Barbara Corcoran

Practical Home Buying Tips for Real Estate Investors

According to the the National Association of Realtors®, “distressed homes” represented nearly 2 of every fifth home sold in January 2010.  Clearly, real estate investors are taking advantage of good deals on cheap property even here locally in Northwest Indiana.  But there’s risk involved.

This NBC Today Show interview first ran in March 2009, featuring real estate expert Barbara Corcoran. Despite its age, the message remains relevant. Today may be a terrific time to buy a bank-owned home — just make sure you do your research first.  There’s plenty of ways for investors to get burned.

Some of the tips in the video include:

• Buy in your own backyard
• Start small, then build to a bigger portfolio
• Watch receipts — rent rolls don’t matter if tenants aren’t paying rent

Corcoran also gives pointers on how to evaluate a prospective tenant.

Foreclosures should represent a large number of 2010’s total home sales in Northwest Indiana and will offer interesting opportunities to bona fide real estate investors. be you jump in, make sure to watch the video. The rents you save may be your own. 

Remember, the stats and the data are from 12 months ago, but the advice stays meaningful.

Contact James K Barath in Northwest Indiana to Qualify for Your FREE FHA Home Loan Approval Today!

Barbara Corcoran

7 Ways to Improve Your Credit & Your Home Loan Rate

As mortgage lenders tighten approval standards nationwide and in Northwest Indiana, the importance of a good credit score is rising.  Credit scores not only make the difference between a mortgage approval and mortgage turn-down, but they also play a large role in determining your actual mortgage note rate.

In the 3-minute piece, the NBC Today Show talks about 7 ways that homebuyers ruin their credit — often by accident.  Some of the highlighted mistakes include:

• Closing open credit cards
• Making appliance buys on credit prior to closing
• Asking creditors to lower credit limits prior to closing

In general, a 740 FICO will insulate a borrower from the higher costs and/or rates associated with low credit scores.  Below 740, though, every 20 points adds to the damage.  Watch the video and apply what you can to your own situation.  The more you know, the more you can save.

Contact Benchmark Mortgage in Northwest Indiana to Qualify for Your FREE FHA Home Loan Approval Today!

Barbara Corcoran

Top 10 Cities for Bargain Homes

As the housing market improves across the country, certain cities are emerging as relative bargains.  Some areas, like Miami, were hit hard by the recession, and other areas are buoyed by good school systems and strong labor markets.

In this 5-minute video from The Today Show, 10 cities are highlighted for their bargain home prices based on size, value, local job growth and home value appreciation.  And they’re not “small towns”, either.

Among the featured cities:

• Miami, Florida
• Akron, Ohio
• Tuscon, Arizona
• Minneapolis, Minnesota
• Trenton, New Jersey

Although this video clip is about finding gems on a national scale, did you know that home bargains also exist locally in Northwest Indiana. You just need to know what to look for.

With mortgage rates low and tax credits available, it’s not likely that bargains will last.

Need more expert advice? Ask the team of Certified Mortgage Planning Specialists at Benchmark Mortgage.

Barbara Corcoran

The Sellers’ Deadly Sins: How To Keep Your Home From Selling At Maximum Dollar

It’s a sensational headline – “The Sellers’ Deadly Sins” – but the message is clear.  Home sellers make mistakes that not only cost themselves thousands, but sometimes cost the sale, too.

NBC’s The Today Show lays it out cleanly in this 5-minute video:

1. How to respond to an “insulting offer”
2. How to handle the first purchase offer you receive
3. What do when you can’t leave your home for its Open House
4. What room in the home should be kept the neatest

But, be aware.  At the video’s end, there’s a piece of advice that may sound extremely self-serving coming from a real estate professional.  Don’t let it turn you off.  The video’s overall message is spot-on and the advice is real-world tested.

Selling a home is a process. Make sure to do it properly.

Barbara Corcoran

Effective Strategies for Selling a Timeshare in a Recession

According to the American Resort Development Association, there are more than 4 million timeshare owners across the United States. There are ample buying opportunities, but what if you want to sell your timeshare?

In this 4-minute piece with NBC’s The Today Show, Barbara Corcoran talks about the difficulties today’s timeshare sellers face with respect to a down economy, revealing sales strategies in the meanwhile.

Among the advice:

• Know what your share’s worth, then lower it by 20%
• Don’t overlook obvious marketing techniques
• Consider auction sites to sell a timeshare
• Donating to charity open up tax breaks

Selling timeshares is always more difficult than selling a “regular” home; and today’s recessionary economy doesn’t make it any easier. Watch the complete clip for more tips on selling timeshares at MSNBC.com.

Barbara Corcoran

The Minimum Preparatory Steps When Co-Purchasing a Home with a Friend or Family Member

Both mortgage guidelines and the economy have tightened since 2006, bringing more attention to “joint homeowners” — non-spousal partners that buy and share a home as roommates.

The practice is not new, but, anecdotally, co-purchasing is becoming more common.

In the video above — filmed two years ago but still on-target today — real estate expert Barbara Corcoran provides good advice for co-purchasing partners. Like any business relationship, it’s important to plan ahead.

• Hire an attorney to draft contracts and agreements
• Have a plan for when one or both parties wants to move or sell
• Consider life insurance policies on each other

The over-riding theme for co-purchasing arrangements is to be prepared. Done right, however, they can create two proud homeowners where there would have otherwise been none.