Real Estate Brokers and

Real estate brokers and sales agents Skip Navigation Links Latest Numbers U.S. Department of Labor Bureau of Labor Statistics Occupational Outlook Handbook www.bls.gov Search the Handbook BLS Home | OOH Home | Frequently Asked Questions | A-Z Index | Contact Us Printer-friendly version ( HTML ) -- PDF ) -- Real Estate Brokers and Sales Agents Nature of the Work Working Conditions Training, Other Qualifications, and Advancement Employment Job Outlook Earnings Related Occupations Sources of Additional Information Significant Points Real estate brokers and sales agents often work evenings and weekends and usually are on call to suit the needs of clients. A license is required in every State and the District of Columbia. Although gaining a job may be relatively easy, beginning workers may face competition fromwell-established, more experienced agents and brokers in obtaining listings and in closing an adequate number of sales. Employment is sensitive to swings in the economy, especially interest rates; during periodsof declining economic activity and increasing interest rates, the volume of sales and the resultingdemand for sales workers fall. Nature of the Work [ About this section ] Back to Top One of the most complex and significant financial events in peoples lives is the purchase or sale of a home or investment property. Because of this complexity and significance, people typically seek the help of real estate brokers and sales agents when buying or selling real estate. Real estate brokers and sales agents have a thorough knowledge of the real estate market in their communities. They know which neighborhoods will best fit clients needs and budgets. They are familiar with local zoning and tax laws and know where to obtain financing. Agents and brokers also act as intermediaries in price negotiations between buyers and sellers. Real estate agents usually are independent sales workers who provide their services to a licensed real estate broker on a contract basis. In return, the broker pays the agent a portion of the commission earned from the agents sale of the property. Brokers are independent businesspeople who sell real estate owned by others; they also may rent or manage properties for a fee. When selling real estate, brokers arrange for title searches and for meetings between buyers and sellers during which the details of the transactions are agreed upon and the new owners take possession of the property. A broker may help to arrange favorable financing from a lender for the prospective buyer; often, this makes the difference between success and failure in closing a sale. In some cases, brokers and agents assume primary responsibility for closing sales; in others, lawyers or lenders do. Brokers supervise agents who may have many of the same job duties. Brokers also supervise their own offices, advertise properties, and handle other business matters. Some combine other types of work, such as selling insurance or practicing law, with their real estate business. Besides making sales, agents and brokers must have properties to sell. Consequently, they spend a significant amount of time obtaining listings—agreements by owners to place properties for sale with the firm. When listing a property for sale, agents and brokers compare the listed property with similar properties that recently sold, in order to determine a competitive market price for the property. Once the property is sold, both the agent who sold it and the agent who obtained the listing receive a portion of the commission. Thus, agents who sell a property that they themselves have listed can increase their commission. Most real estate brokers and sales agents sell residential property. A small number—usually employed in large or specialized firms—sell commercial, industrial, agricultural, or other types of real estate. Every specialty requires knowledge of that particular type of property and clientele. Selling or leasing business property requires an understanding of leasing practices, business trends, and the location of the property. Agents who sell or lease industrial properties must know about the regions transportation, utilities, and labor supply. Whatever the type of property, the agent or broker must know how to meet the clients particular requirements. Before showing residential properties to potential buyers, agents meet with them to get a feeling for the type of home the buyers would like. In this prequalifying phase, the agent determines how much the buyers can afford to spend. In addition, the agent and the buyer usually sign a loyalty contract which states that the agent will be the only one to show houses to buyers. An agent or broker then generates lists of properties for sale, their location and description, and available sources of financing. In some cases, agents and brokers use computers to give buyers a virtual tour of properties in which they are interested. With a computer, buyers can view interior and exterior images or floor plans without leaving the real estate office. Agents may meet several times with prospective buyers to discuss and visit available