Blog Search Engine

Wednesday, October 29, 2008

A Real Cash For Property Dilemma.


that nice Mr. Weeks has offered me very tempting cash for property deal. One hundred and thirty thousand pounds for my old 1930s semi detached three-bedroom house. That seems a lot of cash for a property like mine and I keep thinking what I could do with the money. Yet at the same time I wonder how I'll get on in another house and another place. You see I've lived in this house since I married Norman in 1958. Norman died in this very house five years ago and together we raised our two boys, Mike and Steve in this house. The house was in Norman's family from when it was built. The neighbourhood was a lovely up and coming place then.

I daren't go out at night nowadays, this neighbourhood has gone right down the drain. In other parts of Birmingham my house would be worth twice as much. But Mr. Weeks says I could have the money in my bank in two weeks or less. Then I could go to Worthing and start looking for another place to live and be nearer Mike, his wife Laura and the two darling little girls

. They are so settled down there but property is much more expensive than this area. That is a tempting thought though, just to take the cash and start a new phase of life, probably my last, as early as next month. I'm worried what will happen to my house when I leave though. I have some many memories, so much furniture, so many little ties to this place, this house. It's a home really. I can't think of it as a house, a property or an asset. But Norman wouldn't want me to stay here just because I won't see Joyce over the road or see the crocuses come up through the lawn in the spring.

Norman always dealt with the money side of things, at least where the house was concerned. I wonder what he would think of £130,000 pounds. Of course it will be all mine because we paid off the mortgage when Norman retired from the Austin. So I'm really a lot luckier than many pensioners my age. Is it really time to sell now? We've probably left it too late to make the most from the house but Norman would never even talk about moving closer to the lads and leaving this place. Now I think the area is as bad as it is going to get. The council are putting up new places all around and that horrible pub is all boarded up now.

Better that, even with the graffiti than having it open and full all those dodgy characters shouting lat eat night and weeing in the bus stop. A nice little flat near the south coast is a lovely thought. Maybe even invest the money and rent a flat. I could have very peaceful quiet life near Mike's family. I wouldn't be in their pockets all the time and I could help with babysitting and watch the girls grow up. It happens so fast. I must get free now. I can't wait any longer. I will take the cash for property money and make the best of my remaining years.

Refinancing Secrets to buy a house


The Internet has become a really popular tool for those in the market to buy a house. You will find that using the Internet can help you to buy a house by helping you find properties as well as the best deals on mortgage loans.

According to a survey that the National Association of Realtor Profile of Home Buyers and Sellers did, more than 75% of home buyers are using the internet as a tool to buy a house and there already exist more than half a million websites selling homes.

It is already common practice to buy a house online. Real estate companies have realised what a difference this can make in their industry and almost all major and regional companies already sport their own website. These companies provide sites that allow potential buyers to browse through homes in their own time.

The sites have already done all the legwork for you when you decide to buy a house. The agents have posted all their available properties and organised them according to location, price, no. of bedrooms and bathrooms and many other different criteria.

There is another type of site that makes it easier for you to buy a house. There are sites with mortgage brokers, credit unions and banks that will now allow you to get your mortgage approved online. By getting pre-qualified for a mortgage means that this will allow you to know precisely where you stand and how much you will have to borrow before you can start searching for that house.

After you have gained info on how much money you have at your disposal in order to buy a house, you can now hit the Internet again and start searching for that home of your dreams. Either start with the site of a major real estate broker or look in your search engine of choice to see which sites are popular. When you find a site you like you can either decide to simply stick to their listings or you can use their site as a starting point to search the Multi Listing Service also known as the MLS.

The great thing of using the Internet when you buy a house is that you can set a limit of what you can afford by choosing a minimum and a maximum amount. You can choose all types of other filters such as the number of bedrooms and bathrooms, the type of house, garage space, and area.

Another nifty idea to help you buy a house is to set up e-mail alerts on the websites. If you are really busy or just looking around, sit back, relax and let the agency mail you daily or weekly alerts with the type of properties that you are interested in. You will be the first to know when there is a home out there that fits you perfectly. Now what more do you need to know when you buy a house?

Quick Cash For Homes Of The SKI Generation !


There is a growing trend among the older generation of homeowners for what are called sell and rent back deals and ‘lifetime mortgages’. With sell and rent back deals senior homeowners take quick cash in return for their property, in which they become tenants. Lifetime mortgages are called this because it is the householder who gets the money from the bank rather than paying it to the bank as they have been doing for the majority of their house-owning lives.

More irreverently, people who take up this financial product are becoming known as the SKI generation. SKI is an acronym for ‘spending the kids’ inheritance’. And why shouldn’t they? They’ve worked hard all their lives to repay their home loans and they are nearing the end of the road with a small percentage of the original amount borrowed left to repay. Now it’s time to enjoy their sunset years with extra cash on hand for all their travel, pastimes and other dream fulfilling experiences.

This money idea is designed specifically for the older householder with small amounts of outstanding secured home debt. There are no other stipulations to be met before getting their hands on all that value tied up their ‘bricks and mortar’. So there are no medicals, no credit checks and no income verification. The new ‘silver years’ mortgage provides a life-enhancing cash flow regardless of the homeowners’ current cash circumstances.

It’s not really about the kids’ inheritance but rather a question of peace of mind at time of life when it is deserved. The homeowners that take up this cash opportunity can go ahead and make those improvements to their home, their standard of living, their healthcare or simply have a ‘just in case’ lump sum available for emergencies.

As long as the ‘lifetimers’ continue to live, in the main, in their property, it means the end of repayments. This aspect is what makes this turnaround home loan unique among the secured loan products. The ‘skiers’, with lifetime mortgages (not sell and rent back) continue to hold the title deeds of the property and not the bank or building society. If the householder survives beyond the mortgage term the lender can neither take further payments nor take possession. What is more the householder is limited to borrowing up to the value of the property. The obligation to repay the loan amount is held in abeyance until the house is sold on, the homeowner passes away or they take up a different primary residence.

The cash sum a homeowner can get from the turnaround home loan varies with individual circumstances but as a general rule of thumb it rises in line with both the age of the borrower and property value.
Council taxes and all utilities remain the responsibility of the borrower.

Bundled in with the loan amount that is repaid at the end of the term are all the costs of arranging this mortgage. There is always an arrangement fee, a one off opening fee, a termination fee (for the loan, not the homeowner), the ubiquitous insurance and finally a service charge, which is normally on a per month basis. The interest rates on lifetime mortgages are variable in line with the base rate.

As and when the homeowner sells the property in question, or indeed dies, then they, or the trustees of their estate, repay the outstanding promised amounts. Any remaining equity becomes part of the estate for the heirs or it remains in the hands of the borrower.

Sell and rent back, lifetime mortgages give quick cash for homes and are the perfect solution to financial worries of the older homeowner. They give freedom to people to do as they wish at a point in their lives where they have the time to enjoy life to the full..