How to Be Successful at a Bank Foreclosure Auction

If you are considering buying a home and are not that very particular with your choices, you can save a huge chunk of money by making your selection from the properties offered at a bank foreclosure auction.

Tips for purchasing a bank foreclosed home

  1. Banks regularly hold foreclosure auctions to make money out of the dozens of bank foreclosed homes they have repossessed. Find out the schedule for these auctions by inquiring with your local courthouse.
  2. Secure a copy of the list of properties that are to be auctioned off — this can easily be obtained from the courthouse as well.
  3. Do your research before the day of the auction by visiting as many of the properties as you can. This will allow you to make a better assessment of the properties that you want to make a bid on. If you are lucky, you might even be able to get inside the house and take a look at its interiors.
  4. Once you have found the house that you would like to buy, decide on how much you are really willing to pay for it. Take into consideration all the fees and expenses involved. When the bidding starts, make sure that you stick to your price. If bidding surpasses your limit, avoid the temptation to overbid. Just let it go because there are many more bank foreclosed homes out there that you can choose from.
  5. Before going to the auction, meet with your lender and ask for a letter certifying that you are qualified to file for a home loan for so-and-so dollars. Many banks require that you submit this document, along with a check for your initial payment in order to finalize the sale.

The bank foreclosure auction proper

Properties sold at a bank foreclosure auction are usually inexpensive, compared to the market price. In addition, the houses are kept in good condition and prepared well for the auction.

For this reason, a lot of people await such bank foreclosure auctions, hoping that they can find themselves a good home for a lower price. Many of these people are looking for homes that they themselves would live in, while others are trying to find low-cost homes that they can rent out to other people in the community.


How to Get Your Auto Insurance Quote Online

If you are looking for car insurance, it is highly recommended to have your insurance quote online. This will determine the best auto insurance that will definitely work for you. A quote is by all means closely related to car insurance that you might get to the company. If you think that the quote is reasonable and just, it will be alright. But, you must see the draft policy before it will take effect. In getting an auto insurance quote, it is a well settled rule to seek for the insurance quote before signing the insurance policy. If the quote seems to be unfavorable, you are not bind to sign any insurance policy. In fact, you can walk out in a just manner before you get absorbed by their samples that seem to be perfectly working.

Until the emergence of World Wide Web and insurance services became prominent via internet, the only thing left to get an auto insurance quote is by direct appearance to the insurance company. Actually, this practice is still on hand, since many people are still misleading by the misconception of the internet. Getting quotes online is by all means good as it is intended to be. In fact, you won’t be spending huge amount of time to process. Just stay at home and the internet will do for you just like the way you wanted it to be.

Many of us heard the phrase “auto insurance” almost every day, but still many of us are not aware of the phrase “auto insurance quote.” To simply put, insurance quote is the most vital aspect of any insurance. Generally, you cannot have that said insurance without the quote. Just to guide you in case someone take you a ride. Do not be misleading by the fallacy that other tells about. And more importantly do not be thrifty when it comes to auto insurance. Be intelligent as you are; let the insurance speak to you. Always remember, an insurance policy works at its best when it is reasonable. Not too high neither too low.

You can get your instant quote via online just like you wanted it to be done in a traditional way. In fact, you are just a click away. The only thing that lies is the way you look into it, research only to the search engine that is highly acceptable and trusted by most users worldwide. You can only ask for the quote itself or maybe ask a friend for some assistance.


Real Estate Agent Marketing That Generates Transactions

In every market there are new real estate agents getting into the market and agents that want to change their marketing to generate more business. For most agents that means starting off with a strategy that is based around them and their “image”. After all, people are “buying into you” when they are buying a home right?

The misconception that your brand is all about you is what leads people to create postcards, magazine ads, and websites with huge pictures of themselves. Sadly as home buyers and sellers rush to the market in cities all across the country, they aren’t saying “Wow, I hope I can find an agent with a huge picture who is honest and has integrity”. It doesn’t happen!