properties. Agents identify and emphasize the most pertinent selling points. To a young family looking for a house, they may emphasize the convenient floor plan, the areas low crime rate, and the proximity to schools and shopping centers. To a potential investor, they may point out the tax advantages of owning a rental property and the ease of finding a renter. If bargaining over price becomes necessary, agents must follow their clients instructions carefully and may have to present counteroffers in order to get the best possible price. Once both parties have signed the contract, the real estate broker or agent must make sure that all special terms of the contract are met before the closing date. For example, the agent must make sure that the mandated and agreed-upon inspections, including that of the home and termite and radon inspections, take place. Also, if the seller agrees to any repairs, the broker or agent must see that they are made. Increasingly, brokers and agents are handling environmental problems as well, by making sure that the properties they sell meet environmental regulations. For example, they may be responsible for dealing with lead paint on the walls. While loan officers, attorneys, or other persons handle many details, the agent must ensure that they are carried out. Working Conditions [ About this section ] Back to Top Advances in telecommunications and the ability to retrieve data about properties over the Internet allow many real estate brokers and sales agents to work out of their homes instead of real estate offices. Even with this convenience, much of the time of these workers is spent away from their desks—showing properties to customers, analyzing properties for sale, meeting with prospective clients, or researching the state of the market. Agents and brokers often work more than a standard 40-hour week. They usually work evenings and weekends and are always on call to suit the needs of clients. Although the hours are long and frequently irregular, most agents and brokers have the freedom to determine their own schedule. Consequently, they can arrange their work so that they can have time off when they want it. Business usually is slower during the winter season. Training, Other Qualifications, and Advancement [ About this section ] Back to Top In every State and the District of Columbia, real estate brokers and sales agents must be licensed. Prospective agents must be high school graduates, be at least 18 years old, and pass a written test. The examination—more comprehensive for brokers than for agents—includes questions on basic real estate transactions and laws affecting the sale of property. Most States require candidates for the general sales license to complete between 30 and 90 hours of classroom instruction. Those seeking a brokers license need between 60 and 90 hours of formal training and a specific amount of experience selling real estate, usually 1 to 3 years. Some States waive the experience requirements for the brokers license for applicants who have a bachelors degree in real estate. State licenses typically must be renewed every 1 or 2 years; usually, no examination needs to be taken. However, many States require continuing education for license renewals. Prospective agents and brokers should contact the real estate licensing commission of the State in which they wish to work in order to verify the exact licensing requirements. As real estate transactions have become more legally complex, many firms have turned to college graduates to fill positions. A large number of agents and brokers have some college training. College courses in real estate, finance, business administration, statistics, economics, law, and English are helpful. For those who intend to start their own company, business courses such as marketing and accounting are as significant as courses in real estate or finance. Personality traits are equally as important as ones academic background. Brokers look for applicants who possess a pleasant personality, are honest, and present a neat appearance. Maturity, good judgment, trustworthiness, and enthusiasm for the job are required in order to encourage prospective customers in this highly competitive field. Agents should be well organized, be detail oriented, and have a good memory for names, faces, and business particulars. Those interested in jobs as real estate agents often begin in their own communities. Their knowledge of local neighborhoods is a clear advantage. Under the direction of an experienced agent, beginners learn the practical aspects of the job, including the use of computers to locate or list available properties and identify sources of financing. Many firms offer formal training programs for both beginners and experienced agents. Larger firms usually offer more extensive programs than smaller firms. More than a thousand universities, colleges, and junior colleges offer courses in real estate. At some, a student can earn an associates or bachelors degree with a major in real estate; several offer advanced degrees. Many local real estate associations that are members of the National Association of Realtors