Construction and Building Terminology Added to Wiki

With a growing number of consumers and homeowners using Real Estate Wiki, the need has arisen to expand the existing 3,000+ word real estate dictionary and glossary to now also include construction and building terms.

 

Real Estate Wiki, the largest encyclopedia, dictionary and glossary for the real estate industry, announced this week that they had added over 700 new definitions and explanations of the most widely used terminology in the housing and construction industry.

 

Total entries in Real Estate Wiki are now at the 28,000 mark. Bookmark www.RealEstateWiki.com, the quick, easy and free access to very handy real estate information.

Wiki in Real Estate Goes Web 2.0

 

 

After only 9 months Real Estate Wiki, the largest encyclopedia, dictionary and glossary for the real estate industry, has re-launched with a totally redesigned and vastly enhanced website. According to a spokesperson for Real Estate Wiki, the huge amount of contributions (over 20,000 new entries since its launch) has required the adding of 30 new categories in order to better index the information.

 

Due to the credit crunch, banking collapse and declining housing markets an increasing number of consumers are now also using Real Estate Wiki to gain a better understanding of the various elements of the real estate industry. In fact, the wiki is already managing over 1,000 searches per day to provide consumers answers to their questions.

 

The 27,000 entries on Real Estate Wiki have been filed very ingeniously into 18 Master Categories and 100 Subcategories, making drilling down to the appropriate information easy and very fast. The wiki does of course have the traditional Search Bar for direct and/or broad topic searches.

Similar to Wikipedia, the world’s biggest multilingual free-content encyclopedia, Real Estate Wiki, does not accept any advertising and the site is therefore free of pop ups, banner ads and even Google Ads words.  This is a most pleasant change form so many other sites that continually try to sell visitors something.

With some 115 million home owners and an estimated 10 million people working in the real estate industry, it’s a pleasant surprise to have a free resource available to everyone with no distractions. Do yourself a favor and visit www.RealEstateWiki.com today.

How Do I Make Sure I Get the Best Mortgage Rate?

A popular mortgage question often asked is how do I get the best rate on a mortgage loan. To start you need to:

1) be sure you have an excellent credit history or improve your credit rating

2) shop around by contacting several mortgage brokers or lenders.

As you shop, keep in mind that the mortgage with the lowest interest rate may not be the most convenient mortgage for you. As an example, you can lower your interest rate by paying higher points if you have the upfront cash. But, if available cash is an issue, a higher interest rate with lower points may be preferable for your particular financial situation. 

 

Mortgage Rates? Getting the Best Rate for You.

According to the Finance Questions and Answers on Real Estate Wiki, keep in mind that a higher interest rate will cost you thousands of dollars over the life of the loan. 

You may also get a lower interest rate by taking a “30-due-in-seven” mortgage.  In this case, the mortgage payments are equal to a regular 30-year mortgage, but the loan has to be paid off in seven years, either by selling the house or refinancing). This mortgage may carry a lower interest rate, but it may not be for you if you plan to stay in the house for more than seven years.

Free Credit Report

Under the law, everyone is entitled to one free credit report per year. This service is available form each of the three major credit bureaus via the website www.AnnualCreditReport.com.

There are also other circumstances that allow you to obtain a free current report, such as being denied credit based on a credit report a prospective lender obtained in connection with your application and with your permission.  

For more free information about buying and financing a home visit www.RealEstateWiki.com

Fannie Mae and Freddie Mac Quo Vadis?

 

With the bail out of housing finance giants Fannie Mae and Freddie Mac by the Treasury this week, many consumers are asking questions about who are these companies, what do they do and why are they so important?

Well, according to Real Estate Wiki, Fannie Mae is a shareholder-owned company with the mission to expand affordable housing and bring global capital to local communities in order to serve the U.S. housing market.