To embrace real estate agent marketing efforts should be focused on lead generation by meeting the customers’ needs. A focus on the number of leads that you can generate from each marketing piece will keep your costs low and allow you to cut your budget should one of your campaigns not result in new business.

Now that you have abandoned branding as a form of marketing, where should one focus to get results? The first step to getting more leads that turn into transactions comes in deciding on your marketing message.

A Marketing Message Generates Calls Monthly
A marketing message is NOT a slogan. A slogan is something like “Everything I Touch Turns To Sold” or “Honest Service for 22 years”. These messages aren’t compelling and certainly won’t get anyone to pick up the phone. No one is out there looking for a dishonest real estate professional, so stating that you are “honest” isn’t making a statement at all!

A marketing message is a statement that saves someone time or money (sometimes both). It is best to have buyer messages and seller messages as they have different needs. These messages can be included on any real estate agent marketing and should be prominent to compel a total stranger to pick up the phone and want to get more information.

Take the following seller marketing message:

I Sell Homes 21 Days Faster And For 2.1% More Money Than The Average Agent

That marketing message saves someone time and money! Put this on a post card and watch your phone ring. This message is specific and will work in any market because it saves someone money (2.1% more in the seller’s pocket) and it saves someone time (21 days faster). You could easily test this postcard and your traditional “slogan” card by sending them both out to the same group of people and see which one generates more phone calls. Keep the card that generates the most calls and keep running it.

Effective real estate agent marketing generates calls every month. Every six months the needs of the markets so take time to track the number of calls and the transactions you are closing from each of your marketing pieces.


Five Tips to Minimize Your Family’s Tax Burden

Parents: Did you know that you can hire your kids in your small business and reduce your taxes?

Hiring your children if you own your own business is a great tax planning strategy, but it’s more than just a tax deduction. Here are a few ways you can save taxes by hiring your children in your small business:

1. You get a tax deduction for the wages you pay your kids, which reduces your taxable income

2. By paying your children, you are effectively transferring income from your higher tax bracket to your childrens’ lower tax bracket

3. You reduce your self employment income, thus you also reduce your self employment tax

4. Your kids may not owe any tax on the amount you pay them, depending on how much they earn and whether you claim them as a dependent or not (in 2009, dependent children can earn up to $5,700 before they will owe any income tax)

5. Paying your children a wage allows them to open an IRA or Roth IRA, which gives them a jump start on saving for retirement, college and other goals

If you have entrepreneurial kids, consider starting the business in your name and hiring your children instead of having the kids own the business. This will reduce your family’s overall tax burden.

Why would it matter who owns the business? Well, if you are self employed, you have to pay self employment tax on your net earnings over $400. This rule applies to both adults and children, so there is no advantage to being a kid when you’re self employed. However, kids have a huge advantage if they earn wages paid from an employer. Why? Well, kids don’t have to pay taxes on the first $5,700 of earned income, even if they are claimed as a dependent on their parents’ tax return.

Here’s an example:

Let’s assume Teddy, who is 14 years old, has a web design business. In 2009, he expects to earn $5,000 from this business after all of his expenses.

If Teddy is the owner, he is considered self employed and will have to pay 15.3% in self employment tax on this income. Assuming this is his only income, he won’t owe any federal income tax because his total earnings are less than the standard deduction amount ($5,700 in 2009), but he will still have to pay self employment tax on the net profit. Teddy’s total tax in this example will be $765.

Now let’s assume that Teddy’s dad is the owner of the business and he hires Teddy to do the work. Teddy still makes $5,000 from this business, but because he is an employee instead of the owner of the business, he doesn’t have to pay self employment tax. Teddy’s dad will report the $5,000 in income on his tax return, but he gets to deduct the $5,000 he pays Teddy to work in the business, so dad won’t owe any tax on this income. In addition, because Teddy is under 18, Teddy’s dad doesn’t have to pay payroll taxes on him. Finally, because Teddy earned less than the standard deduction, his total tax liability will be zero.

In this example, the family’s total tax savings by having the business in the father’s name and having the child as an employee instead of the owner is $765.