sponsor courses covering the fundamentals and legal aspects of the field. Advanced courses in mortgage financing, property development and management, and other subjects also are available. Advancement opportunities for agents may take the form of higher rates of commission. As agents gain knowledge and expertise, they become more efficient in closing a greater number of transactions and increase their earnings. In many large firms, experienced agents can advance to sales manager or general manager. Persons who have received their brokers license may open their own offices. Others with experience and training in estimating property value may become real estate appraisers, and people familiar with operating and maintaining rental properties may become property managers. (See the Handbook statements on property, real estate, and community association managers ; and appraisers and assessors of real estate . ) Experienced agents and brokers with a thorough knowledge of business conditions and property values in their localities may enter mortgage financing or real estate investment counseling. Employment [ About this section ] Back to Top In 2004, real estate brokers and sales agents held about 460,000 jobs; real estate sales agents held approximately 24 percent of these jobs. Many worked part time, combining their real estate activities with other careers. About 6 out of 10 real estate agents and brokers were self-employed. Real estate is sold in all areas, but employment is concentrated in large urban areas and in rapidly growing communities. Most real estate firms are relatively small; indeed, some are one-person businesses. By contrast, some large real estate firms have several hundred agents operating out of numerous branch offices. Many brokers have franchise agreements with national or regional real estate organizations. Under this type of arrangement, the broker pays a fee in exchange for the privilege of using the more widely known name of the parent organization. Although franchised brokers often receive help in training sales staff and running their offices, they bear the ultimate responsibility for the success or failure of their firms. Real estate brokers and sales agents are older, on average, than most other workers. Historically, many homemakers and retired persons were attracted to real estate sales by the flexible and part-time work schedules characteristic of the field. These individuals could enter, leave, and later return to the occupation, depending on the strength of the real estate market, their family responsibilities, or other personal circumstances. Recently, however, the attractiveness of part-time real estate work has declined, as increasingly complex legal and technological requirements are raising startup costs associated with becoming an agent. Job Outlook [ About this section ] Back to Top Employment of real estate brokers and sales agents is expected to grow about as fast as average for all occupations through the year 2014, because of the increasing housing needs of a growing population, as well as the perception that real estate is a good investment. Relatively low interest rates should continue to stimulate sales of real estate, resulting in the need for more agents and brokers. In addition, a large number of job openings will arise each year from the need to replace workers who transfer to other occupations or leave the labor force. However, job growth will be somewhat limited by the increasing use of technology, which is improving the productivity of agents and brokers. For example, prospective customers often can perform their own searches for properties that meet their criteria by accessing real estate information on the Internet. The increasing use of technology is likely to be more detrimental to part-time or temporary real estate agents than to full-time agents, because part-time agents generally are not able to compete with full-time agents who have invested in new technology. Changing legal requirements, such as disclosure laws, also may dissuade some who are not serious about practicing full time from continuing to work part time. This occupation is relatively easy to enter and is attractive because of its flexible working conditions; the high interest in, and familiarity with, local real estate markets that entrants often have; and the potential for high earnings. Therefore, although gaining a job as a real estate agent or broker may be relatively easy, beginning agents and brokers may face competition from their well-established, more experienced counterparts in obtaining listings and in closing an adequate number of sales. Well-trained, ambitious people who enjoy selling—particularly those with extensive social and business connections in their communities—should have the best chance for success. Employment of real estate brokers and sales agents often is sensitive to swings in the economy, especially interest rates. During periods of declining economic activity and increasing interest rates, the volume of sales and the resulting demand for sales workers falls. As a result, the earnings of agents and brokers decline, and many