Fannie Mae was created in 1938, under President Franklin D. Roosevelt, at a time when millions of families could not become homeowners, or risked losing their homes, for lack of a consistent supply of mortgage funds across America. They have a federal charter and operate in America’s secondary mortgage market to ensure that mortgage bankers and other lenders have enough funds to lend to home buyers at low rates. Its job is to help those who house America.

The government established Fannie Mae in order to expand the flow of mortgage funds in all communities, at all times, under all economic conditions, and to help lower the costs to buy a home. In 1968, Fannie Mae was re-chartered by Congress as a shareholder-owned company, funded solely with private capital raised from investors on Wall Street and around the world.

Freddie Mac is also a stockholder-owned corporation chartered by Congress to increase the supply of funds that mortgage lenders, such as commercial banks, mortgage bankers, savings institutions and credit unions, can make available to homebuyers and multifamily investors. Since Freddie Mac was created in 1970, it has pursued the purpose to provide a continuous and low-cost source of credit to finance America’s housing.

So for answers to hundreds of mortgage questions and other key real estate FAQ’s go to www.RealEstateWiki.com and visit the Finance and Home Buying Categories.

Why do I Need to Make My Home Available for Showing?

What Do I Need to Do to Prepare My Home?

 

 

When your home is placed on the market, it is the responsibility of the owner to make sure it is always available to show even though it may occasionally be inconvenient. According to a contribution on Real Estate Wiki (www.realestatewiki.com) under the Frequently Asked Questions Section, the best way to make it available is by allowing your listing agent put a lock box in a convenient place, to make it easy for other agents to show your home. Otherwise, agents will have to schedule appointments and not be able to show it on the spur-of-the-moment; when the agent happens to be showing other homes in your neighborhood. Because agents usually have a number of homes on their list, when showing a client around, they will likely skip your home if it is not readily available to show.

 

Most agents will call and give you a few hours notice before showing your home. If you refuse to let them show it at that time, they may skip your house entirely. Even if they come back another time, it will probably be with different buyers and you may have just lost a chance to sell your home.

 

When you receive a call in advance of an agent showing your home, it is best if you leave the home.  Homebuyers typically feel like intruders when visiting a home and if you are home when they visit, they may rush through the visit and not take enough time to view your home and briefly picturing it as their new home. If you cannot leave for some reason, try to stay out of the way of your visitors to allow them ample privacy. Do not volunteer information but rather answer questions the agent may ask.  Typically, the length of time potential buyers spent at your home is a good indication of how much they like it. 

 

Real Estate Wiki also recommends keeping your home neat and tidy is critical to sell your home.  Develop the habit of making your bed every day, pick up any papers and keep everything freshly dusted and vacuumed. Try your best to have it look like a model home.  You may be surprised at how much you enjoy your home when it is nice and neat.

 

For hundreds and hundreds of more free advice and FAQ’s visit www.RealEstateWiki.com

 

Selling Your Home: How Do Contingencies Work?

 

 

According to Real Estate Wiki (www.realestatewiki.com) Contingencies in a contract cover specific areas the buyer wants to investigate, after all other terms of the agreement have been agreed to and the binding agreement date has been set.  In other words, the buyer reserves the right to address certain issues, like the negotiation for the repair of any problems found through the inspection process, and the right to “walk” or terminate the contract if those contingencies are not satisfied by the seller.

Home Selling Contingencies

The most common contingency in a real estate contract is the inspection contingency.  The contract includes extensive wording to cover the right of the buyer to inspect the property and, if necessary, to negotiate with the seller any necessary repairs.  The wording of the contingency may require a buyer to get his home inspection completed in fourteen days. It allows the buyer three days (or whatever is specified in the contract) to review the inspection and report any problems to the seller. If the buyer selects not to report problems or request repairs within the allocated time, that contingency automatically disappears or is forfeited and the Buyer is legally responsible to complete the purchase.

For more information on home selling guideline visit Real Estate Wiki.

In summary, contingencies are a part of real estate contracts and so are renegotiations—but only in limited areas and according to the contract. Some buyers and sellers never fully read the contract—be sure to read yours.

