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Friday, January 29, 2010

Straightforward Home Staging

By Tara Millar

There are certain steps one wants to take once they have listed their home. Once a home is available and open for showings, sellers will use a little trick called home staging. The purpose of home staging is to help potential clients envision what it might be like if they lived in that home. It creates a comfortable atmosphere and highlights the strengths of the house so as to get it sold more quickly.

Get Rid of Junk

If you have a ton of stuff, chances are some you merely do not have room for. You may have piles of books on the ground, or stacks of papers that require sorting. One tip for storing these items attractively and cheaply is to select wicker or metal baskets from craft stores, garage sales, or used stores. If you want to paint them to match the space, you'll do this as well. Store the things such as books or papers in these baskets, and set them in an exceedingly complementary place, like offset on a countertop, or by a fireplace.

Create a rule for getting rid of some of the things that you don't want anymore. If you have not used something in six months, be certain to pack it up and store it somewhere. If the thing has not been used in a year, it's time to let it go. The item, if it's still in good shape, will be given to a charity or somebody who might use it. For every new item that comes into your home, evaluate an old item for removal.

Arrange the Furniture

Free up a cluttered living area or bedroom by eliminating unnecessary furniture. Don't line the walls with an enormous sofa and many chairs. Split your seating down the center, and prepare it so that it's pulled faraway from the wall and focused at the center of the room. Enable for traffic flow, especially for agents and potential buyers. They must be ready to move through the room and investigate it while not bumping into anything.

Face the chair toward the couch, not toward the television or fireplace. This allows the buyer to check a room where individuals communicate with each other and do not just watch TV. Be bold and try new mixtures of furniture and placement.

Utilize Spare Rooms

If you have an area that is used solely as storage or could be a "junk room," rethink that room's purpose. Remove the junk, and make that space into one thing helpful, like a guest bedroom or a craft room. Even clearing out the space and fitting an extra table, some chairs, and a bookshelf with some books or art will help make the space look cleaner and additionally attractive.

Keep in Mind the Details

Clean the house before any showing. Pick up things that are lying around, dirt, wipe down countertops, sweep and mop the floors, and vacuum at the very least. Some bigger things to think about are whether or not the windows are clean and dressed. Simple curtains or blinds should be pulled back and organized to permit for natural lighting and to make the windows look good.

If you don't have enough lighting in your home, install some lights. Buy some standing and tabletop lamps. They are cheap, simple to place together, and can brighten up the home for easier showings. - 23222

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What Happens To Your Earnest Money?

By Tara Millar

Many home buyers know that they need to have some money to put down on a home but don't seem to be sure how it factors in to that equation. To help you understand how it will be used in your transaction, in all probability, I have answered a number of the foremost commonly asked questions I've received from buyers.

Is it immediately cashed?

That really depends on the contract and also the directions it gives for the way your earnest money is to be handled. Ideally your real estate broker should cash your earnest money check immediately to make certain the interest of all parties is treated fairly. Some states permit a buyers broker to hold the check until the deal is accepted. This gives the buyers a few additional days to iron out the source of the earnest money if they do not have that taken cared of already.

What happens to it if I do not purchase a house?

This all depends on how so far along you are within the transaction. If all of the contingencies are satisfied and you decide you do not want to buy the house, then you ought to forfeit it. However, if you're in the inspection stage or at any different point of contingency within the transaction and, for what ever reason, you choose not to buy the home, you ought to expect it to be released back to you.

Does my it go toward my down payment on my house?

You can have it go toward any fees in the transaction, as well as closing costs or a down payment on your principle. Normally it goes toward a partial payment of your buyers agent fees, if your broker holds your earnest money check, in most states. Currently, if the transaction falls apart, parts of that earnest money may go to the seller, the sellers broker or your real estate broker, and you may see none of it.

Is there any method I will get it back?

Yes, you'll have it refunded to you at the closing. You can also opt to have it pay other specific or general fee in the transaction.

Can it be used to pay other fees?

Most sensible real estate brokers can collect your earnest money right up front and might even insist it is considered a "retainer" if you choose not to purchase a house after they spent a specified amount of their time with you. You'll be asked to place down your earnest money before you even see a single home. This money is used for earnest money if you close on a home, but might even be used as a retainer fee for the broker or the real estate agent, if you select not to buy a home once getting some of their time. Either method, your earnest money serves its purpose of paying for your home purchase or paying for your real estate services.

Keep in mind that a number of these laws and laws that govern real estate transactions in general do modify state by state, thus make sure to seek advice from a real estate professional to determine specifically what happens in your state together with your earnest money. - 23222

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401k Rollover To An IRA Can Be A Simple Process

By David Skool

When you leave your current employment you will need to take care of your 401(k) plan within sixty days or face a numerous amounts of charges. If you did not leave employment to go to another job you will need to rollover your account into another retirement savings account that is privately held.