work fewer hours or leave the occupation altogether. Earnings [ About this section ] Back to Top The median annual earnings of salaried real estate sales agents, including commissions, were $35,670 in May 2004.The middle 50 percent earned between $23,500 and $58,110 a year.The lowest 10 percent earned less than $17,600, and the highest 10 percent earned more than $92,770.Median hourly earnings in the industries employing the largest number of real estate sales agents in May 2004 were as follows: Residential building construction $54,770 Offices of real estate agents and brokers 37,970 Activities related to real estate 32,460 Lessors of real estate 25,840 Median annual earnings of salaried real estate brokers, including commission, were $58,720in May 2004. The middle 50 percent earned between $33,480 and $99,820 a year.Median annual earning of real estate brokers were $61,550 in offices of real estateagents and brokers and $44,920 in activities related to real estate. Commissions on sales are the main source of earnings of real estate agents and brokers.The rate of commission varies according to whatever the agent and broker agree on, the typeof property, and its value. The percentage paid on the sale of farm and commercialproperties or unimproved land is typically higher than the percentage paid for selling a home. Commissions may be divided among several agents and brokers. When the property issold, the broker or agent who obtained the listing usually shares the commission with thebroker or agent who made the sale and with the firm that employs each of them. Although anagents share varies greatly from one firm to another, often it is about half of the totalamount received by the firm. Agents who both list and sell a property maximize their commission. Income usually increases as an agent gains experience, but individual motivation,economic conditions, and the type and location of the property also affect earnings.Sales workers who are active in community organizations and in local real estate associationscan broaden their contacts and increase their earnings. A beginners earnings often areirregular, because a few weeks or even months may go by without a sale. Although some brokersallow an agent to draw against future earnings from a special account, the practice is notcommon with new employees. The beginner, therefore, should have enough money to live forabout 6 months or until commissions increase. Related Occupations [ About this section ] Back to Top Selling expensive items such as homes requires maturity, tact, and a sense of responsibility.Other sales workers who find these character traits important in their workinclude insurance sales agents ; retail salespersons ; sales representatives, wholesale and manufacturing ; and securities, commodities, and financial services sales agents .Although not involving sales, the work of property, real estate, and community association managers ,as well as appraisers and assessors of real estate, requires an understanding of real estate. Sources of Additional Information [ About this section ] Back to Top Disclaimer: Links to non-BLS Internet sites are provided for your convenience and do not constitute an endorsement. Information on licensing requirements for real estate brokers and sales agents is available from most local real estate organizations or from the State real estate commission or board. More information about opportunities in real estate is available on the Internet site of the following organization: National Association of Realtors. Internet: http://www.realtor.org OOH ONET Codes [ About this section ] Back to Top 41-9021.00, 41-9022.00 Suggested citation: Bureau of Labor Statistics, U.S. Department of Labor, Occupational Outlook Handbook , 2006-07 Edition , Real Estate Brokers and Sales Agents , on the Internet at http://www.bls.gov/oco/ ocos120.htm (visited December 29, 2005 ). Last Modified Date: December 20, 2005 Occupations: Management | Professional | Service | Sales | Administrative | Farming | Construction | Installation | Production | Transportation | Armed Forces Related Links: Tomorrow's Jobs | OOH Reprints | Important Info | How to Order a Copy | Teacher's Guide to OOH Additional Links: Career Guide to Industries | Career articles from the OOQ | Employment Projections | Publications Home | BLS Home Back to Top www.dol.gov Frequently Asked Questions | Freedom of Information Act | Customer Survey Privacy & Security Statement | Linking to Our Site | Accessibility U.S. Bureau of Labor Statistics Office of Occupational Statistics and Employment Projections Suite 2135 2 Massachusetts Avenue, NE Washington, DC 20212-0001 URL: http://www.bls.gov/OCO/ Phone: (202) 691-5700 Fax: (202) 691-5745 Do you have a question about the Occupational Outlook Handbook ? Technical (web) questions: webmaster@bls.gov Other comments: feedback@bls.gov Occupations: Management Professional Service Sales Administrative Farming Construction Installation Production Transportation Armed Forces Related Links: Tomorrow's Jobs OOH Reprints Important Info How to Order a Copy Teacher's Guide to OOH Additional Links: Career Guide to Industries Career articles from the OOQ Employment Projections Publications Home BLS Home