 

Top 10 Highest Buildings in the World

Top 10 Highest Buildings in the World

Height and creating the biggest or tallest building has fascinated man for centuries. During the 20th century the United States gradually became the dominant builder with buildings such as the Empire State Building, the Twin Towers, the KVLY-TV Mast, the Chrysler Building and the Sears Towers being but a few that had held the record as the world’s tallest man-made structure.

Today USA only comes in 4th, 7th and 8th while Asia has come forward as the new leader with record breaking buildings being built in Hong Kong, Taiwan, Malaysia and China. Their dominance however was short lived with the United Arab Emirates making sure that Dubai is squarely placed on the world map as the #1 place in the world for the most unusual building and now it also claims the world’s tallest man-made structure.

Real Estate Wiki, the largest real estate specific online encyclopedia and wiki this month broke through 25,000 entries. It was launched only 6 months ago with 7,000 entries. A recent addition to Real Estate Wiki is their Top 10 that features a variety of interesting real estate related top 10 lists.Click here for the detailed list on the 10 highest buildings in the world.

When are Home Buyers “Ready, Willing and Able?”

“Ready, willing and able“ according to Real Estate Wiki is a phrase used in real estate to refer to a prospective buyer of property who is legally capable and financially able to consummate the deal.  Traditionally, the broker earns a commission upon procuring a “ready, willing and able” buyer on the listing terms, regardless of whether the seller actually goes through with the sale. 

The “ready and willing” means the broker has to produce a buyer who indicates that he or she is prepared to purchase the property and is willing to enter into a purchase contract.  The “able” refers to the buyer’s financial ability to comply with the terms of the contract related to the purchase price, loan approval and cash payments.

Considering Buying a Home?

Buying a Home

The arduous and complicated process of home buying leaves many people frustrated and confused.

 

 

No more. The Real Estate Wiki, similar to Wikipedia but not affiliated and exclusively focused just on real estate, have answered over 1,000 questions regarding the home buying and selling process. It may be a complicated and slow real estate market but now you can get quality advice before making the final decision.

Here are some of some questions home buyers may be asking themselves: 

• How Do I Benefit From a Buyer’s Market?
• How Do I Choose a School or School District?
• How Do I Know What Home to Buy And Where?
• Should I Buy a Home Which is For Sale By Owner?
• How Do I Make Sure The Home I Buy Will Appreciate in Value?
• How Should I Decide Whether to Make a Back-up Offer?

Real Estate Wiki also offers many other essential tips for finding your perfect home, no matter how difficult it may be with over 24,000 entries in more than 70 categories. All information is provided as a free service with no advertising or banner ads. Visit www.realestatewiki.com for more information.

Zillow Zestimates are not the same as an Appraisal

 

 

According to Real Estate Wiki (www.realestatewiki.com) a Zestimate is an estimated of fair market value using a proprietary formula by the online website Zillow. It is not an actual appraisal but merely a starting point in determining a home’s value and can therefore not be used for the refinancing of a mortgage loan.

 

 

Zillow is an online real estate community where homeowners, buyers, sellers, and real estate agents and professionals find and share vital information about homes, for free.

 

To get a federally guaranteed loan, the Federal Institutions Reform, Recovery and Enforcement Act (FIRREA) requires an appraisal from a professional appraiser.

 

The industry’s encyclopedia, Real Estate Wiki, defines an Appraisal as:

 

1.  A ”defensible” and carefully documented opinion of value most commonly derived using recent sales of comparable properties by a licensed, professional appraiser.2.   A statement of value or estimation of the value of a property as of a certain date conducted by a disinterested person with suitable qualifications.  

 

Generally, value for single family properties is based upon a review of recent market activity using sales of comparable properties as a basis and then making value adjustments based upon the comparison of comparable property to the subject property. 

 

For more details on buying a home, getting the right appraisal and financing visit the extensive Home Buying and Selling FAQ categories on Real Estate Wiki.