Nobody really wants to pay fines and penalties. If you want to avoid all these altogether, but still desire to rollover your 401k into an IRA, then better go to a brokerage firm. The moment you decide you quit from your job, finding a brokerage company should be your primary concern. You can shop for firms like these in the internet, or go through banks and other financial institutions in your place.

Contact them and ask what types of IRA investments they offer and what their maintenance fees and return rates are. Once you have established which brokerage will offer you the best deal for your money you can begin the process of the rollover.

This process of rolling over a 401k account into an IRA is relatively simple, that is, if you leave the processing to the brokers. Do not attempt to withdraw the money and then put it in another financial institution. For the IRS, this is plainly early retirement withdrawal and will charge you with big fines and tax you heavily for this money. Be safe and let the financial firm concerned deal with the transferring.

After you have picked out the firm to do this transaction, you can then file a request to start with the paperwork that will move your 401k account rollover into a new IRA with them. They will take responsibility for everything, free of charge. All you have to do is sign.

You can see this happening anywhere. Financial firms can handle your money and process everything before the deadline. You won't have to worry about paying taxes and other fees, and your previous employer won't have any grounds to charge you of fines for leaving your account behind after you left. - 23222

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Is Now The Time To Procure Lots?

By Gavin J. King

The recent market difficulties has sent a shock wave through the minds of many real estate investors and caused them to doubt if they should buy land anymore. There are a few guidelines for investing in land and they are easy to remember and apply.

Getting a loan may make things easier on your wallet but involving the bank only costs you more money in the long run. In other words, using your cash will help keep your bottom line stable and secure, without putting your assets on the line. In times like these, being free of the bank is vital and offers the highest degree of freedom and stability. I realize this is not an option for most people, so maybe consider it as an ideal more than anything else. Putting all of your savings toward real estate is a great way to offset any taxable income on your net sheet at the end of the year as well.

Building a portfolio of properties that you own, especially without any bank notes, can add much needed income at pivotal points in your life, like retirement. To use your income to buy real estate is a great way to put off tax liability you may be facing and to build a collection of performing assets that may fund your early retirement. If you use the tax laws in the most advantageous manner possible, you can simply take your pre-tax income and spend it on real estate, which will offset your tax liability on your net sheet. I do recommend sitting down with your accountant to outline the exact plan to do this as your first step.

Buying building lots for investments can be more risky because their is an over abundance of inventory in most U.S. markets, due to overzealous lenders and developers during the boom earlier in the decade. After this inventory gets absorbed, building lots will again be a very good investment. With the long term in your plans, buying building lots and holding them is a great idea, and only if you can do it without involving the bank, otherwise stay away from them for a few more years.

Using a note from the original land owner works better than using a mortgage due to the fact that you are dealing with a person, not a corporation. There are other options for getting rentals from the land you own, like doing joint ventures with a local builder, so keep your eyes open and make sure to cover your own assets in all of your business dealings. - 23222

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Why You Should Transfer Your 401k To A IRA

By Kevin Drebs

You are given the option of a 401k rollover or taking it out. When you choose rollover, you can transfer it into an IRA plan which is more flexible and more accessible for you. On top of that, you get to enjoy tax deferral until your retirement. On the other hand, you can choose to withdraw your 401k account, you can get it in a single lump sum or spread the amount over a period of time. Other options for reimbursement are also available, depending on your retirement plan.

If you are not 55 years or older when you leave your job, there is also a 10% penalty for withdrawing your money out earlier. If you are over the age of 55 and decide to retire rather than to look for a new job, you can take your money out in a lump sum and gain some tax advantage that you will have to decide upon with advise from your accountant.

When you lose your job, the need for money may be more important than planning for the future until you can get a secure job position. However, if you have found a new job, your option to roll your 401k distribution into an IRA has some real hard savings of monies because of the tax situation in taking out a cash settlement of your 401k distribution monies.

The only time you can truly benefit from withdrawing a lump sum cash as far as income taxes are concerned is if you are at your retiring age when you decide to leave your job or got fired, for that matter. Under 55 years of age, you are immediately charged with 10% early withdrawal penalty, not to mention the income taxes you have to pay since your withdrawal will be declared as your income for that year.

It only makes sense to rollover your 401k into an IRA directly from one fund into another if you find another job. Until you find another job, you should leave your 401k distribution in your old account, earning interest and keeping tabs on the managers of your 401k plan.

There are many setbacks if you decide to encash your 401k account and then redeposit it into a new job's IRA. You may be spared of the early withdrawal penalty, but you will have to pay 20% in withholding tax. That cash for your taxes will be taken from your distribution before you get a cash pay out into your new IRA plan.

When you have located a new account holder to manage your 401k contact their transfer department and have them roll your old account into their new one. Because the plan holder is taking care of this transaction you avoid all fees associated with the money and you avoid taxes and penalties because the money was never withdrawn, just rolled over into a new account.The most important things to remember is that you must transfer your 401k in the right time frame and that you let the managing companies complete the process. This saves you from facing fines or taxes and it allows you to keep saving for your retirement with little or no effort. - 23222

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