Buy House

WHAT TO DO ABOUT TAX WHEN YOU BUY A HOUSE FAQ's Select a FAQs Category Capital Acquisitions Tax Capital Gains Tax Employer Information Corporation Tax Customs & Excise Revenue Audit Value Added Tax (VAT) Vehicle Registration Tax What to do about Tax when you buy a house Do I need to tell the tax office if I buy a house? Can I claim tax relief on my mortgage? What is a sole or main residence? To help with the mortgage repayments, I intend letting part of my house. What tax relief can I claim against my personal income tax and against the rental income? Does residence only mean a house? Can I claim tax relief on a loan for home improvements? What can the loan be used for? How much tax relief will I get? How can I claim the relief? If I sell my house will I have to pay Capital Gains Tax? What happens if I had let part of the house or used part of the house for business purposes? What happens if my property has "development value"? 1. Do I need to tell the tax office if I buy a house? Yes - you should inform the tax office as soon as possible so that all correspondence can be sent to your new address. » Back to Top 2. Can I claim tax relief on my mortgage? Yes - if the house is situated in the State, Northern Ireland or Great Britain and is used as your sole or main residence. » Back to Top 3. What is a sole or main residence? A sole or main residence is the residence which is your home for the greater part of the time. It does not have to be owned by you e.g. your parents residence may also be your sole or main residence, if you normally live there. » Back to Top 4. To help with the mortgage repayments, I intend letting part of my house. What tax relief can I claim against my personal income tax and against the rental income? In this situation, part of the mortgage interest may be claimed as a normal interest credit against your personal income tax. However, the balance of the interest may not be claimed as a rental deduction. The mortgage interest applicable to the let part of the house will be determined on a just and reasonable basis. For example, the apportionment of the interest may be by reference to the number of rooms let. » Back to Top 5. Does residence only mean a house? No. It also includes: A flat Any garden or grounds of an ornamental nature which are used along with the house or flat A Mobile Home/Caravan - provided it: Is on a permanent site Is of a reasonable size to fulfill the requirements of use as a permanent residence Has electricity and other services supplied to it Is immobilised (i.e. wheels removed and mounted on blocks). 6. Can I claim tax relief on a loan for home improvements? Yes. You can claim tax relief on a loan used by you to purchase, repair, develop or improve your sole or main residence or to pay off another loan (or loans) used for that purpose. » Back to Top 7. What can the loan be used for? The loan can be used for most work done on your sole or main residence except for money spent on furniture or removable fittings (e.g. light fittings, curtains, carpets etc.). Examples of what the loan may be used for are: Extensions, purchase/construction of garage, garden shed, greenhouse etc. Construction of driveway, path etc. Conversions, painting and decorating Installing central heating Rewiring or replumbing (including bathroom suites) Replacing or installing windows Purchase and/or installation of burglar/fire alarms Purchase and installation of bedroom and kitchen units which are affixed to and become part of the building Treatment for damp, dry rot, woodworm etc. Landscaping gardens (including garden walls) Contributions to group water and sewerage schemes. » Back to Top 8. How much tax relief will I get? Tax relief is granted on the amount of the interest paid, at the standard rate subject to the overall limits as set out in Leaflet IT60 (Home Loan Interest Relief - 2000/2001 onwards) . Special provisions apply for "First Time Buyers". The period for which relief is available is 7 years (this does not apply to mortgages taken out before 6 April 1998). » Back to Top 9. How can I claim the relief? From 1 January 2002, tax relief for home mortgage interest is no longer given through the tax system but is instead granted at source. This means that your mortgage lender gives you the benefit of the tax relief element on the mortgage interest on behalf of the Revenue Commissioners. Your mortgage repayment is reduced by the amount of the tax relief. Your lender in turn claims this amount from Revenue. Any future adjustments in the tax relief (for example, arising from changes in interest rates) will be made automatically by the lender on behalf of Revenue. It is not be necessary to claim mortgage interest relief in the annual tax return, and it no longer appears on your Notice of Tax Credits. Borrowers who are taking out new mortgages must complete a TRS1 form. Your lender will supply you with a TRS1 form. Forms can also be obtained from the TRS Section, Collector-Generals, Sarsfield House, Francis Street, Limerick. Further details are available on the