Andrew Bates

"An economist is an expert who will know tomorrow why the things he predicted yesterday didn't happen today" said Laurence J. Peter.

Experts advise when buying foreclosures, one should buy low and sell high. Now is the low, the high is just around the corner. Interest rates are at an all time low now is an excellent time you should consider acquiring a foreclosure. Below are some things to thing about when considering the acquisition of a foreclosure.

•Know before you buy. Know the market before you buy. Free information and guidance is available at foreclosure information sites and the National Association of Realtors site.

•Open your eyes to the opportunities that surround you. Even cities with high foreclosure rates have motivated sellers in sought after neighborhoods - where well-priced homes resell quickly.

•Make sure you know the current prices for comparable properties in the area. With markets in flux, your realtor can provide a Comparative Market Analysis.

•Don't be afraid to ask for a discount. To figure your offering price don't forget to deduct the costs of necessary repairs and rehab. If you're buying a property with plans to flip it, deduct from your offering price the cost of holding and selling the property until you find a buyer - remember to pencil in your profit!

•Don't be derailed by marketing schemes, gimmicks, and "insider secrets". If it sounds too good to be true, it is.

•Beware of home auctions. Competitive bidding drives up prices. Instead of buying a house at discount, you could end up paying full market price or more when factoring in auction commissions and fees.

•Consider FHA as a low-cost, safe financing alternative. With new higher loan limits, interest rates at 35 year lows, and home buyer tax incentives, this is an excellent opportunity for you to buy low.

Write me at andrew@batesrealestategroup.com with all your real estate related questions and concerns.

Are You In Charge Of Your Finances?

Today, the fate of your loan and the rate of your interest hinges on your credit score.

What's The Score?

The FICO credit score was named for developers, Fair, Isaac & Company reflects dozens of parameters in one's financial history.

• Score 700-850 means smooth loan process; best interest rates
• Score 550-699 means medium risk; higher interest rates
• Score 300-549 sorry, no loans or credit cards

Know Your Score!

Are you considering the purchase of a new car, new roof, or new furniture? Before you talk financing send for your credit report and FICO score. If after reviewing you find any errors, make sure to contact the credit bureaus listed below:

• Equifax Information Services, LLC www.Equifax.com.
• Experian www.Experian.com.
• TransUnion LLC Consumer Disclosure Center www.TransUnion.com.

To read more articles about real estate related issues click on batesrealestategroup.com.

Are you among the 95 percent of American homeowners who are unaware of the true market value of their home?

A Comparative Market Analysis (CMA) provided by a real estate professional compares your home with similar ones on the market in your neighborhood during a specified time period. This data, combined with the value of upgrades, will give you an accurate picture of what your home is worth. Remember that the CMA a "snapshot" captured in time, while real estate markets fluctuates constantly, it is a good idea to obtain a new one yearly.

For a copy of a FREE report written by industry experts, entitled "Home Sweet Home, What's it worth?" write to info@batesrealestategroup.com and we will rush a copy to you.

You loved the house when you bought it, but since then things have changed, the family has grown larger. Those drab energy absorbing appliances in your outdated kitchen are making your PGE bill go up. What you expect? The house is over 150 years old!

It's time for a change all right, but there are some things to keep in mind before you start knocking down walls or digging up the backyard, consider the return on your investment.

What a remodeling project is worth at resale:

Remodeling Job Average Job Cost % of Cost Recoup*

-Complied from a variety of sources.

ARE YOU PREVENTING YOUR HOME FROM SELLING

If your home is priced too high compared to the other homes for sale in the neighborhood your open house will be a disaster. The buyers you expect will visit other open houses in your neighborhood and not visit your home. Have your Realtor perform a Brokers Price Opinion. Your list price should be 10 percent below the competition.

KEEP THIS IN MIND:

•1. You will have many buyers visit your open house.

•2. You can accept or reject any offer that is below your price point.

•3. A multiple offer situation will occur, with a possible bidding war.

•4. At escrow closing, you will receive more money in your pocket.