Archive for November 27th, 2009
Home Loans Tips
November 27th, 2009 | 
Author: According to statistics released by bond originator ooba, home prices have fallen 6.6 percent overall compared to October last year. In real terms, that means the averaged home priced at R803,908 last October would only be able to sell for R751,118 in October of this year.The evidence is showing in a couple of ways, and South Africa is not immune to the current global credit crisis.
The second indication of the poor property market is that potential homeowners are finding it increasingly difficult to get financing for their properties. Banks are being cautious in light of the credit crisis, the National Credit Act and deteriorating economic outlook. Though the rate of home loan declines were down slightly, 1.4 percent, it doesn’t really dent last month’s rate of 51 percent.
In the third quarter of this year alone, the number of loans more than two months behind rose 21.5%.Another reason for banks to tighten their lending is the rising number of homeowners who are late on their installments.
What is a potential homeowner to do in this market? It is important to note that decline rates vary from one bank to another, so take the time to try applying with other banks before you give up completely.
Top 4 Questions to Ask When Interviewing a Real Estate Agent
Why does a buyer need to interview a real estate agent? Because the real estate agent will be representing the buyer in finding and purchasing a home, a very expensive investments. The real estate agent is working for the buyer so it is a good idea to know some things about the person you are about to hire. The buyer needs to know if the real estate agent qualified to handle the job and also if the realtor will work in a professional, timely and ethical way. Here are some things you should ask your potential agent during the interview:
How long have you been a real estate agent? In the business of buying and selling real estate, there are always unexpected situations that can come up. This is why you want someone with some experience so they can help you overcome the unexpected hurdles that are sure to come up. Even though a new agent may spend loads of time with you, they may not be able to accomplish the same thing an experienced realtor could do in a fraction of the time. Experienced realtors often come with an full Rolodex of contacts and potential buyers and sellers. This could be the difference between finding the home of your dreams or settling for whats left over.