Leaflet TRS (Mortgage Interest Tax Relief at Source) . » Back to Top 10. If I sell my house will I have to pay Capital Gains Tax? No. If the house (including grounds of up to one acre) has been occupied as your sole or main residence throughout your period of ownership you will be exempt from capital gains tax on the sale. » Back to Top 11. What happens if I had let part of the house or used part of the house for business purposes? Full exemption may not be due if only part of the house has been used as your residence. In this case an apportionment will be made to arrive at the exempt portion of the total gain and you will have to pay capital gains tax on the balance. » Back to Top 12. What happens if my property has "development value"? Where your property has development value i.e. if it is sold for a price higher than its normal current use value then the relief from capital gains tax as outlined above is confined to what it would be if the property did not have development value. » Back to Top

Real Estate Investing Effective

5 Steps To Successful Real Estate Investing Add URL RLROUSE Directory & Informational Resources Site Map Home Add URL SEO Toolkit SEO Blog Webmaster / SEO Info Featured Stores Featured Text Listings Birdhouses Birdfeeders Great Recipes Articles -> Personal Finance -> Birding -> Crafts -> Lawn & garden -> Webmaster -> PC technology -> Steps to success -> Travel -> Your health -> The 50 US States -> Bluegrass Music -> Picture of the day -> Submit article Freebies Privacy policy Contact us Link to us Newsletter About us Recommend Advertise with us Site map 5 Steps To Successful Real Estate Investing Effective real estate investment strategies As the stock market continues having its ups and downs, more and more investors are looking for alternatives. Often they turn to real estate investing , the "safe" place to invest their money. But not so fast! Sadly, the majority of real estate investors have received little useful information and/or bad real estate investment advice. They jump right in and work extremely hard, only to lose most or all of their huge investment. "Real estate investing isn't a one-size-fits-all proposition, so it's wise to lay a good foundation before laying down your cash," explains Vena Jones-Cox, also known as the "Reliable Real Estate Expert". Over the years, she has compiled this series of steps that every real estate investor should follow: Join a Real Estate Investment Association There is no book you can read, no course you can take, and no experience you can acquire on your own that can even come close to the real estate education you'll get by spending time around people who are already buying, selling, and managing properties. The successes and failures of real-life real estate investors will teach you more (and motivate you more) than even the most complete classroom education you can find. Decide what you want in regards to your real estate investing No, that doesn't simply mean "I want to buy properties." Buying properties is simply a way to achieve your actual goals: quick cash, increased cash flow, retirement income, tax advantages, etc. Setting realistic goals for your real estate business at the outset allows you to concentrate on the properties, areas, sellers, and exit strategies that are most likely to meet those goals. Decide which real estate investment strategies will get you there most efficiently There are only five basic real estate exit strategies to choose from: retail, wholesale, lease/option, sell with owner financing, and rent. Once you have decided what you want to do (refer to step 2), your choice of exit strategies will suddenly be pretty limited. For instance, if your goal is wealth building or passive income, the retail and wholesale strategies won't work for you. If you need fast cash to pay off consumer debt or build capital for long-term investments, renting properties is the wrong way to achieve this goal. Your available real estate strategies will also be limited by your education, personality, and available assets. By the time you closely examine your goals, assets, and liabilities, you should be able to decide upon a single strategy for buying and making money from real estate properties. Determine and acquire the knowledge and skills you'll need to make your real estate investment strategies work Any basic book on a particular real estate investment strategy will show you the skill set you'll need in order to make money using that strategy. You don't need to know how tenant-landlord law works or how to manage properties if you plan to retail or wholesale, but if your strategy is to rent or lease/option, these are extremely important to know. On the other hand, some skills are vital no matter which real estate investment strategy you use. These skills include the ability to determine the value of properties, find motivated sellers, negotiate with sellers, and put your offer together. Make a list of the things you'll need to learn in order to make your strategy work, then figure out how you're going to get that information. There are endless books, workshops, home-study courses, and