real estate for cities allover the United States. Inside Real Estate covers several topics from the basic “how to’s” of real estate to city-specific real estate information.

I might upset some folks with this one, but that’s okay as I think it’s important to get some of my experiences into the light of day. If you fully believe the hype that you won’t have any landlording responsibilities by selling on a lease option, go ahead and stop here. Or perhaps you should read on as this article is specifically written for you.

Let’s review one of the common misconceptions that is thrown around by folks touting the wonders of selling properties on a lease option:

You won’t have any repairs or maintenance.

True, you can certainly have your documents state that the tenant/buyer (TBer) is responsible for repairs. In fact, I’ve seen numerous variations of this ranging from the TBer is responsible for all repairs to only those repairs falling within a certain price range. Some investors ask the seller to be responsible for repairs up to a certain amount and ask the TBer to be responsible for those over that amount. Insurance will theoretically cover major damages so that’s not an issue. And I know from several experiences that insurance will and does cover many repair expenses less than $10,000. So far, knock on wood, I haven’t had to test going above that amount.

So, what happens when your TBer moves in, sends you back your move-in condition form and two days later the A/C, heater, or whatever goes out? You’re either ponying up some money or you have one upset TBer. Yes, I know it’s wise to have them sign off on an inspection or an inspection waiver prior to move in, and if you’re not doing that, I recommend it. However, do you think that’s going to matter if the TBer just gave you the majority of their life savings and they’re looking at a large repair bill?

Yes, you can use some of their funds to purchase a home warranty and I also frequently do that. If the expense happens to be one that is actually covered under the policy on such a short time frame and not classified as a pre-existing condition, then you’re fine and the TBer can just pay the deductible. Wait a minute, didn’t you shell out a few hundred for the warranty? True, it came from the TBer’s funds, but that option consideration was supposed to be yours to keep, right?

Other recommendations on addressing the issue include asking the seller to be responsible for repairs for a certain time period and then passing that “guarantee” on to the TBer. Again, it may be one of those “sounds good in theory” type arguments. The few times I’ve gone that route I’ve not had to test it, but I wouldn’t be surprised if the seller is a bit upset if I had to call to ask for money after the fact. And what happens if your repair period from the seller is only 30 or 60 days and it takes you longer than that to find a decent TBer. Oops.

What I’ve found is that typicallly the TBer will agree, sometimes reluctantly, to cover half the expense. I present that solution in such a way that it does appear as if I’m breaking “company policy”, but since “I want them to be happy in their new home”, I’m willing to bend the rules some. It is definitely smart to push the TBer to get an inspection done prior to move-in as this not only comforts them, it protects you. Make sure you get a copy of it and have the TBer sign off on it. To be clear, I only make this offer for repairs that occur in the first 30 days. After that, they’re on their own or insurance will take care of it.

Let’s not forget the TBer who doesn’t call to let you know that something needs repair. You may have done such a convincing job explaining that it was their responsibility that the TBer chooses not to call. Since they don’t have the money to fix the water leak in the upstairs tub, they just let it continue. Now, we’ve got some mold issues and much more serious repair numbers. It’s critical in my opinion that the TBer call you if they have a significant repair, even if they’re able to pick up the tab. I want to know what’s going on in my properties.

So, to summarize, I think there are some important steps to take when you sell your properties on a lease option. Take what you feel is important and incorporate it into your business if you haven’t already done so.

1. Push the TBer to get an inspection done. If they don’t have the $200 or so to do this, ensure they sign off on an inspection waiver. It’s more difficult for them to come back to you demanding their option consideration and rent back due to needed repairs if they made this choice on paper and signed it.

2. Consider using part of the TBer’s funds to purchase a home warranty. Not only does it comfort their concern of potential repairs, it increases the likelihood that needed repairs will get done. It’s cheap insurance in my opinion.

3. Set up your standard operating procedure regarding repairs. Like all issues regarding properties with which you stay involved, it’s important to promote and maintain consistent, documented procedures. In other words, don’t have different repair policies for different properties or TBers. Choose the repair responsibility method or methods you think will work best and stick with them.

4. Another item not mentioned that is also company policy is that the TBer must have and maintain renter’s insurance. Policies can be purchased for very little funds and it protects their personal property. Typically, these policies will also have a liability component that provides an initial layer of protection before they get to your policy. This way, if some accident happens, like the tub leak above, that damages their property, they won’t be coming to you first for replacement.

Selling on lease options can be a profitable technique if done wisely. Just don’t go into it believing it doesn’t take any work and that the landlording headaches are completely removed. They aren’t.

Thanks for reading.

(c) Copyright 2003, All Rights Reserved.

About The Author

Tim Randle can be contacted through his web site at www.TexasRealEstateClub.com; info@texasrealestateclub.com

There are many reasons for foreclosure and many people have faced it. In some cases, the foreclsure was simply an issue of poor money management. In others, circumstances took over. Medical issues, layoffs and other financial problems may have made payments impossible and foreclosure inevitable. For whatever reason, the deed is done and it’s time to start taking positive steps toward recovery.

Some people think that a foreclosure means they’ll never again be in a position to purchase a home. That’s not true, and there are even some steps you can take to get the process started.

First, realize that you’re not alone. Thousands have faced bank foreclosures and survived. This is serious, but it is possible for you to take the next steps and move on toward eventual home ownership again.

Next, you need to get copies of your credit reports to see what damage the foreclosure has done. If you had excellent credit before, you’re going to see a marked difference in your credit report after foreclosure, but don’t despair. Take time to carefully read your report. If you find errors, point those out to the credit reporting agencies that compiled the report. You’ve already got enough problems with your credit rating because of the real estate foreclosure - you can’t allow errors to stay on your report as well.

Foreclosures and most other negative credit information will remain on your report for seven to ten years. But keep in mind that many creditors don’t look at individual listings on your report, especially if those are more than a year or two past. Some only look at your credit score, which is a compilation of all credit activity resulting in a numerical score. That means that some creditors may be more lenient even after foreclosure if your score is good. Concentrate on getting that score back up. Apply for one or two secured credit cards as soon as possible after the foreclosure and start making regular charges and payments. Each of those will make a positive impact on your credit score.

Many people who have gone through foreclosure or bankruptcy can benefit from credit counseling services. Some agencies offer services at free or reduced rates and can help you negotiate payment arrangements for outstanding debts. Even if it’s too late to stop the foreclosure, this could help you with other bills. You could get your credit back on track much more quickly than if you simply let the process run its course.

One of the most important steps you can take toward owning your next home after you’ve gone through a foreclosure is to get your finances on track and start saving. You’re going to need a bigger down payment if you want to buy another house after your foreclosure. Make arrangements to put a set amount of money into savings every pay period. Create a budget that you can live with and that you can stick to - then stay with it.

If it was simply a case of poor spending habits that forced you into foreclosure in the first place, consider a buddy system. A spouse, parent or sibling makes a good “buddy.” Simply make a budget and then make a commitment that you’ll discuss any expenditures with your buddy before you make them. This has a couple of purposes - it makes you immediately accountable to someone else for your spending habits and forces you to take a step back before you spend the money. Often, you’ll find that you didn’t really need the item anyway.

Foreclosure may seem like the end of the world while you’re in the process. While it’s a very serious issue, you can recover. Just make sure that you pay attention to the old adage and learn from your mistakes.

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