Landlord Newsletter Mid March 2009 |
Free Prospect Card "Of all the sites out there, the LPA by FAR has the most extensive resources, the most knowledgeable help, the most expertise, and is quite possibly the best real estate site I've used in my career." Dr. Dani Babb, and Author of "Real Estate v2.0" , "Finding Foreclosures", "Commissions at Risk", "Teaching Online", and "The Accidental Landlord". Fellow LPA Member since 2007. "My LPA Membership has saved me from so many expensive tenant problems, it has already paid for itself many times over." Louis C., LPA Member since February 2001. The LPA not only lets you share your experience with other landlords, but it will also help to answer your questions. Timothy Spangler, Author of "From the Rat Race to Real Estate", LPA Member since December 2003 The Web site was founded by John Nuzzolese, and he is a “nice guy” like we were when we started. He learned many lessons the hard way, like we did, and so you will benefit greatly from his experiences, and from being part of this group. Kind regards, Sandy Midea, Author of "A Fool's Guide to Landlording" "The LPA Lease has become my favorite lease, and enforcing it with the Essential Forms is even better. Managing my properties (tenants) has become much easier." Jack Klein, LPA Member since May 2001. "The question should be ..." "Can you afford not to join The Landlord Protection Agency? I'm very thankful for all The LPA has done for us. At first we were intimidated by our tenants and the whole process of leasing and managing our rental property. Now we have 3 rentals with excellent tenants!" Carol and Jim S., LPA Members since July 2003 "I'd like to thank Mr. Nuzzolese for sharing his landlording knowledge with us. I find it refreshing to be able to get down to earth articles and real life helpful advice on the LPA website. Gary Smith, LPA Member since 2007 "I cannot express how your products have made my job so much easier. I have peace of mind now knowing that I am protected by the verbiage you have in your contracts. Thank you so much." Tony Gramm, Aurora, OH Renew your LPA Membership at low renewal rates! Expired? No Problem! |
Dear Fellow Landlord, A lot has been going on in the economy concerning real estate values, the banks, and the appraisal industry lately. Real Estate Attorney William Bronchick and National RealEstate Analyst & Author Dr. Dani Babb both have something to say about it. In this Newsletter, we have: Please e-mail us if you have any questions or would like to add or share any material / information. How to Determine Property Values in Today's Marketby Real Estate Attorney William Bronchick, Legalwiz.comIn today's market where there are so many foreclosure and bank REO sales, figuring out the real value of a property can be difficult. The comparable sales method is the most commonly used -- and still the most accurate one -- to determine the value of single-family homes, condominiums and smaller rental buildings (two to four units). Start by researching information about sold properties on your local government Web sites for your target area. Many tax assessor’s offices and county courthouses offer searchable online databases that allow you to view the prices for properties within a specific area. They usually list full details about the properties, including square footage. Plus, subscriber Web sites such as Electronic Appraiser (www.electronicappraiser.com) give you detailed information, particularly in areas where online data is scarce. Free Web sites such as Zillow (www.zillow.com) also offer property data, but the information is less detailed than for the paid sites. For example, the seller’s name may be missing, which could be relevant if the seller was a bank, as in the case of a foreclosure sale. If that’s the case, it can’t be considered a comparable sale because the property was sold in distress... Oh boy, here we go again -- with appraisers...By Dr. Danielle Babb, fellow LPA Member, National Real Estate analyst, professor, technologist, author and speakerThink it's hard to get a loan? Thanks to the government, it might be juuuust about to get a littttle bit harder (sense any sarcasm?) Home appraisers played a very big role in the build up and subsequent tear down of the housing bubble. I can tell you some stories from the trenches that would make you cringe and may even take the blame off of the Bush Administration (for awhile) on this whole "housing mess". So let's look at how appraising works, and what role it has played (so far) in the housing business. Appraisers are generally retained by brokers or lenders. There are shady people in every business (mortgage brokerage companies are full of them) and these brokers (in particular, but lenders too) seemed to find people who would support numbers that they wanted to get deals done. Many of these numbers were overinflated. Appraisers are one of many on the long list of real estate food chain that get paid for a service that really either isn't needed, or could be done online very easily. Some have found Zillow to be more accurate than their local appraiser because Zillow isn't freaked about getting sued... Ask the AttorneyThe Landlord Protection Agency® is proud to introduce John Reno, Esq., a highly experienced Landlord - Tenant attorney based on Long Island, NY. If you have a landlord tenant problem you'd like to ask a question about, please feel free to e-mail me your question.
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