videotapes about virtually any real estate related topic you can imagine. Once you know what information you need, finding it will be no problem. Make lots of offers, even before you're really sure you know what you're doing Vena has taught a lot of classes to lots of new real estate investors, and she's discovered something interesting: those who haven't spent some time actually practicing looking at properties, evaluating them, and making real offers have very unrealistic ideas about what's going to happen when they do. Most beginners have preconceived ideas about the objections sellers will pose to their offers that bear no actual relationship to the objections they ultimately end up raising. They have fears about not being able to find or evaluate comparable properties. They think they'll miss the repairs the properties need when in fact they are usually fairly obvious. In a nutshell, until you've actually gotten your feet wet in the real estate market, you simply don't know what you don't know. You can't make money in real estate without making real offers, and you'll never acquire the knowledge you need to become a successful real estate investor until you get the real-life experience that only comes from making offers. The more quickly you take the steps above, even if you aren't sure you know what you're doing, the faster you'll move from a wannabe to a real-life real estate investor! About the author: Vena Jones-Cox, also known as the "Reliable Real Estate Expert," is a frequent lecturer at real estate investment groups throughout the country. She also hosts the popular weekly call-in public radio program "Real Life Real Estate Investing." Visit her at www.REGoddess.com . More Interesting Articles Elib Directory : devoted to Internet Commerce. 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Land Loan , In

LoanUniverse Community - Commercial Land Loan loanuniverse.com Help Search Members Calendar Welcome Guest ( Log In | Register ) LoanUniverse Community Community Forums Loanuniverse Forums Outline ·[ Standard ] · Linear+ Commercial Land Loan , In Miami Florida Track this topic | Email this topic | Print this topic Marnie1065 Dec 6 2005, 08:37 PM Post #1 Summer Intern Group: Members Posts: 1 Joined: 6-December 05 Member No.: 1,029 Hi everybody. I just found this website. I am looking for commercial loans. I have a client that owns 42 acres , it is zoned agriculture. It is a great location , next to a school and subdivision. He is looking to refi at the highest LTV possible. He does plan on building homes in the future or possible selling off individual lots. The land currently has a 2 million loan on it. The value is 6.5 million. He has owned it for 1 yr. It is actually a corporation of 4 and they all have great credit and tons of assets, their worth is in the millions They also want to purchase another piece of land for 12 million. Any ideas? Thanks -- loanuniverse Dec 7 2005, 09:27 AM Post #2 Administrator Group: Admin Posts: 1,089 Joined: 23-September 02 Member No.: 1 Is the $152M per acre value an as is value as agricultural land? Or an speculative value assuming a rezoning? Is it supported by actual sales? If the value can be supported, I am sure someone can be found to lend at least 50%. Depending on the adjusted net worth of the individuals, maybe significantly more. Many lenders are avoiding land right now in my market unless there is an existing relationship with the developer. I know that I would feel uncomfortable recommending a land loan unless the investors are experienced. -- lelting Dec 14 2005, 10:48 PM Post #3 Full-Time Teller Group: Members Posts: 13 Joined: 13-November 05 Member No.: 971 I can help you with the 12 million dollar purchase>I have private investors that will fund at 100 LTV -- LenderBuddy Dec 15 2005, 10:55 AM Post #4 Head-Teller Group: Members Posts: 23 Joined: 11-November 05 From: San Francisco Member No.: 968 If there are crops growing on the land or the land is zoned agricultural then we are talking agricultural land loan and that is a different beast. I haven't worked on one of them in a while but you need to speak with someone who specializes in ag loans. FarmerMac is involved in those transactions and I believe the LTV can go as high as 70%. Good credit and strong financial position are required. Drop me a personal message and I'll forward you the contact information of a guy who specializes in agricultural loans. He can give you all the information you need. -- « Next Oldest · Loanuniverse Forums · Next Newest » 2 User(s) are reading this topic (2 Guests and 0 Anonymous Users) 0 Members: Close Topic Options Track this topic Receive email notification when a reply has been made to this topic and you are not active on the board. Subscribe to this forum Receive email notification when a new topic is posted in this forum and you are not active on the board. Download / Print this Topic Download this topic in different formats or view a printer friendly version. Forum Home Search Help Community Forums |-- Loanuniverse Forums Lo-Fi Version Time is now: 29th December 2005 - 03:39 PM Invision Power Board v2.0.4 © 2005 IPS, Inc.

Buy House Plans Having

How to Buy House Plans - eHow.com Clear Instructions on How To Do (just about) Everything Web eHow.com Home Finance & Business Center Real Estate How to Buy House Plans Having trouble finding an existing house that you want to buy? Consider buying plans and building your own home. That set of blueprints, with or without minor modifications, may well be the first step you take to create your dream home. Steps: 1. Determine the size of the house you can afford to build. The National Association of Home Builders (nahb.org) has information on the average cost per square foot for new homes in any area. Multiply the square footage of the home you want by the average cost per square foot to determine a ballpark cost. 2. Draw up a detailed, prioritized list of what you want your home to include in terms of number of bedrooms and baths, and garage size. What are must-haves and what can you live without? Include outdoor features such as porches, decks and a pool. 3. Ask yourself how you want to use the house now and in the future. Do you like to entertain? Do you want a casual great room or formal dining and living rooms? Will your home eventually need to accommodate aging parents, returning adult children or grandchildren? Do you need a separate entrance for an au pair? 4. Consider your lot requirements, such as sloping, corner or zero-lot line (where one side of the house sits on one lot line). Foundation options (basement, crawlspace or slab) will be dependent on what the lot will allow, based on the grade and other factors. If you've found plans for your ideal home, buy them and then look for a lot on which that particular layout will work. Otherwise, if you find the perfect lot (see How to Buy a Lot ), you'll need to be pickier as you choose your home plans in order to be sure that they'll fit on your land. 5. Browse house plan catalogs and magazines found at home improvement stores or bookstores. Many architects offer plans for sale online. Some sites let you specify exactly what features you want, such as a certain size kitchen or number of bedrooms. 6. Evaluate the plan for overall size, traffic patterns, appealing exterior materials, efficient use of space and materials, and well-planned work and storage areas. Ask a contractor to review the blueprints as well. 7. Expect to spend anywhere from $400 to $1,300 for plans depending on the project size and level of complexity. Buy up to eight nonreproducible sets--enough to distribute to tradespeople, contractors and lenders, or one reproducible master set. 8. Hire an architect to review your plans. He or she can make any modifications you think are necessary. See How to Hire an Architect . Overall Tips: Chances are good that plans will need to be adapted to meet your family's specific needs, so don't be afraid to make modifications with the help of an architect. Seismic and local building requirements will also likely mandate changes. What to look for: Plans that suit your needs Architect to modify plans Lot requirements Please Share Your Tips with Us More Resources: Contribute to eHow: Write an eHow Article Suggest a Topic Give Us Feedback on This Article Related eHows: Hire a Builder Have Your Home Custom Built Buy a Lot Hire an Architect Pull Building Permits Project Details: Skill Advisory: Moderate New! -- Related eHows: Hire a Builder Have Your Home Custom Built Buy a Lot Hire an Architect Pull Building Permits Check out Thousands of How-To Solutions in eHow's Centers Automotive Careers & Education Computers & Home Electronics Family & Relationships Finance & Business Food & Entertaining Health Hobbies & Games Holidays & Traditions Home & Garden Personal Care & Style Pets Sports & Fitness Travel How to: --? Web eHow.com Home | Site Map | About Us | How To Books | Link to eHow Subscribe to the eHow of the Day Mailing List : Have the eHow of the Day appear on your My Yahoo! Page: Add the eHow of the Day to your RSS reader: © 1999-2005 eHow, Inc. How things get done. Use of this web site constitutes acceptance of the eHow Terms of Use and Privacy .